Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Nov. 17, 2017 | Jun. 30, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | Pacific Media Group Enterprises, Inc. | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2017 | ||
Trading Symbol | pcmg | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,683,252 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 115,966,000 | ||
Entity Public Float | $ 100,000 | ||
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 | 2,017 | ||
Document Fiscal Period Focus | Q3 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Liabilities, Current | ||
Accounts Payable, Current | $ 1,200 | $ 1,200 |
Due To Related Parties Current | 20,407 | 5,375 |
Liabilities, Current | 21,607 | 6,575 |
Liabilities, Noncurrent | ||
Liabilities | 21,607 | 6,575 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 11,597 | 11,389 |
Additional Paid in Capital, Common Stock | (2,179) | (2,179) |
Retained Earnings (Accumulated Deficit) | (31,025) | (15,785) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (21,607) | $ (6,575) |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Expenses | ||
General and Administrative Expense | $ 15,240 | $ 5,368 |
Operating Expenses | 15,240 | 5,368 |
Operating Income (Loss) | (15,240) | (5,368) |
Interest and Debt Expense | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (15,240) | (5,368) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (15,240) | (5,368) |
Net Income (Loss) Attributable to Parent | $ (15,240) | $ (5,368) |
Earnings Per Share | ||
Earnings Per Share, Basic | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Basic | 114,948,609 | 113,886,000 |
Earnings Per Share, Diluted | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Diluted | 114,948,609 | 113,886,000 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ (15,240) | $ (5,368) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Issuance of Stock and Warrants for Services or Claims | 208 | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 208 | |
Net Cash Provided by (Used in) Operating Activities | (15,032) | (5,368) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from (Repayments of) Related Party Debt | 15,032 | 5,368 |
Net Cash Provided by (Used in) Financing Activities | $ 15,032 | $ 5,368 |
Note 1. Nature and Background o
Note 1. Nature and Background of Business | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 1. Nature and Background of Business | NOTE 1. NATURE AND BACKGROUND OF BUSINESS Extract Pharmaceuticals, Inc. ("the Company" or "the Issuer") was organized under the laws of the State of Delaware on March 6, 2014 under the name Pacific Media Group Enterprises, Inc. Extract Pharmaceuticals Inc (the Company) is a US-based development stage company that is in the process of acquiring certain Intellectual Property (IP) for chewing gum as a medicinal delivery system for several ailments. The Company intends to identify and acquire patents and IPs that further its aim to provide medical solutions to a great number of everyday ailments using medicated (functional) chewing gum instead of pills as a drug delivery method. Management is currently working on obtaining IP that furthers the use of chewing gum as a medicinal delivery system. At this preliminary stage, we foresee economic applicability for use of chewing gum for antihistamines, vitamins, painkillers, and any other kind of common ailments. 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 ("US GAAP"), and include all the notes required by US 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 were been included. b. USE OF ESTIMATES The preparation of financial statements in conformity with US 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 Accounting Standards Codification (ASC) 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 was not 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 initiated maturity of three months or less are considered cash equivalents. The Company had no cash equivalents as of September 30, 2017. 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, 2017 and June 30, 2017 an allowance for doubtful accounts was not considered necessary as there were no accounts receivable. g. SHARE-BASED COMPENSATION ASC 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. h. INCOME TAXES Income taxes are provided in accordance with Section 740-10-30 of 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 | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Substantial Doubt about Going Concern | NOTE 3. GOING CONCERN The Company's financial statements are prepared in accordance with US 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, 2017 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 it will be able to generate sufficient revenues and/or 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 | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Stockholders' Equity Note Disclosure | NOTE 4. STOCKHOLDERS' EQUITY As of September 30, 2017, the authorized share capital of the Company consists of 300,000,000 shares of common stock and 20,000,000 shares of preferred stock 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 $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 $6.00; 500,000 "D Warrants" each convertible into one share of common stock at $7.00; and 500,000 "E Warrants" each convertible into one share of