10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2016

-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)

24 Turnberry Dr., Williamsville, NY	14221
(Address of Principal Executive Offices	(Zip Code)

Registrant's Telephone Number, Including Area Code: (708) 902-7450

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 x

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 x No ¨

The number of outstanding shares of the registrant's common stock as of May 18, 2016 was 5,073,000 shares of its $.001 par value common stock.

ORIGINAL SOURCE ENTERTAINMENT, INC.

FORM 10-Q

INDEX

PART 1 – FINANCIAL INFORMATION

		Page
Item 1.	Financial Statements	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	9
Item 3.	Quantitative and Qualitative Disclosures 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

2

Item 1. Financial Statements

ORIGINAL SOURCE ENTERTAINMENT, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(unaudited)

	March 31, 2016			Dec. 31, 2015
ASSETS
Current assets
Cash	$	1,816		$	1,838
Total current assets		1,816			1,838
Total Assets	$	1,816		$	1,838
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable	$	15,643		$	16,659
Accrued liabilities-related party		635			400
Advances  – related party		52,652			52,652
Convertible notes payable - related party, net of debt discount		17,634			13,619
Total current liabilities		86,564			83,330
Total Liabilities		86,564			83,330
Stockholders' Deficit
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding		-			-
Common stock, $0.001 par value; 45,000,000 shares authorized; 5,073,000 shares issued and outstanding		5,073			5,073
Additional paid in capital		99,186			93,483
Retained deficit		(189,007	)		(180,048	)
Total Stockholders' Deficit		(84,748	)		(81,492	)
Total Liabilities and Stockholders' Deficit	$	1,816		$	1,838

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

3

ORIGINAL SOURCE ENTERTAINMENT, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

	For The Three Months Ended March 31, 2016			For The Three Months Ended March 31, 2015
Revenues	$	102		$	113
Operating Expenses:
General and administrative		4,811			9,687
Total Operating Expenses		4,811			9,754
Operating Income		(4,709	)		(1,829	)
Other Income (Expense)
Interest Expense		(4,250	)		(11,583	)
Total Other Income (Expense)
Net Income Before Taxes		(8,959	)		(11,583	)
Income Tax provision		-			-
Net Income	$	(8,959	)	$	(11,583	)
Net Income Per Share:
Basic and Diluted	$	(0.00	)*	$	(0.00	)*
Weighted Average Number of Common Shares
Outstanding - Basic and Diluted		5,073,000			5,073,000

* Denotes a loss of less than $(0.01)

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

4

ORIGINAL SOURCE ENTERTAINMENT, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

	For The Three Months Ended March 31, 2016			For The Three Months Ended March 31, 2015
Cash Flows From Operating Activities:
Net Income For The Period	$	(8,959	)	$	(11,583	)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of debt discount		4,015			1,829
Changes in Operating Assets and Liabilities-
Accounts payable		(1,016	)		(9,837	)
Accrued liabilities, related party		235
Net Cash Used in Operating Activities		(5,725	)		(19,591	)
Cash Flows From Investing Activities:
Net Cash Provided by (Used in) Investing Activities		-			-
Cash Flows From Financing Activities:
Advances-related party					7,581
Advances under convertible notes payable-related party		5,703			12,000
Net Cash Provided by Financing Activities		5,703			19,581
Net Increase (Decrease) in Cash		(22	)		(10	)
Cash - Beginning of Period		1,838			205
Cash - End of Period	$	1,816		$	195
Non-Cash Financing and Investing Activities:
Gain on forgiveness or related party notes payable	$	-		$	31,144
Supplemental Disclosures
Cash paid in interest	$	-		$	-
Cash paid for income taxes	$	-		$	-

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

5

ORIGINAL SOURCE ENTERTAINMENT, INC.

NOTES TO THE CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015

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 (“Inception”). The Company’s intent is to license songs to the television and music industry for use for use in television shows or movies. The Company has had limited activity and revenue to date.

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is December 31.

Unaudited Interim Financial Information

The accompanying unaudited interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the "SEC") to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto contained in the information as part of the Company's Annual Report on Form 10-K, which was filed with the SEC on April 14, 2016.

