Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 05, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Lion Lam Diamond Inc | ' |
Entity Central Index Key | '0001511367 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 7,000,000 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash | $1,169 | $1,259 |
Inventory | 15,005 | 18,005 |
TOTAL ASSETS | 16,174 | 19,264 |
TOTAL CURRENT ASSETS | ' | ' |
LIABILITIES AND STOCKHOLDER'S EQITY | ' | ' |
Note Payable-Related Party | 2,000 | ' |
Accrued payable | ' | 3,565 |
TOTAL CURRENT LIABILITIES | 2,000 | 3,565 |
SHAREHOLDER'S EQUITY | ' | ' |
Preferred Share 9,998,889,998 authorized, -0- shares issued and outstanding, par value of $0.0001 | ' | ' |
Common shares 8,889,998,889 authorized, 7,000,000 shares issued and outstanding, par value of $0.0001 | 700 | 700 |
Paid-In Capital | 145,100 | 145,100 |
( Deficit) accumulated During Development Stage | -131,626 | -122,971 |
STOCKHOLDERS' EQUITY | 14,174 | -22,829 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $16,174 | $19,264 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Share authorized | 9,998,889,998 | 9,998,889,998 |
Preferred Share issued | 0 | 0 |
Preferred Share outstanding | 0 | 0 |
Preferred Share par value | $0.00 | $0.00 |
Common shares authorized | 8,889,998,889 | 8,889,998,889 |
Common shares issued | 7,000,000 | 7,000,000 |
Common shares outstanding | 7,000,000 | 7,000,000 |
Common shares par value | $0.00 | $0.00 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 39 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Revenue: | ' | $4,000 | $7,925 | $151,750 | $216,096 |
Less: Cost of Goods Sold | ' | -2,987 | -3,000 | -126,186 | -168,041 |
Gross Profit | ' | 1,013 | 4,925 | 25,564 | 48,055 |
Operating Expenses: | ' | ' | ' | ' | ' |
General and Administrative | 1,752 | -87,091 | 10,730 | -113,506 | -177,380 |
Total Operating Expenses | 1,752 | -86,078 | -5,805 | -87,942 | -129,325 |
Income ( Loss) from Operating Expense | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | -2,300 |
Provision for Income Taxes | ' | ' | ' | ' | ' |
Net Income ( Loss) | $1,752 | ($86,078) | ($5,805) | ($87,942) | ($131,626) |
Net Loss per Share Basic and Diluted | $0 | $0 | $0 | $0 | $0 |
Weighted Average Number of Common Share Outstanding | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | ' |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 39 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net Profit//Loss | ($5,805) | ($87,942) | ($131,626) |
ADJUSTMENTS TO NET PROFIT/LOSS: | ' | ' | ' |
Interest forgiven by stockholder | ' | ' | ' |
CHANGE IN OPERATING ASSETS AND LIABILITIES : | ' | ' | ' |
Stock-based Compensation | ' | 87,500 | 87,500 |
Increase (decrease) in accrued payable | ' | 19,857 | ' |
Increase( decrease) in inventory | 4,053 | 6,940 | 15,005 |
Increase ( decrease) in receivable | ' | -58,904 | ' |
Net cash used in operating activities | -1,752 | -32,550 | -29,121 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of common stock for cash | ' | 50,000 | 56,000 |
Borrowing from related Party | 2,000 | -15,151 | -26,879 |
NET CASH PROVIDED BY FINANCING ACTIVITIES: | ' | ' | ' |
Net Increase ( decrease) in cash | -248 | 2,299 | -26,879 |
Cash at beginning of period | 921 | 569 | ' |
Cash at end of period | 1,169 | 2,868 | 1,169 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Interest paid in cash | ' | ' | ' |
Income taxes paid | ' | ' | ' |
SUPPLEMENTAL NON-CASH FINANCING ACTIVITIES: | ' | ' | ' |
Interest forgiven | ' | ' | $2,300 |
UNAUDITED_INFORMATION
UNAUDITED INFORMATION | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
UNAUDITED INFORMATION | ' |
NOTE 1 - UNAUDITED INFORMATION | |
The balance sheet of Lion Lam Diamond Corporation (the “Company”) as of June 30, 2013, and the statements of operations and cash flows for the 3 months ended June 30, 2013 have not been audited. However, in the opinion of management, such information includes all adjustments (consisting only of normal recurring adjustments) which are necessary to properly reflect the financial position of the Company as of June 30, 2013, and the results of operations for the six-months ended June 30, 2013. | |
Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. Interim period results are not necessarily indicative of the results to be achieved for an entire year. These financial statements should be read in conjunction with the financial statements and notes to financial statements included in the Company’s audited financial statements as of December 31, 2012 and calendar year then ended. |
ORGANIZATION_AND_BUSINESS_OPER
ORGANIZATION AND BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
ORGANIZATION AND BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
NOTE 2 – ORGANIZATION AND BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Lion Lam Diamond Corporation was incorporated in Texas on July 14th, 2010. For the nine months ended September 30, 2013, we have generated $216,096 in revenues. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring startup costs and expenses. As a result, the Company incurred accumulated net losses from July 14, 2010 (Inception) through the period ended September 30, 2013 of $(131,626). | ||
