LHI Acquisition 10-K 29 Jan 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jul. 31, 2018	Jan. 29, 2019	Jan. 31, 2018
Document And Entity Information
Entity Registrant Name	LHI Acquisition Corp
Entity Central Index Key	1,711,438
Document Type	10-K
Document Period End Date	Jul. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		20,000,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018
Entity Public Float			$ 0
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false
Entity Shell Company	true

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jul. 31, 2018	Jul. 31, 2017
Current assets
Cash
Total assets
Current liabilities
Accounts Payable - Related Party	11,899	602
Total liabilities	11,899	602
Commitments and contingencies
Stockholder's Deficit
Preferred Stock; $0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding
Common Stock; $0.0001 par value, 500,000,000 shares authorized; 20,000,000 shares issued and outstanding	2,000	2,000
Additional Paid-in Capital	(1,000)	(1,000)
Accumulated Deficit	(12,899)	(1,602)
Total stockholder's deficit	(11,899)	(602)
Total liabilities and stockholder's deficit

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2018	Jul. 31, 2017
Stockholder's Deficit
Preferred Stock, par value	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized	20,000,000	20,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	20,000,000	20,000,000
Common stock, shares outstanding	20,000,000	20,000,000

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	Jul. 31, 2017	Jul. 31, 2018
Statements Of Operations
REVENUE
OPERATING EXPENSES
Selling, general, and administrative expense	1,602	11,297
TOTAL OPERATING EXPENSES	1,602	11,297
Net loss	$ (1,602)	$ (11,297)
Loss per share - basic and diluted	$ 0	$ 0
Weighted average shares - basic and diluted	20,000,000	20,000,000

STATEMENTS OF STOCKHOLDER_S DEF

STATEMENTS OF STOCKHOLDER’S DEFICIT - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Shares at Jul. 16, 2017
Beginning Balance, Amount at Jul. 16, 2017
Stock issued for cash, Shares	20,000,000
Stock issued for cash, Amount	$ 2,000	(1,000)		1,000
Net loss			(1,602)	(1,602)
Ending Balance, Shares at Jul. 31, 2017	20,000,000
Ending Balance, Amount at Jul. 31, 2017	$ 2,000	(1,000)	(1,602)	(602)
Net loss			(11,297)	(11,297)
Ending Balance, Shares at Jul. 31, 2018	20,000,000
Ending Balance, Amount at Jul. 31, 2018	$ 2,000	$ (1,000)	$ (12,899)	$ (11,899)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	Jul. 31, 2017	Jul. 31, 2018
OPERATING ACTIVITIES
Net Loss	$ (1,602)	$ (11,297)
Adjustments to reconcile net loss to net cash used in operating activities:
Expenses paid by related party	1,602	11,297
Cash from operating activities
FINANCING ACTIVITIES
Proceeds from issuance of common stock	1,000
Payments to related party	(1,000)
Cash from financing activities
Net Change in cash
Cash, beginning of period
Cash, end of period
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH INVESTING AND FINANCING ACTIVITIES:
Cash paid during the period for: Interest
Cash paid during the period for: Income taxes

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jul. 31, 2018
Nature Of Operations And Summary Of Significant Accounting Policies
NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NATURE OF OPERATIONS LHI ACQUISITION CORPORATION ("LHI Acquisition” or “the Company”) was incorporated on July 17, 2017 under the laws of the State of Nevada to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company will attempt to locate and negotiate with a business entity for the combination of that target company with the Company. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any target company. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. BASIS OF PRESENTATION The summary of significant accounting policies presented below is designed to assist in understanding the Company's financial statements. Such financial statements and accompanying notes are the representations of the Company's management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America ("GAAP") in all material respects, and have been consistently applied in preparing the accompanying financial statements. USE OF ESTIMATES The preparation of financial statements in conformity with 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 periods. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. As of July 31, 2018 the company has no cash. 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 July 31, 2018, there were no deferred taxes. LOSS PER COMMON 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. The Company does not have any common stock equivalents as of July 31, 2018 or 2017. RECENT ACCOUNTING PRONOUNCEMENTS The Company does not expect the adoption of any recent accounting pronouncements to have a significant impact on its financial statements. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Jul. 31, 2018
Notes to Financial Statements
NOTE 2 - GOING CONCERN	The Company has had no operations and no revenue or income since its inception on July 17, 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, which it has not been able to accomplish to date, and /or obtain additional financing from its stockholders and/or other third parties. These financial statements have been prepared on a going concern basis, which implies the Company will continue to meet its obligations and continue its operations for the next fiscal year. The continuation of the Company as a going concern is dependent upon financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue operations, successfully locating and negotiate with a business entity for the combination of that target company with the Company. Ludvik Holdings, Inc., a company affiliated with management, will pay all expenses incurred by the Company until a business combination is effected, without repayment. There is no assurance that the Company will ever be profitable.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	12 Months Ended
	Jul. 31, 2018
Notes to Financial Statements
NOTE 3 - STOCKHOLDER'S EQUITY	The Company is authorized to issue 500,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of July 31, 2018, 20,000,000 shares of common stock and no preferred stock were issued and outstanding. There are no preferred stock rights or privileges. On July 17, 2017, the Company issued 20,000,000 common shares to Ludvik Holdings, Inc. for a total of $1,000 in cash.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jul. 31, 2018
Notes to Financial Statements
NOTE 4 - RELATED PARTY TRANSACTIONS	Ludvik Holdings, Inc.(“Ludvik”), the company’s sole shareholder, will pay all expenses incurred by the Company until a business combination is effected. The Company has no formal agreement or understanding with Ludvik. There is no obligation from Ludvik to provide any financing, consulting, finder or other services to the Company and there can be no assurances that any financing or other services will be provided by Ludvik. During the year ended July 31, 2018 and period ended July 31, 2017, Ludvik paid expenses of $11,899 and $1,602, respectively, on behalf of the Company. The total amount due to Ludvik as of July 31, 2018, was $11,899.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jul. 31, 2018
Notes to Financial Statements
NOTE 5 - INCOME TAXES	A reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows: July 31, 2018 July 31, 2017 Net loss before income taxes per financial statements $ (11,297 ) $ (1,602 ) Income tax rate 21 % 21 % Income tax recovery (2,372 ) (336 ) Non-deductible -- -- Valuation allowance change 2,372 336 Provision for income taxes $ – $ – The significant component of deferred income tax assets at July 31, 2018 and July 31, 2017, is as follows: July 31, 2018 July 31, 2017 Net operating loss carry-forward $ 2,709 $ 336 Valuation allowance (2,709 ) (336 ) Net deferred income tax asset $ – $ – The Tax Cuts and Jobs Act of 2017 (the Act) reduced the statutory corporate federal income tax rate from 35% to 21% beginning in 2018. The blended tax rate for 2018 considered the tax laws enacted in 2017. The tax effect of temporary differences from net operating losses (“NOL”) has been adjusted to reflect the newly enacted rate. The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards. The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change and which cause a change in management’s judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. As of July 31, 2018 and July 31, 2017, the Company has no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the year ended July 31, 2018 and July 31, 2017 and no interest or penalties have been accrued as of July 31, 2018 and July 31, 2017. As of July 31, 2018 and July 31, 2017, the Company did not have any amounts recorded pertaining to uncertain tax positions.

