0001014897-12-000112.txt : 20120515 0001014897-12-000112.hdr.sgml : 20120515 20120515145118 ACCESSION NUMBER: 0001014897-12-000112 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120515 DATE AS OF CHANGE: 20120515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Original Source Entertainment, Inc. CENTRAL INDEX KEY: 0001500198 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 270863354 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-169732 FILM NUMBER: 12843664 BUSINESS ADDRESS: STREET 1: 8201 SOUTH SANTA FE DRIVE #229 CITY: LITTLETON STATE: CO ZIP: 89108 BUSINESS PHONE: 303-495-3728 MAIL ADDRESS: STREET 1: 8201 SOUTH SANTA FE DRIVE #229 CITY: LITTLETON STATE: CO ZIP: 89108 10-Q 1 ose10q1q12v2.htm FORM 10-Q Original Source Entertainment Form 10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 10-Q


 [x] Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended March 31, 2012


-OR-


[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934 for the transaction period from _________ to________


Commission File Number      333-169732


Original Source Entertainment, Inc.

(Exact name of Registrant

in its charter)


Nevada

 

27-0863354

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification Number)


8201 South Santa Fe Drive #229, Littleton, CO

 

80120

(Address of Principal Executive Offices

 

(Zip Code)


Registrant's Telephone Number, Including Area Code:

 

(303) 495-3728


Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [x] No [ ]


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes [ ]   No [ ]


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):




Large accelerated filer   [  ]

 

Non-accelerated filer             [  ]

Accelerated filer            [  ]

 

Smaller reporting company   [x]


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [ ] No [x]


The number of outstanding shares of the registrant's common stock, May 15, 2012:  Common Stock – 5,073,000


2





ORIGINAL SOURCE ENTERTAINMENT, INC.

FORM 10-Q

INDEX


PART 1 – FINANCIAL INFORMATION



 

 

Page

Item 1.  Financial Statements (Unaudited)

 

4

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations

 

9

Item 3. Quantitative and Qualitative Disclosure About Market Risk

 

11

Item 4.  Controls and Procedures

 

11


PART II - OTHER INFORMATION


Item 1.  Legal Proceedings

 

12

Item 1A. Risk Factors

 

12

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

 

12

Item 3.  Defaults Upon Senior Securities

 

12

Item 4.  Mine Safety Disclosures

 

12

Item 5.  Other Information

 

12

Item 6.  Exhibits

 

12

 

 

 

SIGNATURES

 

13




3




ORIGINAL SOURCE ENTERTAINMENT, INC.

(A Development Stage Company)

CONSOLIDATED BALANCE SHEETS

 

 

Dec. 31,

 

Mar. 31, 2012

 

 

2011

 

(Unaudited)

ASSETS

 

 

 

 

Current assets

 

 

 

 

      Cash

 

 $13,851

 

 $8,332

             Total current assets

 

 13,851

 

 8,332

 

 

 

 

 

Total Assets

 

 $13,851

 

 $8,332

 

 

 

 

 

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

Current liabilities

 

 

 

 

      Related party payables

 

 $952

 

 $952

      Accrued interest payable

 

 176

 

 231

      Notes payable - current

 

 3,500

 

 3,500

             Total current liabilities

 

 4,628

 

 4,683

 

 

 

 

 

      Notes payable

 

 12,500

 

 12,500

 

 

 

 

 

Total Liabilities

 

 17,128

 

 17,183

 

 

 

 

 

Stockholders' Equity

 

 

 

 

      Preferred stock, $.001 par value;

 

 

 

 

          5,000,000 shares authorized;  

 

 

 

 

          none issued and outstanding

 

 

 

 

      Common stock, $.001 par value;

 

 -

 

 -

          45,000,000 shares authorized;  

 

 

 

 

          5,073,000 shares issued and outstanding

 5,073

 

 5,073

      Additional paid in capital

 

 28,077

 

 28,077

      Deficit accumulated during the dev. stage

 (36,427)

 

 (42,001)

 

 

 

 

 

Total Stockholders' Equity

 

 (3,277)

 

 (8,851)

 

 

 

 

 

Total Liabilities and Stockholders' Equity

 $13,851

 

 $8,332


The accompanying notes are an integral part of the consolidated financial statements.


