Document and Entity Information
| Document and Entity Information - shares | 9 Months Ended | |
| Jan. 31, 2018 | Mar. 12, 2018 | |
| 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, 2018 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --04-30 | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Common Stock, Shares Outstanding | 174,625,386 | |
| Trading Symbol | GFMH | |
| Document Fiscal Period Focus | Q3 | |
| Document Fiscal Year Focus | 2,018 |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
| Current assets | ||
| Cash | $ 478 | $ 2,468 |
| Prepaid expenses | 299 | 299 |
| Total current assets | 777 | 2,767 |
| Long-term assets | ||
| Other assets | 15,000 | 15,000 |
| Film production costs, net | 351,607 | 351,607 |
| Total long-term assets | 366,607 | 366,607 |
| Total assets | 367,384 | 369,374 |
| Current liabilities | ||
| Accounts payable and accrued expenses | 23,996 | 23,988 |
| Accounts payable – related party | 5,497 | |
| Total current liabilities | 29,493 | 23,988 |
| Total liabilities | 29,493 | 23,988 |
| Stockholders' equity | ||
| Preferred stock, $0.001 par value, 1,000,000 shares authorized; no shares issued and outstanding at January 31, 2018 and April 30, 2017 | ||
| Common stock, $0.001 par value, 300,000,000 shares authorized; 174,625,386 and 174,625,386 shares issued and outstanding, at January 31, 2018 and April 30, 2017 | 174,626 | 174,626 |
| Additional paid in capital | 772,444 | 772,444 |
| Common stock to be issued | 21,838 | |
| Accumulated deficit | (631,017) | (601,684) |
| Total stockholders' equity | 337,891 | 345,386 |
| Total liabilities and stockholders' equity | $ 367,384 | $ 369,374 |
Condensed Consolidated Balance3
| Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2018 | Apr. 30, 2017 |
| 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 | 174,625,386 | 174,625,386 |
| Common stock, shares outstanding | 174,625,386 | 174,625,386 |
Condensed Consolidated Statemen
| Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
| Income Statement [Abstract] | ||||
| Film production revenues | $ 250,000 | |||
| Cost of sales | 169,300 | |||
| Gross profit | 80,700 | |||
| Operating expenses | ||||
| General and administrative | 5,576 | 16,599 | 29,333 | 54,195 |
| Total operating expenses | 5,576 | 16,599 | 29,333 | 26,505 |
| Profit (loss) from operations | (5,576) | (16,599) | (29,333) | 26,505 |
| Profit (loss) before income tax | (5,576) | (16,599) | (29,333) | 26,505 |
| Provision for income taxes | 990 | 1,650 | ||
| Net profit (loss) | $ (5,576) | $ (17,589) | $ (29,333) | $ 24,855 |
| Net loss per share of common stock: | ||||
| Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
| Weighted average shares Outstanding - basic and diluted | 174,625,386 | 172,905,790 | 174,625,386 | 168,667,817 |
Condensed Consolidated Stateme5
| Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
| Jan. 31, 2018 | Jan. 31, 2017 | |
| Cash flows from operating activities | ||
| Net loss (profit) | $ (29,333) | $ 24,855 |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Expenses paid on behalf of company – related party | 27,335 | |
| Changes in operating assets and liabilities: | ||
| Film production costs | (80,618) | |
| Advance for film production costs | (100,000) | |
| Accounts payable | 8 | (5,349) |
| Net cash used in operating activities | (1,990) | (161,112) |
| Cash flows from investing activities | ||
| Investment in films | ||
| Net cash provided by investing activities | ||
| Cash flows from financing activities | ||
| Proceeds from issuance of common stock | 164,115 | |
| Line of credit | (18,332) | |
| Net cash used in financing activities | 145,783 | |
| Net change in cash and cash equivalent | (1,990) | (15,329) |
| Cash and cash equivalent at beginning of period | 2,468 | 25,310 |
| Cash and cash equivalent at end of period | 478 | 9,981 |
| Non-cash investing and financing activities: | ||
| Settlement of accounts payable – related party for common stock to be issued | 21,838 | |
| 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, 2018 | |
| 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, 2018 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 Company’s April 30, 2017 and 2016 audited financial statements filed on Form 10K on August 15, 2017. The results of operations for the periods ended January 31, 2018 and 2017 are not necessarily indicative of the operating results for the full years. 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 Technology’s prior control person. Immediately following the Closing, 67,100,000 shares were issued and outstanding. 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, no audit of that entity was required under the materiality thresholds of Regulation S-X Rule 8-04. The Company is engaged in the distribution of motion pictures and digital content. |
Summary of Significant Accounti
