Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2016 | Mar. 18, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Goliath Film & Media Holdings | |
Entity Central Index Key | 820,771 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 151,313,917 | |
Trading Symbol | GFMH | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jan. 31, 2016 | Apr. 30, 2015 |
Current assets | ||
Cash and cash equivalents | $ 283 | $ 579 |
Prepaid expenses | 299 | 299 |
Total current assets | 582 | $ 878 |
Long-term assets | ||
Other assets | 15,000 | |
Film production costs | 311,719 | |
Total long-term assets | 326,719 | |
Total assets | 327,301 | $ 878 |
Current liabilities | ||
Accounts payable | 30,856 | 30,385 |
Accounts payable - related party | 9,000 | $ 9,000 |
Notes payable - current portion | 15,000 | |
Cash Overdraft | 16,489 | |
Total current liabilities | 71,345 | $ 39,385 |
Long-term liabilities | ||
Notes payable | 60,000 | |
Advance for film production costs | 253,700 | |
Total long-term liabilities | 313,700 | |
Total liabilities | $ 385,045 | $ 39,385 |
Stockholders' Deficit | ||
Preferred stock, $.001 par value, 1,000,000 shares authorized; no shares issued and outstanding at January 31, 2016 and April 30, 2015 | ||
Common stock, $.001 par value, 300,000,000 shares authorized; 151,313,917 and 138,964,917 shares issued and outstanding, at January 31, 2016 and April 30, 2015 | $ 151,314 | $ 138,965 |
Additional paid in capital | 562,641 | 451,500 |
Accumulated deficit | (771,699) | (628,972) |
Total stockholders'deficit | (57,744) | (38,507) |
Total liabilities and stockholders' deficit | $ 327,301 | $ 878 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2016 | Apr. 30, 2015 | Jan. 31, 2012 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 300,000,000 | 300,000,000 | |
Common stock, shares issued | 151,313,917 | 138,964,917 | 67,100,000 |
Common stock, shares outstanding | 151,313,917 | 138,964,917 | 67,100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Operating expenses | ||||
Sales and marketing | $ 1,810 | $ 31,020 | ||
General and administrative | $ 69,757 | 45,093 | $ 141,737 | 180,916 |
Total operating expenses | 69,757 | 46,903 | 141,737 | 211,936 |
Loss from operations | (69,757) | (46,903) | (141,737) | (211,936) |
Loss before income tax | (69,757) | (46,903) | (141,737) | (211,936) |
Provision for income taxes | 330 | 330 | 990 | 870 |
Net loss | $ (70,087) | $ (47,233) | $ (142,727) | $ (212,806) |
Net loss per share of common stock: | ||||
Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares Outstanding - basic and diluted | 151,197,159 | 135,609,700 | 146,711,884 | 131,726,619 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Cash flows from operating activities | ||
Net Loss | $ (142,727) | $ (212,806) |
Adjustments to reconcile net loss to net cash used in operating expenses | ||
Amortization of prepaid expenses | 102,000 | |
Changes in operating assets and liabilities: | ||
Prepaid assets | 4,786 | |
Accounts payable | $ 471 | (129) |
Net cash used in operating activities | (142,256) | $ (106,149) |
Cash flows from investing activities | ||
Investment in film costs | (311,719) | |
Investment in films | (15,000) | |
Net cash provided by investing activities | (326,719) | |
Cash flows from financing activities | ||
Advance for film production costs | 253,700 | |
Proceeds from issuance of common stock | 123,490 | $ 108,815 |
Cash overdraft | 16,489 | $ (1,894) |
Proceeds from notes payable | 85,000 | |
Repayment of note payable | (10,000) | |
Net cash provided by financing activities | 468,679 | $ 106,921 |
Net change in cash and cash equivalent | (296) | $ 772 |
Cash and cash equivalent at beginning of period | 579 | |
Cash and cash equivalent at end of period | $ 283 | $ 772 |
Supplemental Disclosure of non-cash investing and financing activities: | ||
Common stock issued for services | $ 136,000 | |
Supplemental Disclosure of cash flow Information: | ||
Cash paid for interest | ||
Cash paid for taxes |
Condensed Financial Statements
Condensed Financial Statements | 9 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements | NOTE 1 CONDENSED FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results and operations and cash flows at January 31, 2016 and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys April 30, 2015 and 2014 audited financial statements filed on Form 10K on August 13, 2015. The results of operations for the periods ended January 31, 2016 and 2015 are not necessarily indicative of the operating results for the full years. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization, Nature of Business and Trade Name On October 31, 2011 (the Closing Date), China Advanced Technology acquired Goliath Film and Media International, a California corporation, by issuing 47,000,000 shares of its Common Stock, constituting 70.1% of the outstanding shares after giving effect to their issuance and the cancellation of 15,619,816 shares held by China Advanced Technologys prior control person. Immediately following the Closing, 67,100,000 shares were issued and outstanding, including the 100,000 shares sold. On the Closing Date, the name of China Advanced Technology was changed to Goliath Film and Media Holdings (Goliath, GFMH, or the Company). All share numbers herein have been adjusted for an eight-for-1 forward stock split affected as of the Closing Date. The forward stock split was reflected in the trading market on February 13, 2012. The transaction was accounted for as a reverse acquisition in which Goliath Film and Media International is deemed to be the accounting acquirer, and the prior operations of Goliath (formerly China Advanced Technology) are consolidated for accounting purposes. Since Goliath had no operations, assets, or liabilities as of the Closing Date, no audit of that entity was required under the materiality thresholds of Regulation S-X Rule 8-04. The Company is engaged in the production and distribution of motion pictures and digital content. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany accounts and transactions have been eliminated. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Companys system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented. Use of Estimates The preparation of financial statements in accounting principles generally accepted in the United States of America 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. A change in managements estimates or assumptions could have a material impact on the Companys financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. The Companys financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. Accounts Receivable Accounts receivable, if any are carried at the expected net realizable value. The allowance for doubtful accounts, when determined, will be based on managements assessment of the collectability of specific customer accounts and the aging of the accounts receivables. If there were a deterioration of a major customers creditworthiness, or actual defaults were higher than historical experience, our estimates of the recoverability of the amounts due to us could be overstated, which could have a negative impact on operations. The Company currently does not have any accounts receivable. The above accounting policies will be adopted upon the Company carrying accounts receivable. Intangible Assets The Companys intangible assets consist of intellectual property, principally comprised of costs to produce films. The Company periodically reviews its long lived assets to ensure that their carrying value does not exceed their fair market value. Revenue Recognition We will recognize revenues in accordance with the guidelines of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 104 Revenue Recognition. Under SAB 104, four conditions must be met before revenue can be recognized: (i) there is persuasive evidence that an arrangement exists, (ii) delivery has occurred or service has been rendered, (iii) the price is fixed or determinable, and (iv) collection is reasonably assured. The Company provides for an allowance for doubtful account based history and experience considering economic and industry trends. The Company does not have any off-Balance Sheet exposure related to its customers. Goliath Film and Media International, intends to develop, produce and license for distribution quality motion picture and television content. Revenue is recognized when the company receives a contract for the license of its content and its content is delivered to the customer. The Company currently does not have a means for generating revenue. Revenue and cost recognition procedures will be implemented based on the type of properties required and sale contract specifications. Advertising Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no advertising expense for the three and nine months ended January 31, 2016 and 2015, respectively. Research and Development All research and development costs are expensed as incurred. There was no research and development expense for the three and nine months ended January 31, 2016 and 2015, respectively. Income tax We account for income taxes under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 740, Income Taxes (ASC 740). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Non-Cash Equity Transactions Shares of equity instruments issued for non-cash consideration are recorded at the fair value of the consideration received based on the market value of services to be rendered, or at the value of the stock given, considered in reference to contemporaneous cash sale of stock. Fair Value Measurements Effective beginning second quarter 2010, the FASB ASC Topic 825, Financial Instruments Fair Value Measurements and Disclosures Various inputs are considered when determining the value of the Companys investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. ● Level 1 observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets. ● Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.). ● Level 3 significant unobservable inputs (including the Companys own assumptions in determining the fair value of investments). The Companys adoption of FASB ASC Topic 825 did not have a material impact on the Companys consolidated financial statements. The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets and/or liabilities carried at fair value on a recurring basis at January 31, 2016, assets and liabilities approximate fair value due to their short term nature. The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. As of January 31, 2016, the Company had no assets other than prepaid expenses and cash. Basic and diluted earnings per share Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted Earnings per share is based on the weighted-average number of shares of common stock outstanding adjusted for the effects of common stock that may be issued as a result of the following types of potentially dilutive instruments: ● Warrants, ● Employee stock options, and ● Other equity awards, which include long-term incentive awards. The FASB ASC Topic 260, Earnings Per Share Diluted earnings per share is based on the assumption that all dilutive options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options are assumed to be exercised at the time of issuance, and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Basic and diluted earnings per share are the same as there were no potentially dilutive instruments for the three and nine months ended January 31, 2016 and 2015, respectively. Concentrations, Risks, and Uncertainties The Company did not have a concentration of business with suppliers or customers constituting greater than 10% of the Companys gross sales during 2016 and 2015. Stock Based Compensation In accordance with ASC No. 718, Compensation Stock Compensation Equity Based Payments to Non-Employees Accounting for Derivative Financial Instruments We evaluate