Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Apr. 27, 2017 | Jun. 30, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | Original Source Music, Inc. | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Trading Symbol | osmu | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,639,836 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 5,073,000 | ||
Entity Public Float | $ 0 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Original Source Music, Inc. - B
Original Source Music, Inc. - Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 842 | $ 1,838 |
Total current assets | 842 | 1,838 |
Total assets | 842 | 1,838 |
Current liabilities | ||
Accrued liabilities and accounts payable | 100 | 5,802 |
Accrued interest | 0 | 400 |
Convertible notes payable - related party, net of debt discount of $6,446 | 8,171 | 13,619 |
Total current liabilities | 8,271 | 19,821 |
Notes payable - related party | 21,515 | 0 |
Total Liabilities | 29,786 | 19,821 |
Stockholders' Deficit | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 45,000,000 shares authorized; 5,073,000 shares issued and outstanding | 5,073 | 5,073 |
Common stock issuable 90,000 shares | 90 | 0 |
Additional paid-in capital | 36,980 | 18,444 |
Accumulated deficit | (71,087) | (41,500) |
Total Stockholders' Deficit | (28,944) | (17,983) |
Total Liabilities and Stockholders' Deficit | $ 842 | $ 1,838 |
Original Source Music, Inc. - 3
Original Source Music, Inc. - Balance Sheets (Parentheticals)(USD $) - $/shares - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 5,073,000 | 5,073,000 |
Common stock, shares outstanding | 5,073,000 | 5,073,000 |
Original Source Music, Inc. - S
Original Source Music, Inc. - Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement | ||
Revenue | $ 383 | $ 742 |
Operating Expenses | ||
General and administrative | 1,383 | 1,370 |
Professional fees | 15,331 | 17,302 |
Total operating expenses | 16,714 | 18,672 |
Income (loss) from operations | (16,331) | (17,930) |
Gain on extinguishment of debt | 836 | 0 |
Interest (expense) to a related party | (14,092) | (14,018) |
Income (Loss) before Provision for Income Taxes | (29,587) | (31,948) |
Income Tax Provision | 0 | 0 |
Net Income (Loss) | $ (29,587) | $ (31,948) |
Net loss per common share basic and diluted | $ (0.01) | $ (0.01) |
Weighted average numbers of common shares outstanding - basic and diluted | 5,073,000 | 5,073,000 |
Original Source Music, Inc. - 5
Original Source Music, Inc. - Statement of Changes in Stockholders' Deficit - USD ($) | Total | Common Stock | Common Stock Payable | Paid-In Capital | Accumulated Deficit | Total Stockholders' Equity (Deficit) |
Balance, Shares at Dec. 31, 2014 | 5,073,000 | 0 | ||||
Balance, Monetary at Dec. 31, 2014 | $ 5,073 | $ 1,684 | $ 0 | $ (9,552) | $ (2,795) | |
Net loss | $ 0 | 0 | 0 | (31,948) | (31,948) | |
Balance, Shares at Dec. 31, 2015 | 5,073,000 | 5,073,000 | ||||
Balance, Monetary at Dec. 31, 2015 | $ 5,073 | 1,684 | 16,760 | (41,500) | (17,983) | |
Beneficial conversion feature on notes payable - related party | $ 0 | 0 | 16,760 | 0 | 16,760 | |
Capital contribution from shareholder, shares | 12,000,000 | |||||
Capital contribution from shareholder, monetary | $ 12,000 | 3,073,521 | 0 | 0 | 3,085,521 | |
Net loss | $ 0 | 0 | (417,493) | 0 | (417,493) | |
Balance, Shares at Dec. 31, 2016 | 5,073,000 | 5,073,000 | ||||
Balance, Monetary at Dec. 31, 2016 | $ 5,073 | $ 1,684 | $ (400,733) | $ (41,500) | $ (435,476) |
Original Source Music, Inc. - 6
Original Source Music, Inc. - Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | ||
Net Income (Loss) | $ (29,587) | $ (31,948) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Amortization of debt discount on related party note | 17,067 | 13,619 |
Accrued interest to a related party | (400) | 400 |
Changes in operating assets and liabilities | ||
Stock payable | (90) | 0 |
Accrued expenses | (5,702) | 2,802 |
Net cash used in operating activities | (18,712) | (15,127) |
Cash flows from investing activities | ||
Stock issued | 90 | 0 |
Net cash provided by investing activities | 90 | 0 |
Cash flows from financing activities | ||
Advances under convertible notes payable - related party | 17,117 | 16,760 |
Notes payable - related party | 21,515 | 0 |
Note payment | (2,500) | 0 |
Debt forgiveness | (20,015) | 0 |
Net cash provided by financing activities | 16,117 | 16,760 |
Net change in cash | (2,505) | 1,633 |
Cash at the Beginning of the Year | 1,838 | 205 |
Supplemental cash flow information - cash paid for: | ||
Interest | 0 | 0 |
Taxes | 0 | 0 |
Non-Cash Activities | ||
Beneficial conversion feature | 0 | 3,085,521 |
Cash at the End of the Year | $ (667) | $ 1,838 |
Note 2_ Going Concern
Note 2: Going Concern | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 2: Going Concern | NOTE 2: GOING CONCERN The unaudited financial statements for the years ended December 31, 2016 and 2015 have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has suffered a loss from operations and has negative cash flows from operations, and in all likelihood will be required to make significant future expenditures in connection with marketing efforts along with general administrative expenses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. |
Note 3_ Convertible Notes Payab
