![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stargaze Entertainment Group Inc (PK) | USOTC:STGZ | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.008 | 0.0059 | 0.0081 | 0.00 | 14:33:33 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TYPE 1 MEDIA, INC.
|
(Name of registrant as specified in its charter)
|
Delaware
|
33-1223037
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated Filer
|
¨
|
Accelerated Filer
|
¨
|
Non-accelerated Filer
|
¨
|
Small Reporting Company
|
x
|
(Do not check if smaller reporting company)
|
|
|
Page
|
|||
PART I – FINANCIAL INFORMATION
|
|||||
Item 1.
|
Financial Statements.
|
4 | |||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
5 | |||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
10 | |||
Item 4.
|
Controls and Procedures.
|
11 | |||
|
|
||||
PART II – OTHER INFORMATION
|
|||||
|
|
||||
Item 1.
|
Legal Proceedings.
|
12 | |||
Item 1A.
|
Risk Factors.
|
12 | |||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
12 | |||
Item 3.
|
Defaults Upon Senior Securities.
|
12 | |||
Item 4.
|
Mine Safety Disclosures.
|
12 | |||
Item 5.
|
Other Information.
|
12 | |||
Item 6.
|
Exhibits.
|
13 |
Contents | Page(s) | |||
Consolidated Balance Sheets at June 30, 2014 (Unaudited) and December 31, 2013
|
F-1 | |||
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Six Months and Three Months Ended June 30, 2014 and 2013 (Unaudited) | F-2 | |||
Consolidated Statement of Stockholders’ Deficit for the Interim Period Ended June 30, 2014 (Unaudited) | F-3 | |||
Consolidated Statements of Cash Flows for the Six Months ended June 30, 2014 and 2013 (Unaudited) | F-4 | |||
Notes to the Consolidated Financial Statements (Unaudited) | F-5 |
Type 1 Media, Inc.
|
|||||||||||||
Consolidated Balance Sheets
|
Type 1 Media, Inc.
|
|||||||||||||||||
Consolidated Statements of Operations and Comprehensive Income (Loss)
|
For the Six
Months
|
For the Three Months
|
For the Six
Months
|
For the Three Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
June 30,
2014
|
June 30,
2014
|
June 30,
2013
|
June 30,
2013
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
Revenue
|
$ | 34,948 | $ | 11,249 | $ | 9,090 | $ | 9,090 | ||||||||
Cost of Revenue
|
8,208 | 4,125 | - | - | ||||||||||||
Gross Margin
|
26,740 | 7,124 | 9,090 | 9,090 | ||||||||||||
Operating Expenses:
|
||||||||||||||||
Professional fees
|
19,097 | 5,416 | 2,914 | 2,399 | ||||||||||||
Salary and compensation - officer
|
8,208 | 4,125 | 8,862 | 4,397 | ||||||||||||
General and administrative expenses
|
7,484 | 2,906 | 19,555 | 6,090 | ||||||||||||
Total Operating Expenses
|
34,789 | 12,447 | 31,331 | 12,886 | ||||||||||||
Loss before income tax provision
|
(8,049 | ) | (5,323 | ) | (22,241 | ) | (3,796 | ) | ||||||||
Income tax provision
|
- | - | - | - | ||||||||||||
Net Loss
|
(8,049 | ) | (5,323 | ) | (22,241 | ) | (3,796 | ) | ||||||||
Other Comprehensive Income (Loss):
|
||||||||||||||||
Foreign currency translation gain (loss)
|
(3,353 | ) | (2,661 | ) | 4,034 | 2,072 | ||||||||||
Comprehensive Loss
|
$ | (11,402 | ) | $ | (7,984 | ) | $ | (18,207 | ) | $ | (1,724 | ) | ||||
Net Loss Per Common Share - basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||
Weighted Average Common Shares Outstanding:
|
||||||||||||||||
- basic and diluted
|
5,700,000 | 5,700,000 | 5,070,113 | 5,000,000 |
Type 1 Media, Inc.
