Logan Sound 10-Q 3 Apr 14 2012 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Oct. 31, 2011
Document and Entity Information:	'
Entity Registrant Name	'Logan Sound, Inc.
Document Type	'10-Q
Document Period End Date	31-Oct-11
Amendment Flag	'false
Entity Central Index Key	'0001471717
Current Fiscal Year End Date	'--04-30
Entity Common Stock, Shares Outstanding	8,600,000
Entity Filer Category	'Smaller Reporting Company
Entity Current Reporting Status	'No
Entity Voluntary Filers	'No
Entity Well-known Seasoned Issuer	'No
Document Fiscal Year Focus	'2012
Document Fiscal Period Focus	'Q2

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Oct. 31, 2011	Apr. 30, 2011
Current assets	'	'
Cash	$14,875	$1,366
Wah-anti-wah guitar pedal	'	'
Total current assets	14,875	1,366
Total assets	14,875	1,366
Current liabilities	'	'
Accounts payable and accrued liabilities	'	'
Loans from related parties	50,200	50,200
Total current liabilities	50,200	50,200
Total liabilities	50,200	50,200
STOCKHOLDERS' EQUITY (DEFICIT)	'	'
Common stock value	8,600	6,200
Additional paid-in capital	49,400	27,800
Deficit accumulated during the development stage	93,325	82,834
Total stockholders' equity (deficit)	-35,325	-48,834
Total liabilities and stockholders' equity (deficit)	$14,875	$1,366	[1]
[1]	The numbers in this column, for the year ended April 30, 2011, are derived from audited financials.

BALANCE_SHEETS_parenthetical

BALANCE SHEETS (parenthetical) (USD $)	Oct. 31, 2011	Apr. 30, 2011
Balance Sheets	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	8,600,000	6,200,000
Common stock, shares outstanding	8,600,000	6,200,000

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		57 Months Ended
	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2011
Expenses	'	'	'	'	'
Banking charges	$26	$55	$75	$77	$393
Management fees	'	6,900	9,200	13,800	57,500
Office expenses	'	'	'	'	1,168
Professional fees	'	3,600	1,216	3,600	14,264
Guitar effects pedal	'	'	'	'	20,000
Net loss	($35,992)	($10,555)	($10,491)	($17,477)	($93,325)
Loss per share - Basic and diluted	$0	$0	$0	$0	'
Weighted average number of common shares outstanding	8,000,000	5,600,000	8,000,000	5,600,000	'

STATEMENT_OF_CHANGES_IN_STOCKH

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Common Stock	Additional Paid-in Capital	Deficit Accumulated During the Exploration Stage	Total
Beginning Balance, amount at Jan. 29, 2007	'	'	'	'
Stock issued for cash, shares	1,600,000	'	'	'
Stock issued for cash, value	$1,600	$6,400	'	$8,000
Stock issued for intangible assets, shares	4,000,000	'	'	'
Stock issued for intangible assets, value	4,000	16,000	'	20,000
Net loss for the period	'	'	-22,325	-22,325
Ending Balance, amount at Apr. 30, 2009	5,600	22,400	-22,325	5,675
Ending Balance, shares at Apr. 30, 2009	5,600,000	'	'	'
Net loss for the period	'	'	-35,992	-35,992
Ending Balance, amount at Apr. 30, 2010	5,600	22,400	-58,317	-30,317
Beginning Balance, shares at Apr. 30, 2010	5,600,000	'	'	'
Stock issued for cash, shares	600,000	'	'	'
Stock issued for cash, value	600	5,400	'	6,000
Net loss for the period	'	'	-24,517	-24,517
Ending Balance, amount at Apr. 30, 2011	6,200	27,800	-82,834	-48,834
Ending Balance, shares at Apr. 30, 2011	6,200,000	'	'	'
Stock issued for cash, shares	2,400,000	'	'	'
Stock issued for cash, value	2,400	21,600	'	24,000
Net loss for the period	'	'	-10,491	-10,491
Ending Balance, amount at Oct. 31, 2011	$8,600	$49,400	($93,325)	($35,325)
Ending Balance, shares at Oct. 31, 2011	8,600,000	'	'	'

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		57 Months Ended
	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2011
Cash Flows from Operating Activities	'	'	'
Net loss	($10,491)	($17,477)	($93,325)
Guitar effects pedal	'	'	20,000
Adjustments to reconcile net loss to net cash	'	'	'
Accounts payable and accrued liabilities	'	'	'
Net cash used in operating activities	-10,491	-17,477	-73,325
Cash Flows from Financing Activities	'	'	'
Loans from related parties	'	18,200	50,200
Shares subscribed for cash	24,000	'	38,000
Net cash provided by financing activities	24,000	18,200	88,200
Net increase (decrease) in cash	13,509	723	14,875
Cash, beginning of the period	1,366	1,683	'
Cash, end of the period	14,875	2,406	14,875
Supplemental cash flow information	'	'	'
Interest paid in cash	'	'	'
Taxes paid in cash	'	'	'

Nature_and_Continuance_of_Oper

Nature and Continuance of Operations	3 Months Ended
	Oct. 31, 2011
Notes	'
Nature and Continuance of Operations	'
	1.  NATURE AND CONTINUANCE OF OPERATIONS
	Logan Sound Inc. (“the Company”) was incorporated under the laws of State of Nevada, U.S. on January 30, 2007, with an authorized capital of 75,000,000 common shares with a par value of $0.001.  The Company’s year end is the end of April.  During the year ended April 30, 2009, the Company commenced operations by issuing shares and acquiring a 100% right, title and interest in and to all the property, assets and intellectual property necessary for the development, manufacture and marketing of the wah-anti-wah guitar effects pedal.
	These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred losses since inception resulting in an accumulated deficit of $93,325 as at October 31, 2011 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Oct. 31, 2011
Notes	'
Summary of Significant Accounting Policies	'
	2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Use of Estimates and Assumptions
	The preparation of financial statements in conformity with generally accepted accounting principles 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 period.  Actual results could differ from those estimates.
	Foreign Currency Translation
	The financial statements are presented in United States dollars.  In accordance with Statement of Financial Accounting Standards No. 52, “Foreign Currency Translation”, foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date.  Non monetary assets and liabilities are translated at the exchange rates prevailing on the transaction date. Revenue and expenses are translated at average rates of exchange during the year.  Gains or losses resulting from foreign currency transactions are included in results of operations.
	Fair Value of Financial Instruments
	The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments.  Unless otherwise noted, it is management’s opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.
	Income Taxes
	The Company follows the assets and liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
	At October 31, 2011, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded.
	Basic and Diluted Loss Per Share
	The Company computes loss per share in accordance with SFAS No. 128, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.
	The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal.
	Stock-based Compensation
	In December 2004, the FASB issued SFAS No. 123R, “Share-Based Payment”, which replaced SFAS No. 123, “Accounting for Stock-Based Compensation” and superseded APB Opinion No. 25, “Accounting for Stock Issued to Employees”. In January 2005, the Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin (“SAB”) No. 107, “Share-Based Payment”, which provides supplemental implementation guidance for SFAS No. 123R. SFAS No. 123R requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant date fair value of the award. SFAS No. 123R was to be effective for interim or annual reporting periods beginning on or after June 15, 2005, but in April 2005 the SEC issued a rule that will permit most registrants to implement SFAS No. 123R at the beginning of their next fiscal year, instead of the next reporting period as required by SFAS No. 123R. The pro-forma disclosures previously permitted under SFAS No. 123 no longer will be an alternative to financial statement recognition. Under SFAS No. 123R, the Company must determine the appropriate fair value model to be used for valuing share-based payments, the amortization method for compensation cost and the transition method to be used at date of adoption.
	The transition methods include prospective and retroactive adoption options. Under the retroactive options, prior periods may be restated either as of the beginning of the year of adoption or for all periods presented. The prospective method requires that compensation expense be recorded for all unvested stock options and restricted stock at the beginning of the first quarter of adoption of SFAS No. 123R, while the retroactive methods would record compensation expense for all unvested stock options and restricted stock beginning with the first period restated. The Company adopted the modified prospective approach of SFAS No. 123R for the year ended April 30, 2009. The Company did not record any compensation expense for the period ended October 31, 2011 because there were no stock options outstanding prior to the adoption or at October 31, 2011.
	Intangible assets
	In accordance with Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other Intangible Assets", the Company recorded Wah-Anti-Wah Guitar Effects Pedal at cost and those with finite lives are amortized over the estimated periods of benefit.  Wah-Anti-Wah Guitar Effects Pedal would be amortized over 10 years.
	Impairments
	The Company’s management evaluates its tangible and definite-lived intangible assets for impairment under Statement of Financial Accounting Standards No. 144 Accounting for the Impairment or Disposal of Long-Lived Assets (SFAS 144) annually or in the presence of circumstances or trends that may be indicators of impairment. Our evaluation is a two step process. The first step is to compare our undiscounted cash flows, as projected over the remaining useful lives of the assets, to their respective carrying values. In the event that the carrying values are not recovered by future undiscounted cash flows, as a second step, we compare the carrying values to the related fair values and, if lower, record an impairment adjustment. For purposes of fair value, we generally use replacement costs for tangible fixed assets and discounted cash flows, using risk-adjusted discount rates, for intangible assets. During the years ended April 30, 2011, we recorded impairment charges of $0 related to intangible assets.
	Recent Accounting Pronouncements
	In February 2007, the FASB issued Statement No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“SFAS 159”) which permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. SFAS 159 is effective for fiscal years beginning after November 15, 2007. Our adoption of SFAS No. 159 is not expected to materially impact our financial position and results of operations.
	In December 2007, the FASB issued Statement No. 141(R), “Business Combinations” (“SFAS 141(R)”) which expands the definition of transactions and events that qualify as business combinations; requires that the acquired assets and liabilities, including contingencies, be recorded at the fair value determined on the acquisition date and changes thereafter reflected in earnings, not goodwill; changes the recognition timing for restructuring costs; and requires acquisition costs to be expensed as incurred. In addition, acquired in-process research and development (IPR&D) is capitalized as an intangible asset and amortized over its estimated useful life. Adoption of SFAS 141(R) is required for combinations after December 15, 2008. Early adoption and retroactive application of SFAS 141(R) to fiscal years preceding the effective date are not permitted. We believe that there is no impact of SFAS 141(R) on our financial position and results of operations.
	In December 2007, the FASB issued Statement No. 160, “Noncontrolling Interest in Consolidated Financial Statements” (“SFAS 160”) which re-characterizes minority interests in consolidated subsidiaries as non-controlling interests and requires the classification of minority interests as a component of equity. Under SFAS 160, a change in control will be measured at fair value, with any gain or loss recognized in earnings. The effective date for SFAS 160 is for annual periods beginning on or after December 15, 2008. Early adoption and retroactive application of SFAS 160 to fiscal years preceding the effective date are not permitted. We believe that there is no impact of SFAS 160 on our financial position and results of operations.

Common_Stock_Note

Common Stock, Note	3 Months Ended
	Oct. 31, 2011
Notes	'
Common Stock, Note	'
	3.  COMMON STOCK
	The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of one tenth of one cent ($0.001) per share and no other class of shares is authorized.
	During the year ended April 30, 2009, the Company issued 1,600,000 shares of common stock for total cash proceeds of $8,000.
	As of April 29, 2009, the Company entered into an Asset Purchase Agreement with Ken Logan.  Ken Logan agreed to sell his 100% interest in all the property, assets and intellectual property necessary for the development, manufacture and marketing of the wah-anti-wah guitar effects pedal for 4,000,000 common shares.
	At October 31, 2011, there were no outstanding stock options or warrants.

Income_Taxes_Note

Income Taxes, Note	3 Months Ended
	Oct. 31, 2011
Notes	'
Income Taxes, Note	'
	4.  INCOME TAXES
	As of October 31, 2011, the Company had net operating loss carry forwards of approximately $93,325 that may be available this Agreement to reduce future years’ taxable income through 2029. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

Management_Agreement

Management Agreement	3 Months Ended
	Oct. 31, 2011
Notes	'
Management Agreement	'
	5.  MANAGEMENT AGREEMENT
	As of April 29, 2009, the Company entered into a management agreement with Ken Logan and agrees to pay $2,300 per month for his services.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies: Use of Estimates and Assumptions (Policies)	3 Months Ended
	Oct. 31, 2011
Policies	'
Use of Estimates and Assumptions	'
	Use of Estimates and Assumptions
	The preparation of financial statements in conformity with generally accepted accounting principles 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 period.  Actual results could differ from those estimates.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)	3 Months Ended
	Oct. 31, 2011
Policies	'
Foreign Currency Translation	'
	Foreign Currency Translation
	The financial statements are presented in United States dollars.  In accordance with Statement of Financial Accounting Standards No. 52, “Foreign Currency Translation”, foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date.  Non monetary assets and liabilities are translated at the exchange rates prevailing on the transaction date. Revenue and expenses are translated at average rates of exchange during the year.  Gains or losses resulting from foreign currency transactions are included in results of operations.

Summary_of_Significant_Account3

Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)	3 Months Ended
	Oct. 31, 2011
Policies	'
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments.  Unless otherwise noted, it is management’s opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.

Summary_of_Significant_Account4

Summary of Significant Accounting Policies: Income Taxes, Policy (Policies)	3 Months Ended
	Oct. 31, 2011
Policies	'
Income Taxes, Policy	'
	Income Taxes
	The Company follows the assets and liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
	At October 31, 2011, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded.

Summary_of_Significant_Account5

Summary of Significant Accounting Policies: Basic and Diluted Loss Per Share, Policy (Policies)	3 Months Ended
	Oct. 31, 2011
Policies	'
Basic and Diluted Loss Per Share, Policy	'
	Basic and Diluted Loss Per Share
	The Company computes loss per share in accordance with SFAS No. 128, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.
	The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal.

