0001493152-20-004092.txt : 20200316 0001493152-20-004092.hdr.sgml : 20200316 20200316173019 ACCESSION NUMBER: 0001493152-20-004092 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 32 CONFORMED PERIOD OF REPORT: 20200131 FILED AS OF DATE: 20200316 DATE AS OF CHANGE: 20200316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Goliath Film & Media Holdings CENTRAL INDEX KEY: 0000820771 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE & VIDEO TAPE DISTRIBUTION [7822] IRS NUMBER: 272895668 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18945 FILM NUMBER: 20718380 BUSINESS ADDRESS: STREET 1: 640 S SAN VICENTE BOULEVARD STREET 2: FIFTH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90048 BUSINESS PHONE: 2135375730 MAIL ADDRESS: STREET 1: 640 S SAN VICENTE BOULEVARD STREET 2: FIFTH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90048 FORMER COMPANY: FORMER CONFORMED NAME: CHINA ADVANCED TECHNOLOGY DATE OF NAME CHANGE: 20110531 FORMER COMPANY: FORMER CONFORMED NAME: CHINA ADVANCED TECHOLOGY DATE OF NAME CHANGE: 20100622 FORMER COMPANY: FORMER CONFORMED NAME: WESTMARK GROUP HOLDINGS INC DATE OF NAME CHANGE: 19940808 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

 

FORM 10-Q

 

 

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

 

For the quarterly period ended January 31, 2020

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                     to                        Commission File Number 000-18945

 

GOLIATH FILM AND MEDIA HOLDINGS

(Exact name of registrant as specified in its charter)

 

Nevada   84-1055077

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

112 N. Curry Street, Carson City, Nevada   89703
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number (310) 467-0721

 

Indicate by check mark whether registrant (1) has filed all reports 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. [X] Yes [  ] 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 (§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). [X]Yes [  ] No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):

 

Large accelerated filer [  ] Accelerated filer [  ]
Non-accelerated filer [X] Smaller reporting company [X]
Emerging growth company [  ]    

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. [  ]

 

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

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, $0.001 par value   GFMH   OTCBB

 

There were 138,964,917 shares of common stock $0.001 par value, issued and outstanding as March 16, 2020.

 

 

 

   

 

 

GOLIATH FILM AND MEDIA HOLDINGS

 

Page(s)
PART I – FINANCIAL INFORMATION  
   
Item 1. Financial Statements  
   
Condensed Consolidated Balance Sheets as of January 31, 2020 (unaudited) and April 30, 2019 4
   
Condensed Consolidated Statements of Operations for the three and nine months ended January 31, 2020 and 2019 (unaudited) 5
   
Condensed Consolidated Statements of Stockholders’ Deficit for the three and nine months ended January 31, 2020 and 2019 (unaudited) 6
   
Condensed Consolidated Statements of Cash Flows for the nine months ended January 31, 2020 and 2019 (unaudited) 7
   
Notes to the Condensed Consolidated Financial Statements (unaudited) 8
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 21
   
Item 4. Controls and Procedures 21
   

PART II – OTHER INFORMATION

 
   
Item 1. Legal Proceedings 22
   
Item 1A. Risk Factors 22
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22
   
Item 3. Defaults Upon Senior Securities 22
   
Item 4. Mine Safety Disclosures 22
   
Item 5. Other Information 22
   
Item 6. Exhibits 22
   
Signatures 23

 

 2 

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

 

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

 

The results for the periods ended January 31, 2020 are not necessarily indicative of the results of operations for the full year.

 

 3 

 

 

GOLIATH FILM AND MEDIA HOLDINGS

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   January 31 2020   April 30, 2019 
   (unaudited)     
ASSETS          
Current assets          
Cash  $198   $822 
Deposits   299    299 
Total current assets   497    1,121 
           
Total assets  $497   $1,121 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
Current liabilities          
Accounts payable and accrued expenses  $13,504   $19,010 
Accounts payable – related party   54,465    34,863 
Total current liabilities   67,969    53,873 
           
Total liabilities   67,969    53,873 
           
Commitments and contingencies        
           
Stockholders’ deficit          
Preferred stock, $0.001 par value, 1,000,000  shares authorized; no shares issued and outstanding  at January 31, 2020 and April 30, 2019, respectively        
           
Common stock, $0.001 par value, 300,000,000 shares  authorized; 138,964,917 and 138,964,917 shares  issued and outstanding, at January 31, 2020 and April 30, 2019, respectively   138,966    138,966 
Additional paid in capital   451,500    451,500 
Common stock to be issued   381,532    381,532 
Accumulated deficit   (1,039,470)   (1,024,750)
Total stockholders’ deficit   (67,472)   (52,752)
           
Total liabilities and stockholders’ deficit  $497   $1,121 

 

See accompanying notes to unaudited condensed consolidated financial statements

 

 4 

 

 

GOLIATH FILM AND MEDIA HOLDINGS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   For the Nine Months Ended   For the Three Months Ended 
   January 31,   January 31, 
   2020   2019   2020   2019 
                 
Film production revenues  $13,954    10,873   $3,361    10,873 
Cost of sales                
Gross profit   13,954    10,873    3,361    10,873 
                     
Operating expenses                    
General and administrative   28,674    30,900    3,380    7,716 
Total operating expenses   14,720    30,900    3,380    7,716 
                     
Profit (loss) from operations   (14,720)   (20,027)   (19)   3,157 
                     
Profit (loss) before income tax   (14,720)   (20,027)   (19)   3,157 
                     
Provision for income taxes                
                     
Net profit (loss)  $(14,720)  $(20,027)  $(19)  $3,157 
                     
Net loss per share of common stock:                    
Basic  $(0.00)  $(0.00)  $(0.00)  $0.00 
Diluted  $(0.00)  $(0.00)  $(0.00)  $(0.00)
                     
Weighted average shares outstanding                    
Basic   138,964,917    138,964,917    138,964,917    138,964,917 
Diluted   138,964,917    138,964,917    138,964,917    138,964,917 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 5 

 

 

GOLIATH FILM AND MEDIA HOLDINGS

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

 

                  
       Additional   Common       Total 
   Common Stock   Paid in   Stock to   Accumulated   Stockholders’ 
   Shares   Amount   Capital   be Issued   Deficit   Deficit 
                         
Balances, November 1, 2018   138,964,917   $138,966   $451,500   $378,442   $(1,021,849)  $(52,941)
Common stock to be issued – related parties               3,090        3,090 
Net profit, three months ended January 31, 2019                   3,157    3,157 
Balances, January 31, 2019   138,964,917   $138,966   $451,500   $381,532   $(1,018,692)  $(46,694)
                               
Balances, November 1, 2019   138,964,917   $138,966   $451,500   $381,532   $(1,039,451)  $(67,453)
Net loss, three months ended January 31, 2020                   (19)   (19)

Balances, January 31, 2020

   138,964,917   $138,966   $451,500   $381,532   $(1,039,470)  $(67,472)
                               
Balances, May 1, 2018   138,964,917   $138,966   $451,500   $378,442   $(998,665)  $(29,757)
Common stock to be issued – related parties               3,090        3,090 
Net loss, nine months ended January 31, 2019                   (20,027)   (20,027)
Balances, January 31, 2019   138,964,917   $138,966   $451,500   $381,532   $(1,018,692)  $(46,694)
                               
Balances, May 1, 2019   138,964,917   $138,966   $451,500   $381,532   $(1,024,750)  $(52,752)
Net loss, nine months ended January 31, 2020                   (14,720)   (14,720)

Balances, January 31, 2020

   138,964,917   $138,966   $451,500   $381,532   $(1,039,470)  $(67,472)

 

See accompanying notes to consolidated financial statements

 

 6 

 

 

GOLIATH FILM AND MEDIA HOLDINGS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

   For the Nine Months Ended, 
   January 31, 2020   January 31, 2019 
         
Cash flows from operating activities          
Net loss  $(14,720)  $(20,027)
Adjustments to reconcile net loss to net cash used in operating activities:          
Expenses paid on behalf of company – related party   19,602    21,813 
Changes in operating assets and liabilities:          
Accounts payable and accrued expenses   (5,506)   929 
Net cash provided by (used in) operating activities   (624)   2,715 
           
Cash flows from investing activities          
None        
Net cash provided by investing activities        
           
Cash flows from financing activities          
None        
Net cash used in financing activities        
           
Net change in cash and cash equivalent   (624)   2,715 
Cash and cash equivalent at beginning of period   822    494 
Cash and cash equivalent at end of period  $198   $3,209 
           
Non-cash investing and financing activities:          
Settlement of accounts payable – related party for common stock to be issued  $   $3,090 
           
Supplemental Disclosure of cash flow Information:          
Cash paid for interest  $   $ 
Cash paid for taxes  $   $ 

 

See accompanying notes to unaudited condensed consolidated financial statements

 

 7 

 

 

GOLIATH FILM AND MEDIA HOLDINGS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2020 AND 2019

 

NOTE 1 – CONDENSED FINANCIAL STATEMENTS

 

The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results and operations and cash flows at January 31, 2020 and for all periods presented herein, have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April 30, 2019 and 2018 audited financial statements filed on Form 10-K on August 9, 2019. The results of operations for the periods ended January 31, 2020 and 2019 are not necessarily indicative of the operating results for the full years.