|
Consolidated Statement of Stockholders' Deficit
|
For the Interim Period Ended June 30, 2014
|
(Unaudited)
|
Common stock par value $0.000001
|
Additional
Paid-in
|
Accumulated
|
Accumulated Other
Comprehensive
Translation gain
|
Total
Stockholders'
|
||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
(loss)
|
Deficit
|
|||||||||||||||||||
Balance, December 31, 2012
|
5,000,000 | $ | 5 | $ | (36,777 | ) | (68,860 | ) | $ | (1,635 | ) | $ | (107,267 | ) | ||||||||||
Common stock issued for cash
|
||||||||||||||||||||||||
at $0.05 per share on June 30, 2013
|
700,000 | 1 | 34,999 | 35,000 | ||||||||||||||||||||
Comprehensive income (loss)
|
||||||||||||||||||||||||
Net loss
|
25,215 | 25,215 | ||||||||||||||||||||||
Foreign currency translational gain (loss)
|
8,533 | 8,533 | ||||||||||||||||||||||
Total comprehensive income (loss)
|
33,748 | |||||||||||||||||||||||
Balance, December 31, 2013
|
5,700,000 | 6 | (1,778 | ) | (43,645 | ) | 6,898 | (38,519 | ) | |||||||||||||||
Comprehensive income (loss)
|
||||||||||||||||||||||||
Net loss
|
(8,049 | ) | (8,049 | ) | ||||||||||||||||||||
Foreign currency translational gain (loss)
|
(3,353 | ) | (3,353 | ) | ||||||||||||||||||||
Total comprehensive income (loss)
|
(11,402 | ) | ||||||||||||||||||||||
Balance, June 30, 2014
|
5,700,000 | $ | 6 | $ | (1,778 | ) | $ | (51,694 | ) | $ | 3,545 | $ | (49,921 | ) |
Type 1 Media, Inc.
|
|||||||||||||||||||
Consolidated Statements of Cash Flows
|
For the Six
Months
|
For the Six
Months
|
|||||||
Ended
|
Ended
|
|||||||
June 30,
2014
|
June 30,
2013
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net loss
|
$ | (8,049 | ) | $ | (22,241 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||
Depreciation expense
|
274 | 166 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
- | 8,486 | ||||||
Accrued expenses
|
(39,086 | ) | 10,233 | |||||
Deferred revenue
|
(35,227 | ) | (9,090 | ) | ||||
Net cash used in operating activities
|
(82,088 | ) | (12,446 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchase of computer equipment
|
- | (2,323 | ) | |||||
Net cash used in investing activities
|
- | (2,323 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Advances from (repayments to) stockholder
|
(469 | ) | 3,124 | |||||
Proceeds from sale of common stock
|
- | 15,000 | ||||||
Net cash provided by (used in) financing activities
|
(469 | ) | 18,124 | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(4,050 | ) | 4,034 | |||||
NET CHANGE IN CASH
|
(86,607 | ) | 7,389 | |||||
CASH BALANCE AT BEGINNING OF REPORTING PERIOD
|
114,429 | 10,302 | ||||||
CASH BALANCE AT END OF REPORTING PERIOD
|
$ | 27,822 | $ | 17,691 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
|
||||||||
Interest paid
|
$ | - | $ | - | ||||
Income tax paid
|
$ | - | $ | - | ||||
NON CASH FINANCING AND INVESTING ACTIVITIES:
|
||||||||
Common stock issued for a stock subscription receivable
|
$ | - | $ | 20,000 |
·
|
Providing people with type 1 diabetes with a proactive perspective about self-care that will lead them to seek to understand and manage their condition
|
·
|
Providing people with type 1 diabetes with the information they need to self-manage and thrive with the condition.
|
·
|
Increasing the number of people who use existing informational, support, and research organizations concerned with improving the lives of people with type 1 diabetes.
|
(i)
|
Assumption as a going concern
:
Management assumes that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business
.
|
(ii)
|
Fair value of long-lived assets
:
Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.
|
(iii)
|
Valuation allowance for deferred tax assets
:
Management assumes that the realization of the Company’s net deferred tax assets resulting from its net operating loss (“NOL”) carry–forwards for Federal income tax purposes that may be offset against future taxable income was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by a full valuation allowance. Management made this assumption based on (a) the Company has incurred recurring losses, (b) general economic conditions, and (c)its ability to raise additional funds to support its daily operations by way of a public or private offering, among other factors.