. | ||
YEAR END | ||
The Company has elected December 31 as its year end. | ||
NATURE OF OPERATION | ||
The Company has developed a jewelry wholesale and retail operations which offers polished diamonds and fine jewelry to the public. | ||
BASIC OF PRESENTATION | ||
The accompanying audited financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). | ||
REVENUE RECOGNITION | ||
We recognize revenue from product sales when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable, and collectability is reasonably assured. | ||
USE OF ESTIMATES | ||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States 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 periods. Actual results could materially differ from those estimates. | ||
CASH AND CASH EQUIVALENTS | ||
For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. As of Sep.30, 2013, there were no cash equivalents. | ||
INVENTORY | ||
Inventory consisting of polished diamonds is stated at the lower of cost or market. | ||
EQUIPMENT AND DEPRECIATION | ||
Equipment is stated at cost. Depreciation is calculated using the straight- line method over the estimated useful lives of the related assets, currently set at five years. Expenditures for additions and improvements are capitalized, while repairs and maintenance costs are expensed as incurred. The cost and related accumulated depreciation of property and equipment sold or otherwise disposed of are removed from the accounts and any gain or loss is recorded in the year of disposal. | ||
INCOME TAXES | ||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the deferred tax assets, Management evaluates whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on Management’s evaluation, the net deferred tax asset was offset by a full valuation allowance in all periods presented. The Company’s deferred tax asset valuation allowance will be reversed if and when the Company generates sufficient taxable income in the future to utilize the tax benefits of the related deferred tax assets. | ||
As of September 30, 2013, the Company had a net operating loss carry-forward of approximately $(131,626) which may be used to offset future taxable income and begins to expire in 2030. | ||
FAIR VALUE MEASUREMENTS | ||
The Company adopted the provisions of ASC Topic 820, "Fair Value Measurements and Disclosures", which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. | ||
The estimated fair value of certain financial instruments, including cash and cash equivalents, deposits, prepaid expenses, notes payable, and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. | ||
MC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. MC 820 describes three levels of inputs that may be used to measure fair value: | ||
* | level l - quoted prices in active markets for Identical assets or liabilities | |
* | level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable | |
* | level 3 - inputs that are unobservable (for example cash flow modeling inputs based on assumptions) | |
STOCK-BASED COMPENSATION | ||
The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expense related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. | ||
EARNINGS (LOSS) PER COMMON SHARE | ||
Basic net income per share is computed by dividing the net income available to common shareholders (the numerator) for the period by the weighted average number of common shares outstanding (the denominator) during the period. The computation of diluted earnings is similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued. As of June 30, 2013, there was no variance between basic and diluted loss per share as there were no potentially dilutive common shares outstanding. | ||
RECENT ACCOUNTING STANDARDS | ||
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented. |
GOING_CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
GOING CONCERN | ' |
NOTE 3-GOING CONCERN | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the development stage and, accordingly, has generated $216,096 revenues from July 14, 2010 ( Inception) through September 30,2013. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring startup costs and expenses. As a result, the Company incurred net losses from July 14, 2010 (Inception) through the period ended September 30, 2013 of $(131,626). | |
The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues through sales of polished diamonds and sales of our crown products. |
INVENTORY
INVENTORY | 9 Months Ended |
Sep. 30, 2013 | |
Inventory Disclosure [Abstract] | ' |
INVENTORY | ' |
NOTE 4- INVENTORY | |
During the nine ended September 30, 2013, our inventory consists of polished diamonds acquired from four different national suppliers. Our inventory is stated at the lower of cost or market. We believe historical cost method is more conservative than the market method because polished diamonds tend to have high valuation in the jewelry industry. |