4




ORIGINAL SOURCE ENTERTAINMENT, INC.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

Aug. 20, 2009

 

 

Three Months

 

Three Months

 

(Inception)

 

 

Ended

 

Ended

 

Through

 

 

Mar. 31, 2011

 

Mar. 31, 2012

 

Mar. 31, 2012

 

 

 

 

 

 

 

Revenues

 

 $3,071

 

 $147

 

 $7,110

Cost of sales

 

 -

 

 -

 

 2,138

Gross profit

 

 3,071

 

 147

 

 4,972

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

     General and administrative

 

 9,733

 

 5,666

 

 46,742

 

 

 9,733

 

 5,666

 

 46,742

 

 

 

 

 

 

 

Gain (loss) from operations

 

 (6,662)

 

 (5,519)

 

 (41,770)

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

     Interest expense

 

 (30)

 

 (55)

 

 (231)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision for income taxes

 

 (6,692)

 

 (5,574)

 

 (42,001)

 

 

 

 

 

 

 

Provision for income tax

 

 -

 

 -

 

 -

 

 

 

 

 

 

 

Net income (loss)

 

 $(6,692)

 

 $(5,574)

 

 $(42,001)

 

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

 

(Basic and fully diluted)

 

 $(0.00)

 

 $(0.00)

 

 

 

 

 

 

 

 

 

Weighted average number of

 

 

 

 

 

 

common shares outstanding

 

 4,500,000

 

 5,073,000

 

 


The accompanying notes are an integral part of the consolidated financial statements.


5




ORIGINAL SOURCE ENTERTAINMENT, INC.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

Aug. 20, 2009

 

 

Three Months

 

Three Months

 

(Inception)

 

 

Ended

 

Ended

 

Through

 

 

Mar. 31, 2011

 

Mar. 31, 2012

 

Mar. 31, 2011

Cash Flows From Operating Activities:

 

 

 

 

 

     Net income (loss) during the development stage

 $(6,692)

 

 $(5,574)

 

 $(42,001)

          

 

 

 

 

 

 

     Adjustments to reconcile net loss to

 

 

 

 

 

 

     net cash provided by (used for)

 

 

 

 

 

 

     operating activities:

 

 

 

 

 

 

         Related party payables

 

 -

 

 -

 

 952

         Accrued payables

 

 30

 

 55

 

 231

         Compensatory stock issuances

 

 -

 

 -

 

 3,000

               Net cash provided by (used for)

 

 

 

 

 

               operating activities

 

 (6,662)

 

 (5,519)

 

 (37,818)

 

 

 

 

 

 

 

Cash Flows From Investing Activities:

 

 -

 

 -

 

 -

               Net cash provided by (used for)

 

 

 

 

 

               investing activities

 

 -

 

 -

 

 -


Cash Flows From Financing Activities:

 

 

 

 

 

     Notes payable - borrowings

 

 -

 

 -

 

 16,000

     Sale of common stock

 

 -

 

 -

 

 30,150

               Net cash provided by (used for)

 

 

 

 

 

               financing activities

 

 -

 

 -

 

 46,150

 

 

 

 

 

 

 

Net Increase (Decrease) In Cash

 

 (6,662)

 

 (5,519)

 

 8,332

 

 

 

 

 

 

 

Cash At The Beginning Of The Period

 

 9,129

 

 13,851

 

 -

Cash At The End Of The Period

 

 $2,467

 

 $8,332

 

 $8,332

 

 

 

 

 

 

 

Schedule Of Non-Cash Investing And Financing Activities

 

 

 

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosure

 

 

 

 

 

 

Cash paid for interest

 

 $-

 

 $-

 

 $-

Cash paid for income taxes

 

 $-

 

 $-

 

 $-


The accompanying notes are an integral part of the consolidated financial statements.


