Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 05, 2019 | Dec. 31, 2018 | |
Document And Entity Information Abstract | |||
Entity Registrant Name | Lake Forest Minerals Inc. | ||
Entity Central Index Key | 0001441082 | ||
Trading Symbol | lakf | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 11,000,000 | ||
Entity Public Float | $ 30,000 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Current Assets | ||
Cash | $ 1,248 | |
Prepaid expenses | $ 80 | |
Total Current Assets | 80 | 1,248 |
Current Liabilities | ||
Bank overdraft | 722 | |
Accounts payable | 7,725 | 5,450 |
Due to related party | 134,500 | 116,000 |
Total Current Liabilities | 142,947 | 121,450 |
Stockholders' Deficit | ||
Preferred shares, 10,000,000 authorized, par value $0.001 nil issued and outstanding | ||
Common shares, 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 |
Accumulated Deficit | (184,867) | (162,202) |
Total Stockholders' Deficit | (142,867) | (120,202) |
Total Liabilities and Stockholders' Deficit | $ 80 | $ 1,248 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | ||
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 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Expenses | ||
General and Administrative | $ 8,717 | $ 6,621 |
Professional Fees | 13,948 | 8,936 |
Total Expenses | 22,665 | 15,557 |
Loss from Operations before provision for income taxes | (22,665) | (15,557) |
Provision for income taxes | 0 | 0 |
Net Loss | $ (22,665) | $ (15,557) |
Basic and Diluted Loss Per Common Share | $ 0 | $ 0 |
Weighted Average number of Common Shares used in per share calculations | 11,000,000 | 11,000,000 |
Statements of Stockholders' De
Statements of Stockholders' Deficit - USD ($) | Common Stock | Paid-In Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2017 | $ 11,000 | $ 31,000 | $ (146,645) | $ (104,645) |
Balance (in shares) at Jun. 30, 2017 | 11,000,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Loss for the Year | (15,557) | (15,557) | ||
Balance at Jun. 30, 2018 | $ 11,000 | 31,000 | (162,202) | $ (120,202) |
Balance (in shares) at Jun. 30, 2018 | 11,000,000 | 11,000,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Loss for the Year | (22,665) | $ (22,665) | ||
Balance at Jun. 30, 2019 | $ 11,000 | $ 31,000 | $ (184,867) | $ (142,867) |
Balance (in shares) at Jun. 30, 2019 | 11,000,000 | 11,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (22,665) | $ (15,557) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Prepaid expenses | (80) | |
Accounts payable | 2,275 | (3,407) |
Net Cash Used in Operating Activities | (20,470) | (18,964) |
Cash Flows from Investing Activities: | ||
Net Cash (Used in) Investing Activities | 0 | 0 |
Cash Flows from Financing Activities: | ||
Bank overdraft | 722 | |
Due to related party | 18,500 | 19,000 |
Net Cash Provided by Financing Activities | 19,222 | 19,000 |
Net Increase (Decrease) in Cash | (1,248) | 36 |
Cash Balance, Beginning of Year | 1,248 | 1,212 |
Cash Balance, End of Year | 1,248 | |
Interest Paid | 0 | 0 |
Taxes Paid | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS, HISTOR
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2019 | |
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. 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. All adjustments necessary for fair statement of the results for the periods have been made and all adjustments are of a normal recurring nature. 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 21% to the net loss before provision for income taxes for the following reasons: June 30, 2019 June 30, 2018 Income tax expense at statutory rate $ 4,760 $ 3,267 Valuation allowance (4,760 ) (3,267 ) Income tax expense per books $ - $ - Net deferred tax assets consist of the following components as of: June 30, 2019 June 30, 2018 NOL carryover $ 65,219 $ 60,459 Valuation allowance (65,219 ) (60,459 ) 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 years ended June 30, 2019 and 2018 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. 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 – During the year ended June 30, 2019, 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, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 2. PROPERTY AND EQUIPMENT As of June 30, 2019, the Company does not own any property and/or equipment. |
STOCKHOLDER'S DEFICIT
STOCKHOLDER'S DEFICIT | 12 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDER'S DEFICIT | 3. STOCKHOLDER'S DEFICIT 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 11,000,000 common shares issued and outstanding at June 30, 2019. The Company has not issued any preferred shares as of June 30, 2019. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 4. RELATED PARTY TRANSACTIONS To June 30, 2019, the sole officer and director of the Company advanced the Company $134,500 for operating expenses, the advance bears no interest and has no specific terms of payment. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2019 | |
Going Concern [Abstract] | |
GOING CONCERN | 5. GOING CONCERN The Company has incurred net losses of approximately $184,867 for the period from June 23, 2008 (Date of Inception) through June 30, 2019 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, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 6. SUBSEQUENT EVENTS The Company’s management has reviewed all material subsequent events through the date these financial statements were issued in accordance with ASC 855-10, and has determined that there are no material subsequent events to report. |
DESCRIPTION OF BUSINESS, HIST_2
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
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 21% to the net loss before provision for income taxes for the following reasons: June 30, 2019 June 30, 2018 Income tax expense at statutory rate $ 4,760 $ 3,267 Valuation allowance (4,760 ) (3,267 ) Income tax expense per books $ - $ - Net deferred tax assets consist of the following components as of: June 30, 2019 June 30, 2018 NOL carryover $ 65,219 $ 60,459 Valuation allowance (65,219 ) (60,459 ) 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 years ended June 30, 2019 and 2018 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. |
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 – During the year ended June 30, 2019, 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, HIST_3
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of provision for income taxes | June 30, 2019 June 30, 2018 Income tax expense at statutory rate $ 4,760 $ 3,267 Valuation allowance (4,760 ) (3,267 ) Income tax expense per books $ - $ - |
Schedule of net deferred tax assets | June 30, 2019 June 30, 2018 NOL carryover $ 65,219 $ 60,459 Valuation allowance (65,219 ) (60,459 ) Net deferred tax asset $ - $ - |
DESCRIPTION OF BUSINESS, HIST_4
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Income tax expense at statutory rate | $ 4,760 | $ 3,267 |
Valuation allowance | (4,760) | (3,267) |
Income tax expense per books | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS, HIST_5
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
NOL carryover | $ 65,219 | $ 60,459 |
Valuation allowance | (65,219) | (60,459) |
Net deferred tax asset | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS, HIST_6
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 12 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
federal income tax rate | 21.00% |
STOCKHOLDER'S DEFICIT (Detail T
STOCKHOLDER'S DEFICIT (Detail Textuals) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
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 |
Common Stock, Shares Issued | 11,000,000 | 11,000,000 |
Common Stock, Shares, Outstanding | 11,000,000 | 11,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Related Party Transactions [Abstract] | ||
Amount of loan from sole officer and director | $ 134,500 | $ 116,000 |
GOING CONCERN (Detail Textuals)
GOING CONCERN (Detail Textuals) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Going Concern [Abstract] | ||
Accumulated deficit | $ 184,867 | $ 162,202 |