common stock at $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 1,520,000 common shares for services at par value, $0.0001 per share for $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 $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, 2017. Stock Split On April 5, 2017, the Company s Board of Directors declared a 54:1 forward stock split of all outstanding shares of common stock. The stock split was approved by FINRA on July 25, 2017. The effect of the stock split increased the number of shares of common stock outstanding from 2,109,000 to 113,886,000. All common share and per common share data in these financial statements and related notes hereto have been retroactively adjusted to account for the effect of the stock split for all periods presented prior to July 25, 2017. The total number of authorized common shares and the par value thereof was not changed by the split. On August 14 th On August 14th, 2017, the Company issued 1,000,000 restricted affiliate shares to its Director Peter Maddocks per the terms of his employment agreement with the company as compensation for his services. PREFERRED STOCK: As of September 30, 2017 no shares of preferred stock had been issued and no shares of preferred stock were outstanding. |
Income Tax Disclosure
Income Tax Disclosure | 9 Months Ended |
Sep. 30, 2017 | |
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. |
Note 6. Related Party Transacti
Note 6. Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 6. Related Party Transactions | NOTE 6. RELATED PARTY TRANSACTIONS On June 1, 2014, the Company issued 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. At various dates between April 1, 2016 and March 30, 2017 the Company issued various Notes totaling $23,492 to a former officer. On April 5, 2017 all of these Notes were cancelled. On June 29, 2017 a Note for $5,375 was issued to a Shareholder. This Note is non-interest bearing and has no fixed term but is callable by the lender at any time. The company issued a further note for $15, 032 to the shareholder for continued operational expenses support 9/30/2017 6/30/2017 Due to Shareholder 20407 5375 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
Subsequent Events | NOTE 7. SUBSEQUENT EVENTS None. |
Note 1. Nature and Background11
Note 1. Nature and Background of Business: Basis of Accounting, Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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 ("US GAAP"), and include all the notes required by US 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 were been included. |
Note 1. Nature and Background12
Note 1. Nature and Background of Business: Use of Estimates, Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Use of Estimates, Policy | b. USE OF ESTIMATES The preparation of financial statements in conformity with US 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. |
Note 1. Nature and Background13
Note 1. Nature and Background of Business: Earnings Per Share, Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Earnings Per Share, Policy | c. BASIC AND DILUTED NET LOSS PER SHARE Net loss per share is calculated in accordance with Accounting Standards Codification (ASC) 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 was not 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. |
Note 1. Nature and Background14
Note 1. Nature and Background of Business: Cash and Cash Equivalents, Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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 initiated maturity of three months or less are considered cash equivalents. The Company had no cash equivalents as of September 30, 2017. |
Note 1. Nature and Background15
Note 1. Nature and Background of Business: Revenue Recognition, Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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. |
Note 1. Nature and Background16
Note 1. Nature and Background of Business: Receivables, Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and June 30, 2017 an allowance for doubtful accounts was not considered necessary as there were no accounts receivable. |
Note 1. Nature and Background17
Note 1. Nature and Background of Business: Compensation Related Costs, Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Compensation Related Costs, Policy | g. SHARE-BASED COMPENSATION ASC 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. |
Note 1. Nature and Background18
Note 1. Nature and Background of Business: Income Tax, Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Income Tax, Policy | h. INCOME TAXES Income taxes are provided in accordance with Section 740-10-30 of 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. |
Note 1. Nature and Background19
Note 1. Nature and Background of Business: New Accounting Pronouncements, Policy (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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. |
Note 6. Related Party Transac20
Note 6. Related Party Transactions: Schedule of Short-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Schedule of Short-term Debt | 9/30/2017 6/30/2017 Due to Shareholder 20407 5375 |
Note 6. Related Party Transac21
Note 6. Related Party Transactions: Schedule of Short-term Debt (Details) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Details | ||
Due to Shareholder | $ 20,407 | $ 5,375 |