Note 3: Convertible Notes Payable -related Party | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 3: Convertible Notes Payable -related Party | NOTE 3: CONVERTIBLE NOTES PAYABLE RELATED PARTY December 31, 2016 December 31, 2015 Convertible Note A 0 3,255 Debt discount 0 (449) Convertible Note B Principal 0 6,000 Debt discount 0 (496) Convertible Note C Principal 0 6,000 Debt discount 0 (1,500) Convertible Note D 0 3,260 Debt discount 0 (2,598) Convertible Note E Principal 0 1,500 Debt discount 0 (1,323) Convertible Note F Principal 5,703 0 Debt discount (1,267) 0 Convertible Note G Principal 7,114 0 Debt discount (4,269) 0 Convertible Note I Principal 300 0 Debt discount (95) 0 Convertible Note J Principal 1,500 0 Debt discount (815) 0 8,171 13,619 Convertible Note A: On December 31, 2014 a related party loaned the Company $3,255. The note is interest free until June 30, 2015 after which time itll bear interest at 6%. The note is convertible at the option of the holder into shares of Original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note has a balance of $3,255 as of September 30, 2015 and matures on February 28, 2016. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded at beneficial conversion feature (capped at proceeds received) of $3,255. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. On December 31, 2016, the principle balance was cancelled and replaced by Note M, the accrued interest was forgiven. All unamortized debt discount at the time of extinguishment got amortized to gain on extinguishment in the year discharged. Convertible Note B: On January 21, 2015 a related party loaned the Company $6,000. The note is interest free until June 30, 2015 after which time it bears interest at 6%. The note is convertible at the option of the holder into shares of original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note has a balance of $6,000 as of September 30, 2015 and matures on January 30, 2016. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded a beneficial conversion feature (capped at proceeds received) of $6,000. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. On December 31, 2016, the principle balance was cancelled and replaced by Note M, the accrued interest was forgiven. All unamortized debt discount at the time of extinguishment got amortized to gain on extinguishment in the year discharged. Convertible Note C: On March 30, 2015 a related party loaned the Company $6,000. The note is interest free until August 31, 2015 after which time it bears interest at 6%. The note is convertible at the option of the holder into shares of original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note has a balance of $6,000 as of September 30, 2015 and matures on March 30, 2016. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded a beneficial conversion feature (capped at proceeds received) of $6,000. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. On December 31, 2016, the principle balance was cancelled and replaced by Note N, the accrued interest was forgiven. All unamortized debt discount at the time of extinguishment got amortized to gain on extinguishment in the year discharged. Convertible Note D: On September 14, 2015 a related party loaned the Company $3,260. The note is interest free until June 30, 2016 after which time itll bear interest at 6%. The note is convertible at the option of the holder into shares of Original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note has a balance of $3,260 as of December31, 2016 and matures on December 31, 2016. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded at beneficial conversion feature (capped at proceeds received) of $3,260. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. On December 31, 2016, the principle balance was cancelled and replaced by Note M, the accrued interest was forgiven. All unamortized debt discount at the time of extinguishment got amortized to gain on extinguishment in the year discharged. Convertible Note E: On November 6, 2015 a related party loaned the Company $1,500. The note is interest free until December 31, 2016 after which time it bears interest at 6%. The note is convertible at the option of the holder into shares of original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note has a balance of $1,500 as of December31, 2016 and matures on December 31, 2016. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded a beneficial conversion feature (capped at proceeds received) of $1,500. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. On December 31, 2016, the principle balance was cancelled and replaced by Note M, the accrued interest was forgiven. All unamortized debt discount at the time of extinguishment got amortized to gain on extinguishment in the year discharged. Convertible Note F: On February 16, 2016 a related party loaned the Company $5,703. The note is interest free until December 31, 2016 after which time it bears interest at 6%. The note is convertible at the option of the holder into shares of original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note has a balance of $5,703 as ofDecember31, 2016 and matures on March 31, 2017. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded a beneficial conversion feature (capped at proceeds received) of $5,703. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. Convertible Note G: On May 6, 2016 a related party loaned the Company $7,114. The note is interest free until December 31, 2016 after which time itll bear interest at 6%. The note is convertible at the option of the holder into shares of Original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note has a balance of $7,114 as of December 31, 2016and matures on December 31, 2017. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded at beneficial conversion feature (capped at proceeds received) of $7,114. