0001165527-15-000206.txt : 20150430 0001165527-15-000206.hdr.sgml : 20150430 20150430141311 ACCESSION NUMBER: 0001165527-15-000206 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150430 DATE AS OF CHANGE: 20150430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lake Forest Minerals Inc. CENTRAL INDEX KEY: 0001441082 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 262862618 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-152805 FILM NUMBER: 15817316 BUSINESS ADDRESS: STREET 1: 711 S. CARSON ST, SUITE #4 CITY: CARSON CITY STATE: NV ZIP: 89701 BUSINESS PHONE: 206-271-3009 MAIL ADDRESS: STREET 1: 711 S. CARSON ST, SUITE #4 CITY: CARSON CITY STATE: NV ZIP: 89701 10-Q 1 g7839.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2015 Commission file number 333-152805 LAKE FOREST MINERALS, INC. (Exact name of registrant as specified in its charter) NEVADA (State or other jurisdiction of incorporation or organization) 711 S. Carson Street, Suite 4 Carson City, NV 89701 (Address of principal executive offices, including zip code) (206) 203-4100 (Telephone number, including area code) Resident Agents of Nevada, Inc. 711 S. Carson Street, Suite 4 Carson City, NV 89701 (775) 882 4641 (Name, address and telephone number of agent for service) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. YES [X] NO [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [X] NO [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer, "accelerated filer," "non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES [X] NO [ ] State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 11,000,000 shares as of April 30, 2015. ITEM 1. FINANCIAL STATEMENTS LAKE FOREST MINERALS INC. (A Development Stage Company) Balance Sheets (Expressed in U.S. Dollars) (Unaudited)
March 31, June 30, 2015 2014 ---------- ---------- ASSETS CURRENT ASSETS Cash $ 904 $ 1,090 ---------- ---------- Total Current Assets 904 1,090 ---------- ---------- Total Assets $ 904 $ 1,090 ========== ========== LIABILITIES CURRENT LIABILITIES Accounts payable $ 3,726 $ 5,768 Due to related party 62,000 51,500 ---------- ---------- Total Current Liabilities 65,726 57,268 ---------- ---------- STOCKHOLDERS' EQUITY Share Capital 10,000,000 authorized preferred shares, par value $0.001 nil ssued and outstanding 75,000,000 authorized shares, par value $0.001 11,000,000 shares issued and outstanding 11,000 11,000 Additional Paid-in-Capital 31,000 31,000 Deficit accumulated during development stage (106,822) (98,178) ---------- ---------- Total Stockholders' Equity (Deficit) (64,822) (56,178) ---------- ---------- Total Liabilities and Stockholders' Equity $ 904 $ 1,090 ========== ==========
The accompanying notes are an integral part of these financial statements. 2 LAKE FOREST MINERALS INC. (A Development Stage Company) Statements of Operations (Expressed in U.S. Dollars) (Unaudited)
Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended March 31, March 31, March 31, March 31, 2015 2014 2015 2014 ------------ ------------ ------------ ------------ REVENUES: Revenues $ -- $ -- $ -- $ -- ------------ ------------ ------------ ------------ Total Revenues -- -- -- -- EXPENSES: Operating Expenses Exploration expenses -- -- -- -- Impairment of mineral property -- -- -- -- General and Adminstrative 1,090 1,050 3,348 2,540 Professional Fees 1,789 1,788 5,296 5,360 ------------ ------------ ------------ ------------ Total Expenses 2,879 2,838 8,644 7,900 ------------ ------------ ------------ ------------ Loss from Operations (2,879) (2,838) (8,644) (7,900) PROVISION FOR INCOME TAXES: Income Tax Benefit -- -- -- -- ------------ ------------ ------------ ------------ Net Loss $ (2,879) $ (2,838) $ (8,644) $ (7,900) ============ ============ ============ ============ Basic and Diluted Earnings (Loss) Per Common Share $ (0.00) $ (0.00) $ (0.00) $ (0.00) ============ ============ ============ ============ Weighted Average number of Common Shares used in per share calculations 11,000,000 11,000,000 11,000,000 11,000,000 ============ ============ ============ ============
The accompanying notes are an integral part of these financial statements. 3 LAKE FOREST MINERALS INC. (A Development Stage Company) Statements of Cash Flows (Expressed in U.S. Dollars) (Unaudited)
Nine Months Nine Months Ended Ended March 31, March 31, 2015 2014 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss $ (8,644) $ (7,900) Adjustments to reconcile net loss to net cash used in operating activities: Accounts payable (2,042) (2,909) Impairment of mineral property -- -- -------- -------- Net Cash Provided by (Used in) Operating Activities (10,686) (10,809) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Mineral property option payment -- -- -------- -------- Net Cash (Used in) Investing Activities -- -- -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Common Stock issued for cash -- -- Due to related party 10,500 11,000 -------- -------- Net Cash Provided by Financing Activities 10,500 11,000 -------- -------- Net Increase (Decrease) in Cash (186) 191 -------- -------- Cash Balance, Beginning of Period 1,090 1,009 -------- -------- Cash Balance, End of Period $ 904 $ 1,200 ======== ========
