Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Oct. 31, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | LAZEX INC. | |
Document Type | 10-K | |
Document Period End Date | Apr. 30, 2018 | |
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 | 6,155,000 | |
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 | 2,018 | |
Document Fiscal Period Focus | FY |
Statement of Financial Position
Statement of Financial Position - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 20,782 | $ 15,970 |
Prepaid Expense, Current | 645 | 645 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 1,750 | 2,750 |
Other Assets, Noncurrent | 3,334 | |
Assets | 26,511 | 19,365 |
Liabilities, Noncurrent | ||
Accounts Payable and Accrued Liabilities, Noncurrent | 2,099 | 5,873 |
Due to Related Parties, Noncurrent | 1,114 | 1,114 |
Liabilities | 3,213 | 6,987 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 6,155 | 5,220 |
Additional Paid in Capital, Common Stock | 21,945 | 4,180 |
Retained Earnings (Accumulated Deficit) | (4,802) | 2,978 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 23,298 | $ 12,378 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 6,155,000 | 5,220,000 |
Common Stock, Shares Outstanding | 6,155,000 | 5,220,000 |
Liabilities and Equity | $ 26,511 | $ 19,365 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Revenues | ||
Sales Revenue, Services, Net | $ 13,240 | $ 14,700 |
Revenues | 13,240 | 14,700 |
Cost of Revenue | ||
Cost of Revenue | 0 | 0 |
Gross Profit | 13,240 | 14,700 |
Amortization of Deferred Charges | ||
Professional Fees | 9,480 | 10,328 |
Computer and Internet Expense | 3,000 | |
General and Administrative Expense | 4,540 | 580 |
Selling, General and Administrative Expense | 4,000 | |
Total Operating Expenses | 21,020 | 10,908 |
Net loss from operations | (7,780) | 3,792 |
Interest and Debt Expense | ||
Net Income (Loss) | $ (7,780) | $ 3,792 |
Earnings Per Share | ||
Weighted Average Number of Shares Outstanding, Basic | 5,812,301 | 5,004,054 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional paid-in-capital | Retained Earnings | Total |
Shares issued starting balance at Apr. 30, 2016 | 5,000,000 | 5,000,000 | ||
Stockholders' equity starting balance at Apr. 30, 2016 | $ 5,000 | $ (814) | $ 4,186 | |
Shares issued during period | 220,000 | 220,000 | ||
Net Income (Loss) | 3,792 | $ 3,792 | ||
Adjustment to additional paid-in-capital | $ 0 | $ 4,180 | $ 4,180 | |
Shares issued ending balance at Apr. 30, 2017 | 5,220,000 | 5,220,000 | ||
Stockholders' equity ending balance at Apr. 30, 2017 | $ 5,220 | 4,180 | 2,978 | $ 12,378 |
Shares issued during period | 935,000 | 935,000 | ||
Net Income (Loss) | (7,780) | $ (7,780) | ||
Adjustment to additional paid-in-capital | $ 0 | 17,765 | $ 17,765 | |
Shares issued ending balance at Apr. 30, 2018 | 6,155,000 | 6,155,000 | ||
Stockholders' equity ending balance at Apr. 30, 2018 | $ 6,155 | $ 21,945 | $ (4,802) | $ 23,298 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (7,780) | $ 3,792 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation, Depletion and Amortization | 2,466 | 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 | (3,774) | 5,873 |
Net Cash Provided by (Used in) Operating Activities | (9,088) | 9,270 |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | (3,000) | |
Payments to Acquire Intangible Assets | (4,800) | |
Net Cash Provided by (Used in) Investing Activities | (4,800) | (3,000) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Issuance of Common Stock | 18,700 | 4,400 |
Proceeds from director loans | 200 | |
Net Cash Provided by (Used in) Financing Activities | 18,700 | 4,600 |
Cash and Cash Equivalents, Period Increase (Decrease) | 4,812 | 10,870 |
Cash and Cash Equivalents, at Carrying Value | 15,970 | 5,100 |
Cash and Cash Equivalents, at Carrying Value | $ 20,782 | $ 15,970 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Apr. 30, 2018 | |
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 operates in the travel agency and tours consulting business. 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 an accumulated deficit since Inception (July 12, 2015) of $4,802 as of April 30, 2018 and more losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. 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. Use of estimates The preparation of financial statements in conformity with U.S. 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 period. Accordingly, actual results could differ from those estimates. 