Forward Looking Statement Notice
Certain statements made in this Quarterly Report on Form 10-Q are
"forward-looking statements" (within the meaning of the Private Securities
Litigation Reform Act of 1995) regarding the plans and objectives of management
for future operations. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements of Goliath Film and Media Holdings, ("we", "us", "our" or the
"Company") to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. The
forward-looking statements included herein are based on current expectations
that involve numerous risks and uncertainties. The Company's plans and
objectives are based, in part, on assumptions involving the continued expansion
of business. Assumptions relating to the foregoing involve judgments with
respect to, among other things, future economic, competitive and market
conditions and future business decisions, all of which are difficult or
impossible to predict accurately and many of which are beyond the control of the
Company. Although the Company believes its assumptions underlying the
forward-looking statements are reasonable, any of the assumptions could prove
inaccurate and, therefore, there can be no assurance the forward-looking
statements included in this Quarterly Report will prove to be accurate. In light
of the significant uncertainties inherent in the forward-looking statements
included herein, the inclusion of such information should not be regarded as a
representation by the Company or any other person that the objectives and plans
of the Company will be achieved.
COVID-19 Global Pandemic
The impacts associated with the ongoing COVID-19 global pandemic and measures to
prevent its spread, and the resulting economic uncertainty, continue to affect
our business in a number of ways. It will cause delays in production of film and
television content of our potential films when production begins, both
domestically and internationally and if production is resumed it may be paused
again, their would be the impact of incremental costs required to adhere to
health and safety protocols and or if and when certain of our content will be
released. The full extent of impacts related to the COVID-19 global pandemic on
our business, operations and financial results will depend on numerous evolving
factors that we may not be able to accurately predict.
We expect that the ultimate impact of these disruptions, including the extent of
any adverse impact on our business, results of operations and financial
condition, will depend on, among other things, the duration and spread of the
Description of Business
The Company was incorporated in Nevada on February 16, 2010 under the name
"China Advanced Technology" as the successor by merger to Vitalcare Diabetes
Treatment Centers, Inc. ("Vitalcare"). In February and March 2010, Vitalcare
underwent a holding company reorganization under Delaware law, pursuant to which
it became a wholly-owned subsidiary of Vitalcare Holding Corporation, and
Vitalcare, together with its assets and liabilities, was sold to a
non-affiliated third party. Vitalcare Holding Corporation subsequently
reincorporated in Nevada by merger into China Advanced.
Vitalcare was in the business of administering medical clinics specializing in
diabetes treatment. It was the successor to Network Financial Services, Inc.
("Network"), which went public in an underwritten offering in 1987. Network was
engaged in mortgage origination, and changed its name to Westmark Group Holdings
("Westmark") in 1993 in connection with the acquisition of Westmark Mortgage
from Primark Corporation. Westmark ceased operations at some time in 2006, and
in 2006 ceased filing reports under the Securities Exchange Act of 1934. The
corporate entity was thereafter known as Viking Consolidated, Inc. (2006),
Tailor Aquaponics World Wide, Inc. (2007) and Diversified Acquisitions (2007)
until it entered the medical clinic business in early 2008. The Company has no
information regarding any business activities from 2006 after the mortgage
origination business closed, to early 2008.
On October 25, 2011, Goliath Film and Media International, a Nevada corporation,
entered into an Agreement and Plan of Reorganization (the "Exchange Agreement"),
pursuant to which Goliath Film and Media International was acquired by China
Advanced Technology. Prior to the acquisition, our principal operations
consisted of internet marketing, and were conducted through a wholly owned
subsidiary, Live Wise, Inc. Live Wise was disposed of on October 31, 2011 for
cancellation of debt and shares described below. At the Closing Date, there were
no assets or liabilities on China Advanced Technology's balance sheets.
The transaction closed on October 31, 2011 (the "Closing Date"). On the Closing
Date China Advanced Technology acquired Goliath Film and Media International by
issuing 47,000,000 shares of its Common Stock, constituting 70.1% of the
outstanding shares after giving effect to their issuance and the cancellation of
15,619,816 shares held by China Advanced Technology's prior control person.
Immediately following the Closing, 67,100,000 shares were issued and
outstanding. On the Closing Date, the name of China Advanced Technology was
changed to Goliath Film and Media Holdings. All share numbers herein have been
adjusted for an eight-for-1 forward stock split affected as of the Closing Date.
