Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 27, 2020 | Jun. 28, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | Original Source Music, Inc. | ||
Entity Central Index Key | 0001639836 | ||
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | true | ||
Amendment Description | The Company's Annual Report on Form 10-K filed on April 9, 2020 is amended here to add the following language: Original Source Music, Inc. relied on the Securities and Exchange Commission's Order under the Securities Exchange Act of 1934 Granting Exemptions From Specified Provisions of the Exchange Act and Certain Rules Thereunder dated March 4, 2020 Order (Release No. 34-88318), as modified on March 25, 2020 (Release No. 34-88465)(the "Order") to delay the filing of its Annual Report on Form 10-K for the year ended December 31, 2019 (the "Report") due to the circumstances related to COVID-19. In particular, COVID-19 caused severe disruptions in transportation and limited access to the Company's facility, resulting in limited support from its staff and professional advisors. This delayed the Company's ability to complete its audit and prepare the Report. | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 5,073,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Liabilities | ||
Accounts payable and accrued expenses | $ 12,353 | $ 13,559 |
Due to a related party | 26,509 | 14,320 |
Total Liabilities | 38,862 | 27,879 |
Stockholders' Deficit | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.001 par value; 45,000,000 shares authorized 5,073,000 shares issued and outstanding | 5,073 | 5,073 |
Additional paid-in capital | 37,070 | 37,070 |
Other reserve | 64,410 | 64,410 |
Accumulated deficit | (145,415) | (134,432) |
Total Stockholders' Deficit | (38,862) | (27,879) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Income Statement [Abstract] | |||
Revenue | $ 10 | ||
Other income | 1,117 | ||
Operating expenses: | |||
General and administrative expense | 81 | 1,436 | |
Professional fees | 10,902 | 24,037 | |
Total operating expenses | 10,983 | 25,473 | |
Loss from operations before income taxes | (10,983) | (24,346) | |
Income tax provision | |||
Net loss | $ (10,983) | $ (24,346) | |
Net loss per common share - basic and diluted | [1] | $ 0 | $ 0 |
Weighted average number of common shares outstanding- basic and diluted | 5,073,000 | 5,073,000 | |
[1] | denotes net loss per common share of less than $0.01 per share. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Net loss per common share | [1] | $ 0 | $ 0 |
Maximum [Member] | |||
Net loss per common share | $ 0.01 | $ 0.01 | |
[1] | denotes net loss per common share of less than $0.01 per share. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Deficit - USD ($) | Common Stock [Member] | Paid-in Capital [Member] | Other Reserve [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2017 | $ 5,073 | $ 37,070 | $ (110,086) | $ (67,943) | |
Balance, shares at Dec. 31, 2017 | 5,073,000 | ||||
Waiver of amount due to related party | 64,410 | 64,410 | |||
Net loss for the year | (24,346) | (24,346) | |||
Balance at Dec. 31, 2018 | $ 5,073 | 37,070 | 64,410 | (134,432) | (27,879) |
Balance, shares at Dec. 31, 2018 | 5,073,000 | ||||
Net loss for the year | (10,983) | (10,983) | |||
Balance at Dec. 31, 2019 | $ 5,073 | $ 37,070 | $ 64,410 | $ (145,415) | $ (38,862) |
Balance, shares at Dec. 31, 2019 | 5,073,000 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Deficit (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (10,983) | $ (24,346) |
Changes in operating assets and liabilities: | ||
Prepayment | 500 | |
Accounts payable and accrued expenses | (1,206) | 8,959 |
Due to a related party | 12,189 | |
Net cash used in operating activities | (14,887) | |
Net cash from financing activity | ||
Advance from related party | 14,320 | |
Net decrease in cash | (567) | |
Cash at beginning of period | 567 | |
Cash at end of period | ||
Cash paid for: | ||
Interest | ||
Income taxes |
Organization, Operations and Su
Organization, Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Operations and Summary of Significant Accounting Policies | NOTE 1: ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements include the accounts of Original Source Music, Inc. (“OSM”) and its wholly-owned subsidiary 10 Fields Factory HK Limited (“10FFHK”) (collectively referred to as the “Company,” “we,” “us,” or “our”). All significant intercompany transactions and balances have been eliminated in these consolidated financial statements. OSM was incorporated in the State of Nevada on August 20, 2009. OSM was a licensor of songs to the television and music industry for use in television shows or movies and currently it has not commenced operations that have resulted in significant revenue. OSM has had limited activity and revenue to date. 10FFHK was formed under the Hong Kong Companies Ordinance and incorporated on September 30, 2019. 10FFHK is engaged in the solar energy consultant industry, and during the year 2019, 10FFHK was inactive. The Board of Directors will start its business in the forthcoming year. Basis of Preparation of Consolidated Financial Statements The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is December 31. Use of Estimates and Assumptions The consolidated financial statements are presented 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 consolidated 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 The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. Fair Value of Financial Instruments FASB ASC 820-10 “Fair Value Measurements” defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at 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 entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 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 for identical assets or liabilities that the reporting entity can access at the measurement date. 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 unobservable for the assets and liabilities. The carrying value of cash, accounts payable and accrued expenses and notes payable-related party approximates their fair value due to their short-term maturity. Income tax The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and the income tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Company’s income tax provision and net income or loss in the period the determination is made. 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. 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 consolidated 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 year ended December 31, 2019 or 2018, no potentially dilutive convertible notes payable issued and outstanding. 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. 