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EX-31 - CITY MEDIA, INC. - 10K 9-30-12 - EXHIBIT 31 - City Media, Inc.citymedia10k93012ex31.htm
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v2.4.0.6
Summary of Significant Accounting Policies
12 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a. Cash Equivalents

 

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

 

b. Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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.

 

c. Accounts Receivable

 

The Company records an account receivable for revenue earned but not yet collected.  If the Company determines any account to be uncollectible based on significant delinquency or other factors, it is immediately written off. The Company has not had to incur any allowance for bad debt as transaction fees are preapproved prior to a transaction.

 

d. Equipment

 

The primary nature of the Company’s equipment is ATMs. The ATMs are depreciated utilizing a straight line method. The useful life of each machine is approximately twelve years. The Company has a policy to immediately expense equipment with a cost of less than $400.

 

  September 30,   September 30,
  2012   2011
ATM Machines $ 22,154    $ 15,306 
Accumulated Depreciation   (8,423)     (6,996)
Property plant & equipment net of accumulated depreciation $ 13,731    $ 8,310 

 

The Company reviews its long-lived assets for impairment in accordance with the guidance of FASB ASC 360-10, Property, Plant, and Equipment, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the capitalized costs of the assets to the future undiscounted net cash flows expected to be generated by the assets and the expected cash flows are based on recent historical cash flows. If the Company decides to dispose of a property, it will be moved to property held for sale and actively marketed. Property held for sale is recorded at amounts not in excess of what management currently expects to receive upon sale, less costs of disposal. The Company analyzes market conditions each reporting period and records additional impairments due to declines in market values of like assets. The fair value of the property is determined by observable inputs such as appraisals and prices of comparable properties in active markets for assets like the Company’s. Gains are not recognized until the properties are sold.

 

Whereas the Company is primarily focused on the placement and management of ATMs, the vehicle owned by the Company at the year ended September 30, 2011, was donated to a non-profit organization during the year ended September 30, 2012. The vehicle represented an insignificant portion of the property held for sale. During the year ended September 30, 2012, the Company sold the pressure washer equipment for $3,000.

 

e. Revenue Recognition

 

The Company recognizes revenue on a completed transaction basis. The revenue earned is the net of ATM transaction fees consisting of gross processing fees charged at the point of sale location less any portion of such fee payable to the location owner, as negotiated on a per location basis. All transactions are preauthorized and no allowance for bad debt is required.

 

f. Basic and Diluted Loss Per Common Share

 

Basic and diluted net loss per common share has been calculated by dividing the net loss for the year by the basic and diluted weighted average number of shares outstanding. There were 360,000 common stock equivalents as of September 30, 2012 related to the convertible promissory notes. See Note 5. Those potentially dilutive common stock equivalents were excluded from the diluted loss per share calculation as they would be antidilutive due to the net loss.

 

g. Impact of New Accounting and Reporting Standards

 

The Company has reviewed all other recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operation, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its consolidated financial statements

 

h. Intangibles

 

The Company’s intangible assets represent the allocated value of the purchase price paid for the ATMs when the ATMs were purchased in operating locations with written or implied contracts to continue to house the ATMs for an indefinite period of time, thus exposing the ATMs to the same customer base that existed prior to the purchase. The Company tests intangible assets determined to have indefinite useful lives for impairment annually, or more frequently if events or circumstances indicate that assets might be impaired. The Company uses a variety of methodologies in conducting impairment assessments of indefinite-lived intangible assets, including, but not limited to, discounted cash flows. For indefinite-lived intangible assets, other than goodwill, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. There were impairment charges of $9,808 during the year ended September 30, 2012.

 

i. Income Taxes

 

The Company applies the provisions of Financial Accounting Standards Board Accounting Standard Codification (“ASC”) 740 Income Taxes.  The Standard requires an asset and liability approach for financial accounting and reporting for income taxes, and the recognition of deferred tax assets and liabilities for the temporary differences between the financial reporting basis and tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. Due to a loss from inception, the Company has no tax liability. 

 

The Company classifies tax-related penalties and net interest on income taxes as income tax expense. As of September 30, 2012 and 2011, no income tax expense had been incurred.

 

j. Consolidation

 

The financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles. The consolidated financial statements of the Company include the accounts of City Media, Inc. and its wholly-owned subsidiary, Charta Systems, Inc. All significant intercompany transactions have been eliminated.