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Document and Entity Information (USD $)
3 Months Ended
Sep. 30, 2012
Document and Entity Information:
Entity Registrant Name Blue Star Entertainment Technologies, Inc.
Document Type 10-Q
Document Period End Date Sep 30, 2012
Amendment Flag false
Entity Central Index Key 0001439133
Current Fiscal Year End Date --06-30
Entity Common Stock, Shares Outstanding 560,020,000
Entity Public Float $ 15,500,000
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers Yes
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2013
Document Fiscal Period Focus Q1
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BLUESTAR ENTERTAINMENT NETWORK, INC. BALANCE SHEETS (USD $)
Sep. 30, 2012
Jun. 30, 2012
ASSETS
Total current assets $ 13,063 $ 8,413
Total Assets 13,063 8,413
Accounts payable 3,119 5,944
Accounts payable - related party 17,625 17,625
Note payable 11,538
Accrued expenses 1,490 1,490
Total current liabilities 33,772 25,059
Common stock 84,452 84,452
Additional paid-in capital 58,052 58,052
Accumulated Deficit (163,213) (159,150)
Total stockholders equity (20,709) (16,646)
TOTAL LIABILITIES AND EQUITY $ 13,063 $ 8,413
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BLUESTAR ENTERTAINMENT NETWORK, INC. STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 52 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Revenue $ 3,000 $ 4,200 $ 14,400
Cost of sales 1,125 1,619 4,809
Gross profit 1,875 2,521 9,591
Other expense - interest expense (38) (38)
Net Loss $ (4,063) $ (5,444) $ (163,213)
Basic and diluted earnings per share $ 0 $ 15,500,000
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BLUESTAR ENTERTAINMENT NETWORK, INC. STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended 52 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Net Loss $ (4,063) $ (5,444) $ (163,213)
Fair value of common stock issued for services 1,200
Fair value of common stock transferred to officer 53,552
Increase in other current assets (6,650) (10,063)
Increase in accounts receivable 2,000 (4,200) (3,000)
Increase in accounts payable and accrued expenses (2,787) 0 4,647
Decrease in accounts payable - related party (1,244) 70,877
Net cash used in operating activities (11,500) (46,000)
Payments for patent costs (250)
Net cash used in investing activitives (250)
Common stock issued for cash proceeds 30,000
Net cash provided by financing activities $ 11,500 $ 46,000
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Organization, Consolidation and Presentation of Financial Statements
3 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements:
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies

NOTE 1 – NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

 

Organization, Nature of Business and Trade Name

 

Bluestar Entertainment Technologies, Inc. (the “Company”) was organized on May 28, 2008 under the Business Companies Act of 2004 of the British Virgin Islands. During the three months ended September 30, 2012 and 2011, the Company offered incorporation services in Panama and other offshore jurisdictions.  The Company did not realize significant revenues from its planned principal business purpose and is considered to be in its development state in accordance with Accounting Standards Codification (ASC) 915, “Development Stage Entities.” The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors. The Company had contracted to purchase real estate in Panama on which it intended to develop a hotel.  This business was abandoned and is accounted for as discontinued operations. In December 2011, the Company changed its name from Solarte Hotel Corporation to Bluestar Entertainment Technologies, Inc.

 

Basis of Presentation - The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP").

 

Fiscal Year - The Company’s fiscal year-end is June 30.

 

Cash and Cash Equivalents - The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.

 

Revenue Recognition - The Company recognizes sales in accordance with the United States Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104, “Revenue Recognition”. The Company recognizes revenue when the following fundamental criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price to the customer is fixed or determinable and (iv) collection of the resulting receivable is reasonably assured. Revenue is not recognized until title and risk of loss is transferred to the customer, which generally occurs upon delivery of goods, and objective evidence exists that customer acceptance provisions have been met.

 

Interim Financial Statements - The accompanying  financial statements as of and for the periods ended September 30, 2012 and 2011 have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the  financial position, results and operations, and cash flows at September 30,  2012 and 2011 and for all periods presented herein, have been made. The results of operations for the periods ended September 30, 2012 and 2011 are not necessarily indicative of the operating results for the full years. The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-Q.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The results for the periods ended September 30, 2012 are not necessarily indicative of the results of operations for the full year.

 

 

 

 

 

 

 

 

 

 

 

BLUE STAR ENTERTAINMENT TECHNOLOGIES, INC.

(Formerly Solarte Hotel Corporation)

 [A Development Stage Company]

 

NOTES TO FINANCIAL STATEMENTS

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

 

 

Accounting Estimates - The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period.  The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions.  Actual results could differ from those estimated.

 

Accounts Receivable - Accounts receivable are presented net of doubtful accounts.  All of the accounts receivable presented are deemed fully collectible.

 

Discontinued Operations - Discontinued Operations include the write off of acquisition costs related to a proposed hotel project which was abandoned when the Company was unable to fund the purchase price.

 

Income tax - We are not subject to income taxes in the U.S. or in any other jurisdiction.  Significant judgment is required in evaluating our uncertain tax positions and determining our provision for income taxes.

 

Non-Cash Equity Transactions - Shares of equity instruments issued for non-cash consideration are recorded at the fair value of the consideration received based on the market value of services to be rendered, or at the value of the stock given, considered in reference to contemporaneous cash sale of stock, or other indicator.

 

Fair Value Measurements - Effective beginning second quarter 2010, the FASB ASC Topic 825, Financial Instruments, requires disclosures about fair value of financial instruments in quarterly reports as well as in annual reports.  For the Company, this statement applies to certain investments and long-term debt.  Also, the FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.

 

Various inputs are considered when determining the value of the Company’s investments and long-term debt.  The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities.  These inputs are summarized in the three broad levels listed below.

