Legacy Ventures International (LGYV) 10-Q 12 May 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Mar. 31, 2015	11-May-15
Document and Entity Information:
Entity Registrant Name	LEGACY VENTURES INTERNATIONAL INC.
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Entity Central Index Key	1616788
Current Fiscal Year End Date	-24
Entity Common Stock, Shares Outstanding		7,400,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Entity Incorporation, Date of Incorporation	4-Mar-14
Entity Incorporation, State Country Name	state of Nevada

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Mar. 31, 2015		Jun. 30, 2014
CURRENT ASSETS
Cash	$11,369		$5,366
Total current assets	11,369		5,366
TOTAL ASSETS	11,369		5,366
CURRENT LIABILITIES
Accrued liabilities	3,945		2,770
Due to shareholder	14,040	[1]		[1]
Due to a related party	734	[1]	734	[1]
Total current liabilities	18,719		3,504
TOTAL LIABILITIES	18,719		3,504
STOCKHOLDERS' (DEFICIENCY) EQUITY
Common Stock	68,083	[2],[3]	5,540	[2],[4]
Accumulated deficit	-75,097		-3,631
Accumulated other comprehensive loss	-336		-47
Total stockholders' (deficiency) equity	-7,350		1,862
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY	$11,369		$5,366
[1]	See Note 5.
[2]	See Note 4.
[3]	Common Stock- Authorized: 7,500,000, no par value, Issued and outstanding: 7,400,000.
[4]	Common Stock- Authorized: 7,500,000, no par value, Issued and outstanding: 600,000.

CONDENSED_STATEMENTS_OF_OPERAT

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended	9 Months Ended
	Mar. 31, 2015	Mar. 31, 2015
EXPENSES
Professional fees	$3,082	$71,122
Bank charges	50	160
General expenses		184
Total expenses	3,132	71,466
Net loss for the period before income taxes	-3,132	-71,466
Net loss for the period	-3,132	-71,466
Foreign currency translation adjustment	-316	-289
COMPREHENSIVE LOSS	($3,448)	($71,755)
Loss per share, basic and diluted	($0.00)	($0.01)
Weighted average number of common stock outstanding, basic and diluted	7,400,000	6,741,392

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	($71,466)
Adjustments to reconcile net loss to net cash generated from (used in) operations:
Issuance of shares for services	53,360
Accrued liabilities	1,175
Net cash used in operating activities	-16,931
CASH FLOWS FROM FINANCING ACTIVITIES
Due to shareholders	14,040
Proceeds from issuance of common stock	9,183
Net cash provided by financing activities	23,223
Net increase in cash during the period	6,292
Effect of foreign currency translation	-289
Cash, beginning of the period	5,366
Cash, end of the period	$11,369

1_Nature_of_Operations

1. Nature of Operations	9 Months Ended
	Mar. 31, 2015
Notes
1. Nature of Operations	1.   NATURE OF OPERATIONS
	Legacy Ventures International Inc. (the “Company”) was incorporated on March 4, 2014 in the state of Nevada. The Company is engaged in the development of a new Real Estate Management Company.
	The Company’s principal place of business is located at 2602 Innisfil Road, Mississauga, Ontario L5M 4H9, Canada.

2_Going_Concern

2. Going Concern	9 Months Ended
	Mar. 31, 2015
Notes
2. Going Concern	2.   GOING CONCERN
	The Company's unaudited condensed interim 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. The unaudited condensed interim financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.
	The Company has a minimum cash balance available for payment of ongoing operating expenses, has experienced losses from operations, and it does not have a source of revenue. Its continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company.

3_Summary_of_Significant_Accou

3. Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2015
Notes
3. Summary of Significant Accounting Policies	3.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The Company’s unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and the rules and regulations of the SEC and are expressed in US dollars. Accordingly, the unaudited condensed interim financial statements do not include all information and footnotes required by US GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited condensed interim financial statements reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation. Interim operating results are not necessarily indicative of results that may be expected for the year ending June 30, 2015 or for any other interim period. The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements of the Company and the notes thereto as of and for the period ended June 30, 2014.
	The Company’s fiscal year-end is June 30. The Company’s functional currency is Canadian (“CDN”) dollars. The Company’s reporting currency is the U.S. dollar.
	The condensed interim financial statements do not include any comparative information as there were no significant transactions from March 4 to March 31, 2014.
	Use of Estimates
	The preparation of the financial statements in conformity with US GAAP 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. Areas involving significant estimates and assumptions include accruals and going concern assessment.  These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. Actual results could materially differ from those estimates.
	Recently Issued Accounting Standards
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date.
	In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, which will require an entity’s management to assess, for each annual and interim period, whether there is substantial doubt about the entity’s ability to continue as a going concern within one year of the financial statement issuance date. The definition of substantial doubt within the new standard incorporates a likelihood threshold of “probable” similar to the use of that term under current GAAP for loss contingencies. Certain disclosures will be required if conditions give rise to substantial doubt. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its financial statements and related disclosures.
	On April 7, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this Update apply to all companies. They become effective for public business entities in the annual period ending after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard.
	Recently Adopted Accounting Standards
	In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.
	The Company adopted the new requirements in its financial reporting effective from January 1, 2015.

