Document and Entity Information
Document and Entity Information | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018shares | Jun. 30, 2018shares | |
Document and Entity Information: | ||
Entity Registrant Name | Original Source Music, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
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 | 5,073,000 |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Incorporation, Date of Incorporation | Aug. 20, 2009 |
Original Source Music, Inc. - B
Original Source Music, Inc. - Balance Sheets - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Prepayment | $ 500 | |
Cash | 567 | |
Total Currents Assets | 1,067 | |
Total Assets | 1,067 | |
Current Liabilities: | ||
Accounts payable and accrued expenses | $ 1,200 | 4,600 |
Due to a related party | 14,320 | |
Notes payable, related party | 64,410 | |
Total Liabilities | 15,520 | 69,010 |
Stockholders' Deficit | ||
Preferred stock | ||
Common stock | 5,073 | 5,073 |
Additional paid-in capital | 37,070 | 37,070 |
Other reserve | 64,410 | |
Accumulated deficit | (122,073) | (110,086) |
Total Stockholders' Deficit | $ (15,520) | (67,943) |
Total Liabilities and Stockholders' Deficit | $ 1,067 |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position | ||
Preferred Stock, Par Value | $ 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 | $ 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 ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Income Statement | |||||
Revenue | $ 75 | $ 10 | $ 196 | ||
Other income | 1,117 | ||||
Operating Expenses: | |||||
General and administrative | 174 | 594 | 349 | ||
Professional fees | $ 11,320 | 6,023 | 12,520 | 9,823 | |
Total operating expenses | 11,320 | 6,197 | 13,114 | 10,172 | |
Loss from operations | (11,320) | (6,122) | (11,987) | (9,976) | |
Interest expense, related parties | (1,527) | (4,312) | |||
Loss before income taxes | (11,320) | (7,649) | (11,987) | (14,288) | |
Income tax provision | |||||
Net loss | $ (11,320) | $ (7,649) | $ (11,987) | $ (14,288) | |
Net loss per common share basic and diluted | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted number of common shares outstanding - basic and diluted | 5,073,000 | 5,073,000 | 5,073,000 | 5,073,000 | |
[1] | denotes net loss per common share of less than $0.01 per share |
Original Source Music, Inc. - 5
Original Source Music, Inc. - Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | |||
Net loss | $ (7,649) | $ (11,987) | $ (14,288) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Amortization of debt discount | 4,312 | ||
Changes in operating assets and liabilities: | |||
Prepayment, increase decrease | 500 | ||
Accounts payable and accrued expenses, increase decrease | (3,400) | 1,000 | |
Net cash used in operating activities | (14,887) | (8,976) | |
Cash flows from financing activities: | |||
Advance from a related party | 14,320 | ||
Proceeds from issuance of notes payable, related party | 8,923 | ||
Net cash provided by financing activities | 14,320 | 8,923 | |
Net Decrease in Cash and Cash Equivalents | (567) | (53) | |
Cash and cash equivalents, beginning of period | 567 | 842 | |
Cash and cash equivalents, end of period | $ 789 | 789 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | |||
Cash paid for income taxes |
NOTE 1 - NATURE OF OPERATIONS A
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION | NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION Original Source Music, Inc was incorporated under the laws of the State of Nevada on August 20, 2009, and established a fiscal year ended of December 31. The Company was formed to license songs to the television and movie industry. The Company was a wholly owned subsidiary of Original Source Entertainment, Inc., a publicly traded Nevada corporation. On February 5, 2014, the board of directors of Original Source Entertainment authorized the spin-off of the registrant to shareholders of record as of February 25, 2014. On March 19, 2018, the Companys board of directors and officer sold their interest in the Company to Big Emperor, Ltd. a British Virgin Islands company (Big Emperor). The total number of shares purchased was 3,500,000 shares of common stock (the Shares) of Original Source Music, Inc. (the Company) for $93,800.00 (the Transaction). Of the Shares, 3,000,000 were acquired from Lecia L. Walker (Ms. Walker), the Companys chief executive officer and a director, and 500,000 were acquired from Esther Lynn Atwood (Ms. Atwood), a company director. The Shares represent approximately 69% of the Companys issued and outstanding common stock. Along with the Transaction, the Companys board of directors appointed Tsang Chi Hin, age 59, as its chief executive officer (the CEO), and as director to hold office until the next annual meeting of shareholders and until his successor is duly elected and qualified or until his resignation or removal. Following the appointment of Mr. Tsang as an officer and director of the Company, Ms. Walker resigned her position as our chief executive officer and director and Ms. Atwood resigned her position as director. Both resignations are effective as of March 19, 2018. With the proceeds from the acquisition of the Shares, Ms. Walker and Ms. Atwood agreed to pay $64,410 to holders of promissory notes issued by the Company in full satisfaction of principal and interest in all outstanding promissory notes issued by the Company. On March 19, 2018, all the Promissory Notes K through Promissory Note W, inclusive, were paid in full. Ms. Walker and Ms. Atwood have waived all amounts due by the Company at March 19, 2018. The Company has decided to not pursue its original business plan and is currently in the process of evaluating new business opportunities. The CEO of the Company is exploring such options. These condensed financial statements have been prepared on a going concern