The forward stock split was reflected in the trading market on February 13,
Goliath Film and Media Holdings, through its wholly-owned subsidiaries Goliath
Film and Media International and Goliath Movie Partners 1, LLC (collectively,
"Goliath" or the "Company"), develops, produces and licenses for distribution,
domestically and internationally, quality digital content with an emphasis on
"niche" markets of the feature motion picture and television content segments of
the entertainment industry, such as, without limitation, education, faith-based,
horror and socially responsible minority content. Goliath does not intend to
engage in domestic theatrical distribution of motion pictures to any significant
In qualified cases, Goliath will develop screenplays that will be outsourced to
an independent entity for production, but will be licensed for distribution
through the Company. Also, in certain cases Goliath will produce content that is
tied to working with an established distributor that provides an advance or
minimum guarantee for the production of a project that will be licensed by the
participating distributor. Goliath plans to produce content and to distribute
domestically and internationally, through a wide distribution network which
includes major international theatrical exhibitors, and other distributors and
television networks. We plan to utilize corporate sponsorships as a means of
reducing the costs of advertising and marketing in distribution. Further, we may
augment our marketing efforts with a limited and strategically focused
advertising campaign in traditional "print" media with press releases targeted
specifically toward standard entertainment industry trade journals and
publications on an "as needed" basis as well as the inclusion of targeted
"social media" campaigns.
Goliath's revenue model includes receiving revenue from distribution fees. A
limited number of its content properties include projects developed and produced
by Goliath and those produced by an independent third party production
On January 21, 2018 Goliath entered into seven separate Representation
Agreements with different parties but identical terms accounting for thirty-five
intellectual property being represented. The properties include the following:
Mother of Justice (Drama- Strong Female Lead), ERT (Emergency Rescue Team)
(Drama - Strong Female Lead), Waiting for the Guy (Original Sit Com), The Alicia
Alonso Story (Movie - Strong Female Latin Lead), Timmy Travels Thru Time (Kids
Entertaining and Educational), Keeping Score (A Women's Guide to Men's Sports),
Sports The Ugly Dog (Animated), Hour Glass Bride (Reality TV), Ready to Look
Younger (Reality TV). Beverly Hills Country Club (Soap Opera - Web Series),
Lessons in Love (Feature - Romantic Comedy) Property 12, Last Moment in Time
(Drama), The House of Temptation - (Thriller), Across the Hands of
Time-(Special), Across the Hands of Time - (Special-BLK Network), Lafayette (In
Development) - (Historical. Horse Haven (Special), Rescue Horses - California
Fires, Shock Incarceration - Documentary - Complete, Changing Lives - Changing
History - Changing Time - (BLK NW), Southern Christmas - Holiday Movie
Transformational Programs: Mind Dive - Meditations for Peace (Michel Pascal),
Quiet Callings-Daily Mediations (Fred Johnson), Super Camp-Quantum Learning
(Bobbi and Joe De Porter) Pilates for Kids, Pilates for Everybody. Keeping
Score-A Parent's Guide to Kid's Sports Temporary Insanity, Five Finger Fold,
Underdeveloped, Ford Escort, Death Visit, Till There Was You and Catching
The purpose of all seven Representation Agreements is for the purpose of
obtaining domestic and foreign licensing on an exclusive basis for the
intellectual properties in all media outlets. In all of the Representation
Agreements Goliath will receive 10% of gross proceeds on licensing in all
domestic and foreign territories and 10% equity/ownership in the intellectual as
part of its compensation. Additionally, Goliath will be given two separate
credits as Executive Producer in all intellectual property(s) that are licensed
through Goliath's efforts. Further included would be an "In Association With"
credit for Goliath. The terms of the Agreements were 12 months ending on January
On March 4, 2016, we signed a distribution agreement with Mar Vista
Entertainment, LLC ("Mar Vista") to distribute a feature length motion picture
currently completed. Per the agreement, we received $125,000 in advance payments
per an agreed delivery schedule for providing distribution rights on the motion
picture "Bridal Bootcamp" a romantic comedy movie produced by Goliath for
delivery to Mar Vista for distribution. Additionally, Mar Vista will receive 35%
of the gross proceeds for a period of 25 years on the motion picture. As of
October 31, 2016, the Company has received $125,000 of the advance payments.
Bridal Boot Camp was completed in October 2016. The Company had no revenue for
the three months ended July 31, 2021 and 2020.