| Summary of Significant Accounting Policies | 9 Months Ended |
| Jan. 31, 2018 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. 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 Company’s 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 Company’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. The Company’s 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 management’s assessment of the collectability of specific customer accounts and the aging of the accounts receivables. If there were a deterioration of a major customer’s 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. Films and Televisions Costs The Company capitalizes production costs for films produced in accordance with ASC 926-20, “Entertainment-Films - Other Assets - Film Costs”. Accordingly, production costs are capitalized at actual cost and then charged against revenue quarterly as a cost of production based on the relative fair value of the film(s) delivered and recognized as revenue. The Company evaluates its capitalized production costs annually and limits recorded amounts by its ability to recover such costs through expected future sales. There was an impairment charge of $44,918 for fiscal year ending April 30, 2017. There was no amortization expense or impairment for the three and nine month periods ended January 31, 2018 and 2017, respectively. Film production costs include the unamortized costs of films in progress which are being produced by the Company. For films produced by the Company, capitalized costs include all direct production costs and production overhead. Costs of producing films are amortized using the individual-film-forecast method, whereby these costs are amortized and participations and residuals costs are accrued in the proportion that current year’s revenue bears to management’s estimate of ultimate revenue at the beginning of the current year expected to be recognized from the exploitation, exhibition or sale of the films. Ultimate revenue includes estimates over a period not to exceed ten years following the date of initial release of the motion picture. Film production costs are stated at the lower of amortized cost or estimated fair value. The valuation of film production costs are reviewed on a title-by-title basis, when an event or change in circumstances indicates that the fair value of a film is less than its unamortized cost. During the three and nine months ended January 31, 2018 and 2017, the Company recorded no impairment charges. Revenue Recognition We recognize revenues in accordance with ASC 926-605, “Entertainment Films, Revenue Recognition”. Under ASC 926-605, five conditions must be met before revenue can be recognized: (i) there is persuasive evidence that an arrangement exists, (ii) the film is complete and has been delivered, (iii) the license period has begun, (iv) the price is fixed or determinable, and (v) 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. The Company recognizes revenue when the distributor confirms to the Company that the film has been delivered to the distributor with all technical and document deliveries received, waived or deferred and the film has been entered into the distributor’s rights system. Advertising Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no advertising expense for the three and nine month periods ended January 31, 2018 and 2017, 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, 2018 and 2017, 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. Fair Value of Financial Instruments The Company follows the provisions of ASC 820. This Topic defines fair value, establishes a measurement framework and expands disclosures about fair value measurements. The Company uses fair value measurements for determining the valuation of derivative financial instruments payable in shares of its common stock. This primarily involves option pricing models that incorporate certain assumptions and projections to determine fair value. These require management’s judgment. Fair Value Measurements FASB ASC Topic 825, Financial Instruments Fair Value Measurements and Disclosures Various inputs are considered when determining the value of the Company’s 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 Company’s own assumptions in determining the fair value of investments). The Company’s adoption of FASB ASC Topic 825 did not have a material impact on the Company’s 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, 2018, 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, 2018, the Company had no assets other than prepaid expenses, cash, and capitalized film production costs. 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, 2018 and 2017, respectively. Concentrations, Risks, and Uncertainties The Company had one customer, Mar Vista Entertainment, that accounted for 100% of total revenue in the three and nine months ended January 31, 2017. The Company had no customers in the three and nine months ended January 31, 2018 that accounted for 10% or more of total revenue. 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. |
