| Note A - Summary of Significant Accounting Policies | NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of significant accounting policies of Western Lucrative Enterprises, Inc. (A Development Stage Company) (the Company) is presented to assist in understanding the Companys financial statements. The accounting policies presented in these footnotes conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying financial statements. These financial statements and notes are representations of the Companys management who are responsible for their integrity and objectivity. The Company has not realized revenues from its planned principal business purpose and is considered to be in its development state in accordance with ASC 915, Development Stage Entities Organization, Nature of Business and Trade Name The Company was incorporated in the State of Iowa on July 14, 2008 and has as a principal business objective of becoming an online landscape design, construction, and consulting service. The Company intends to develop procedures to make the information given to a prospective purchaser as accurate as possible to lead to the highest percentage of successful Western Lucrative purchases. The Company also intends to focus only on items that can be designed without travel to the location. Neville Pearson was appointed as a Director of the Company on August 14, 2010. Subsequently on August 17, 2010, he was appointed as President, Treasurer, and Secretary of the Company. Concentration of Risk The Company at times may maintain a cash balance in excess of insured limits. However, as of September 30, 2017, the Company has no cash in excess of insured limits. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Companys system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented. Use of Estimates The preparation of financial statements in accounting principles generally accepted 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 amounts of revenues and expenses during the reporting period. A change in managements estimates or assumptions could have a material impact on the Companys financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. The Companys financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents. Accounts Receivable Accounts receivable, if any, is carried at the expected net realizable value. The allowance for doubtful accounts, when determined, will be based on managements assessment of the collectability of specific customer accounts and the aging of the accounts receivables. If there were a deterioration of a major customers creditworthiness, or actual defaults were higher than historical experience, our estimates of the recoverability of the amounts due to us could be overstated, which could have a negative impact on operations. The Company has been in the developmental stage since inception and has no operation to date. The Company currently does not have any accounts receivable. The above accounting policies will be adopted upon the Company carries accounts receivable. Property and Equipment Property and equipment are carried at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are: Estimated Useful Lives Office Equipment 5-10 years Copier 5-7 years Vehicles 5-10 years Website / Software 10-15 years For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. For financial statements purposes, depreciation is computed under the straight-line method. The Company has been in the developmental stage since inception and has no operation to date. The Company currently does not have any property and equipment. The above accounting policies will be adopted upon the Company maintains property and equipment. Accounts Payable and Accrued expense The Company has accounts payable and accrued expenses in the amount of $32,615 and $31,815 as of September 30, 2017 and December 31, 2016 respectively. Revenue and Cost Recognition The Company intends to provide a landscape design and consulting service via a web site. The Company reports income and expenses on the accrual basis of accounting, whereby income is recorded when it is earned and expenses recorded when they are incurred. The Company currently does not yet have a working website; therefore, it has not realized any sales that would require recognition of revenue. Advertising Advertising expenses related to specific jobs are allocated and classified as costs of goods sold. Advertising expenses not related to specific jobs are recorded as general and administrative expenses. No advertising expense was incurred for the 9 Months ended September 30, 2017 and 2016. Stockholders Equity: Common Stock The holders of the Companys common stock are entitled to receive dividends out of assets or funds legally available for the payment of dividends of such times and in such amounts as the board from time to time may determine. Holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of shareholders. There is no cumulative voting of the election of directors then standing for election. The common stock is not entitled to pre-emptive rights and is not subject to conversion or redemption. Upon liquidation, dissolution or winding up of the company, the assets legally available for distribution to stockholders are distributable ratably among the holders of the common stock after payment of liquidation preferences, if any, on any outstanding payment of other claims of