Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
May 31, 2016 | Aug. 17, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | LZG International, Inc. | |
Entity Central Index Key | 1,126,115 | |
Document Type | 10-K | |
Document Period End Date | May 31, 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 Public Float | $ 251 | |
Entity Common Stock, Shares Outstanding | 250,556 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | May 31, 2016 | May 31, 2015 |
Current Assets | ||
Cash | $ 1,562 | $ 3,716 |
Total Current Assets | 1,562 | 3,716 |
Total Assets | 1,562 | 3,716 |
Current Liabilities | ||
Accounts Payable, including related party payable of $86,100 and $79,200 | 86,100 | 79,200 |
Loans Payable | 38,600 | 33,300 |
Accrued Interest | 8,482 | 5,607 |
Total Current Liabilities | 133,182 | 118,107 |
Long-Term Liabilities | ||
Loan Payable- related party | 23,500 | 23,500 |
Accrued Interest- related party | 11,817 | 9,937 |
Total Long-term Liabilities | 35,317 | 33,437 |
Total Liabilities | 168,499 | 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 |
Accumulated Deficit | (3,230,322) | (3,211,213) |
Total Stockholders' Deficit | (166,937) | (147,828) |
Total Liabilities and Stockholders' Deficit | $ 1,562 | $ 3,716 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | May 31, 2016 | May 31, 2015 |
Statement of Financial Position [Abstract] | ||
Related party payable | $ 86,100 | $ 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 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses | ||
General and administrative | 14,354 | 18,538 |
Total Expenses | 14,354 | 18,538 |
Net Operating Loss Before Other Expense | (14,354) | (18,538) |
Other Income (Expense) | ||
Interest Expense | (2,875) | (2,350) |
Interest Expense- related party | (1,880) | (1,880) |
Total Other Expense | (4,755) | (4,230) |
Loss From Continuing Operations Before Income Taxes | (19,109) | (22,768) |
Income taxes | ||
Loss From Continuing Operations | (19,109) | (22,768) |
Discontinued Operations | ||
Loss from discontinued operations | ||
Net Loss | $ (19,109) | $ (22,768) |
Net Loss Per Share | $ (0.08) | $ (0.09) |
Weighted Average Shares Outstanding | 250,556 | 250,556 |
Statements of Stockholders_ Equ
Statements of Stockholders’ Equity - USD ($) | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning Balance at May. 31, 2014 | $ 251 | $ 3,063,134 | $ (3,188,445) | $ (125,060) |
Beginning Balance (in shares) at May. 31, 2014 | 250,556 | |||
Net loss | (22,768) | (22,768) | ||
Ending Balance at May. 31, 2015 | $ 251 | 3,063,134 | (3,211,213) | (147,828) |
Ending Balance (in shares) at May. 31, 2015 | 250,556 | |||
Net loss | (19,109) | (19,109) | ||
Ending Balance at May. 31, 2016 | $ 251 | $ 3,063,134 | $ (3,230,322) | $ (166,937) |
Ending Balance (in shares) at May. 31, 2016 | 250,556 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
May 31, 2016 | May 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (19,109) | $ (22,768) |
Changes in assets and liabilities | ||
Increase (decrease) in accounts payable | 6,900 | 10,375 |
Accrued interest | 2,875 | 2,350 |
Accrued interest- related party | 1,880 | 1,880 |
Net cash provided (Used) by Operating Activities | (7,454) | (8,163) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Loans, other | 5,300 | 5,000 |
Net cash provided by Financing Activities | 5,300 | 5,000 |
Net Increase (Decrease) in Cash | (2,154) | (3,163) |
Cash and Cash Equivalents, Beginning of Period | 3,716 | 6,879 |
Cash and Cash Equivalents, End of Period | 1,562 | 3,716 |
Cash Paid for: | ||
Interest expense | ||
Income taxes |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
May 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 Organization and Summary of Significant Accounting Policies (A) Organization LZG International, Inc. (the Company) is a Florida company that was incorporated on May 22, 2000. The Company has 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 business model intended to establish an online grocery solution. A wholly-owned Canadian subsidiary, LazyGrocer.Com Corp., was established as part of this model, but it was dissolved in 2001. Activities from inception have included raising capital and development of the Companys business plan, Securities and Exchange Commission filings and limited operations. (B) Use of Estimates In preparing financial statements, management is required 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 revenues and expenses during the reporting period. Actual results may differ from these estimates. (C) Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. (D) Fair Value of Financial Instruments It is not practicable to estimate the fair value of related party loans because there is no established market for these loans and it is inappropriate to estimate future cash flows, which are largely dependent on the Company establishing or acquiring operations at some future point. No financial instruments are held for trading purposes. (E) Basic and Fully Diluted Income (Loss) Per Share In accordance with ASC 260, Earnings Per Share , The computations of basic and fully diluted loss per share of common stock are based on the weighted average number of common shares outstanding during the period of the consolidated financial statements, plus the common stock equivalents, which would arise from the exercise of stock options and warrants outstanding during the period, or the exercise of convertible debentures. As of December 31, 2016 and 2015, all common stock activity has been included and there