Principles of consolidation

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

Use of Estimates

The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Basic and Diluted Earnings (Loss) Per Share

The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period.  Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive.

6

During the three months ended March 31, 2016 and 2015, the Company did have potentially dilutive debt instruments outstanding that has been excluded from the earnings per share calculation, as such an inclusion would have been anti-dilutive due to losses incurred by the Company in both period and, therefore, basic and diluted earnings (loss) per share are equal in both periods.

Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company other than those relating to Development Stage Entities as discussed above.

NOTE 2. GOING CONCERN

The Company has suffered a loss from operations and has negative cash flows from operations, and in all likelihood will be required to make significant future expenditures in connection with marketing efforts along with general administrative expenses. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions or related parties. By doing so, the Company hopes to generate sufficient capital to execute its business plan of licensing songs to the television and music industry for use for use in television shows or movies on an ongoing basis. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern.

NOTE 3: ADVANCES PAYABLE - RELATED PARTY

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders.  Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

As of March 31, 2016 and December 31, 2015, the amount outstanding under these advances payable was $52,652. The advances are non-interest bearing, due upon demand and unsecured. 

NOTE 4. CONVERTIBLE NOTES PAYABLE - RELATED PARTY

	March 31, 2016			December 31, 2015
Convertible Note A
Principal	$	3,255		$	3,255
Debt discount	$	-		($	465	)
Convertible Note B
Principal	$	6,000		$	6,000
Debt discount	$	-		($	500	)
Convertible Note C
Principal	$	6,000		$	6,000
Debt discount	$	-		($	1,500	)
Convertible Note D
Principal	$	3,260		$	3,260
Debt discount	($	1,956	)	($	2,608	)
Convertible Note E
Principal	$	1,500		$	1,500
Debt discount	($	1,059	)	($	1,323	)
Convertible Note F
Principal	$	5,703		$	-
Debt discount	($	5,069	)	$	-
Total convertible notes payable -non related party, net of debt discount	$	17,634		$	13,619

7

NOTE 5. SUBSEQUENT EVENTS

On February 5, 2014, the board of directors of the Company authorized the spin-off of Original Source Music, Inc. (“Original Source Music”), the Company’s wholly-owned subsidiary which holds all of its operations, to shareholders of record as of February 25, 2014. The spin-off was done in connection with a change of control of Original Source Entertainment. Under the terms of the spin-off, Original Source Music’s common shares, par value $0.001 per share, will be distributed on a pro-rata basis to each holder of the Company’s common shares on the record date without any consideration or action on the part of such holders, and the holders of Original Source Entertainment’s common shares as of the record date will become owners of 100 percent of Original Source Music’s common shares.

On May 13, 2016, the spin-off was completed due to the satisfactory resolution of all comments from the Securities and Exchange Commission to the Form 10 of Original Source Music and the Form 10’s effectiveness. In accordance with ASC 855-10, “Subsequent Events” the Company has analyzed its operations subsequent to March 31, 2016 to the date these financial statements were available to be issued. During this period, we did not have any significant subsequent events.

8

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

Forward-looking Statements

Statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operation, as well as in certain other parts of this quarterly report on Form 10-Q (as well as information included in oral statements or other written statements made or to be made by Original Source) that look forward in time, are forward-looking statements. 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 Quarterly 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.

General

We were incorporated under the laws of the State of Nevada on August 20, 2009. We are a development stage company, and our business from inception through to May 13, 2016 was to license songs to the television and music industry for use for use in television shows or movies. We have had limited activity and revenue to date. As of May 13, 2016, we spun-off Original Source Music, Inc. (“Original Source Music”), our wholly-owned subsidiary which holds all of our operations, to shareholders of record as of February 25, 2014. The spin-off was done in connection with a change of control of our company. Under the terms of the spin-off, Original Source Music’s common shares, par value $0.001 per share, will be distributed on a pro-rata basis to each holder of our common shares on the record date without any consideration or action on the part of such holders, and the holders of our common shares as of the record date will become owners of 100% of Original Source Music’s common shares. Accordingly, we are a blank check registrant as that term is defined in Rule 419(a)(2) of Regulation C of the Securities Act of 1933, because we have no a specific business plan and purpose. We do not have any definitive plans, proposals, arrangements or understandings with any representatives of the owners of any operating business or company regarding the possibility of an acquisition or merger, although we will entertain such a possibility from time to time.

