Legend Spices (LGSP) 10-K 19 Apr 24 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Entity Registrant Name	LEGEND SPICES INC.
Entity Central Index Key	0001970129
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		6,850,000
Entity Public Float			$ 0
Document Annual Report	true
Document Transition Report	false
Document Fin Stmt Error Correction Flag	false
Entity File Number	333-271201
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	38-4247159
Entity Address Address Line 1	14 Kajaznuni Street
Entity Address Address Line 2	Apt. 70
Entity Address City Or Town	Yerevan
Entity Address Country	AM
Entity Address Postal Zip Code	0070
City Area Code	99
Local Phone Number	432000
Security 12g Title	Common Stock, $0.001 par value
Entity Interactive Data Current	Yes
Auditor Name	Green Growth CPAs
Auditor Location	Los Angeles, California
Auditor Firm Id	6580

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash in Bank	$ 16	$ 199
Accounts Receivable	2,539	2,171
Inventories	2,391	3,068
Total current assets	4,946	5,438
Total assets	4,946	5,438
LIABILITIES
Income and other taxes payable	112	110
Accounts payable	5,050	6,894
Due to related parties	0	0
Total current liabilities	5,162	7,004
Long-term liabilities
Due to related parties- nonucurrent	36,833	9,412
Total long-term liabilities	36,833	9,412
Total liabilities	41,995	16,416
Preferred stock, $0.0001 par value; 50,000,000 shares authorized zero shares issued and outstanding as of December 31, 2023 and 2022, respectively	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized; 50,000,000 shares issued and outstanding as of December 31, 2023 and 2022, respectively. In 2023 5,000,000 common shares were issued at $0.001 par value per share, 1,850,000 of which were placed.	2,350	500
Additional paid in capital	39,554	4,500
Other comprehensive loss	(801)	(646)
Accumulated deficit	(78,152)	(15,332)
Total stockholders' deficit	(37,049)	(10,978)
Total liabilities and stockholders' deficit	$ 4,946	$ 5,438

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Balance Sheets
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
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	50,000,000	50,000,000
Common stock, shares outstanding	50,000,000	50,000,000
Common stock, other shares issued	5,000,000
Common shares issued, placed	1,850,000

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statements of Operations
Sales	$ 5,794	$ 4,599
Cost of Goods sold	5,126	4,567
Gross Profit	668	32
Operating expenses
Wages and benefits	3,058	2,186
Professional Fees	59,054	6,000
General and administration	1,376	1,754
Total operating expenses	63,488	9,940
Net Loss from operations	(62,820)	(9,908)
Income taxes	0	0
Net Loss	(62,820)	(9,908)
Foreign currency loss	(155)	(646)
Net comprehensive loss	$ (62,975)	$ (10,554)
Net loss per common share
Basic and diluted	$ 0	$ 0
Weighted average number of common shares	5,329,452	5,000,000
Basic and diluted	5,329,452	5,000,000

Statement of Stockholders' Equi

Statement of Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2021		5,000,000
Balance, amount at Dec. 31, 2021	$ (424)	$ 500	$ 4,500	$ 0	$ (5,424)
Foreign currency loss	(646)			(646)
Net loss for the period	(9,908)	$ 0	0	0	(9,908)
Balance, shares at Dec. 31, 2022		5,000,000
Balance, amount at Dec. 31, 2022	(10,978)	$ 500	4,500	(646)	(15,332)
Foreign currency loss	(155)			(155)
Net loss for the period	(62,820)				(62,820)
Issuance of common stock, shares		1,850,000
Issuance of common stock, amount	36,904	$ 1,850	35,054
Balance, shares at Dec. 31, 2023		6,850,000
Balance, amount at Dec. 31, 2023	$ (37,049)	$ 2,350	$ 39,554	$ (801)	$ (78,152)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statements of Cash Flows
Net loss	$ (62,820)	$ (9,908)
Inventories	677	(3,068)
Receivables	(368)	(2,171)
Accounts Payable	(1,844)	6,894
Accruals	(2)	110
Net cash used in operating activities	(64,353)	(8,143)
FINANCING ACTIVITIES
Related party notes payable	27,421	8,988
Issuance of common stock	36,904	0
Net cash provided by financing activities	64,325	8,988
NET CHANGE IN CASH	(28)	845
Effect of exchange rate changes on cash and equivalents	(155)	(646)
CASH, Beginning	199	0
CASH, Ending	$ 16	$ 199

Nature of the business

Nature of the business	12 Months Ended
	Dec. 31, 2023
Nature of the business
Nature of the business	1. Nature of the business Legend Spices, Inc

