Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2018 | Aug. 13, 2018 | Oct. 31, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | Goliath Film & Media Holdings | ||
Entity Central Index Key | 820,771 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 288,556 | ||
Entity Common Stock, Shares Outstanding | 138,964,917 | ||
Trading Symbol | GFMH | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Current assets | ||
Cash | $ 494 | $ 2,468 |
Prepaid expense | 299 | 299 |
Total current assets | 793 | 2,767 |
Long-term assets | ||
Other assets | 15,000 | |
Film production costs, net | 351,607 | |
Total long-term assets | 366,607 | |
Total assets | 793 | 369,374 |
Current liabilities | ||
Accounts payable and accrued expenses | 15,210 | 23,988 |
Accounts payable – related party | 15,340 | |
Total current liabilities | 30,550 | 23,988 |
Total liabilities | 30,550 | 23,988 |
Stockholders’ equity (deficit) | ||
Preferred stock, $0.001 par value, 1,000,000 shares authorized; no shares issued and outstanding at April 30, 2018 and 2017 | ||
Common stock, $0.001 par value, 300,000,000 shares authorized; 138,964,917 and 138,964,917 shares issued and outstanding, at April 30, 2018 and 2017, respectively | 138,966 | 138,966 |
Additional paid in capital | 451,500 | 451,500 |
Common stock to be issued | 378,442 | 356,604 |
Accumulated deficit | (998,665) | (601,684) |
Total stockholders’ equity (deficit) | (29,757) | 345,386 |
Total liabilities and stockholders’ equity (deficit) $ | $ 793 | $ 369,374 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2018 | Apr. 30, 2017 | 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 | 138,964,917 | 138,964,917 | 67,100,000 |
Common stock, shares outstanding | 138,964,917 | 138,964,917 | 67,100,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Statement [Abstract] | ||
Film production revenues | $ 250,000 | |
Cost of sales | 169,300 | |
Gross profit | 80,700 | |
Operating Expenses | ||
General and administrative | 41,665 | 59,144 |
Impairment of film production costs | 366,607 | 44,918 |
Total operating expenses | 408,272 | 104,062 |
Loss from operations | (408,272) | (23,362) |
Other income | ||
Gain on extinguishment of debt | 11,291 | 18,830 |
Total other income | 11,291 | 18,830 |
Loss before income taxes | (396,981) | (4,532) |
Provision for income taxes | (2,640) | |
Net loss | $ (396,981) | $ (7,172) |
Net loss per share of common stock: | ||
Basic and diluted | $ 0 | $ 0 |
Weighted average shares Outstanding-Basic and diluted | 175,522,838 | 170,120,484 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Additional Paid in Capital [Member] | Common Stock to be Issued [Member] | Accumulated Deficit [Member] | Total |
Balance at Apr. 30, 2016 | $ 138,966 | $ 451,500 | $ 192,489 | $ (594,512) | $ 188,443 |
Balance, shares at Apr. 30, 2016 | 138,964,917 | ||||
Common stock to be issued - related parties | 164,115 | 164,115 | |||
Common stock to be issued - related parties, shares | |||||
Net loss | (7,172) | (7,172) | |||
Balance at Apr. 30, 2017 | $ 138,966 | 451,500 | 356,604 | (601,684) | 345,386 |
Balance, shares at Apr. 30, 2017 | 138,964,917 | ||||
Common stock to be issued - related parties | 21,838 | 21,838 | |||
Common stock to be issued - related parties, shares | |||||
Net loss | (396,981) | (396,981) | |||
Balance at Apr. 30, 2018 | $ 138,966 | $ 451,500 | $ 378,442 | $ (998,665) | $ (29,757) |
Balance, shares at Apr. 30, 2018 | 138,964,917 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (396,981) | $ (7,172) |
Adjustments to reconcile net income to net cash used in operating activities | ||
Expenses paid on behalf of company – related party | 37,178 | |
Gain on extinguishment of debt | (11,291) | (18,830) |
Impairment of film production costs | 366,607 | 44,918 |
Changes in operating assets and liabilities: | ||
Film production costs | 80,618 | |
Accounts payable and accrued expenses | 2,513 | (23,198) |
Advances for film production | (100,000) | |
Net cash used in operating activities | (1,974) | (166,070) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 164,115 | |
Repayment of line of credit | (20,887) | |
Proceeds from advances | 1,950 | |
Repayment of advances | (1,950) | |
Proceeds from advance - related party | 8,000 | |
Repayment of advances - related party | (8,000) | |
Net cash provided by financing activities | 143,228 | |
Net change in cash | (1,974) | (22,842) |
Cash at beginning of period | 2,468 | 25,310 |
Cash at end of period | 494 | 2,468 |
Supplemental Disclosure of cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Supplemental Disclosure of cash flow Information: | ||
