Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | Pacific Media Group Enterprises, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Trading Symbol | pmge | |
Amendment Flag | false | |
Entity Central Index Key | 1,683,252 | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 2,109,000 | |
Entity Public Float | $ 210,900 | |
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 | 2,017 | |
Document Fiscal Period Focus | Q1 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 500 | $ 500 |
Assets, Current | 500 | 500 |
Assets, Noncurrent | ||
Assets | 500 | 500 |
Liabilities, Current | ||
AccountsPayableAndAccruedLiabilities | 368 | |
Liabilities, Current | 368 | |
Liabilities, Noncurrent | ||
Notes Payable, Noncurrent | 5,500 | 500 |
Liabilities, Noncurrent | 5,500 | 500 |
Liabilities | 5,868 | 500 |
Common Stock, Value, Issued | 211 | 211 |
Additional Paid in Capital, Common Stock | 8,999 | 8,999 |
Retained Earnings (Accumulated Deficit) | (14,578) | (9,210) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (5,368) | |
Liabilities and Equity | $ 500 | $ 500 |
Statement of Financial Positio3
Statement of Financial Position - Parenthetical - $ / shares | Sep. 30, 2016 | Jun. 30, 2016 |
Balance Sheets | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 2,109,000 | 2,109,000 |
Common Stock, Shares Outstanding | 2,109,000 | 2,109,000 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Expenses | ||
General and Administrative Expense | $ 5,368 | |
Operating Expenses | 5,368 | |
Operating Income (Loss) | (5,368) | |
Interest and Debt Expense | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (5,368) | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (5,368) | |
Net Income (Loss) Attributable to Parent | $ (5,368) | $ 0 |
Earnings Per Share | ||
Earnings Per Share, Basic | $ (0.003) | |
Weighted Average Number of Shares Outstanding, Basic | 2,109,000 | 2,100,000 |
Earnings Per Share, Diluted | $ 0 | |
Weighted Average Number of Shares Outstanding, Diluted | 2,109,000 | 2,100,000 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ (5,368) | $ 0 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 368 | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 368 | |
Net Cash Provided by (Used in) Operating Activities | (5,000) | 0 |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from (Repayments of) Related Party Debt | 5,000 | |
Net Cash Provided by (Used in) Financing Activities | 5,000 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | |
Cash and Cash Equivalents, at Carrying Value | 500 | |
Cash and Cash Equivalents, at Carrying Value | $ 500 | $ 0 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2016 | |
Notes | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1. NATURE AND BACKGROUND OF BUSINESS Pacific Media Group Enterprises, Inc. ("the Company" or "the Issuer") was organized under the laws of the State of Delaware on March 6, 2014. The Company was established as part of the Chapter 11 Plan of Reorganization of Pacific Shores Development, Inc. ("PSD"). In September 2015 the Company began development of mobile apps designed (a) to allow patients/clients to see fee quotes from professionals such as dentists and attorneys for professional services, and (b) to provide these professionals with prospects or leads for new patients/clients. The Company is currently testing the first app in preparation for its launch. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and include all the notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation of the financial statements have been included. b. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make 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 reporting period. Actual results could differ from those estimates. c. BASIC AND DILUTED NET LOSS PER SHARE Net loss per share is calculated in accordance with Codification topic 260, Earnings Per Share for the periods presented. Basic net loss per share is computed using the weighted average number of common shares outstanding. Diluted loss per share has not been presented because there are no dilutive items. Diluted earnings loss per share is based on the assumption that all dilutive stock options, warrants, and convertible debt are converted or exercised by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Options, warrants and/or convertible debt will have a dilutive effect, during periods of net profit, only when the average market price of the common stock during the period exceeds the exercise or conversion price of the items. d. CASH and CASH EQUIVALENTS For the Balance Sheets and Statements of Cash Flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. The Company had no cash equivalents as of September 30, 2016. e. REVENUE RECOGNITION The Company recognizes revenue in accordance with ASC topic 605 Revenue Recognition, and other applicable revenue recognition guidance under US GAAP. Sales revenue is recognized for our retail and wholesale customers when: (i) persuasive evidence of a sales arrangement exists, (ii) the sales terms are fixed or determinable, (iii) title and risk of loss have transferred, and (iv) collectability is reasonably assured generally when products are shipped to the customer and services are rendered, except in situations in which title passes upon receipt of the products by the customer. In this case, revenues are recognized upon services rendered. f. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable, and current economic conditions. The determination of the collectability of amounts due requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing the Companys portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection experience, current aging status of the customer account, and the financial condition of the Companys customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a whole. At September 30, 2016 and June 30, 2016 an allowance for doubtful accounts was not considered necessary as there were no accounts receivable. g. SHARE-BASED COMPENSATION Codification topic 718 Stock Compensation requires the cost resulting from all share-based transactions be recorded in the financial statements and establishes fair value as the measurement objective for share-based payment transactions with employees and acquired goods or services from non-employees. The codification also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted the codification upon its creation and will expense share based costs in the period incurred. The Company completed one share-based transaction for mobile app development and programming services on April 1, 2016 valued at $9,000. h. INCOME TAXES Income taxes are provided in accordance with the FASB Accounting Standards Classification. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. 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. i. IMPACT OF NEW ACCOUNTING STANDARDS The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operations, financial position, or cash flow. |
Substantial Doubt about Going C
Substantial Doubt about Going Concern | 3 Months Ended |
Sep. 30, 2016 | |
Notes | |
Substantial Doubt about Going Concern | NOTE 3. GOING CONCERN The Company's financial statements are prepared in accordance with GAAP applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of September 30, 2016 the Company did not have significant cash or other material assets, nor did it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. The Companys officers and directors have committed to advancing certain operating costs of the Company. While the Company believes in the viability of its strategy to generate sufficient revenues and in its ability to raise additional funds, there can be no assurances that it will accomplish either. The Companys ability to continue as a going concern is dependent upon its ability to achieve profitable operations or obtain adequate financing. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Stockholders' Equity Note Discl
Stockholders' Equity Note Disclosure | 3 Months Ended |
Sep. 30, 2016 | |
Notes | |
Stockholders' Equity Note Disclosure | NOTE 4. STOCKHOLDERS' EQUITY As of September 30, 2016 the authorized share capital of the Company consisted of 100,000,000 shares of common stock with $0.0001 par value, and 20,000,000 shares of preferred stock also with $0.0001 par value. COMMON STOCK: The Company's first issuance of common stock, totaling 580,000 shares, took place on March 6, 2014 pursuant to the Chapter 11 Plan of Reorganization confirmed by the U.S. Bankruptcy Court in the matter of Pacific Shores Development, Inc. ("PSD"). The Court ordered the distribution of shares in the Company to all general unsecured creditors of PSD, with these creditors to receive their PRO RATA share (according to amount of debt held) of a pool of 80,000 shares in the Company. The Court also ordered the distribution of shares in the Company to all administrative creditors of PSD, with these creditors to receive one share of common stock in the Company for each $0.10 of PSD's administrative debt which they held. A total of 500,000 shares were issued to PSDs administrative creditors. The Court also ordered the distribution of 2,500,000 warrants in the Company to all administrative creditors of PSD, with these creditors to receive five warrants in the Company for each $0.10 of PSD's administrative debt which they held. These creditors received 2,500,000 warrants consisting of 500,000 "A Warrants" each convertible into one share of common stock at an exercise price of $4.00; 500,000 "B Warrants" each convertible into one share of common stock at an exercise price of $5.00; 500,000 "C Warrants" each convertible into one share of common stock at an exercise price of $6.00; 500,000 "D Warrants" each convertible into one share of common stock at an exercise price of $7.00; and 500,000 "E Warrants" each convertible into one share of common stock at an exercise price of $8.00. All warrants are exercisable at any time prior to August 30, 2019. As of the date of this report, no warrants have been exercised. On June 1, 2014 the Company issued a total of 1,520,000 common shares for services at par value, $0.0001 per share for total value of $152. On April 1, 2016 the Company issued 9,000 common shares for services related to mobile app programming and development valued at $1.00 per share for a total value of $9,000. As a result of these issuances there were 2,109,000 common shares issued and outstanding, and a total of 2,500,000 warrants to acquire common shares issued and outstanding, at September 30, 2016. PREFERRED STOCK: The authorized share capital of the Company includes 20,000,000 shares of preferred stock with $0.0001 par value. As of September 30, 2016 no shares of preferred stock had been issued and no shares of preferred stock were outstanding. |
Income Tax Disclosure
Income Tax Disclosure | 3 Months Ended |
Sep. 30, 2016 | |
Notes | |
Income Tax Disclosure | NOTE 5. INCOME TAXES The Company has had no revenues and made no U.S. federal income tax provision since its inception on March 6, 2014. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 3 Months Ended |
Sep. 30, 2016 | |
Notes | |
Related Party Transactions Disclosure | NOTE 6. RELATED PARTY TRANSACTIONS On June 1, 2014 the Company issued a total of 1,520,000 shares of common stock in a private placement for services valued at par value of $0.0001 per share. Of these shares, 20,000 were issued to the former CEO and director of the Company and 1,500,000 were issued to the current CEO and director of the Company. On April 1, 2016 the Company issued a Note for $500 to the CEO of the company. On August 5, 2016 the Company issued a Note for $2,500 to the CFO and Secretary of the Company and on August 25, 2016 the Company issued a second Note for $2,500, also to the CFO and Secretary of the Company. All three Notes are non-interest bearing. The unpaid principal balance on two new notes will be due and payable three years from the date of the notes. The conversion rate will be one (1) share of common stock for every one (1) dollar of debt principal converted. Since the price of the shares issued recently is same as the conversion price, there was no beneficial conversion feature. The Company utilizes an office space of approximately 100 square feet in the residence of the Companys CEO, which is provided at no cost by the CEO. The value of the space is immaterial. The space is believed to be adequate for the Companys needs at this time. |
