Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 20, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-31441 | |
Entity Registrant Name | FEARLESS FILMS, INC. | |
Entity Central Index Key | 0001122742 | |
Entity Tax Identification Number | 33-0921357 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 467 Edgeley Blvd. | |
Entity Address, Address Line Two | Unit 2 | |
Entity Address, City or Town | Concord | |
Entity Address, State or Province | ON | |
Entity Address, Postal Zip Code | L4K 4E9 | |
City Area Code | (888) | |
Local Phone Number | 928-0184 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,895,157 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash | $ 2,725 | $ 1,816 |
Prepaid expenses [Note 10] | 67,917 | 288,871 |
Total current assets | 70,642 | 290,687 |
Intangible Assets [Note 5] | 88,400 | 88,400 |
Total assets | 159,042 | 379,087 |
Liabilities | ||
Accounts payable [Note 6] | 594,175 | 546,393 |
Accrued liabilities | 88,804 | 81,021 |
Loan payable [Note 7] | 383,808 | 378,519 |
Total current liabilities | 1,066,787 | 1,005,933 |
Total liabilities | 1,066,787 | 1,005,933 |
Stockholders deficiency | ||
Preferred stock, $0.001 par value, 20,000,000 authorized. 1,000,000 shares issued and outstanding as at March 31, 2022 and December 31, 2021 respectively [Note 8] | 1,000 | 1,000 |
Common stock, $0.001 par value, 500,000,000 authorized, 33,895,157 shares issued and outstanding as at March 31, 2022 and December 31,2021 respectively [Note 8] | 33,895 | 33,895 |
Common stock to be issued [Note 8] | 1,872,149 | 1,872,149 |
Additional paid-in-capital | 3,869,088 | 3,869,088 |
Accumulated other comprehensive income | 112,417 | 156,962 |
Accumulated deficit | (6,796,294) | (6,559,940) |
Total stockholders deficiency | (907,745) | (626,846) |
Total liabilities and stockholders deficiency | $ 159,042 | $ 379,087 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 08, 2020 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |
Preferred stock, shares issued | 1,000,000 | 1,000,000 | |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 33,895,157 | 33,895,157 | 32,295,157 |
Common stock, shares outstanding | 33,895,157 | 33,895,157 | 32,295,157 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUE | ||
EXPENSES | ||
General and administrative | 582 | 2,862 |
Consulting Expenses [Note 10] | 220,954 | 62,796 |
Management fees [Note 9] | 14,965 | 15,028 |
Professional fees | 35,780 | 48,415 |
Total operating expenses | 272,281 | 129,101 |
(Loss) / Gain on settlement of payables [Note 8 & 10] | 48,000 | |
Interest Expense [Note 7] | (4,729) | (4,534) |
Exchange (Loss) / Gain | 40,656 | 33,419 |
Net (loss) income before income taxes | (236,354) | (52,216) |
Income taxes | ||
Net (loss) income | (236,354) | (52,216) |
Foreign currency translation adjustment | (44,545) | (34,847) |
Comprehensive (loss) income | $ (280,899) | $ (87,063) |
(Loss) earnings per share - basic and diluted | $ (0.01) | $ 0 |
Weighted average number of common shares - basic and diluted | 33,895,157 | 33,379,601 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | |
Beginning balance | $ (626,846) | $ (280,900) | $ 39,006 | $ (405,445) | $ (640,382) | $ 39,006 |
Share Subscription for cash | 13,000 | 22,716 | 8,080 | 50,000 | ||
Shares issued for settlement of accounts payable | 900,000 | 272,000 | ||||
Foreign currency translation | (44,545) | (14,243) | 80,610 | (41,225) | (34,847) | |
Net loss for the period | (236,354) | (344,703) | (423,232) | (422,404) | (52,216) | |
Ending balance | (907,745) | (626,846) | (280,900) | 39,006 | (405,445) | (626,846) |
Preferred Stock [Member] | ||||||
Beginning balance | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 |
Beginning balance, shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Share Subscription for cash | ||||||
Share Subscription for cash, shares | ||||||
Shares issued for settlement of accounts payable | ||||||
Shares issued for settlement of accounts payable, shares | ||||||
Foreign currency translation | ||||||
Net loss for the period | ||||||
Ending balance | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 |
Ending balance, shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Common Stock [Member] | ||||||
Beginning balance | $ 33,895 | $ 33,895 | $ 33,895 | $ 33,895 | $ 32,295 | $ 33,895 |
Beginning balance, shares | 33,895,157 | 33,895,157 | 33,895,157 | 33,895,157 | 32,295,157 | 33,895,157 |
Share Subscription for cash | ||||||
Share Subscription for cash, shares | ||||||
Shares issued for settlement of accounts payable | $ 1,600 | |||||
Shares issued for settlement of accounts payable, shares | 1,600,000 | |||||
Foreign currency translation | ||||||
Net loss for the period | ||||||
Ending balance | $ 33,895 | $ 33,895 | $ 33,895 | $ 33,895 | $ 33,895 | $ 33,895 |
Ending balance, shares | 33,895,157 | 33,895,157 | 33,895,157 | 33,895,157 | 33,895,157 | 33,895,157 |
Common Stock To Be Issued [Member] | ||||||
Beginning balance | $ 1,872,149 | $ 1,859,149 | $ 1,836,433 | $ 928,353 | $ 878,353 | $ 1,836,433 |
Beginning balance, shares | 5,742,877 | 5,734,211 | 5,672,772 | 618,902 | 585,569 | 5,672,772 |
Share Subscription for cash | $ 13,000 | $ 22,716 | $ 8,080 | $ 50,000 | ||
Share Subscription for cash, shares | 8,666 | 61,439 | 53,870 | 33,333 | ||
