Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Jun. 30, 2013 | |
Document and Entity Information: | |
Entity Registrant Name | Lake Forest Minerals Inc. |
Document Type | 10-K |
Document Period End Date | 30-Jun-13 |
Amendment Flag | TRUE |
Amendment Description | add xbrl |
Entity Central Index Key | 1441082 |
Current Fiscal Year End Date | -24 |
Entity Common Stock, Shares Outstanding | 11,000,000 |
Entity Public Float | $0 |
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 | FY |
Lake_Forest_Minerals_Inc_A_Dev
Lake Forest Minerals Inc. - (A Development Stage Company) - Balance Sheet (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Current Assets | ||
Cash | $1,009 | $630 |
Total Current Assets | 1,009 | 630 |
Total Assets | 1,009 | 630 |
Current Liabilities | ||
Accounts Payable | 6,143 | 5,188 |
Due to related party | 38,000 | 24,000 |
Total Current Liabilities | 44,143 | 29,188 |
Stockholders' Equity | ||
Common Stock | 11,000 | 11,000 |
Additional Paid in Capital | 31,000 | 31,000 |
Deficit accumulated during development stage | -85,134 | -70,558 |
Total Stockholders' Equity (Deficit) | -43,134 | -28,558 |
Total Liabilities & Stockholders' Equity | $1,009 | $630 |
Lake_Forest_Minerals_Inc_State
Lake Forest Minerals Inc. - Statement of Financial Position - Parenthetical (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 11,000,000 | 11,000,000 |
Common Stock, Shares Outstanding | 11,000,000 | 11,000,000 |
Lake_Forest_Minerals_Inc_A_Dev1
Lake Forest Minerals Inc. - (A Development Stage Company) - Statement of Operations (USD $) | 12 Months Ended | 60 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Revenues | |||
Revenues | $0 | $0 | $0 |
Total Revenues | 0 | 0 | 0 |
Operating Expenses | |||
Exploration Expenses | 0 | 0 | 5,000 |
Impairment of mineral property | 0 | 0 | 7,500 |
General and Administrative | 5,247 | 3,003 | 17,770 |
Professional Fees | 9,329 | 9,340 | 54,864 |
Total Expenses | 14,576 | 12,343 | 85,134 |
Net loss from Operations | -14,567 | -12,343 | -85,134 |
Provision for Income Taxes | |||
Income Tax Benefit | 0 | 0 | 0 |
Net Loss | ($14,576) | ($12,343) | ($85,134) |
Basic and Diluted Earnings (Loss) Per Common Share | $0 | $0 | |
Weighted average number of common shares used in per share calculations | 11,000,000 | 11,000,000 |
Lake_Forest_Minerals_Inc_A_Dev2
Lake Forest Minerals Inc. (A Development Stage Company) Statement of Changes in Stockholders' Equity (USD $) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance, Value at Jun. 22, 2008 | $0 | $0 | $0 | $0 |
Balance, Shares at Jun. 22, 2008 | 0 | |||
Stock issued for cash at $0.0015 per share on June 26, 2008, Value | 8,000 | 4,000 | 12,000 | |
Stock issued for cash at $0.0015 per share on June 26, 2008, Shares | 8,000,000 | |||
Net loss | -6,239 | -6,239 | ||
Balance, Value at Jun. 30, 2008 | 8,000 | 4,000 | -6,239 | 5,761 |
Balance, Shares at Jun. 30, 2008 | 8,000,000 | |||
Stock issued for cash at $0.01 per share on September 11, 2008, Value | 3,000 | 27,000 | 30,000 | |
Stock issued for cash at $0.01 per share on September 11, 2008, Shares | 3,000,000 | |||
Net loss | -20,013 | -20,013 | ||
Balance, Value at Jun. 30, 2009 | 11,000 | 31,000 | -26,252 | 15,748 |
Balance, Shares at Jun. 30, 2009 | 11,000,000 | |||
Net loss | -19,582 | -19,582 | ||
Balance, Value at Jun. 30, 2010 | 11,000 | 31,000 | -45,834 | -3,834 |
Balance, Shares at Jun. 30, 2010 | 11,000,000 | |||
Net loss | -12,381 | -12,381 | ||
Balance, Value at Jun. 30, 2011 | 11,000 | 31,000 | -58,215 | -16,215 |
Balance, Shares at Jun. 30, 2011 | 11,000,000 | |||
Net loss | -12,343 | -12,343 | ||
Balance, Value at Jun. 30, 2012 | 11,000 | 31,000 | -70,558 | -28,558 |
Balance, Shares at Jun. 30, 2012 | 11,000,000 | |||
Net loss | -14,576 | -14,576 | ||
Balance, Value at Jun. 30, 2013 | $11,000 | $31,000 | ($85,134) | ($43,134) |
Balance, Shares at Jun. 30, 2013 | 11,000,000 |
Lake_Forest_Minerals_Inc_A_Dev3
Lake Forest Minerals Inc. - (A Development Stage Company) - Statements of Cash Flows (USD $) | 12 Months Ended | 60 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Cash Flows from Operating Activities | |||
Net Loss | ($14,576) | ($12,343) | ($85,134) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Accounts Payable | 955 | -227 | 6,143 |
Impairment of mineral property | 0 | 0 | 5,000 |
Net cash provided by (used in) operating activities | -13,621 | -12,570 | -73,991 |
Cash Flows From Investing Activities | |||
Mineral property option payment | 0 | 0 | -5,000 |
Net cash provided by (used in) investing activities | 0 | 0 | -5,000 |
Cash Flows from Financing Activities | |||
Common Stock issued for cash | 0 | 0 | 42,000 |
Due to related party | 14,000 | 10,482 | 38,000 |
Net Cash provided by financing activities | 14,000 | 10,482 | 80,000 |
Net increase (decrease) in cash | 379 | -2,088 | 1,009 |
