| Nature of Operations and Summary of Significant Accounting Policies | NOTE 2 - 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. Principles of Consolidation The accompanying consolidated financial
statements include the accounts of Goliath Film and Media Holdings and its subsidiary, Goliath Film and Media International (“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. 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 totaling $411,525 as of April 30, 2018. 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 identifies 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. 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 three and six months ended October
31, 2018 and 2017, 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 three and six months ended
October 31, 2018 and 2017. Research and Development All research and development costs are
expensed as incurred. There was no research and development expense for the three and six months ended October 31, 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 October 31, 2018 and 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 October 31, 2018 and April 30, 2018, the Company had less than $1,000
in assets. Basic and Diluted Earnings per Share Diluted earnings (loss) per share are
computed on the basis of the weighted average number of common shares (including common stock subject to redemption) plus dilutive
potential common shares outstanding for the reporting period. In periods where losses are reported, the weighted-average number
of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. The total number of potential additional
dilutive securities outstanding for the three and nine months ended September 30, 2018 and 2017, was none since the Company had
net losses and any additional potential common shares would have an anti-dilutive effect. Stock Based Compensation In accordance with ASC No. 718, Compensation
– Stock Compensation Equity Based Payments to Non-Employees |
