The Healing Company Inc. (HLCO) 10-K 4 Sep 20 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Jun. 30, 2020	Sep. 04, 2020	Dec. 31, 2019
Cover [Abstract]
Entity Registrant Name	Lake Forest Minerals Inc.
Entity Central Index Key	0001441082
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--06-30
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		11,000,000
Entity Public Float			$ 30,000
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Current Assets
Cash	$ 1,347	$ 0
Prepaid expenses	0	80
Total Current Assets	1,347	80
Total Assets	1,347	80
Current Liabilities
Bank overdraft	0	722
Accounts payable	13,320	7,725
Due to related party	157,405	134,500
Total Current Liabilities	170,725	142,947
Stockholders' Deficit
Preferred Shares 10,000,000 authorized, par value $0.001 nil issued and outstanding as of June 30, 2020 and 2019	0	0
Common Shares 75,000,000 authorized shares, par value $0.001 11,000,000 shares issued and outstanding as of June 30, 2020 and 2019	11,000	11,000
Additional Paid-in-Capital	31,000	31,000
Accumulated Deficit	(211,378)	(184,867)
Total Stockholders' Deficit	(169,378)	(142,867)
Total Liabilities and Stockholders' Deficit	$ 1,347	$ 80

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Jun. 30, 2019
Balance Sheets
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 (Unaud

Statements of Operations (Unaudited) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Total Revenue	$ 0	$ 0
Operating Expenses
General and Administrative	12,238	8,717
Professional Fees	14,273	13,948
Total Expenses	26,511	22,665
Loss from Operations before income taxes	(26,511)	(22,665)
Provision for income taxes	0	0
Net Loss	$ (26,511)	$ (22,665)
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' Def

Statements of Stockholders' Deficit - USD ($)	Total	Common Shares	Paid-in Capital	Accumulated Deficit
Balance, shares at Jun. 30, 2018		11,000,000
Balance, amount at Jun. 30, 2018	$ (120,202)	$ 11,000	$ 31,000	$ (162,202)
Net Income (Loss)	(22,665)			(22,665)
Balance, shares at Jun. 30, 2019		11,000,000
Balance, amount at Jun. 30, 2019	(142,867)	$ 11,000	31,000	(184,867)
Net Income (Loss)	(26,511)			(26,511)
Balance, shares at Jun. 30, 2020		11,000,000
Balance, amount at Jun. 30, 2020	$ (169,378)	$ 11,000	$ 31,000	$ (211,378)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net Loss	$ (26,511)	$ (22,665)
Adjustments to reconcile net loss to net cash used in operating activities:
Prepaid expenses	80	(80)
Accounts payable	5,595	2,275
Net Cash Used in Operating Activities	(20,836)	(20,470)
Cash Flows from Financing Activities:
Bank overdraft	(722)	722
Due to related party	22,905	18,500
Net Cash Provided by Financing Activities	22,183	19,222
Net Increase (Decrease) in Cash	1,347	(1,248)
Cash Balance, Beginning of Year	0	1,248
Cash Balance, End of Year	1,347	0
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, 2020
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Note 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. As of June 30, 2020, and 2019 the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statement of operations. 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, 2020 and June 30, 2019 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. The Company maintains a cash balance at a financial institution that is insured by the Federal Deposit Insurance Corporation up to $250,000. RECENT ACCOUNTING PRONOUNCEMENTS – During the year ended June 30, 2020, 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.

INCOME TAX

INCOME TAX	12 Months Ended
	Jun. 30, 2020
INCOME TAX
Note 2 - INCOME TAX	The Company accounts for income taxes under ASC 740, “Income Taxes”, which requires use of the liability method. ASC 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate of 21% to income before provision for income taxes. The sources and tax effects of the differences are as follows at June 30, 2020 and 2019: 2020 2019 Effective Tax Rate Reconciliation: Federal statutory tax rate 21.0 % 21.0 % State taxes, net of federal benefit 0.0 % 0.0 % Change in valuation allowance (21.0 )% (21.0 )% Effective tax rate 0.0 % 0.0 % The tax effects of temporary differences that give rise to the Company’s net deferred tax assets are as follows: June 30, 2020 June 30, 2019 NOL carryover $ 70,786 $ 65,219 Valuation allowance (70,786 ) (65,219 ) Net deferred tax asset $ - $ - As of June 30, 2020, the Company has a net operating loss carryforward of approximately $211,000 for tax purposes, which it expects to be available to offset future taxable income. If not used, the portion of the carryforward for tax years prior to 2018 will expire between 2028 and 2037. The carryforward for tax years after 2018 can be carried forward indefinitely and can offset up to 80% of taxable income. Management has provided a full valuation allowance of all deferred tax assets relating to net operating loss carryforwards as of June 30, 2020. The availability of this operating loss to offset future earnings may be limited under the change of control provisions of Internal Revenue Code Section 381. For the years ended June 30, 2020 and 2019, the valuation allowance increased by approximately $5,567 and $4,760, respectively. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense. As of June 30, 2020, and 2019 the Company has no unrecognized uncertain tax positions, including interest and penalties.