Cash balance, Beginning of period | 630 | 2,718 | 0 |
Cash balance, end of period | $1,009 | $630 | $1,009 |
1_Description_of_Business_Hist
1 - Description of Business, History and Summary of Significant Accounting Policies | 12 Months Ended | ||
Jun. 30, 2013 | |||
Notes | |||
1 - Description of Business, History and Summary of Significant Accounting Policies | 1 - DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
DESCRIPTION OF BUSINESS AND HISTORY - | |||
Lake Forest Minerals Inc., a Nevada corporation, (hereinafter referred to as the "Company" or "Lake Forest Minerals") was incorporated in the State of Nevada on June 23, 2008. The Company was formed to engage in the acquisition, exploration and development of natural resource properties of merit. During the initial period ending June 30, 2008, the Company entered into an option agreement to acquire certain mineral claims located in British Columbia (refer to Note 3). | |||
On February 22, 2010 the Company provided notice to the Optionor, and terminated the Option Agreement and relieved itself from any obligations thereunder. | |||
The Company’s operations have been limited to general administrative operations, initial property staking and investigation, and is considered an Exploration Stage Company in accordance with ASC 915. | |||
THE COMPANY TODAY – | |||
The Company is currently a development stage company reporting under the provisions of ASC 915 “Accounting and Reporting for Development Stage Enterprises.” | |||
Since February 22, 2010, our purpose has been to serve as a vehicle to acquire an operating business and we are currently considered a “shell” company inasmuch as we are not generating revenues, do not own an operating business, and have no specific plan other than to engage in a merger or acquisition transaction with a yet-to-be identified operating company or business. We have no employees and no material assets. | |||
MANAGEMENT OF COMPANY – | |||
The Company filed its articles of incorporation with the Nevada Secretary of State on June 23, 2008. The initial list of officers filed with the Nevada Secretary of State on June 23, 2008, indicates the sole director Jeffrey Taylor as the President, Secretary, and Treasurer. | |||
YEAR END – | |||
The Company's fiscal year end is June 30. | |||
USE OF ESTIMATES – | |||
The preparation of the 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
INCOME TAXES – | |||
The Company provides for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. | |||
ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |||
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 39% to the net loss before provision for income taxes for the following reasons: | |||
30-Jun-13 | 30-Jun-12 | ||
Income tax expense at statutory rate | $ 5,685 | $ 4,814 | |
Common stock issued for services | - | - | |
Valuation allowance | -5,685 | -4,814 | |
Income tax expense per books | $ - | $ - | |
Net deferred tax assets consist of the following components as of: | |||
30-Jun-13 | 30-Jun-12 | ||
NOL carryover | $ 33,203 | $ 27,518 | |
Valuation allowance | -33,203 | -27,518 | |
Net deferred tax asset | $ - | $ - | |
REVENUE RECOGNITION – | |||
The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost. | |||
NET LOSS PER COMMON SHARE – | |||
Basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. For the period from June 23, 2008 (Date of Inception) through June 30, 2013 the Company had no potentially dilutive securities. | |||
STOCK-BASED COMPENSATION – | |||
The Company has not adopted a stock option plan and has not granted any stock options. Accordingly no stock-based compensation has been recorded to date. | |||
CASH AND CASH EQUIVALENTS – | |||
For purposes of Statements of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. | |||
ADVERTISING COSTS – | |||
The Company's policy regarding advertising is to expense advertising when incurred. The Company had not incurred any advertising expenses as of June 30, 2013. | |||
LONG-LIVED ASSETS – | |||
The carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. | |||
RECENT ACCOUNTING PRONOUNCEMENTS – | |||
From June 30, 2013 through the filing date of these financial statements, the FASB (Financial Accounting Standards Board) issued various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. Management has determined that these recent accounting pronouncements will have no impact on the financial statements of Lake Forest Minerals Inc. |
2_Property_and_Equipment
2 - Property and Equipment | 12 Months Ended |
Jun. 30, 2013 | |
Notes | |
2 - Property and Equipment | 2 - PROPERTY AND EQUIPMENT |
As of June 30, 2013, the Company does not own any property and/or equipment. |
3_Stockholders_Equity
3 - Stockholder's Equity | 12 Months Ended |
Jun. 30, 2013 | |
Notes | |
3 - Stockholder's Equity | 3 - STOCKHOLDER'S EQUITY |