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. Convertible Note H: On May 20, 2016 a related party loaned the Company $2,500. The note is interest free until December 31, 2016 after which time it bears interest at 6%. The note is convertible at the option of the holder into shares of original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note was paid in full on August 1, 2016. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded a beneficial conversion feature (capped at proceeds received) of $2,500. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. This note was repaid during the year. Convertible Note I: On June 13, 2016 a related party loaned the Company $300. The note is interest free until December 31, 2016 after which time it bears interest at 6%. The note is convertible at the option of the holder into shares of original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note has a balance of $300 as of December 31, 2016 and matures on March 31, 2017. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded a beneficial conversion feature (capped at proceeds received) of $300. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. Convertible Note J: On July 7, 2016 a related party loaned the Company $1,500. The note is interest free until December 31, 2016 after which time it bears interest at 6%. The note is convertible at the option of the holder into shares of original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The note has a balance of $1,500 as of December31, 2016 and matures on March 31, 2017. The Company assessed the embedded conversion feature and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded a beneficial conversion feature (capped at proceeds received) of $1,500. Such beneficial conversion feature is accounted for as a debt discount which is amortized to interest expense, using the straight line interest rate method, over the life of the note. |
Note 4_ Promissory Notes Payabl
Note 4: Promissory Notes Payable- Related Party | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 4: Promissory Notes Payable- Related Party | NOTE 4: PROMISSORY NOTES PAYABLE- RELATED PARTY Note K: On December 31, 2016 a related party loaned the Company $4,920. The note is interest free until December 31, 2017 after which time itll bear interest at 6%. The note matures on December 31, 2018 and is long term note. Note L: On December 31, 2016 a related party loaned the Company $1,500. The note is interest free until December 31, 2018 after which time itll bear interest at 6%. The note matures on December 31, 2018 and is long term note. Note M: On December 31, 2016 Convertible Promissory Note A in the amount of $3,255 dated 12/31/14 and, Convertible Promissory Note B in the amount of $6,000 dated 1/21/15 and Convertible Promissory Note D in the amount of $3,260 dated 9/14/15, were cancelled and a new single note was issued to replace the three promissory notes in the amount of $12,515. The new note is payable to related party, Venture Vest Capital and is due on or before December 31, 2018. The note is interest free until December 31, 2017 after which time it shall bear interest at the rate of 6% per annum. 50,000 shares of the authorized but unissued common stock of the corporation will be issued to Venture Vest capital within 30 days of the signing of the promissory note valued at par. Note N: On December 31, 2016 Convertible Promissory Note C in the amount of $6,000 dated 3/20/15 and, Convertible Promissory Note E in the amount of $1,500 dated 11/6/15, were cancelled and a new single note was issued to replace the three promissory notes in the amount of $7,500. The new note is payable to Terayco Enterprises Ltd. , a related party and is due on or before December 31, 2018. The note is interest free until December 31, 2017 after which time it shall bear interest at the rate of 6% per annum. 40,000 shares of the authorized but unissued common stock of the corporation will be issued to Terayco Enterprises within 30 days of the signing of the promissory note valued at par. |
Note 5_ Income Taxes
Note 5: Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 5: Income Taxes | NOTE 5: INCOME TAXES As of December 31, 2015 the Company had net operating loss carry forwards of $41,500 that may be available to reduce future years taxable income through 2035. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. Year Ended December 31, 2016 Year Ended December 31, 2015 Federal income tax benefit attributable to: Current Operations 0 0 Less: valuation allowance 0 0 Net provision for Federal income taxes 0 0 The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: December 31, 2016 December 31, 2015 Deferred tax asset attributable to: Net operating loss carryover 0 14,110 Less: valuation allowance 0 (14,110) Net deferred tax asset 0 0 Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $55,610 for Federal income tax reporting purposes are subject to annual limitations should a change in ownership occur. |
Note 6_ Subsequent Events
Note 6: Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 6: Subsequent Events | NOTE 6: SUBSEQUENT EVENTS In accordance with ASC 855-10, "Subsequent Events" the Company has analyzed its operations subsequent to December31, 2016 to the date these financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Basis of Preparation of Financi
Basis of Preparation of Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Basis of Preparation of Financial Statements | Basis of Preparation of Financial Statements The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Companys year-end is December 31. |
Use of Estimates and Assumption
