Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Aug. 11, 2014 | Oct. 31, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'Select-TV Solutions, Inc. | ' | ' |
Entity Central Index Key | '0001568628 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Apr-14 | ' | ' |
Amendment Flag | 'true | ' | ' |
Current Fiscal Year End Date | '--04-30 | ' | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' | ' |
Is Entity a Voluntary Filer? | 'No | ' | ' |
Is Entity's Reporting Status Current? | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $0 |
Entity Common Stock, Shares Outstanding | ' | 62,134,000 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Amendment description | 'To correct financial statement numbers | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $543,853 | $7,978 |
Due from related parties | 346,050 | 0 |
Total current assets | 889,903 | 7,978 |
Equipment, net | 0 | 1,146 |
Total assets | 889,903 | 9,124 |
Current liabilities: | ' | ' |
Accounts payable | 14,700 | 0 |
Due to shareholder | 0 | 101 |
Total current liabilities | 14,700 | 101 |
Other liabilities | 0 | 0 |
Total liabilities | 14,700 | 101 |
Stockholders' deficit: | ' | ' |
Common stock, $0.001 par value, 75,000,000 shares authorized, 54,134,000 shares issued and outstanding at April 30, 2014 and 2013, respectively | 54,134 | 54,134 |
Paid-in capital (deficiency) | -34,614 | -34,614 |
Common stock issuable | 1,482,366 | 0 |
Deferred issuance costs | -128,194 | 0 |
Accumulated deficit | -498,489 | -10,497 |
Total stockholders' deficit | 875,203 | 9,023 |
Total liabilities and stockholders' deficit | $889,903 | $9,124 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock par value | $0.00 | $0.00 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 54,134,000 | 54,134,000 |
Common stock shares outstanding | 54,134,000 | 54,134,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Income Statement [Abstract] | ' | ' |
Revenues | $0 | $0 |
Operating expenses: | ' | ' |
General and administrative expenses | 123,709 | 8,277 |
Loss from operations | -123,709 | -8,277 |
Other income (expense): | ' | ' |
Refund | 1,450 | 0 |
Exchange loss | -985 | 0 |
Other expense | -364,250 | 0 |
Loss on disposal of equipment | -498 | 0 |
Total other income (expense) | -364,283 | 0 |
Loss before income taxes | -487,992 | -8,277 |
Provision for income taxes | 0 | 0 |
Net loss | ($487,992) | ($8,277) |
Net loss per share - basic and diluted | ($0.01) | $0 |
Weighted average number of shares outstanding - Basic and Diluted | 54,134,000 | 52,306,120 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($487,992) | ($8,277) |
Adjustments to reconcile net loss to net cash used in operations: | ' | ' |
Depreciation expense | 648 | 648 |
Loss on disposal of equipment | 498 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses | 0 | 0 |
Accounts payable | 14,700 | 0 |
Net cash used in operating activities | -472,076 | -7,629 |
Cash flows from investing activities: | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Loans from shareholders | 0 | 101 |
Payments on loans from shareholders | -101 | 0 |
Due to related parties | -346,050 | 0 |
Proceeds from sale of stock subscriptions | 1,482,366 | 0 |
Proceeds from sale of common stock | 0 | 14,560 |
Deferred issuance costs | -128,194 | 0 |
Net cash provided by financing activities | 1,008,021 | 14,661 |
Net increase in cash | 535,875 | 7,032 |
Cash and cash equivalents at beginning of year | 7,978 | 946 |
Cash and cash equivalents at end of year | 543,853 | 7,978 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $0 | $0 |
Statement_of_Stockholders_Equi
Statement of Stockholders' Equity (Deficit) (USD $) | Common Stock | Additional Paid-In Capital | Common Stock Issuable | Deferred Issuance Cost | Accumulated Deficit | Total |
Beginning balance, amount at Apr. 30, 2012 | $44,800 | ($39,840) | $0 | ' | ($2,220) | $2,740 |
Beginning balance, shares at Apr. 30, 2012 | 44,800,000 | ' | ' | ' | ' | ' |
Stock issued for cash, shares | 9,334,000 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | 9,334 | 5,226 | ' | ' | ' | 14,560 |
Net loss | ' | ' | ' | ' | -8,277 | -8,277 |
Ending balance, amount at Apr. 30, 2013 | 54,134 | -34,614 | 0 | ' | -10,497 | 9,023 |
Ending balance, shares at Apr. 30, 2013 | 54,134,000 | ' | ' | ' | ' | ' |
Stock subscriptions received | ' | ' | 1,482,366 | ' | ' | 1,482,366 |
Issuance costs on stock subscriptions | ' | ' | ' | -128,194 | ' | -128,194 |
Net loss | ' | ' | ' | ' | -487,992 | -487,992 |
Ending balance, amount at Apr. 30, 2014 | $54,134 | ($34,614) | $1,482,366 | ($128,194) | ($498,489) | $875,203 |
Ending balance, shares at Apr. 30, 2014 | 54,134,000 | ' | ' | ' | ' | ' |
1_Nature_of_Business_Presentat
1. Nature of Business, Presentation and Going Concern | 12 Months Ended |
Apr. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
1. Nature of Business, Presentation and Going Concern | ' |
Organization | |
Select-TV Solutions, Inc. (the "Company", “SELT”, “we”, “us” or “our”) was incorporated in Nevada on May 17, 2011 under the name of Renaissance Films Inc. (“RFI”) and intended to produce documentary films. On September 26, 2011, the Company changed its name to Sedition Films Inc. As of the date hereof, the Company has no operations. | |