The Company has 75,000,000 common shares and 10,000,000 preferred shares authorized with a par value of $0.001 per share. | |
The Company has not issued any preferred shares since inception through June 30, 2013. | |
A total of 11,000,000 shares of the Company’s common stock have been issued as of June 30, 2013, 8,000,000 of these shares were issued to the sole director of the Company pursuant to a stock subscription agreement at $0.0015 per share for total proceeds of $12,000 on June 26, 2008. The remaining 3,000,000 shares of the Company’s issued and outstanding common stock were issued at a price of $0.01 per share for gross proceeds of $30,000. |
4_Related_Party_Transactions
4 - Related Party Transactions | 12 Months Ended |
Jun. 30, 2013 | |
Notes | |
4 - Related Party Transactions | 4 - RELATED PARTY TRANSACTIONS |
Jeffrey Taylor, the sole officer and director of the Company was not paid for any underwriting services that he performed on behalf of the Company with respect to the Company's S-1 prospectus offering, filed August 6, 2008. | |
To June 30, 2013, Jeffrey Taylor loaned the Company $38,000 for operating expenses, the loan bears no interest and has no specific terms of payment. |
5_Going_Concern
5 - Going Concern | 12 Months Ended |
Jun. 30, 2013 | |
Notes | |
5 - Going Concern | 5 - GOING CONCERN |
The Company has incurred net losses of approximately $85,134 for the period from June 23, 2008 (Date of Inception) through June 30, 2013 and has commenced limited operations, raising substantial doubt about the Company's ability to continue as a going concern. The Company will seek additional sources of capital through the issuance of debt or equity financing, but there can be no assurance the Company will be successful in accomplishing its objectives. | |
The ability of the Company to continue as a going concern is dependent on additional sources of capital and the success of the Company's plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
6_Subsequent_Events
6 - Subsequent Events | 12 Months Ended |
Jun. 30, 2013 | |
Notes | |
6 - Subsequent Events | 6 - SUBSEQUENT EVENTS |
During July, 2013 Jeffrey Taylor loaned the company an additional $4,000 for operating expenses. | |
The Company’s management has reviewed all material subsequent events through the filing date of these financial statements in accordance with ASC 885-10, and has determined that other than the paragraph above there are no material subsequent events to report. |
1_Description_of_Business_Hist1
1 - Description of Business, History and Summary of Significant Accounting Policies: Description of Business and History - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Description of Business and History - | DESCRIPTION OF BUSINESS AND HISTORY - |
Lake Forest Minerals Inc., a Nevada corporation, (hereinafter referred to as the "Company" or "Lake Forest Minerals") was incorporated in the State of Nevada on June 23, 2008. The Company was formed to engage in the acquisition, exploration and development of natural resource properties of merit. During the initial period ending June 30, 2008, the Company entered into an option agreement to acquire certain mineral claims located in British Columbia (refer to Note 3). | |
On February 22, 2010 the Company provided notice to the Optionor, and terminated the Option Agreement and relieved itself from any obligations thereunder. | |
The Company’s operations have been limited to general administrative operations, initial property staking and investigation, and is considered an Exploration Stage Company in accordance with ASC 915. |
1_Description_of_Business_Hist2
1 - Description of Business, History and Summary of Significant Accounting Policies: The Company Today, Management of Company (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
The Company Today, Management of Company | THE COMPANY TODAY – |
The Company is currently a development stage company reporting under the provisions of ASC 915 “Accounting and Reporting for Development Stage Enterprises.” | |
Since February 22, 2010, our purpose has been to serve as a vehicle to acquire an operating business and we are currently considered a “shell” company inasmuch as we are not generating revenues, do not own an operating business, and have no specific plan other than to engage in a merger or acquisition transaction with a yet-to-be identified operating company or business. We have no employees and no material assets. | |
MANAGEMENT OF COMPANY – | |
The Company filed its articles of incorporation with the Nevada Secretary of State on June 23, 2008. The initial list of officers filed with the Nevada Secretary of State on June 23, 2008, indicates the sole director Jeffrey Taylor as the President, Secretary, and Treasurer. |
1_Description_of_Business_Hist3