|
Name of consolidated subsidiary or entity
|
State or other jurisdiction of incorporation or organization
|
Date of incorporation or formation
(date of acquisition, if applicable)
|
Attributable interest
|
|||
Make Good Media
|
Canada
|
October 28, 2009
|
100%
|
Level 1
|
Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
|
|
Level 2
|
Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
|
|
Level 3
|
Pricing inputs that are generally observable inputs and not corroborated by market data.
|
June 30,
2014
|
December 31,
2013
|
June 30,
2013
|
December 31,
2012
|
|||||||||||||
Balance sheets
|
0.9375 | 1.0696 | 1.0521 | 0.9968 | ||||||||||||
Statements of operations and comprehensive income (loss)
|
0.9119 | 1.0300 | 1.0156 |
1.
|
Identify the contract(s) with the customer
|
2.
|
Identify the performance obligations in the contract
|
3.
|
Determine the transaction price
|
4.
|
Allocate the transaction price to the performance obligations in the contract
|
5.
|
Recognize revenue when (or as) the entity satisfies a performance obligations
|
1.
|
Contracts with customers
– including revenue and impairments recognized, disaggregation of revenue, and information about contract balances and performance obligations (including the transaction price allocated to the remaining performance obligations)
|
2.
|
Significant judgments and changes in judgments
– determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations
|
3.
|
Assets recognized from the costs to obtain or fulfill a contract.
|
(i)
|
Impairment Testing
|
(ii)
|
Depreciation Expense
|
Net Revenue
for the reporting period ended
|
Accounts Receivable
at
|
|||||||||||||||
June 30,
2014
|
June 30,
2013
|
June 30,
2014
|
December 31,
2013
|
|||||||||||||
Customer A
|
72.0 | % | - | % | - | % | - | % | ||||||||
Customer B
|
28.0 | % | 100.0 | % | - | % | - | % | ||||||||
100.0 | % | 100.0 | % | - | % | - | % |
(i)
|
Assumption as a going concern
: Management assumes that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business ;
|
(ii)
|
Allowance for doubtful accounts
: Management’s estimate of the allowance for doubtful accounts is based on historical sales, historical loss levels, and an analysis of the collectability of individual accounts and general economic conditions that may affect a client’s ability to pay . The Company evaluated the key factors and assumptions used to develop the allowance in determining that it is reasonable in relation to the financial statements taken as a whole;
|
(iii)
|
Fair value of long-lived assets
: Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events;
|
(iv)
|
Valuation allowance for deferred tax assets
: Management assumes that the realization of the Company’s net deferred tax assets resulting from its net operating loss (“NOL”) carry–forwards for Federal income tax purposes that may be offset against future taxable income was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by a full valuation allowance. Management made this assumption based on (a) the Company has incurred recurring losses, (b) general economic conditions, and (c) its ability to raise additional funds to support its daily operations by way of a public or private offering , among other factors.
|
1.
|
Identify the contract(s) with the customer
|
2.
|
Identify the performance obligations in the contract
|
3.
|
Determine the transaction price
|
4.
|
Allocate the transaction price to the performance obligations in the contract
|
5.
|
Recognize revenue when (or as) the entity satisfies a performance obligations
|
1.
|
Contracts with customers – including revenue and impairments recognized, disaggregation of revenue, and information about contract balances and performance obligations (including the transaction price allocated to the remaining performance obligations)
|
2.
|
Significant judgments and changes in judgments – determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations
|
3.
|
Assets recognized from the costs to obtain or fulfill a contract.
|
Exhibits
|
|
|
|
31.1
|
Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1*
|
Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to 18U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Schema
|
101.CAL
|
XBRL Taxonomy Calculation Linkbase
|
101.DEF
|
XBRL Taxonomy Definition Linkbase
|
101.LAB
|
XBRL Taxonomy Label Linkbase
|
101.PRE
|
XBRL Taxonomy Presentation Linkbase
|
TYPE 1 MEDIA, INC.
|
|
||
Date: August 12, 2014
|
By:
|
/s/ Jonathan White
|
|
|
|
Jonathan White
|
|
|
|
President (Duly Authorized, Principal Executive Officer,
Principal Financial Officer, and Principal Accounting Officer).
|
|
1 Year Stargaze Entertainment (PK) Chart |
1 Month Stargaze Entertainment (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions