Original Source Entertainment Form 10-Q

0001014897-12-000232.txt : 20120815 0001014897-12-000232.hdr.sgml : 20120815 20120815131324 ACCESSION NUMBER: 0001014897-12-000232 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120815 DATE AS OF CHANGE: 20120815 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: 000-54716 FILM NUMBER: 121036429 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 ose10q2q12v1.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 June 30, 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, August 15, 2012: Common Stock – 5,073,000

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

ORIGINAL SOURCE ENTERTAINMENT, INC.

(A Development Stage Company)

CONSOLIDATED BALANCE SHEETS


		Dec. 31,	June 30, 2012
		2011	(Unaudited)

ASSETS

	Current assets
	Cash	$13,851	$6,046
	Total current assets	13,851	6,046

	Total Assets	$13,851	$6,046


LIABILITIES & STOCKHOLDERS' EQUITY

	Current liabilities
	Related party payables	$952	$952
	Accrued interest payable	176	296
	Notes payable - current	3,500	3,500
	Total current liabilities	4,628	4,748

	Notes payable	12,500	12,500

	Total Liabilities	17,128	17,248

	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)	(44,352)

	Total Stockholders' Equity	(3,277)	(11,202)

	Total Liabilities and Stockholders' Equity	$13,851	$ 6,046

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

ORIGINAL SOURCE ENTERTAINMENT, INC.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


					Aug. 20, 2009
	Three Months	Three Months	Six Months	Six Months	(Inception)
	Ended	Ended	Ended	Ended	Through
	June 30, 2011	June 30, 2012	June 30, 2011	June 30, 2012	June 30, 2012

Royalty revenue	$1,218	$391	$4,289	$538	$7,501
Cost of sales	-	-	-	-	2,138
Gross profit	1,218	391	4,289	538	5,363

Operating expenses:
General and administrative	2,400	2,677	12,133	8,343	49,419
	2,400	2,677	12,133	8,343	49,419

Gain (loss) from operations	(1,182)	(2,286)	(7,844)	(7,805)	(44,056)

Other income (expense):
Interest expense	(38)	(65)	(68)	(120)	(296)


Income (loss) before provision for income taxes	(1,220)	(2,351)	(7,912)	(7,925)	(44,352)

Provision for income tax	-	-	-	-	-

Net income (loss)	$(1,220)	$(2,351)	$(7,912)	$(7,925)	$(44,352)

Net income (loss) per share
(Basic and fully diluted)	(0.00)	(0.00)	(0.00)	(0.00)

Weighted average number of
common shares outstanding	4,500,000	4,500,000	4,083,333	4,500,000

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

ORIGINAL SOURCE ENTERTAINMENT, INC.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


				Aug. 20, 2009
	Six Months		Six Months	(Inception)
	Ended		Ended	Through
	June 30, 2011		June 30, 2012	June 30, 2012

Cash Flows From Operating Activities:
Net income (loss) during the development stage		$(7,912)	$(7,925)	$(44,352)
Adjustments to reconcile net loss to
net cash provided by (used for)
operating activities:
Related party payables	-		-	952
Accrued payables	68		120	296
Compensatory stock issuances	-		-	3,000
Net cash provided by (used for)
operating activities	(7,844)		(7,805)	(40,104)

Cash Flows From Investing Activities:
	-		-	-
Net cash provided by (used for)
investing activities	-		-	-


Cash Flows From Financing Activities:
Notes payable - borrowings	3,500	-	16,000
Sale of common stock	-	-	30,150
Net cash provided by (used for)
financing activities	3,500	-	46,150

Net Increase (Decrease) In Cash	(4,344)	(7,805)	6,046

Cash At The Beginning Of The Period	9,129	13,851	-
Cash At The End Of The Period	$4,785	$6,046	$6,046

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.

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.

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 collectability 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.

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.

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 June 30, 2012, Original Source had a cash balance of $6,046, which represents a $7,805 decrease from the $13,851 balance at December 31, 2011. The decrease was primarily the result of increased general and administrative expenses.

For the six months ended June 30, 2012 and 2011, we did not pursue any investing activities.

For the six months ended June 30, 2012, we did not pursue any financing activities. For the six months ended June 30, 2011, we received $3,500 from notes payable – borrowings, resulting in net cash provided by financing activities for the period of $3,500.

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 $7,805 and $7,844 for the six months ended June 30, 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 and six months ended June 30, 2012 compared to the three and six months ended June 30, 2011, and for the period from August 20, 2009 (Inception) through June 30, 2012.

For the three months ended June 30, 2012, we received royalty revenues of $391, had general and administrative expenses of $2,677 and interest expense of $65, resulting in a net loss of $2,351 for the period.

Comparatively, for the three months ended June 30, 2011, we received royalty revenues of $1,218, had general and administrative expenses of $2,400 and interest expenses of $38, resulting in a net loss of $1,220 for the period.

For the six months ended June 30, 2012, we received royalty revenues of $538, had general and administrative expenses of $8,343, and had interest expense of $120, resulting in a net loss of $7,925 for the period.