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 |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2: GOING CONCERN The consolidated financial statements for the years ended December 31, 2019 and 2018 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. The principal stockholder has undertaken to finance the Company in cash for a “reasonable” period of time for the Company to continue as a going concern, assuming that in such a period of time the Company would be able to restructure its business and restart on a revenue-generating operation to support its continuation. However, it is uncertain as for how long or to what extent such a period of time would be “reasonable”, and there can be no assurance that the financing from the principal stockholder will not be discontinued. These uncertainties may result in adverse effects on continuation of the Company as a going concern. The accompanying consolidated financial statements do not include or reflect any adjustments that might result from the outcome of these uncertainties. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 3: INCOME TAXES As of December 31, 2019, the Company had net operating loss carry forwards of $145,415 that may be available to reduce future years’ taxable income through 2038. Future tax benefits which may arise as a result of these losses have not been recognized in these consolidated 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, 2019 Year ended December 31, 2018 $ $ Federal income tax benefit attributable to: Current operations (2,306 ) (5,113 ) Less: change in valuation allowance 2,306 5,113 Net provision for Federal income taxes - - The Tax Cuts and Jobs Act was signed into law on December 22, 2017 and significantly changes tax law in the United States by, among other items, reducing the federal corporate income tax rate from a maximum of 34% to 21% (effective January 1, 2018). The cumulative tax effect at the expected rate of significant items comprising our net deferred tax amount is as follows: December 31, 2019 December 31, 2018 $ $ Deferred tax asset attributable to: Net operating loss carryover 30,536 28,230 Less: valuation allowance (30,536 ) (28,230 ) Net deferred tax asset - - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $145,415 as of December 31, 2019 for Federal income tax reporting purposes are subject to annual limitations should a change in ownership occur. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 4: SUBSEQUENT EVENTS On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The Company is monitoring this closely, and although operations have not been materially affected by the coronavirus outbreak to date, the ultimate severity of the outbreak is uncertain. Operations of the Company are ongoing as the delivery of electricity to customers is considered an essential business. Further the uncertain nature of its spread globally may impact our business operations resulting from quarantines of employees, customers, and third-party service providers. At this time, the Company is unable to estimate the impact of this event on its operations. |
Organization, Operations and _2
Organization, Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation of Consolidated Financial Statements | Basis of Preparation of Consolidated Financial Statements The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is December 31. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The consolidated financial statements are presented 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 consolidated 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 | 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 Instruments | Fair Value of Financial Instruments FASB ASC 820-10 “Fair Value Measurements” defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at 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 entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 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 for identical assets or liabilities that the reporting entity can access at the measurement date. 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 unobservable for the assets and liabilities. The carrying value of cash, accounts payable and accrued expenses and notes payable-related party approximates their fair value due to their short-term maturity. |
Income Tax | Income tax The provision for income taxes includes income taxes currently payable and those deferred as a result of temporary differences between the financial statements and the income tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred income tax assets and liabilities is recognized in income or loss in the period that includes the enactment date. A valuation allowance is provided to reduce deferred tax assets to the amount of future tax benefit when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Projected future taxable income and ongoing tax planning strategies are considered and evaluated when assessing the need for a valuation allowance. Any increase or decrease in a valuation allowance could have a material adverse or beneficial impact on the Company’s income tax provision and net income or loss in the period the determination is made. |
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. |
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 consolidated 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 year ended December 31, 2019 or 2018, no potentially dilutive convertible notes payable issued and outstanding. 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. |
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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. Year ended December 31, 2019 Year ended December 31, 2018 $ $ Federal income tax benefit attributable to: Current operations (2,306 ) (5,113 ) Less: change in valuation allowance 2,306 5,113 Net provision for Federal income taxes - - |
Schedule of Deferred Tax Assets and Liabilities | The cumulative tax effect at the expected rate of significant items comprising our net deferred tax amount is as follows: December 31, 2019 December 31, 2018 $ $ Deferred tax asset attributable to: Net operating loss carryover 30,536 28,230 Less: valuation allowance (30,536 ) (28,230 ) Net deferred tax asset - - |
Organization, Operations and _3
Organization, Operations and Summary of Significant Accounting Policies (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
State of incorporation | Nevada | |
Date of incorporation | Aug. 20, 2009 | |
Antidilutive securities |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carry forwards | $ 145,415 |
Operating loss carryforwards, taxable income through the year | 2038 |
Federal corporate income tax rate | 21.00% |
Income tax rate description | The Tax Cuts and Jobs Act was signed into law on December 22, 2017 and significantly changes tax law in the United States by, among other items, reducing the federal corporate income tax rate from a maximum of 34% to 21% (effective January 1, 2018). |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax benefit attributable to: Current Operations | $ (2,306) | $ (5,113) |
Less: change in valuation allowance | 2,306 | 5,113 |
Net provision for Federal income taxes |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset attributable to: Net operating loss carryover | $ 30,536 | $ 28,230 |
Less: valuation allowance | (30,536) | (28,230) |
Net deferred tax asset |