Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Feb. 29, 2016 | Apr. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | LZG International, Inc. | |
Entity Central Index Key | 1,126,115 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 29, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --05-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 250,556 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Feb. 29, 2016 | May. 31, 2015 |
Current Assets | ||
Cash | $ 287 | $ 3,716 |
Total Current Assets | 287 | 3,716 |
Total Assets | 287 | 3,716 |
Current Liabilities | ||
Accounts Payable, including related party payable of $83,000 and $79,200 | 84,500 | 79,200 |
Loan Payable | 36,000 | 33,300 |
Accrued Interest | 7,729 | 5,607 |
Total Current Liabilities | 128,229 | 118,107 |
Long-Term Liabilities | ||
Loan Payable- related party | 23,500 | 23,500 |
Accrued Interest- related party | 11,347 | 9,937 |
Total Long-term Liabilities | 34,847 | 33,437 |
Total Liabilities | $ 163,076 | $ 151,544 |
Stockholders' Deficit | ||
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding | ||
Common Stock, $0.001 par value, 100,000,000 shares authorized, 250,556 shares issued and outstanding | $ 251 | $ 251 |
Additional Paid in Capital | 3,063,134 | 3,063,134 |
Deficit accumulated during the development stage | (3,226,174) | (3,211,213) |
Total Stockholders' Deficit | (162,789) | (147,828) |
Total Liabilities and Stockholders' Deficit | $ 287 | $ 3,716 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Feb. 29, 2016 | May. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Related party payable | $ 83,000 | $ 79,200 |
Preferred stock; par value | $ 0.001 | $ 0.001 |
Preferred stock; shares authorized | 20,000,000 | 20,000,000 |
Preferred stock; shares issued | ||
Preferred stock; shares outstanding | ||
Common stock; par value | $ 0.001 | $ 0.001 |
Common Stock; shares authorized | 100,000,000 | 100,000,000 |
Common stock; shares issued | 250,556 | 250,556 |
Common stock; shares outstanding | 250,556 | 250,556 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Expenses | ||||
General and administrative | $ 2,825 | $ 3,850 | $ 11,429 | $ 14,588 |
Total Expenses | 2,825 | 3,850 | 11,429 | 14,588 |
Net Operating Loss Before Other Expense | (2,825) | (3,850) | (11,429) | (14,588) |
Other Income (Expense) | ||||
Interest Expense | (712) | (566) | (2,122) | (1,698) |
Interest Expense- related party | (470) | (470) | (1,410) | (1,410) |
Total Other Expense | (1,182) | (1,036) | (3,532) | (3,108) |
Loss From Operations Before Income Taxes | $ (4,007) | $ (4,886) | $ (14,961) | $ (17,696) |
Income taxes | ||||
Net Loss | $ (4,007) | $ (4,886) | $ (14,961) | $ (17,696) |
Net Loss Per Share | $ (0.02) | $ (0.02) | $ (0.06) | $ (0.07) |
Weighted Average Shares Outstanding | 250,556 | 250,556 | 250,556 | 250,556 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Cash Flows from Operating Activities | ||
Net Loss | $ (14,961) | $ (17,696) |
Changes in assets and liabilities | ||
Increase (decrease) in accounts payable | 5,300 | 7,900 |
Accrued interest | 2,122 | 1,698 |
Accrued interest- related party | 1,410 | 1,410 |
Net cash provided (Used) by Operating Activities | $ (6,129) | $ (6,688) |
Cash Flows From Investing Activities | ||
Cash Flows from Financing Activities: | ||
Loans, other | $ 2,700 | |
Net cash provided by Financing Activities | 2,700 | |
Increase (Decrease) in Cash | (3,429) | $ (6,688) |
Cash and Cash Equivalents, Beginning of Period | 3,716 | 6,879 |
Cash and Cash Equivalents, End of Period | $ 287 | $ 191 |
Cash Paid for: | ||
Interest | ||
Income taxes |
Condensed Financial Statements
Condensed Financial Statements | 9 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements | NOTE 1 - CONDENSED FINANCIAL STATEMENTS The accompanying financial statements 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 of operations and cash flows as of and for the period ended February 29, 2016 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys May 31, 2015 audited financial statements as reported in Form 10-K. The results of operations for the period ended February 29, 2016 are not necessarily indicative of the operating results for the full year ended May 31, 2016. |
Going Concern
Going Concern | 9 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 GOING CONCERN The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. The Company has realized net losses since inception totaling $3,226,174. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Feb. 29, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. Use of Estimates The preparation of financial statements in conformity with 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Companys periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. Recent Pronouncement On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. |
Loan Payable
Loan Payable | 9 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Loan Payable | NOTE 4 LOAN PAYABLE As of February 29, 2016, the Company has a loan from a non-related party totaling $36,000 which is unsecured, bears interest at 8 percent, and is due on demand. Interest expense for the nine months ended February 29, 2016 and 2015 was $2,122 and $1,698 respectively. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Feb. 29, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 RELATED PARTY TRANSACTIONS The financial statements include related party transactions, which as of February 29, 2016, were loans from an officer of the Company totaling $23,500 for operating activities. No further loans have been advanced during the period ending February 29, 2016. The loans are due on June 30, 2016, are not collateralized, and bear interest at 8% per annum. These loans accrued interest of $11,347, and $9,937, as of February 29, 2016, and May 31, 2015, respectively. For the three months ended February 29, 2016, a related party consulting firm invoiced the Company $1,500 for consulting, administrative, and professional services and out-of-pocket costs provided to or paid on behalf of the Company. The total amount owed to this related party for consulting, administrative, and professional services recorded in accounts payable related party is $84,500, and $79,200, as of February 29, 2016, and May 31, 2015 respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Feb. 29, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 - SUBSEQUENT EVENTS The Companys management reviewed all material events through the date of this report and determined that there are no material subsequent events to report. |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Feb. 29, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Companys periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. |
Recent Pronouncement | Recent Pronouncement On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. |
Going Concern (Details Narrativ
Going Concern (Details Narrative) | 186 Months Ended |
Feb. 29, 2016USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Realized net losses since inception | $ 3,226,174 |
Loan Payable (Details Narrative
Loan Payable (Details Narrative) - USD ($) | 9 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Debt Disclosure [Abstract] | ||
Loan from non-related party | $ 36,000 | |
Interest rate on loan | 8.00% | |
Interest expense | $ 2,122 | $ 1,698 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | ||
Nov. 30, 2015 | Feb. 29, 2016 | May. 31, 2015 | |
Related Party Transactions [Abstract] | |||
Loan from officer | $ 23,500 | ||
Interest rate on loan from officer | 8.00% | ||
Accrued Interest-related party | $ 11,347 | $ 9,937 | |
Professional fees | $ 1,500 | ||
Professional fees included in related party accounts payable | $ 84,500 | $ 79,200 |