financial instruments using the guidance provided by ASC 815 and apply the provisions thereof to the accounting of items identified as derivative financial instruments not indexed to our stock. Accounting for Film Costs Motion picture production costs include the unamortized costs of motion pictures in progress which are being produced by the Company. For motion pictures produced by the Company, capitalized costs include all direct production and post-production costs, and production and post-production overhead. Costs of producing motion pictures are amortized using the individual-motion picture forecast method, whereby these costs are amortized and participations and residuals costs are accrued in the proportion that current years revenue bears to managements estimate of ultimate revenue at the beginning of the current year expected to be recognized from the exploitation, exhibition or sale of the motion pictures Ultimate revenue includes estimates over a period not to exceed ten years following the date of initial release of the motion picture. Motion picture production costs are stated at the lower of amortized cost or estimated fair value. The valuation of motion picture production costs are reviewed on a title-by-title basis, when an event or change in circumstances indicates that the fair value of a motion picture is less than its unamortized cost. During the three and nine months ended January 31, 2016 and 2015, the Company recorded no impairment charges. |
Recently Enacted Accounting Sta
Recently Enacted Accounting Standards | 9 Months Ended |
Jan. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Enacted Accounting Standards | NOTE 3 - RECENTLY ENACTED ACCOUNTING STANDARDS The Company does not expect the adoption of any other recent accounting pronouncements to have a material impact on its financial statements. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Jan. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 4 INTANGIBLE ASSETS Film Production Costs On September 18, 2015 GFMH signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently in post-production by GFMH. Per the agreement, GMFH will receive $125,000 in advance payments per an agreed delivery schedule for providing distribution rights on the motion picture Merry Exes a Christmas holiday movie being produced by GFMH to Mar Vista Entertainment LLC. Additionally, Mar Vista Entertainment, LLC will receive 35% of the gross proceeds for a period of 25 years on the motion picture. During the nine months ended January 31, 2015, the Company received $78,700 from Mar Vista Entertainment, LLC to offset certain production costs of the motion picture Merry Exes. During the nine months ended January 31, 2016 the Company incurred a total of approximately $160,000 in production costs for the motion picture Merry Exes. On May 20, 2015 GFMH signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently completed and being licensed by Mar Vista Entertainment, LLC. Per the agreement, GMFH received $175,000 in advance payments per an agreed delivery schedule for providing distribution rights on the motion picture Terror Birds a science fiction movie produced and completed by GFMH to Mar Vista Entertainment LLC. Additionally, Mar Vista Entertainment, LLC will receive 30% of the gross proceeds for a period of 25 years on the motion picture During the nine months ended January 31, 2016, the Company received $175,000 from Mar Vista Entertainment, LLC to offset certain production costs of the motion picture Terror Birds. During the nine months ended January 31, 2016 the Company incurred a total of approximately $149,000 in production costs for the motion picture Terror Birds. Other Assets On April, 1, 2015 GFMH signed an agreement whereby the Company agreed to invest $15,000 with KKO Productions to produce a feature length motion picture known as Forgiven. Per the agreement GFMH will receive 15% of adjusted gross proceeds after its initial investment has been entirely recouped through adjusted gross proceeds. Additionally, the Company will receive two on screen credits as Executive Producer as well as receiving credit on all advertising, publicity and packaging of the motion picture. The investment of $15,000 presented in other assets on the balance sheet has not yet been repaid, due to the fact that no revenues will be generated until this motion picture is released. |
Note Payable
Note Payable | 9 Months Ended |
Jan. 31, 2016 | |
Debt Disclosure [Abstract] | |
Note Payable | NOTE 5 NOTE PAYABLE On November 30, 2015, GFMH received $15,000 from a non-affiliated, non-related party in the form of a promissory note with a due date of May 1, 2016 bearing an interest rate of five percent for the purposes of working capital on the feature length holiday motion picture Merry Exes. On November 25, 2015, GFMH received $60,000 from a non-affiliated, non-related party in the form of a promissory note with a due date of May 1, 2017 bearing an interest rate of five percent for the purposes of working capital on the feature length holiday motion picture Merry Exes. On November 17, 2015, GFMH received $10,000 from a non-affiliated, non-related party in the form of a promissory note with a due date of March 31, 2016 bearing an interest rate of five percent for the purposes of working capital on the feature length holiday motion picture Merry Exes. The note was repaid in January 2016. |
Common Stock