 

NOTE 2 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

On October 31, 2011 (the “Closing Date”), China Advanced Technology (an entity formed on February 16, 2010 in the State of Nevada) acquired Goliath Film and Media International, a California corporation, by issuing 47,000,000 shares of its Common Stock, constituting 70.1% of the outstanding shares after giving effect to their issuance and the cancellation of 15,619,816 shares held by China Advanced Technology’s prior control person. Immediately following the Closing, 67,100,000 shares were issued and outstanding. On the Closing Date, the name of China Advanced Technology was changed to Goliath Film and Media Holdings (“Goliath” or “the Company”). All share numbers herein have been adjusted for an eight-for-1 forward stock split affected as of the Closing Date. The forward stock split was reflected in the trading market on February 13, 2012. The transaction was accounted for as a reverse acquisition in which Goliath Film and Media International is deemed to be the accounting acquirer, and the prior operations of Goliath (formerly China Advanced Technology) are consolidated for accounting purposes. Since Goliath had no operations, assets, or liabilities as of the Closing, no audit of that entity was required under the materiality thresholds of Regulation S-X Rule 8-04.

 

Organization, Nature of Business and Trade Name

 

The Company is engaged in the production and distribution of motion pictures and television content. The Company has realized revenues from its planned principal business purpose however these revenues are declining with no additional revenues presently being anticipated.

 

Principles of Consolidation

 

The accompanying condensed consolidated financial statements includes the accounts of Goliath Film and Media Holdings and its subsidiary, Goliath Film and Media International (“Goliath” or “the Company”). All intercompany accounts and transactions have been eliminated.

 

Basis of Presentation

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.

 

Use of Estimates

 

The preparation of financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements’ estimates or assumptions could have a material impact on the Company’s financial condition and results of operations during the period in which such changes occurred.

 

 8 

 

 

GOLIATH FILM AND MEDIA HOLDINGS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2020 AND 2019

 

Actual results could differ from those estimates. The Company’s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented.

 

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

 

Accounts Receivable

 

Accounts receivable, if any, are carried at the expected net realizable value. The allowance for doubtful accounts, when determined, will be based on management’s assessment of the collectability of specific customer accounts and the aging of the accounts receivable. If there were a deterioration of a major customer’s creditworthiness, or actual defaults were higher than historical experience, our estimates of the recoverability of the amounts due to us could be overstated, which could have a negative impact on operations.

 

The Company currently does not have any accounts receivable. The above accounting policies will be adopted upon the Company carrying accounts receivable.

 

Films and Television Costs

 

The Company capitalizes production costs for films produced in accordance with ASC 926-20, “Entertainment-Films – Other Assets – Film Costs”. Accordingly, production costs are capitalized at actual cost and then charged against revenue quarterly as a cost of production based on the relative fair value of the film(s) delivered and recognized as revenue. The Company evaluates its capitalized production costs annually and limits recorded amounts by its ability to recover such costs through expected future sales.

 

Revenue Recognition

 

On January 1, 2018, the Company adopted Accounting Standards Codification ASC 606 (“ASC 606”), Revenue from Contracts with Customers, using the modified retrospective approach for all contracts not completed as of the date of adoption. Results for the reporting periods beginning on January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with accounting under ASC 605, Revenue Recognition. As a result of adopting ASC 606, amounts reported under ASC 606 were not materially different from amounts that would have been reported under the previous revenue guidance of ASC 605, as such, there was no cumulative adjustment to retained earnings.

 

The Company generates all of its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services. The Company determines revenue recognition through the following steps:

 

  1. Identification of the contract, or contracts, with a customer.
  2. Identification of the performance obligations in the contract.
  3. Determination of the transaction price.
  4. Allocation of the transaction price to the performance obligations in the contract.
  5. Recognition of revenue when, or as, we satisfy a performance obligation.

 

At contract inception, the Company assesses the services promised in our contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. The Company allocates the transaction prices to the performance obligations.

 

 9 

 

 

GOLIATH FILM AND MEDIA HOLDINGS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2020 AND 2019

 

The Company provides for an allowance for doubtful accounts based on history and experience considering economic and industry trends. The Company does not have any off-Balance Sheet exposure related to its customers.

 

The Company recognizes revenue when the distributor confirms to the Company that the film has been delivered to the distributor with all technical and document deliveries received, waived or deferred and the film has been entered into the distributor’s rights system.

 

The Company evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when the Company is primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. The Company generally records the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. The Company records all revenue transactions at the gross sale price.

 

For the three and nine months ended January 31, 2020 and 2019, the Company had $3,361 and $10,873 and $13,954 and $10,873, respectively, of recorded revenue.

 

Advertising

 

Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no advertising expense for the three and nine months ended January 31, 2020 and 2019.

 

Research and Development

 

All research and development costs are expensed as incurred. There was no research and development expense for the three and nine months ended January 31, 2020 and 2019.

 

Income Tax

 

We account for income taxes under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 740, Income Taxes (“ASC 740”). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

Fair Value of Financial Instruments

 

The Company follows the provisions of ASC 820. This Topic defines fair value, establishes a measurement framework and expands disclosures about fair value measurements.

 

The Company uses fair value measurements for determining the valuation of derivative financial instruments payable in shares of its common stock. This primarily involves option pricing models that incorporate certain assumptions and projections to determine fair value. These require management’s judgment.

 

Fair Value Measurements

 

FASB ASC Topic 825, Financial Instruments, requires disclosures about fair value of financial instruments in quarterly reports as well as in annual reports. For the Company, this statement applies to certain investments and long-term debt. Also, the FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.

 

 10 

 

 

GOLIATH FILM AND MEDIA HOLDINGS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2020 AND 2019

 

Various inputs are considered when determining the value of the Company’s investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below.

 

● Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.

 

● Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.).

 

● Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).

 

The Company’s adoption of FASB ASC Topic 825 did not have a material impact on the Company’s consolidated financial statements.

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets and/or liabilities carried at fair value on a recurring basis at January 31, 2020, assets and liabilities approximate fair value due to their short-term nature.

 

The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. As of January 31, 2020, the Company had less than $1,000 in assets.

 

Basic and diluted earnings per share

 

Diluted earnings (loss) per share are computed on the basis of the weighted average number of common shares (including common stock subject to redemption) plus dilutive potential common shares outstanding for the reporting period. In periods where losses are reported, the weighted-average number of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive.

 

The total number of potential additional dilutive securities outstanding for the three and nine months ended January 31, 2020 and 2019 was none.

 

Concentrations, Risks, and Uncertainties

 

The Company’s business with suppliers or customers has entirely come from unrelated parties during three and nine months ended January 31, 2020 and 2019.

 

Stock Based Compensation

 

In accordance with ASC No. 718, Compensation – Stock Compensation (“ASC 718”), we measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. We apply this statement prospectively. Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by ASC 718. ASC No. 505, Equity Based Payments to Non-Employees (“ASC 505”) defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the ASC 505.

 

 11 

 

 

GOLIATH FILM AND MEDIA HOLDINGS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2020 AND 2019

 

Recently Enacted Accounting Standards

 

The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.

 

NOTE 3 – COMMON STOCK

 

The Company has authorized 1,000,000 shares of preferred stock, $0.001 par value, with such rights, preferences and designation and to be issued in such series as determined by the Board of Directors. No shares of preferred stock are issued and outstanding at January 31, 2020 or April 30, 2019.

 

The Company has authorized 300,000,000 shares of par value $0.001 common stock, of which 138,964,917 and 138,964,917 shares are outstanding at January 31, 2020 and April 30, 2019, respectively. No shares of common stock have been issued during the three and nine months ended January 31, 2020.

 

As of January 31, 2020, the Company has not issued 38,153,269 common shares to a related party affiliate. These shares are reflected in the above disclosures.

 

NOTE 4 - GOING CONCERN

 

The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other current assets, nor does it have an established source of revenues sufficient to cover its operating costs, which raises substantial doubt about our ability to continue as a going concern for a period of one year from the issuance of these financial statements.

 

Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

 

During the next year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission. The Company may experience a cash shortfall and be required to raise additional capital.

 

Historically, the Company has relied upon internally generated funds and funds from the sale of shares of stock to finance its operations and growth. Management may raise additional capital through future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material and adverse effect upon its and its shareholders.

 

In the past year, the Company funded operations through contributions from officers and affiliates of the Company. For the coming year, the Company plans to continue to fund the Company through debt and securities sales and issuances, focus on a possible joint venture or merger until the company generates revenues through the operations of such merged company or joint venture as stated above.

 

NOTE 5 - RELATED PARTY TRANSACTIONS

 

During the three and nine months ended January 31, 2020 and 2019, the Company made no payments to C&R Films for film production costs and reimbursement of various expenses. C&R paid expenses totaling $0 and $1,422 and $2,500 and $16,148 in the three and nine months ended January 31, 2020 and 2019, respectively, in operating expenses including rent, filing expenses, and accounting costs on behalf of the Company. C&R Films is controlled by Lamont Roberts, CEO and acting CFO of the Company. The Company has a balance owed to C&R Films of $30,710 at January 31, 2020.

 

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GOLIATH FILM AND MEDIA HOLDINGS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2020 AND 2019

 

During the three and nine months ended January 31, 2020 and 2019, the Company made no payments to Dos Cabezas for film production costs and reimbursement of various expenses. Dos Cabezas paid expenses totaling $0 and $7,000 and $0 and $0 in the three and nine months ended January 31, 2020 and 2019 respectively, in operating expenses including accounting costs on behalf of the Company. Dos Cabezas is controlled by Lamont Roberts, CEO and acting CFO of the Company. The Company has a balance owed to Dos Cabezas of $7,000 at January 31, 2020.