6




ORIGINAL SOURCE ENTERTAINMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:


Original Source Entertainment, Inc. (the “Company”), was incorporated in the State of Nevada on August 20, 2009. The Company plans to license songs to the television and music industry for use in television shows or movies.


Basis of Presentation


The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.


Principles of consolidation


The accompanying consolidated financial statements include the accounts of Original Source Entertainment, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.


Cash and cash equivalents


The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.


Use of Estimates


The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect 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. Actual results could differ from those estimates.


7



Net income (loss) per share


The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.


Income tax


The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.


Revenue recognition


Revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collectibility is reasonably assured.


Property and equipment


Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life.


Financial Instruments


The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheet, approximates fair value.


Stock based compensation


The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.


8



Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations


Forward-looking Statements


Statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operation, as well as in certain other parts of this quarterly report on Form

10-Q (as well as information included in oral statements or other written statements made or to be made by Original Source) that look forward in time, are forward-looking statements made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, expectations, predictions, and assumptions and other statements which are other than statements of historical facts. Although Original Source believes such forward-looking statements are reasonable, it can give no assurance that any forward-looking statements will prove to be correct. Such forward-looking statements are subject to, and are qualified by, known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by those statements. These risks, uncertainties and other factors include, but are not limited to Original Source’s ability to estimate the impact of competition and of industry consolidation and risks, uncertainties and other factors set forth in Original Source’s filings with the Securities and Exchange Commission, including without limitation to this Annual Report on Form 10-Q.


Original Source undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Form 10-Q.


Critical Accounting Policies


The following discussion as well as disclosures included elsewhere in this Form 10-Q are based upon our unaudited financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America.  These financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America.


The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingencies.  Original Source continually evaluates the accounting policies and estimates used to prepare the financial statements.  Original Source bases its estimates on historical experiences and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates made by management.


9




Trends and Uncertainties


There are no material commitments for capital expenditure at this time.  There are no trends, events or uncertainties that have had or are reasonably expected to have a material impact on our limited operations. There are no known causes for any material changes from period to period in one or more line items of Original Source’s financial statements.


Liquidity and Capital Resources


At March 31, 2012, Original Source had a cash balance of $8,332, which represents a $4,519 decrease from the $13,851 balance at December 31, 2011.  The decrease was primarily the result of increased general and administrative expenses.


For the three months ended March 31, 2012 and 2011, we did not pursue any investing activities.


For the three months ended March 31, 2012 and 2011, we did not pursue any financing activities.


The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, Original Source has incurred losses of $5,574 and $6,692 for the three months ended March 31, 2012 and 2011, respectively, and a working capital deficiency which raises substantial doubt about the Company’s ability to continue as a going concern.


Management believes the Company will continue to incur losses and negative cash flows from operating activities for the foreseeable future and will need additional equity or debt financing to sustain its operations until it can achieve profitability and positive cash flows, if ever.  Management plans to seek additional debt and/or equity financing for the Company, but cannot assure that such financing will be available on acceptable terms.


The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that management will be successful in implementing its business plan or that the successful implementation of such business plan will actually improve Original Source’s operating results.


Results of Operations for the three months ended March 31, 2012 compared to the three months ended March 31, 2011.


For the three months ended March 31, 2012, Original Source received revenues of only $147, had general and administrative expenses of $5,666 and interest expense of $30 resulting in a net loss of $(5,519).


10



Comparatively, for the three months ended March 31, 2011, Original Source received revenues of $3,071, had general and administrative expenses of $9,733 and interest expense of $55 resulting in a net loss of $(6,662).


Management made continued efforts to reduce general and administrative expenses for the three months ended March 31, 2012 due to the lack of revenue.