creditors. The Company has authorized seven hundred and fifty million (750,000,000) shares of common stock with a par value of $.001. As of September 30, 2017 and December 31, 2017. In January 2010, the FASB ASC Topic 825, Financial Instruments, requires disclosures about fair value of financial instruments in quarterly reports as well as in annual reports. For the Company, this statement applies to certain investments and long-term debt. Also, the FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. Various inputs are considered when determining the value of the Companys investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. · · · The Companys adoption of FASB ASC Topic 825 effectively at the inception did not have a material impact on the Companys financial statements. The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company does not have financial assets as an investment carried at fair value on a recurring basis as of September 30, 2017. The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. As of September 30, 2017, the Company has assets and liabilities in cash, various receivables, property and equipment, and various payables. Management believes that they are being presented at their fair market value. Basic and Diluted Loss per Common Share Net loss per share is calculated in accordance with SFAS No. 128, Earnings per Share. The weighted-average number of common shares outstanding during each period is used to compute basic loss per share. Diluted loss per share is computed using the weighted average number of shares and dilutive potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. We do not calculate loss per diluted shares to prevent understating the actual loss per share Basic net loss per common share is based on the weighted-average number of share of common stock outstanding since inception. As of September 30, 2015 and since inception, the Company had 8,505,000 common shares outstanding and 9,595,200 dilutive potential common shares. Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is based on the weighted-average number of shares of common stock outstanding adjusted for the effects of common stock that may be issued as a result of the following types of potentially dilutive instruments: · · · The FASB ASC Topic 260, Earnings per Share Diluted earnings per share are based on the assumption that all dilutive options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options are assumed to be exercised at the time of issuance, and as if funds obtained thereby were used to purchase common stock at the average market price during the period. The Company does not have diluted effects on common stock as there was no warrant or option issued. Basic and diluted earnings per share are the same as there was no dilutive effect of outstanding stock options for the period ended September 30, 2017. The following is a reconciliation of basic and diluted earnings per share for the 3 Months ended September 30, 2017: Period Ended Sept. 30, 2017 Numerator: Net Loss available to common shareholders $ (1,273) Denominator: Weighted average shares basic 8,505,000 Weighted average shares diluted 9,595,200 Net income (loss) per share basic and diluted $ (0.00) Provision for Income Taxes We are subject to state and federal income taxes in the U.S. Significant judgment is required in evaluating our uncertain tax positions and determining our provision for income taxes. In accordance with FASB ASC Topic 740, Income Taxes, we provide for the recognition of deferred tax assets if realization of such assets is more likely than not. Recently Issued Accounting Pronouncements The Financial Accounting Standards Board issued the following 50 ASUs (Accounting Standards Updates) during 2015, 2016 and 2017 to date. Due to the fact that the company is not yet an operating entity none of these pronouncements have any relevance at this time. Should anyone wish to read further detail, then the full text of these pronouncements can be found at http://www.fasb.org/jsp/FASB/Page/Sectionpage&cid=1218220137102. Issued In 2015 · Update 2015-17 · Update 2015-16 · Update 2015-15 · Update 2015-14 · Update 2015-13 · Update 2015-12 · Update 2015-11 · Update 2015-10 · Update 2015-09 · Update 2015-08 · Update 2015-07 · Update 2015-06 · Update 2015-05 · Update 2015-04 · Update No. 2015-03 · Update No. 2015-02 · Update No. 2015-01 Issued In 2016 · Update 2016-20 · Update 2016-19 · Update 2016-18 · Update 2016-17 · Update 2016-16 · Update 2016-15 · Update 2016-14 · Update 2016-13 · Update 2016-12 · Update 2016-11 · Update 2016-10 · Update 2016-09 · Update 2016-08 · Update 2016-07 · Update 2016-06 · Update 2016-05 · Update 2016-04 · Update 2016-03 · Update 2016-02 Section A FASB Accounting Standards Codification ® Section B FASB Accounting Standards Codification ® Section C · Update 2016-01 Issued in 2017 to September 30, 2017 · Update 2017-13 · Update 2017-12 · Update 2017-11 · Update 2017-10 · Update 2017-09 · Update 2017-08 · Update 2017-07 · Update 2017-06 · Update 2017-05 · Update 2017-04 · Update 2017-03 · Update 2017-02 · Update 2017-01 Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future · Update 2017-07 · Update 2017-06 · Update 2017-05 · Update 2017-04 · Update 2017-03 · Update 2017-02 · Update 2017-01 Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Companys consolidated financial statements upon adoption. |