On September 18, 2015, we signed a distribution agreement with Mar Vista to
distribute a feature length motion picture currently completed. Per the
agreement, we received $125,000 in advance payments per an agreed delivery
schedule for providing distribution rights on the motion picture "Merry Exes"
retitled "Girlfriends of Christmas Past" a Christmas holiday movie produced by
Goliath and delivered to Mar Vista. for distribution. Additionally, Mar Vista
will receive 35% of the gross proceeds for a period of 25 years on the motion
picture. As of July 31, 2016, we have received $125,000 of the advance payments.
"Merry Exes" "Girlfriends of Christmas Past was completed June 6, 2016. The
Company had no revenue for the three months ended July 31, 2021 and 2020.
On May 20, 2015, we signed a distribution agreement with Mar Vista to distribute
a feature length motion picture currently completed by us and being licensed by
Mar Vista. Per the agreement, we received $175,000 in advance payments per an
agreed delivery schedule for providing distribution rights on the motion picture
"Terror Birds" a science fiction movie produced by Goliath and delivered to Mar
Vista. for distribution. Additionally, Mar Vista will receive 30% of the gross
proceeds for a period of 25 years on the film. As of April 30, 2016, the Company
had received $175,000 of the advance payments. Terror Birds was completed
December 14, 2015 resulting in the recognition of the advance payments as
revenue of $175,000 in February 2016. Mar Vista is continuing to distribute this
Questions and Answers
What is your business?
We develop, produce and distribute motion pictures and digital content. At this
time, we do not intend to engage in theatrical releases of motion pictures, due
to the high up- front costs of advertising and marketing theatrically. However,
in some specific cases the company will consider theatrical releases based upon
a "four wall", limited release delivery that will be focused on targeted niche
What is the timeline for your activities during the next 12 months?
Over the next 90 days to one year, our efforts will be concentrated on
developing and producing content with distributors for licensing by them of at
least three projects.
What is this going to cost you?
We expect that producing the aforementioned content will cost approximately
$150,000 per project, however licensing and distribution will be handled by an
experienced distributor for a fee of anywhere from 30 - 35% and the costs of
advertising and marketing will be handled by them and charged against gross
distribution licensing proceeds.
Why are these motion pictures not being distributed already?
The motion pictures that are being produced by the Company and distributed by
Mar Vista take anywhere from six to nine months from completion of production
and delivery to obtain licensing agreements.
Generally, the main reason why good, quality motion pictures are not distributed
is that the production of a motion picture requires money and creativity, and
marketing a motion picture requires an entirely different set of skills. Many
people dream of making a movie; few aspire to distribute them. We estimate that
there are in excess of 10,000 such motion pictures "gathering dust." There also
have been and continue to be substantial tax incentives for motion picture
production in many States and international Territories, so that many producers
do not need to depend on successful marketing in order to find investors for
their projects. A secondary factor is the difficulty of finding a reputable
distributor. We think that our management has an excellent reputation in the
industry and we will be able to obtain distribution rights for content. Finally,
many distributors as well as buyers do not have an interest in niche market
films, because they see the market as limited. Goliath sees the problem to be,
rather, there is no market merely because no one has assembled a critical mass
of films for these niches. Most participants in the motion picture industry are
based in "Hollywood" and the major coastal metropolitan areas. As an example,
our "faith-based" films especially are targeted toward the "Bible Belt" and the
"Flyover Country": places that the industry has consistently overlooked.
Why are you able to identify and acquire these motion pictures and educational
After attending all the major content acquisition markets around the world over
the last three years, our Staff has developed relationships with numerous
quality filmmakers who need assistance in marketing and distributing their
product. Goliath has also developed vital relationships with many of the major
content buyers, distributors, networks and sales agents. Many of the filmmakers
have requested the Company's assistance in marketing and distributing their
product. Goliath will continue to pursue the marketing and distribution of
product that is demanded in the marketplace and desired by major aggregators,
distributors, networks and studios.
So how are you different than Amazon, Netflix, and Hulu, to name a few? How can
you compete with them? They have a lot of money and name recognition. Why
wouldn't they jump into your niches?
