Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Jan. 13, 2015 | Mar. 31, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | LF George Holdings, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -21 | ||
Entity Common Stock, Shares Outstanding | 9,786,000 | ||
Entity Public Float | $128,600 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1580676 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 30-Sep-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
LF_George_Holdings_Inc_Consoli
LF George Holdings, Inc. - Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Current Assets | ||
Cash | $134,297 | $153,187 |
Accounts Receivable from Related Party | 3,400 | |
Total Current Assets | 137,697 | 153,187 |
Total Assets | 137,697 | 153,187 |
Current Liabilities | ||
Accrued Professional Fees | 11,100 | 4,000 |
Payroll Tax Payable | 153 | |
Total Current Liabilities | 11,253 | 4,000 |
Common Stock, authorized 25,000,000 shares, par value | 97,860 | 97,860 |
$0.01, 9,786,000 shares issued and outstanding | ||
Additional paid-in capital | 98,190 | 98,190 |
Accumulated deficits | -69,606 | -46,863 |
Total Stockholders’ Equity | 126,444 | 149,187 |
Total Liabilities and Stockholders' Equity | $137,697 | $153,187 |
LF_George_Holdings_Inc_Consoli1
LF George Holdings, Inc. - Consolidated Balance Sheets (Parentheticals) | Sep. 30, 2014 | Sep. 30, 2013 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
LF_George_Holdings_Inc_Consoli2
LF George Holdings, Inc. - Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Management Revenue, Related Party | $44,000 | $45,600 |
Legal and professional | 43,037 | 53,300 |
Payroll expenses | 13,697 | 10,694 |
Rent | 3,600 | 3,600 |
General and administrative | 6,409 | 6,034 |
Total Operating Expenses | 66,743 | 73,628 |
Loss from Operations | -22,743 | -28,028 |
Tax Provision | 4,349 | |
Net Loss | ($22,743) | ($32,377) |
Loss per Share – Basic and Diluted (in Dollars per share) | $0 | $0 |
Weighted Average Number of Common (in Shares) | 9,786,000 | 9,619,490 |
LF_George_Holdings_Inc_Consoli3
LF George Holdings, Inc. - Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance as of at Sep. 30, 2012 | $90,520 | $32,130 | ($14,486) | $108,164 |
Balance as of (in Shares) at Sep. 30, 2012 | 9,052,000 | |||
Net loss | -32,377 | -32,377 | ||
Issuance of common stock | 7,340 | 66,060 | 73,400 | |
Issuance of common stock (in Shares) | 734,000 | |||
Balance as of at Sep. 30, 2013 | 97,860 | 98,190 | -46,863 | 149,187 |
Balance as of (in Shares) at Sep. 30, 2013 | 9,786,000 | |||
Net loss | -22,743 | -22,743 | ||
Balance as of at Sep. 30, 2014 | $97,860 | $98,190 | ($69,606) | $126,444 |
Balance as of (in Shares) at Sep. 30, 2014 | 9,786,000 |
LF_George_Holdings_Inc_Consoli4
LF George Holdings, Inc. - Consolidated Statements of Cash Flow (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Net Loss | ($22,743) | ($32,377) |
Deferred income tax expense | 4,349 | |
Changes in operating assets and liabilities: Account receivable from related party | -3,400 | 10,200 |
Prepaid expenses | 3,300 | |
Account payable, related party | -200 | |
Payroll tax payable | 153 | |
Accured professional fees | 7,100 | 4,000 |
Accounts payable – trade | -1,940 | |
Net Cash (Used in) Operating Activities | -18,890 | -12,668 |
Proceed from issuance of Common Stock | 73,400 | |
Net Cash Provided by Financing Activities | 73,400 | |
Net (decrease)/increase in cash | -18,890 | 60,732 |
Cash, at the beginning of year | 153,187 | 92,455 |
Cash, at the end of year | $134,297 | $153,187 |
1_Nature_of_Operations
1. Nature of Operations | 12 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of Operations |
LF George Holdings, Inc. (the “Company”) is incorporated in the State of Delaware on March 18, 2011. The Company, currently located in Millbrae, California, is a holding company whose subsidiary provides traditional property management services. | |
The Company, through its wholly-owned subsidiary LFG Management Corp., which is incorporated in the State of California on May 5, 2011, seeks to provide traditional property management services to small to medium-sized commercial and residential property owners in San Francisco Bay Area, California, U.S.A. | |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies |
Going Concern | |
As indicated in the accompanying consolidated financial statements, the Company had net loss of $22,743 during the year ended September 30, 2014 and an accumulated deficit of $69,606 at September 30, 2014. Management’s plans include generating revenue through its property management services and raising capital through the equity markets to fund future operations. Failure to generate adequate services revenues and raise adequate capital could result in the Company having to curtail or cease operations. | |
Additionally, even if the Company does generate adequate revenues and raise sufficient capital to support its operating expenses, there can be no assurances that the revenues will be sufficient to enable it to develop business to a level where it will generate profits and cash flows from operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. However, the accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. | |
Emerging Growth Company | |
We are an “emerging growth company,” as defined in the Jumpstart our Business Startups Act of 2012, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies, including, but not limited to, not being required to compile with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. | |