We currently have no employees other than our sole officer, who are also our sole director.

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.

9

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, we have incurred losses of $8,959 and $11,583 for the three months ended March 31, 2016 and 2015, respectively, and have a working capital deficiency which raises substantial doubt about our 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.

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.

Results of Operations

For the three months ended March 31, 2016, we recognized revenues of $102, incurred general and administrative expenses of $4,811, amortized $4,015 of debt discount related to our convertible notes payable - related party and accrued $235 in interest for the note. As a result, we had a net loss of $8,959 for the three months ended March 31, 2016.

By comparison, for the three months ended March 31, 2015, we recognized revenues of $113, incurred general and administrative expenses of $9,687 and amortization of debt discount of $1,829. As a result, we had a net loss of $11,583 for the three months ended March 31, 2016.

General and administrative expenses, which consist of fees paid for legal, accounting, and auditing services, were incurred primarily to enable us to satisfy the requirements of a reporting company.

The 2,624 decrease in net loss for the three months ended March 31, 2016 compared to the three months ended March 31, 2015 is primarily the result of the decrease in general and administrative expenses and particularly in legal fees.

Liquidity and Capital Resources

At March 31, 2016, we had a cash balance of $1,816, which is a $22 decrease from the $1,838 balance at December 31, 2015. This decrease is a result of the operating loss exceeding the financings we received from related party borrowings.

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 $8,959 and $11,583 for the three months ended March 31, 2016 and 2015, respectively, and a working capital deficiency which raises substantial doubt about the Company’s ability to continue as a going concern.

On February 5, 2014, the board of directors of the Company authorized the spin-off of Original Source Music, Inc. (“Original Source Music”), the Company’s wholly-owned subsidiary which holds all of its operations, to shareholders of record as of February 25, 2014. The spin-off was done in connection with a change of control of Original Source Entertainment. Under the terms of the spin-off, Original Source Music’s common shares, par value $0.001 per share, will be distributed on a pro-rata basis to each holder of the Company’s common shares on the record date without any consideration or action on the part of such holders, and the holders of Original Source Entertainment’s common shares as of the record date will become owners of 100 percent of Original Source Music’s common shares.

On May 13, 2016, the spin-off was completed due to the satisfactory resolution of all comments from the Securities and Exchange Commission to the Form 10 of Original Source Music and the Form 10’s effectiveness. Accordingly, as of such date, we no longer have any operations or assets.

Management believes the Company will continue to incur losses and negative cash flows from operating activities for the foreseeable future, including as a result of the spin-off of our operating business as of May 13, 2016, and will need additional equity or debt financing to sustain its operations. 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 Company’s continuation as a going concern is dependent upon its ability to ultimately attain profitable operations, generate sufficient cash flow to meet its obligations, and obtain additional financing as may be required. Our auditors have included a “going concern” qualification in their auditors’ report dated April 14, 2016. Such a “going concern” qualification may make it more difficult for us to raise funds when needed. The outcome of this uncertainty cannot be assured.

The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

10

Operating Activities

During the three months ended March 31, 2016, we used $5,725 in operating activities compared to $19,591 during the three months ended March 31, 2015.

During the three months ended March 31, 2016 we incurred a loss of $8,959 which was partially offset for cash flow purposes by $4,015 in non-cash expenses and we reduced our balance of accounts payable and accrued liabilities by $1,016. By comparison, during the three months ended March 31, 2015, we incurred losses of $11,583 as we reduced our balance of accounts payable and accrued liabilities by $9,837.

Investing Activities

During the three month periods ended March 31, 2016 and 2015, we did not pursue any investing activities.