Recently Enacted Accounting Sta
| Recently Enacted Accounting Standards | 9 Months Ended |
| Jan. 31, 2018 | |
| 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. |
Film Production Agreements
| Film Production Agreements | 9 Months Ended |
| Jan. 31, 2018 | |
| Film Production Agreements | |
| Film Production Agreements | NOTE 4 – FILM PRODUCTION AGREEMENTS On March 4, 2016, we signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently completed. Per the agreement, we received $125,000 in advance payments per an agreed delivery schedule for providing distribution rights on the motion picture “Bridal Bootcamp” a romantic comedy movie produced by Goliath for delivery to Mar Vista Entertainment LLC for distribution. Additionally, Mar Vista Entertainment, LLC will receive 35% of the gross proceeds for a period of 25 years on the motion picture. As of October 31, 2016, the Company has received $125,000 of the advance payments. Bridal Boot Camp was completed in October 2016 resulting in the recognition of the advance payments as revenue of $125,000 in October 2016. Mar Vista is distributing this film. On September 18, 2015, we signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently completed. Per the agreement, we received $125,000 in advance payments per an agreed delivery schedule for providing distribution rights on the motion picture “Merry Exes” retitled “Girlfriends of Christmas Past” a Christmas holiday movie produced by Goliath and delivered to Mar Vista Entertainment LLC. for distribution. Additionally, Mar Vista Entertainment, LLC will receive 35% of the gross proceeds for a period of 25 years on the motion picture. As of July 31, 2016, we have received $125,000 of the advance payments. “Merry Exes” “Girlfriends of Christmas Past was completed June 6, 2016 resulting in the recognition of the advance payments as revenue of $125,000 in June 2016. Mar Vista distributed this movie to UPTV. On May 20, 2015, we signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently completed by us and being licensed by Mar Vista Entertainment, LLC. Per the agreement, we 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 by Goliath and delivered to Mar Vista Entertainment LLC. for distribution. Additionally, Mar Vista Entertainment, LLC will receive 30% of the gross proceeds for a period of 25 years on the film. As of April 30, 2016, the Company had received $175,000 of the advance payments. Terror Birds was completed December 14, 2015 resulting in the recognition of the advance payments as revenue of $175,000 in February 2016. Mar Vista is continuing to distribute this film. On April 15, 2015 Goliath 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 Goliath will receive 15% of adjusted gross proceeds after its initial investment has been entirely recouped through adjusted gross proceeds. Additionally, the Company received 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. |
Stockholders' Equity
| Stockholders' Equity | 9 Months Ended |
| Jan. 31, 2018 | |
| Equity [Abstract] | |
| Stockholders' Equity | NOTE 5 – STOCKHOLDERS’ EQUITY 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, 2018 and April 30, 2017. The Company has authorized 300,000,000 shares of par value $0.001 common stock, of which 174,625,836 and 174,625,836 shares are outstanding at January 31, 2018 and April 30, 2017, respectively. During the nine months ended January 31, 2018, the Company entered into a stock subscription agreement to issue 21,183,800 shares of common stock to settle $21,838 in accounts payable – related party |
Going Concern
| Going Concern | 9 Months Ended |
| Jan. 31, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Going Concern | NOTE 6 – GOING CONCERN The Company’s 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. 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 Company’s 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 Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s 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, 2018 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | NOTE 7 - RELATED PARTY TRANSACTIONS During nine months ended January 31, 2018, C&R Film paid professional fees and rent on behalf of the Company of $24,335. C&R Film is controlled by Lamont Robert, CEO and Acting CFO of the Company. C&R converted $21,838 of this balance into 2,183,800 shares of the Company’s common stock at $0.01 per share, which have not yet been issued. During nine months ended January 31, 2018, an affiliate shareholder owning more than 10% of the Company’s common shares paid professional fees on behalf of the Company of $3,000. In three and nine months ended January 31, 2018 and 2017, the Company paid C&R Film for film production costs and reimbursement of various expenses of $0 and $0 and $0 and $98,381, respectively. C&R Film is controlled by Lamont Roberts, CEO and Acting CFO of the Company. 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, 2018 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | NOTE 8 - COMMITMENTS AND CONTINGENCIES Production Agreements The Company has signed three distribution agreements with Mar Vista Entertainment, LLC to distribute feature length motion pictures. See Note 4. 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 Company’s 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. |