Recently Issued Accounting Standards


Management does not believe that any other recently issued, but not yet effective, accounting standard if currently adopted would have a material effect on the accompanying financial statements.


Off Balance Sheet Arrangements

None.  


Disclosure of Contractual Obligations

None.


Item 3.  Quantitative and Qualitative Disclosures About Market Risk  


Not applicable for smaller reporting companies.   


Item 4.  Controls and Procedures  


During the three months ended March 31, 2012, there were no changes in our internal controls over financial reporting (as defined in Rule 13a- 15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


Evaluation of Disclosure Controls and Procedures  


Under the supervision and with the participation of our management, including our chief executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of March 31, 2012.  Based on this evaluation, our chief executive officer and principal financial officers have concluded such controls and procedures to be effective as of March 31, 2012 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.


11



PART II - OTHER INFORMATION


Item 1.   Legal Proceedings

None  


Item 1A.  Risk Factors

Not applicable for smaller reporting companies  


Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

None  


Item 3.   Defaults Upon Senior Securities.

None  


Item 4.   Mine Safety Disclosures

Not applicable


Item 5.   Other Information

None


Item 6.   Exhibits


    Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

    Exhibit 32* - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

    Exhibit 101.INS**  XBRL Instance Document

    Exhibit 101.SCH**  XBRL Taxonomy Extension Schema Document

    Exhibit 101.CAL**  XBRL Taxonomy Extension Calculation Linkbase Document

    Exhibit 101.DEF**  XBRL Taxonomy Extension Definition Linkbase Document

    Exhibit 101.LAB**  XBRL Taxonomy Extension Label Linkbase Document

    Exhibit 101.PRE**  XBRL Taxonomy Extension Presentation Linkbase Document

*  Filed herewith

**XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.


12




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.  


Dated: May 15, 2012  


ORIGINAL SOURCE ENTERTAINMENT, INC.  


By: /s/Lecia L. Walker

Lecia L. Walker

Chief Executive Officer

Principal Financial Officer


13



 EX-31 2 ose10q1q12ex31.htm EXHIBIT 31 302 Certification

302 CERTIFICATION


I, Lecia Walker, certify that:


         1. I have reviewed this amended quarterly report on Form 10-Q of Original Source Entertainment, Inc.;


         2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


         3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


         4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


      a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


      b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


      c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report, our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


      d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


         5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):


         a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


         b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.


Date: May 15, 2012


/s/Lecia L. Walker

    Lecia L. Walker

    Chief Executive Officer

    Principal Financial Officer




 EX-32 3 ose10q1q12ex32.htm EXHIBIT 32 906 Certifications

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the amended Quarterly Report of Original Source Entertainment, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Lecia L. Walker, Chief Executive Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

