LeGall 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 15, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	LeGall Holdings Inc.
Entity Central Index Key	1,672,899
Trading Symbol	cik0001672899
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,000,000

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2017		Dec. 31, 2016
CURRENT ASSETS
Cash	$ 3,774		$ 72
Total current assets	3,774	[1]	72
TOTAL ASSETS	3,774	[1]	72
CURRENT LIABILITIES
Accrued liabilities	3,500	[1]	5,000
Payable to related party	55,114	[1]	35,580
Accrued interest	1,637	[1]	714
Total current liabilities	60,251	[1]	41,294
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred Stock, $0.0001 par value 20,000,000 shares authorized; none issued and outstanding as of March 31, 2017 and December 31, 2016		[1]
Common stock: $0.0001 par value, 100,000,000 shares authorized; 6,000,000 shares issued and outstanding as of March 31, 2017 and December 31, 2016	600	[1]	600
Discount on common stock	(550)	[1]	(550)
Additional paid-in capital	1,562	[1]	1,562
Accumulated deficit	(58,089)	[1]	(42,834)
Total stockholders' deficit	(56,477)	[1]	(41,222)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 3,774	[1]	$ 72
[1]	Unaudited

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	6,000,000	6,000,000
Common stock, shares outstanding	6,000,000	6,000,000

Statement of Operations (Unaudi

Statement of Operations (Unaudited)	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Income Statement [Abstract]
Revenues
Cost of revenues
Gross profit
Operating expenses	14,332
Operating loss	(14,332)
Interest expense	923
Loss before income taxes	(15,255)
Provision for income taxes
Net loss	$ (15,255)
Net loss per share - basic and diluted | $ / shares	$ 0
Weighted average number of shares - basic and diluted | shares	6,000,000

Statement of Cash Flows (Unaudi

Statement of Cash Flows (Unaudited)	3 Months Ended
	Mar. 31, 2017USD ($)
OPERATING ACTIVITIES
Net loss	$ (15,255)
Changes in operating assets and liabilities
Accrued liabilities	(1,500)
Accrued interest	923
Net cash used in operating activities	(15,832)
FINANCING ACTIVITIES
Proceeds from loan from related party	19,534
Net cash provided by financing activities	19,534
NET INCREASE IN CASH	3,702
CASH AT BEGINNING OF PERIOD	72
CASH AT END OF PERIOD	3,774
CASH PAID FOR:
Interest
Income taxes

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Description of Business and Basis of Presentation [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Nature of Operations As used herein and except as otherwise noted, the term “Company”, “it(s)”, “our”, “us”, “we” and “LeGall” shall mean LeGall Holdings, Inc., a Delaware corporation. LeGall Holdings, Inc., formerly known as Garnet Island Acquisition Corporation, was incorporated on April 4, 2016 under the laws of the state of Delaware. LeGall Holdings, Inc. (the “Company” or “LeGall”), is a development stage company designed as a global food & restaurant brand specializing in Caribbean and American cuisine and fine dining. The Company will operate a Caribbean restaurant brand known as “LE GRILLE”. The Company also intends to distribute its own proprietary line of Jerk Sauce. In May 2016, the Company filed a registration statement with the Securities and Exchange Commission on Form 10 by which it became a public reporting company. On September 28, 2016, the Company implemented a change of control by redeeming shares of existing shareholders, issuing shares to new shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors. In connection with the change of control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s name from Garnet Island Acquisition Corporation to LeGall Holdings Corporation. Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year-end is December 31. The accompanying unaudited financial statements have been prepared by the Company. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2017, and for all periods presented herein, have been made. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. The results for the quarter ended March 31, 2017, are not necessarily indicative of the results to be expected for the year ending December 31, 2017.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2017
Going Concern [Abstract]
GOING CONCERN	NOTE 2 – GOING CONCERN The Company has not yet generated any revenue since inception to date and has sustained operating loss of $15,255 during the quarter ended March 31, 2017. The Company had a working capital deficit of $56,477 and an accumulated deficit of $58,089 as of March 31, 2017. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The unaudited financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of 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 at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. There were no cash equivalents as of March 31, 2017 and December 31, 2016. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of March 31, 2017 and December 31, 2016. Fair Value of Financial Instruments In accordance with ASC 820, the carrying value of cash and cash equivalents and accounts payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the balance sheets for cash, accounts payable and accrued expenses approximate their fair market value based on the short-term maturity of these instruments. Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2017 and December 31, 2016, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. Basic and Diluted Net income (Loss) per 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 loss per common share reflect 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 loss of the entity. As of March 31, 2017, there are no outstanding dilutive securities.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities [Abstract]
ACCRUED LIABILITIES	NOTE 4 – ACCRUED LIABILITIES As of March 31, 2017 and December 31, 2016, the Company had $3,500 and $5,000 of accrued professional fees, respectively.

Payable to Related Party

Payable to Related Party	3 Months Ended
	Mar. 31, 2017
Payable to Related Party [Abstract]
PAYABLE TO RELATED PARTY	NOTE 5 – PAYABLE TO RELATED PARTY As of March 31, 2017 and December 31, 2016, the Company had $55,114 and $35,580 of payable to related-party primarily as a result of operating expenses paid by Portia LeGall, the Company’s Co-Chief Executive Officer, respectively. There was no written agreement for the balance due which bares 6% interest annually, unsecured, and due on demand. Accrued interest total $1,637 and $714 as of March 31, 2017 and December 31, 2016. Interest expense amounted to $923 for the quarter ended March 31, 2017.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Recent Accounting Pronouncements [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 6 – RECENT ACCOUNTING PRONOUNCEMENTS In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “ Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”) In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments - Credit Losses In 2015, the FASB issued ASU No. 2015-17, “ Income Taxes” Balance Sheet Classification of Deferred Taxes In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements—Going Concern

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2017
Common Stock [Abstract]
COMMON STOCK	NOTE 7 – COMMON STOCK On April 4, 2016, the Company issued 20,000,000 founders common stock to two prior directors, officers, and shareholders. On September 28, 2016, the Company redeemed 19,500,000 shares from the two prior owners. On September 29, 2016, the Company issued 5,000,000 of its common stock to effect a change in control. These shares were issued to four executives in the Company. During October and November 2016, the Company issued a total of 500,000 shares of its common stock to 35 unrelated investors for total proceeds of $50, or at par value of $0.0001 per share. The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of March 31, 2017, 6,000,000 shares of common stock and no preferred stock were issued and outstanding.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS Management has evaluated subsequent events, accordance with FASB ASC Topic 855, “Subsequent Events”, through May 15, 2017, the date which the financial statements were available to be issued. There were no subsequent events to be disclosed.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of 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 at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. There were no cash equivalents as of March 31, 2017 and December 31, 2016.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of March 31, 2017 and December 31, 2016.
Fair Value of Financial Instruments	Fair Value of Financial Instruments In accordance with ASC 820, the carrying value of cash and cash equivalents and accounts payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the balance sheets for cash, accounts payable and accrued expenses approximate their fair market value based on the short-term maturity of these instruments.
Income Taxes	Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2017 and December 31, 2016, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.
Basic and Diluted Net income (Loss) per Share	Basic and Diluted Net income (Loss) per 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 loss per common share reflect 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 loss of the entity. As of March 31, 2017, there are no outstanding dilutive securities.

Going Concern (Details)

Going Concern (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017		Dec. 31, 2016
Going Concern (Textual)
Net loss	$ (15,255)
Working capital deficit	56,477
Accumulated deficit	$ (58,089)	[1]	$ (42,834)
[1]	Unaudited

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accrued Liabilities (Textual)
Accrued professional fees	$ 3,500	$ 5,000

Payable to Related Party (Detai

Payable to Related Party (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017		Dec. 31, 2016
Payable to Related Party (Textual)
Payable to related party	$ 55,114	[1]	$ 35,580
Interest expense amount	923
Accrued interest	1,637	[1]	$ 714
Portia LeGall [Member]
Payable to Related Party (Textual)
Payable to related party	$ 55,114
Interest rate percentage	6.00%
[1]	Unaudited

Common Stock (Details)

Common Stock (Details)	Apr. 04, 2016shares	Sep. 29, 2016shares	Sep. 28, 2016shares	Nov. 30, 2016Investor$ / sharesshares	Mar. 31, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares
Common Stock (Textual)
Common stock, shares authorized					100,000,000	100,000,000
Preferred stock, shares authorized					20,000,000	20,000,000
Common stock, shares issued					6,000,000	6,000,000
Common stock, shares outstanding					6,000,000	6,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock issued by the founders				500,000	6,000,000
Number of unrelated investors | Investor				35
Shares authorized					100,000,000
Common stock, par value | $ / shares				$ 0.0001	$ 0.0001	$ 0.0001
Two Prior Directors, Officers, And Shareholders [Member]
Common Stock (Textual)
Common stock issued by the founders	20,000,000
Two Prior Owners [Member]
Common Stock (Textual)
Stock redeemed			19,500,000
Four Executives [Member]
Common Stock (Textual)
Common stock issued by the founders		5,000,000