Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Feb. 18, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | LF GEORGE HOLDINGS, INC. | |
Entity Central Index Key | 1580676 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -21 | |
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 | 9,786,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Current Assets | ||
Cash | $103,871 | $134,297 |
Accounts Receivable from Related Party | 3,400 | |
Prepaid Expense | 100 | |
Total Current Assets | 103,971 | 137,697 |
Total Assets | 103,971 | 137,697 |
Current Liabilities | ||
Accounts Payable | 2,050 | |
Accrued Professional Fees | 11,000 | |
Payroll Tax Payable | 333 | 153 |
Total Current Liabilities | 2,383 | 11,253 |
Stockholders' Equity | ||
Common Stock, authorized 25,000,000 shares, par value $0.01, 9,786,000 shares issued and outstanding on December 31, 2014 and September 30, 2014. | 97,860 | 97,860 |
Additional paid-in capital | 98,190 | 98,190 |
Accumulated deficits | -94,462 | -69,606 |
Total Stockholder's Equity | 101,588 | 126,444 |
Total Liabilities and Stockholders' Equity | $103,971 | $137,697 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $0.01 | $0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, Share Issued | 9,786,000 | 9,786,000 |
Common Stock, Share Outstanding | 9,786,000 | 9,786,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidated Statements Of Operations | ||
Management Revenue, Related Party | $10,200 | $11,400 |
Operating Expenses | ||
Legal and professional | 27,256 | 6,000 |
Payroll expenses | 3,569 | 3,397 |
Rent | 900 | 900 |
General and administrative | 3,331 | 1,000 |
Total Operating Expenses | 35,056 | 11,297 |
Net Income (Loss) | ($24,856) | $103 |
Net Income (Loss) per Share - Basic and Diluted | $0 | $0 |
Weighted Average Number of Common (in Shares) Shares Outstanding - Basic and Diluted | 9,786,000 | 9,786,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow from Operating Activities: | ||
Net Income (loss) | ($24,856) | $103 |
Changes in operating assets and liabilities: | ||
Account receivable from related party | 3,400 | |
Prepaid payroll tax | -100 | |
Account payable, related party | -3,588 | |
Accured professional fees | -11,100 | |
Payroll tax payable | 180 | |
Account payable | 2,050 | |
Net Cash (Used in) Operating Activities | -30,426 | -3,485 |
Net decrease in cash | -30,426 | -3,485 |
Cash, at the beginning of period | 134,297 | 153,187 |
Cash, at the end of period | $103,871 | $149,702 |
1_Nature_of_Operations
1. Nature of Operations | 3 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 1 - Nature of Operations | L.F. George Holdings, Inc. (the “Company”) is a C-corporation 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 a corporation 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 | 3 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 2 - Summary of Significant Accounting Policies | Going Concern |
As indicated in the accompanying condensed consolidated financial statements, the Company had net loss of $24,856 during the three months ended December 31, 2014 and an accumulated deficit of $94,462 as of December 31, 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 condensed 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. | |
Unaudited interim financial information | |
The accompanying interim condensed consolidated financial statements and related notes of the Company for the three months ended December 31, 2014 and 2013, and as of December 31, 2014 are unaudited. The unaudited interim condensed consolidated financial information has been prepared with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for the complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended September 30, 2014. The consolidated balance sheet as of September 30, 2014 was derived from the Company’s audited consolidated financial statements for the year ended September 30, 2014. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and in the opinion of management reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly the results of operations and cash flows of the Company for the three months ended December 31, 2014 and 2013, and the financial position of the Company as of December 31, 2014. Interim results are not necessarily indicative of the results to be expected for an entire year or any other future year or interim period. | |
Basis of Consolidation | |
The condensed 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 condensed 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. | |
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. | |
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_Commitments
3. Commitments | 3 Months Ended | ||||
Dec. 31, 2014 | |||||
Notes to Financial Statements | |||||
Note 3 - 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 expenses under the operating lease were $900 and $900 for the three months ended December 31, 2014 and 2013, respectively. Future minimum payments under the operating lease are as follows: | |||||
Year Ending September, 30 | Amount | ||||
2015 | $ | 1,350 | |||
Total | $ | 1,350 | |||
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 expenses under the service agreement were $600 and $600 for the three months ended December 31, 2014 and 2013, respectively. Future minimum payments under the service agreement are as follows: | |||||
Year ending September, 30 | Amount | ||||
2015 | $ | 1,800 | |||
2016 | 600 | ||||
Total | $ | 2,400 | |||
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, of which $2,000 was paid upon entry into the agreement, $4,000 was paid at the time our registration statement on Form S-1 was filed and the remaining balance of $9,000 was paid in November 2014, upon the registration statement was declared effective by the U.S. Securities and Exchange Commission. | |||||