On April 7, 2014, the Company experienced a change in control. Conseil Plumage Blanc Ltd. (“CPB”) acquired a majority of the issued and outstanding common stock of the Company in accordance with a stock purchase agreement by and between CPB and Jesse Lawrence, the Company’s former director and majority shareholder. On the closing date, April 7, 2014, pursuant to the terms of the Stock Purchase Agreement, CPB purchased from Jesse Lawrence 4,000,000 (40,000,000 post-split) shares of the Company’s outstanding common stock for $375,000. As a result of the change in control, CPB owned a total of 4,000,000 (40,000,000 post-split) shares of the Company’s common stock representing 74%. | |
On May 1, 2014, the Company filed an amendment to its Articles of Incorporation in the State of Nevada to change its name to Select-TV Solutions, Inc. The Company intends to pursue significant opportunities available within the entertainment sector and online interactive niche. | |
On July 18, 2014, the Company entered into a Merger Agreement with Select-TV Solutions (USA), Inc. (“STVU”), a Florida corporation. Pursuant to the terms of the Agreement, the Company shall issue 1.25 shares for each share STVU, or 49,678,443, and an additional 6,000,000 shares pursuant to a Convertible Promissory Note, maturing December 31, 2014, for a principal amount of CAD$150,000.00 issued by STVU, for a total of 55,678,443 shares. As a result of the merger, the Company, as the surviving entity, shall acquire the license rights to Select-TV HITV (Hospitality Interactive TV, software and hardware, and EMAGINE (home IPTV software and hardware), thus enabling the Company to provide end-to-end IPTV (Internet Protocol Television) solutions to the Hospitality, Residential and Hospital subscribers in North America. The Closing of the transaction was effective on the close of business July 31, 2014. | |
Stock Split | |
On May 1, 2014, the Company's Board of Directors declared a ten-to-one forward stock split of all outstanding shares of common stock. The effect of the stock split increased the number of shares of common stock outstanding from 5,413,400 to 54,134,000. All common share and per common share data in these financial statements and related notes hereto have been retroactively adjusted to account for the effect of the stock split for all periods presented prior to May 1, 2014. The total number of authorized common shares and the par value thereof was not changed by the split. | |
Basis of Presentation | |
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the Securities and Exchange Commission (“SEC”). | |
Going Concern | |
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses of $487,992 and $8,277 for the years ended April 30, 2014 and 2013, respectively, and has incurred cumulative losses since inception of $498,489. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. | |
The ability of the Company to continue as a going concern is dependent upon its abilities to generate revenues, to continue to raise investment capital, and develop and implement its business plan. No assurance can be given that the Company will be successful in these efforts. | |
The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. No assurance can be given that the Company will be successful in these efforts. |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2014 | |
Accounting Policies [Abstract] | ' |
2. Summary of Significant Accounting Policies | ' |
Use of Estimates | |
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 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. Actual results could differ from those estimates. Significant estimates in the accompanying financial statements include the depreciable lives of property and equipment and the valuation allowance on deferred tax assets. | |
Earnings (Loss) Per Share | |
The Company computes income (loss) per share in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) ASC Topic 260, “Earnings Per Share", which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing income (loss) available to common shareholders by the weighted average number of shares outstanding during the period. Diluted EPS gives effect to all dilutive potential shares of common stock outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As of April 30, 2014 and 2013, respectively, there were no common share equivalents outstanding which would be deemed as dilutive. | |
Fair Value of Financial Instruments | |
ASC 825 "Financial Instruments" codified Statement of Financial Accounting Standard No. 107, Disclosures about fair value of financial instruments, requires that the Company disclose estimated fair values of financial instruments. Unless otherwise indicated, the fair values of all reported assets and liabilities, which represent financial instruments, none of which are held for trading purposes, approximate the carrying values of such amounts. | |
Dividends | |
The Company has not yet adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At April 30, 2014 and 2013, the Company had cash or cash equivalents of $543,853 and $7,978, respectively. | |
Income Taxes | |