 

During the three and nine months ended January 31, 2020 and 2019, Kevin Frawley, an affiliate, paid expenses totaling $0 and $5,000 and $0 and $3,090, respectively, in operating expenses, including audit fees, on behalf of the Company. The Company has a balance owed to Mr. Frawley of $8,000 at January 31, 2020.

 

During the three and nine months ended January 31, 2020 and 2019, the Company made no payments to Mike Criscione, Director, for reimbursement of various expenses. During the three and nine months ended January 31, 2020 and 2019, Mr. Criscione paid expenses totaling $3,090 and $6,180 and $2,575 and $2,575, respectively, in operating expenses, including audit fees, on behalf of the Company. The Company has a balance owed to Mr. Criscione of $8,755 at January 31, 2020.

 

Related party transactions have been disclosed in the other notes to these financial statements.

 

NOTE 6 – COMMITMENTS AND CONTINGENCIES

 

Production Agreements

 

On April, 1, 2015 Goliath signed an agreement whereby the Company agree to invest $15,000 to KKO Productions to produce a feature length film known as “Forgiven”. Per the agreement Goliath will receive 15% of adjusted gross proceeds after its initial investment has been entirely recouped through adjusted gross proceed. Additionally, the Company will receive two on screen credits as Executive Producer as well as receiving credit on all advertising, publicity and packaging of the film. The Company recorded an impairment of film production costs of $15,000 for the fiscal year ended April 30, 2018.

 

Legal

 

The Company is not a party to or otherwise involved in any legal proceedings.

 

In the ordinary course of business, from time to time the Company may be involved in various pending or threatened legal actions. The litigation process is inherently uncertain and it is possible that the resolution of such matters might have a material adverse effect upon the Company’s financial condition and/or results of operations. However, in the opinion of management, other than as set forth herein, matters currently pending or threatened against the Company are not expected to have a material adverse effect on its financial position or results of operations.

 

Fee Agreement

 

In January 2019, the Company entered into an agreement with a third party whereby the Company would pay a 10% fee of any gross revenues as a result of any licensing agreements brought to the Company. The Company had no revenue from these sources.

 

NOTE 7 – SUBSEQUENT EVENTS

 

There were no events subsequent to January 31, 2020, and up to the date of this filing that would require disclosure.

 

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

 

Forward Looking Statement Notice

 

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Goliath Film and Media Holdings, (“we”, “us”, “our” or the “Company”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company’s plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.

 

Description of Business

 

Background.

 

The Company was incorporated in Nevada on February 16, 2010 under the name “China Advanced Technology” as the successor by merger to Vitalcare Diabetes Treatment Centers, Inc. (“Vitalcare”). In February and March 2010, Vitalcare underwent a holding company reorganization under Delaware law, pursuant to which it became a wholly-owned subsidiary of Vitalcare Holding Corporation, and Vitalcare, together with its assets and liabilities, was sold to a non-affiliated third party. Vitalcare Holding Corporation subsequently reincorporated in Nevada by merger into China Advanced.

 

Vitalcare was in the business of administering medical clinics specializing in diabetes treatment. It was the successor to Network Financial Services, Inc. (“Network”), which went public in an underwritten offering in 1987. Network was engaged in mortgage origination, and changed its name to Westmark Group Holdings (“Westmark”) in 1993 in connection with the acquisition of Westmark Mortgage from Primark Corporation. Westmark ceased operations at some time in 2006, and in 2006 ceased filing reports under the Securities Exchange Act of 1934. The corporate entity was thereafter known as Viking Consolidated, Inc. (2006), Tailor Aquaponics World Wide, Inc. (2007) and Diversified Acquisitions (2007) until it entered the medical clinic business in early 2008. The Company has no information regarding any business activities from 2006 after the mortgage origination business closed, to early 2008.

 

On October 25, 2011, Goliath Film and Media International, a Nevada corporation, entered into an Agreement and Plan of Reorganization (the “Exchange Agreement”), pursuant to which Goliath Film and Media International was acquired by China Advanced Technology. Prior to the acquisition, our principal operations consisted of internet marketing, and were conducted through a wholly owned subsidiary, Live Wise, Inc. Live Wise was disposed of on October 31, 2011 for cancellation of debt and shares described below. At the Closing Date, there were no assets or liabilities on China Advanced Technology’s balance sheets.

 

The transaction closed on October 31, 2011 (the “Closing Date”). On the Closing Date China Advanced Technology acquired Goliath Film and Media International by issuing 47,000,000 shares of its Common Stock, constituting 70.1% of the outstanding shares after giving effect to their issuance and the cancellation of 15,619,816 shares held by China Advanced Technology’s prior control person. Immediately following the Closing, 67,100,000 shares were issued and outstanding. On the Closing Date, the name of China Advanced Technology was changed to Goliath Film and Media Holdings. All share numbers herein have been adjusted for an eight-for-1 forward stock split affected as of the Closing Date. The forward stock split was reflected in the trading market on February 13, 2012.

 

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Overview.

 

Goliath Film and Media Holdings, through its wholly-owned subsidiaries Goliath Film and Media International and Goliath Movie Partners 1, LLC (collectively, “Goliath” or the “Company”), develops, produces and licenses for distribution, domestically and internationally, quality digital content with an emphasis on “niche” markets of the feature motion picture and television content segments of the entertainment industry, such as, without limitation, education, faith-based, horror and socially responsible minority content. Goliath does not intend to engage in domestic theatrical distribution of motion pictures to any significant extent.

 

In qualified cases, Goliath will develop screenplays that will be outsourced to an independent entity for production, but will be licensed for distribution through the Company. Also, in certain cases Goliath will produce content that is tied to working with an established distributor that provides an advance or minimum guarantee for the production of a project that will be licensed by the participating distributor. Goliath plans to produce content and to distribute domestically and internationally, through a wide distribution network which includes major international theatrical exhibitors, and other distributors and television networks. We plan to utilize corporate sponsorships as a means of reducing the costs of advertising and marketing in distribution. Further, we may augment our marketing efforts with a limited and strategically focused advertising campaign in traditional “print” media with press releases targeted specifically toward standard entertainment industry trade journals and publications on an “as needed” basis as well as the inclusion of targeted “social media” campaigns.

 

Goliath’s revenue model includes receiving revenue from distribution fees. A limited number of its content properties include projects developed and produced by Goliath and those produced by an independent third-party production entity.

 

Questions and Answers

 

What is your business?

 

We develop, produce and distribute motion pictures and digital content. At this time, we do not intend to engage in theatrical releases of motion pictures, due to the high up- front costs of advertising and marketing theatrically. However, in some specific cases the company will consider theatrical releases based upon a “four wall”, limited release delivery that will be focused on targeted niche audiences.

 

Distribution Rights

 

The Company has the following distribution rights, with previous distribution contracts expiring. The Company is focusing on its production side of its business at the present time with the exception of the following films listed below:

 

On February 13, 2012, the Company announced that it has acquired the distribution rights to the following motion pictures: Seducing Spirits, The Perfect Argument, Marina Murders, Film Struggle, Divorce in America, A Wonderful Summer, The Truth About Layla, Living with Cancer, and The Biggest Fan. Under the distribution agreements, Goliath will receive 30% of the gross revenues for each picture it distributes. In general, the Company’s distribution contracts cover both domestic and international licensing agreements; however, for the picture The Biggest Fan, the Company obtained limited distribution rights. No revenue has been recognized to date.

 

Production Agreements

 

On January 21, 2018 Goliath entered into seven separate Representation Agreements with different parties but identical terms accounting for thirty-five intellectual property being represented. The properties include the following:

 

Mother of Justice (Drama- Strong Female Lead), ERT (Emergency Rescue Team) (Drama - Strong Female Lead), Waiting for the Guy (Original Sit Com), The Alicia Alonso Story (Movie - Strong Female Latin Lead), Timmy Travels Thru Time (Kids Entertaining and Educational), Keeping Score (A Women’s Guide to Men’s Sports), Sports The Ugly Dog (Animated), Hour Glass Bride (Reality TV), Ready to Look Younger (Reality TV). Beverly Hills Country Club (Soap Opera - Web Series), Lessons in Love (Feature - Romantic Comedy) Property 12, Last Moment in Time (Drama), The House of Temptation - (Thriller), Across the Hands of Time-(Special), Across the Hands of Time - (Special-BLK Network), Lafayette (In Development) - (Historical. Horse Haven (Special), Rescue Horses - California Fires, Shock Incarceration - Documentary – Complete, Changing Lives - Changing History - Changing Time - (BLK NW), Southern Christmas - Holiday Movie Transformational Programs: Mind Dive - Meditations for Peace (Michel Pascal), Quiet Callings-Daily Mediations (Fred Johnson), Super Camp-Quantum Learning (Bobbi and Joe De Porter) Pilates for Kids, Pilates for Everybody. Keeping Score-A Parent’s Guide to Kid’s Sports Temporary Insanity, Five Finger Fold, Underdeveloped, Ford Escort, Death Visit, Till There Was You and Catching Dreams.