were no items considered to be anti-dilutive. (E) Basic and Fully Diluted Income (Loss) Per Share (Continued) Following is a reconciliation of the loss per share for the years ended December 31, 2016 and 2015, respectively: For the Years Ended May 31, 2016 2015 Net (loss) available to Common shareholders $ (19,109 ) $ (22,768 ) Weighted average shares 250,556 250,556 Basic and fully diluted loss per share (based on weighted average shares) $ (0.08 ) $ (0.09 ) (F) Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash. Our cash balances are maintained in accounts held by major banks and financial institutions located in the United States. The Company does not maintain amounts on deposit with a financial institution that are in excess of the federally insured limit of $250,000. The Company had $0 of cash balances in excess of federally insured limits at December 31, 2016 and 2015. |
Going Concern
Going Concern | 12 Months Ended |
May 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has current liabilities in excess of current assets, has incurred losses since inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is managements plan to acquire or merge with other operating companies. |
Income Taxes
Income Taxes | 12 Months Ended |
May 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 3 Income Taxes At May 31, 2016, the Company has available unused net operating loss carryforwards of approximately $168,200 which may be applied against future taxable income and which expire in various years from 2021 through 2035. Due to a substantial change in the Companys ownership during June, 2008 there will be an annual limitation on the amount of previous net operating loss carryforwards that can be utilized. The amount of and ultimate realization of the benefits from the net operating loss carryforwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company, and other future events, the effects of which cannot be determined. Because of the uncertainty surrounding the realization of the net operating loss carryforwards, the Company has established a valuation allowance equal to the tax effect of the net operating loss carryforwards and, therefore, no deferred tax asset has been recognized for the net operating loss carryforwards. The net deferred tax assets are approximately $25,228 and $22,362 as of May 31, 2016 and 2015, respectively, with an offsetting valuation allowance of the same amount resulting in a change in the valuation allowance of approximately $2,866 during the year ended May 31, 2016. The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of May 31, 2016 and 2015 the Company had no accrued interest or penalties related to uncertain tax positions. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended May 31, 2016, 2015 and 2014. |
Capitalization
Capitalization | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Capitalization | NOTE 4 Capitalization In 2000, the Company issued 46,289 shares of common stock for cash of $9,258 ($.20 per share). In 2000, the Company issued 27,358 shares of common stock for services valued at $1,805,638 ($66.00 per share). In 2000, the Company issued 3,000 shares of common stock for cash of $200,000 ($66.67 per share). In August, 2000, the Company issued 15,043 shares of common stock for services valued at $992,869 ($66.00 per share). In June, 2008, the Company issued 158,310 shares of the Companys common stock to settle $1,000 in accounts payable ($.0063 per share). On August 5, 2008, the stockholders approved a 1 for 200 reverse stock split effective August 25, 2008. The reverse resulted in the issuance of an additional 556 shares for rounding up of fractional shares. These financial statements and accompanying notes have been restated to reflect the reverse stock split. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
May 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 Related Party Transactions The financial statements include related party transactions, which as of May 31, 2016, were loans from an officer of the Company totaling $23,500. The loans had an original due date of June 30, 2014 and have been extended to June 30, 2016. They are not collateralized, and bear interest at 8% per annum. Interest expense was $1,880 for years ended May 31, 2016 and 2015 |
Loan Payable
Loan Payable | 12 Months Ended |
May 31, 2016 | |
Debt Disclosure [Abstract] | |
Loan Payable | NOTE 6 Loan Payable The Company borrowed $38,600 from a third party. The loan is due on demand, is not collateralized, and bears interest at 8% per annum. Interest expense was $2,875 and $2,350 for years ended May 31, 2016 and 2015. |
Recent Pronouncements
Recent Pronouncements | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Recent Pronouncements | NOTE 7 Recent Pronouncements 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
May 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 8 Subsequent Events Loans from an officer of the Company totaling $23,500 (See Note 5, above) had an extended due date of June 30, 2016 and have been extended to June 30, 2018. |
Organization and Summary of S15
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
May 31, 2016 | |
Accounting Policies [Abstract] | |
Organization | (A) Organization LZG International, Inc. (the Company) is a Florida company that was incorporated on May 22, 2000. The Company has 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 business model intended to establish an online grocery solution. A wholly-owned Canadian subsidiary, LazyGrocer.Com Corp., was established as part of this model, but it was dissolved in 2001. Activities from inception have included raising capital and development of the Companys business plan, Securities and Exchange Commission filings and limited operations. |
