0001014897-13-000417.txt : 20131115 0001014897-13-000417.hdr.sgml : 20131115 20131114181007 ACCESSION NUMBER: 0001014897-13-000417 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131115 DATE AS OF CHANGE: 20131114 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: 131221840 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 ose10q3q13v1.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 September 30, 2013


-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):



1




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, November 14, 2013:  Common Stock – 6,573,000




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

 

10

Item 3. Quantitative and Qualitative Disclosure About Market Risk

 

12

Item 4.  Controls and Procedures

 

13


PART II - OTHER INFORMATION


Item 1.  Legal Proceedings

 

14

Item 1A. Risk Factors

 

14

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

 

14

Item 3.  Defaults Upon Senior Securities

 

14

Item 4.  Mine Safety Disclosures

 

14

Item 5.  Other Information

 

14

Item 6.  Exhibits

 

14

 

 

 

SIGNATURES

 

15






3



Original Source Entertainment, Inc.

(A Development Stage Company)

Consolidated Balance Sheets


 

Dec. 31,

Sept. 30, 2013

 

2012

(Unaudited)

ASSETS

 

 

 

 

 

Current assets

 

 

      Cash

 $            1,118

 $                  608

             Total current assets

              1,118

                     608

 

 

 

Total Assets

 $            1,118

 $                  608

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities

 

 

      Related party payables

 $              952

 $                  952

      Accrued interest payable

                 403

                  1,454

      Notes payable - current

             17,000

         26,500

             Total current liabilities

             18,355

        28,906

 

 

 

      Notes payable

                     -

                         -

 

 

 

Total Liabilities

             18,355

           28,906

 

 

 

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;  

 

 

          6,573,000 shares issued and outstanding

              5,073

                  5,073

      Additional paid in capital

             28,077

                 44,577

      Deficit accumulated during the dev. stage

           (50,387)

               (77,948)

 

 

 

Total Stockholders' Equity

           (17,237)

       (28,298)

 

 

 

Total Liabilities and Stockholders' Equity

 $            1,118

 $                  608


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

 

 

 

 

 

Aug. 20, 2009

 

Three Months

Three Months

Nine Months

Nine Months

(Inception)

 

Ended

Ended

Ended

Ended

Through

 

Sept. 30, 2012

Sept. 30, 2013

Sept. 30, 2012

Sept. 30, 2013

Sept. 30, 2013

 

 

 

 

 

 

Royalty revenue

 $         23

 $       252

 $      561

 $   1,109

 $   8,993

Cost of sales

            -

             -

          -

        -

  2,138

Gross profit

         23

        252

     561

1,109

  6,855

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

     General and administrative

    4,754

    4,982

 12,927

 23,619

    79,349

 

   4,754

   4,982

12,927

 23,619

   79,349

 

 

 

 

 

 

Gain (loss) from operations

(4,731)

(4,730)

(12,366)

(22,510)

(72,494)

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

     Interest expense

(49)

(401)

(169)

(1,051)

 (1,454)

     Interest expense - beneficial conversion feature

     -

        -

        -

(4,000)

(4,000)

 

(49)

(401)

 (169)

(5,051)

(5,454)

 

 

 

 

 

 

Income (loss) before provision for income taxes

(4,780)

(5,131)

(12,535)

(27,561)

 (77,948)

 

 

 

 

 

 

Provision for income tax

           -

           -

             -

          -

 -

 

 

 

 

 

 

Net income (loss)

 $ (4,780)

 $(5,131)

 $(12,535)

 $(27,561)

 $(77,948)

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

(Basic and fully diluted)

(0.00)

(0.00)

(0.00)

(0.01)

 

 

 

 

 

 

 

Weighted average number of

 

 

 

 

 

common shares outstanding

4,500,000

4,500,000

4,500,000

4,500,000

 


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

 

Nine Months

Nine Months

(Inception)

 

Ended

Ended

Through

 

Sept. 30, 2012

Sept. 30, 2013

Sept. 30, 2013

 

 

 

 

Cash Flows From Operating Activities:

 

 

 

     Net income (loss) during the development stage

 $(12,535)

 $(27,561)

 $(77,948)

          

 

 

 

     Adjustments to reconcile net loss to

 

 

 

     net cash provided by (used for)

 

 

 

     operating activities:

 

 

 

         Related party payables

                      -

                      -

                  952

         Accrued payables

                  169

               1,051

               1,454

         Interest expense - beneficial conversion feature

                      -

               4,000

               4,000

         Compensatory stock issuances

                      -

                      -

               3,000

 

 

 

 

               Net cash provided by (used for)

 

 

 

               operating activities

 (12,366)

(22,510)

(68,542)

 

 

 

 

 

 

 

 

Cash Flows From Investing Activities:

 

 

 

 

                      -

                      -

                      -

               Net cash provided by (used for)

 

 

 

               investing activities

                      -

                      -

                      -


(Continued on next page)




6



Original Source Entertainment, Inc.