Comparatively, for the six months ended June 30, 2011, we received royalty revenues of $4,289, had general and administrative expenses of $12,133, and had interest expense of $68, resulting in a net loss of $7,912 for the period.

For the period from August 20, 2009 (Inception) through June 30, 2012, we received royalty revenues of $7,501 and had cost of sales of $2,138, resulting in a gross profit of $5,363. We had general and administrative expenses of $49,419 and interest expense of $296, resulting in net loss of $44,352 for the period.

Management made continued efforts to reduce general and administrative expenses for the three and six months ended June 30, 2012 and 2011, and for the period from August 20, 2009 (Inception) through June 30, 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 and six months ended June 30, 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 June 30, 2012. Based on this evaluation, our chief executive officer and principal financial officers have concluded such controls and procedures to be effective as of June 30, 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.

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.

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: August 15, 2012

ORIGINAL SOURCE ENTERTAINMENT, INC.

By: /s/Lecia L. Walker

Lecia L. Walker

Chief Executive Officer

Principal Financial Officer

EX-31 2 ose10q2q12ex31.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: August 15, 2012

/s/Lecia L. Walker

Lecia L. Walker

Chief Executive Officer

Principal Financial Officer

EX-32 3 ose10q2q12ex32.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 June 30, 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

August 15, 2012

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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.   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 collectability 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 Companys 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.         5073000 0001500198 2012-04-01 2012-06-30 0001500198 2012-06-30 0001500198 2011-12-31 0001500198 2011-04-01 2011-06-30 0001500198 2011-01-01 2011-06-30 0001500198 2012-01-01 2012-06-30 0001500198 2009-08-20 2012-06-30 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

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ORIGINAL SOURCE ENTERTAINMENT, INC. CONSOLIDATED BALANCE SHEETS (USD $)

Jun. 30, 2012

Dec. 31, 2011

Current assets

Cash

$ 6,046

$ 13,851

Total current assets

6,046

13,851

Total Assets

6,046

13,851

Current liabilities

Related party payables

952

Accrued interest payable

296

176

Notes payable - current

3,500

Total current liabilities

4,748

4,628

Notes payable - noncurrent

12,500

Total Liabilities

17,248

17,128

Stockholders' Equity

Preferred stock

^[1]

Common stock

5,073

^[2]

5,073

^[3]

Additional paid in capital

28,077

Deficit accumulated during the dev. stage

(44,352)

(36,427)

Total Stockholders' Equity

(11,202)

(3,277)

Total Liabilities and Stockholders' Equity

$ 6,046

$ 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

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ORIGINAL SOURCE ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		34 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Net Income (Loss):
Royalty Revenues	$ 391	$ 1,218	$ 538	$ 4,289	$ 7,501
Cost of sales					2,138
Gross profit	391	1,218	538	4,289	5,363
Operating expenses:
General and administrative	2,677	2,400	8,343	12,133	49,419
Total operating expenses	2,677	2,400	8,343	12,133	49,419
Gain (loss) from operations	(2,286)	(1,182)	(7,805)	(7,844)	(44,056)
Other income (expense):
Interest expense	(65)	(38)	(120)	(68)	(296)
Income (loss) before provision for income taxes	(2,351)	(1,220)	(7,925)	(7,912)	(44,352)
Provision for income tax
Net income (loss)	$ (2,351)	$ (1,220)	$ (7,925)	$ (7,912)	$ (44,352)
Net income (loss) per share (Basic and fully diluted)
Weighted average number of common shares outstanding	4,500,000	4,500,000	4,500,000	4,083,333

XML 15 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information (USD $)	3 Months Ended
Document and Entity Information (USD $)	Jun. 30, 2012
Document and Entity Information:
Entity Registrant Name	Original Source Entertainment, Inc.
Document Type	10-Q
Document Period End Date	Jun. 30, 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	Q2

XML 16 R4.htm IDEA: XBRL DOCUMENT

ORIGINAL SOURCE ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		34 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Cash Flows From Operating Activities:
Net income (loss) during the development stage	$ (7,925)	$ (7,912)	$ (44,352)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Related party			952
Accrued payables	120	68	296
Compensatory stock issuances			3,000
Net cash provided by (used for) operating activities	(7,805)	(7,844)	(40,104)
Cash Flows From Investing Activities:
Net cash provided by (used for) investing activities
Cash Flows From Financing Activities:
Notes payable		3,500	16,000
Sale of common stock			30,150
Net cash provided by (used for) financing activities		3,500	46,150
Net Increase (Decrease) In Cash	(7,805)	(4,344)	6,046
Cash At The Beginning Of The Period	13,851	9,129
Cash At The End Of The Period	6,046	4,785	6,046
Schedule Of Non-Cash Investing And Financing Activities
None
Supplemental Disclosure:
Cash paid for interest
Cash paid for income taxes

XML 17 R5.htm IDEA: XBRL DOCUMENT

Organizations, Operations and Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2012

Organizations, Operations and Summary of Significant Accounting Policies:

Organizations, Operations and Summary of Significant Accounting Policies

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

Basis of Presentation

Principles of 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

Net income (loss) per share

Income tax

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 collectability 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

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