The Company accounts for income taxes under ASC Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, 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 740-10-25, 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. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. | |
Stock Based Compensation | |
The Company accounts for Stock-Based Compensation under ASC Topic 718-10 (“ASC 718-10”), which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. | |
Issuance of Shares for Services | |
The Company accounts for the issuance of equity instruments to acquire goods and services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably measurable. | |
Fixed Assets | |
Fixed assets are stated at cost less accumulated depreciation. Depreciation was calculated using the straight-line method over the estimated useful lives of the respective assets. | |
Impairment or Disposal of Long-Lived Assets | |
The Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 360 “Property, Plant and Equipment”. ASC 360 clarifies the accounting for the impairment of long-lived assets and for long-lived assets to be disposed of, including the disposal of business segments and major lines of business. Long-lived assets are reviewed when facts and circumstances indicate that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down to estimated fair value based on the best information available. Estimated fair value is generally based on either appraised value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could vary significantly from such estimates. The Company did not recognize any impairment losses for the years ended April 30, 2014 and 2013. | |
Comprehensive Income | |
During the year ended April 30, 2014, the Company paid $364,250 to CPB to enable CPB to acquire the 4,000,000 shares to effectuate the change in control. This expense has been classified as other expense. | |
The Company adopted ASC 220, Comprehensive Income which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Stockholders' Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has no elements of “other comprehensive income” for the periods ended April 30, 2014 and 2013. | |
Development Stage Enterprise | |
On June 10, 2014 the FASB issued authoritative guidance which eliminates the concept of a development stage entity. The incremental reporting requirements for presenting the development stage operations and cash flows since inception will no longer apply to development stage entities. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2014. The Company previously had been considered a development state entity as its operations had not begun and has elected early adoption of this guidance effective with the filing of this annual report. |
3_Recent_Accounting_Pronouncem
3. Recent Accounting Pronouncements | 12 Months Ended |
Apr. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
3. Recent Accounting Pronouncements | ' |
In June 2014 the FASB issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities (Topic 915)”, which provides guidance on the elimination of the concept of a development stage entity. The incremental reporting requirements for presenting the development stage operations and cash flows since inception will no longer apply to development stage entities. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2014. The Company has elected early adoption of this guidance effective with the filing of this annual report. | |
In February 2013, the FASB issued ASU 2013-04,”Liabilities (Topic 405)”, which provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. ASU 2013-04 is effective for fiscal years beginning after December 15, 2013. We do not believe the adoption of ASU 2013-04 will have a material effect on the Company’s financial statements. | |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires disclosure of the amounts reclassified out of each component of accumulated other comprehensive income and into net earnings during the reporting period and is effective for reporting periods beginning after December 15, 2013. We do not believe the adoption of ASU 2013−02 will have a material impact on the measurement of net earnings or other comprehensive income. | |
In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities” and in January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11, as clarified, enhances disclosures surrounding offsetting (netting) assets and liabilities. The clarified standard applies to derivatives, repurchase agreements and securities lending transactions and requires companies to disclose gross and net information about financial instruments and derivatives eligible for offset and to disclose financial instruments and derivatives subject to master netting arrangements in financial statements. The clarified standard did not have a material effect on our financial position or results of operations. | |
In October 2013, the FASB issued ASU 2013-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2013-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2013. The adoption of ASU 2013-04 did not have a material impact on our financial position or results of operations. | |
Management does not believe any recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the Company’s present or future financial statements. |