Subsequent Events
| Subsequent Events | 9 Months Ended |
| Jan. 31, 2018 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | NOTE 9 – SUBSEQUENT EVENTS There were no other events subsequent to January 31, 2018, and up to the date of this filing that would require disclosure. |
Summary of Significant Accoun15
| Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
| Jan. 31, 2018 | |
| Accounting Policies [Abstract] | |
| Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. 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 Company’s 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 Company’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. The Company’s 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 management’s assessment of the collectability of specific customer accounts and the aging of the accounts receivables. If there were a deterioration of a major customer’s 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. |
| Films and Televisions Costs | Films and Televisions Costs The Company capitalizes production costs for films produced in accordance with ASC 926-20, “Entertainment-Films - Other Assets - Film Costs”. Accordingly, production costs are capitalized at actual cost and then charged against revenue quarterly as a cost of production based on the relative fair value of the film(s) delivered and recognized as revenue. The Company evaluates its capitalized production costs annually and limits recorded amounts by its ability to recover such costs through expected future sales. There was an impairment charge of $44,918 for fiscal year ending April 30, 2017. There was no amortization expense or impairment for the three and nine month periods ended January 31, 2018 and 2017, respectively. Film production costs include the unamortized costs of films in progress which are being produced by the Company. For films produced by the Company, capitalized costs include all direct production costs and production overhead. Costs of producing films are amortized using the individual-film-forecast method, whereby these costs are amortized and participations and residuals costs are accrued in the proportion that current year’s revenue bears to management’s estimate of ultimate revenue at the beginning of the current year expected to be recognized from the exploitation, exhibition or sale of the films. Ultimate revenue includes estimates over a period not to exceed ten years following the date of initial release of the motion picture. Film production costs are stated at the lower of amortized cost or estimated fair value. The valuation of film production costs are reviewed on a title-by-title basis, when an event or change in circumstances indicates that the fair value of a film is less than its unamortized cost. During the three and nine months ended January 31, 2018 and 2017, the Company recorded no impairment charges. |
| Revenue Recognition | Revenue Recognition We recognize revenues in accordance with ASC 926-605, “Entertainment Films, Revenue Recognition”. Under ASC 926-605, five conditions must be met before revenue can be recognized: (i) there is persuasive evidence that an arrangement exists, (ii) the film is complete and has been delivered, (iii) the license period has begun, (iv) the price is fixed or determinable, and (v) 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. The Company recognizes revenue when the distributor confirms to the Company that the film has been delivered to the distributor with all technical and document deliveries received, waived or deferred and the film has been entered into the distributor’s rights system. |
| 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 month periods ended January 31, 2018 and 2017, 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, 2018 and 2017, 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. |
| Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows the provisions of ASC 820. This Topic defines fair value, establishes a measurement framework and expands disclosures about fair value measurements. The Company uses fair value measurements for determining the valuation of derivative financial instruments payable in shares of its common stock. This primarily involves option pricing models that incorporate certain assumptions and projections to determine fair value. These require management’s judgment. |