 

·                  Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.

 

·                  Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.).

 

·                  Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).

 

The Company’s adoption of FASB ASC Topic 825 did not have a material impact on the company’s financial statements.

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets and/or liabilities carried at fair value on a recurring basis at September 30, 2012 or June 30, 2012.

 

 

BLUE STAR ENTERTAINMENT TECHNOLOGIES, INC.

(Formerly Solarte Hotel Corporation)

 [A Development Stage Company]

 

NOTES TO FINANCIAL STATEMENTS

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

 

The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. As of September 30, 2012 and, 2011, the Company had no assets other than cash and accounts receivable.

 

Basic and diluted loss per share - Basic loss per share is based on the weighted-average number of shares of common stock outstanding.  Diluted Loss per share is based on the weighted-average number of shares of common stock outstanding adjusted for the effects of common stock that may be issued as a result of the following types of potentially dilutive instruments:

 

•              Warrants,

 

•              Employee stock options, and

 

•              Other equity awards, which include long-term incentive awards.

 

The FASB ASC Topic 260, Loss Per Share, requires the Company to include additional shares in the computation of loss per share, assuming dilution.

 

Diluted loss per share is based on the assumption that all dilutive options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options are assumed to be exercised at the time of issuance, and as if funds obtained thereby were used to purchase common stock at the average market price during the period.

 

Basic and diluted loss per share is the same as there was no dilutive effect of any stock options for the periods presented.

 

Stock-Based Compensation - The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board whereas the value of the award is measured on the date of grant and recognized over the vesting period. authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

 

The fair value of the Company's common stock option grant is estimated using the Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model, and based on actual experience.  The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in the future.

 

 

 

 

 

 

 

 

BLUE STAR ENTERTAINMENT TECHNOLOGIES, INC.

(Formerly Solarte Hotel Corporation)

 [A Development Stage Company]

 

NOTES TO FINANCIAL STATEMENTS

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

 

The Company did not grant any new options or warrants during the three months ended September 30, 2012. As of September 30, 2012, there were no options or warrants outstanding.

 

Concentrations, Risks, and Uncertainties - The Company did not have a concentration of business with suppliers or customers constituting greater than 10% of the Company’s gross sales during the three months ended 2011, but all sales during the 2012 quarter were to one customer.

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Risks and Uncertainties
3 Months Ended
Sep. 30, 2012
Risks and Uncertainties:
Unusual Risks and Uncertainties

NOTE 2 - GOING CONCERN

 

The accompanying condensed financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate continuation of the Company as a going concern.  However, the Company was only recently formed and has not yet been successful in establishing profitable operations.   The Company has a working capital deficiency of $20,709 and stockholders' deficiency of $20,709 as of September 30, 2012.  The Company has received limited revenues to date and has no foreseeable source of revenues sufficient to offset operating costs. These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans or through additional sales of their common stock.  There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

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Debt
3 Months Ended
Sep. 30, 2012
Debt:
Debt Disclosure

NOTE 6 – NOTE PAYABLE

 

On August 29, 2012, the Company issued a promissory note to an unrelated party for cash of $11,500. The note is due on demand and bears interest at 4%. Balance of principal and interest as of September 30, 2012 amounted to $11,500 and $38 respectively.

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Equity
3 Months Ended
Sep. 30, 2012
Equity:
Stockholders' Equity Note Disclosure

NOTE 4 - CAPITAL STOCK

 

Common Stock - The Company has authorized an unlimited number of shares of no par value common stock and preferred stock. 

 

               In May 2008, in connection with its organization, the Company issued 15,000,000 shares of their previously authorized but unissued common stock to one person for $10,000 cash. An additional 500,000 shares were issued to one purchaser for $20,000 on June 30, 2008.

 

               On June 12, 2011, our board of directors approved a 5-for-1 forward split of our common shares. As a result of the forward split, total outstanding common shares were increased from 3,100,000 to 15,500,000 shares. Each holder of one common share received an additional certificate for four shares. All references to common shares in the financial statements and accompanying notes to the condensed financial statements have been retroactively restated to reflect the changes in capital structure resulting from the forward split.

 

               On October 25, 2011, the Board of Directors authorized the issuance of 12,000,000 shares of common stock for services, including 3,000,000 shares to our corporate secretary.  The shares were valued at $.0001 per share, or a total of $1,200, based upon estimated market price of the common stock on the date of the issuance. The services included 3,000,000 shares as compensation for acting as such corporate secretary, 3,000,000 shares for web design, and the remainder for marketing assistance.

 

               In October, 2011, the Company issued 532,520,000 shares at $.0001 per share in cancellation of the $53,252 in related party payables outstanding as of June 30, 2011.  The shares issued were valued based upon estimated market price of the common stock on the date of the issuance.

 

               In June 2012, an existing majority shareholder transferred a total 535,520,000 shares of common stock it owns, or approximately 96% of the outstanding shares, to an entity controlled by an officer of the Company.  The transfer was accounted for as compensation to the officer and the 535,520,000 shares were valued at $.0001 per share, or $53,552, based upon estimated market price of the common stock on the date of the transfer.

 

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Related Party Disclosures
3 Months Ended
Sep. 30, 2012
Related Party Disclosures:
Related Party Transactions Disclosure

NOTE 5 - RELATED PARTY TRANSACTIONS

 

Related party payable consists of amounts owing for executive compensation and loans.  The amounts are non-interest bearing and due on demand. During the year ended June 30, 2012, a total of $17,625»] was paid by a related party for the executive's compensation and travel expenses. No amounts were advanced during the three months ended September 30, 2012.

 

Outstanding balances at September 30, 2012 and June 30, 2012 was $17,625»]. 

 

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