Basis of Consolidation | |
The consolidated financial statements of the Company include wholly-owned subsidiary under its control. All of the material intercompany balances and transactions have been eliminated. | |
Estimates, Risks and Uncertainties | |
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from these estimates. | |
Cash | |
The Company considers cash on hand and amounts on deposit with financial institutions to be cash. | |
Revenue Recognition | |
Property management revenue consists of management income for services provided by the Company to a related party pursuant to a management agreement. The Company recognizes revenue when persuasive evidence of an arrangement exits, service has performed, the fee is fixed or determinable and collection is probable. The management income is recognized during the period in which the Company provides services in connection with the related management agreement. | |
Accounts Receivable | |
Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. There was no allowance for uncollectible accounts at September 30, 2014 and September 30, 2013. | |
Fair Value of Financial Instruments | |
All financial instruments are carried at amounts that approximate estimated fair value because of the relatively short maturity of the instruments. | |
Income Taxes | |
Income taxes are accounted for under the asset and liability method in accordance with the “Accounting for Income Taxes” Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740. Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and the tax basis of assets and liabilities and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured by applying enacted tax rates and laws and are released in the years in which the 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 income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |
The Company’s policy is to recognize both interest and penalties related to unrecognized tax benefits in interest expense and operating expenses, respectively. The Company has not recorded any interest and penalties since its inception. | |
Net Loss Per Share | |
Net loss per share includes no dilution and is computed on the basis of the weighted−average number of common shares outstanding during the period as defined by ASC 260, “Earnings per Share”. There was no potentially issuable common stock or common stock equivalents outstanding at September 30, 2014 and at September 30, 2013. | |
New Accounting Pronouncements | |
The Company does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. | |
3_Income_Taxes
3. Income Taxes | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | 3 | Income Taxes | |||||||
For the year ended September 30, 2014 and 2013, income tax expense (benefit) consists of the following: | |||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Federal | $ | - | $ | - | |||||
State | - | - | |||||||
- | - | ||||||||
Deferred: | |||||||||
Federal | - | 2,825 | |||||||
State | - | 1,524 | |||||||
Net income tax expense (benefit) | $ | - | $ | 4,349 | |||||
The Company’s deferred tax assets and liabilities as of September 30, 2014 and 2013 consist of the following: | |||||||||
2014 | 2013 | ||||||||
Deferred income tax assets - current: | |||||||||
State Taxes | $ | 240 | $ | - | |||||
Valuation Allowance | $ | (240 | ) | $ | - | ||||
Net deferred income tax assets – current | $ | - | $ | - | |||||
Deferred income tax assets - noncurrent: | |||||||||
Net operating loss carryforward | $ | 13,728 | $ | 10,888 | |||||
Valuation Allowance | $ | (13,728 | ) | $ | (10,888 | ) | |||
Net deferred income tax assets - non-current | $ | - | $ | - | |||||
As of September 30, 2014 and 2013, the Company had a net operating loss carryforward of $67,796 and $46,862, respectively, which is available to offset future Federal taxable income through September 30, 2024. Valuation allowances are provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. During the year ended September 30, 2014, total valuation allowance was increased by $3,080. | |||||||||
2014 | 2013 | ||||||||
Statutory Federal tax rate (net of state income tax effect) | -15 | % | (15.00 | )% | |||||
State income taxes | -8.84 | % | (8.84 | )% | |||||
Effect of valuation allowance | - | % | - | % | |||||
Effective tax rate | -23.84 | % | (23.84 | )% | |||||
Management believes that the Company does not have any tax positions that will result in a material impact on the Company’s consolidated financial statements because of the adoption of ASC 740. However, management’s conclusion may be subject to adjustment at a later date based on factors including additional implementation guidance from the Financial Accounting Standards Board and ongoing analyses of tax laws, regulations and related interpretations. | |||||||||
The Company and its subsidiary file U.S. federal and state income tax returns. There are no on-going examinations of income tax returns filed by the Company and its subsidiary. U.S federal and state income tax returns for the years ended September 30, 2011 and beyond are subject to examinations by the Internal Revenue Service and state tax authorities. | |||||||||
4_Loss_Per_Common_Share
4. Loss Per Common Share | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | 4. Loss Per Common Share | ||||||||
Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per common shares reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. There were no diluted shares outstanding at September 30, 2014 and at September 30, 2013. | |||||||||