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. Fair Value of Financial Instruments The Companys financial instruments consist of cash and cash equivalents, accounts payable and amounts due to related parties. The carrying amount of these financial instruments approximate fair value due to their short-term maturity. Foreign Operations The Companys assets and operations are primarily maintained and conducted in the Czech Republic. The Companys functional currency is the US dollar and its cash is deposited in US based banks and is denominated in US dollars. Concentrations of Credit Risk The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Intangible Assets Computer Software is stated at cost and amortized on the straight-line method over the estimated life of 3 years. At April 30, 2018 total capitalized cost was $4,800 and accumulated amortization was $1,466. Amortization expense for the year ended April 30, 2018 was $1,466. Property and Equipment 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. At April 30, 2018 total capitalized cost was $3,000 and accumulated depreciation was $1,250. Depreciation expense for the years ended April 30, 2018 and 2017 was $1,000 and $250, respectively. Net Income (Loss) Per Share The Company computes income (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 income (loss) per share is computed by dividing net income (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 income (loss) per share excludes all potential common shares if their effect is anti-dilutive. As of April 30, 2018 and 2017 there were no potentially dilutive common shares outstanding. 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 Company recognizes revenue after tours have been completed, travel consulting services have been provided and collection has been reasonably assured in accordance with the recognition criteria 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. During fiscal year ended April 30, 2018 we have generated $13,240 in revenue for tours and travel consulting services compared to $14,700 for the fiscal year ended April 30, 2017 for tours and travel consulting services. 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. As of April 30, 2018, the Company had 6,155,000 shares issued and outstanding and 5,220,000 shares issued and outstanding as of April 30, 2017. For the year ended April 30, 2018, the Company issued 935,000 shares of its common stock at $ 0.02 per share for total proceeds of $18,700. For the year ended April 30, 2017, company issued 220,000 shares of its common stock at $ 0.02 per share for total proceeds of $4,400. MAJOR CUSTOMERS During years ended April 30, 2018 and 2017, the following customers represented more than 10% of the Companys sales: Customer Year ended April 30, 2018 Year ended April 30, 2017 $ % $ % Customer A 2,490 18.81 3,000 20.40 Customer B 2,950 22.28 1,800 12.24 Customer C 2,500 18.88 2,000 13.61 Customer D 5,300 40.03 2,800 19.05 Customer E - - 3,100 21.09 Customer F - - 2,000 13.61 Total concentration 13,240 100.00 14,700 100.00 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2018 | |
Income Taxes: | |
Income Tax Disclosure | INCOME TAXES Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Tax Cuts and Jobs Act was enacted on December 22,2017 which reduced the U.S. corporate statutory tax rate from 35% to 21% beginning on January 1, 2018. We used 26% as an effective rate. Net deferred tax liabilities consist of the following components as of April 30: 2018 2017 Deferred tax assets: NOL Carryover $ 1424 $ 0 Depreciation 0 0 Amortization 0 0 Allowance for Bad Debts 0 0 Accrued Expenses 0 0 Deferred Revenue 0 0 Deferred tax liabilities Depreciation -368 -412 Amortization 0 0 Valuation allowance -1056 412 Net deferred tax asset $ 0 $ 0 2018 2017 Book Income $ -1634 $ 569 Stock for Services 0 0 Stock for Charity 0 0 Life Insurance 0 0 Meals & Entertainment 0 0 Intangible Impairment 0 0 Change in Deferred Revenue 0 0 Change in accrual 0 0 Change in Allowance 0 0 Change in Depreciation 210 -412 Loss on Sale of Assets 0 0 NOL Utilization 0 0 Valuation allowance 1424 -157 $ 0 $ 0 At April 30, 2018 the Company had net operating loss carryforwards of approximately $6,800 that may be offset against future taxable income from the year 2018 through 2038. No tax benefit has been reported in the April 30, 2018 consolidated financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Apr. 30, 2018 | |
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, 2018, the Companys sole officer and director loaned the Company $ 1,114 to pay for incorporation costs and operating expenses . As of April 30, 2018 and 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 or compensation for services rendered by its sole officer and director, and there is no agreement to pay any rent or compensation in the future. These costs are not considered material to the Company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 30, 2018 | |
Subsequent Events: | |
Subsequent Events | SUBSEQUENT EVENTS In accordance with ASC 855-10 management has performed an evaluation of subsequent events from April 30, 2018 through the date the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Uncategorized Items - lazex-201
Label | Element | Value |
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 5,000,000 |
Common Stock | ||
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 5,000,000 |
Retained Earnings | ||
Net Income (Loss) | us-gaap_NetIncomeLoss | $ (814) |