Financing Activities

During the three months ended March 31, 2016 we received $5,703 by way of convertible note payable – related from, by comparison, we received $19,581 from financing activities during the three months ended March 31, 2015 of which $12,000 was a related party, loan payable.

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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable for smaller reporting companies.  

Item 4. Controls and Procedures

During the three months ended March 31, 2015, there were no changes in our internal controls over financial reporting (as defined in Rule 13a- 15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our chief executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of March 31, 2016. Based on this evaluation, our chief executive officer and principal financial officer have concluded such controls and procedures to be effective as of March 31, 2016 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

11

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

The Company was not subject to any legal proceedings during the three month periods ended March 31, 2016 and 2016 and none are threatened or pending to the best of our knowledge and belief.

Item 1A.  Risk Factors

Not applicable for smaller reporting companies  

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

On February 16, 2016, a related party loaned the Company $5,703. The note is interest free until December 31, 2016 after which time it bears interest at 6%. The note is convertible at the option of the holder into shares of Original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by the par value (currently $0.001). The note has a balance of $5,703 as of March 31, 2016 and matures on March 31, 2017.

The above transaction was exempt under Section 4(a)(2) and/or 3(b) of the Securities Act of 1933, as amended, and the rules and regulations promulgated there under, including Regulations D, due to the fact that the investors were accredited investors, had acquired the securities for investment purposes and not with a view for re-distribution, and had access to sufficient information concerning the Company and Original Source Music.

Item 3.  Defaults Upon Senior Securities.

No senior securities were issued or outstanding during the three months ended March 31, 2016 or 2015.

Item 4.  Mine Safety Disclosures

Not applicable to our Company.

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

12

SIGNATURES

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

Dated: May 23, 2016
ORIGINAL SOURCE ENTERTAINMENT, INC.
By:	/s/ Amer Samad
	Amer Samad
	Chief Executive Officer
	(Principal Executive Officer)
	(Principal Financial Officer)

13

EX-31

Exhibit 31

ORIGINAL SOURCE ENTERTAINMENT, INC.

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES

EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Amer Samad, 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: May 23, 2016

/s/	Amer Samad
	Amer Samad
	Chief Executive Officer
	(Principal Executive Officer)
	(Principal Financial Officer)

EX-32

Exhibit 32 

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 March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Amer Samad, 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.

Date: May 23, 2016

/s/	Amer Samad
	Amer Samad
	Chief Executive Officer
	(Principal Executive Officer)
	(Principal Financial Officer)

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 18, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	Original Source Entertainment, Inc.
Entity Central Index Key	0001500198
Trading Symbol	OSOK
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,073,000

XML

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash	$ 1,816	$ 1,838
Total current assets	1,816	1,838
Total Assets	1,816	1,838
Current liabilities
Accounts payable	15,643	16,659
Accrued liabilities-related party	635	400
Advances - related party	52,652	52,652
Convertible notes payable - related party, net of debt discount	17,634	13,619
Total current liabilities	86,564	83,330
Total Liabilities	86,564	83,330
Stockholders' Deficit
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; 5,073,000 shares issued and outstanding	5,073	5,073
Additional paid in capital	99,186	93,483
Retained deficit	(189,007)	(180,048)
Total Stockholders' Deficit	(84,748)	(81,492)
Total Liabilities and Stockholders' Deficit	$ 1,816	$ 1,838

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CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	5,073,000	5,073,000
Common stock, shares outstanding	5,073,000	5,073,000

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CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues		$ 102	$ 113
Operating Expenses:
General and administrative		4,811	9,687
Total Operating Expenses		4,811	9,754
Operating Income		(4,709)	(1,829)
Other Income (Expense)
Interest Expense		(4,250)	(11,583)
Total Other Income (Expense)		0	0
Net Income Before Taxes		(8,959)	(11,583)
Income Tax Provision		0	0
Net Income		$ (8,959)	$ (11,583)
Net Income Per Share:
Basic and Diluted	[1]	$ (0.00)	$ (0.00)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted		5,073,000	5,073,000

[1] Denotes a loss of less than $(0.01)