1 - Description of Business, History and Summary of Significant Accounting Policies: Year End - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Year End - | YEAR END – |
The Company's fiscal year end is June 30. |
1_Description_of_Business_Hist4
1 - Description of Business, History and Summary of Significant Accounting Policies: Use of Estimates - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Use of Estimates - | USE OF ESTIMATES – |
The preparation of the 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
1_Description_of_Business_Hist5
1 - Description of Business, History and Summary of Significant Accounting Policies: Income Taxes - (Policies) | 12 Months Ended | ||
Jun. 30, 2013 | |||
Policies | |||
Income Taxes - | INCOME TAXES – | ||
The Company provides for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. | |||
ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |||
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 39% to the net loss before provision for income taxes for the following reasons: | |||
30-Jun-13 | 30-Jun-12 | ||
Income tax expense at statutory rate | $ 5,685 | $ 4,814 | |
Common stock issued for services | - | - | |
Valuation allowance | -5,685 | -4,814 | |
Income tax expense per books | $ - | $ - | |
Net deferred tax assets consist of the following components as of: | |||
30-Jun-13 | 30-Jun-12 | ||
NOL carryover | $ 33,203 | $ 27,518 | |
Valuation allowance | -33,203 | -27,518 | |
Net deferred tax asset | $ - | $ - |
1_Description_of_Business_Hist6
1 - Description of Business, History and Summary of Significant Accounting Policies: Revenue Recognition - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Revenue Recognition - | REVENUE RECOGNITION – |
The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost. |
1_Description_of_Business_Hist7
1 - Description of Business, History and Summary of Significant Accounting Policies: Net Loss Per Common Share - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Net Loss Per Common Share - | NET LOSS PER COMMON SHARE – |
Basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. For the period from June 23, 2008 (Date of Inception) through June 30, 2013 the Company had no potentially dilutive securities. |
1_Description_of_Business_Hist8
1 - Description of Business, History and Summary of Significant Accounting Policies: Stock-based Compensation - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Stock-based Compensation - | STOCK-BASED COMPENSATION – |
The Company has not adopted a stock option plan and has not granted any stock options. Accordingly no stock-based compensation has been recorded to date. |
1_Description_of_Business_Hist9
1 - Description of Business, History and Summary of Significant Accounting Policies: Cash and Cash Equivalents - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Cash and Cash Equivalents - | CASH AND CASH EQUIVALENTS – |
For purposes of Statements of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. |
Recovered_Sheet1
1 - Description of Business, History and Summary of Significant Accounting Policies: Advertising Costs - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Advertising Costs - | ADVERTISING COSTS – |
The Company's policy regarding advertising is to expense advertising when incurred. The Company had not incurred any advertising expenses as of June 30, 2013. |
Recovered_Sheet2
1 - Description of Business, History and Summary of Significant Accounting Policies: Long-lived Assets - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Long-lived Assets - | LONG-LIVED ASSETS – |
The carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. |
Recovered_Sheet3
1 - Description of Business, History and Summary of Significant Accounting Policies: Recent Accounting Pronouncements - (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Policies | |
Recent Accounting Pronouncements - | RECENT ACCOUNTING PRONOUNCEMENTS – |
From June 30, 2013 through the filing date of these financial statements, the FASB (Financial Accounting Standards Board) issued various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. Management has determined that these recent accounting pronouncements will have no impact on the financial statements of Lake Forest Minerals Inc. |
3_Stockholders_Equity_Details
3 - Stockholder's Equity (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Issued | 11,000,000 | 11,000,000 |
Common Stock, Shares Outstanding | 11,000,000 | 11,000,000 |
4_Related_Party_Transactions_D
4 - Related Party Transactions (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Due to related party | $38,000 | $24,000 |
Accumulated Deficit | ||
Due to related party | $38,000 |
5_Going_Concern_Details
5 - Going Concern (Details) (USD $) | 12 Months Ended | 60 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Net Loss | ($14,576) | ($12,343) | ($85,134) |
Accumulated Deficit | |||
Net Loss | $85,134 |