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, of which $3,000 was paid upon entry into the agreement, $6,000 was paid at the time that our registration statement on Form S-1 was filed and the remaining balance of $11,000 was paid in November 2014, upon the registration statement was declared effective by the U.S. Securities and Exchange Commission. |
4_Shareholders_Equity
4. Shareholders' Equity | 3 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 4 - Shareholders' Equity | Common Stock |
As of December 31, 2014, a total of 9,786,000 shares of common stock were issued and outstanding. |
5_Concentrations
5. Concentrations | 3 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 5 - Concentration Risk Disclosure | The Company has one customer accounting for 100% of the revenue during the years ended December 31, 2014 and 2013. The customer is a related party of the Company (see note 6). |
6_Related_Party_Transactions
6. Related Party Transactions | 3 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 6 - 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 three months ended December 31, 2014 and 2013. The Company recorded $10,200 and $11,400 property management revenue during the three months ended December 31, 2014 and 2013, respectively. |
The Company incurred $900 and $900 of rent expenses during the three months ended December 31, 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 $600 and $600 of telephone expenses during the three months ended December 31, 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 to William Mui, a Director of the Company for consulting services during the three months ended December 31, 2014. | |
The Company incurred $4,400 to Genik Real Estate and Investment Corp., a shareholder of over 5% of the outstanding common shares, for consulting services during the three months ended December 31, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies Policies | |
Going Concern | As indicated in the accompanying condensed consolidated financial statements, the Company had net loss of $24,856 during the three months ended December 31, 2014 and an accumulated deficit of $94,462 as of December 31, 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 condensed 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. | |
Unaudited interim financial information | The accompanying interim condensed consolidated financial statements and related notes of the Company for the three months ended December 31, 2014 and 2013, and as of December 31, 2014 are unaudited. The unaudited interim condensed consolidated financial information has been prepared with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for the complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended September 30, 2014. The consolidated balance sheet as of September 30, 2014 was derived from the Company’s audited consolidated financial statements for the year ended September 30, 2014. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and in the opinion of management reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly the results of operations and cash flows of the Company for the three months ended December 31, 2014 and 2013, and the financial position of the Company as of December 31, 2014. Interim results are not necessarily indicative of the results to be expected for an entire year or any other future year or interim period. |
Basis of Consolidation | The condensed 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 condensed 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. |
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. |
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. |
Commitments_Tables
Commitments (Tables) | 3 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments Tables | |||||
Operating Lease | Year Ending September, 30 | Amount | |||
2015 | $ | 1,350 | |||
Total | $ | 1,350 | |||
Telephone Agreement | Year ending September, 30 | Amount | |||
2015 | $ | 1,800 | |||
2016 | 600 | ||||
Total | $ | 2,400 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Details Narrative) (USD $) | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | |
Summary Of Significant Accounting Policies Details Narrative | |||
Net Loss | ($24,856) | $103 | |
Accumulated deficit | ($94,462) | ($69,606) |
Commitments_Details
Commitments (Details) (USD $) | Dec. 31, 2014 |
Commitments Details | |
2015 | $1,350 |
Total | $1,350 |
Commitments_Details_1
Commitments (Details 1) (USD $) | Dec. 31, 2014 |
Commitments Details 1 | |
2015 | $1,800 |
2016 | 600 |
Total | $2,400 |
Commitments_Details_Narrative
Commitments (Details Narrative) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments Details Narrative | ||
Rent expenses | $900 | $900 |
Telephone expenses | $600 | $600 |
Shareholders_Equity_Details_Na
Shareholders Equity (Details Narrative) | Dec. 31, 2014 | Sep. 30, 2014 |
Shareholders Equity Details Narrative | ||
Common Stock, Share Issued | 9,786,000 | 9,786,000 |
Common Stock, Share Outstanding | 9,786,000 | 9,786,000 |
Concentrations_Details_Narrtiv
Concentrations (Details Narrtive) (One Customer [Member]) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
One Customer [Member] | ||
Revenue | 100.00% | 100.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Management Revenue, Related Party | $10,200 | $11,400 |
Rent Expenses | 900 | 900 |
Telephone expenses | 600 | 600 |
Genik Real Estate And Investment Corp. [Member] | ||
Consulting services | 4,400 | |
Director [Member] | ||
Consulting services | $4,500 |