Cover
Cover - shares | 9 Months Ended | |
Jan. 31, 2022 | Mar. 15, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 000-18945 | |
Entity Registrant Name | GOLIATH FILM AND MEDIA HOLDINGS | |
Entity Central Index Key | 0000820771 | |
Entity Tax Identification Number | 84-1055077 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 112 N. Curry Street | |
Entity Address, City or Town | Carson City | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89703 | |
City Area Code | 310 | |
Local Phone Number | 467-0721 | |
Title of 12(b) Security | Common stock, $0.001 par value | |
Trading Symbol | GFMH | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 138,964,917 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Current assets | ||
Cash | $ 400 | $ 14,534 |
Deposits | 299 | 299 |
Total current assets | 699 | 14,833 |
Total assets | 699 | 14,833 |
Current liabilities | ||
Accounts payable and accrued expenses | 14,833 | 14,119 |
Accounts payable – related party | 95,305 | 81,910 |
Total current liabilities | 110,138 | 96,029 |
Total liabilities | 110,138 | 96,029 |
Commitments and contingencies | ||
Stockholders’ deficit | ||
Preferred stock, $0.001 par value, 1,000,000 shares authorized; no shares issued and outstanding at January 31, 2022 and April 30, 2021, respectively | ||
Common stock, $0.001 par value, 300,000,000 shares authorized; 138,964,917 and 138,964,917 shares issued and outstanding, at January 31, 2022 and April 30, 2021, respectively | 138,966 | 138,966 |
Additional paid in capital | 451,500 | 451,500 |
Common stock to be issued | 381,532 | 381,532 |
Accumulated deficit | (1,081,437) | (1,053,194) |
Total stockholders’ deficit | (109,439) | (81,196) |
Total liabilities and stockholders’ deficit | $ 699 | $ 14,833 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2022 | Apr. 30, 2021 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 |
Common stock, shares outstanding | 138,964,917 | 138,964,917 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Statement [Abstract] | ||||
Film production revenues | $ 38,366 | $ 38,366 | ||
Cost of sales | ||||
Gross profit | 38,366 | 38,366 | ||
Operating expenses | ||||
General and administrative | 6,569 | 4,706 | 28,243 | 27,820 |
Total operating expenses | 6,569 | 4,706 | 28,243 | 27,820 |
Income (loss) from operations | (6,569) | 33,660 | (28,243) | 10,546 |
Income (loss) before income tax | (6,569) | 33,660 | (28,243) | 10,546 |
Provision for income taxes | ||||
Net income (loss) | $ (6,569) | $ 33,660 | $ (28,243) | $ 10,546 |
Net income (loss) per share of common stock: | ||||
Basic | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding | ||||
Basic | 177,118,116 | 177,118,116 | 177,118,116 | 177,118,116 |
Diluted | 177,118,116 | 177,118,116 | 177,118,116 | 177,118,116 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Common stock to be issued [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Apr. 30, 2020 | $ 138,966 | $ 451,500 | $ 381,532 | $ (1,055,421) | $ (83,423) |
Beginning balance, shares at Apr. 30, 2020 | 138,964,917 | ||||
Net income (loss) | 10,546 | 10,546 | |||
Ending balance, value at Jan. 31, 2021 | $ 138,966 | 451,500 | 381,532 | (1,044,875) | (72,877) |
Ending balance, shares at Jan. 31, 2021 | 138,964,917 | ||||
Beginning balance, value at Oct. 31, 2020 | $ 138,966 | 451,500 | 381,532 | (1,078,535) | (106,537) |
Beginning balance, shares at Oct. 31, 2020 | 138,964,917 | ||||
Net income (loss) | 33,660 | 33,660 | |||
Ending balance, value at Jan. 31, 2021 | $ 138,966 | 451,500 | 381,532 | (1,044,875) | (72,877) |
Ending balance, shares at Jan. 31, 2021 | 138,964,917 | ||||
Beginning balance, value at Apr. 30, 2021 | $ 138,966 | 451,500 | 381,532 | (1,053,194) | (81,196) |
Beginning balance, shares at Apr. 30, 2021 | 138,964,917 | ||||
Net income (loss) | (28,243) | (28,243) | |||
Ending balance, value at Jan. 31, 2022 | $ 138,966 | 451,500 | 381,532 | (1,081,437) | (109,439) |
Ending balance, shares at Jan. 31, 2022 | 138,964,917 | ||||
Beginning balance, value at Oct. 31, 2021 | $ 138,966 | 451,500 | 381,532 | (1,074,868) | (102,870) |
Beginning balance, shares at Oct. 31, 2021 | 138,964,917 | ||||
Net income (loss) | (6,569) | (6,569) | |||
Ending balance, value at Jan. 31, 2022 | $ 138,966 | $ 451,500 | $ 381,532 | $ (1,081,437) | $ (109,439) |
Ending balance, shares at Jan. 31, 2022 | 138,964,917 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ (28,243) | $ 10,546 |
Adjustments to reconcile income (loss) to net cash provided by (used in) operating activities: | ||
Expenses paid on behalf of company – related party | 12,145 | 25,556 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 714 | |
Accounts payable – related parties | (3,000) | 2,191 |
Net cash (used in) provided by operating activities | (18,384) | 38,293 |
Cash flows from investing activities | ||
