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Token Communities (TKCM) 10-Q8 Feb 172017 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Jan. 24, 2017	Dec. 31, 2015
Document and Entity Information:
Entity Registrant Name	Pacific Media Group Enterprises, Inc.
Document Type	10-Q
Document Period End Date	Dec. 31, 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	Q2

Statement of Financial Position

Statement of Financial Position - USD ($)	Dec. 31, 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	1,774
Liabilities, Current	1,774
Liabilities, Noncurrent
Notes Payable, Noncurrent	19,818	500
Liabilities, Noncurrent	19,818	500
Liabilities	21,592	500
Common Stock, Value, Issued	211	211
Additional Paid in Capital, Common Stock	8,999	8,999
Retained Earnings (Accumulated Deficit)	(30,302)	(9,210)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(21,092)
Liabilities and Equity	$ 500	$ 500

Statement of Financial Positio3

Statement of Financial Position - Parenthetical - $ / shares	Dec. 31, 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 ($)	3 Months Ended		6 Months Ended
Statement of Income - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Operating Expenses
General and Administrative Expense	$ 15,724		$ 21,092
Operating Expenses	15,724		21,092
Operating Income (Loss)	(15,724)		(21,092)
Interest and Debt Expense
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	(15,724)		(21,092)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(15,724)		(21,092)
Net Income (Loss) Attributable to Parent	$ (15,724)		$ (21,092)
Earnings Per Share
Earnings Per Share, Basic	$ (0.007)		$ (0.010)
Weighted Average Number of Shares Outstanding, Basic	2,109,000	2,100,000	2,109,000	2,100,000
Earnings Per Share, Diluted	$ (0.01)		$ (0.01)

Statement of Cash Flows

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

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies	6 Months Ended
	Dec. 31, 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. In December 2016 the Company launched the Android version of its first mobile app 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 December 31, 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 December 31, 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	6 Months Ended
Substantial Doubt about Going Concern	Dec. 31, 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 December 31, 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	6 Months Ended
Stockholders' Equity Note Disclosure	Dec. 31, 2016
Notes
Stockholders' Equity Note Disclosure	NOTE 4. STOCKHOLDERS' EQUITY As of December 31, 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 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 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, 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 December 31, 2016 no shares of preferred stock had been issued and no shares of preferred stock were outstanding.

Income Tax Disclosure

Income Tax Disclosure	6 Months Ended
Income Tax Disclosure	Dec. 31, 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	6 Months Ended
Related Party Transactions Disclosure	Dec. 31, 2016
Notes
Related Party Transactions Disclosure	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. 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 to the CFO and Secretary of the Company, and on December 30, 2016 issued a Note for $14,318 to the CFO and Secretary of the Company. All four Notes are non-interest bearing. The unpaid principal balance on each of the four notes will be due and payable three years from the date of issuance 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. Shares issued Related Party June 1, 2014 Shares issued to Former CEO 20,000 Shares issued to Current CEO 1,500,000 Total Shares Issued 1,520,000 Notes Payable Related Party April 1, 2016 August 25, 2016 December 31, 2016 Note Issued to CEO 500 Note Issued to CFO 5000 14318 Total Notes issued 500 5000 14318

Organization, Consolidation a11

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Basis of Accounting, Policy (Policies)	6 Months Ended
	Dec. 31, 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)	6 Months Ended
	Dec. 31, 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)	6 Months Ended
	Dec. 31, 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)	6 Months Ended
	Dec. 31, 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 December 31, 2016.

Organization, Consolidation a15

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Revenue Recognition, Policy (Policies)	6 Months Ended
	Dec. 31, 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)	6 Months Ended
	Dec. 31, 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 December 31, 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)	6 Months Ended
	Dec. 31, 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)	6 Months Ended
	Dec. 31, 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)	6 Months Ended
	Dec. 31, 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.

Related Party Transactions Di20

Related Party Transactions Disclosure: Schedule of Related Party Transactions (Tables)	6 Months Ended
	Dec. 31, 2016
Tables/Schedules
Schedule of Related Party Transactions	Shares issued Related Party June 1, 2014 Shares issued to Former CEO 20,000 Shares issued to Current CEO 1,500,000 Total Shares Issued 1,520,000 Notes Payable Related Party April 1, 2016 August 25, 2016 December 31, 2016 Note Issued to CEO 500 Note Issued to CFO 5000 14318 Total Notes issued 500 5000 14318

Related Party Transactions Di21

Related Party Transactions Disclosure: Schedule of Related Party Transactions (Details) - USD ($)	Dec. 31, 2016	Aug. 25, 2016	Apr. 01, 2016	Jun. 01, 2014
Details
Shares issued to Former CEO				20,000
Shares issued to Current CEO				1,500,000
Total Shares Issu				1,520,000
Note Issued to CEO			$ 500
Note Issued to CFO	$ 14,318	$ 5,000
Total Notes issued	$ 14,318	$ 5,000	$ 500

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