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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Net Income For The Period	$ (8,959)	$ (11,583)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of debt discount	4,015	1,829
Changes in Operating Assets and Liabilities-
Accounts payable and accrued liabilities	(1,016)	(9,837)
Accrued liabilities, related party	235
Net Cash Used in Operating Activities	(5,725)	(19,591)
Cash Flows From Investing Activities:
Net Cash Provided by (Used in) Investing Activities	0	0
Cash Flows From Financing Activities:
Advances-related party		7,581
Advances under convertible notes payable-related party	5,703	12,000
Net Cash Provided by Financing Activities	5,703	19,581
Net Increase (Decrease) in Cash	(22)	(10)
Cash - Beginning of Period	1,838	205
Cash - End of Period	1,816	195
Non-Cash Financing and Investing Activities:
Gain on forgiveness or related party notes payable	0	31,144
Supplemental Disclosures
Cash paid in interest	0	0
Cash paid for income taxes	$ 0	$ 0

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ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2016

ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

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 (“Inception”). The Company’s intent is to license songs to the television and music industry for use for use in television shows or movies. The Company has had limited activity and revenue to date.

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is December 31.

Unaudited Interim Financial Information

The accompanying unaudited interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the "SEC") to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto contained in the information as part of the Company's Annual Report on Form 10-K, which was filed with the SEC on April 14, 2016.

Principles of consolidation

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

Use of Estimates

The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Basic and Diluted Earnings (Loss) Per Share

The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive.

During the three months ended March 31, 2016 and 2015, the Company did have potentially dilutive debt instruments outstanding that has been excluded from the earnings per share calculation, as such an inclusion would have been anti-dilutive due to losses incurred by the Company in both period and, therefore, basic and diluted earnings (loss) per share are equal in both periods.

Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company other than those relating to Development Stage Entities as discussed above.

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GOING CONCERN

3 Months Ended

Mar. 31, 2016

GOING CONCERN [Abstract]

GOING CONCERN

NOTE 2. GOING CONCERN

The Company has suffered a loss from operations and has negative cash flows from operations, and in all likelihood will be required to make significant future expenditures in connection with marketing efforts along with general administrative expenses. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions or related parties. By doing so, the Company hopes to generate sufficient capital to execute its business plan of licensing songs to the television and music industry for use for use in television shows or movies on an ongoing basis. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern.

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ADVANCES PAYABLE - RELATED PARTY

3 Months Ended

Mar. 31, 2016

ADVANCES PAYABLE - RELATED PARTY [Abstract]

ADVANCES PAYABLE - RELATED PARTY

NOTE 3: ADVANCES PAYABLE - RELATED PARTY

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

As of March 31, 2016 and December 31, 2015, the amount outstanding under these advances payable was $52,652. The advances are non-interest bearing, due upon demand and unsecured.

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CONVERTIBLE NOTES PAYABLE - RELATED PARTY

3 Months Ended

Mar. 31, 2016

CONVERTIBLE NOTES PAYABLE - RELATED PARTY [Abstract]

CONVERTIBLE NOTES PAYABLE - RELATED PARTY

NOTE 4. CONVERTIBLE NOTES PAYABLE - RELATED PARTY

	March 31, 2016		December 31, 2015
Convertible Note A
Principal	$	3,255	$	3,255
Debt discount	$	-	($	465)
Convertible Note B
Principal	$	6,000	$	6,000
Debt discount	$	-	($	500)
Convertible Note C
Principal	$	6,000	$	6,000
Debt discount	$	-	($	1500)
Convertible Note D
Principal	$	3,260	$	3,260
Debt discount	($	1956)	($	2,608)
Convertible Note E
Principal	$	1,500	$	1,500
Debt discount	($	1059)	($	1323)
Convertible Note F
Principal	$	5,703	$	-
Debt discount	($	5069)	$	-
Total convertible notes payable -non related party, net of debt discount	$	17,634	$	13,619

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2016

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 5. SUBSEQUENT EVENTS

On February 5, 2014, the board of directors of the Company authorized the spin-off of Original Source Music, Inc. (“Original Source Music”), the Company’s wholly-owned subsidiary which holds all of its operations, to shareholders of record as of February 25, 2014. The spin-off was done in connection with a change of control of Original Source Entertainment. Under the terms of the spin-off, Original Source Music’s common shares, par value $0.001 per share, will be distributed on a pro-rata basis to each holder of the Company’s common shares on the record date without any consideration or action on the part of such holders, and the holders of Original Source Entertainment’s common shares as of the record date will become owners of 100 percent of Original Source Music’s common shares.