Shares issued for settlement of accounts payable | $ 900,000 | |||||
Shares issued for settlement of accounts payable, shares | 5,000,000 | |||||
Foreign currency translation | ||||||
Net loss for the period | ||||||
Ending balance | $ 1,872,149 | $ 1,872,149 | $ 1,859,149 | $ 1,836,433 | $ 928,353 | $ 1,872,149 |
Ending balance, shares | 5,742,877 | 5,742,877 | 5,734,211 | 5,672,772 | 618,902 | 5,742,877 |
Additional Paid-in Capital [Member] | ||||||
Beginning balance | $ 3,869,088 | $ 3,869,088 | $ 3,869,088 | $ 3,869,088 | $ 3,598,688 | $ 3,869,088 |
Share Subscription for cash | ||||||
Shares issued for settlement of accounts payable | 270,400 | |||||
Foreign currency translation | ||||||
Net loss for the period | ||||||
Ending balance | 3,869,088 | 3,869,088 | 3,869,088 | 3,869,088 | 3,869,088 | 3,869,088 |
AOCI Attributable to Parent [Member] | ||||||
Beginning balance | 156,962 | 171,205 | 90,595 | 131,820 | 166,667 | 90,595 |
Share Subscription for cash | ||||||
Shares issued for settlement of accounts payable | ||||||
Foreign currency translation | (44,545) | (14,243) | 80,610 | (41,225) | (34,847) | |
Net loss for the period | ||||||
Ending balance | 112,417 | 156,962 | 171,205 | 90,595 | 131,820 | 156,962 |
Retained Earnings [Member] | ||||||
Beginning balance | (6,559,940) | (6,215,237) | (5,792,005) | (5,369,601) | (5,317,385) | (5,792,005) |
Share Subscription for cash | ||||||
Shares issued for settlement of accounts payable | ||||||
Foreign currency translation | ||||||
Net loss for the period | (236,354) | (344,703) | (423,232) | (422,404) | (52,216) | |
Ending balance | $ (6,796,294) | $ (6,559,940) | $ (6,215,237) | $ (5,792,005) | $ (5,369,601) | $ (6,559,940) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net (loss) income | $ (236,354) | $ (52,216) |
Adjustments to reconcile net income (loss) to net cash used in operations: | ||
Loss/(Gain) on settlement of accounts payable | (48,000) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 220,954 | (289,122) |
Accounts payable | 45,053 | 345,662 |
Accrued liabilities | 7,319 | 7,041 |
Cash used in operating activities | 36,972 | (36,635) |
FINANCING ACTIVITIES | ||
Issue of Shares for cash | 50,000 | |
Proceeds from Loans Payable | 5,000 | |
Cash provided by financing activities | 5,000 | 50,000 |
Net increase (decrease) in cash during the period | 41,972 | 13,365 |
Effect of foreign currency translation | (41,063) | (33,740) |
Cash at beginning | 1,816 | 39,036 |
Cash at end | 2,725 | 18,661 |
Additional cash flow information | ||
Interest paid | ||
Taxes paid |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Fearless Films, Inc. (the “Company “) was incorporated in the State of Nevada as MYG Corp. on July 06, 2000. The Company changed its name from time to time and its latest name change was from Paw4mance Pet Products International, Inc. to Fearless Films, Inc. effective from November 19, 2014. Pursuant to Share Exchange Agreement dated August 5, 2014 and its subsequent amendments effective from that date, the Company acquired 100% of the issued and outstanding shares of a Canadian based entity, Fearless Films Inc. (“Fearless”) in exchange for 1,000,000 30,000,000 Pursuant to Share Exchange Agreement as explained above, the Company also effected a reverse split of its common stock by 1 share for 1,000 shares On October 26, 2020 the Company approved a reverse stock split of its issued and outstanding shares of common stock on a one share for 10 shares (1:10) basis 32,295,157 |
BASIS OF PRESENTATION, MEASUREM
BASIS OF PRESENTATION, MEASUREMENT AND CONSOLIDATION | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, MEASUREMENT AND CONSOLIDATION | 2. BASIS OF PRESENTATION, MEASUREMENT AND CONSOLIDATION The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and are expressed in United States dollars (“USD”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair statement of the financial position, results of operations and cash flows for the three months ended March 31, 2022, and 2021 have been included. Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results to be expected for any subsequent interim period or for the year ending December 31, 2022. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Fearless. Significant intercompany accounts and transactions have been eliminated. The financial statements should be read in conjunction with the financial statements for the year ended December 31, 2021. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 3. GOING CONCERN The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses from operations and as at March 31, 2022 and December 31, 2021 had a working capital deficiency of $ 966,145 715,246 6,796,294 6,559,940 Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 3. GOING CONCERN (continued) The Company’s continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance that the necessary debt or equity financing will be available or will be available on terms acceptable to the Company, in which case there may be substantial doubt that the Company will be able to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in the consolidated financial statements. The consolidated financial statements do not include any adjustments relating to the recoverability of recorded asset amounts that might be necessary should the Company be unable to continue in existence. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash includes cash on hand and balances with banks. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. Areas involving significant estimates and assumptions include, fair value of stock options or services offered, deferred income tax assets and related valuation allowance, and accruals. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. Earnings (Loss) Per Share The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 260-10 which provides for calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Diluted earnings per share exclude all potentially dilutive shares if their effect is anti-dilutive. Series A are convertible into common, and potentially dilutive. Foreign Currency Translation The functional currency of the parent Company is United States dollar and the functional currency of the subsidiary is Canadian dollar. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All exchange gains or losses arising from translation of these foreign currency transactions are included in net loss for the year. In translating the financial statements of the Company’s Canadian subsidiary from its functional currency into the Company’s reporting currency of United States dollars, balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using an average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) income (loss) in stockholders’ equity. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred. During the three months ended March 31, 2022 and March 31, 2021 the Company incurred $ nil 2,397 Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. The updated guidance introduces a five-step model to achieve its core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the updated guidance effective January 1,2018 using the full retrospective method. Under ASC 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to preform respective obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable. The adoption of ASC 606 did not have an impact on the Company’s operations or cash flows since the Company has not started earning any revenue. Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ● Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ● Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash and accounts payable. The Company’s cash, which is carried at fair value, is classified as a Level 1 financial instrument. The Company’s bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. Intangible Assets Intangible assets are initially valued at fair value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over their estimated useful lives and are reviewed for impairment if indicators of impairment arise. Intangible assets with indefinite lives are tested for impairment within one year of acquisitions or annually and whenever indicators of impairment exist. The fair value of intangible assets are compared with their carrying values, and an impairment loss would be recognized for the amount by which the carrying amount exceeds its fair value. The Company considers the intangibles acquired as assets with indefinite life and so not amortized. Acquired films rights have a three-year development limitation, after which if development has not started the film assets are to be recorded as impaired. Convertible Notes Payable The Company accounted for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free-standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. Stock Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the consolidated statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 718. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. Recently Issued Accounting Pronouncements On May 3, 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Issuers should apply the new standard prospectively to modifications or exchanges occurring after the effective date of the new standard. Early adoption is permitted, including adoption in an interim period. If an issuer elects to early adopt the new standard in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the potential impact but does not believe there will be an impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. The update also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The new guidance is effective for annual periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. This update can be adopted on either a fully retrospective or a modified retrospective basis. The Company is currently evaluating the potential impact but does not believe there will be an impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 eliminated certain exceptions and changed guidance on other matters. The exceptions relate to the allocation of income taxes in separate company financial statements, tax accounting for equity method investments and accounting for income taxes when the interim period year-to-date loss exceeds the anticipated full year loss. Changes relate to the accounting for franchise taxes that are income-based and non-income-based, determining if a step up in tax basis is part of a business combination or if it is a separate transaction, when enacted tax law changes should be included in the annual effective tax rate computation, and the allocation of taxes in separate company financial statements to a legal entity that is not subject to income tax. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential impact but does not believe there will be an impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The new standard is effective for fiscal years and interim periods within those years beginning after December 15, 2022. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 5. INTANGIBLE ASSETS Intangible assets were comprised of the following at: SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS March 31, December 31, 2021 Rights to an online film marketplace 52,000 52,000 Rights and interests in Films 20,800 20,800 Film Scripts 15,600 15,600 Net carrying value 88,400 88,400 All intangible assets are considered to be indefinite life assets and not amortized. Acquired films rights have a three-year development limitation, after which if development has not started the film assets are to be recorded as impaired. |
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE | 6. ACCOUNTS PAYABLE As at March 31, 2022, total accounts payable include $ 71,820 36,240 |
LOANS PAYABLE
LOANS PAYABLE | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
LOANS PAYABLE | 7. LOANS PAYABLE On July 1, 2021, the Company entered into a loan agreement with a third party for $ 50,000 5% 15,800 As at March 31, 2022, the Company owed $ 383,808 367,880 repayable on demand within 180 days of written notice of such demand. 5% As at March 31, 2022, accrued liabilities includes interest on loans payable of $ 54,033 Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) |
STOCKHOLDERS_ DEFICIENCY
STOCKHOLDERS’ DEFICIENCY | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIENCY | 8. STOCKHOLDERS’ DEFICIENCY Share Exchange Agreement As explained in Note 1 to the consolidated financial statements, on August 5, 2014 the Company acquired 100 1,000,000 30,000,000 Authorized stock The Company is authorized to issue 500,000,000 0.001 20,000,000 0.001 Common Stock As explained in Note 1 to the consolidated financial statements, on September 23, 2014, the Board of Directors and stockholders of the Company approved a Certificate of Amendment to its Articles of Incorporation for a 1:1000 Reverse split 155,085,275 155,289 As explained in Note 1 to the consolidated financial statements, on October 26, 2020, the Board of Directors and stockholders of the Company approved a Certificate of Amendment to its Articles of Incorporation for a 1:10 Reverse split 322,944,837 32,295,157 290,649 On June 1, 2020, the Company entered into private placement agreements with shareholders for issue of 666,667 1.50 1,000,000 657,923 337,900 100,715 On June 15, 2020, the Company announced their decision to purchase the film “The Lunatic” from the President and CEO of the operating subsidiary. The purchase price will be in the form of common shares and the number of shares will be set by an independent appraisal of the film expected to take place during the fourth quarter of 2022. On June 17, 2020, the Company announced the acquisition of FilmOla.com, a website for aficionados of film and which can provide a platform for distribution for the Company’s media properties. Payment for this acquisition was in the form of 100,000 52,000 On June 24, 2020, the Company announced the acquisition of rights to the film, Only Minutes, an addition to the company’s growing library of media titles. Payment for this acquisition was in the form of 20,000 10,400 Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 8. STOCKHOLDERS’ DEFICIENCY (continued) On July 1, 2020, the Company entered into private placement agreements with shareholders for issue of 333,333 1.50 500,000 402,615 268,410 On July 1, 2020, the Company entered into a private placement agreement with a third party for issue of 333,333 1.50 500,000 451,043 32,252 268,443 On July 28, 2020, the Company announced the acquisition of rights to the film, In the Lair, an addition to the company’s growing library of media titles. Payment for this acquisition was in the form of 20,000 10,400 On August 24, 2020, the Company announced the acquisition of film script Dead Bounty, another significant addition to the company’s growing portfolio of films and intellectual property. Payment for this acquisition was in the form of 30,000 15,600 On January 30, 2021, the Company issued 1,600,000 272,000 320,000 48,000 On May 3, 2021, the Company authorised to issue 5,000,000 900,000 815,000 85,000 On June 1, 2021, the Company entered into a private placement agreement with a third party for issue of 666,667 0.15 100,000 15,796 As at March 31, 2022, the Company has 33,895,157 33,895,157 22,400,419 11,494,738 Preference Stock On June 25, 2014, the Board of Directors authorized the following designations for the class of 20,000,000 0.001 ● 10,000,000 Each Preference Share of Series A shall have 100 votes over that of each Common share and shall have rights convertible to 10 ● 10,000,000 Each Preference Share of Series B shall have no voting rights or power and shall have rights convertible to 10 Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 8. STOCKHOLDERS’ DEFICIENCY (continued) On August 5, 2014, the Company issued 1,000,000 As at March 31, 2022 and December 31, 2021, the Company has 1,000,000 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 9. RELATED PARTY TRANSACTIONS AND BALANCES The Company’s transactions with related parties were carried out on normal commercial terms and in the course of the Company’s business. Other than those disclosed elsewhere in the financial statements, the related party transactions and balances are as follows: On January 1, 2019, the Company entered into a consulting agreement with a shareholder. Pursuant to this agreement, the compensation is $ 5,000 During the year ended December 31, 2019, the Company entered into loan agreements for $ 184,000 On January 1, 2020, the Company entered into a loan agreement for $ 28,000 On June 1, 2020, the Company entered into a share subscription agreement for 233,333 1.50 350,000 67,000 31,333 13,333 On June 15, 2020, the Company announced their decision to purchase the film “The Lunatic” from the President and CEO of the Company. The purchase price will be in the form of common shares and the number of shares will be set by an independent appraisal of the film expected to take place during the fourth quarter of 2022 Management fees for the three months ended March 31, 2022 represent charges from directors of $ 14,965 15,028 71,820 57,650 As at March 31, 2022, all loans from related parties remain unpaid Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | 10. COMMITMENTS On January 8, 2021, the Company entered into an agreement with a company for consulting services and to gain access to a premier investor intelligence and communications platform built to track shareholders’ behaviors and trends and manage investor outreach. Initial term of the agreement is one year and will automatically renew on a month-to-month basis after the first year until either party gives the other party written notice of non-renewal at least 30 days prior to the expiration of the then-current term “Renewal Term”. Pursuant to the agreement, fees for the first year were $ 320,000 17,204 62,796 On January 30, 2021, the Company issued 1,600,000 320,000 272,000 48,000 On March 23, 2021, the Company entered into an agreement with a company who is to assist with investor relations efforts aimed at increasing the investment community’s awareness of Fearless Films (OTC: FERL). Fees for these services are to be $ 100,000 100,000 815,000 203,750 nil 67,917 On May 3, 2021, the Company authorized to issue 5,000,000 815,000 900,000 85,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events up to May 23, 2022, the date the consolidated financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following material subsequent events: The occurrence of the COVID-19 pandemic may negatively affect our business, financial condition and results of operations. We are in the early stages of developing our business plan of building a revenue-producing film service business and becoming an independent producer of television and movie content. Because our business is customer driven, our revenue requirements will be reviewed and adjusted based on future revenues. Expenses associated with operating as a public company are included in management’s budget. The occurrence of an uncontrollable event such as the COVID-19 pandemic is likely to negatively affect our operations. A pandemic such as COVID-19 can result in social distancing, travel bans and quarantines, which can lead to limited access to customers, management, support staff, consultants and professional advisors. These, in turn, will not only impact our operations, financial condition and demand for our services and products, but our overall ability to react timely to mitigate the impact of the event. It may also substantially hamper our efforts to provide investors with timely information and our ability to comply with filing obligations with the SEC. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash includes cash on hand and balances with banks. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. Areas involving significant estimates and assumptions include, fair value of stock options or services offered, deferred income tax assets and related valuation allowance, and accruals. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 260-10 which provides for calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Diluted earnings per share exclude all potentially dilutive shares if their effect is anti-dilutive. Series A are convertible into common, and potentially dilutive. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the parent Company is United States dollar and the functional currency of the subsidiary is Canadian dollar. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All exchange gains or losses arising from translation of these foreign currency transactions are included in net loss for the year. In translating the financial statements of the Company’s Canadian subsidiary from its functional currency into the Company’s reporting currency of United States dollars, balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using an average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) income (loss) in stockholders’ equity. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Advertising and Marketing Costs | Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred. During the three months ended March 31, 2022 and March 31, 2021 the Company incurred $ nil 2,397 |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. The updated guidance introduces a five-step model to achieve its core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the updated guidance effective January 1,2018 using the full retrospective method. Under ASC 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to preform respective obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable. The adoption of ASC 606 did not have an impact on the Company’s operations or cash flows since the Company has not started earning any revenue. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ● Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ● Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash and accounts payable. The Company’s cash, which is carried at fair value, is classified as a Level 1 financial instrument. The Company’s bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. |
Intangible Assets | Intangible Assets Intangible assets are initially valued at fair value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over their estimated useful lives and are reviewed for impairment if indicators of impairment arise. Intangible assets with indefinite lives are tested for impairment within one year of acquisitions or annually and whenever indicators of impairment exist. The fair value of intangible assets are compared with their carrying values, and an impairment loss would be recognized for the amount by which the carrying amount exceeds its fair value. The Company considers the intangibles acquired as assets with indefinite life and so not amortized. Acquired films rights have a three-year development limitation, after which if development has not started the film assets are to be recorded as impaired. |
Convertible Notes Payable | Convertible Notes Payable The Company accounted for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free-standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. |
Stock Based Compensation | Stock Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the consolidated statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 718. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements On May 3, 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Issuers should apply the new standard prospectively to modifications or exchanges occurring after the effective date of the new standard. Early adoption is permitted, including adoption in an interim period. If an issuer elects to early adopt the new standard in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the potential impact but does not believe there will be an impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. The update also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The new guidance is effective for annual periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. This update can be adopted on either a fully retrospective or a modified retrospective basis. The Company is currently evaluating the potential impact but does not believe there will be an impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 eliminated certain exceptions and changed guidance on other matters. The exceptions relate to the allocation of income taxes in separate company financial statements, tax accounting for equity method investments and accounting for income taxes when the interim period year-to-date loss exceeds the anticipated full year loss. Changes relate to the accounting for franchise taxes that are income-based and non-income-based, determining if a step up in tax basis is part of a business combination or if it is a separate transaction, when enacted tax law changes should be included in the annual effective tax rate computation, and the allocation of taxes in separate company financial statements to a legal entity that is not subject to income tax. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential impact but does not believe there will be an impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. Fearless Films, Inc. Notes to Consolidated Financial Statements For the three months ended March 31, 2022 and 2021 (Unaudited) (Expressed in US dollars) 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The new standard is effective for fiscal years and interim periods within those years beginning after December 15, 2022. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS | Intangible assets were comprised of the following at: SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS March 31, December 31, 2021 Rights to an online film marketplace 52,000 52,000 Rights and interests in Films 20,800 20,800 Film Scripts 15,600 15,600 Net carrying value 88,400 88,400 |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) - shares | Oct. 26, 2020 | Aug. 05, 2014 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 08, 2020 |
Restructuring Cost and Reserve [Line Items] | |||||
Rreverse stock split, description | the Company approved a reverse stock split of its issued and outstanding shares of common stock on a one share for 10 shares (1:10) basis | a reverse split of its common stock by 1 share for 1,000 shares | |||