4_Equipment_net
4. Equipment, net | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
4. Equipment, net | ' | ||||||||
Equipment, net, consisted of the following at April 30, 2014 and 2013: | |||||||||
April 30, | |||||||||
2014 | 2013 | ||||||||
Film Equipment | $ | – | $ | 1,956 | |||||
Accumulated depreciation | – | (810 | ) | ||||||
Equipment, net | $ | – | $ | 1,146 | |||||
Depreciation expense was $648 and $648 for the years ended April 30 2014 and 2013, respectively. In April 2014, in conjunction with the Company’s change in control, the film equipment was disposed of at a loss of $498. |
5_Related_Parties
5. Related Parties | 12 Months Ended |
Apr. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
5. Related Parties | ' |
During the year ended April 30, 2013, a shareholder and officer loaned $160 to the Company to open a bank account and to help fund operations. The loan was unsecured, non-interest bearing and due on demand. $59 and $101 was been repaid to the shareholder and officer during the years ended April 30, 2014 and 2013, respectively. The balances due to the shareholder and officer was $-0- and $101 as of April 30, 2014 and 2013, respectively. | |
During the year ended April 30, 2014, the Company advanced a total of $346,050 to STVU for working capital purposes of STVU. The loan is unsecured, non-interest bearing and due on demand. No payments have been received from STVU and the balance due from STVU is $346,050 as of April 30, 2014. |
6_Stockholders_Deficit
6. Stockholders' Deficit | 12 Months Ended |
Apr. 30, 2014 | |
Equity [Abstract] | ' |
6. Stockholders' Deficit | ' |
The Company has authorized 75,000,000 shares of Common Stock, $0.001 par value. As of April 30, 2014 and 2013, the Company had 54,134,000 shares of Common Stock issued and outstanding. | |
On July 5, 2012, the Company issued 4,800,000 shares of common stock for cash proceeds of $960 at $0.0002 per share. | |
On July 27, 2012, the Company issued 4,534,000 shares of common stock for cash proceeds of $13,600 at $0.003 per share. | |
On May 1, 2014, the Company's Board of Directors declared a ten-to-one forward stock split of all outstanding shares of common stock. The effect of the stock split increased the number of shares of common stock outstanding from 5,413,400 to 54,134,000. All common share and per common share data in these financial statements and related notes hereto have been retroactively adjusted to account for the effect of the stock split for all periods presented prior to May 1, 2014. The total number of authorized common shares and the par value thereof was not changed by the split. | |
On May 6, 2014, the Company filed an amendment to its Articles of Incorporation increasing the authorized shares of Common Stock to 500,000,000. The par value of $0.001 remained unchanged. |
7_Income_Taxes
7. Income Taxes | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
7. Income Taxes | ' | ||||||||
No provision was made for income taxes for the period from May 17, 2011 (Inception) to April 30, 2014 as the Company had cumulative operating losses. For the years ended April 30, 2014 and 2013, the Company realized net losses for tax purposes of $10,473 and $8,277, respectively. | |||||||||
The income tax expense (benefit) differs from the amount computed by applying the United States Statutory corporate income tax rate as follows: | |||||||||
For the Year Ended April 30, | |||||||||
2014 | 2013 | ||||||||
United States statutory corporate income tax rate | 34.00% | 34.00% | |||||||
Change in valuation allowance on deferred tax assets | -34.00% | -34.00% | |||||||
Provision for income tax | –% | –% | |||||||
Deferred income taxes reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The components of the net deferred income tax assets are approximately as follows: | |||||||||
April 30, | |||||||||
2014 | 2013 | ||||||||
Deferred income tax assets: | |||||||||
Net operating loss carry forwards | $ | 169,490 | $ | 3,570 | |||||
Valuation allowance | (169,490 | ) | (3,570 | ) | |||||
Net deferred income tax assets | $ | – | $ | – | |||||
The Company has established a full valuation allowance on our deferred tax asset because of a lack of sufficient positive evidence to support its realization. The valuation allowance increased by $209,500 and $2,815 for the years ended April 30, 2014 and 2013, respectively. | |||||||||
No provision for income taxes has been provided in these financial statements due to the net loss for the years ended April 30, 2014 and 2013. At April 30, 2014, the Company has net operating loss carry forwards of approximately $169,490, which expire commencing 2032. The potential tax benefit of these losses may be limited due to certain change in ownership provisions under Section 382 of the Internal Revenue Code (“IRS”) and similar state provisions. | |||||||||