basis. The Company has incurred net operating losses of $11,987 from inception through June 30, 2018 and has not yet established on going source of revenues sufficient to cover its operating costs and allow it continue as a going concern. As of June 30, 2018, the Company had an accumulated deficit totaling $122,073. The ability of the Company to continue as a going concern is dependent on the Company obtaining the adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. This raises substantial doubts about its ability to continue as a going concern. Basis of Presentation The financial statements present the condensed balance sheets, condensed statements of operations and condensed statement of cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America. Unaudited Condensed Financial Statements The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2017 included in the Companys Annual Report on Form 10-K filed with the Securities and Exchange Commission. The unaudited condensed financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Net Loss per Common Share Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive financial instruments issued or outstanding for the six months ended June 30, 2018 or June 30, 2017. Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statements classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Companys financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. Fair Value of Financial Instruments The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of June 30, 2018 the carrying value of accounts payable and accrued expenses and due to a related party approximated to the fair value due to the short-term nature and maturity of these instruments. Estimates The financial statements are prepared on the basis of generally accepted accounting principles in the United States of America. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates made by management. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance. The new standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB approved a one-year deferral of the effective date of this standard to annual reporting periods, and interim reporting periods within those years, beginning after December 15, 2017. The adoption of this guidance did not have a significant impact on the Companys financial statements. |
NOTE 2 - PROMISSORY NOTES PAYAB
NOTE 2 - PROMISSORY NOTES PAYABLE - RELATED PARTY | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
NOTE 2 - PROMISSORY NOTES PAYABLE - RELATED PARTY | NOTE 2 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, 2018 after which time itll bear interest at 6%. The note matures on December 31, 2018 and requires no periodic payment until maturity. All are paid-in-full during the six months ended June 30, 2018. 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 requires no periodic payment until maturity. All are paid-in-full during the six months ended June 30, 2018. Note M: On December 31, 2016 Convertible Promissory Note A in the amount of $3,255 dated December 31, 2014 and, Convertible Promissory Note B in the amount of $6,000 dated January 21, 2015 and Convertible Promissory Note D in the amount of $3,260 dated September 14, 2015, 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 a related party, Venture Vest Capital Corporation and is due on or before December 31, 2018. The note is interest free until December 31, 2018 after which time it shall bear interest at the rate of 6% per annum and requires no periodic payment until maturity. 50,000 shares of the authorized but unissued common stock of the corporation will be issued to Venture Vest Capital Corporation within 30 days of the signing of the promissory note valued at par. During the year ended December 31, 2017, Venture Vest Capital Corporation declined to accept 50,000 shares of the authorized but unissued common stock of the Company. Accordingly, the paid-in capital was increased by $50. All are paid-in-full during the six months ended June 30, 2018. Note N: On December 31, 2016, Convertible Promissory Note C in the amount of $6,000 dated March 30, 2015 and, Convertible Promissory Note E in the amount of $1,500 dated June 11, 2015, were cancelled and a new single note was issued to replace the two 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, 2018 after which time it shall bear interest at the rate of 6% per annum and requires no periodic payment until maturity. 40,000 shares of the authorized but unissued common stock of the corporation will be issued to Terayco Enterprises Ltd. within 30 days of the signing of the promissory note valued at par. During the year ended December 31, 2017, Terayco Enterprises Ltd. declined to accept 40,000 shares of the authorized but unissued common stock of the Company. Accordingly, the paid-in capital was increased by $40. All are paid-in-full during the six months ended June 30, 2018. Note P: On March 21, 2017, a related party loaned the Company $2,600. 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 requires no periodic payment until maturity. All are paid-in-full during the six months ended June 30, 2018. Note Q: On June 29, 2017, a related party loaned the Company $6,323. 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 requires no periodic payment until maturity. All are paid-in-full during the six months ended June 30, 2018. Note R: On December 31, 2017 Convertible Promissory Note F in the amount of $5,703 dated February 16, 2016 and, Convertible Promissory Note G in the amount of $7,114 dated May 6, 2016 and Convertible Promissory Note I in the amount of $300 dated June 13, 2016, were cancelled and a new single note was issued to replace the three promissory notes in the amount of $13,117. The new note is payable to a related party, Terayco Enterprises Ltd. and is due on or before December 31, 2018. The note is interest free until December 31, 2018 after which time it shall bear interest at the rate of 6% per annum and requires no periodic payment until maturity. 