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jul. 31, 2018
Nature Of Operations And Summary Of Significant Accounting Policies Policies Abstract
NATURE OF OPERATIONS	LHI ACQUISITION CORPORATION ("LHI Acquisition” or “the Company”) was incorporated on July 17, 2017 under the laws of the State of Nevada to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company will attempt to locate and negotiate with a business entity for the combination of that target company with the Company. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any target company. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934.
BASIS OF PRESENTATION	The summary of significant accounting policies presented below is designed to assist in understanding the Company's financial statements. Such financial statements and accompanying notes are the representations of the Company's management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America ("GAAP") in all material respects, and have been consistently applied in preparing the accompanying financial statements.
USE OF ESTIMATES	The preparation of financial statements in conformity with 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 periods. Actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS	Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less.
CONCENTRATION OF RISK	Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. As of July 31, 2018 the company has no cash.
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 July 31, 2018, there were no deferred taxes.
LOSS PER COMMON 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. The Company does not have any common stock equivalents as of July 31, 2018 or 2017.
RECENT ACCOUNTING PRONOUCEMENTS	The Company does not expect the adoption of any recent accounting pronouncements to have a significant impact on its financial statements.
FAIR VALUE OF FINANCIAL INSTRUMENTS	The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jul. 31, 2018
Income Taxes
Schedule of Effective Income tax rate reconciliation	July 31, 2018 July 31, 2017 Net loss before income taxes per financial statements $ (11,297 ) $ (1,602 ) Income tax rate 21 % 21 % Income tax recovery (2,372 ) (336 ) Non-deductible -- -- Valuation allowance change 2,372 336 Provision for income taxes $ – $ –
Schedule of deferred income tax assets	July 31, 2018 July 31, 2017 Net operating loss carry-forward $ 2,709 $ 336 Valuation allowance (2,709 ) (336 ) Net deferred income tax asset $ – $ –

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Jul. 31, 2018
Nature Of Operations And Summary Of Significant Accounting Policies Details Narrative Abstract
State or country of incorporation	Nevada
Date of incorporation	Jul. 17, 2017

STOCKHOLDER'S EQUITY (Details N

STOCKHOLDER'S EQUITY (Details Narrative) - USD ($)	Jul. 31, 2018	Jul. 31, 2017	Jul. 17, 2017
Common stock, shares authorized	500,000,000	500,000,000
Preferred stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	20,000,000	20,000,000
Common stock, shares outstanding	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Ludvik Holdings, Inc [Member]
Common stock, shares issued			20,000,000
Proceeds from issuance of common stock			$ 1,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jul. 31, 2017	Jul. 31, 2018
Expenses paid by related party	$ 1,602	$ 11,297
Accounts Payable - Related Party	602	11,899
Ludvik Holdings, Inc [Member]
Expenses paid by related party	$ 1,602	11,899
Accounts Payable - Related Party		$ 11,899

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jul. 31, 2017	Jul. 31, 2018
Income Taxes Details Abstract
Net loss before income taxes per financial statements	$ (1,602)	$ (11,297)
Income tax rate	21.00%	21.00%
Income tax recovery	$ (336)	$ (2,372)
Non-deductible
Valuation allowance change	336	2,372
Provision for income taxes

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Jul. 31, 2018	Jul. 31, 2017
Income Taxes Details 1Abstract
Net operating loss carry-forward	$ 2,709	$ 336
Valuation allowance	(2,709)	(336)
Net deferred income tax asset

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	12 Months Ended
	Jul. 31, 2018
Income Taxes Details Narrative Abstract
Income tax rate description	The Tax Cuts and Jobs Act of 2017 (the Act) reduced the statutory corporate federal income tax rate from 35% to 21% beginning in 2018.