(A Development Stage Company)

Consolidated Statements of Cash Flows

(Unaudited)


 

 

 

Aug. 20, 2009

 

Nine Months

Nine Months

(Inception)

 

Ended

Ended

Through

 

Sept. 30, 2012

Sept. 30, 2013

Sept. 30, 2013

 

 

 

 

Cash Flows From Financing Activities:

 

 

 

     Notes payable - borrowings

          -

   9,500

 26,500

     Paid in capital

           -

12,500

12,500

     Sale of common stock

         -

           -

 30,150

               Net cash provided by (used for)

 

 

 

               financing activities

           -

22,000

 69,150

 

 

 

 

Net Increase (Decrease) In Cash

(12,366)

 (510)

       608

 

 

 

 

Cash At The Beginning Of The Period

     13,851

    1,118

             -

 

 

 

 

Cash At The End Of The Period

 $          1,485

 $             608

 $             608

 

 

 

 

 

 

 

 

Schedule Of Non-Cash Investing And Financing Activities

 

 

 

 

 

 

The Company in 2013 recorded $4,000 in paid in capital from a beneficial conversion feature on notes payable.

 

 

 

 

Supplemental Disclosure

 

 

 

 

 

 

 

Cash paid for interest

 $                   -

 $                   -

 $                   -

Cash paid for income taxes

 $                   -

 $                   -

 $                   -


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




7



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),



8



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.



9



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.




10




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 September 30, 2013, Original Source had a cash balance of $608, which represents a $510 decrease from the $1,118 balance at December 31, 2012.  The decrease was primarily the result of decreased revenues for the nine months ended September 30, 2013.


For the nine months ended September 30, 2013 and 2012, we did not pursue any investing activities.


For the nine months ended September 30, 2012, we did not pursue any financing activities.


For the nine months ended September 30, 2013, we received $9,500 from notes payable – borrowings and $12,500 from paid in capital.  As a result, we had net cash provided by financing activities of $22,000 for the nine months ended September 30, 2013.


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 $27,561 and $12,535 for the nine months ended September 30, 2013 and 2012, 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 September 30, 2013, we earned revenues of $252.  We paid general and administrative expenses of $4,982, and interest expenses of $401.  As a result, we had a net loss of $5,131 for the three months ended September 30, 2013.



11




For the three months ended September 30, 2012, we earned revenues of $23.  We had general and administrative expenses of $4,754 and interest expenses of $49.  As a result, we had a net loss of $4,780 for the three months ended September 30, 2012.


The $351 increase in net loss for the three months ended September 30, 2013 compared to the three months ended September 30, 2012 is primarily the result of increased general and administrative expenses and increased interest expenses.  Our $229 increase in revenue for the three months ended September 30, 2013 does not adequately counteract the losses from our increased general and administrative expenses and our increased interest expense.


For the nine months ended September 30, 2013, we earned revenues of $1,109.  We paid general and administrative expenses of $23,619, interest expenses of $1,051, and interest expense – beneficial conversion features of $4,000.  As a result, we had a net income of $27,561 for the nine months ended September 30, 2013.


Comparatively, for the nine months ended September 30, 2012, we earned revenues of $561.  We paid general and administrative expenses of $12,927 and interest expenses of $169.  As a result, we had a net loss of $12,535 for the nine months ended September 30, 2012.


The $10,692 difference in general and administrative expenses was due to the increased cost of our application and approval for DTC eligibility during the nine months ended September 30, 2013.


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.   


12



12



Item 4.  Controls and Procedures  


During the three months ended September 30, 2013, 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 September 30, 2013.  Based on this evaluation, our chief executive officer and principal financial officers have concluded such controls and procedures to be effective as of September 30, 2013 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.




13



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.




14



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: November 14, 2013


ORIGINAL SOURCE ENTERTAINMENT, INC.  