            (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

            (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


/s/Lecia L. Walker

Lecia L. Walker

Chief Executive Officer

Principal Financial Officer


May 15, 2012




 EX-101.INS 4 ose1-20120331.xml XBRL INSTANCE DOCUMENT 10-Q 2012-03-31 false Original Source Entertainment, Inc. 0001500198 --12-31 0 Smaller Reporting Company No No No 2012 Q1 13851 8332 13851 8332 13851 8332 952 952 176 231 3500 3500 4628 4683 12500 12500 17128 17183 5073 5073 28077 28077 -36427 -42001 -3277 -8851 13851 8332 3071 147 7110 2138 3071 147 4972 9733 5666 46742 9733 5666 46742 -6662 -5519 -41770 -30 -55 -231 -6692 -5574 -42001 -6692 -5574 -42001 4500000 5073000 -6692 -5574 -42001 952 30 55 231 3000 -6662 -5519 -37818 16000 30150 46150 -6662 -5519 8332 9129 13851 2467 8332 8332 5073000 <!--egx--><p><b>Note 1 &#151; Organization and Summary of Significant Accounting Policies</b></p> <p><b>Organization</b></p> <p>Original Source Entertainment, Inc. &nbsp;(the &#147;Company&#148;) was incorporated on August 20, 2009 in the State of Nevada.&nbsp; The Company has had limited activity and revenue and is in the development stage, and its intent is to license songs to the television and music industry for use in television shows or movies.</p> <p>The Company has chosen December 31 as a year end. </p> <p><b>Basis of Presentation</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The &nbsp;Company has suffered losses and has &nbsp;limited working capital. These conditions raise substantial doubt as to the Company&#146;s ability to continue as a going concern. The Company may raise additional capital through the sale of its equity securities, through borrowing from individuals, or through borrowings from financial institutions. By doing so, the Company hopes through increased marketing efforts to generate greater royalty revenues from licensed songs. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern.</p> <h1 style="MARGIN:12pt 0in 3pt">Principles of consolidation</h1> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The accompanying consolidated financial statements include the accounts of Original Source Entertainment, Inc. &nbsp;and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.</p> <p><b>Use of estimates</b></p> <p>The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements. The Company bases its estimates on historical experience, management expectations for future performance, and other assumptions as appropriate. Key areas affected by estimates include the assessment of the recoverability of long-lived assets, which is based on such factors as estimated future cash flows. The Company re-evaluates its estimates on an ongoing basis. Actual results may vary from those estimates.</p> <p><b>Cash and cash equivalents</b></p> <p>All cash and short-term investments with original maturities of three months or less are considered cash and cash equivalents, since they are readily convertible to cash. These short-term investments are stated at cost, which approximates fair value.</p> <p><b>Property and equipment</b></p> <p>The Company has no property or equipment at this time.</p> <p><b>Revenue Recognition </b></p><pre>The Company utilizes the accrual method of accounting.&nbsp;&nbsp;For revenue from product sales, the Company recognizes revenue in accordance with Staff Accounting Bulletin No. 104, &#147;Revenue Recognition&#148; (SAB No. 104), which superseded Staff Accounting Bulletin No. 101, &#147;Revenue Recognition in Financial Statements&#148; (SAB No. 101).&nbsp;&nbsp;SAB No. 104 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured.&nbsp;&nbsp;Determination of criteria (3) and (4) are based on management&#146;s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts.&nbsp;&nbsp;Provisions for discounts and rebates to customers, estimated returns and allowance, and other adjustments will be provided for in the same period the related sales are recorded.&nbsp; Customers' prepayments are deferred until products are shipped and accepted by the customers.</pre> <p><b>Advertising expenses</b></p> <p>Advertising costs are expensed when incurred. The Company&#146;s marketing and advertising costs for 2010 and 2011 were $0 and $2,700.</p> <p><b>Income taxes</b></p> <p>Income taxes are accounted for in accordance with ASC 740<i>, </i>using the asset and liability method. 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 and tax credit carryforwards. 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. 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.&nbsp; The Company is currently filing its income tax returns on the cash basis. </p> <p><b>Earnings (loss) per share</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.