Settlement of accounts payable – related party for common stock to be issued | $ 21,838 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES On October 31, 2011 (the “Closing Date”), China Advanced Technology (an entity formed on February 16, 2010 in the State of Nevada) 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” 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. Organization, Nature of Business and Trade Name The Company is engaged in the production and distribution of motion pictures and television content. The Company has begun to realize revenues from its planned principal business purpose. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Goliath Film and Media International and its subsidiary, Goliath Film and Media Holdings (“Goliath” or “the Company”). 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. Reclassifications Certain prior period amounts were reclassified to conform to the current period presentation. The consolidated balance sheet previously presented common stock that has not yet been issued as having been issued and outstanding. These balances are now shown as common stock to be issued. Also, the impairment of film costs was previously presented as an other expense. It has been reclassified as an operating expense to be consistent with current year presentation. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. 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 Television 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. The Company recorded an impairment of film production costs of $366,607 and $44,918 for the fiscal years ended April 30, 2018 and 2017, respectively. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Codification ASC 606 (“ASC 606”), Revenue from Contracts with Customers, Revenue Recognition The Company generates all of its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services. The Company determines revenue recognition through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligations in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction price to the performance obligations in the contract 5. Recognition of revenue when, or as, we satisfy a performance obligation. At contract inception, the Company assesses the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a service (or bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. The Company allocates the entire transaction price to a single performance obligation. 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, (vi) 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. The Company evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when the Company is primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. The Company generally records the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. The Company records all revenue transactions at the gross sale price. For the fiscal year ended April 30, 2018 the Company did not have any recorded revenue. Advertising Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no advertising expense for the years ended April 30, 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 years ended April 30, 2018 and 2017. 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 April 30, 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 April 30, 2018, the Company had less than $1,000 in assets. 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 years ended April 30, 2018 and 2017. Concentrations, Risks, and Uncertainties The Company business with suppliers or customers has entirely come from Mar Vista of the Company’s gross sales during 2017. Stock Based Compensation In accordance with ASC No. 718, Compensation – Stock Compensation Equity Based Payments to Non-Employees 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. |
Common Stock
Common Stock | 12 Months Ended |
Apr. 30, 2018 | |
Equity [Abstract] | |
Common Stock | NOTE 2 – 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 April 30, 2018 or 2017. The Company has authorized 300,000,000 shares of par value $0.001 common stock, of which 138,964,917 and 138,964,917 shares are outstanding at April 30, 2018 and 2017, respectively. In fiscal year 2018, we agreed to issue a total of 2,183,800 restricted common shares to Lamont Roberts, our CEO, in accordance with Rule 144, in exchange for expenses paid on behalf of the Company for $21,838. 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, 2017, the Company entered into separate private placement memorandums with a related party affiliate, as a result of being a greater than 10% shareholder, shareholder under which we agreed to issue 11,832,000 shares of our common stock, restricted in accordance with Rule 144, in exchange for $118,320. 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, 2017, the Company entered into a separate private placement memorandums with Lamont Roberts, the Company’s CEO, under which the Company agreed to issue 4,579,469 shares of its common stock, restricted in accordance with Rule 144, in exchange for $45,795. 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. Due to the Company’s previous transfer agent exiting the business, the Company has not issued 37,844,269 common shares to a related party affiliate. These shares are reflected in the above disclosures. Certain prior period amounts were reclassified to conform to the current period presentation. The consolidated balance sheet previously presented common stock that has not yet been issued as having been issued and outstanding. These balances are now shown as common stock to be issued. |
Going Concern
Going Concern | 12 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 - 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, which raises substantial doubt about our ability 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. 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 | 12 Months Ended |