Net cash provided by investing activities | ||
Cash flows from financing activities | ||
Advances from related party | 4,250 | |
Net cash used in financing activities | 4,250 | |
Net change in cash and cash equivalent | (14,134) | 38,293 |
Cash and cash equivalent at beginning of period | 14,534 | 155 |
Cash and cash equivalent at end of period | 400 | 38,448 |
Non-cash investing and financing activities: | ||
Accounts payable paid by related party | 4,004 | |
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, 2022 | |
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, 2022 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, 2021 and 2020 audited financial statements filed on Form 10-K on July 29, 2021. The results of operations for the periods ended January 31, 2022 and 2021 are not necessarily indicative of the operating results for the full years. |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
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 70.1 15,619,816 67,100,000 eight-for-1 forward stock split 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 previously realized revenues from its planned principal business purpose however these revenues are declining but future revenues are being anticipated as we see demand for films increasing for companies providing streaming services. For the three and nine months ended January 31, 2022, we had no 38,366 38,366 Principles of Consolidation The accompanying condensed consolidated financial statements includes 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 receivable. 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. As of January 31, 2022, the Company had no production costs. 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 transaction prices to the performance obligations. The Company provides for an allowance for doubtful accounts based on 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 recognizes revenue from the distribution of its films on a net revenue basis as Mar Vista distributes the films to Mar Vista’s end customers. For the three and nine months ended January 31, 2022, we had no 38,366 38,366 Advertising Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no Research and Development All research and development costs are expensed as incurred. There was no 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, 2022, 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, 2022, the Company had less than $ 1,000 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 months and nine months ended January 31, 2022 and 2021 was none Concentrations, Risks, and Uncertainties The Company did not have a concentration of business with suppliers constituting greater than 10% of the Company’s expenses during 2021 or 2020. In fiscal years 2021 and 2020, all of its revenues were from Mar Vista Entertainment LLC. 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 recent accounting pronouncements to have a material impact on its financial statements. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 3 – COMMON STOCK The Company has authorized 1,000,000 0.001 No The Company has authorized 300,000,000 0.001 138,964,917 138,964,917 No As of January 31, 2022, the Company has not issued an aggregate 38,153,269 32,153,269 6,000,000 |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 4 - 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 for a period of one year from the issuance of these financial statements 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 through contributions from officers and affiliates of the Company. 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, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 - RELATED PARTY TRANSACTIONS For the three months and nine months ended January 31, 2022 and 2021, the Company made payments of $ 0 3,000 0 0 597 12,591 4,004 30,096 During the three months and nine months ended January 31, 2022 and 2021, the Company made no 0 0 0 7,394 14,394 During the three months and nine months ended January 31, 2022 and 2021, Kevin Frawley, an affiliate, paid expenses totaling $ 2,575 2,575 0 0 18,665 During the three months and nine months ended January 31, 2022 and 2021, the Company made no 3,995 9,570 2,575 9,575 27,900 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, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES 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, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS There were no events subsequent to January 31, 2022, and up to the date of this filing that would require disclosure. |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jan. 31, 2022 | |
