| Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | LAZEX INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE THREE MONTH PERIODS ENDED JULY 31, 2018 AND 2017 NOTE 1 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 $11,319 as of July 31, 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. 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. 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 . NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited condensed financial statements of Lazex Inc.(the Company) have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America and rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and results of operations for the interim period presented have been reflected herein. The results of the operations for the three months ended July 31, 2018 are not necessarily indicative of the results for the year ended April 30, 2019. 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 July 31, 2018 total capitalized cost was $4,800 and accumulated amortization was $1,866. At April 30, 2018 total capitalized cost was $4,800 and accumulated amortization was $1,466. Amortization expense for the three months ended July 31, 2018 was $400. Amortization expense for the three months ended July 31, 2017 was $266. 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 July 31, 2018 total capitalized cost was $3,000 and accumulated depreciation was $1,500. At April 30, 2018 total capitalized cost was $3,000 and accumulated depreciation was $1,250. Depreciation expense for the three months ended July 31, 2018 was $250. Depreciation expense for the three months ended July 31, 2017 was $250. Net (Loss) Per Share The Company computes net 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. For the period ended July 31, 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 As of three months ended July 31, 2018 , the Company did not generated any revenue. As of three months ended July 31, 2017 we generated $7,940 in revenues for tours and travel consulting services. None of these services were provided to related parties. Recent Accounting Pronouncements Beginning on May 1, 2018 we adopted Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, and all related interpretations for recognition of our revenue from tours and consulting services. Previously we recorded revenue based on ASC Topic 605. Adoption of new accounting standard did not have any material impact on our reported revenue. Revenue is recognized when the following criteria are met: Identification of the contract, or contracts, with customer; Identification of the performance obligations in the contract; Determination of the transaction price; Allocation of the transaction price to the performance obligations in the contract; and Recognition of revenue when, or as, we satisfy performance obligation. NOTE 3 CAPTIAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On May 22, 2018, the Company canceled 60,000 of its common shares and accrued a stock refund payable of $1,200. As of July 31, 2018, the Company had 6,095,000 compared to 6,155,000 shares issued and outstanding as of April 30, 2018. NOTE 4 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 July 31, 2018, the Companys sole officer and director loaned the Company $ 1,114 to pay for incorporation costs and operating expenses . As of July 31, 2018 and April 30, 2018 , 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. NOTE 5 - MAJOR CUSTOMERS During three months ended July 31, 2018 and July 31, 2017, the following customers represented more than 10% of the Companys sales: Customer Three months ended July 31, 2018 Three months ended July 31, 2017 $ % $ % Customer A - - 2,490 31.36 Customer B - - 2,950 37.15 Customer C - - 2,500 31.49 Total concentration - - 7,940 100.00 NOTE 6 SUBSEQUENT EVENTS In accordance with ASC 855-10 management has performed an evaluation of subsequent events from July 31, 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. NOTE 7 The Company has restated its financial statements for the quarterly period ended July 31, 2018. The significant changes made are further described and summarized below. On May 22, 2018 a shareholder returned 60,000 shares of common stock to our transfer agent for cancellation. The Company failed to reflect this cancellation in its July 31, 2018 financial statements as originally filed. The Company has restated its financial statements to reflect the cancellation and to record a $1,200 refund payable to the former shareholder. At April 30, 2018 the Company had 6,155,000 shares of common stock issued and outstanding. At July 31, 2018, after reflecting the cancellation of 60,000 shares on May 22, 2018, the Company had 6,095,000 shares of common stock issued and outstanding. The following table highlights the significant areas of change to the financial statements: Three Months Ended July 31, 2018 As Previously As Reported Restated July 31, July 31, 2018 2018 Change Total Assets $ 21,795 $ 21,795 $ - Total Liabilities $ (5,014 ) $ (6,214 ) $ 1,200 Stockholders' Equity $ 16,781 $ 15,581 $ (1,200) Net Income (Loss) $ (6,517 ) $ (6,517 ) $ - Basic Loss per share $ (0.00 ) $ (0.00 ) $ - Common Stock Issued and Outstanding 6,155,00 0 6,095,000 (60,000) Weighted Average Common Shares Outstanding 6,155,00 0 6,108,695 46,305 |