2014 | 2013 | ||||||||
Numerator: | $ | (22,743 | ) | $ | (32,377 | ) | |||
Net Loss – basic | |||||||||
Denominator: | |||||||||
Weighted Average Number of Common Shares Outstanding | 9,786,000 | 9,619,490 | |||||||
Net Loss per share - basic | $ | (0.00 | ) | $ | (0.00 | ) | |||
5_Commitments
5. Commitments | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 5. Commitments | ||||
Operating Lease | |||||
The Company leases an office space from a company that is owned by the Chairman of the Company and his immediate family members who are also Directors of the Company. The office lease has a monthly rental rate of $300 and will expire on May 15, 2015. | |||||
Rent expense under the operating lease was $3,600 and $3,600 for the years ended September 30, 2014 and 2013, respectively. Future minimum payments under the operating lease are as follows: | |||||
Year Ending September, 30 | Amount | ||||
2015 | $ | 2,250 | |||
Total | $ | 2,250 | |||
Telephone Agreement | |||||
The Company entered into a telephone service agreement with a company that is owned by the CFO of the Company on May 15, 2011 and expires on December 31, 2015 at a monthly rate of $200. | |||||
Telephone expense under the service agreement was $2,400 and $2,400 for the years ended September 30, 2014 and 2013, respectively. Future minimum payments under the service agreement are as follows: | |||||
Year ending September 30 | Amount | ||||
2015 | $ | 2,400 | |||
2016 | 600 | ||||
Total | $ | 3,000 | |||
Consulting Agreements | |||||
During the year ended September 30, 2011, the Company entered into a consulting agreement with one of its directors to assist with the S-1 registration statement filing with the SEC and the listing on FINRA’s Over-the-Counter Bulletin Board for a flat fee of $15,000. As of September 30, 2014, the company had an accrued liability of $4,500 for services performed up to September 30, 2014. | |||||
During the year ended September 30, 2011, the Company entered into another consulting agreement with an entity that is majority-owned by a shareholder of the Company to also assist with the S-1 registration statement filing with the SEC and the listing on FINRA’s Over-the-Counter Bulletin Board for a flat fee of $20,000. As of September 30, 2014, the Company had accrued liability of $6,600 for services performed up to September 30, 2014. | |||||
6_Stockholders_Equity
6. Stockholders' Equity | 12 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Stockholders’ Equity |
Common Stock | |
On March 18, 2011, the Company authorized 25,000,000 shares of common stock at par value of $0.01. The holders of common stock are entitled to one vote per share. From time to time, the Company has sold common stock to investors for cash. | |
During the year ended September 30, 2013, the Company sold 734,000 shares of common stock at $0.10 per share, for total cash proceeds of $73,400. Of this amount, 350,000 shares were sold to five directors of the Company, and the remaining 384,000 shares were sold to outside unrelated shareholders. | |
No new shares have been issued after September 30, 2013. As of September 30, 2014, a total of 9,786,000 shares of common stock were issued and outstanding. | |
7_Concentrations
7. Concentrations | 12 Months Ended |
Sep. 30, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 7. Concentrations |
The Company has one customer accounting for 100% of the revenue during the years ended September 30, 2014 and 2013. The customer is a related party of the Company (see note 8). | |
8_Related_Party_Transactions
8. Related Party Transactions | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 8. Related Party Transactions |
The Company provided property management service to a property company, LF George Properties Corporation (“LF George Properties”), which is owned by the Chairman of the Company and his family members who are also directors of the Company during the years ended September 30, 2014 and 2013. The Company recorded $44,000 and $45,000 property management revenue during the years ended September 30, 2014 and 2013, respectively. The Company also had a receivable of $3,400 from LF George Properties as of September 30, 2014. | |
The Company incurred $3,600 and $3,600 of rent expenses during the years ended September 30, 2014 and 2013, respectively, for an office space leased from a company, Millbrae Paradise, LLC, owned by the Chairman of the Company and his family members who are also directors of the Company. | |
The Company also incurred $2,400 and $2,400 of telephone expenses during the years ended September 30, 2014 and 2013, respectively for telephone service provided by a company, AGH Management Corporation owned by the CFO of the Company. | |
The Company incurred $4,500 and paid $4,000 to William Mui, a Director of the Company for consulting services during the years ended September 30, 2014 and 2013, respectively. | |
The Company incurred $6,600 and paid $6,000 to Genik Real Estate and Investment Corp., a shareholder of over 5% of the outstanding common shares, for consulting services during the years ended September 30, 2014 and 2013, respectively. | |
9_Subsequent_Events
9. Subsequent Events | 12 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 9. Subsequent Events |
The Company paid $9,000 and $11,000 on November 25, 2015 to William Mui and Genik Real Estate and Investment Corp., respectively for consulting service in the preparation of registration statement for filing to SEC. | |