As a content provider we are not competing with these entities but rather are
working on providing them with quality content. Many streaming companies are
spending significant amounts of money for content. Therefore, as is mentioned,
part of their resources are directed toward acquiring content and part is
targeting "in-house" and joint venture productions of quality content. This
content will be targeted to their subscription base on a domestic and
There are a number of quality content producers that work with the major
networks and content distributors, Goliath is moving toward becoming one of
these content providers. We believe there exists significant opportunities for
our company in that the demand for programming is increasing almost
exponentially. Irrespective of the platform for viewing by the
consumer/subscriber, the demand for quality content is continuing to expand. The
upward trend is ongoing, which is where we see an opportunity for Goliath to
provide product to reach many components of the overall market.
Don't cable and satellite networks already offer specialty channels like TBN
(for faith based) and BET (Black Entertainment Television (for the
As mentioned above about NETFLIX, even though these channels maybe in niche
markets they must expand the type, genre and format of the content that they are
showing in order to remain viable, therefore the opportunity to assist them by
providing quality programming is ongoing and expanding.
What other niches are you looking at entering?
We believe that there is an increasing and ongoing trend in home entertainment
in servicing niches. Many viewers have cable or satellite service with hundreds
of channels, but view only a few channels that cater to their particular
interests. The significant type of niche we are targeting are the numerous
immigrant groups in the United States. Other than Spanish speaking immigrants,
coverage is scarce.
There are many interest groups that might be interested in specialty movies or
programming. As an example, in Hawaii and Southern California, for instance,
surfing is quite popular, and there exists a huge body of surfing films which
would be of interest.
What about ancillary markets?
We plan to incorporate advertising and marketing through social media and
traditional outlets to the highest degree possible.
How do these distribution rights work?
We enter into a Distribution Agreement for each motion picture. Terms may be
perpetual or limited by years. The motion pictures that we are acquiring will
have a term of five years. We will generally obtain a fee of 20% to 30% of gross
revenues. Licensing will be flexible for usage applications on a yearly or
multi-year basis. Most markets, especially foreign territories have a tendency
to continuously renew content licensing.
How many employees do you have? Do you have an office?
We have no employees. Our administrative office is in Carson City, Nevada.
Do you have a website?
Our website is www.goliathfilmandmediainternational.com. We have a mirror site
Recent Accounting Pronouncements
We have evaluated new accounting pronouncements that have been issued and are
not yet effective for us and determined that there are no such pronouncements
expected to have an impact on our future financial statements.
Plan of Operations
We had a net loss of $13,555 and $12,157 for the three months ended July 31,
2021 and 2020, respectively, and historical losses totaling $1,066,749 as of
July 31, 2021. These factors create substantial doubt about the Company's
ability to continue as a going concern. The Company's management plan to
continue as a going concern revolves around its ability to execute its business
strategy of digital content, as well as raising the necessary capital to pay
ongoing general and administrative expenses of the Company.
Results of Operations
Three Months Ended July 31, 2021 Compared to Three Months Ended July 31, 2020
Film Production Revenue
During the three months ended July 31, 2021 and 2020, we had no revenues.
Cost of Sales
During the three months ended July 31, 2021 and 2020, we had no cost of sales.
Operating expenses increased by $1,398, or 11.5%, to $13,555 in the three months
ended July 31, 2021 from $12,157 in the three months ended July 31, 2020
primarily due to the increase in professional fees of $1,440.
Operating expenses for the three months ended July 31, 2021 were comprised
primarily of consulting services of $3,000, professional fees of $9,916, rent of
$597, and $42 of other operating expenses.
Operating expenses for the three months ended July 31, 2020 were comprised
primarily of consulting services of $3,000, professional fees of $8,476, and
$681 of other operating expenses.
Net loss before income taxes
Net loss before income taxes for the three months ended July 31, 2021 and 2020
are primarily due to consulting services and professional fees.
Assets and Liabilities
Total assets were $2,478 as of July 31, 2021 compared to $14,833 as of April 30,
2021, or a decrease of $12,355, primarily the result of a decrease in cash of
$12,355. Total liabilities were $97,229 as of July 31, 2021 compared to $96,029
as of April 30, 2021, or an increase of $200, primarily the result of an
increase in accounts payable and accrued expenses of $200, advances from
shareholder of $4,000, offset partially by a decrease in accounts payable -
related party of $3,000.
