The Healing Company Inc. (HLCO) 10-K 19 Sep 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2017	Sep. 11, 2017	Dec. 31, 2016
Document And Entity Information Abstract
Entity Registrant Name	Lake Forest Minerals Inc.
Entity Central Index Key	1,441,082
Trading Symbol	lakf
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		11,000,000
Entity Public Float			$ 0
Document Type	10-K
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

Balance Sheets (Audited)

Balance Sheets (Audited) - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Current Assets
Cash	$ 1,212	$ 146
Total Current Assets	1,212	146
Total Assets	1,212	146
Current Liabilities
Accounts payable	8,857	5,914
Due to related party	97,000	80,000
Total Current Liabilities	105,857	85,914
Share Capital
10,000,000 authorized preferred shares, par value $0.001 nil issued and outstanding
75,000,000 authorized shares, par value $0.001 11,000,000 shares issued and outstanding	11,000	11,000
Additional Paid-in-Capital	31,000	31,000
Deficit	(146,645)	(127,768)
Total Stockholders' Equity (Deficit)	(104,645)	(85,768)
Total Liabilities and Stockholders' Equity	$ 1,212	$ 146

Balance Sheets (Audited) (Paren

Balance Sheets (Audited) (Parenthetical) - $ / shares	Jun. 30, 2017	Jun. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	75,000,000	75,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	11,000,000	11,000,000
Common stock, shares outstanding	11,000,000	11,000,000

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Revenues
Total Revenues
Operating Expenses
General and Administrative	6,423	5,452
Professional Fees	12,454	9,860
Total Expenses	18,877	15,312
Loss from Operations	(18,877)	(15,312)
Provision for Income Taxes:
Income Tax Benefit
Net Loss	$ (18,877)	$ (15,312)
Basic and Diluted Earnings (Loss) Per Common Share (in dollars per share)	$ 0	$ 0
Weighted Average number of Common Shares used in per share calculations (in shares)	11,000,000	11,000,000

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Shares	Paid-In Capital	Accumulated Deficit	Total
Balance at Jun. 30, 2015	$ 11,000	$ 31,000	$ (112,456)	$ (70,456)
Balance (in shares) at Jun. 30, 2015	11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss for the Period			(15,312)	(15,312)
Balance at Jun. 30, 2016	$ 11,000	31,000	(127,768)	$ (85,768)
Balance (in shares) at Jun. 30, 2016	11,000,000			11,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss for the Period			(18,877)	$ (18,877)
Balance at Jun. 30, 2017	$ 11,000	$ 31,000	$ (146,645)	$ (104,645)
Balance (in shares) at Jun. 30, 2017	11,000,000			11,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities:
Net Loss	$ (18,877)	$ (15,312)
Adjustments to reconcile net loss to net cash used in operating activities:
Accounts payable	2,943	(346)
Net Cash Provided by (Used in) Operating Activities	(15,934)	(15,658)
Cash Flows from Investing Activities:
Mineral property option payment
Net Cash (Used in) Investing Activities
Cash Flows from Financing Activities:
Common Stock issued for cash
Due to related party	17,000	15,000
Net Cash Provided by Financing Activities	17,000	15,000
Net Increase (Decrease) in Cash	1,066	(658)
Cash Balance, Beginning of Period	146	804
Cash Balance, End of Period	$ 1,212	$ 146