IRS Section 382 places limitations (the “Section 382 Limitation”) on the amount of taxable income which can be offset by net operating loss carry forwards after a change in control (generally greater than 50% change in ownership) of a loss corporation. Generally, after a change in control, a loss corporation cannot deduct operating loss carry forwards in excess of the Section 382 Limitation. Due to these “change in ownership” provisions, utilization of the net operating loss and tax credit carry forwards may be subject to an annual limitation regarding their utilization against taxable income in future periods. The Company has not concluded its analysis of Section 382 through April 30, 2014, but believes the provisions will not limit the availability of losses to offset future income. | |||||||||
The Company is subject to income taxes in the U.S. federal jurisdiction and the state of Florida. The tax regulations within each jurisdiction are subject to interpretation of related tax laws and regulations and require significant judgment to apply. As of April 30, 2014, tax years 2012 through 2014 remain open for IRS audit. The Company has received no notice of audit from the IRS for any of the open tax years. |
8_Subsequent_Events
8. Subsequent Events | 12 Months Ended |
Apr. 30, 2014 | |
Subsequent Events [Abstract] | ' |
8. Subsequent Events | ' |
On July 3, 2014, the Company issued 4,000,000 shares to each of its two directors for their services. | |
On July 7, 2014, Mr. Geoffrey Mott was hired as the Company’s Chief Executive Officer and was appointed as a Director of the Company. | |
On July 18, 2014, the Company entered into a Merger Agreement with Select-TV Solutions (USA), Inc. (“STVU”), a Florida corporation. Pursuant to the terms of the Agreement, the Company shall issue 1.25 shares for each share STVU, or 49,678,443, and an additional 6,000,000 shares pursuant to a Convertible Promissory Note, maturing December 31, 2014, for a principal amount of CAN$150,000.00 issued by STVU, for a total of 55,678,443 shares. As a result of the merger, the Company, as the surviving entity, shall acquire the license rights to Select-TV HITV (Hospitality Interactive TV, software and hardware, and EMAGINE (home IPTV software and hardware), thus enabling the Company to provide end-to-end IPTV (Internet Protocol Television) solutions to the Hospitality, Residential and Hospital subscribers in the Americas. The Closing of the transaction was effective on the close of business July 31, 2014. | |
From May 1, 2014 through July 31, 2014, the Company received $1,125,000 for stock subscriptions to purchase 11,500,000 shares of its common stock. | |
The Company has evaluated subsequent events through the date the financial statements were issued and filed with Securities and Exchange Commission. The Company has determined that there are no other such events that warrant disclosure or recognition in the financial statements. |
2_Summary_of_Significant_Accou1
2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
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 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. Actual results could differ from those estimates. Significant estimates in the accompanying financial statements include the depreciable lives of property and equipment and the valuation allowance on deferred tax assets. | |
Earnings (Loss) Per Share | ' |
Earnings (Loss) Per Share | |
The Company computes income (loss) per share in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) ASC Topic 260, “Earnings Per Share", which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing income (loss) available to common shareholders by the weighted average number of shares outstanding during the period. Diluted EPS gives effect to all dilutive potential shares of common stock outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As of April 30, 2014 and 2013, respectively, there were no common share equivalents outstanding which would be deemed as dilutive. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
ASC 825 "Financial Instruments" codified Statement of Financial Accounting Standard No. 107, Disclosures about fair value of financial instruments, requires that the Company disclose estimated fair values of financial instruments. Unless otherwise indicated, the fair values of all reported assets and liabilities, which represent financial instruments, none of which are held for trading purposes, approximate the carrying values of such amounts. | |
Dividends | ' |
Dividends | |
The Company has not yet adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At April 30, 2014 and 2013, the Company had cash or cash equivalents of $543,853 and $7,978, respectively. | |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes under ASC Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, 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 740-10-25, 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. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. | |
Stock Based Compensation | ' |
Stock Based Compensation | |
The Company accounts for Stock-Based Compensation under ASC Topic 718-10 (“ASC 718-10”), which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. | |
Issuance of Shares for Services | ' |
Issuance of Shares for Services | |
The Company accounts for the issuance of equity instruments to acquire goods and services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably measurable. | |
Fixed Assets | ' |
Fixed Assets | |