Use of Estimates and Assumptions (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires that management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to uncertainties inherent in the estimation process, it is possible that these estimates could be materially revised within the next year. |
Cash and Cash Equivalents (Poli
Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 820-10 Fair Value Measurements and Disclosures defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This ASC also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entitys own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable data by correlation or other means. Level 3 Inputs that are both significant to the fair value measurement and unobservable. The carrying value of cash and accounts payable related party approximates their fair value due to their short-term maturity. |
Income Tax (Policies)
Income Tax (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Income Tax | Income tax The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company had no known material tax assets or liabilities as of December 31, 2016 or December 31, 2015. |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Revenue Recognition | Revenue recognition The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. |
Products and Services, Geograph
Products and Services, Geographic Areas and Major Customers (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Products and Services, Geographic Areas and Major Customers | Products and services, geographic areas and major customers The Company derives revenue from the licensing of songs to the television and music industry. All fee revenues each year were domestic and to external customers. |
Advertising Costs (Policies)
Advertising Costs (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Advertising Costs | Advertising costs Advertising costs are expensed as incurred. The Company incurred no advertising costs during the years ended December 31, 2016 or 2015. |
Basic and Diluted Earnings (los
Basic and Diluted Earnings (loss) Per Share (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Basic and Diluted Earnings (loss) Per Share | Basic and Diluted Earnings (Loss) Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. During the years ended December 31, 2016, and 2015 the Company had certain potentially dilutive convertible notes payable related party issued and outstanding. However, the share potentially issuable under these notes have been excluded from the calculation of loss per share as the inclusion of such shares would have been anti-dilutive as the Company recognized a loss during the years ended December 31, 2016. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions or related parties. By doing so, the Company hopes to generate sufficient capital to execute its business plan of licensing songs to the television and music industry for use in television shows or movies on an ongoing basis. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. |
Note 3_ Convertible Notes Pay22
Note 3: Convertible Notes Payable -related Party: Schedule of Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Related Party Transactions | December 31, 2016 December 31, 2015 Convertible Note A 0 3,255 Debt discount 0 (449) Convertible Note B Principal 0 6,000 Debt discount 0 (496) Convertible Note C Principal 0 6,000 Debt discount 0 (1,500) Convertible Note D 0 3,260 Debt discount 0 (2,598) Convertible Note E Principal 0 1,500 Debt discount 0 (1,323) Convertible Note F Principal 5,703 0 Debt discount (1,267) 0 Convertible Note G Principal 7,114 0 Debt discount (4,269) 0 Convertible Note I Principal 300 0 Debt discount (95) 0 Convertible Note J Principal 1,500 0 Debt discount (815) 0 8,171 13,619 |
Note 5_ Income Taxes_ Schedule
Note 5: Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | Year Ended December 31, 2016 Year Ended December 31, 2015 Federal income tax benefit attributable to: Current Operations 0 0 Less: valuation allowance 0 0 Net provision for Federal income taxes 0 0 |
Note 5_ Income Taxes_ Schedul24
Note 5: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2016 December 31, 2015 Deferred tax asset attributable to: Net operating loss carryover 0 14,110 Less: valuation allowance 0 (14,110) Net deferred tax asset 0 0 |
Note 3_ Convertible Notes Pay25
Note 3: Convertible Notes Payable -related Party: Schedule of Related Party Transactions (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Details | ||
Convertible Note A Debt Discount | $ 0 | $ (449) |
Convertible Note B Principal | 0 | 6,000 |
Convertible Note B Debt Discount | 0 | (496) |
Convertible Note C Principal | 0 | 6,000 |
Convertible Note C Debt Discount | 0 | (1,500) |
Convertible Note D Debt Discount | 0 | (2,598) |
Convertible Note E Principal | 0 | 1,500 |
Convertible Note E Debt Discount | 0 | (1,323) |
Convertible Note F Principal | 5,703 | 0 |
Convertible Note F Debt Discount | (1,267) | 0 |
Convertible Note G Principal | 7,114 | 0 |
Convertible Note G Debt Discount | (4,269) | 0 |
Convertible Note I Principal | 300 | 0 |
Convertible Note I Debt Discount | (95) | 0 |
Convertible Note J Principal | 1,500 | 0 |
Convertible Note J Debt Discount | $ (815) | $ 0 |
Note 5_ Income Taxes_ Schedul26
Note 5: Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal income tax benefit attributable to: | ||
Current Operations | $ 0 | $ 0 |
Less: valuation allowance | 0 | (14,110) |
Net provision for Federal income taxes | $ 0 | $ 0 |
Note 5_ Income Taxes_ Schedul27
Note 5: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 0 | $ 14,110 |
Less: valuation allowance | 0 | (14,110) |
Net deferred tax asset | $ 0 | $ 0 |