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STOCKHOLDERS' DEFICIT
 6 Months Ended
Jun. 30, 2015
STOCKHOLDERS' DEFICIT [Abstract]  
STOCKHOLDERS' DEFICIT

NOTE 5. STOCKHOLDERS' DEFICIT

 

Preferred Stock

The Company is authorized to issue 5,000,000 shares of preferred stock with a par value of $0.001 per share.

 

No shares of preferred stock were issued and outstanding during the three and six months ended June 30, 2015 and 2014.

 

Common Stock

The Company is authorized to issue 45,000,000 shares of common stock with a par value of $0.001 per share.

 

During the three and six month periods ended June 30, 2015 and 2014, the Company issued no shares of common stock.

 

As at June 30, 2015 there were 5,073,000 shares of common stock issued and outstanding.

 

Additional Paid in Capital

During the last fiscal year ended December 31, 2014, related party shareholders forgave Company liabilities totaling $28,146. The gain arising on forgiveness of these liabilities has been recognized in additional paid in capital.

 

During the six months ended June 30, 2015, the Company issued two, $6,000 convertible notes payable to a former related party. The notes are convertible at the option of the holder into shares of Original Source Music, Inc. common stock. The number of issuable shares is equal to dividing the balance of the note by double the par value (currently $0.001). The Company assessed the embedded conversion features and determined that the fair value of the underlying common stock at inception exceeded the conversion price of this note and accordingly recorded at beneficial conversion feature (capped at proceeds received) of $12,000 which was credited to additional paid in capital during the period.