Common Stock | 9 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Common Stock | NOTE 6 COMMON STOCK The Company has authorized 1,000,000 shares of preferred stock, $0.001 par value, with such rights, preferences and designation and to be issued in such series as determined by the Board of Directors. No shares of preferred stock are issued and outstanding at January 31, 2016. The Company has authorized 300,000,000 shares of par value $0.001 common stock, of which 151,313,917 and 138,964,917 shares are outstanding at January 31, 2016 and April 30, 2015, respectively. During the nine months ended January 31, 2016, the Company entered into separate private placement memorandums with an affiliate shareholder under which we issued 12,349,000 shares of our common stock, restricted in accordance with Rule 144, in exchange for $123,490. The issuance was exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, and the investor was sophisticated and familiar with our operations at the time of the issuance of the shares. During the year ended April 30, 2015, the Company entered into separate private placement memorandums with an affiliate shareholder under which we issued 11,603,250 shares of our common stock, restricted in accordance with Rule 144, in exchange for $136,365. The issuance was exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, and the investor was sophisticated and familiar with our operations at the time of the issuance of the shares. On February 26, 2013, the Company filed a Certificate of Amendment to its Restated Certificate of Incorporation with the Secretary of State of the State of Nevada to increase the number of authorized common shares from 149 million to 300 million. The resolution to increase the number of shares was adopted by unanimous written consent of the board of directors. |
Going Concern
Going Concern | 9 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 7 GOING CONCERN The Companys financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other current assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. Management expects to seek potential business opportunities for merger or acquisition of existing companies. Currently the Company has yet to locate any merger or acquisition candidates. Management is not currently limiting their search for merger or acquisition candidates to any industry or locations. Management, while not especially experienced in matters relating to public company management, will rely upon their own efforts and, to a much lesser extent, the efforts of the Companys shareholders, in accomplishing the business purposes of the Company. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern. During the next year, the Companys foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with reviewing or investigating any potential business ventures. The Company may experience a cash shortfall and be required to raise additional capital. Historically, the Company has relied upon internally generated funds and funds from the sale of shares of stock to finance its operations and growth. Management may raise additional capital through future public or private offerings of the Companys stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Companys failure to do so could have a material and adverse effect upon its and its shareholders. In the past year, the Company funded operations by using cash proceeds received through the issuance of common stock. For the coming year, the Company plans to continue to fund the Company through debt and securities sales and issuances, focus on a possible joint venture or merger until the company generates revenues through the operations of such merged company or joint venture as stated above. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jan. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 8 - RELATED PARTY TRANSACTIONS During the nine months ended January 31, 2016, the Company sold 12,349,000 (11,603,250 shares in the year ended April 30, 2015) restricted common shares to an affiliate shareholder pursuant to a private placement memorandum in exchange for $123,490 ($136,365 in the year ended April 30, 2015). During the nine months ended January 31, 2015, the Company sold 8,848,250 restricted common shares to an affiliate shareholder pursuant to a private placement memorandum in exchange for $108,815. In nine months ended January 31, 2016 and 2015, the Company paid C&R Film for consulting and reimbursement of various expenses of $42,191 and $3,300, respectively. C&R Film is controlled by Lamont Robert, CEO and Acting CFO of the Company. Further, Mike Criscione, Director of the Company received payments for consulting and reimbursement of various expenses of $46,145 and $4,200 in nine months ended January 31, 2016 and 2015, respectively. The Company issued 5,000,000 restricted common shares to its Chief Financial Officer pursuant to his consulting contract dated May 1, 2014, valued at $20,000 (based on the estimated value of the services) and amortized over the one-year term of the consulting contract. The Company also issued 2,000,000 restricted common shares for professional services per consulting contracts dated May 1, 2014, valued at $8,000 (based on the estimated value of the services) and amortized over the one-year term of the consulting contract. The Company issued 2,000,000 restricted common shares to its President and Chief Executive Officer, pursuant to his consulting contract dated May 1, 2014, valued at $8,000 (based on the estimated value of the services) and amortized over the one-year term of the consulting contract. Further, the Company issued 25,000,000 restricted common shares to a Director of the Company and to manage sales and marketing activities for the Company pursuant to his consulting contract dated May 1, 2014, valued at $100,000 (based on the estimated value of the services) and amortized over the one-year term of the consulting contract. Related party transactions have been disclosed in the other notes to these financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 - COMMITMENTS AND CONTINGENCIES Production Agreements On September 18, 2015 GFMH signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently in post-production by GFMH. Per the agreement, GMFH will receive $125,000 in advance payments per an agreed delivery schedule for providing distribution rights on the motion picture Merry Exes a Christmas holiday movie being produced by GFMH to Mar Vista Entertainment