 

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The purpose of all seven Representation Agreements is for the purpose of obtaining domestic and foreign licensing on an exclusive basis for the intellectual properties in all media outlets. In all of the Representation Agreements Goliath will receive 10% of gross proceeds on licensing in all domestic and foreign territories and 10% equity/ownership in the intellectual as part of its compensation. Additionally, Goliath will be given two separate credits as Executive Producer in all intellectual property(s) that are licensed through Goliath’s efforts. Further included would be an “In Association With” credit for Goliath. The terms of the Agreements were 12 months ending on January 21, 2019.

 

On March 4, 2016, we signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently completed. Per the agreement, we received $125,000 in advance payments per an agreed delivery schedule for providing distribution rights on the motion picture “Bridal Bootcamp” a romantic comedy movie produced by Goliath for delivery to Mar Vista Entertainment LLC for distribution. Additionally, Mar Vista Entertainment, LLC will receive 35% of the gross proceeds for a period of 25 years on the motion picture. As of October 31, 2016, the Company has received $125,000 of the advance payments. Bridal Boot Camp was completed in October 2016 resulting in the recognition of the advance payments as revenue of $125,000 in October 2016. Mar Vista is distributing this film.

 

On September 18, 2015, we signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently completed. Per the agreement, we received $125,000 in advance payments per an agreed delivery schedule for providing distribution rights on the motion picture “Merry Exes” retitled “Girlfriends of Christmas Past” a Christmas holiday movie produced by Goliath and delivered to Mar Vista Entertainment LLC. for distribution. Additionally, Mar Vista Entertainment, LLC will receive 35% of the gross proceeds for a period of 25 years on the motion picture. As of July 31, 2016, we have received $125,000 of the advance payments. “Merry Exes” “Girlfriends of Christmas Past was completed June 6, 2016 resulting in the recognition of the advance payments as revenue of $125,000 in June 2016. Mar Vista distributed this movie to UPTV.

 

On May 20, 2015, we signed a distribution agreement with Mar Vista Entertainment, LLC to distribute a feature length motion picture currently completed by us and being licensed by Mar Vista Entertainment, LLC. Per the agreement, we received $175,000 in advance payments per an agreed delivery schedule for providing distribution rights on the motion picture “Terror Birds” a science fiction movie produced by Goliath and delivered to Mar Vista Entertainment LLC. for distribution. Additionally, Mar Vista Entertainment, LLC will receive 30% of the gross proceeds for a period of 25 years on the film. As of April 30, 2016, the Company had received $175,000 of the advance payments. Terror Birds was completed December 14, 2015 resulting in the recognition of the advance payments as revenue of $175,000 in February 2016. Mar Vista is continuing to distribute this film.

 

On April 15, 2015 Goliath signed an agreement whereby the Company agreed to invest $15,000 to KKO Productions to produce a feature length motion picture known as “Forgiven”. Per the agreement Goliath will receive 15% of adjusted gross proceeds after its initial investment has been entirely recouped through adjusted gross proceeds. Additionally, the Company received two on screen credits as Executive Producer as well as receiving credit on all advertising, publicity and packaging of the motion picture. The Company recorded an impairment of film production costs of $15,000 for the fiscal year ended April 30, 2018.

 

What is the timeline for your activities during the next 12 months?

 

Over the next 90 days to one year, our efforts will be concentrated on developing and producing content with distributors for licensing by them of at least three projects.

 

What is this going to cost you?

 

We expect that producing the aforementioned content will cost approximately $150,000 per project, however licensing and distribution will be handled by an experienced distributor for a fee of anywhere from 30 – 35% and the costs of advertising and marketing will be handled by them and charged against gross distribution licensing proceeds.

 

Why are these motion pictures not being distributed already?

 

The motion pictures that are being produced by the Company and distributed by Mar Vista Entertainment, LLC take anywhere from six to nine months from completion of production and delivery to obtain licensing agreements.

 

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Generally, the main reason why good, quality motion pictures are not distributed is that the production of a motion picture requires money and creativity, and marketing a motion picture requires an entirely different set of skills. Many people dream of making a movie; few aspire to distribute them. We estimate that there are in excess of 10,000 such motion pictures “gathering dust.” There also have been and continue to be substantial tax incentives for motion picture production in many States and international Territories, so that many producers do not need to depend on successful marketing in order to find investors for their projects. A secondary factor is the difficulty of finding a reputable distributor. We think that our management has an excellent reputation in the industry and we will be able to obtain distribution rights for content. Finally, many distributors as well as buyers do not have an interest in niche market films, because they see the market as limited. Goliath sees the problem to be, rather, there is no market merely because no one has assembled a critical mass of films for these niches. Most participants in the motion picture industry are based in “Hollywood” and the major coastal metropolitan areas. As an example, our “faith-based” films especially are targeted toward the “Bible Belt” and the “Flyover Country”: places that the industry has consistently overlooked.

 

Why are you able to identify and acquire these motion pictures and educational videos?

 

After attending all the major content acquisition markets around the world over the last three years, our Staff has developed relationships with numerous quality filmmakers who need assistance in marketing and distributing their product. Goliath has also developed vital relationships with many of the major content buyers, distributors, networks and sales agents. Many of the filmmakers have requested the Company’s assistance in marketing and distributing their product. Goliath will continue to pursue the marketing and distribution of product that is demanded in the marketplace and desired by major aggregators, distributors, networks and studios.

 

So how are you different than Amazon, Netflix, and Hulu, to name a few? How can you compete with them? They have a lot of money and name recognition. Why wouldn’t they jump into your niches?

 

As a content provider we are not competing with these entities but rather are working on providing them with quality content. As an example, NETFLIX using its “streaming platform” has such a high demand for programming content, they are spending in excess of $8 billion this year for the acquisition of completed programming as well as for the development of original content by them. Therefore, as is mentioned, part of their resources are directed toward acquiring content and part is targeting “in-house” and joint venture productions of quality content. This content will be targeted to their subscription base on a domestic and international level.

 

There are a number of quality content producers that work with the major networks and content distributors, Goliath is moving toward becoming one of these content providers. We believe there exists significant opportunities for our company in that the demand for programming is increasing almost exponentially. Irrespective of the platform for viewing by the consumer/subscriber, the demand for quality content is continuing to expand. The upward trend is ongoing, which is where we see an opportunity for Goliath to provide product to reach many components of the overall market.

 

Don’t cable and satellite networks already offer specialty channels like TBN (for faith based) and BET (Black Entertainment Television (for the African-American Community)?

 

As mentioned above about NETFLIX, even though these channels maybe in niche markets they must expand the type, genre and format of the content that they are showing in order to remain viable, therefore the opportunity to assist them by providing quality programming is ongoing and expanding.

 

What other niches are you looking at entering?

 

We believe that there is an increasing and ongoing trend in home entertainment in servicing niches. Many viewers have cable or satellite service with hundreds of channels, but view only a few channels that cater to their particular interests. The significant type of niche we are targeting are the numerous immigrant groups in the United States. Other than Spanish speaking immigrants, coverage is scarce.

 

There are many interest groups that might be interested in specialty movies or programming. As an example, in Hawaii and Southern California, for instance, surfing is quite popular, and there exists a huge body of surfing films which would be of interest.

 

What about ancillary markets?

 

We plan to incorporate advertising and marketing through social media and traditional outlets to the highest degree possible.

 

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What films do you have now in inventory?

 

We presently have acquired the distribution rights to the following motion pictures: Seducing Spirits, The Perfect Argument, Marina Murders, Film Struggle, Divorce in America, A Wonderful Summer, The Truth About Layla, Living with Cancer, The Biggest Fan, Days of Redemption, On Borrowed Time, Tumbleweed, Virus X, Farewell, Buddies, and The Pit. Under the distribution agreements Goliath will receive 30% of the gross revenues for each of the pictures we distribute. In general, our distribution contracts cover both domestic and international licensing agreements; however, for the picture The Biggest Fan we obtained limited distribution rights.

 

How do these distribution rights work?

 

We enter into a Distribution Agreement for each motion picture. Terms may be perpetual or limited by years. The motion pictures that we are acquiring will have a term of five years. We will generally obtain a fee of 20% to 30% of gross revenues. Licensing will be flexible for usage applications on a yearly or multi-year basis. Most markets, especially foreign territories have a tendency to continuously renew content licensing.

 

How many employees do you have? Do you have an office?

 

We have no employees. Our administrative office is in Carson City, Nevada.

 

Do you have a website?

 

Our website is www.goliathfilmandmediainternational.com. We have a mirror site at www.goliathfilmandmedia.com

 

Recent Accounting Pronouncements

 

We have evaluated new accounting pronouncements that have been issued and are not yet effective for us and determined that there are no such pronouncements expected to have an impact on our future financial statements.

 

Plan of Operations

 

We had a net loss of $19 and $14,720 for the three and nine months ended January 31, 2020, respectively, and historical losses totaling $1,039,470 as of January 31, 2020. These factors create substantial doubt about the Company’s ability to continue as a going concern. The Company’s management plan to continue as a going concern revolves around its ability to execute its business strategy of digital content, as well as raising the necessary capital to pay ongoing general and administrative expenses of the Company.

 

Results of Operations

 

Three Months Ended January 31, 2020 Compared to Three Months Ended January 31, 2019

 

Film Production Revenue

 

For the three months ended January 31, 2020 and 2019, we had revenues of $3,361 and $10,873, respectively. The decrease is due to fewer distribution fees paid to us by Mar Vista related to the motion picture “Girlfriends of Christmas Past”.