Summary_of_Significant_Account6

Summary of Significant Accounting Policies: Stock-based Compensation, Policy (Policies)	3 Months Ended
	Oct. 31, 2011
Policies	'
Stock-based Compensation, Policy	'
	Stock-based Compensation
	In December 2004, the FASB issued SFAS No. 123R, “Share-Based Payment”, which replaced SFAS No. 123, “Accounting for Stock-Based Compensation” and superseded APB Opinion No. 25, “Accounting for Stock Issued to Employees”. In January 2005, the Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin (“SAB”) No. 107, “Share-Based Payment”, which provides supplemental implementation guidance for SFAS No. 123R. SFAS No. 123R requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant date fair value of the award. SFAS No. 123R was to be effective for interim or annual reporting periods beginning on or after June 15, 2005, but in April 2005 the SEC issued a rule that will permit most registrants to implement SFAS No. 123R at the beginning of their next fiscal year, instead of the next reporting period as required by SFAS No. 123R. The pro-forma disclosures previously permitted under SFAS No. 123 no longer will be an alternative to financial statement recognition. Under SFAS No. 123R, the Company must determine the appropriate fair value model to be used for valuing share-based payments, the amortization method for compensation cost and the transition method to be used at date of adoption.
	The transition methods include prospective and retroactive adoption options. Under the retroactive options, prior periods may be restated either as of the beginning of the year of adoption or for all periods presented. The prospective method requires that compensation expense be recorded for all unvested stock options and restricted stock at the beginning of the first quarter of adoption of SFAS No. 123R, while the retroactive methods would record compensation expense for all unvested stock options and restricted stock beginning with the first period restated. The Company adopted the modified prospective approach of SFAS No. 123R for the year ended April 30, 2009. The Company did not record any compensation expense for the period ended October 31, 2011 because there were no stock options outstanding prior to the adoption or at October 31, 2011.

Summary_of_Significant_Account7

Summary of Significant Accounting Policies: Intangible Assets, Policy (Policies)	3 Months Ended
	Oct. 31, 2011
Policies	'
Intangible Assets, Policy	'
	Intangible assets
	In accordance with Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other Intangible Assets", the Company recorded Wah-Anti-Wah Guitar Effects Pedal at cost and those with finite lives are amortized over the estimated periods of benefit.  Wah-Anti-Wah Guitar Effects Pedal would be amortized over 10 years.

Summary_of_Significant_Account8

Summary of Significant Accounting Policies: Impairments, Policy (Policies)	3 Months Ended
	Oct. 31, 2011
Policies	'
Impairments, Policy	'
	Impairments
	The Company’s management evaluates its tangible and definite-lived intangible assets for impairment under Statement of Financial Accounting Standards No. 144 Accounting for the Impairment or Disposal of Long-Lived Assets (SFAS 144) annually or in the presence of circumstances or trends that may be indicators of impairment. Our evaluation is a two step process. The first step is to compare our undiscounted cash flows, as projected over the remaining useful lives of the assets, to their respective carrying values. In the event that the carrying values are not recovered by future undiscounted cash flows, as a second step, we compare the carrying values to the related fair values and, if lower, record an impairment adjustment. For purposes of fair value, we generally use replacement costs for tangible fixed assets and discounted cash flows, using risk-adjusted discount rates, for intangible assets. During the years ended April 30, 2011, we recorded impairment charges of $0 related to intangible assets.

Summary_of_Significant_Account9

Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	3 Months Ended
	Oct. 31, 2011
Policies	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In February 2007, the FASB issued Statement No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“SFAS 159”) which permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. SFAS 159 is effective for fiscal years beginning after November 15, 2007. Our adoption of SFAS No. 159 is not expected to materially impact our financial position and results of operations.
	In December 2007, the FASB issued Statement No. 141(R), “Business Combinations” (“SFAS 141(R)”) which expands the definition of transactions and events that qualify as business combinations; requires that the acquired assets and liabilities, including contingencies, be recorded at the fair value determined on the acquisition date and changes thereafter reflected in earnings, not goodwill; changes the recognition timing for restructuring costs; and requires acquisition costs to be expensed as incurred. In addition, acquired in-process research and development (IPR&D) is capitalized as an intangible asset and amortized over its estimated useful life. Adoption of SFAS 141(R) is required for combinations after December 15, 2008. Early adoption and retroactive application of SFAS 141(R) to fiscal years preceding the effective date are not permitted. We believe that there is no impact of SFAS 141(R) on our financial position and results of operations.
	In December 2007, the FASB issued Statement No. 160, “Noncontrolling Interest in Consolidated Financial Statements” (“SFAS 160”) which re-characterizes minority interests in consolidated subsidiaries as non-controlling interests and requires the classification of minority interests as a component of equity. Under SFAS 160, a change in control will be measured at fair value, with any gain or loss recognized in earnings. The effective date for SFAS 160 is for annual periods beginning on or after December 15, 2008. Early adoption and retroactive application of SFAS 160 to fiscal years preceding the effective date are not permitted. We believe that there is no impact of SFAS 160 on our financial position and results of operations.