Use of Estimates | (B) Use of Estimates In preparing financial statements, management is required 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 revenues and expenses during the reporting period. Actual results may differ from these estimates. |
Cash Equivalents | (C) Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. |
Fair Value of Financial Instruments | (D) Fair Value of Financial Instruments It is not practicable to estimate the fair value of related party loans because there is no established market for these loans and it is inappropriate to estimate future cash flows, which are largely dependent on the Company establishing or acquiring operations at some future point. No financial instruments are held for trading purposes. |
Basic and Fully Diluted Income (Loss) Per Share | (E) Basic and Fully Diluted Income (Loss) Per Share In accordance with ASC 260, Earnings Per Share , The computations of basic and fully diluted loss per share of common stock are based on the weighted average number of common shares outstanding during the period of the consolidated financial statements, plus the common stock equivalents, which would arise from the exercise of stock options and warrants outstanding during the period, or the exercise of convertible debentures. As of December 31, 2016 and 2015, all common stock activity has been included and there were no items considered to be anti-dilutive. Following is a reconciliation of the loss per share for the years ended December 31, 2016 and 2015, respectively: For the Years Ended May 31, 2016 2015 Net (loss) available to Common shareholders $ (19,109 ) $ (22,768 ) Weighted average shares 250,556 250,556 Basic and fully diluted loss per share (based on weighted average shares) $ (0.08 ) $ (0.09 ) |
Concentration of Credit Risk | (F) Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash. Our cash balances are maintained in accounts held by major banks and financial institutions located in the United States. The Company does not maintain amounts on deposit with a financial institution that are in excess of the federally insured limit of $250,000. The Company had $0 of cash balances in excess of federally insured limits at December 31, 2016 and 2015. |
Organization and Summary of S16
Organization and Summary of Significant Accounting Policies (Policies) (Tables) | 12 Months Ended |
May 31, 2016 | |
Accounting Policies [Abstract] | |
Reconciliation of loss per share | For the Years Ended May 31, 2016 2015 Net (loss) available to Common shareholders $ (19,109 ) $ (22,768 ) Weighted average shares 250,556 250,556 Basic and fully diluted loss per share (based on weighted average shares) $ (0.08 ) $ (0.09 ) |
Organization and Summary of S17
Organization and Summary of Significant Accounting Policies - Reconciliate of loss per share (Details narrative) - USD ($) | 12 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Accounting Policies [Abstract] | ||
Net (loss) available to Common shareholders | $ (19,109) | $ (22,768) |
Weighted average shares | 250,556 | 250,556 |
Basic and fully diluted loss per share (based on weighted average shares) | $ (0.08) | $ (0.09) |
Organization and Summary of S18
Organization and Summary of Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2016 | May 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | |||
Federally insured limit | $ 250,000 | ||
Cash balances in excess of federally insured limits | $ 0 | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 168,200 | |
Net deferred tax assets | 25,228 | $ 22,362 |
Change in the valuation allowance | $ 2,866 |
Capitalization (Details Narrati
Capitalization (Details Narrative) - USD ($) | Aug. 05, 2009 | Aug. 31, 2001 | Dec. 31, 2000 | May 31, 2016 | May 31, 2015 | Jun. 30, 2009 | Dec. 31, 2001 |
Common stock issued for cash, shares | 46,289 | 250,556 | 250,556 | 158,310 | |||
Common stock issued for cash, value | $ 9,258 | $ 251 | $ 251 | $ 1,000 | |||
Common stock issued | $ .20 | $ .0063 | |||||
Common stock issued for services, shares | 15,043 | 27,358 | |||||
Common stock issued for services, value | $ 992,869 | $ 1,805,638 | |||||
Common stock issued for services, per share | $ 66 | $ 66 | |||||
Reverse stock split | the stockholders approved a 1 for 200 reverse stock split effective August 25, 2008. The reverse resulted in the issuance of an additional 556 shares for rounding up of fractional shares. These financial statements and accompanying notes have been restated to reflect the reverse stock split. | ||||||
Common Stock issued for Cash 2 | |||||||
Common stock issued for cash, shares | 3,000 | ||||||
Common stock issued for cash, value | $ 200,000 | ||||||
Common stock issued | $ 66.67 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
May 31, 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 | $ 1,880 | $ 1,880 |
Loan Payable (Details Narrative
Loan Payable (Details Narrative) - USD ($) | 12 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Debt Disclosure [Abstract] | ||
Loan from non-related party | $ 38,600 | |
Interest rate on loan | 8.00% | |
Interest expense | $ (2,875) | $ (2,350) |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | 12 Months Ended |
May 31, 2016USD ($) | |
Subsequent Events [Abstract] | |
Loan from officer | $ 23,500 |
Original Due date | Jun. 30, 2016 |
Extended Due Date | Jun. 30, 2018 |