 

Cost of Sales

 

During the three months ended January 31, 2020 and 2019, we had no cost of sales.

 

Operating expenses

 

Operating expenses decreased by $4,336, or 56.20%, to $3,380 in the three months ended January 31, 2020 from $7,716 in the three months ended January 31, 2019 primarily due to decreases in professional fees of $2,786, and consulting services of $1,550.

 

Operating expenses for the three months ended January 31, 2020 were comprised primarily of professional fees of $3,090, office rent of $199, and $91 of other operating expenses.

 

Operating expenses for the three months ended January 31, 2019 were comprised primarily of professional fees of $5,875, consulting services of $1,550, office rent of $199, and $92 of other operating expenses.

 

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Net loss before income taxes

 

Net loss before income taxes for the three months ended January 31, 2020 totaling $19 is primarily due to revenue of $3,361 offset by consulting services, rent, and other operating expenses compared to a net profit for the three months ended January 31, 2019 totaling $3,157 primarily due to revenue of $10,873 offset by professional fees, and other operating expenses.

 

Assets and Liabilities

 

Total assets were $497 as of January 31, 2020 compared to $1,121 as of April 30, 2019, or a decrease of $624, primarily the result of a decrease in cash of $624. Total liabilities were $67,969 as of January 31, 2019 compared to $53,873 as of April 30, 2019, or an increase of $14,096, primarily the result of an increase in accounts payable – related party of $19,602, offset partially by a decrease in accounts payable and accrued expenses of $5,506.

 

Nine Months Ended January 31, 2020 Compared to Nine Months Ended January 31, 2019

 

Film Production Revenue

 

For the nine months ended January 31, 2020 and 2019, we had revenues of $13,954 and $10,873, respectively. The increase is due to an increase in distribution fees paid to us by Mar Vista related to the motion picture “Girlfriends of Christmas Past”.

 

Cost of Sales

 

For the nine months ended January 31, 2020 and 2019, we had no cost of sales.

 

Operating expenses

 

Operating expenses decreased by $2,226, or 7.2%, to $28,674 in the nine months ended January 31, 2020 from $30,900 in the nine months ended January 31, 2019 primarily due to decreases in professional fees.

 

Operating expenses for the nine months ended January 31, 2019 were comprised primarily of consulting services of $5,000, professional fees of $21,604, rent of $1,393, and $677 of other operating expenses.

 

Operating expenses for the nine months ended January 31, 2019 were comprised primarily of consulting services of $6,550, professional fees of $23,294, rent of $796, and $260 of other operating expenses.

 

Net loss before income taxes

 

Net loss before income taxes for the nine months ended January 31, 2020 totaling $14,720 is primarily due to consulting services costs, professional fees, and rent compared to net loss for the nine months ended January 31, 2019 totaling $20,027 primarily due to professional fees, travel costs, rent, and other operating expenses.

 

Liquidity and Capital Resources

 

General – Overall, we had a decrease in cash flows of $624 in the three months ended January 31, 2020 resulting from cash used in operating activities of $624 and none from operating and financing activities.

 

The following is a summary of our cash flows provided by (used in) operating, investing, and financing activities during the periods indicated:

 

   Nine Months Ended January 31, 
   2020   2019 
         
Cash at beginning of period  $822   $494 
Net cash used in operating activities   (624)   2,715 
Net cash used in investing activities        
Net cash provided by financing activities        
Cash at end of period  $198   $3,209 

 

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Net cash used in operating activities was $624 for the nine months ended January 31, 2020 compared to net cash provided by operations for the nine months ended January 31, 2019 of $2,715. Cash used in operations for the nine months ended January 31, 2020 consisted of a net loss of $14,720 and the change in accounts payable and accrued expenses of $5,506, offset partially by expenses paid on behalf of Company – related party of $19,602.

 

Net cash provided by investing activities was $0 for the three and nine months ended January 31, 2020 and 2019.

 

Net cash provided by financing activities was $0 for the three and nine months ended January 31, 2020 and 2019.

 

Our cash needs for the year ending April 30, 2020 are estimated to be $200,000. This budget is based on the assumption that we will carry out one project at a time for which we will need about $50,000 in working capital; general and administrative expenses of $150,000 for the costs related to being public, and miscellaneous office expenses. We sold no shares during the three and nine months ended January 31, 2020 and 2019. As we move forward with our business plan, we will need to raise additional capital either through the sale of stock or funding from shares and or officers and directors to cover our cash needs through the end of the 2020 fiscal year.

 

Information included in this report includes forward looking statements, which can be identified by the use of forward-looking terminology such as may, expect, anticipate, believe, estimate, or continue, or the negative thereof or other variations thereon or comparable terminology. The statements in “Risk Factors” and other statements and disclaimers in this report constitute cautionary statements identifying important factors, including risks and uncertainties, relating to the forward-looking statements that could cause actual results to differ materially from those reflected in the forward-looking statements.

 

Equity Financing

 

During the three and nine months ended January 31, 2020 and 2019, the Company did not enter into any private placement memorandums.

 

The Company has not issued 38,153,269 common shares to related party affiliates. These shares are reflected in the above disclosures.

 

Fee Agreement

 

In January 2019, the Company entered into an agreement with a third party whereby the Company would pay a 10% fee of any gross revenues as a result of any licensing agreements brought to the Company.

 

Other

 

During the three and nine months ended January 31, 2020 and 2019, the Company made no payments to C&R Films for film production costs and reimbursement of various expenses. C&R paid expenses totaling $0 and $1,422 and $2,500 and $16,148 in the three and nine months ended January 31, 2020 and 2019, respectively, in operating expenses including rent, filing expenses, and accounting costs on behalf of the Company. C&R Films is controlled by Lamont Roberts, CEO and acting CFO of the Company. The Company has a balance owed to C&R Films of $30,710 at January 31, 2020.

 

During the three and nine months ended January 31, 2020 and 2019, the Company made no payments to Dos Cabezas for film production costs and reimbursement of various expenses. Dos Cabezas paid expenses totaling $0 and $7,000 and $0 and $0 in the three and nine months ended January 31, 2020 and 2019, respectively, in operating expenses including accounting costs on behalf of the Company. Dos Cabezas is controlled by Lamont Roberts, CEO and acting CFO of the Company. The Company has a balance owed to Dos Cabezas of $7,000 at January 31, 2020.

 

During the three and nine months ended January 31, 2020 and 2019, Kevin Frawley, an affiliate, paid expenses totaling $0 and $5,000 and $0 and $3,090, respectively, in operating expenses, including audit fees, on behalf of the Company. The Company has a balance owed to Mr. Frawley of $8,000 at January 31, 2020.

 

During the three and nine months ended January 31, 2020 and 2019, the Company made no payments to Mike Criscione, Director, for reimbursement of various expenses. During the three and nine months ended January 31, 2020 and 2019, Mr. Criscione paid expenses totaling $3,090 and $6,180 and $2,575 and $2,575, respectively, in operating expenses, including audit fees, on behalf of the Company. The Company has a balance owed to Mr. Criscione of $8,755 at January 31, 2020.

 

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Contractual Obligations and Off-Balance Sheet Arrangements

 

We do not have any contractual obligations or off balance sheet arrangements.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

As a smaller reporting company as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Disclosure Controls and Procedures. We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized, and reported accurately, in accordance with U.S. Generally Accepted Accounting Principles and within the required time periods, and that such information is accumulated and communicated to our management, including our Chief Executive Officer, and our Chief Financial Officer, as appropriate, to allow for timely decisions regarding disclosure. As of the end of the period covered by this report (January 31, 2020), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer, and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)). Based upon that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that as of the end of the period covered by this Annual Report on Form 10-K our disclosure controls and procedures were not effective to enable us to accurately record, process, summarize and report certain information required to be included in the Company’s periodic SEC filings within the required time periods, and to accumulate and communicate to our management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

This annual report on internal control over financial reporting does not include an attestation report of the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report.

 

Changes in Internal Controls

 

There have been no changes in our internal controls over financial reporting during the quarter ended January 31, 2020 that have materially affected or are reasonably likely to materially affect our internal controls.

 

 21 

 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are not a party to or otherwise involved in any legal proceedings.

 

In the ordinary course of business, we are from time to time involved in various pending or threatened legal actions. The litigation process is inherently uncertain and it is possible that the resolution of such matters might have a material adverse effect upon our financial condition and/or results of operations. However, in the opinion of our management, other than as set forth herein, matters currently pending or threatened against us are not expected to have a material adverse effect on our financial position or results of operations.

 

Item 1A. Risk Factors.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

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

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

There have been no events which are required to be reported under this Item.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

31. Certification of CEO and CFO.

32. Certification pursuant to 18 U.S.C. Section 1350 of CEO and CFO

 

 22 

 

 

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.

 

  GOLIATH FILM AND MEDIA HOLDINGS
     
Dated: March 16, 2020 By: /s/ Lamont Roberts
    Lamont Roberts
    CEO Director and acting Chief Financial Officer
     
    /s/ Mike Criscione
   

Mike Criscione

Director

 

 23 

 

EX-31 2 ex31.htm

 

EXHIBIT 31

 

SECTION 302 CERTIFICATION

 

I, Lamont Roberts, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Goliath Film and Media Holdings;

 

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. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control 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 our 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 the 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. 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 the 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 control over financial reporting.

