Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Oct. 31, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | LAZEX INC. | |
Document Type | 10-K | |
Document Period End Date | Apr. 30, 2017 | |
Trading Symbol | lazex | |
Amendment Flag | false | |
Entity Central Index Key | 1,674,440 | |
Current Fiscal Year End Date | --04-30 | |
Entity Common Stock, Shares Outstanding | 5,220,000 | |
Entity Public Float | $ 0 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY |
Statement of Financial Position
Statement of Financial Position - USD ($) | Apr. 30, 2017 | Apr. 30, 2016 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 15,970 | $ 5,100 |
Prepaid Expense, Current | 645 | |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 2,750 | |
Assets | 19,365 | 5,100 |
Liabilities, Noncurrent | ||
Accounts Payable and Accrued Liabilities, Noncurrent | 5,873 | |
Due to Related Parties, Noncurrent | 1,114 | 914 |
Liabilities | 6,987 | 914 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 5,220 | 5,000 |
Additional Paid in Capital, Common Stock | 4,180 | |
Retained Earnings (Accumulated Deficit) | 2,978 | (814) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 12,378 | $ 4,186 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 5,220,000 | 5,000,000 |
Common Stock, Shares Outstanding | 5,220,000 | 5,000,000 |
Liabilities and Equity | $ 19,365 | $ 5,100 |
Statements of Operations
Statements of Operations - USD ($) | 10 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Apr. 30, 2017 | |
Revenues | ||
Sales Revenue, Services, Net | $ 14,700 | |
Revenues | $ 0 | 14,700 |
Cost of Revenue | ||
Cost of Revenue | 0 | 0 |
Gross Profit | 0 | 14,700 |
Amortization of Deferred Charges | ||
Administrative Expense | 814 | 10,908 |
Total Operating Expenses | 814 | 10,908 |
Net loss from operations | (814) | 3,792 |
Interest and Debt Expense | ||
Net Income (Loss) | $ (814) | $ 3,792 |
Earnings Per Share | ||
Weighted Average Number of Shares Outstanding, Basic | 34,013 | 5,004,054 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - 12 months ended Apr. 30, 2017 - USD ($) | Total | Common Stock | Additional paid-in-capital | Retained Earnings |
Shares issued starting balance at Apr. 30, 2016 | 5,000,000 | |||
Stockholders' equity starting balance at Apr. 30, 2016 | $ 5,000 | $ (814) | ||
Shares issued during period | 220,000 | |||
Net Income (Loss) | $ 3,792 | 3,792 | ||
Adjustment to additional paid-in-capital | $ 0 | $ 4,180 | ||
Shares issued ending balance at Apr. 30, 2017 | 5,220,000 | |||
Stockholders' equity ending balance at Apr. 30, 2017 | $ 5,220 | $ 4,180 | $ 2,978 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 10 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Apr. 30, 2017 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (814) | $ 3,792 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation, Depletion and Amortization | 250 | |
Increase (Decrease) in Operating Assets | ||
Increase (Decrease) in Prepaid Expense and Other Assets | (645) | |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 5,873 | |
Net Cash Provided by (Used in) Operating Activities | (814) | 9,270 |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | (3,000) | |
Net Cash Provided by (Used in) Investing Activities | 0 | (3,000) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Issuance of Common Stock | 5,000 | 4,400 |
Proceeds from director loans | 914 | 200 |
Net Cash Provided by (Used in) Financing Activities | 5,914 | 4,600 |
Cash and Cash Equivalents, Period Increase (Decrease) | 5,100 | 10,870 |
Cash and Cash Equivalents, at Carrying Value | 5,100 | |
Cash and Cash Equivalents, at Carrying Value | $ 5,100 | $ 15,970 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Apr. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | ORGANIZATION AND BASIS OF PRESENTATION Organization and Description of Business LAZEX INC. (the Company) was incorporated under the laws of the State of Nevada, U.S. on July 12, 2015. The Company intends to commence operations in the business of travel agency and tours consulting. GOING CONCERN The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has retained earnings since Inception (July 12, 2015) of $ 2,978 as of April 30, 2017 however losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted an April 30 fiscal year end. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Property and Equipment Depreciation Policy Property and equipment are stated at cost and depreciated on the straight-line method over the estimated life of the asset, which is 3 years. Basic Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Revenue Recognition The Companys revenue recognition policy meets all elements of SAB 104. We record revenue when persuasive evidence of an arrangement exists, the services have been provided, the price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. For the year ended April 30, 2017, the Company has recognized revenue after services have been provided and collection has been reasonably assured. For the year ended April 30, 2017, total revenue earned from customers was $14,700 for travel consulting services. There are no significant ongoing services that remain to be performed. None of these services were provided to related parties. Recent Accounting Pronouncements The Company has reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have a material impact on the company. CAPTIAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On April 29, 2016 the Company issued 5,000,000 shares of its common stock to the sole officer and related party at $ 0.001 per share for total proceeds of $5,000. In April 2017, the Company issued 220,000 shares of its common stock at $ 0.02 per share for total proceeds of $4,400. As of April 30, 2017 the Company had 5,220,000 shares issued and outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2017 | |
Income Taxes: | |
Income Tax Disclosure | INCOME TAXES As of April 30, 2017 and 2016 the Company had net operating loss carry forwards of $0 and $814, respectively 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 valuation allowance as of June 30, 2017 and 2016 was $0 and $277, respectively. The net change in valuation allowance during the year ended April 30, 2017 and 2016 was $(277) and $277, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of April 30, 2016. All tax years since inception remains open for examination by taxing authorities. The provision for Federal income tax consists of the following: April 30, 2017 April 30, 2016 Current deferred tax assets: Net operating loss carry forward $ - 277 Valuation allowance - (277) Net deferred tax assets $ $ - The following table displays a reconciliation from the U.S. statutory rate to the effective tax rate and the provision for (benefit from) income taxes for the years ended April 30, 2017 and 2016, respectively: April 30, 2017 April 30, 2016 Tax provision (benefit) at the US statutory rate of 15% and 34%, respectively $ 569 $ (277) Adjustments to deferred taxes due to changes in statutory rates (292) - Change in valuation allowance (277) 277 Actual tax expense (benefit) $ - $ - |
Segment Reporting
Segment Reporting | 12 Months Ended |
Apr. 30, 2017 | |
Segment Reporting: | |
Segment Reporting, Disclosure of Major Customers | MAJOR CUSTOMERS During years ended April 30, 2017 and 2016, the following customers represented more than 10% of the Companys sales: Customer 2017 2016 $ % $ % Customer A 3,000 20.41% - - Customer B 1,800 12.24% - - Customer C 2,000 13.61% - - Customer D 2,800 19.05% - - Customer E 3,100 21.09% - - Customer F 2,000 13.61% - - Total concentration 14,700 100% - - |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Apr. 30, 2017 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since July 12, 2015 (I nception ) through April 30, 2017, the Companys sole officer and director loaned the Company $ 1,114 to pay for incorporation costs and operating expenses . As of April 30, 2017 , the amount outstanding was $ 1,114 . The loan is non-interest bearing, due upon demand and unsecured. The Companys sole officer and director provided services and office space. The Company does not pay any rent to its sole officer and director and there is no agreement to pay any rent in the future. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 30, 2017 | |
Subsequent Events: | |
Subsequent Events | SUBSEQUENT EVENTS In accordance with ASC 855-10 management has performed an evaluation of subsequent events from April 30, 2017 through the date the financial statements were available to be issued, August 2, 2017. For the period April 30, 2017 through August 2, 2017 the Company issued 170,000 shares of common stock at $0.02 per share for a proceed of $3,400. |
Uncategorized Items - lazex-201
Label | Element | Value |
Common Stock | ||
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 5,000,000 |
Retained Earnings | ||
Net Income (Loss) | us-gaap_NetIncomeLoss | $ (814) |