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2023
Significant accounting policies
Significant accounting policies	2. Significant accounting policies: (a) Basis of presentation: (i) Basis of accounting These financial statements have been prepared in accordance with US GAAP and are in accordance with US GAAP. Certain amounts from the prior year have been reclassified for comparability purposes. (ii) Non-publicly accountable enterprises Accounting for financial instruments, which require all financial instruments, including financial derivatives and certain embedded derivatives, to be recorded at fair value. These financial instrument standards also prescribe other presentation, measurement and disclosure requirements. Accordingly, the Company continues to apply the measurement, recognition, presentation and disclosure standards permitted for non-publicly accountable enterprises. (b) Revenue recognition: We recognize revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers, which requires that five basic criteria be met before revenue can be recognized: (i) identify the contract with the customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize revenue when or as the entity satisfied a performance obligation. Revenue recognition occurs at the time product is shipped to customers, when control transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. The Company only records revenue when collectability is probable. c) Inventories: Inventories (consisting entirely of raw materials) are measured at the lower of cost and net realizable value, with cost assigned by using the weighted average cost formula. Cost comprises the purchase price plus freight-in. Materials reported on the statement of operations represent inventories recognized as an expense in the period in which the related revenue is recognized. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. (e) Future income taxes: The Company uses the tax payable method of accounting for income taxes. The tax payable method records is where the tax expense is equal to the provision for taxes payable in a particular period and deferred income tax is not recognized. (F) Use of estimates: The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Significant items subject to such estimates and assumptions include valuation of accounts receivable and inventory,. Actual results could differ from those estimates. (g) Foreign currency translation: Monetary assets and liabilities denominated in foreign currencies are translated at the prevailing rates of exchange at the balance sheet date. Revenues and expenses are translated at the exchange rates prevailing on the transaction dates. Realized and unrealized exchange gains and losses are included in earnings. The Company does not use derivative instruments to mitigate foreign exchange risk. As the company’s main production and sales are in Armeni, the functional currency is AMD.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2023
Going Concern
Going Concern	3. Going Concern The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Management evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the consolidated financial statements are issued and determined that substantial doubt exists about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on the Company’s ability to generate revenues and raise capital. The Company has not generated sufficient revenues to provide sufficient cash flows to enable the Company to finance its operations internally. As of December 31, 2023, the Company had $16 cash on hand. At December 31, 2023, the Company has an accumulated deficit of $78,152. For the year ended December 31, 2023, the Company had a net loss of $62,975, and cash used in operations of $64,353. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date of filing. Over the next twelve months, management plans to raise additional capital while it generates profitable operations. However, there is no guarantee the Company will generate profitable operations or raise capital to continue operations. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Recent accounting pronouncements Company management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Net Earnings Per Share

Net Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Net Earnings Per Share
Net Earnings Per Share	4. Net Earnings Per Share The reconciliation of the numerators and denominators of the basic and diluted earnings and loss per share calculations was as follows for the following fiscal years ended: December 31, December 31, 2023 2022 Numerator Net comprehensive loss $ (62,975 ) $ (10,554 ) Denominator Weighted-average shares used to compute basic EPS 5,329,452 5,000,000 Weighted-average shares used to compute diluted EPS 5,329,452 5,000,000 Net (loss) earnings per share Basic $ (0.0118 ) $ (0.0021 ) Diluted (0.0118 ) $ (0.0021 ) Net (loss) earnings available to participating securities were not significant for fiscal years 2023 and 2022.

Loan from Shareholders

Loan from Shareholders	12 Months Ended
	Dec. 31, 2023
Loan from Shareholders
Loan from Shareholders	5. Loan from Shareholders: The amounts advanced from/to the shareholders are non-interest bearing and have no specified terms of repayment and are subordinated to the bank.