Liquidity and Capital Resources
General - Overall, we had a decrease in cash flows of $12,355 in the three
months ended July 31, 2021 resulting from cash used in operating activities of
The following is a summary of our cash flows provided by (used in) operating,
investing, and financing activities during the periods indicated:
Three Months Ended July 31,
Cash at beginning of period $ 14,534 $ 155
Net cash used in operating activities (16,355 ) (84 )
Net cash used in investing activities - -
Net cash provided by financing activities 4,000 -
Cash at end of period $ 2,179 $ 71
Net cash used in operating activities was $16,355 for the three months ended
July 31, 2021 compared to net cash used in operations for the three months ended
July 31, 2020 of $84. Cash used in operations for the three months ended July
31, 2021 consisted of a net loss of $13,555 and accounts payable and accrued
expenses of $200, offset partially by accounts payable - related party of
Net cash provided by investing activities was $0 for the three months ended July
31, 2021 and 2020.
Net cash provided by financing activities was $4,000 for the three months ended
July 31, 2021 consisting of advances from a related party of $4,000. Net cash
provided by financing activities was $0 for the three months ended July 31,
Our cash needs for the year ending April 30, 2022 are estimated to be $200,000.
This budget is based on the assumption that we will carry out one project at a
time for which we will need about $50,000 in working capital; general and
administrative expenses of $150,000 for the costs related to being public, and
miscellaneous office expenses. We sold no shares during the three months ended
July 31, 2021 and 2020. As we move forward with our business plan, we will need
to raise additional capital either through the sale of stock or funding from
shares and or officers and directors to cover our cash needs through the end of
the 2022 fiscal year.
Information included in this report includes forward looking statements, which
can be identified by the use of forward-looking terminology such as may, expect,
anticipate, believe, estimate, or continue, or the negative thereof or other
variations thereon or comparable terminology. The statements in "Risk Factors"
and other statements and disclaimers in this report constitute cautionary
statements identifying important factors, including risks and uncertainties,
relating to the forward-looking statements that could cause actual results to
differ materially from those reflected in the forward-looking statements.
During the three months ended July 31, 2021 and 2020, the Company did not enter
into any private placement memorandums.
The Company has not issued 38,153,269 common shares to related party affiliates.
These shares are reflected in the above disclosures.
In January 2019, the Company entered into an agreement with a third party
whereby the Company would pay a 10% fee of any gross revenues as a result of any
licensing agreements brought to the Company.
Advances from related party
The Company borrows funds from the Company's Director for working capital
purposes from time to time. The Company has recorded the principal balance due
of $4,000 and $0 under Accounts payable - related party in the accompanying
Balance Sheets at July 31, 2021 and April 30, 2021, respectively. The Company
received advances of $4,000 and $0 and no repayments for the three months ended
July, 2021 and 2020, respectively.
During the three months ended July 31, 2020 and 2019, the Company made payments
of $3,000 and $0, respectively, to C&R Films for film production costs and
reimbursement of various expenses. C&R paid expenses totaling $0 and $11,397 in
the three months ended July 31, 2021 and 2020, respectively, in operating
expenses including rent, filing expenses, and accounting costs on behalf of the
Company. C&R Films is controlled by Lamont Robert, CEO and acting CFO of the
Company. The Company has a balance owed to C&R Films of $30,096 at July 31,
During the three months ended July 31, 2021 and 2020, the Company made no
payments to Dos Cabezas for film production costs and reimbursement of various
expenses. Dos Cabezas paid expenses totaling $0 and $0 in the three months ended
July 31, 2021 and 2020, respectively, in operating expenses including accounting
costs on behalf of the Company. Dos Cabezas is controlled by Lamont Robert, CEO
and acting CFO of the Company. The Company has a balance owed to Dos Cabezas of
$14,394 at July 31, 2021.
During the three months ended July 31, 2021 and 2020, Kevin Frawley, an
affiliate, paid expenses totaling $0 and $0, respectively, in operating
expenses, including audit fees, on behalf of the Company. The Company has a
balance owed to Mr. Frawley of $16,090 at July 31, 2021.
During the three months ended July 31, 2021 and 2020, the Company made no
payments to Mike Criscione, Director, for reimbursement of various expenses.
During the three months ended July 31, 2021 and 2020, Mr. Criscione paid no
expenses on behalf of the Company. The Company received advances of $4,000 and
$0 and had no repayments during the three months ended July 31, 2021 and 2020,
respectively. The Company has a balance owed to Mr. Criscione of $22,330 at July
Contractual Obligations and Off-Balance Sheet Arrangements
We do not have any contractual obligations or off balance sheet arrangements.
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