100,000 shares of the authorized but unissued common stock of the corporation will be issued to Terayco Enterprises Ltd. within 30 days of the signing of the promissory note valued at par. All are paid-in-full during the six months ended June 30, 2018. Note S: On December 31, 2017 Convertible Promissory Note J in the amount of $1,500 dated July 7, 2016 was cancelled and a new single note was issued to replace the promissory note. The new note is payable to a related party, Venture Vest Capital Corporation and is due on or before December 31, 2018. The note is interest free until December 31, 2018 after which time it shall bear interest at the rate of 6% per annum and requires no periodic payment until maturity. 10,000 shares of the authorized but unissued common stock of the corporation will be issued to Venture Vest Capital Corporation within 30 days of the signing of the promissory note valued at par. All are paid-in-full during the six months ended June 30, 2018. Note T: On July 22, 2017, a related party loaned the Company $3,800. 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 requires no periodic payment until maturity. All are paid-in-full during the six months ended June 30, 2018. Note U: On August 25, 2017, a related party loaned the Company $2,260. 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 requires no periodic payment until maturity. All are paid-in-full during the six months ended June 30, 2018. Note V: On October 4, 2017, a related party loaned the Company $3,875. 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 requires no periodic payment until maturity. All are paid-in-full during the six months ended June 30, 2018. Note W: On December 24, 2017, a related party loaned the Company $4,500. 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 requires no periodic payment until maturity. All are paid-in-full during the six months ended June 30, 2018. |
NOTE 3 - CAPITAL STOCK
NOTE 3 - CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
NOTE 3 - CAPITAL STOCK | NOTE 3 CAPITAL STOCK The Companys capitalization is 5,073,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. During the six months ended June 30, 2018 and June 30, 2017, the Company did not issue any additional common stock shares. |
NOTE 4 - SUBSEQUENT EVENTS
NOTE 4 - SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2018 | |
Notes | |
NOTE 4 - SUBSEQUENT EVENTS | NOTE 4 SUBSEQUENT EVENTS Subsequent to the balance sheet date, the Company did not have any material recognizable events. |
NOTE 1 - NATURE OF OPERATIONS10
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION: Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Policies | |
Basis of Presentation | Basis of Presentation The financial statements present the condensed balance sheets, condensed statements of operations and condensed statement of cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America. |
NOTE 1 - NATURE OF OPERATIONS11
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION: Unaudited Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Policies | |
Unaudited Financial Statements | Unaudited Condensed Financial Statements The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2017 included in the Companys Annual Report on Form 10-K filed with the Securities and Exchange Commission. The unaudited condensed financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. |
NOTE 1 - NATURE OF OPERATIONS12
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION: Net Loss Per Common Share (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Policies | |
Net Loss Per Common Share | Net Loss per Common Share Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive financial instruments issued or outstanding for the six months ended June 30, 2018 or June 30, 2017. |
NOTE 1 - NATURE OF OPERATIONS13
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION: Income Taxes (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Policies | |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statements classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Companys financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. |
NOTE 1 - NATURE OF OPERATIONS14
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION: Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of June 30, 2018 the carrying value of accounts payable and accrued expenses and due to a related party approximated to the fair value due to the short-term nature and maturity of these instruments. |
NOTE 1 - NATURE OF OPERATIONS15
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION: Estimates (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Policies | |
Estimates | Estimates The financial statements are prepared on the basis of generally accepted accounting principles in the United States of America. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates made by management. |
NOTE 1 - NATURE OF OPERATIONS16
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance. The new standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB approved a one-year deferral of the effective date of this standard to annual reporting periods, and interim reporting periods within those years, beginning after December 15, 2017. The adoption of this guidance did not have a significant impact on the Companys financial statements. |
NOTE 1 - NATURE OF OPERATIONS17
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details) | 3 Months Ended |
Jun. 30, 2018 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Aug. 20, 2009 |
NOTE 3 - CAPITAL STOCK (Details
NOTE 3 - CAPITAL STOCK (Details) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Details | ||
Common Unit, Outstanding | 5,073,000 | |
Common Stock, Par Value | $ 0.001 | $ 0.001 |