Common stock, shares outstanding | 33,895,157 | 33,895,157 | 32,295,157 | ||
Common stock, shares issued | 33,895,157 | 33,895,157 | 32,295,157 | ||
Fearless Films Inc (Canada) [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business acquisition, description | the Company acquired 100% of the issued and outstanding shares of a Canadian based entity, Fearless Films Inc. (“Fearless”) in exchange for 1,000,000 Preferred Shares and 30,000,000 Common Shares of the Company. | ||||
Fearless Films Inc (Canada) [Member] | Preferred Stock [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of shares issued | 1,000,000 | ||||
Fearless Films Inc (Canada) [Member] | Common Stock [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of shares issued | 30,000,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital dificit | $ 966,145 | $ 715,246 |
Accumulated deficit | $ 6,796,294 | $ 6,559,940 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Marketing and advertising expense | $ 2,397 |
SCHEDULE OF INDEFINITE-LIVED IN
SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Net carrying value | $ 88,400 | $ 88,400 |
Rights to an Online Film Marketplace [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Net carrying value | 52,000 | 52,000 |
Rights and Interest in Films [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Net carrying value | 20,800 | 20,800 |
Film Scripts [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Net carrying value | $ 15,600 | $ 15,600 |
ACCOUNTS PAYABLE (Details Narra
ACCOUNTS PAYABLE (Details Narrative) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable, related parties, current | $ 71,820 | $ 36,240 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Jul. 02, 2021 | Mar. 31, 2021 | |
Short-Term Debt [Line Items] | ||||
Loans payable | $ 383,808 | $ 378,519 | ||
Loan payable term | repayable on demand within 180 days of written notice of such demand. | |||
Loans Payable [Member] | ||||
Short-Term Debt [Line Items] | ||||
Loans payable | $ 383,808 | $ 50,000 | $ 367,880 | |
Loan interest rate | 5.00% | 5.00% | ||
Proceeds from loan | $ 15,800 | |||
Implied interest on loans payable | $ 54,033 |
STOCKHOLDERS_ DEFICIENCY (Detai
STOCKHOLDERS’ DEFICIENCY (Details Narrative) - USD ($) | Jun. 02, 2021 | May 03, 2021 | Jan. 30, 2021 | Oct. 26, 2020 | Aug. 24, 2020 | Jul. 28, 2020 | Jul. 02, 2020 | Jun. 24, 2020 | Jun. 17, 2020 | Jun. 02, 2020 | Sep. 23, 2014 | Aug. 05, 2014 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 08, 2020 | Jun. 25, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||
Stock split description | 1:10 Reverse split | 1:1000 Reverse split | |||||||||||||||||||
Shares issued in private placement, shares | 666,667 | ||||||||||||||||||||
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||
Proceeds from common stock | $ 100,000 | $ 50,000 | |||||||||||||||||||
Common stock, shares, issued | 33,895,157 | 33,895,157 | 33,895,157 | 32,295,157 | |||||||||||||||||
Stock issued to settle accounts payable, shares | 5,000,000 | 1,600,000 | |||||||||||||||||||
Stock issued to settle accounts payable, value | $ 900,000 | $ 272,000 | |||||||||||||||||||
Accounts payable | 815,000 | 320,000 | |||||||||||||||||||
(Loss)/Gain on settlement of accounts payable | $ 85,000 | $ 48,000 | $ 48,000 | ||||||||||||||||||
Common stock, shares, outstanding | 33,895,157 | 33,895,157 | 33,895,157 | 32,295,157 | |||||||||||||||||
Preferred stock, shares issued | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | ||||||||||||||||||||
Preferred stock converted into common stock, shares | 10 | ||||||||||||||||||||
Preferred stock, shares issued | 1,000,000 | ||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | ||||||||||||||||||||
Preferred stock converted into common stock, shares | 10 | ||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||
Common stock, shares, outstanding | 22,400,419 | ||||||||||||||||||||
Unrestricted Stock [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Common stock, shares, outstanding | 11,494,738 | ||||||||||||||||||||
Rights to an Online Film Marketplace [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Stock issued during period, shares, purchase of assets | 100,000 | ||||||||||||||||||||
Stock issued during period, value, purchase of assets | $ 52,000 | ||||||||||||||||||||
Rights and Interes in Films Two [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Stock issued during period, shares, purchase of assets | 20,000 | ||||||||||||||||||||
Stock issued during period, value, purchase of assets | 10,400 | ||||||||||||||||||||
Rights and Interest in Films Three [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Stock issued during period, shares, purchase of assets | 20,000 | ||||||||||||||||||||
Stock issued during period, value, purchase of assets | 10,400 | ||||||||||||||||||||
Film Scripts [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Stock issued during period, shares, purchase of assets | 30,000 | ||||||||||||||||||||
Stock issued during period, value, purchase of assets | $ 15,600 | ||||||||||||||||||||
Director [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Preferred stock, shares authorized | 20,000,000 | ||||||||||||||||||||