 

Date: March 16, 2020  
   
/s/ Lamont Roberts  
Lamont Roberts  
Chief Executive Officer and Chief Financial Officer  

 

   

 

EX-32 3 ex32.htm

 

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 Goliath Film and Media Holdings (the “Company”) on Form 10-Q for the quarter ended January 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lamont Roberts, Chief Executive Officer and Chief 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, to the best of my knowledge, 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 results of operations of the Company for the dates and periods covered by the Report.

 

This certificate is being made for the exclusive purpose of compliance by the Chief Executive Officer and Chief Financial Officer of the Company with the requirements of Section 906 of the Sarbanes-Oxley Act of 2002, and may not be disclosed, distributed or used by any person or for any reason other than as specifically required by law.

 

/s/ Lamont Roberts  
Lamont Roberts  
Chief Executive Officer and Chief Financial Officer  

 

March 16, 2020

 

   

 

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Nature of Operations and Summary of Significant Accounting Policies (Policies)
9 Months Ended
Jan. 31, 2020
Accounting Policies [Abstract]  
Organization, Nature of Business and Trade Name

Organization, Nature of Business and Trade Name

 

The Company is engaged in the production and distribution of motion pictures and television content. The Company has realized revenues from its planned principal business purpose however these revenues are declining with no additional revenues presently being anticipated.

Principles of Consolidation

Principles of Consolidation

 

The accompanying condensed consolidated financial statements includes the accounts of Goliath Film and Media Holdings and its subsidiary, Goliath Film and Media International (“Goliath” or “the Company”). All intercompany accounts and transactions have been eliminated.

Basis of Presentation

Basis of Presentation

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.

Use of Estimates

Use of Estimates

 

The preparation of financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements’ estimates or assumptions could have a material impact on the Company’s financial condition and results of operations during the period in which such changes occurred.

 

Actual results could differ from those estimates. The Company’s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

Accounts Receivable

Accounts Receivable

 

Accounts receivable, if any, are carried at the expected net realizable value. The allowance for doubtful accounts, when determined, will be based on management’s assessment of the collectability of specific customer accounts and the aging of the accounts receivable. If there were a deterioration of a major customer’s creditworthiness, or actual defaults were higher than historical experience, our estimates of the recoverability of the amounts due to us could be overstated, which could have a negative impact on operations.

 

The Company currently does not have any accounts receivable. The above accounting policies will be adopted upon the Company carrying accounts receivable.

Films and Television Costs

Films and Television Costs

 

The Company capitalizes production costs for films produced in accordance with ASC 926-20, “Entertainment-Films – Other Assets – Film Costs”. Accordingly, production costs are capitalized at actual cost and then charged against revenue quarterly as a cost of production based on the relative fair value of the film(s) delivered and recognized as revenue. The Company evaluates its capitalized production costs annually and limits recorded amounts by its ability to recover such costs through expected future sales.

Revenue Recognition

Revenue Recognition

 

On January 1, 2018, the Company adopted Accounting Standards Codification ASC 606 (“ASC 606”), Revenue from Contracts with Customers, using the modified retrospective approach for all contracts not completed as of the date of adoption. Results for the reporting periods beginning on January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with accounting under ASC 605, Revenue Recognition. As a result of adopting ASC 606, amounts reported under ASC 606 were not materially different from amounts that would have been reported under the previous revenue guidance of ASC 605, as such, there was no cumulative adjustment to retained earnings.

 

The Company generates all of its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services. The Company determines revenue recognition through the following steps:

 

  1. Identification of the contract, or contracts, with a customer.
  2. Identification of the performance obligations in the contract.
  3. Determination of the transaction price.
  4. Allocation of the transaction price to the performance obligations in the contract.
  5. Recognition of revenue when, or as, we satisfy a performance obligation.

 

At contract inception, the Company assesses the services promised in our contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. The Company allocates the transaction prices to the performance obligations.

 

The Company provides for an allowance for doubtful accounts based on history and experience considering economic and industry trends. The Company does not have any off-Balance Sheet exposure related to its customers.

 

The Company recognizes revenue when the distributor confirms to the Company that the film has been delivered to the distributor with all technical and document deliveries received, waived or deferred and the film has been entered into the distributor’s rights system.

 

The Company evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when the Company is primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. The Company generally records the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. The Company records all revenue transactions at the gross sale price.

 

For the three and nine months ended January 31, 2020 and 2019, the Company had $3,361 and $10,873 and $13,954 and $10,873, respectively, of recorded revenue.

Advertising

Advertising

 

Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no advertising expense for the three and nine months ended January 31, 2020 and 2019.

Research and Development

Research and Development

 

All research and development costs are expensed as incurred. There was no research and development expense for the three and nine months ended January 31, 2020 and 2019.

Income Tax

Income Tax

 

We account for income taxes under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 740, Income Taxes (“ASC 740”). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company follows the provisions of ASC 820. This Topic defines fair value, establishes a measurement framework and expands disclosures about fair value measurements.

 

The Company uses fair value measurements for determining the valuation of derivative financial instruments payable in shares of its common stock. This primarily involves option pricing models that incorporate certain assumptions and projections to determine fair value. These require management’s judgment.

Fair Value Measurements

Fair Value Measurements

 

FASB ASC Topic 825, Financial Instruments, requires disclosures about fair value of financial instruments in quarterly reports as well as in annual reports. For the Company, this statement applies to certain investments and long-term debt. Also, the FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.

 

Various inputs are considered when determining the value of the Company’s investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below.

 

● Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.

 

● Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.).

 

● Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).

 

The Company’s adoption of FASB ASC Topic 825 did not have a material impact on the Company’s consolidated financial statements.

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets and/or liabilities carried at fair value on a recurring basis at January 31, 2020, assets and liabilities approximate fair value due to their short-term nature.

 

The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. As of January 31, 2020, the Company had less than $1,000 in assets.

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share

 

Diluted earnings (loss) per share are computed on the basis of the weighted average number of common shares (including common stock subject to redemption) plus dilutive potential common shares outstanding for the reporting period. In periods where losses are reported, the weighted-average number of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive.

 

The total number of potential additional dilutive securities outstanding for the three and nine months ended January 31, 2020 and 2019 was none.

Concentrations, Risks, and Uncertainties

Concentrations, Risks, and Uncertainties

 

The Company’s business with suppliers or customers has entirely come from unrelated parties during three and nine months ended January 31, 2020 and 2019.

Stock Based Compensation

Stock Based Compensation

 

In accordance with ASC No. 718, Compensation – Stock Compensation (“ASC 718”), we measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. We apply this statement prospectively. Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by ASC 718. ASC No. 505, Equity Based Payments to Non-Employees (“ASC 505”) defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the ASC 505.

Recently Enacted Accounting Standards

Recently Enacted Accounting Standards

 

The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.

XML 11 R10.htm IDEA: XBRL DOCUMENT v3.20.1
Going Concern
9 Months Ended
Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

NOTE 4 - GOING CONCERN

 

The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other current assets, nor does it have an established source of revenues sufficient to cover its operating costs, which raises substantial doubt about our ability to continue as a going concern for a period of one year from the issuance of these financial statements.

 

Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

 

During the next year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission. The Company may experience a cash shortfall and be required to raise additional capital.

 

Historically, the Company has relied upon internally generated funds and funds from the sale of shares of stock to finance its operations and growth. Management may raise additional capital through future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material and adverse effect upon its and its shareholders.

 

In the past year, the Company funded operations through contributions from officers and affiliates of the Company. For the coming year, the Company plans to continue to fund the Company through debt and securities sales and issuances, focus on a possible joint venture or merger until the company generates revenues through the operations of such merged company or joint venture as stated above.

XML 12 R18.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments and Contingencies (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2019
Jan. 31, 2020
Jan. 31, 2019
Jan. 31, 2020
Jan. 31, 2019
Apr. 30, 2018
Apr. 01, 2015
CommitmentsAndContingenciesLineItems [Line Items]              
Revenue   $ 3,361 $ 10,873 $ 13,954 $ 10,873    
Production Agreements [Member]              
CommitmentsAndContingenciesLineItems [Line Items]              
Impairment of film production costs           $ 15,000  
Production Agreements [Member] | KKO Productions [Member]              
CommitmentsAndContingenciesLineItems [Line Items]              
Investment in productions             $ 15,000
Percentage received as gross proceeds on films             15.00%
Fee Agreement [Member]              
CommitmentsAndContingenciesLineItems [Line Items]              
Percentage of payment fee on gross revenues 10.00%            
Revenue            
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jan. 31, 2020
Apr. 30, 2019
Oct. 31, 2011
Statement of Financial Position [Abstract]      
Preferred stock, par value $ 0.001 $ 0.001  
Preferred stock, shares authorized 1,000,000 1,000,000  
Preferred stock, shares issued  
Preferred stock, shares outstanding  
Common stock, par value $ 0.001 $ 0.001  
Common stock, shares authorized 300,000,000 300,000,000  
Common stock, shares issued 138,964,917 138,964,917 67,100,000
Common stock, shares outstanding 138,964,917 138,964,917 67,100,000
XML 15 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Financial Statements
9 Months Ended
Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Financial Statements

NOTE 1 – CONDENSED FINANCIAL STATEMENTS

 

The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results and operations and cash flows at January 31, 2020 and for all periods presented herein, have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April 30, 2019 and 2018 audited financial statements filed on Form 10-K on August 9, 2019. The results of operations for the periods ended January 31, 2020 and 2019 are not necessarily indicative of the operating results for the full years.

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Condensed Consolidated Balance Sheets - USD ($)
Jan. 31, 2020
Apr. 30, 2019
Current assets    
Cash $ 198 $ 822
Deposits 299 299
Total current assets 497 1,121
Total assets 497 1,121
Current liabilities    
Accounts payable and accrued expenses 13,504 19,010
Accounts payable - related party 54,465 34,863
Total current liabilities 67,969 53,873
Total liabilities 67,969 53,873
Commitments and contingencies
Stockholders' deficit    
Preferred stock, $0.001 par value, 1,000,000 shares authorized; no shares issued and outstanding at January 31, 2020 and April 30, 2019, respectively
Common stock, $0.001 par value, 300,000,000 shares authorized; 138,964,917 and 138,964,917 shares issued and outstanding, at January 31, 2020 and April 30, 2019, respectively 138,966 138,966
Additional paid in capital 451,500 451,500
Common stock to be issued 381,532 381,532
Accumulated deficit (1,039,470) (1,024,750)
Total stockholders' deficit (67,472) (52,752)
Total liabilities and stockholders' deficit $ 497 $ 1,121
XML 19 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Cash flows from operating activities    
Net loss $ (14,720) $ (20,027)
Adjustments to reconcile net loss to net cash used in operating activities:    
Expenses paid on behalf of company - related party 19,602 21,813
Changes in operating assets and liabilities:    
Accounts payable and accrued expenses (5,506) 929
Net cash provided by (used in) operating activities (624) 2,715
Cash flows from investing activities    
Net cash provided by investing activities
Cash flows from financing activities    
Net cash used in financing activities
Net change in cash and cash equivalent (624) 2,715
Cash and cash equivalent at beginning of period 822 494
Cash and cash equivalent at end of period 198 3,209
Non-cash investing and financing activities:    
Settlement of accounts payable - related party for common stock to be issued 3,090
Supplemental Disclosure of cash flow Information:    
Cash paid for interest
Cash paid for taxes
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Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Oct. 31, 2011
Jan. 31, 2020
Jan. 31, 2019
Jan. 31, 2020
Jan. 31, 2019
Apr. 30, 2019
Common stock, issued 67,100,000 138,964,917   138,964,917   138,964,917
Common stock, outstanding 67,100,000 138,964,917   138,964,917   138,964,917
Forward stock split, description All share numbers herein have been adjusted for an eight-for-1 forward stock split affected as of the Closing Date.          
Revenue   $ 3,361 $ 10,873 $ 13,954 $ 10,873  
Advertising costs    
Research and development expense    
Potential dilutive securities    
Maximum [Member]            
Fair value of assets   $ 1,000   $ 1,000    
China Advanced Technology [Member]            
Stock issued for acquisition 47,000,000          
Constituting outstanding shares 70.10%          
Cancellation shares 15,619,816          
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions
9 Months Ended
Jan. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 5 - RELATED PARTY TRANSACTIONS

 

During the three and nine months ended January 31, 2020 and 2019, the Company made no payments to C&R Films for film production costs and reimbursement of various expenses. C&R paid expenses totaling $0 and $1,422 and $2,500 and $16,148 in the three and nine months ended January 31, 2020 and 2019, respectively, in operating expenses including rent, filing expenses, and accounting costs on behalf of the Company. C&R Films is controlled by Lamont Roberts, CEO and acting CFO of the Company. The Company has a balance owed to C&R Films of $30,710 at January 31, 2020.

 

During the three and nine months ended January 31, 2020 and 2019, the Company made no payments to Dos Cabezas for film production costs and reimbursement of various expenses. Dos Cabezas paid expenses totaling $0 and $7,000 and $0 and $0 in the three and nine months ended January 31, 2020 and 2019 respectively, in operating expenses including accounting costs on behalf of the Company. Dos Cabezas is controlled by Lamont Robert, CEO and acting CFO of the Company. The Company has a balance owed to Dos Cabezas of $7,000 at January 31, 2020.

 

During the three and nine months ended January 31, 2020 and 2019, Kevin Frawley, an affiliate, paid expenses totaling $0 and $5,000 and $0 and $3,090, respectively, in operating expenses, including audit fees, on behalf of the Company. The Company has a balance owed to Mr. Frawley of $8,000 at January 31, 2020.

 

During the three and nine months ended January 31, 2020 and 2019, the Company made no payments to Mike Criscione, Director, for reimbursement of various expenses. During the three and nine months ended January 31, 2020 and 2019, Mr. Criscione paid expenses totaling $3,090 and $6,180 and $2,575 and $2,575, respectively, in operating expenses, including audit fees, on behalf of the Company. The Company has a balance owed to Mr. Criscione of $8,755 at January 31, 2020.

 

Related party transactions have been disclosed in the other notes to these financial statements.

XML 23 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Jan. 31, 2020
Jan. 31, 2019
Income Statement [Abstract]        
Film production revenues $ 3,361 $ 10,873 $ 13,954 $ 10,873
Cost of sales
Gross profit 3,361 10,873 13,954 10,873
Operating expenses        
General and administrative 3,380 7,716 28,674 30,900
Total operating expenses 3,380 7,716 14,720 30,900
Profit (loss) from operations (19) 3,157 (14,720) (20,027)
Profit (loss) before income tax (19) 3,157 (14,720) (20,027)
Provision for income taxes
Net profit (loss) $ (19) $ 3,157 $ (14,720) $ (20,027)
Net loss per share of common stock:        
Basic $ 0.00 $ 0.00 $ (0.00) $ 0.00
Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
Weighted average shares outstanding        
Basic 138,964,917 138,964,917 138,964,917 138,964,917
Diluted 138,964,917 138,964,917 138,964,917 138,964,917
XML 24 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Nature of Operations and Summary of Significant Accounting Policies
9 Months Ended
Jan. 31, 2020
Accounting Policies [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies

NOTE 2 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

On October 31, 2011 (the “Closing Date”), China Advanced Technology (an entity formed on February 16, 2010 in the State of Nevada) acquired Goliath Film and Media International, a California corporation, by issuing 47,000,000 shares of its Common Stock, constituting 70.1% of the outstanding shares after giving effect to their issuance and the cancellation of 15,619,816 shares held by China Advanced Technology’s prior control person. Immediately following the Closing, 67,100,000 shares were issued and outstanding. On the Closing Date, the name of China Advanced Technology was changed to Goliath Film and Media Holdings (“Goliath” or “the Company”). All share numbers herein have been adjusted for an eight-for-1 forward stock split affected as of the Closing Date. The forward stock split was reflected in the trading market on February 13, 2012. The transaction was accounted for as a reverse acquisition in which Goliath Film and Media International is deemed to be the accounting acquirer, and the prior operations of Goliath (formerly China Advanced Technology) are consolidated for accounting purposes. Since Goliath had no operations, assets, or liabilities as of the Closing, no audit of that entity was required under the materiality thresholds of Regulation S-X Rule 8-04.

 

Organization, Nature of Business and Trade Name

 

The Company is engaged in the production and distribution of motion pictures and television content. The Company has realized revenues from its planned principal business purpose however these revenues are declining with no additional revenues presently being anticipated.

 

Principles of Consolidation

 

The accompanying condensed consolidated financial statements includes the accounts of Goliath Film and Media Holdings and its subsidiary, Goliath Film and Media International (“Goliath” or “the Company”). All intercompany accounts and transactions have been eliminated.

 

Basis of Presentation

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.

 

Use of Estimates

 

The preparation of financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements’ estimates or assumptions could have a material impact on the Company’s financial condition and results of operations during the period in which such changes occurred.

 

Actual results could differ from those estimates. The Company’s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented.

 

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

 

Accounts Receivable

 

Accounts receivable, if any, are carried at the expected net realizable value. The allowance for doubtful accounts, when determined, will be based on management’s assessment of the collectability of specific customer accounts and the aging of the accounts receivable. If there were a deterioration of a major customer’s creditworthiness, or actual defaults were higher than historical experience, our estimates of the recoverability of the amounts due to us could be overstated, which could have a negative impact on operations.

 

The Company currently does not have any accounts receivable. The above accounting policies will be adopted upon the Company carrying accounts receivable.

 

Films and Television Costs

 

The Company capitalizes production costs for films produced in accordance with ASC 926-20, “Entertainment-Films – Other Assets – Film Costs”. Accordingly, production costs are capitalized at actual cost and then charged against revenue quarterly as a cost of production based on the relative fair value of the film(s) delivered and recognized as revenue. The Company evaluates its capitalized production costs annually and limits recorded amounts by its ability to recover such costs through expected future sales.

 

Revenue Recognition

 

On January 1, 2018, the Company adopted Accounting Standards Codification ASC 606 (“ASC 606”), Revenue from Contracts with Customers, using the modified retrospective approach for all contracts not completed as of the date of adoption. Results for the reporting periods beginning on January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with accounting under ASC 605, Revenue Recognition. As a result of adopting ASC 606, amounts reported under ASC 606 were not materially different from amounts that would have been reported under the previous revenue guidance of ASC 605, as such, there was no cumulative adjustment to retained earnings.

 

The Company generates all of its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services. The Company determines revenue recognition through the following steps:

 

  1. Identification of the contract, or contracts, with a customer.
  2. Identification of the performance obligations in the contract.
  3. Determination of the transaction price.
  4. Allocation of the transaction price to the performance obligations in the contract.
  5. Recognition of revenue when, or as, we satisfy a performance obligation.

