Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 10, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Lazuriton Nano Biotechnology (U.S.A.) Inc. | |
Entity Central Index Key | 1,666,178 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 60,000,000 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
BALANCE SHEET
BALANCE SHEET - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 10,196 | $ 10,191 |
Total current assets | 10,196 | 10,191 |
Total Assets | 10,196 | 10,191 |
Current Liabilities | ||
Accrued expenses | 50,495 | |
Due to related parties | 80,346 | 80,207 |
Total current liabilities | 130,841 | 80,207 |
Stockholders' Deficit | ||
Common stock, $0.0001 par value; 750,000,000 shares authorized, 60,000,000 shares issued and outstanding | 6,000 | 6,000 |
Additional paid-in capital | 54,000 | 54,000 |
Accumulated deficits | (180,645) | (130,016) |
Total stockholders' deficit | (120,645) | (70,016) |
Total Liabilities and Stockholders' Deficit | $ 10,196 | $ 10,191 |
BALANCE SHEET (Parentheticals)
BALANCE SHEET (Parentheticals) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 60,000,000 | 60,000,000 |
Common stock, shares outstanding | 60,000,000 | 60,000,000 |
STATEMENT OF OPERATIONS (UNAUDI
STATEMENT OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 4 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net revenue | ||||
General and administrative expenses | 4,783 | 130,010 | 130,010 | 50,634 |
Loss from operations | (4,783) | (130,010) | (130,010) | (50,634) |
Other income | ||||
Interest income | 5 | 5 | ||
Total other income | 5 | 5 | ||
Loss before income taxes | (4,778) | (130,010) | (130,010) | (50,629) |
Provision for income taxes | ||||
Net loss | $ (4,778) | $ (130,010) | $ (130,010) | $ (50,629) |
Net loss per share | ||||
Basic and diluted (in dollars per share) | $ 0 | $ (13) | $ (13) | $ 0 |
Weighted Average Shares Outstanding: | ||||
Basic and diluted (in shares) | 60,000,000 | 10,000 | 10,000 | 60,000,000 |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) | 4 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net loss | $ (130,010) | $ (50,629) |
Changes in assets and liabilities: | ||
Increase in accrued expenses | 50,495 | |
Net cash provided by (used in) operating activities | (130,010) | (134) |
Cash Flows from Financing Activities | ||
Issuance of common stock | 10 | |
Increase in due to related parties | 130,207 | 139 |
Net cash provided by financing activities | 130,217 | 139 |
Net increase in cash and cash equivalents | 207 | 5 |
Cash and Cash Equivalents, Beginning | 10,191 | |
Cash and Cash Equivalents, Ending | 207 | 10,196 |
Cash paid during the year for: | ||
Interest | ||
Income taxes |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES | NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial reporting and in accordance with instructions for Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contained in this report reflect all adjustments that are normal and recurring in nature and considered necessary for a fair presentation of the financial position and the results of operations for the interim periods presented. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim period are not necessarily indicative of the results expected for the full year. Basis of Presentation and Organization Lazuriton Nano Biotechnology (U.S.A.) Inc., a company in the developmental stage (the “Company”), was incorporated on June 2, 2015 in the State of Nevada. The Company has conducted limited business operations and had no revenues from operations since its inception. The Company‘s business plan is to market and distribute Nano fertilizers products. Going Concern These financial statements were prepared on the basis of accounting principles applicable to going concern, which assumes the realization of assets and discharge of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company had accumulated deficits of $180,645 and $130,016 as of September 30, 2016 and December 31, 2015, and it had no revenue from operations. The Company faces all the risks common to companies at development stage, including capitalization and uncertainty of funding sources, high initial expenditure levels, uncertain revenue streams, and difficulties in managing growth. The Company's losses raise substantial doubt about its ability to continue as a going concern. The Company's financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. The Company is currently addressing its liquidity issue by continually seeking additional funds through private placements of its securities and/or capital contributions and loans by Chih-Yuan Hsiao, its president and a member of the board of directors. The Company believes its current and future plans enable it to continue as a going concern. The Company's ability to achieve these objectives cannot be determined at this time. These financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts which may differ from those in the accompanying consolidated financial statements. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. Net Income (loss) per Share Basic income (loss) per share is computed by dividing net income by weighted average number of shares of common stock outstanding during each period. Diluted income per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. At September 30, 2016, the Company does not have any outstanding common stock equivalents; therefore, a separate computation of diluted loss per share is not presented. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. 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 income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. The deferred income tax assets were $0 as of both September 30, 2016 and December 31, 2015. The Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. At September 30, 2016, management considered that the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its result of operations, financial position or cash flow. Subsequent events Management has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of September 30, 2016 have been incorporated into these consolidated financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTIES | NOTE 2. DUE TO RELATED PARTIES The Company has advanced funds from its officer and shareholder for working capital purposes. As of September 30, 2016 and December 31, 2015, there were $80,346 and $80,207 advances outstanding, respectively. The Company has agreed that the outstanding balances bear 0% interest rate and are due upon demand after 30 days written notice by the officer and shareholder. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 3. INCOME TAXES As of September 30, 2016, the Company had net operating loss carry forwards of approximately $180,645 that may be available to reduce future years’ taxable income through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The provision for Federal income tax consists of the following for the nine months ended September 30, 2016 For the nine months ended Federal income tax benefit attributable to: Current Operations $ 17,214 Less: valuation allowance (17,214 ) Net provision for Federal income taxes $ - The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consist of the following as of September 30, 2016 and December 31, 2015: September 30, December 31, Deferred tax asset attributable to: Net operating loss carryover $ 61,419 $ 44,205 Less: valuation allowance (61,419 ) (44,205 ) Net deferred tax asset $ - $ - The difference between the effective rate reflected in the provision for income taxes on loss before taxes and the amounts determined by applying the applicable statutory U.S. tax rate are analyzed below: For the Statutory tax benefit (34 )% Permanent items - Change in deferred tax asset valuation allowance 34 % Provision for income taxes - % For the nine months ended September 30, 2016, the Company had no unrecognized tax benefits and related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' DEFICIT | 4. STOCKHOLDERS’ DEFICIT On June 4, 2015, the Company has issued 10,000 shares of its $0.0001 par value common stock at a purchase price of $0.001 per share in a total amount of $10 from one shareholder. On November 10, 2015, the Company has issued 59,990,000 shares of its $0.0001 par value common stock shares at a purchase price of $0.001 per share in a total amount of $59,990 from forty-five shareholders. |
NATURE OF OPERATIONS AND SUMM10
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial reporting and in accordance with instructions for Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contained in this report reflect all adjustments that are normal and recurring in nature and considered necessary for a fair presentation of the financial position and the results of operations for the interim periods presented. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim period are not necessarily indicative of the results expected for the full year. |
Going Concern | Going Concern These financial statements were prepared on the basis of accounting principles applicable to going concern, which assumes the realization of assets and discharge of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company had accumulated deficits of $180,645 and $130,016 as of September 30, 2016 and December 31, 2015, and it had no revenue from operations. The Company faces all the risks common to companies at development stage, including capitalization and uncertainty of funding sources, high initial expenditure levels, uncertain revenue streams, and difficulties in managing growth. The Company's losses raise substantial doubt about its ability to continue as a going concern. The Company's financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. The Company is currently addressing its liquidity issue by continually seeking additional funds through private placements of its securities and/or capital contributions and loans by Chih-Yuan Hsiao, its president and a member of the board of directors. The Company believes its current and future plans enable it to continue as a going concern. The Company's ability to achieve these objectives cannot be determined at this time. These financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts which may differ from those in the accompanying consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less. |
Net Income (loss) per Share | Net Income (loss) per Share Basic income (loss) per share is computed by dividing net income by weighted average number of shares of common stock outstanding during each period. Diluted income per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. At September 30, 2016, the Company does not have any outstanding common stock equivalents; therefore, a separate computation of diluted loss per share is not presented. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. 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 income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. The deferred income tax assets were $0 as of both September 30, 2016 and December 31, 2015. The Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. At September 30, 2016, management considered that the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its result of operations, financial position or cash flow. |
Subsequent events | Subsequent events Management has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of September 30, 2016 have been incorporated into these consolidated financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for Federal income tax | For the nine months ended Federal income tax benefit attributable to: Current Operations $ 17,214 Less: valuation allowance (17,214 ) Net provision for Federal income taxes $ - |
Schedule of tax effects of temporary differences and carryforwards | September 30, December 31, Deferred tax asset attributable to: Net operating loss carryover $ 61,419 $ 44,205 Less: valuation allowance (61,419 ) (44,205 ) Net deferred tax asset $ - $ - |
Schedule of provision for income taxes on loss before taxes | For the Statutory tax benefit (34 )% Permanent items - Change in deferred tax asset valuation allowance 34 % Provision for income taxes - % |
NATURE OF OPERATIONS AND SUMM12
NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Detail Textuals) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficits | $ (180,645) | $ (130,016) |
Deferred income tax assets | $ 0 | $ 0 |
DUE TO RELATED PARTIES (Detail
DUE TO RELATED PARTIES (Detail Textuals) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Related Party Transactions [Abstract] | ||
Due to related parties | $ 80,346 | $ 80,207 |
Percentage of interest rates on advances outstanding | 0.00% |
INCOME TAXES - Summary of provi
INCOME TAXES - Summary of provision for Federal income tax (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Federal income tax benefit attributable to: | |
Current Operations | $ 17,214 |
Less: valuation allowance | (17,214) |
Net provision for Federal income taxes |
INCOME TAXES - Summary of tax e
INCOME TAXES - Summary of tax effects of temporary differences and carryforwards (Details 1) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 61,419 | $ 44,205 |
Less: valuation allowance | (61,419) | (44,205) |
Net deferred tax asset |
INCOME TAXES - Summary of diffe
INCOME TAXES - Summary of difference between effective rate reflected in provision for income taxes (Details 2) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Statutory tax benefit | (34.00%) |
Permanent items | |
Change in deferred tax asset valuation allowance | 34.00% |
Provision for income taxes |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) | Sep. 30, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating loss carry forwards | $ 180,645 |
STOCKHOLDERS' DEFICIT (Detail T
STOCKHOLDERS' DEFICIT (Detail Textuals) | Sep. 30, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Nov. 10, 2015USD ($)Shareholders$ / sharesshares | Jun. 04, 2015USD ($)Shareholders$ / sharesshares |
Stockholders' Equity Note [Abstract] | ||||
Common stock, shares issued | shares | 60,000,000 | 60,000,000 | 59,990,000 | 10,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Sale of stock, price per share | $ 0.001 | $ 0.001 | ||
Common stock, value, issued | $ | $ 6,000 | $ 6,000 | $ 59,990 | $ 10 |
Number of shareholder | Shareholders | 45 | 1 |