Preferred stock, par value | $ 0.001 | ||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Shares, outstanding | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||
Shares issued in private placement, shares | |||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Common stock, par value | $ 0.15 | ||||||||||||||||||||
Common stock decreased due to reverse stock split | 322,944,837 | 155,085,275 | |||||||||||||||||||
Shares, outstanding | 32,295,157 | 155,289 | 33,895,157 | 33,895,157 | 33,895,157 | 33,895,157 | 33,895,157 | 33,895,157 | 32,295,157 | ||||||||||||
Adjustments to additional paid in capital stock split | $ 290,649 | ||||||||||||||||||||
Shares issued in private placement, shares | |||||||||||||||||||||
Common Stock [Member] | Shareholders [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Shares issued in private placement, shares | 666,667 | ||||||||||||||||||||
Common Stock to be Issued Two [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Shares, issued | 32,252 | ||||||||||||||||||||
Common stock, shares subscribed but unissued | 268,443 | ||||||||||||||||||||
Common Stock to be Issued Two [Member] | Shareholders [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Common stock, par value | $ 1.50 | ||||||||||||||||||||
Common Stock To Be Issued [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Shares, outstanding | 5,742,877 | 5,742,877 | 5,734,211 | 5,672,772 | 618,902 | 5,742,877 | 585,569 | ||||||||||||||
Shares issued in private placement, shares | 8,666 | 61,439 | 53,870 | 33,333 | |||||||||||||||||
Proceeds from common stock | $ 15,796 | ||||||||||||||||||||
Share Exchange Agreement [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Acquisition of issued and outstanding percentage | 100.00% | ||||||||||||||||||||
Share Exchange Agreement [Member] | Preferred Stock [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Issuance of shares pursuant to share exchange, shares | 1,000,000 | ||||||||||||||||||||
Share Exchange Agreement [Member] | Common Stock [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Issuance of shares pursuant to share exchange, shares | 30,000,000 | ||||||||||||||||||||
Private Placement Agreements [Member] | Shareholders [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Preferred stock, shares outstanding | 1,000,000 | ||||||||||||||||||||
Proceeds from common stock | $ 657,923 | ||||||||||||||||||||
Shares, issued | 337,900 | ||||||||||||||||||||
Common stock, shares, issued | 100,715 | ||||||||||||||||||||
Private Placement Agreement [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Proceeds from common stock | $ 451,043 | ||||||||||||||||||||
Private Placement Agreement [Member] | Shareholders [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Common stock, par value | $ 1.50 | ||||||||||||||||||||
Shares issued in private placement, shares | 333,333 | ||||||||||||||||||||
Proceeds from common stock | $ 500,000 | $ 402,615 | |||||||||||||||||||
Private Placement Agreement [Member] | Common Stock to be Issued One [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||
Common stock, shares subscribed but unissued | 268,410 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) | Jun. 02, 2021 | Jan. 01, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 08, 2020 | Jun. 02, 2020 | Jan. 02, 2020 | Dec. 31, 2019 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||
Share based compensation | $ 5,000 | ||||||||
Loan payable | $ 383,808 | $ 378,519 | |||||||
Common stock, shares, issued | 33,895,157 | 33,895,157 | 32,295,157 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||
Proceeds from issuance of common stock | $ 100,000 | $ 50,000 | |||||||
Management fee | 14,965 | 15,028 | |||||||
Accounts payable | 71,820 | $ 36,240 | |||||||
Chief Executive Officer [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||
Loan payable | $ 28,000 | $ 184,000 | |||||||
Common stock, shares, issued | 233,333 | ||||||||
Common stock, par value | $ 1.50 | ||||||||
Common stock, value, subscriptions | $ 350,000 | ||||||||
Proceeds from issuance of common stock | $ 67,000 | ||||||||
Shares, issued | 31,333 | ||||||||
Common stock, shares subscribed but unissued | 13,333 | ||||||||
Director [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||
Accounts payable | $ 71,820 | $ 57,650 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) | May 03, 2021 | Jan. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 23, 2021 | Jan. 08, 2021 |
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||||||
Agreement fee for first year | $ 320,000 | $ 320,000 | ||||
Consulting expenses | $ 17,204 | $ 62,796 | ||||
Common stock shares issued in settlement, share | 5,000,000 | 1,600,000 | ||||
Common stock shares issued in settlement, value | $ 900,000 | $ 272,000 | ||||
Gain on settlement of fee | $ 48,000 | |||||
Consulting expenses | 815,000 | |||||
Loss on settlement of fee | 85,000 | |||||
Investor [Member] | ||||||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||||||
Consulting expenses | 203,750 | |||||
Service commitment fee first month | $ 100,000 | |||||
Service commitment fee second month | 100,000 | |||||
Service commitment fee third month | $ 815,000 | |||||
Prepaid expenses | $ 67,917 |