US Lighting (USLG) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 10, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	Luxurious Travel Corp.
Entity Central Index Key	1,536,394
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	LXRT
Entity Common Stock, Shares Outstanding		30,600,000

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ASSETS
ASSETS OF DISCONTINUED OPERATIONS	$ 0	$ 38,144
TOTAL ASSETS	0	38,144
LIABILITIES AND STOCKHOLDERS’ DEFICIT
LIABILITIES OF DISCONTINUED OPERATIONS	59,000	83,500
TOTAL LIABILITIES	59,000	83,500
Preferred stock, par value $.0001, authorized 10,000,000, , a Zero shares issued and outstanding at December 31, 2016 and 2015	0	0
Common stock - par value $.0001, authorized 100,000,000, 30,100,000 shares issued and outstanding at June 30, 2016 and December 31, 2015 respectively	3,010	3,010
Additional paid-in capital	19,740	19,740
Accumulated deficit	(81,750)	(68,106)
TOTAL STOCKHOLDERS’ DEFICIT	(59,000)	(45,356)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 0	$ 38,144

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	30,100,000	30,100,000
Common Stock, Shares, Outstanding	30,100,000	30,100,000

STATEMENT OF OPERATIONS

STATEMENT OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUE	$ 0	$ 0	$ 0	$ 0
SELLING GENERAL AND ADMINISTRATIVE EXPENSES:	0	0	0	0
NET INCOME(LOSS) FROM CONTINUING OPERATIONS, NET OF TAXES	0	0	0	0
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES	21,869	12,871	(13,644)	589
NET INCOME (LOSS)	$ 21,869	$ 12,871	$ (13,644)	$ 589
NET INCOME (LOSS) PER SHARE	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE SHARES OUTSTANDING	30,100,000	30,100,000	30,100,000	30,100,000

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES:
Net Income (Loss)	$ 21,869	$ 12,871	$ (13,644)	$ 589
Net Income (Loss) from Discontinued Operations	21,869	12,871	(13,644)	589
Changes in operating assets and liabilities			(7,160)	16,248
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			(20,804)	16,837
INCREASE (DECREASE) IN CASH			(20,804)	16,837
CASH - BEGINNING OF PERIOD			20,804	31,479
CASH - END OF PERIOD	$ 0	$ 48,316	$ 0	$ 48,316

BUSINESS DESCRIPTION

BUSINESS DESCRIPTION	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description and Basis of Presentation [Text Block]	1 Business description The Luxurious Travel Corporation (the “Company Recent developments On July 13, 2016 (“ Closing Exchange Agreement US Lighting Group Change in Control Change in Control Transaction Prior to Closing, the Company declared and paid a cash dividend of $0.00575 per share to shareholders of record prior to Closing, other than Todd Delmay, who waived the right to receive the dividend on 11,750,000 of the 25,000,000 shares held by him prior to Closing. Accordingly, the aggregate amount dividend to the Company’s shareholders was $105,512 (the “ Dividend Contemporaneously with Closing, the Company consummated a private offering pursuant to the exemptions from registration afforded by Section 4(a)(2) and Rule 506 of Regulation D under the Securities Act, of 406,730 shares of our common stock at a price of $0.50 per share (the “ Offering The Company intends to focus its ongoing business efforts on the expansion of US Lighting Group’s LED lighting business. Accordingly, at Closing, the Company granted Todd Delmay an exclusive, perpetual, royalty-free license of our “ travel shopper US Lighting Group, Inc Founded in 2011, US Lighting Group is an independent designer and manufacturer of high quality patent-pending, transformer less, “green” LED lighting tubes for sale and distribution into the commercial and industrial 4’ tube lighting sectors in the United States and abroad. Every US Lighting Group LED bulb is made in the USA at US Lighting Group’s own manufacturing facility located near Cleveland, Ohio. US Lighting Groups LED lighting tubes throughout the United States to various commercial and industrial end-users and resellers, and also available at several online retailers, including The Home Depot.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with the Company’s most recent audited consolidated financial statements and notes hereto as of December 31, 2015. Operating results for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 net revenue and expenses during each reporting period. Actual results could differ from those estimates. The Company maintains cash balances at a financial institution where accounts are insured by the Federal Deposit Insurance Corporation up to $ 250,000 The Company recognizes revenue when it is earned and realizable, when persuasive evidence of an arrangement exists, services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. The Company recognizes net revenue when it has no further obligation to the customer. For air transactions, this is at the time of booking due to non-cancellation of the reservation. For hotel and car transactions, net revenue is recognized at the time of check-in or customer pick up, respectively. The timing of revenue recognition is different for air travel because the Company’s primary service to the customer is fulfilled at the time of booking. For cruise transactions, revenue is recognized at the time payment is made to the supplier. The Company passes reservations booked by its customer to the travel supplier for a commission. In addition, the Company does not take on credit risk with the customer, it is not the primary obligor with the customer, it has no latitude in determining pricing, it takes no inventory risk, it has no ability to determine or change the product or services delivered, and the customer chooses the supplier. 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. The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company has no material uncertain tax positions for any of the reporting periods presented. Basic earnings per common share are computed using the weighted-average number of common shares outstanding during the year. Diluted earnings per common share are computed using the weighted-average number of common shares outstanding during the year plus the incremental shares outstanding assuming the exercise of dilutive stock options, restricted stock and convertible instruments. The Company had no dilutive instruments outstanding at June 30, 2016 or 2015.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Substantial Doubt about Going Concern [Text Block]	3 GOING CONCERN The Company’s financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business. As of June 30, 2016 the Company has an accumulated deficit of $81,750 and current cash flow will not fund 12 months of expenses. The Company believes it will not have enough cash to meet its various cash needs unless it is able to obtain additional cash from the issuance of debt or equity securities. The Company intends to raise funds from the issuance of equity and/or debt securities, but there is no assurance that additional funds from the issuance of equity will be available for the Company to finance its operations on acceptable terms, or at all. If adequate funds are not available, the Company may have to delay development or commercialization of products or technologies that the Company would otherwise seek to commercialize, or cease operations. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	4 DISCONTINUED OPERATIONS As a result of the transactions described in “ Recent Developments 3 months 3 months 6 months 6 months June 2016 June 2015 June 2016 June 2015 REVENUE $ 0 $ 39,431 $ 22,695 $ 43,654 SELLING GENERAL AND ADMINISTRATIVE EXPENSES: $ 21,869 $ 26,560 $ 36,339 $ 43,065 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES $ (21,869) $ 12,871 $ (13,644) $ 589