</p> <h1 style="MARGIN:12pt 0in 3pt">Financial Instruments</h1> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The carrying value of the Company&#146;s financial instruments as reported in the accompanying balance sheets, approximates fair value. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font style="TEXT-DECORATION:none">&nbsp;</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>Products and services, geographic areas and major customers</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company derives revenue from the licensing of songs to the television and music industry. It currently has no separate operating segments. The Company's sales are external and domestic.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font style="TEXT-DECORATION:none">&nbsp;</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>Stock based compensation</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font style="TEXT-DECORATION:none">&nbsp;</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.</p> <!--egx--><p><b>Note 2 &#151; Notes payable</b></p> <p>At December 31, 2010 and 2011 the Company had notes payable totaling $12,500 and $16,000. Two notes with balances at end 2010 and 2011 of $1,500 and $9,000 are due to a related party shareholder, are unsecured, bear no interest until June 1, 2011 and December 31, 2012 respectively and 6% compounded monthly thereafter, with principal and interest due in full at June 1, 2012 and December 31, 2013. One note with a balance at end 2011 of $3,500 is due to a related party shareholder, is unsecured, bears no interest until December 31, 2012 and 6% compounded monthly thereafter, with principal and interest due in full at December 31, 2013. </p> <p>The Company&#146;s other note with a balance at end 2010 and 2011 of $2,000 is unsecured, bears no interest until December 31, 2010 and 6% compounded monthly thereafter, with principal and interest due in full at June 28, 2011. The principal balance on the note is convertible anytime at the holder&#146;s discretion into common shares of the Company at 50% of the lowest bid price of the Company&#146;s common stock if quoted on an exchange, or if not quoted, at double the par value.</p> <p>Accrued interest payable under all notes at end 2010 and 2011 was $0 and $176, with interest expense in 2010 and 2011 of $0 and $176.</p> <p>The future principal repayment schedule by year for all notes combined is: Presently due $2000, 2012 $1,500, 2013 $12,500. </p> <!--egx--><p><b>Note 3 &#150; Income Taxes</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>&nbsp;</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">At December 31, 2010 and 2011 the Company had net operating loss carryforwards of approximately $8,700 and $36,300 which will expire in 2029. The deferred tax asset of $1,736 and $7,257 created by the net operating losses has been offset by a 100% valuation allowance. The change in the valuation allowance in 2010 and 2011 was $1,181 and $5,521.</p> <!--egx--><p><b>Note 4 &#150; Stockholders&#146; Equity Disclosure</b></p> <p><u>Common Stock</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company as of December 31, 2010 and 2011 had 45,000,000 shares of authorized common stock, $.001 par value, with 4,500,000 and 5,073,000 shares issued and outstanding. </p> <p><u>Preferred Stock</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company as of December 31, 2010 and 2011 had 5,000,000 shares of authorized preferred stock, $.001 par value, none issued and outstanding, with rights, preferences and designations to be determined by the Board of Directors. </p> <!--egx--><p><b>Note 5 &#150; Subsequent Events</b></p> <p>The Company evaluated events subsequent to the balance sheet date of December 31, 2011 through the date that these financial statements were available for issuance and has determined that there are no subsequent events that require disclosure. </p> 0001500198 2012-01-01 2012-03-31 0001500198 2012-03-31 0001500198 2011-12-31 0001500198 2011-01-01 2011-03-31 0001500198 2009-08-20 2012-03-31 0001500198 2009-08-20 2011-03-31 iso4217:USD shares iso4217:USD shares $.001 par value; 5,000,000 shares authorized; none issued and outstanding $.001 par value; 45,000,000 shares authorized; 4,500,000 (2010) shares issued and outstanding $.001 par value; 45,000,000 shares authorized; 5,073,000 (2011) shares issued and outstanding EX-101.SCH 5 ose1-20120331.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000060 - Disclosure - Notes Payable link:presentationLink link:definitionLink link:calculationLink 000050 - Disclosure - Organization, Operations and Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - ORIGINAL SOURCE ENTERTAINMENT, INC. 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Subsequent Events
 3 Months Ended
Mar. 31, 2012
Subsequent Events  
Subsequent Events