Fixed assets are stated at cost less accumulated depreciation. Depreciation was calculated using the straight-line method over the estimated useful lives of the respective assets. | |
Impairment or Disposal of Long-Lived Assets | ' |
Impairment or Disposal of Long-Lived Assets | |
The Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 360 “Property, Plant and Equipment”. ASC 360 clarifies the accounting for the impairment of long-lived assets and for long-lived assets to be disposed of, including the disposal of business segments and major lines of business. Long-lived assets are reviewed when facts and circumstances indicate that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down to estimated fair value based on the best information available. Estimated fair value is generally based on either appraised value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could vary significantly from such estimates. The Company did not recognize any impairment losses for the years ended April 30, 2014 and 2013. | |
Comprehensive Income | ' |
Comprehensive Income | |
During the year ended April 30, 2014, the Company paid $364,250 to CPB to enable CPB to acquire the 4,000,000 shares to effectuate the change in control. This expense has been classified as other expense. | |
The Company adopted ASC 220, Comprehensive Income which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Stockholders' Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has no elements of “other comprehensive income” for the periods ended April 30, 2014 and 2013. | |
Development Stage Enterprise | ' |
Development Stage Enterprise | |
On June 10, 2014 the FASB issued authoritative guidance which eliminates the concept of a development stage entity. The incremental reporting requirements for presenting the development stage operations and cash flows since inception will no longer apply to development stage entities. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2014. The Company previously had been considered a development state entity as its operations had not begun and has elected early adoption of this guidance effective with the filing of this annual report. |
4_Equipment_net_Tables
4. Equipment, net (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of property and equipment | ' | ||||||||
April 30, | |||||||||
2014 | 2013 | ||||||||
Film Equipment | $ | – | $ | 1,956 | |||||
Accumulated depreciation | – | (810 | ) | ||||||
Equipment, net | $ | – | $ | 1,146 |
7_Income_Taxes_Tables
7. Income Taxes (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income tax rate table | ' | ||||||||
For the Year Ended April 30, | |||||||||
2014 | 2013 | ||||||||
United States statutory corporate income tax rate | 34.00% | 34.00% | |||||||
Change in valuation allowance on deferred tax assets | -34.00% | -34.00% | |||||||
Provision for income tax | –% | –% | |||||||
Deferred income tax assets | ' | ||||||||
April 30, | |||||||||
2014 | 2013 | ||||||||
Deferred income tax assets: | |||||||||
Net operating loss carry forwards | $ | 169,490 | $ | 3,570 | |||||
Valuation allowance | (169,490 | ) | (3,570 | ) | |||||
Net deferred income tax assets | $ | – | $ | – |
1_Nature_of_Business_Details_N
1. Nature of Business (Details Narrative) | 12 Months Ended |
Apr. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Stock split information | 'Ten-to-one forward stock split of all outstanding shares of common stock. |
2_Summary_of_Significant_Accou2
2. Summary of Significant Accounting Policies (Details Narrative) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Accounting Policies [Abstract] | ' | ' |
Cash in bank | $0 | $7,978 |
4_Equipment_net_Details
4. Equipment, net (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Film Equipment | $0 | $1,956 |
Accumulated depreciation | 0 | -810 |
Equipment, net | $0 | $1,146 |
4_Equipment_net_Details_Narrat
4. Equipment, net (Details Narrative) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation expense | $648 | $648 |
Loss on disposal of equipment | ($498) | $0 |
5_Related_Parties_Details_Narr
5. Related Parties (Details Narrative) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
Loan from shareholder and officer | ' | $160 |
Repayment to officer | 59 | 101 |
Due to shareholder | 0 | 101 |
Loan to related party | $346,050 | ' |
7_Income_Taxes_Details_Income_
7. Income Taxes (Details - Income tax rate) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Effective income tax reconciliation | ' | ' |
United States statutory corporate income tax rate | 34.00% | 34.00% |
Change in valuation allowance on deferred tax assets | -34.00% | -34.00% |
Provision for income tax | 0.00% | 0.00% |
7_Income_Taxes_Details_Deferre
7. Income Taxes (Details - Deferred tax assets) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Deferred tax assets | ' | ' |
Net operating loss carryforwards | $169,490 | $3,570 |
Valuation allowance | -169,490 | -3,570 |
Net deferred income tax assets | $0 | $0 |
7_Income_Taxes_Details_Narrati
7. Income Taxes (Details Narrative) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Increase in valuation allowance | $209,500 | $2,815 |
Operating loss carryforward | $169,490 | ' |
Operating loss carryforward expiration date | 31-Dec-32 | ' |