CONCENTRATION

CONCENTRATION	6 Months Ended
	Jun. 30, 2016
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	5 CONCENTRATION One customer represented 97% of revenue in the six months ended June 30, 2016. Which is included in net loss from discontinued operations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	6 SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date that these financial statements were issued. See “ Recent Developments

SUMMARY OF SIGNIFICANT ACCOUN12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with the Company’s most recent audited consolidated financial statements and notes hereto as of December 31, 2015. Operating results for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.
Use of Estimates, Policy [Policy Text Block]	Uses of estimates in the preparation of financial statements 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 net revenue and expenses during each reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash The Company maintains cash balances at a financial institution where accounts are insured by the Federal Deposit Insurance Corporation up to $ 250,000
Revenue Recognition, Policy [Policy Text Block]	Revenue recognition The Company recognizes revenue when it is earned and realizable, when persuasive evidence of an arrangement exists, services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. The Company recognizes net revenue when it has no further obligation to the customer. For air transactions, this is at the time of booking due to non-cancellation of the reservation. For hotel and car transactions, net revenue is recognized at the time of check-in or customer pick up, respectively. The timing of revenue recognition is different for air travel because the Company’s primary service to the customer is fulfilled at the time of booking. For cruise transactions, revenue is recognized at the time payment is made to the supplier. The Company passes reservations booked by its customer to the travel supplier for a commission. In addition, the Company does not take on credit risk with the customer, it is not the primary obligor with the customer, it has no latitude in determining pricing, it takes no inventory risk, it has no ability to determine or change the product or services delivered, and the customer chooses the supplier.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent accounting pronouncements 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.
Income Tax, Policy [Policy Text Block]	Income taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company has no material uncertain tax positions for any of the reporting periods presented.
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share Basic earnings per common share are computed using the weighted-average number of common shares outstanding during the year. Diluted earnings per common share are computed using the weighted-average number of common shares outstanding during the year plus the incremental shares outstanding assuming the exercise of dilutive stock options, restricted stock and convertible instruments. The Company had no dilutive instruments outstanding at June 30, 2016 or 2015.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	As a result of the transactions described in “ Recent Developments 3 months 3 months 6 months 6 months June 2016 June 2015 June 2016 June 2015 REVENUE $ 0 $ 39,431 $ 22,695 $ 43,654 SELLING GENERAL AND ADMINISTRATIVE EXPENSES: $ 21,869 $ 26,560 $ 36,339 $ 43,065 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES $ (21,869) $ 12,871 $ (13,644) $ 589

BUSINESS DESCRIPTION (Details T

BUSINESS DESCRIPTION (Details Textual) - Subsequent Event [Member]	1 Months Ended
	Jul. 31, 2016USD ($)$ / sharesshares
Stock Issued During Period, Shares, New Issues	406,730
Shares Issued, Price Per Share | $ / shares	$ 0.50
US Lighting Group, Inc [Member]
Stock Issued During Period, Shares, New Issues	24,500,000
Common Stock, Dividends, Per Share, Cash Paid | $ / shares	$ 0.00575
Common Stock Dividends, Shares	11,750,000
Dividends, Common Stock, Cash | $	$ 105,512
Todd Delmay [Member]
Stock Issued During Period, Shares, New Issues	25,000,000

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	Jun. 30, 2016USD ($)
Cash, FDIC Insured Amount	$ 250,000

GOING CONCERN (Details Textual)

GOING CONCERN (Details Textual) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Retained Earnings Accumulated Deficit	$ (81,750)	$ (68,106)

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
REVENUE	$ 0	$ 39,431	$ 22,695	$ 43,654
SELLING GENERAL AND ADMINISTRATIVE EXPENSES:	21,869	26,560	36,339	43,065
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES	$ 21,869	$ 12,871	$ (13,644)	$ 589

CONCENTRATION (Details Textual)

CONCENTRATION (Details Textual)	6 Months Ended
	Jun. 30, 2016
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk Percentage1	97.00%