STOCKHOLDER DEFICIT

STOCKHOLDER DEFICIT	12 Months Ended
	Jun. 30, 2020
STOCKHOLDER DEFICIT
Note 3 - STOCKHOLDER 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, 2020 and 2019. The Company has not issued any preferred shares since inception through June 30, 2020.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jun. 30, 2020
RELATED PARTY TRANSACTIONS
Note 4 - RELATED PARTY TRANSACTIONS	Through June 30, 2020, the sole officer and director of the Company advanced the Company $157,405 for operating expenses, the advance bears no interest and has no specific terms of payment.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Jun. 30, 2020
GOING CONCERN
Note 5 - GOING CONCERN	The Company has incurred net losses of approximately $211,378 for the period from June 23, 2008 (Date of Inception) through June 30, 2020 and has, commenced limited operations, raising substantial doubt about the Company's ability to continue as a going concern within one year of the issuance date of this filing. Management’s plans include seeking 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, 2020
SUBSEQUENT EVENTS
Note 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 HISTORY

DESCRIPTION OF BUSINESS HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2020
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. As of June 30, 2020, and 2019 the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statement of operations.
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, 2020 and June 30, 2019 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. The Company maintains a cash balance at a financial institution that is insured by the Federal Deposit Insurance Corporation up to $250,000.
RECENT ACCOUNTING PRONOUNCEMENTS	During the year ended June 30, 2020, 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.

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Jun. 30, 2020
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Effective income tax rate	2020 2019 Effective Tax Rate Reconciliation: Federal statutory tax rate 21.0 % 21.0 % State taxes, net of federal benefit 0.0 % 0.0 % Change in valuation allowance (21.0 )% (21.0 )% Effective tax rate 0.0 % 0.0 %
Summary of net deferred tax assets	June 30, 2020 June 30, 2019 NOL carryover $ 70,786 $ 65,219 Valuation allowance (70,786 ) (65,219 ) Net deferred tax asset $ - $ -

DESCRIPTION OF BUSINESS, HIST_2

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Jun. 30, 2020USD ($)
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash paid federal deposit insurance corporation	$ 250,000

INCOME TAX (Details)

INCOME TAX (Details)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Effective Tax Rate Reconciliation:
Federal statutory tax rate	21.00%	21.00%
State taxes, net of federal benefit	0.00%	0.00%
Change in valuation allowance	(21.00%)	(21.00%)
Effective tax rate	0.00%	0.00%

INCOME TAX (Details 1)

INCOME TAX (Details 1) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOL carryover	$ 211,000	$ 65,219
Valuation allowance	(70,786)	(65,219)
Net deferred tax asset	$ 0	$ 0

INCOME TAX (Details Narrative)

INCOME TAX (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Federal income tax rate	21.00%	21.00%
Net operating carry forward loss	$ 211,000	$ 65,219
Carryforward tax of taxable income	80.00%
Carryforward tax, Expiry Period	expire between 2028 and 2037.
Changes in Valuation Allowane	$ 5,567	$ 4,760

STOCKHOLDER DEFICIT (Details Na

STOCKHOLDER DEFICIT (Details Narrative) - $ / shares	Jun. 30, 2020	Jun. 30, 2019
STOCKHOLDER DEFICIT
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, shares outstanding	11,000,000	11,000,000
Common stock, shares issued	11,000,000	11,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Due to related party	$ 157,405	$ 134,500
Sole officer and director [Member]
Due to related party	$ 157,405	$ 134,500

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
GOING CONCERN
Accumulated Deficit	$ (211,378)	$ (184,867)