Financial assets and liabilitie

Financial assets and liabilities	12 Months Ended
	Dec. 31, 2023
Financial assets and liabilities
Financial assets and liabilities	6. Financial assets and liabilities: (a) Fair value: The fair values of the Company’s cash, accounts receivable, accounts payable and accrued liabilities and management bonuses payable approximate their carrying amounts. The fair value of the other investments is market value which represents the closing bid price noted on the stock exchange. The fair value of the long-term debt approximates its carrying value as the interest rate does not differ significantly from the current market rates available to the Company for similar debt. The significant financial risks to which the Company is exposed are credit risk, interest rate risk, market risk, currency risk and liquidity risk. (b) Credit risk exposure: Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company is exposed to credit risk in the event of non-performance by counterparties in connection with its accounts receivable. The Company does not obtain collateral or other security to support the accounts receivable subject to credit risk but mitigates this risk by dealing only with what management believes to be financially sound counterparties and, accordingly, does not anticipate significant loss for non-performance. (c) Interest rate risk: Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The bank demand loan bears interest at the bank at 6.0%. Changes in the bank’s prime lending rate can cause fluctuations in interest payments and cash flows. The Company does not use derivative financial instruments to alter the effects of this risk. (d) Market risk: Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company’s investments in publicly traded securities expose the Company to market risk as such investments are subject to price changes in the open market. The Company does not use derivative financial instruments to alter the effects of this risk. (e) Currency risk: Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company enters into foreign currency purchase and sale transactions and has assets and liabilities that are denominated in foreign currencies and thus is exposed to the financial risk of earnings fluctuations arising from changes in foreign exchange rates and the degree of volatility of these rates. The Company does not currently use derivative instruments to reduce its exposure to foreign currency risk. (f) Liquidity risk: Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company is exposed to liquidity risk arising primarily from the bank demand loan. The Company’s ability to meet obligations depends on the receipt of funds from its operating subsidiaries and other related sources, whether in the form of revenue or advances.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2023
Subsequent events
Subsequent events	7. Subsequent events In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to December 31, 2023, to the date these financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Significant accounting policies
Basis of Presentation	(i) Basis of accounting These financial statements have been prepared in accordance with US GAAP and are in accordance with US GAAP. Certain amounts from the prior year have been reclassified for comparability purposes. (ii) Non-publicly accountable enterprises Accounting for financial instruments, which require all financial instruments, including financial derivatives and certain embedded derivatives, to be recorded at fair value. These financial instrument standards also prescribe other presentation, measurement and disclosure requirements. Accordingly, the Company continues to apply the measurement, recognition, presentation and disclosure standards permitted for non-publicly accountable enterprises.
Revenue Recognition	We recognize revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers, which requires that five basic criteria be met before revenue can be recognized: (i) identify the contract with the customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize revenue when or as the entity satisfied a performance obligation. Revenue recognition occurs at the time product is shipped to customers, when control transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. The Company only records revenue when collectability is probable.
Inventories	Inventories (consisting entirely of raw materials) are measured at the lower of cost and net realizable value, with cost assigned by using the weighted average cost formula. Cost comprises the purchase price plus freight-in. Materials reported on the statement of operations represent inventories recognized as an expense in the period in which the related revenue is recognized. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Future income taxes	The Company uses the tax payable method of accounting for income taxes. The tax payable method records is where the tax expense is equal to the provision for taxes payable in a particular period and deferred income tax is not recognized.
Use of estimates	The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Significant items subject to such estimates and assumptions include valuation of accounts receivable and inventory,. Actual results could differ from those estimates.
Foreign currency translation	Monetary assets and liabilities denominated in foreign currencies are translated at the prevailing rates of exchange at the balance sheet date. Revenues and expenses are translated at the exchange rates prevailing on the transaction dates. Realized and unrealized exchange gains and losses are included in earnings. The Company does not use derivative instruments to mitigate foreign exchange risk. As the company’s main production and sales are in Armeni, the functional currency is AMD.

Net Earnings Per Share (Table)

Net Earnings Per Share (Table)	12 Months Ended
	Dec. 31, 2023
Net Earnings Per Share
Schedule Of Basic and diluted earnings and loss per share	December 31, December 31, 2023 2022 Numerator Net comprehensive loss $ (62,975 ) $ (10,554 ) Denominator Weighted-average shares used to compute basic EPS 5,329,452 5,000,000 Weighted-average shares used to compute diluted EPS 5,329,452 5,000,000 Net (loss) earnings per share Basic $ (0.0118 ) $ (0.0021 ) Diluted (0.0118 ) $ (0.0021 )

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Going Concern
Cash on hand	$ 16
Accumulated deficit	(78,152)	$ (15,332)
Net loss	(62,975)	(10,554)
Cash used in operations	$ (64,353)	$ (8,143)

Net Earnings Per Share (Details

Net Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net Earnings Per Share
Net comprehensive loss	$ (62,975)	$ (10,554)
Denominator
Weighted-average shares used to compute basic EPS	5,329,452	5,000,000
Weighted-average shares used to compute diluted EPS	5,329,452	5,000,000
Net (loss) earnings per share
Basic	$ 0.0118	$ (0.0021)
Diluted	$ (0.0118)	$ (0.0021)

Financial assets and liabilit_2

Financial assets and liabilities (Details Narrative)	12 Months Ended
	Dec. 31, 2023
Financial assets and liabilities
Interest rate risk	6%