| Fair Value Measurements | Fair Value Measurements FASB ASC Topic 825, Financial Instruments Fair Value Measurements and Disclosures Various inputs are considered when determining the value of the Company’s 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 Company’s own assumptions in determining the fair value of investments). The Company’s adoption of FASB ASC Topic 825 did not have a material impact on the Company’s 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, 2018, 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, 2018, the Company had no assets other than prepaid expenses, cash, and capitalized film production costs. |
| 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, 2018 and 2017, respectively. |
| Concentrations, Risks, and Uncertainties | Concentrations, Risks, and Uncertainties The Company had one customer, Mar Vista Entertainment, that accounted for 100% of total revenue in the three and nine months ended January 31, 2017. The Company had no customers in the three and nine months ended January 31, 2018 that accounted for 10% or more of total revenue. |
| 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. |
Condensed Financial Statements
| Condensed Financial Statements (Details Narrative) - shares | Oct. 31, 2011 | Jan. 31, 2018 | Apr. 30, 2017 |
| Common stock, shares issued | 174,625,386 | 174,625,386 | |
| Common stock, shares outstanding | 174,625,386 | 174,625,386 | |
| Forward stock split | eight-for-1 forward stock split | ||
| China Advanced Technology [Member] | |||
| Stock issuing for acquisition | 47,000,000 | ||
| Constituting outstanding shares | 70.10% | ||
| Cancellation share | 15,619,816 | ||
| Common stock, shares issued | 67,100,000 | ||
| Common stock, shares outstanding | 67,100,000 |
Summary of Significant Accoun17
| Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
| Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Apr. 30, 2017 | |
| Impairment charges | $ 44,918 | ||||
| Advertising costs | |||||
| Research and development expense | |||||
| Potentially dilutive instruments | $ 0 | $ 0 | $ 0 | $ 0 | |
| One Customer [Member] | |||||
| Percentage of concentration risk gross of business with suppliers or customers | 100.00% | 100.00% | |||
| No Customer [Member] | |||||
| Percentage of concentration risk gross of business with suppliers or customers | 10.00% | 10.00% | |||
Film Production Agreements (Det
| Film Production Agreements (Details Narrative) - USD ($) | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Mar. 04, 2016 | Sep. 18, 2015 | May 20, 2015 | Apr. 15, 2015 | Oct. 31, 2016 | Jun. 30, 2016 | Feb. 29, 2016 | Jan. 31, 2018 | Jan. 31, 2017 | Apr. 30, 2017 |
| Investment in films | |||||||||||||
| Investment in other assets | $ 15,000 | $ 15,000 | |||||||||||
| Distribution Agreement [Member] | Bridal Boot Camp [Member] | |||||||||||||
| Advance payments | $ 125,000 | ||||||||||||
| Distribution Agreement [Member] | Merry Exes [Member] | |||||||||||||
| Advance payments | $ 125,000 | ||||||||||||
| Distribution Agreement [Member] | Terror Birds [Member] | |||||||||||||
| Advance payments | $ 175,000 | ||||||||||||
| Mar Vista Entertainment, LLC [Member] | Distribution Agreement [Member] | |||||||||||||
| Advance payments | $ 125,000 | $ 125,000 | $ 175,000 | $ 125,000 | $ 125,000 | $ 175,000 | |||||||
| Gross proceeds percentage | 35.00% | 35.00% | 30.00% | ||||||||||
| KKO Productions [Member] | Distribution Agreement [Member] | |||||||||||||
| Gross proceeds percentage | 15.00% | ||||||||||||
| Investment in films | $ 15,000 |
Stockholders' Equity (Details N
| Stockholders' Equity (Details Narrative) - USD ($) | 9 Months Ended | ||
| Jan. 31, 2018 | Jan. 31, 2017 | Apr. 30, 2017 | |
| Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
| Preferred stock, par value | $ 0.001 | $ 0.001 | |
| 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 outstanding | 174,625,386 | 174,625,386 | |
| Settlement of accounts payable – related party | $ 21,838 | ||
| Stock Subscription Agreement [Member] | |||
| Number of shares issued | 21,183,800 | ||
| Settlement of accounts payable – related party | $ 21,838 | ||
Related Party Transactions (Det
| Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
| C&R Film [Member] | ||||
| Professional fees and rent paid on behalf of the company | $ 24,335 | |||
| Debt converted conversion amount | $ 21,838 | |||
| Debt converted conversion of shares | 2,183,800 | |||
| Debt conversion price per share | $ 0.01 | $ 0.01 | ||
| Professional fees paid on behalf of the company | $ 3,000 | |||
| Consulting and reimbursement expenses | $ 0 | $ 0 | $ 0 | $ 98,381 |
| Affiliated Shareholders [Member] | ||||
| Ownership interest | 10.00% | 10.00% | ||