Note 5 – Subsequent Events

The Company evaluated events subsequent to the balance sheet date of December 31, 2011 through the date that these financial statements were available for issuance and has determined that there are no subsequent events that require disclosure.

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Stockholders' Equity Disclosure
 3 Months Ended
Mar. 31, 2012
Stockholders' Equity Disclosure  
Stockholders' Equity Disclosure

Note 4 – Stockholders’ Equity Disclosure

Common Stock

The Company as of December 31, 2010 and 2011 had 45,000,000 shares of authorized common stock, $.001 par value, with 4,500,000 and 5,073,000 shares issued and outstanding.

Preferred Stock

The Company as of December 31, 2010 and 2011 had 5,000,000 shares of authorized preferred stock, $.001 par value, none issued and outstanding, with rights, preferences and designations to be determined by the Board of Directors.

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ORIGINAL SOURCE ENTERTAINMENT, INC. CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2012
Dec. 31, 2011
Current assets    
Cash $ 8,332 $ 13,851
Total current assets 8,332 13,851
Total Assets 8,332 13,851
Current liabilities    
Related party payables 952 952
Accrued interest payable 231 176
Notes payable - current 3,500 3,500
Total current liabilities 4,683 4,628
Notes payable - noncurrent 12,500 12,500
Total Liabilities 17,183 17,128
Stockholders' Equity    
Preferred stock    [1]    [1]
Common stock 5,073 [2] 5,073 [3]
Additional paid in capital 28,077 28,077
Deficit accumulated during the dev. stage (42,001) (36,427)
Total Stockholders' Equity (8,851) (3,277)
Total Liabilities and Stockholders' Equity $ 8,332 $ 13,851
[1] $.001 par value; 5,000,000 shares authorized; none issued and outstanding
[2] $.001 par value; 45,000,000 shares authorized; 5,073,000 (2011) shares issued and outstanding
[3] $.001 par value; 45,000,000 shares authorized; 4,500,000 (2010) shares issued and outstanding
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Notes Payable
 3 Months Ended
Mar. 31, 2012
Notes Payable {1}  
Notes Payable

Note 2 — Notes payable

At December 31, 2010 and 2011 the Company had notes payable totaling $12,500 and $16,000. Two notes with balances at end 2010 and 2011 of $1,500 and $9,000 are due to a related party shareholder, are unsecured, bear no interest until June 1, 2011 and December 31, 2012 respectively and 6% compounded monthly thereafter, with principal and interest due in full at June 1, 2012 and December 31, 2013. One note with a balance at end 2011 of $3,500 is due to a related party shareholder, is unsecured, bears no interest until December 31, 2012 and 6% compounded monthly thereafter, with principal and interest due in full at December 31, 2013.

The Company’s other note with a balance at end 2010 and 2011 of $2,000 is unsecured, bears no interest until December 31, 2010 and 6% compounded monthly thereafter, with principal and interest due in full at June 28, 2011. The principal balance on the note is convertible anytime at the holder’s discretion into common shares of the Company at 50% of the lowest bid price of the Company’s common stock if quoted on an exchange, or if not quoted, at double the par value.

Accrued interest payable under all notes at end 2010 and 2011 was $0 and $176, with interest expense in 2010 and 2011 of $0 and $176.

The future principal repayment schedule by year for all notes combined is: Presently due $2000, 2012 $1,500, 2013 $12,500.

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Income Taxes
 3 Months Ended
Mar. 31, 2012
Income Taxes  
Income Taxes

Note 3 – Income Taxes

Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur.

 