By: /s/Lecia L. Walker

Lecia L. Walker

Chief Executive Officer

Principal Financial Officer





15



EX-31 2 ose10q3q13ex31.htm EXHIBIT 31 302 Certification

302 CERTIFICATION


I, Lecia Walker, certify that:


         1. I have reviewed this 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: November 14, 2013


/s/Lecia L. Walker

    Lecia L. Walker

    Chief Executive Officer

    Principal Financial Officer




EX-32 3 ose10q3q13ex32.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 Quarterly Report of Original Source Entertainment, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2013 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


November 14, 2013




EX-101.INS 4 osok-20130930.xml XBRL INSTANCE DOCUMENT 10-Q 2013-09-30 false Original Source Entertainment, Inc. 0001500198 --12-31 0 Smaller Reporting Company Yes Yes No 2013 Q3 1118 608 1118 608 1118 608 952 952 403 1454 17000 26500 18355 28906 18355 28906 0 0 5073 5073 28077 44577 -50387 -77948 -17237 -28298 1118 608 23 252 561 1109 8993 0 0 0 0 2138 23 252 561 1109 6855 4754 4982 12927 23619 79349 4754 4982 12927 23619 79349 -4731 -4730 -12366 -22510 -72494 -49 -401 -169 -1051 -1454 0 0 0 -4000 -4000 -49 -401 -169 -5051 -5454 -4780 -5131 -12535 -27561 -77948 0 0 0 0 0 -4780 -5131 -12535 -27561 -77948 0 0 0 0 4500000 4500000 4500000 4500000 -12535 -27561 -77948 0 0 952 169 1051 1454 0 4000 4000 0 0 3000 -12366 -22510 -68542 0 0 0 0 9500 26500 0 12500 12500 0 0 30150 0 22000 69150 -12366 -510 608 13851 1118 0 1485 608 608 0 0 0 0 0 0 0 0 0 <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Original Source Entertainment, Inc. (the &#147;Company&#148;), 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. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Principles of consolidation</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Cash and cash equivalents</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Net income (loss) per share</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Income tax</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Revenue recognition</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Property and equipment</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Financial Instruments</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The carrying value of the Company&#146;s financial instruments, as reported in the accompanying balance sheet, approximates fair value. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Stock based compensation</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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 style='margin:0in;margin-bottom:.0001pt'>Original Source Entertainment, Inc. (the &#147;Company&#148;), 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. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Principles of consolidation</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Cash and cash equivalents</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Net income (loss) per share</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Income tax</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Revenue recognition</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Property and equipment</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Financial Instruments</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The carrying value of the Company&#146;s financial instruments, as reported in the accompanying balance sheet, approximates fair value. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Stock based compensation</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>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> 6573000 0001500198 2013-01-01 2013-09-30 0001500198 2013-09-30 0001500198 2012-12-31 0001500198 2012-07-01 2012-09-30 0001500198 2013-07-01 2013-09-30 0001500198 2012-01-01 2012-09-30 0001500198 2009-08-20 2013-09-30 0001500198 2011-12-31 0001500198 2009-08-19 iso4217:USD iso4217:USD shares shares EX-101.SCH 5 osok-20130930.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000140 - Disclosure - Note 1. 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Original Source Entertainment, Inc. (A Development Stage Company) - Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended 49 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Cash Flows From Operating Activities:      
Net income (loss) during the development stage $ (27,561) $ (12,535) $ (77,948)
Adjustment to reconcile net loss to net cash used by operating activities:      
Related party payables 0 0 952
Accrued payables 1,051 169 1,454
Interest expense - beneficial conversion feature 4,000 0 4,000
Compensatory stock issuances 0 0 3,000
Net cash provided by (used for) operating activities (22,510) (12,366) (68,542)
Cash Flows From Investing Activities:      
Net cash provided by (used for) investing activities 0 0 0
Cash Flows From Financing Activities:      
Notes payable - borrowings 9,500 0 26,500
Paid in capital 12,500 0 12,500
Sale of common stock 0 0 30,150
Net cash provided by (used for) financing activities 22,000 0 69,150
Net Increase (Decrease) in Cash (510) (12,366) 608
Cash Balance at beginning of period 1,118 13,851 0
Cash Balance at end of period 608 1,485 608
Schedule of Non-Cash Investing and Financing Activities      
The Company in 2013 recorded $4,000 in paid in capital from a beneficial conversion feature on notes payable 0 0 0
Supplemental Disclosure      
Cash paid for interest 0 0 0
Cash paid for income taxes $ 0 $ 0 $ 0
XML 12 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Net Income (loss) Per Share (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Net Income (loss) Per Share

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.

XML 13 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 14 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Business description and basis of presentation (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Business description and basis of presentation

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.

XML 15 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Cash and Cash Equivalents

Cash and cash equivalents

 

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

XML 16 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Income Tax (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Income Tax

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.