4_Stockholders_deficiencyequit

4. Stockholders' (deficiency)/equity	9 Months Ended
	Mar. 31, 2015
Notes
4. Stockholders' (deficiency)/equity	4.   STOCKHOLDERS’ (DEFICIENCY)/EQUITY
	COMMON STOCK - AUTHORIZED
	As at March 31, 2015, the Company authorized to issue 7,500,000 shares of common stock, with no par value.
	COMMON STOCK - ISSUED AND OUTSTANDING
	During May 2014, the Company issued 600,000 shares of common stock for $5,540 cash.
	During July 2014, the Company issued 1,000,000 shares of common stock for $9,183 cash.
	During August 2014, the Company issued 5,400,000 shares of common stock to its founding member and 400,000 shares of common stock to a consultant for services rendered.  These services amounting to $53,360 have been valued based on recent private placement of the Company and is included in professional fees presented in the statements of operations and comprehensive loss.
	At March 31, 2015, there were 7,400,000 shares of common stock issued and outstanding (June 30, 2014 – 600,000).

5_Related_Party_Transactions_a

5. Related Party Transactions and Balances	9 Months Ended
	Mar. 31, 2015
Notes
5. Related Party Transactions and Balances	5.   RELATED PARTY TRANSACTIONS AND BALANCES
	Transactions are considered to be related party transactions if management has the ability to exercise significant control through its ownership of shares and presence on the board of directors. Transactions with related parties are in the normal course of operations and are recorded at the exchange amount, which is the amount of consideration established and agreed upon by the related parties. The amounts due to shareholders and other related party are unsecured, non-interest bearing and are payable on demand.

6_Subsequent_Events

6. Subsequent Events	9 Months Ended
	Mar. 31, 2015
Notes
6. Subsequent Events	6.   SUBSEQUENT EVENTS
	The Company’s management has evaluated subsequent events up to May 11, 2015, the date the financial statements were issued, pursuant to the requirements of ASC Topic 855 and has determined that there are no material subsequent events to report.

3_Summary_of_Significant_Accou1

3. Summary of Significant Accounting Policies: Basis of Presentation (Policies)	9 Months Ended
	Mar. 31, 2015
Policies
Basis of Presentation	Basis of Presentation
	The Company’s unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and the rules and regulations of the SEC and are expressed in US dollars. Accordingly, the unaudited condensed interim financial statements do not include all information and footnotes required by US GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited condensed interim financial statements reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation. Interim operating results are not necessarily indicative of results that may be expected for the year ending June 30, 2015 or for any other interim period. The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements of the Company and the notes thereto as of and for the period ended June 30, 2014.
	The Company’s fiscal year-end is June 30. The Company’s functional currency is Canadian (“CDN”) dollars. The Company’s reporting currency is the U.S. dollar.
	The condensed interim financial statements do not include any comparative information as there were no significant transactions from March 4 to March 31, 2014.

3_Summary_of_Significant_Accou2

3. Summary of Significant Accounting Policies: Use of Estimates (Policies)	9 Months Ended
	Mar. 31, 2015
Policies
Use of Estimates	Use of Estimates
	The preparation of the financial statements in conformity with US GAAP 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. Areas involving significant estimates and assumptions include accruals and going concern assessment.  These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. Actual results could materially differ from those estimates.

3_Summary_of_Significant_Accou3

3. Summary of Significant Accounting Policies: Recently Issued Accounting Standards (Policies)	9 Months Ended
	Mar. 31, 2015
Policies
Recently Issued Accounting Standards	Recently Issued Accounting Standards
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date.
	In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, which will require an entity’s management to assess, for each annual and interim period, whether there is substantial doubt about the entity’s ability to continue as a going concern within one year of the financial statement issuance date. The definition of substantial doubt within the new standard incorporates a likelihood threshold of “probable” similar to the use of that term under current GAAP for loss contingencies. Certain disclosures will be required if conditions give rise to substantial doubt. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its financial statements and related disclosures.
	On April 7, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this Update apply to all companies. They become effective for public business entities in the annual period ending after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard.

3_Summary_of_Significant_Accou4

3. Summary of Significant Accounting Policies: Recently Adopted Accounting Standards (Policies)	9 Months Ended
	Mar. 31, 2015
Policies
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards
	In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.
	The Company adopted the new requirements in its financial reporting effective from January 1, 2015.

1_Nature_of_Operations_Details

1. Nature of Operations (Details)	9 Months Ended
	Mar. 31, 2015
Details
Entity Incorporation, Date of Incorporation	4-Mar-14
Entity Incorporation, State Country Name	state of Nevada

4_Stockholders_deficiencyequit1

4. Stockholders' (deficiency)/equity (Details) (USD $)	1 Months Ended
	Aug. 31, 2014	Jul. 31, 2014	31-May-14	Mar. 31, 2015	Jun. 30, 2014
Details
Common Stock, Shares Authorized				7,500,000
Stock Issued During Period, Shares, New Issues	5,400,000	1,000,000	600,000
Stock Issued		$9,183	$5,540
Stock Issued During Period, Shares, Issued for Services	400,000
Stock Issued During Period, Value, Issued for Services	$53,360
Shares, Issued				7,400,000	600,000
Shares, Outstanding				7,400,000	600,000