LLC. Additionally, Mar Vista Entertainment, LLC will receive 35% of the gross proceeds for a period of 25 years on the motion picture. As of January 31, 2016, the Company has received $78,700 of the advance payments. On May 20, 2015 GFMH signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently completed by GFMH and being licensed by Mar vista Entertainment, LLC.. Per the agreement, the Company will receive $175,000 in advance payments per an agreed delivery schedule for providing distribution rights on the motion picture Terror Birds a science fiction movie produced by GFMH to Mar Vista Entertainment LLC. Additionally, Mar Vista Entertainment, LLC will receive 30% of the gross proceeds for a period of 25 years on the film. As of January 31, 2016, the Company has received the entire $175,000 of the advance payments. On April, 1, 2015 GFMH signed an agreement whereby the Company agreed to invest $15,000 to KKO Productions to produce a feature length motion picture known as Forgiven. Per the agreement GFMH will receive 15% of adjusted gross proceeds after its initial investment has been entirely recouped through adjusted gross proceed. Additionally, the Company will receive two on screen credits as Executive Producer as well as receiving credit on all advertising, publicity and packaging of the motion picture. The investment of $15,000 presented in other assets on the balance sheet has not yet been repaid, due to the fact that no revenues will be generated until this motion picture is released. Distribution Agreements The Company has the following distribution rights: On December 9, 2014 GFMH signed a distribution agreement with Runaway Production for the distribution of two full length motion pictures, Halloween Party and Wedding Video Nightmare. No revenue had been recognized. This distribution agreement was cancelled on January 29, 2016. On December 8, 2014 GFMH signed a distribution agreement with CJ Creative Productions for the distribution of three full length motion pictures, Sharp Teeth, Vampire Dentist, and Marina Monster. Goliath Film and Media Holding will receive 25% of gross proceeds. Goliath Film and Media Holding will have both North America and foreign distribution rights for a term of 36 months from December 8, 2014. No revenue had been recognized. This distribution agreement was cancelled on November 30, 2015. On December 8, 2014 GFMH signed a distribution agreement with Brightfilm Productions for the distribution of the full length motion pictures, I Wish You Love. Goliath Film and Media Holding will receive 25% of gross proceeds. Goliath Film and Media Holding will have both North America (excluding Canada) and foreign distribution rights for a term of 36 months from December 8, 2014. No revenue has been recognized to date. This distribution agreement was cancelled on January 15, 2015. On March 9, 2015 GFMH signed a non-exclusive license to sell the feature length motion pictures: Farewell, Buddies and The Pit. The term is for one year expiring on March 9, 2016 with compensation to Goliath of 25% of gross proceeds from the sales of each of these films. No revenue has been recognized to date. On October 22, 2014 GFMH will distribute all foreign rights for the motion picture Virus X, Film starring Sybil Danning with some of the key terms as follows: 1. Time frame (Term) 18 months with ability to renew at same terms for another 18 months if agreed by both parties by end of the 18 month term. Term begins October 22, 2014 2. Markets In all foreign media known and unknown 3. Compensation to GFMH- 15% of gross proceeds on all foreign territories. Said 15% (of 100%) is inclusive and includes, but not limited to, all payments, fees and reimbursements of any and all kinds made and/or incurred by GFMH through the exploitation of the Film. No revenue has been recognized to date. 4. Renewals - when the contract is renewed by a particular territory, GFMH will be the entity of record to effectuate the renewals, yet only after notification is made to and approved verbally or written by Empire Films. On October 29, 2014, GFMH entered into a Distribution and Sales Agreement with EMILIO ROSO (Producer) granting all domestic and foreign distribution rights, excluding digital streaming for the motion pictures Day of Redemption, On Borrowed Time and Tumbleweed, with some of the major terms as follows: 1. Time frame (Term) 18 months. Term began October 29, 2014. This contract will not automatically renew. 2. Markets In all domestic and foreign media known and unknown and all domestic and foreign territories. 3. Compensation to Goliath Film and Media Holdings - 25% of gross proceeds on all domestic and foreign territories, except digital streaming. Said 25% (of 100%) is inclusive and includes, but not limited to, all payments, fees and reimbursements of any and all kinds made and/or incurred by Goliath Film and Media Holdings through the exploitation of the motion pictures. No revenue has been recognized to date. On February 13, 2012 the company announced that it has acquired the distribution rights to the following motion pictures: Seducing Spirits, The Perfect Argument, Marina Murders, Film Struggle, Divorce in America, A Wonderful Summer, The Truth About Layla, Living with Cancer, and The Biggest Fan The Biggest Fan, Legal The Company is not a party to or otherwise involved in any legal proceedings. In the ordinary course of business, from time to time the Company may be involved in various pending or threatened legal actions. The litigation process is inherently uncertain and it is possible that the resolution of such matters might have a material adverse effect upon the Companys financial condition and/or results of operations. However, in the opinion of management, other than as set forth herein, matters currently pending or threatened against the Company are not expected to have a material adverse effect on its financial position or results of operations. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Nature of Business and Trade Name | Organization, Nature of Business and Trade Name On October 31, 2011 (the Closing Date), China Advanced Technology acquired Goliath Film and Media International, a California corporation, by issuing 47,000,000 shares of its Common Stock, constituting 70.1% of the outstanding shares after giving effect to their issuance and the cancellation of 15,619,816 shares held by China Advanced Technologys prior control person. Immediately following the Closing, 67,100,000 shares were issued and outstanding, including the 100,000 shares sold. On the Closing Date, the name of China Advanced Technology was changed to Goliath Film and Media Holdings (Goliath, GFMH, or the Company). All share numbers herein have been adjusted for an eight-for-1 forward stock split affected as of the Closing Date. The forward stock split was reflected in the trading market on February 13, 2012. The transaction was accounted for as a reverse acquisition in which Goliath Film and Media International is deemed to be the accounting acquirer, and the prior operations of Goliath (formerly China Advanced Technology) are consolidated for accounting purposes. Since Goliath had no operations, assets, or liabilities as of the Closing Date, no audit of that entity was required under the materiality thresholds of Regulation S-X Rule 8-04. The Company is engaged in the production and distribution of motion pictures and digital content. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany accounts and transactions have been eliminated. |
Basis of Presentation | Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Companys system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented. |
Use of Estimates | Use of Estimates The preparation of financial statements in accounting principles generally accepted in the United States of America 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. A change in managements estimates or assumptions could have a material impact on the Companys financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. The Companys financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. |
Accounts Receivable | Accounts Receivable Accounts receivable, if any are carried at the expected net realizable value. The allowance for doubtful accounts, when determined, will be based on managements assessment of the collectability of specific customer accounts and the aging of the accounts receivables. If there were a deterioration of a major customers creditworthiness, or actual defaults were higher than historical experience, our estimates of the recoverability of the amounts due to us could be overstated, which could have a negative impact on operations. The Company currently does not have any accounts receivable. The above accounting policies will be adopted upon the Company carrying accounts receivable. |
Intangible Assets | Intangible Assets The Companys intangible assets consist of intellectual property, principally comprised of costs to produce films. The Company periodically reviews its long lived assets to ensure that their carrying value does not exceed their fair market value. |
Revenue Recognition | Revenue Recognition We will recognize revenues in accordance with the guidelines of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 104 Revenue Recognition. Under SAB 104, four conditions must be met before revenue can be recognized: (i) there is persuasive evidence that an arrangement exists, (ii) delivery has occurred or service has been rendered, (iii) the price is fixed or determinable, and (iv) collection is reasonably assured. The Company provides for an allowance for doubtful account based history and experience considering economic and industry trends. The Company does not have any off-Balance Sheet exposure related to its customers. Goliath Film and Media International, intends to develop, produce and license for distribution quality motion picture and television content. Revenue is recognized when the company receives a contract for the license of its content and its content is delivered to the customer. The Company currently does not have a means for generating revenue. Revenue and cost recognition procedures will be implemented based on the type of properties required and sale contract specifications. |
Advertising | Advertising Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no advertising expense for the three and nine months ended January 31, 2016 and 2015, respectively. |
Research and Development | Research and Development All research and development costs are expensed as incurred. There was no research and development expense for the three and nine months ended January 31, 2016 and 2015, respectively. |
Income Tax | Income tax We account for income taxes under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 740, Income Taxes (ASC 740). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Non-Cash Equity Transactions | Non-Cash Equity Transactions Shares of equity instruments issued for non-cash consideration are recorded at the fair value of the consideration received based on the market value of services to be rendered, or at the value of the stock given, considered in reference to contemporaneous cash sale of stock. |
Fair Value Measurements | Fair Value Measurements Effective beginning second quarter 2010, the FASB ASC Topic 825, Financial Instruments Fair Value Measurements and Disclosures Various inputs are considered when determining the value of the Companys investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. ● Level 1 observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets. ● Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.). ● Level 3 significant unobservable inputs (including the Companys own assumptions in determining the fair value of investments). The Companys adoption of FASB ASC Topic 825 did not have a material impact on the Companys consolidated financial statements. The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets and/or liabilities carried at fair value on a recurring basis at January 31, 2016, assets and liabilities approximate fair value due to their short term nature. The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. As of January 31, 2016, the Company had no assets other than prepaid expenses and cash. |