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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Use of Estimates

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.

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Organization, Operations and Summary of Significant Accounting Policies: Financial Instruments (Policies) Sheet http://www.originalsourcemusic.com/20130930/role/idr_DisclosureNote1OrganizationOperationsAndSummaryOfSignificantAccountingPoliciesFinancialInstrumentsPolicies Note 1. Organization, Operations and Summary of Significant Accounting Policies: Financial Instruments (Policies) false false R15.htm 000150 - Disclosure - Note 1. Organization, Operations and Summary of Significant Accounting Policies: Stock Based Compensation (Policies) Sheet http://www.originalsourcemusic.com/20130930/role/idr_DisclosureNote1OrganizationOperationsAndSummaryOfSignificantAccountingPoliciesStockBasedCompensationPolicies Note 1. Organization, Operations and Summary of Significant Accounting Policies: Stock Based Compensation (Policies) false false All Reports Book All Reports Process Flow-Through: 000020 - Statement - Original Source Entertainment, Inc. (A Development Stage Company) - Consolidated Balance Sheets Process Flow-Through: 000030 - Statement - Original Source Entertainment, Inc. (A Development Stage Company) - Consolidated Statements of Operations (Unaudited) Process Flow-Through: 000040 - Statement - Original Source Entertainment, Inc. 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Original Source Entertainment, Inc. (A Development Stage Company) - Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended 9 Months Ended 49 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Royalty revenue $ 252 $ 23 $ 1,109 $ 561 $ 8,993
Cost of sales 0 0 0 0 2,138
Gross profit 252 23 1,109 561 6,855
Operating Expenses:          
General and administrative 4,982 4,754 23,619 12,927 79,349
Total operating expenses 4,982 4,754 23,619 12,927 79,349
Gain (loss) from operations (4,730) (4,731) (22,510) (12,366) (72,494)
Other income (expense):          
Interest expense (401) (49) (1,051) (169) (1,454)
Interest expense - beneficial conversion feature 0 0 (4,000) 0 (4,000)
Total other income (expense) (401) (49) (5,051) (169) (5,454)
Income (loss) before provision for income taxes (5,131) (4,780) (27,561) (12,535) (77,948)
Provision for income tax 0 0 0 0 0
Net Income (loss) $ (5,131) $ (4,780) $ (27,561) $ (12,535) $ (77,948)
Net income (loss) per share (Basic and fully diluted) $ 0 $ 0 $ 0 $ 0  
Weighted Average Number of Common Shares Outstanding 4,500,000 4,500,000 4,500,000 4,500,000  
XML 22 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Financial Instruments (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Financial Instruments

Financial Instruments

 

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

XML 23 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1. Organization, Operations and Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2013
Notes  
Note 1. Organization, Operations and Summary of Significant Accounting Policies:

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.

XML 24 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Original Source Entertainment, Inc. (A Development Stage Company) - Consolidated Balance Sheets (USD $)
Sep. 30, 2013
Dec. 31, 2012
Current Assets    
Cash $ 608 $ 1,118
Total Current Assets 608 1,118
TOTAL ASSETS 608 1,118
Current Liabilities    
Related party payables 952 952
Accrued interest payable 1,454 403
Notes payable - current 26,500 17,000
Total Current Liabilities 28,906 18,355
Total Liabilities 28,906 18,355
Stockholders' Equity    
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.001 par value, 45,000,000 shares authorized; 6,573,000 shares issued and outstanding 5,073 5,073
Additional paid-in capital 44,577 28,077
Deficit accumulated during the development stage (77,948) (50,387)
Total Stockholders' Equity (28,298) (17,237)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 608 $ 1,118
XML 25 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Property and Equipment (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Property and Equipment

Property and equipment

 

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

XML 26 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Revenue Recognition (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Revenue Recognition

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.

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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Principles of Consolidation (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Principles of Consolidation

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.

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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Stock Based Compensation (Policies)
9 Months Ended
Sep. 30, 2013
Policies  
Stock Based Compensation

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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Document and Entity Information (USD $)
9 Months Ended
Sep. 30, 2013
Document and Entity Information:  
Entity Registrant Name Original Source Entertainment, Inc.
Document Type 10-Q
Document Period End Date Sep. 30, 2013
Amendment Flag false
Entity Central Index Key 0001500198
Current Fiscal Year End Date --12-31
Entity Public Float $ 0
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers Yes
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2013
Document Fiscal Period Focus Q3
Entity Common Stock, Shares Outstanding 6,573,000