At December 31, 2010 and 2011 the Company had net operating loss carryforwards of approximately $8,700 and $36,300 which will expire in 2029. The deferred tax asset of $1,736 and $7,257 created by the net operating losses has been offset by a 100% valuation allowance. The change in the valuation allowance in 2010 and 2011 was $1,181 and $5,521.
XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORIGINAL SOURCE ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 31 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Net Income (Loss):      
Revenues $ 147 $ 3,071 $ 7,110
Cost of sales     2,138
Gross profit 147 3,071 4,972
Operating expenses:      
General and administrative 5,666 9,733 46,742
Total operating expenses 5,666 9,733 46,742
Gain (loss) from operations (5,519) (6,662) (41,770)
Other income (expense):      
Interest expense (55) (30) (231)
Income (loss) before provision for income taxes (5,574) (6,692) (42,001)
Provision for income tax         
Net income (loss) $ (5,574) $ (6,692) $ (42,001)
Net income (loss) per share (Basic and fully diluted)         
Weighted average number of common shares outstanding 5,073,000 4,500,000   
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Document and Entity Information (USD $)
 3 Months Ended
Mar. 31, 2012
Document and Entity Information  
Entity Registrant Name Original Source Entertainment, Inc.
Document Type 10-Q
Document Period End Date Mar. 31, 2012
Amendment Flag false
Entity Central Index Key 0001500198
Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 5,073,000
Entity Public Float $ 0
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status No
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2012
Document Fiscal Period Focus Q1
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ORIGINAL SOURCE ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended 19 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2011
Cash Flows From Operating Activities:      
Net income (loss) during the development stage $ (5,574) $ (6,692) $ (42,001)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:      
Related party     952
Accrued payables 55 30 231
Compensatory stock issuances     3,000
Net cash provided by (used for) operating activities (5,519) (6,662) (37,818)
Cash Flows From Investing Activities:      
Net cash provided by (used for) investing activities         
Cash Flows From Financing Activities:      
Notes payable     16,000
Sale of common stock     30,150
Net cash provided by (used for) financing activities     46,150
Net Increase (Decrease) In Cash (5,519) (6,662) 8,332
Cash At The Beginning Of The Period 13,851 9,129  
Cash At The End Of The Period 8,332 2,467 8,332
None         
Supplemental Disclosure:      
Cash paid for interest         
Cash paid for income taxes         
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Organization, Operations and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2012
Organization, Operations and Summary of Significant Accounting Policies  
Organization, Operations and Summary of Significant Accounting Policies

Note 1 — Organization and Summary of Significant Accounting Policies

Organization

Original Source Entertainment, Inc.  (the “Company”) was incorporated on August 20, 2009 in the State of Nevada.  The Company has had limited activity and revenue and is in the development stage, and its intent is to license songs to the television and music industry for use in television shows or movies.

The Company has chosen December 31 as a year end.

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The  Company has suffered losses and has  limited working capital. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The Company may raise additional capital through the sale of its equity securities, through borrowing from individuals, or through borrowings from financial institutions. By doing so, the Company hopes through increased marketing efforts to generate greater royalty revenues from licensed songs. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern.

Principles of consolidation

 

The accompanying consolidated financial statements include the accounts of Original Source Entertainment, Inc.  and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements. The Company bases its estimates on historical experience, management expectations for future performance, and other assumptions as appropriate. Key areas affected by estimates include the assessment of the recoverability of long-lived assets, which is based on such factors as estimated future cash flows. The Company re-evaluates its estimates on an ongoing basis. Actual results may vary from those estimates.

Cash and cash equivalents

All cash and short-term investments with original maturities of three months or less are considered cash and cash equivalents, since they are readily convertible to cash. These short-term investments are stated at cost, which approximates fair value.

Property and equipment

The Company has no property or equipment at this time.

Revenue Recognition 

The Company utilizes the accrual method of accounting.  For revenue from product sales, the Company recognizes revenue in accordance with Staff Accounting Bulletin No. 104, “Revenue Recognition” (SAB No. 104), which superseded Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB No. 101).  SAB No. 104 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured.  Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts.  Provisions for discounts and rebates to customers, estimated returns and allowance, and other adjustments will be provided for in the same period the related sales are recorded.  Customers' prepayments are deferred until products are shipped and accepted by the customers.

Advertising expenses

Advertising costs are expensed when incurred. The Company’s marketing and advertising costs for 2010 and 2011 were $0 and $2,700.

Income taxes

Income taxes are accounted for in accordance with ASC 740, using the asset and liability method. 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 and tax credit carryforwards. 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. 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.  The Company is currently filing its income tax returns on the cash basis.

Earnings (loss) per share

The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.

Financial Instruments

 

The carrying value of the Company’s financial instruments as reported in the accompanying balance sheets, approximates fair value.

 

Products and services, geographic areas and major customers

 

The Company derives revenue from the licensing of songs to the television and music industry. It currently has no separate operating segments. The Company's sales are external and domestic.

 

Stock based compensation

 

The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.
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