Organization, Consolidation a11
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Basis of Accounting, Policy (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Policies | |
Basis of Accounting, Policy | a. BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and include all the notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation of the financial statements have been included. |
Organization, Consolidation a12
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Use of Estimates, Policy (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Policies | |
Use of Estimates, Policy | b. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make 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 reporting period. Actual results could differ from those estimates. |
Organization, Consolidation a13
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Policies | |
Earnings Per Share, Policy | c. BASIC AND DILUTED NET LOSS PER SHARE Net loss per share is calculated in accordance with Codification topic 260, Earnings Per Share for the periods presented. Basic net loss per share is computed using the weighted average number of common shares outstanding. Diluted loss per share has not been presented because there are no dilutive items. Diluted earnings loss per share is based on the assumption that all dilutive stock options, warrants, and convertible debt are converted or exercised by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Options, warrants and/or convertible debt will have a dilutive effect, during periods of net profit, only when the average market price of the common stock during the period exceeds the exercise or conversion price of the items. |
Organization, Consolidation a14
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Policies | |
Cash and Cash Equivalents, Policy | d. CASH and CASH EQUIVALENTS For the Balance Sheets and Statements of Cash Flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. The Company had no cash equivalents as of September 30, 2016. |
Organization, Consolidation a15
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Revenue Recognition, Policy (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Policies | |
Revenue Recognition, Policy | e. REVENUE RECOGNITION The Company recognizes revenue in accordance with ASC topic 605 Revenue Recognition, and other applicable revenue recognition guidance under US GAAP. Sales revenue is recognized for our retail and wholesale customers when: (i) persuasive evidence of a sales arrangement exists, (ii) the sales terms are fixed or determinable, (iii) title and risk of loss have transferred, and (iv) collectability is reasonably assured generally when products are shipped to the customer and services are rendered, except in situations in which title passes upon receipt of the products by the customer. In this case, revenues are recognized upon services rendered. |
Organization, Consolidation a16
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Receivables, Policy (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Policies | |
Receivables, Policy | f. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are recorded at invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable, and current economic conditions. The determination of the collectability of amounts due requires the Company to make judgments regarding future events and trends. Allowances for doubtful accounts are determined based on assessing the Companys portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection experience, current aging status of the customer account, and the financial condition of the Companys customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a whole. At September 30, 2016 and June 30, 2016 an allowance for doubtful accounts was not considered necessary as there were no accounts receivable. |
Organization, Consolidation a17
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Compensation Related Costs, Policy (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Policies | |
Compensation Related Costs, Policy | g. SHARE-BASED COMPENSATION Codification topic 718 Stock Compensation requires the cost resulting from all share-based transactions be recorded in the financial statements and establishes fair value as the measurement objective for share-based payment transactions with employees and acquired goods or services from non-employees. The codification also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted the codification upon its creation and will expense share based costs in the period incurred. The Company completed one share-based transaction for mobile app development and programming services on April 1, 2016 valued at $9,000. |
Organization, Consolidation a18
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Income Tax, Policy (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Policies | |
Income Tax, Policy | h. INCOME TAXES Income taxes are provided in accordance with the FASB Accounting Standards Classification. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. 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. |
Organization, Consolidation a19
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Policies | |
New Accounting Pronouncements, Policy | i. IMPACT OF NEW ACCOUNTING STANDARDS The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operations, financial position, or cash flow. |