Token Communities (TKCM) 10-Q 15 Feb 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Document and Entity Information:
Entity Registrant Name	Pacific Media Group Enterprises, Inc.
Document Type	10-Q
Document Period End Date	Dec. 31, 2017
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	113,886,000
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	2,018
Document Fiscal Period Focus	Q2

Statement of Financial Position

Statement of Financial Position - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Assets, Current
Cash and Cash Equivalents, at Carrying Value	$ 0	$ 0
Assets, Current	0	0
Assets, Noncurrent
Assets	0	0
Liabilities, Current
AccountsPayableAndAccruedLiabilities	3,700	1,200
Liabilities, Current	3,700	1,200
Liabilities, Noncurrent
Notes Payable, Noncurrent	23,407	5,375
Liabilities, Noncurrent	23,407	5,375
Liabilities	27,107	6,575
Common Stock, Value, Issued	11,389	11,389
Additional Paid in Capital, Preferred Stock	(2,179)	(2,179)
Retained Earnings (Accumulated Deficit)	(36,317)	(15,785)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(27,107)	(6,575)
Liabilities and Equity	$ 0	$ 0

Statement of Financial Positio3

Statement of Financial Position - Parenthetical - $ / shares	Dec. 31, 2017	Jun. 30, 2017
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	113,886,000	113,886,000
Common Stock, Shares Outstanding	113,886,000	113,886,000

Statement of Income

Statement of Income - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Operating Expenses
General and Administrative Expense	$ 5,500	$ 15,724	$ 20,740	$ 21,092
Operating Expenses	5,500	15,724	20,740	21,092
Operating Income (Loss)	(5,500)	(15,724)	(20,740)	(21,092)
Interest and Debt Expense
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	(5,500)	(15,724)	(20,740)	(21,092)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ (5,500)	$ (15,724)	(20,740)	(21,092)
Net Income (Loss) Attributable to Parent			$ (20,740)	$ (21,092)
Earnings Per Share
Earnings Per Share, Basic	$ 0	$ 0	$ (0.010)	$ (0.010)
Weighted Average Number of Shares Outstanding, Basic	113,886,000	113,886,000	2,109,000	2,109,001
Earnings Per Share, Diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted Average Number of Shares Outstanding, Diluted	113,886,000	113,886,000	2,109,000	2,109,001

Statement of Cash Flows

Statement of Cash Flows - USD ($)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Net Cash Provided by (Used in) Operating Activities
Net Income (Loss) Attributable to Parent	$ (20,740)	$ (21,092)
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
Increase (Decrease) in Accounts Payable and Accrued Liabilities	2,500	1,774
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	2,708	1,774
Net Cash Provided by (Used in) Operating Activities	(18,032)	(19,318)
Net Cash Provided by (Used in) Financing Activities
Proceeds from (Repayments of) Related Party Debt	18,032	19,318
Net Cash Provided by (Used in) Financing Activities	18,032	19,318
Cash and Cash Equivalents, at Carrying Value	0	500
Cash and Cash Equivalents, at Carrying Value	$ 0	$ 500

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies	6 Months Ended
	Dec. 31, 2017
Notes
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies	Note 1– Nature of Business, Presentation and Going Concern Organization Token Communities Ltd. ("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. Token Communities Ltd.. (“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 medical delivery system for several ailments. 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. Recently, management has been in extensive discussions with Token Communities Ltd., a cryptocurrency holding company regarding possible terms of acquisition. These discussions while extensive, have not yet progressed to a definitive agreement, though this is anticipated during the next quarter. Basis of Presentation The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial statement presentation and in accordance with Form 10-Q. Accordingly, they do not include all of the information and footnotes required in annual financial statements. In the opinion of management, the unaudited financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to fairly the financial position and results of operations and cash flows. The results of operations presented are not necessarily indicative of the results to be expected for any other interim period or for the entire year. These unaudited financial statements should be read in conjunction with our 2017 annual financial statements included in our Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on November 20 th Revenues Revenue is recognized when all of the following criteria are met: there is persuasive evidence of an arrangement; the product has been delivered or services have been rendered; the fee is fixed and determinable; and collectability is probable.

Substantial Doubt about Going C

Substantial Doubt about Going Concern	6 Months Ended
	Dec. 31, 2017
Notes
Substantial Doubt about Going Concern	Going Concern The accompanying unaudited financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred a net loss of $5,500for the Three months ended December 31 st The ability of the Company to continue as a going concern is dependent upon its abilities to generate revenues, to continue to raise investment capital, and develop and implement its business plan. No assurance can be given that the Company will be successful in these efforts. The unaudited financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. No assurance can be given that the Company will be successful in these efforts.

Related Party Transactions Disc

Related Party Transactions Disclosure	6 Months Ended
	Dec. 31, 2017
Notes
Related Party Transactions Disclosure	Note 2 – 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 $23,407 to the shareholder for continued operational expenses support The Company utilizes an office space of approximately 100 square feet in the residence of the Company’s 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 Company’s needs at this time. 12/31/2017 6/30/2016 Related Party Notes 23407 5375

Stockholders' Equity Note Discl

Stockholders' Equity Note Disclosure	6 Months Ended
	Dec. 31, 2017
Notes
Stockholders' Equity Note Disclosure	Note 3 –Stockholders’ Equity (Deficit) Authorized Shares As of December 31, 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. Each outstanding share of common stock entitles the holder to one vote per share on all matters submitted to a stockholder vote. All shares of common stock are non-assessable and non-cumulative, with no pre-emptive rights. 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 PSD’s 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 December 31, 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.

Commitments and Contingencies D

Commitments and Contingencies Disclosure	6 Months Ended
	Dec. 31, 2017
Notes
Commitments and Contingencies Disclosure	Note 4 – Commitments and Contingencies None.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2017
Notes
Subsequent Events	Note 5 – Subsequent Events On January 26 th 8

Organization, Consolidation a12

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Basis of Accounting, Policy (Policies)	6 Months Ended
	Dec. 31, 2017
Policies
Basis of Accounting, Policy	Basis of Presentation The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial statement presentation and in accordance with Form 10-Q. Accordingly, they do not include all of the information and footnotes required in annual financial statements. In the opinion of management, the unaudited financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to fairly the financial position and results of operations and cash flows. The results of operations presented are not necessarily indicative of the results to be expected for any other interim period or for the entire year. These unaudited financial statements should be read in conjunction with our 2017 annual financial statements included in our Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on November 20 th

Organization, Consolidation a13

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Revenue Recognition, Policy (Policies)	6 Months Ended
	Dec. 31, 2017
Policies
Revenue Recognition, Policy	Revenues Revenue is recognized when all of the following criteria are met: there is persuasive evidence of an arrangement; the product has been delivered or services have been rendered; the fee is fixed and determinable; and collectability is probable.

Related Party Transactions Di14

Related Party Transactions Disclosure: Schedule of Related Party Transactions (Tables)	6 Months Ended
	Dec. 31, 2017
Tables/Schedules
Schedule of Related Party Transactions	12/31/2017 6/30/2016 Related Party Notes 23407 5375

Related Party Transactions Di15

Related Party Transactions Disclosure: Schedule of Related Party Transactions (Details) - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Details
Related Party Notes	$ 23,407	$ 5,375