Basic and Diluted Earnings Per Share | Basic and diluted earnings per share Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted Earnings per share is based on the weighted-average number of shares of common stock outstanding adjusted for the effects of common stock that may be issued as a result of the following types of potentially dilutive instruments: ● Warrants, ● Employee stock options, and ● Other equity awards, which include long-term incentive awards. The FASB ASC Topic 260, Earnings Per Share Diluted earnings per share is based on the assumption that all dilutive options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options are assumed to be exercised at the time of issuance, and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Basic and diluted earnings per share are the same as there were no potentially dilutive instruments for the three and nine months ended January 31, 2016 and 2015, respectively. |
Concentrations, Risks, and Uncertainties | Concentrations, Risks, and Uncertainties The Company did not have a concentration of business with suppliers or customers constituting greater than 10% of the Companys gross sales during 2016 and 2015. |
Stock Based Compensation | Stock Based Compensation In accordance with ASC No. 718, Compensation Stock Compensation Equity Based Payments to Non-Employees |
Accounting for Derivative Financial Instruments | Accounting for Derivative Financial Instruments We evaluate financial instruments using the guidance provided by ASC 815 and apply the provisions thereof to the accounting of items identified as derivative financial instruments not indexed to our stock. |
Accounting for Film Costs | Accounting for Film Costs Motion picture production costs include the unamortized costs of motion pictures in progress which are being produced by the Company. For motion pictures produced by the Company, capitalized costs include all direct production and post-production costs, and production and post-production overhead. Costs of producing motion pictures are amortized using the individual-motion picture forecast method, whereby these costs are amortized and participations and residuals costs are accrued in the proportion that current years revenue bears to managements estimate of ultimate revenue at the beginning of the current year expected to be recognized from the exploitation, exhibition or sale of the motion pictures Ultimate revenue includes estimates over a period not to exceed ten years following the date of initial release of the motion picture. Motion picture production costs are stated at the lower of amortized cost or estimated fair value. The valuation of motion picture production costs are reviewed on a title-by-title basis, when an event or change in circumstances indicates that the fair value of a motion picture is less than its unamortized cost. During the three and nine months ended January 31, 2016 and 2015, the Company recorded no impairment charges. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jan. 31, 2012 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Apr. 30, 2015 |
Common stock, issued | 67,100,000 | 151,313,917 | 151,313,917 | 138,964,917 | ||
Common stock, outstanding | 67,100,000 | 151,313,917 | 151,313,917 | 138,964,917 | ||
Number of common stock shares sold | 100,000 | |||||
Forward stock split | eight-for-1 forward stock split | |||||
Advertising costs | $ 0 | $ 0 | $ 0 | $ 0 | ||
Research and development expense | $ 0 | $ 0 | $ 0 | $ 0 | ||
Potentially dilutive instruments | $ 0 | $ 0 | $ 0 | $ 0 | ||
Percentage of concentration risk gross of business with suppliers or customers | 10.00% | 10.00% | ||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 0 | ||
China Advanced Technology [Member] | ||||||
Stock issuing for acquisition | 47,000,000 | |||||
Constituting outstanding shares | 70.10% | |||||
Cancellation share | 15,619,816 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | Sep. 18, 2015 | May. 20, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Apr. 30, 2015 | Apr. 01, 2015 |
Advance payments | $ 311,719 | |||||
Incurred total production cost | 311,719 | |||||
Distribution Agreement [Member] | Mar Vista Entertainment, LLC [Member] | ||||||
Advance payments | $ 125,000 | $ 175,000 | ||||
Percentage of received as gross proceeds on films | 35.00% | 30.00% | ||||
Film period | 25 years | 25 years | ||||
Production Agreements [Member] | Mar Vista Entertainment, LLC [Member] | Film Production Costs One [Member] | ||||||
Incurred total production cost | $ 78,700 | |||||
Production Agreements [Member] | Mar Vista Entertainment, LLC [Member] | Film Production Costs Two [Member] | ||||||
Incurred total production cost | 175,000 | |||||
Production Agreements [Member] | Motion Picture Terror Birds [Member] | Film Production Costs One [Member] | ||||||
Incurred total production cost | 160,000 | |||||
Production Agreements [Member] | Motion Picture Terror Birds [Member] | Film Production Costs Two [Member] | ||||||
Incurred total production cost | $ 149,000 | |||||
Production Agreements [Member] | KKO Productions [Member] | ||||||
Advance payments | $ 15,000 | |||||
Percentage of received as gross proceeds on films | 15.00% | |||||
Investment in productions | $ 15,000 | |||||
Investments in other assets | $ 15,000 |
Note Payable (Details Narrative
Note Payable (Details Narrative) - USD ($) | Nov. 30, 2015 | Nov. 25, 2015 | Nov. 17, 2015 | Jan. 31, 2016 |
Debt Disclosure [Abstract] | ||||
Promissory note | $ 15,000 | $ 60,000 | $ 10,000 | |
Due date | May 1, 2016 | May 1, 2017 | Mar. 31, 2016 | |