Apr. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 - RELATED PARTY TRANSACTIONS In fiscal year 2018, we agreed to issue a total of 2,183,800 restricted common shares to Lamont Roberts, our CEO, in accordance with Rule 144, in exchange for expenses paid on behalf of the Company for $21,838. Further Lamont Roberts paid expenses totaling $37,178 in operating expenses including rent, filing expenses, and accounting costs on behalf of the company During the year ended April 30, 2017, the Company sold 11,832,000 restricted common shares to a related party affiliate shareholder, as a result of being a greater than 10% shareholder, pursuant to a private placement memorandum in exchange for $118,320. During the year ended April 30, 2017, the Company sold 4,579,469 restricted common shares to Lamont Roberts, the Company’s CEO, pursuant to a private placement memorandum in exchange for $45,795. In the year ended April 30, 2017, the Company paid C&R Film for capitalized film costs, consulting and reimbursement of various expenses $98,381. The Company paid $0 in the year ended April 30, 2018. C&R Film is controlled by Lamont Robert, CEO and Acting CFO of the Company. Further, Mike Criscione, Director of the Company received payments of $0 in years ended April 30, 2018 and 2017 for capitalized film costs, consulting and reimbursements for expenses paid on behalf of the Company. Additionally, Lamont Roberts, CEO and Acting CFO of the Company, made advances of $8,000 to the Company and received $8,000 as repayment of advances during the fiscal year ended April 30, 2017. Related party transactions have been disclosed in the other notes to these financial statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 5 – INCOME TAXES As of April 30, 2017, the Company had net operating loss carryforwards of approximately $998,000, which expire in varying amounts between 2018 and 2035. Realization of this potential future tax benefit is dependent on generating sufficient taxable income prior to expiration of the loss carryforward. The deferred tax asset related to this (and other) potential future tax benefits has been offset by a valuation allowance in the same amount. The amount of the deferred tax asset ultimately realizable could be increased in the near term if estimates of future taxable income during the carryforwards period are revised. Deferred income tax assets of approximately $279,000 at April 30, 2018, was offset in full by a valuation allowance. The approximate components of the Company’s net deferred tax assets, including a valuation allowance, are as follows: Deferred Tax Assets As of April 30, 2018 As of April 30, 2017 Net operating loss carryforwards $ 999,000 $ 602,000 Net deferred tax assets before valuation allowance 279,000 168,000 Less: Valuation allowance (279,000 ) (168,000 ) Net deferred tax assets 0 0 A reconciliation between the amounts of income tax benefit determined by applying the applicable U.S. and State statutory income tax rate to pre-tax loss is as follows: As of April 30, 2018 As of April 30, 2017 Statutory federal income tax (21.0 %) (21.0 %) Statutory state income tax (7.0 %) (7.0 %) Change in valuation allowance on deferred tax assets (28.0 %) (28.0 %) Components of Income Tax Expense For the Years Ending April 30, 2018 April 30, 2017 Federal U.S. Income Taxes Current -- - Deferred -- - State Income Taxes Current $ - $ 2,640 Deferred -- Total Income Tax Expense $ - $ 2,640 Due to the inherent uncertainty in forecasts and future events and operating results, the Company has provided for a valuation allowance in an amount equal to gross deferred tax assets resulting in the above figures for the periods audited. |
Investment in Films
Investment in Films | 12 Months Ended |
Apr. 30, 2018 | |
Investments Schedule [Abstract] | |
Investment in Films | NOTE 6 – INVESTMENT IN FILMS April 30, 2018 2017 Released, net of accumulated amortization $ 648,900 $ 648,900 Accumulated amortization (252,375 ) (252,375 ) Impairment (396,525 ) (44,918 ) Intangible assets, net $ — $ 351,607 Amortization expense was $169,300 for the year ended April 30, 2017 and is classified in cost of sales in the Statements of Operations. For the fiscal year ended April 30, 2018, the Company had no amortization expense. The reason for the impairment charges of $366,607 and $44,918 in year ended April 30, 2018 and 2017, respectively, are the result of the company’s determination that revenues from the production of its films with Mar Vista Entertainment LLC may not be realized. |
Operating Lease
Operating Lease | 12 Months Ended |
Apr. 30, 2018 | |
Leases [Abstract] | |
Operating Lease | NOTE 7 – OPERATING LEASE On July 1, 2014, we entered into a month to month lease for office space at location 4640 Admiralty Way, Marina del Rey, California, 90292. The rent is $199 per month. The total rent and lease expense was $3,184 and $2,190 for the years ended April 30, 2018 and 2017, respectively. |
Advance for Film Production Cos
Advance for Film Production Costs | 12 Months Ended |
Apr. 30, 2018 | |
Advance For Film Production Costs | |
Advance for Film Production Costs | NOTE 8 – ADVANCE FOR FILM PRODUCTION COSTS Advances for film production costs represent amounts received in advance from Mar Vista Entertainment, LLC (“Mar Vista”) for providing film distribution rights, which has been impaired as of April 30, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 – COMMITMENTS AND CONTINGENCIES Production Agreements On April, 1, 2015 Goliath signed an agreement whereby the Company agree to invest $15,000 to KKO Productions to produce a feature length film 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 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 film. The Company recorded an impairment of film production costs of $15,000 for the fiscal year ended April 30, 2018. 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 | 12 Months Ended |