DESCRIPTION OF BUSINESS, HISTOR

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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. 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: June 30, 2017 June 30, 2016 Income tax expense at statutory rate $ 7,362 $ 5,972 Common stock issued for services -- -- Valuation allowance (7,362 ) (5,972 ) Income tax expense per books $ -- $ -- Net deferred tax assets consist of the following components as of: June 30, 2017 June 30, 2016 NOL carryover $ 57,192 $ 49,830 Valuation allowance (57,192 ) (49,830 ) 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, 2017 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, 2017. 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. MINERAL PROPERTY COSTS - The Company has been in the exploration stage since its inception on June 23, 2008 and has not yet realized any revenues from its planned operations, being the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. The Company assesses the carrying costs for impairment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. RECENT ACCOUNTING PRONOUNCEMENTS – From June 30, 2017 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.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	2. PROPERTY AND EQUIPMENT As of June 30, 2017, the Company does not own any property and/or equipment.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	12 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
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, 2017. A total of 11,000,000 shares of the Company’s common stock have been issued as of June 30, 2017, 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
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, 2017, Jeffrey Taylor loaned the Company $97,000 for operating expenses, the loan bears no interest and has no specific terms of payment.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Jun. 30, 2017
Going Concern [Abstract]
GOING CONCERN	5. GOING CONCERN The Company has incurred net losses of approximately $146,645 for the period from June 23, 2008 (Date of Inception) through June 30, 2017 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	6. SUBSEQUENT EVENTS 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 there are no material subsequent events to report.

DESCRIPTION OF BUSINESS, HIST13

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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.
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: June 30, 2017 June 30, 2016 Income tax expense at statutory rate $ 7,362 $ 5,972 Common stock issued for services -- -- Valuation allowance (7,362 ) (5,972 ) Income tax expense per books $ -- $ -- Net deferred tax assets consist of the following components as of: June 30, 2017 June 30, 2016 NOL carryover $ 57,192 $ 49,830 Valuation allowance (57,192 ) (49,830 ) Net deferred tax asset $ -- $ --
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.
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, 2017 the Company had no potentially dilutive securities.
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.
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.
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, 2017.
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.
MINERAL PROPERTY COSTS	MINERAL PROPERTY COSTS - The Company has been in the exploration stage since its inception on June 23, 2008 and has not yet realized any revenues from its planned operations, being the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. The Company assesses the carrying costs for impairment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS – From June 30, 2017 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.

DESCRIPTION OF BUSINESS, HIST14

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of effective income tax reconciliation	June 30, 2017 June 30, 2016 Income tax expense at statutory rate $ 7,362 $ 5,972 Common stock issued for services -- -- Valuation allowance (7,362 ) (5,972 ) Income tax expense per books $ -- $ --
Schedule of net deferred tax assets	June 30, 2017 June 30, 2016 NOL carryover $ 57,192 $ 49,830 Valuation allowance (57,192 ) (49,830 ) Net deferred tax asset $ -- $ --

DESCRIPTION OF BUSINESS, HIST15

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Effective income tax reconciliation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax expense at statutory rate	$ 7,362	$ 5,972
Common stock issued for services
Valuation allowance	(7,362)	(5,972)
Income tax expense per books

DESCRIPTION OF BUSINESS, HIST16

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of net deferred tax assets (Details 1) - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOL carryover	$ 57,192	$ 49,830
Valuation allowance	(57,192)	(49,830)
Net deferred tax asset

DESCRIPTION OF BUSINESS, HIST17

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals)	12 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Statutory federal income tax rate	39.00%

STOCKHOLDER'S EQUITY (Detail Te

STOCKHOLDER'S EQUITY (Detail Textuals) - $ / shares	Jun. 30, 2017	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Common stock, shares authorized	75,000,000	75,000,000
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001

STOCKHOLDER'S EQUITY (Detail 19

STOCKHOLDER'S EQUITY (Detail Textuals 1) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 26, 2008	Jun. 30, 2017	Jun. 30, 2016
Stockholders Equity Note [Line Items]
Common stock, shares issued		11,000,000	11,000,000
Common shares issued for cash	3,000,000
Per share value of common shares issued for cash (in dollars per share)	$ 0.01
Proceeds from common stock issued	$ 30,000
Sole director | Stock Subscription Agreement
Stockholders Equity Note [Line Items]
Common shares issued for cash	8,000,000
Per share value of common shares issued for cash (in dollars per share)	$ 0.0015
Proceeds from common stock issued	$ 12,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Related Party Transactions [Abstract]
Amount of loan from Jeffrey Taylor	$ 97,000	$ 80,000

GOING CONCERN (Detail Textuals)

GOING CONCERN (Detail Textuals) - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Going Concern [Abstract]
Net losses	$ (146,645)	$ (127,768)