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 previously realized revenues from its planned principal business purpose however these revenues are declining but future revenues are being anticipated as we see demand for films increasing for companies providing streaming services. For the three and nine months ended January 31, 2022, we had no 38,366 38,366 |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements includes 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 | 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. |
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 receivable. 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. As of January 31, 2022, the Company had no production costs. |
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 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 transaction prices to the performance obligations. The Company provides for an allowance for doubtful accounts based on 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 recognizes revenue from the distribution of its films on a net revenue basis as Mar Vista distributes the films to Mar Vista’s end customers. For the three and nine months ended January 31, 2022, we had no 38,366 38,366 |
Advertising | Advertising Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no |
Research and Development | Research and Development All research and development costs are expensed as incurred. There was no |
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, 2022, 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, 2022, the Company had less than $ 1,000 |
Basic and diluted earnings per share | 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 months and nine months ended January 31, 2022 and 2021 was none |
Concentrations, Risks, and Uncertainties | Concentrations, Risks, and Uncertainties The Company did not have a concentration of business with suppliers constituting greater than 10% of the Company’s expenses during 2021 or 2020. In fiscal years 2021 and 2020, all of its revenues were from Mar Vista Entertainment LLC. |
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 recent accounting pronouncements to have a material impact on its financial statements. |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2011 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||||||
Common stock shares issued during period | 0 | 0 | 0 | ||||
Common stock, outstanding | 138,964,917 | 138,964,917 | 138,964,917 | ||||
Revenues | $ 38,366 | $ 38,366 | |||||
Advertising costs | 0 | 0 | 0 | 0 | |||
Research and development expense | $ 0 | $ 0 | $ 0 | $ 0 | |||
Potential dilutive securities | 0 | 0 | 0 | 0 | |||
Maximum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Fair value of assets | $ 1,000 | $ 1,000 | |||||
Parent Company [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Common stock shares issued during period | 47,000,000 | ||||||
Percentage of common stock outstanding shares | 70.10% | ||||||
Common stock cancellation shares | 15,619,816 | ||||||
Common stock, outstanding | 67,100,000 | ||||||
Forward stock split | eight-for-1 forward stock split |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Apr. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 |
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 138,964,917 | 138,964,917 | 138,964,917 | |
Number of common stock shares issued | 0 | 0 | 0 | |
Common stock, shares subscribed but unissued | 38,153,269 | 38,153,269 | ||
Related party [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Common stock, shares subscribed but unissued | 32,153,269 | 32,153,269 | ||
Third Party [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Common stock, shares subscribed but unissued | 6,000,000 | 6,000,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | 9 Months Ended |
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going concern, description | 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 for a period of one year from the issuance of these financial statements |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Related Party Transaction [Line Items] | ||||
Operating expenses | $ 6,569 | $ 4,706 | $ 28,243 | $ 27,820 |
Accounts payable paid by related party | 4,004 | |||
C and R Films [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payments of debt | 0 | 0 | 3,000 | 3,000 |
Operating expenses | 0 | 597 | 0 | 12,591 |
Accounts payable paid by related party | 4,004 | |||
Balance amount owed to related party | 30,096 | 30,096 | ||
Dos Cabezas [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payments of debt | 0 | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 | 7,394 |
Balance amount owed to related party | 14,394 | 14,394 | ||
Kevin Frawley [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expenses | 2,575 | 0 | 2,575 | 0 |
Balance amount owed to related party | 18,665 | 18,665 | ||
Mike Criscione [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payments of debt | 0 | 0 | 0 | 0 |
Operating expenses | 3,995 | $ 2,575 | 9,570 | $ 9,575 |
Balance amount owed to related party | $ 27,900 | $ 27,900 |