Apr. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10 – SUBSEQUENT EVENTS There were no events subsequent to April 30, 2018, and up to the date of this filing that would require disclosure. |
Nature of Operations and Summ17
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Organization, Nature of Business and Trade Name | Organization, Nature of Business and Trade Name The Company is engaged in the production and distribution of motion pictures and television content. The Company has begun to realize revenues from its planned principal business purpose. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Goliath Film and Media International and its subsidiary, Goliath Film and Media Holdings (“Goliath” or “the Company”). 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. |
Reclassifications | Reclassifications Certain prior period amounts were reclassified to conform to the current period presentation. The consolidated balance sheet previously presented common stock that has not yet been issued as having been issued and outstanding. These balances are now shown as common stock to be issued. Also, the impairment of film costs was previously presented as an other expense. It has been reclassified as an operating expense to be consistent with current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. |
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 Television Costs | Films and Television 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. The Company recorded an impairment of film production costs of $366,607 and $44,918 for the fiscal years ended April 30, 2018 and 2017, respectively. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Codification ASC 606 (“ASC 606”), Revenue from Contracts with Customers, Revenue Recognition The Company generates all of its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services. The Company determines revenue recognition through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligations in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction price to the performance obligations in the contract 5. Recognition of revenue when, or as, we satisfy a performance obligation. At contract inception, the Company assesses the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a service (or bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. The Company allocates the entire transaction price to a single performance obligation. 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, (vi) 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. The Company evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when the Company is primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. The Company generally records the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. The Company records all revenue transactions at the gross sale price. For the fiscal year ended April 30, 2018 the Company did not have any recorded revenue. |
Advertising | Advertising Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no advertising expense for the years ended April 30, 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 years ended April 30, 2018 and 2017. |
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 April 30, 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 April 30, 2018, the Company had less than $1,000 in assets. |
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 years ended April 30, 2018 and 2017. |
Concentrations, Risks, and Uncertainties | Concentrations, Risks, and Uncertainties The Company business with suppliers or customers has entirely come from Mar Vista of the Company’s gross sales during 2017. |
Stock Based Compensation | Stock Based Compensation In accordance with ASC No. 718, Compensation – Stock Compensation Equity Based Payments to Non-Employees |
Recently Enacted Accounting Standards | 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. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Tax Assets, Including Valuation Allowance | The approximate components of the Company’s net deferred tax assets, including a valuation allowance, are as follows: Deferred Tax Assets As of April 30, 2018 As of April 30, 2017 Net operating loss carryforwards $ 999,000 $ 602,000 Net deferred tax assets before valuation allowance 279,000 168,000 Less: Valuation allowance (279,000 ) (168,000 ) Net deferred tax assets 0 0 |
Schedule of Federal Statutory Income Tax Rate to Total Income Taxes | A reconciliation between the amounts of income tax benefit determined by applying the applicable U.S. and State statutory income tax rate to pre-tax loss is as follows: As of April 30, 2018 As of April 30, 2017 Statutory federal income tax (21.0 %) (21.0 %) Statutory state income tax (7.0 %) (7.0 %) Change in valuation allowance on deferred tax assets (28.0 %) (28.0 %) |
Schedule of Components of Income Tax Expense | Components of Income Tax Expense For the Years Ending April 30, 2018 April 30, 2017 Federal U.S. Income Taxes Current -- - Deferred -- - State Income Taxes Current $ - $ 2,640 Deferred -- Total Income Tax Expense $ - $ 2,640 |
Investment in Films (Tables)
Investment in Films (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Investments Schedule [Abstract] | |
Schedule of Intangible Assets | April 30, 2018 2017 Released, net of accumulated amortization $ 648,900 $ 648,900 Accumulated amortization (252,375 ) (252,375 ) Impairment (396,525 ) (44,918 ) Intangible assets, net $ — $ 351,607 |
Nature of Operations and Summ20
Nature of Operations and Summary Of Significant Accounting Policies (Details Narrative) - USD ($) | Oct. 31, 2011 | Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2012 |
Common stock, issued | 138,964,917 | 138,964,917 | 67,100,000 | |
Common stock, outstanding | 138,964,917 | 138,964,917 | 67,100,000 | |
Forward stock split | eight-for-1 forward stock split | |||
Impairment of film production costs | $ 366,607 | $ 44,918 | ||
Advertising costs | ||||
Research and development expense | ||||
Asset | $ 793 | $ 369,374 | ||
Potentially dilutive instruments | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Asset | $ 1,000 | |||
China Advanced Technology [Member] | ||||
Stock issuing for acquisition | 47,000,000 | |||
Constituting outstanding shares | 70.10% | |||
Cancellation share | 15,619,816 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | 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 outstanding | 138,964,917 | 138,964,917 | 67,100,000 |
Common stock not issued | 37,844,269 | ||
Affiliated Shareholders [Member] | Private Placement [Member] | |||
Restricted common stock shares issued during period | 11,832,000 | ||
Restricted common stock issued during period | $ 118,320 | ||
Lamont Roberts [Member] | Private Placement [Member] | |||
Restricted common stock shares issued during period | 4,579,469 | ||
Restricted common stock issued during period | $ 45,795 | ||
Lamont Roberts [Member] | |||
Restricted common stock shares issued during period | 2,183,800 | 2,183,800 | |
Restricted common stock issued during period | $ 21,838 | $ 21,838 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Operating expenses | $ 408,272 | $ 104,062 |
Proceeds from advance - related party | 8,000 | |
Repayment of advances - related party | $ (8,000) | |
Lamont Roberts [Member] | ||
Restricted common stock shares issued during period | 2,183,800 | 2,183,800 |
Restricted common stock issued during period | $ 21,838 | $ 21,838 |
Operating expenses | 37,178 | |
Affiliated Shareholders [Member] | Private Placement [Member] | ||
Restricted common stock shares issued during period | 11,832,000 | |
Restricted common stock issued during period | $ 118,320 | |
Number of restricted common stock shares sold during period, shares | 11,832,000 | |
Memorandum in exchange value | $ 118,320 | |
Lamont Roberts [Member] | Private Placement [Member] | ||
Restricted common stock shares issued during period | 4,579,469 | |
Restricted common stock issued during period | $ 45,795 | |
Number of restricted common stock shares sold during period, shares | 4,579,469 | |
Memorandum in exchange value | $ 45,795 | |
C&R Film [Member] | ||
Consulting and reimbursement expenses | 0 | 98,381 |
Director [Member] | ||
Payments received | $ 0 | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Apr. 30, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
Operating loss carry forward | $ 998,000 |
Operating loss expiration date | 2018 and 2035 |
Deferred income tax assets | $ 279,000 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets, Including Valuation Allowance (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 999,000 | $ 602,000 |
Net deferred tax assets before valuation allowance | 279,000 | 168,000 |
Less: Valuation allowance | (279,000) | (168,000) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of Fede
Income Taxes - Schedule of Federal Statutory Income Tax Rate to Total Income Taxes (Details) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Statutory federal income tax | (21.00%) | (21.00%) |
Statutory state income tax | (7.00%) | (7.00%) |
Change in valuation allowance on deferred tax assets | (28.00%) | (28.00%) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal U.S. Income Taxes, Current | ||
Federal U.S. Income Taxes, Deferred | ||
State Income Taxes, current | 2,640 | |
State Income Taxes, Deferred | ||
Total Income Tax Expense | $ (2,640) |
Investment in Films (Details Na
Investment in Films (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Investments Schedule [Abstract] | ||
Amortization expense | $ 169,300 | |
Impairment charges | $ 366,607 | $ 44,918 |
Investment in Films - Schedule
Investment in Films - Schedule of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Investments Schedule [Abstract] | ||
Released, net of accumulated amortization | $ 648,900 | $ 648,900 |
Accumulated amortization | (252,375) | (252,375) |
Impairment | (396,525) | (44,918) |
Intangible assets, net | $ 351,607 |
Operating Lease (Details Narrat
Operating Lease (Details Narrative) - USD ($) | Jul. 01, 2014 | Apr. 30, 2018 | Apr. 30, 2017 |
Leases [Abstract] | |||
Rent per month | $ 199 | ||
Total rent and lease expense | $ 3,184 | $ 2,190 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 01, 2015 | |
Impairment of film production costs | $ 366,607 | $ 44,918 | |
Production Agreements [Member] | |||
Impairment of film production costs | $ 15,000 | ||
Production Agreements [Member] | KKO Productions [Member] | |||
Investment in productions | $ 15,000 | ||
Percentage of received as gross proceeds on films | 15.00% |