 

At contract inception, the Company assesses the services promised in our contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. The Company allocates the transaction prices to the performance obligations.

 

The Company provides for an allowance for doubtful accounts based on history and experience considering economic and industry trends. The Company does not have any off-Balance Sheet exposure related to its customers.

 

The Company recognizes revenue when the distributor confirms to the Company that the film has been delivered to the distributor with all technical and document deliveries received, waived or deferred and the film has been entered into the distributor’s rights system.

 

The Company evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when the Company is primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. The Company generally records the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. The Company records all revenue transactions at the gross sale price.

 

For the three and nine months ended January 31, 2020 and 2019, the Company had $3,361 and $10,873 and $13,954 and $10,873, respectively, of recorded revenue.

 

Advertising

 

Advertising expenses are recorded as general and administrative expenses when they are incurred. There was no advertising expense for the three and nine months ended January 31, 2020 and 2019.

 

Research and Development

 

All research and development costs are expensed as incurred. There was no research and development expense for the three and nine months ended January 31, 2020 and 2019.

 

Income Tax

 

We account for income taxes under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 740, Income Taxes (“ASC 740”). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

Fair Value of Financial Instruments

 

The Company follows the provisions of ASC 820. This Topic defines fair value, establishes a measurement framework and expands disclosures about fair value measurements.

 

The Company uses fair value measurements for determining the valuation of derivative financial instruments payable in shares of its common stock. This primarily involves option pricing models that incorporate certain assumptions and projections to determine fair value. These require management’s judgment.

 

Fair Value Measurements

 

FASB ASC Topic 825, Financial Instruments, requires disclosures about fair value of financial instruments in quarterly reports as well as in annual reports. For the Company, this statement applies to certain investments and long-term debt. Also, the FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.

 

Various inputs are considered when determining the value of the Company’s investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below.

 

● Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.

 

● Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.).

 

● Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).

 

The Company’s adoption of FASB ASC Topic 825 did not have a material impact on the Company’s consolidated financial statements.

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets and/or liabilities carried at fair value on a recurring basis at January 31, 2020, assets and liabilities approximate fair value due to their short-term nature.

 

The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. As of January 31, 2020, the Company had less than $1,000 in assets.

 

Basic and diluted earnings per share

 

Diluted earnings (loss) per share are computed on the basis of the weighted average number of common shares (including common stock subject to redemption) plus dilutive potential common shares outstanding for the reporting period. In periods where losses are reported, the weighted-average number of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive.

 

The total number of potential additional dilutive securities outstanding for the three and nine months ended January 31, 2020 and 2019 was none.

 

Concentrations, Risks, and Uncertainties

 

The Company’s business with suppliers or customers has entirely come from unrelated parties during three and nine months ended January 31, 2020 and 2019.

 

Stock Based Compensation

 

In accordance with ASC No. 718, Compensation – Stock Compensation (“ASC 718”), we measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. We apply this statement prospectively. Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by ASC 718. ASC No. 505, Equity Based Payments to Non-Employees (“ASC 505”) defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the ASC 505.

 

Recently Enacted Accounting Standards

 

The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.

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    Jan. 31, 2020
    Jan. 31, 2019
    Jan. 31, 2020
    Jan. 31, 2019
    Related Party Transaction [Line Items]        
    Operating expenses $ 3,380 $ 7,716 $ 14,720 $ 30,900
    Kevin Frawley [Member]        
    Related Party Transaction [Line Items]        
    Operating expenses 0 0 5,000 3,090
    Balance amount 8,000   8,000  
    Mike Criscione [Member]        
    Related Party Transaction [Line Items]        
    Payments of debt
    Operating expenses 3,090 2,575 6,180 2,575
    Balance amount 8,755   8,755  
    C&R Films [Member] | Lamont Roberts [Member]        
    Related Party Transaction [Line Items]        
    Payments of debt
    Operating expenses 0 2,500 1,422 16,148
    Balance amount 30,710   30,710  
    Dos Cabezas [Member] | Lamont Roberts [Member]        
    Related Party Transaction [Line Items]        
    Payments of debt
    Operating expenses 0 $ 0 7,000 $ 0
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    Subsequent Events
    9 Months Ended
    Jan. 31, 2020
    Subsequent Events [Abstract]  
    Subsequent Events

    NOTE 7 – SUBSEQUENT EVENTS

     

    There were no events subsequent to January 31, 2020, and up to the date of this filing that would require disclosure.

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    Common Stock (Details Narrative) - $ / shares
    Jan. 31, 2020
    Apr. 30, 2019
    Oct. 31, 2011
    Preferred stock, shares authorized 1,000,000 1,000,000  
    Preferred stock, par value $ 0.001 $ 0.001  
    Preferred stock, shares issued  
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    Common stock, shares issued 138,964,917 138,964,917 67,100,000
    Related Party Affiliates [Member]      
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    Commitments and Contingencies
    9 Months Ended
    Jan. 31, 2020
    Commitments and Contingencies Disclosure [Abstract]  
    Commitments and Contingencies

    NOTE 6 – COMMITMENTS AND CONTINGENCIES

     

    Production Agreements

     

    On April, 1, 2015 Goliath signed an agreement whereby the Company agree to invest $15,000 to KKO Productions to produce a feature length film known as “Forgiven”. Per the agreement Goliath will receive 15% of adjusted gross proceeds after its initial investment has been entirely recouped through adjusted gross proceed. Additionally, the Company will receive two on screen credits as Executive Producer as well as receiving credit on all advertising, publicity and packaging of the film. The Company recorded an impairment of film production costs of $15,000 for the fiscal year ended April 30, 2018.

     

    Legal

     

    The Company is not a party to or otherwise involved in any legal proceedings.

     

    In the ordinary course of business, from time to time the Company may be involved in various pending or threatened legal actions. The litigation process is inherently uncertain and it is possible that the resolution of such matters might have a material adverse effect upon the Company’s financial condition and/or results of operations. However, in the opinion of management, other than as set forth herein, matters currently pending or threatened against the Company are not expected to have a material adverse effect on its financial position or results of operations.

     

    Fee Agreement

     

    In January 2019, the Company entered into an agreement with a third party whereby the Company would pay a 10% fee of any gross revenues as a result of any licensing agreements brought to the Company. The Company had no revenue from these sources.

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    9 Months Ended
    Jan. 31, 2020
    Equity [Abstract]  
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    NOTE 3 – COMMON STOCK

     

    The Company has authorized 1,000,000 shares of preferred stock, $0.001 par value, with such rights, preferences and designation and to be issued in such series as determined by the Board of Directors. No shares of preferred stock are issued and outstanding at January 31, 2020 or April 30, 2019.

     

    The Company has authorized 300,000,000 shares of par value $0.001 common stock, of which 138,964,917 and 138,964,917 shares are outstanding at January 31, 2020 and April 30, 2019, respectively. No shares of common stock have been issued during the three and nine months ended January 31, 2020.

     

    As of January 31, 2020, the Company has not issued 38,153,269 common shares to a related party affiliate. These shares are reflected in the above disclosures.

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    Mar. 16, 2020
    Document And Entity Information    
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    Entity Central Index Key 0000820771  
    Document Type 10-Q  
    Document Period End Date Jan. 31, 2020  
    Amendment Flag false  
    Current Fiscal Year End Date --04-30  
    Entity Current Reporting Status Yes  
    Entity Interactive Data Current Yes  
    Entity Filer Category Non-accelerated Filer  
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    Entity Emerging Growth Company false  
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    Entity Common Stock, Shares Outstanding   138,964,917
    Document Fiscal Period Focus Q3  
    Document Fiscal Year Focus 2020  
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    Consolidated Statements of Stockholders' Deficit - USD ($)
    Common Stock [Member]
    Additional Paid in Capital [Member]
    Common Stock to be Issued [Member]
    Accumulated Deficit [Member]
    Total
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    Balance beginning, shares at Apr. 30, 2018 138,964,917        
    Common stock to be issued - related parties 3,090 3,090
    Net profit (loss) (20,027) (20,027)
    Balance ending at Jan. 31, 2019 $ 138,966 451,500 381,532 (1,018,692) (46,694)
    Balance ending, shares at Jan. 31, 2019 138,964,917        
    Balance beginning at Oct. 31, 2018 $ 138,966 451,500 378,442 (1,021,849) (52,941)
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    Common stock to be issued - related parties 3,090 3,090
    Net profit (loss) 3,157 3,157
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    Balance ending, shares at Jan. 31, 2019 138,964,917        
    Balance beginning at Apr. 30, 2019 $ 138,966 451,500 381,532 (1,024,750) (52,752)
    Balance beginning, shares at Apr. 30, 2019 138,964,917        
    Net profit (loss) (14,720) (14,720)
    Balance ending at Jan. 31, 2020 $ 138,966 451,500 381,532 (1,039,470) (67,472)
    Balance ending, shares at Jan. 31, 2020 138,964,917        
    Balance beginning at Oct. 31, 2019 $ 138,966 451,500 381,532 (1,039,451) (67,453)
    Balance beginning, shares at Oct. 31, 2019 138,964,917        
    Net profit (loss) (19) (19)
    Balance ending at Jan. 31, 2020 $ 138,966 $ 451,500 $ 381,532 $ (1,039,470) $ (67,472)
    Balance ending, shares at Jan. 31, 2020 138,964,917        
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