On May 13, 2016, the spin-off was completed due to the satisfactory resolution of all comments from the Securities and Exchange Commission to the Form 10 of Original Source Music and the Form 10’s effectiveness. In accordance with ASC 855-10, “Subsequent Events” the Company has analyzed its operations subsequent to March 31, 2016 to the date these financial statements were available to be issued. During this period, we did not have any significant subsequent events.

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ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2016

ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is December 31.

Unaudited Interim Financial Information

The accompanying unaudited interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the "SEC") to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto contained in the information as part of the Company's Annual Report on Form 10-K, which was filed with the SEC on April 14, 2016.

Principles of consolidation

Principles of consolidation

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

Use of Estimates

Use of Estimates

The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Basic and Diluted Earnings (Loss) Per Share

Basic and Diluted Earnings (Loss) Per Share

The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive.

During the three months ended March 31, 2016 and 2015, the Company did have potentially dilutive debt instruments outstanding that has been excluded from the earnings per share calculation, as such an inclusion would have been anti-dilutive due to losses incurred by the Company in both period and, therefore, basic and diluted earnings (loss) per share are equal in both periods.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company other than those relating to Development Stage Entities as discussed above.

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CONVERTIBLE NOTES PAYABLE - RELATED PARTY (Tables)

3 Months Ended

Mar. 31, 2016

CONVERTIBLE NOTES PAYABLE - RELATED PARTY [Abstract]

Schedule of Convertible Notes Payable

	March 31, 2016		December 31, 2015
Convertible Note A
Principal	$	3,255	$	3,255
Debt discount	$	-	($	465)
Convertible Note B
Principal	$	6,000	$	6,000
Debt discount	$	-	($	500)
Convertible Note C
Principal	$	6,000	$	6,000
Debt discount	$	-	($	1500)
Convertible Note D
Principal	$	3,260	$	3,260
Debt discount	($	1956)	($	2,608)
Convertible Note E
Principal	$	1,500	$	1,500
Debt discount	($	1059)	($	1323)
Convertible Note F
Principal	$	5,703	$	-
Debt discount	($	5069)	$	-
Total convertible notes payable -non related party, net of debt discount	$	17,634	$	13,619

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ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Tax assets (liabilities)	$ 0	$ 0

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ADVANCES PAYABLE - RELATED PARTY (Details Textual) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Amount outstanding	$ 52,652	$ 52,652

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CONVERTIBLE NOTES PAYABLE - RELATED PARTY (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Total convertible notes payable -non related party, net of debt discount	$ 17,634	$ 13,619
Convertible Note A [Member]
Related Party Transaction [Line Items]
Principal	3,255	3,255
Debt discount	0	(465)
Convertible Note B [Member]
Related Party Transaction [Line Items]
Principal	6,000	6,000
Debt discount	0	(500)
Convertible Note C [Member]
Related Party Transaction [Line Items]
Principal	6,000	6,000
Debt discount	0	(1,500)
Convertible Note D [Member]
Related Party Transaction [Line Items]
Principal	3,260	3,260
Debt discount	(1,956)	(2,608)
Convertible Note E [Member]
Related Party Transaction [Line Items]
Principal	1,500	1,500
Debt discount	(1,059)	(1,323)
Convertible Note F [Member]
Related Party Transaction [Line Items]
Principal	5,703	0
Debt discount	$ (5,069)	$ 0

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SUBSEQUENT EVENTS (Details Textual) - $ / shares	Mar. 31, 2016	Dec. 31, 2015	Feb. 05, 2014
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001	$ 0.001
Noncontrolling Interest, Ownership Percentage by Parent			100.00%