Debt bearing interest rate | 5.00% | 5.00% | 5.00% | |
Debt Instrument, repaid description | The note was repaid in January 2016. |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Apr. 30, 2015 | Feb. 26, 2013 | Jan. 31, 2012 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||
Preferred stock, shares issued | ||||
Preferred stock, shares outstanding | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares issued | 151,313,917 | 138,964,917 | 67,100,000 | |
Common stock, shares outstanding | 151,313,917 | 138,964,917 | 67,100,000 | |
Minimum [Member] | ||||
Common stock, shares authorized | 149,000,000 | |||
Maximum [Member] | ||||
Common stock, shares authorized | 300,000,000 | |||
Affiliated Shareholders [Member] | Private Placement [Member] | ||||
Restricted common stock shares issued during period | 12,349,000 | 11,603,250 | ||
Restricted common stock issued during period | $ 123,490 | $ 136,365 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | May. 02, 2014 | Jan. 31, 2012 | Jan. 31, 2016 | Jan. 31, 2015 | Apr. 30, 2015 |
Number of restricted common stock shares sold during period, shares | 100,000 | ||||
Mike Criscione [Member] | |||||
Payments received | $ 46,145 | $ 4,200 | |||
Restricted Common Stock [Member] | |||||
Restricted common stock shares issued during period, shares | 2,000,000 | ||||
Restricted common stock shares issued during period | $ 8,000 | ||||
Restricted Common Stock [Member] | Chief Financial Officer [Member] | |||||
Restricted common stock shares issued during period, shares | 5,000,000 | ||||
Restricted common stock shares issued during period | $ 20,000 | ||||
Restricted Common Stock [Member] | President And Chief Executive Officer [Member] | |||||
Restricted common stock shares issued during period, shares | 2,000,000 | ||||
Restricted common stock shares issued during period | $ 8,000 | ||||
Restricted Common Stock [Member] | Director [Member] | |||||
Restricted common stock shares issued during period, shares | 25,000,000 | ||||
Restricted common stock shares issued during period | $ 100,000 | ||||
Private Placement [Member] | |||||
Number of restricted common stock shares sold during period, shares | 12,349,000 | 11,603,250 | |||
Memorandum in exchange value | $ 123,490 | $ 136,365 | |||
Affiliated Shareholders [Member] | Private Placement [Member] | |||||
Number of restricted common stock shares sold during period, shares | 8,848,250 | ||||
Memorandum in exchange value | $ 108,815 | ||||
Restricted common stock shares issued during period, shares | 12,349,000 | 11,603,250 | |||
Restricted common stock shares issued during period | $ 123,490 | $ 136,365 | |||
C&R Film [Member] | |||||
Number of restricted common stock shares sold during period, shares | 8,848,250 | ||||
Memorandum in exchange value | $ 108,815 | ||||
Consulting and reimbursement expenses | $ 42,191 | $ 3,300 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | Sep. 18, 2015 | May. 20, 2015 | Mar. 09, 2015 | Dec. 09, 2014 | Dec. 08, 2014 | Oct. 29, 2014 | Oct. 22, 2014 | Feb. 13, 2012 | Jan. 31, 2016 | Jan. 31, 2015 | Apr. 30, 2015 | Apr. 01, 2015 |
Advance payments | $ 311,719 | |||||||||||
Incurred total film cost | 311,719 | |||||||||||
Business acquisition description | The company announced that it has acquired the distribution rights to the following motion pictures: Seducing Spirits, The Perfect Argument, Marina Murders, Film Struggle, Divorce in America, A Wonderful Summer, The Truth About Layla, Living with Cancer, and The Biggest Fan. Under the distribution agreements, Goliath will receive 30% of the gross revenues for each picture it distributes. | |||||||||||
Acquired Distribution Rights [Member] | ||||||||||||
Percentage of gross revenues receive for each picture distributes | 30.00% | |||||||||||
Distribution Agreement [Member] | Mar Vista Entertainment, LLC [Member] | ||||||||||||
Advance payments | $ 125,000 | $ 175,000 | ||||||||||
Percentage of received as gross proceeds on films | 35.00% | 30.00% | ||||||||||
Film period | 25 years | 25 years | ||||||||||
Distribution Agreement [Member] | Mar Vista Entertainment, LLC [Member] | Production Agreement One [Member] | ||||||||||||
Advance payments | 78,700 | |||||||||||
Distribution Agreement [Member] | Mar Vista Entertainment, LLC [Member] | Production Agreement Two [Member] | ||||||||||||
Advance payments | $ 175,000 | |||||||||||
Production Agreements [Member] | Non-Exclusive License [Member] | ||||||||||||
Percentage of received as gross proceeds on films | 25.00% | |||||||||||
Expiring term | one year expiring on March 9, 2016 | |||||||||||
Revenue recognized | ||||||||||||
Production Agreements [Member] | KKO Productions [Member] | ||||||||||||
Advance payments | $ 15,000 | |||||||||||
Percentage of received as gross proceeds on films | 15.00% | |||||||||||
Investment in productions | $ 15,000 | |||||||||||
Production Agreements [Member] | Runaway Production [Member] | ||||||||||||
Revenue recognized | ||||||||||||
Production Agreements [Member] | CJ Creative Productions [Member] | ||||||||||||
Percentage of received as gross proceeds on films | 25.00% | |||||||||||
Revenue recognized | ||||||||||||
Production Agreements [Member] | Brightfilm Productions [Member] | ||||||||||||
Percentage of received as gross proceeds on films | 25.00% | |||||||||||
Revenue recognized | ||||||||||||
Distribution Agreements [Member] | ||||||||||||
Percentage of gross proceeds on foreign territories | 25.00% | 15.00% | ||||||||||
Percentage of compensation related description | Said 25% (of 100%) is inclusive and includes, but not limited to, all payments, fees and reimbursements of any and all kinds made and/or incurred by Goliath Film and Media Holdings through the exploitation of the motion pictures. | Said 15% (of 100%) is inclusive and includes, but not limited to, all payments, fees and reimbursements of any and all kinds made and/or incurred by GFMH through the exploitation of the Film. |