The accompanying notes are an integral part of these financial statements. 4 LAKE FOREST MINERALS INC. (A Development Stage Company) Notes to the Financial Statements 1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS AND HISTORY - Lake Forest Minerals Inc., a Nevada corporation, (hereinafter referred to as the "Company" or "Lake Forest Minerals") was incorporated in the State of Nevada on June 23, 2008. The Company was formed to engage in the acquisition, exploration and development of natural resource properties of merit. During the initial period ending June 30, 2008, the Company entered into an option agreement to acquire certain mineral claims located in British Columbia (refer to Note 3). On February 22, 2010 the Company provided notice to the Optionor, and terminated the Option Agreement and relieved itself from any obligations thereunder. The Company's operations have been limited to general administrative operations, initial property staking and investigation, and is considered an Exploration Stage Company in accordance with ASC 915. THE COMPANY TODAY - The Company is currently a development stage company reporting under the provisions of ASC 915 "Accounting and Reporting for Development Stage Enterprises." Since February 22, 2010, our purpose has been to serve as a vehicle to acquire an operating business and we are currently considered a "shell" company inasmuch as we are not generating revenues, do not own an operating business, and have no specific plan other than to engage in a merger or acquisition transaction with a yet-to-be identified operating company or business. We have no employees and no material assets. MANAGEMENT OF COMPANY - The Company filed its articles of incorporation with the Nevada Secretary of State on June 23, 2008. The initial list of officers filed with the Nevada Secretary of State on June 23, 2008, indicates the sole director Jeffrey Taylor as the President, Secretary, and Treasurer. YEAR END - The Company's fiscal year end is June 30. USE OF ESTIMATES - The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America 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 amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. 5 LAKE FOREST MINERALS INC. (A Development Stage Company) Notes to the Financial Statements 1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) INCOME TAXES - The Company provides for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has net operating loss carryover to be used for reducing future year's taxable income. The Company has recorded a valuation allowance for the full potential tax benefit of the operating loss carryovers due to the uncertainty regarding realization. REVENUE RECOGNITION - The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost. NET LOSS PER COMMON SHARE - Basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. For the period from June 23, 2008 (Date of Inception) through March 31, 2015 the Company had no potentially dilutive securities. STOCK-BASED COMPENSATION - The Company has not adopted a stock option plan and has not granted any stock options. Accordingly no stock-based compensation has been recorded to date. CASH AND CASH EQUIVALENTS - For purposes of Statements of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. ADVERTISING COSTS - The Company's policy regarding advertising is to expense advertising when incurred. The Company had not incurred any advertising expenses as of March 31, 2015. 6 LAKE FOREST MINERALS INC. (A Development Stage Company) Notes to the Financial Statements 1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) LONG-LIVED ASSETS - The carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. MINERAL PROPERTY COSTS - The Company has been in the exploration stage since its inception on June 23, 2008 and has not yet realized any revenues from its planned operations, being the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. The Company assesses the carrying costs for impairment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. RECENT ACCOUNTING PRONOUNCEMENTS - From March 31, 2015 through the filing date of these financial statements, the FASB (Financial Accounting Standards Board) issued various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. Management has determined that these recent accounting pronouncements will have no impact on the financial statements of Lake Forest Minerals Inc. 2. PROPERTY AND EQUIPMENT As of March 31, 2015, the Company does not own any property and/or equipment. 3. STOCKHOLDER'S EQUITY The Company has 75,000,000 common shares and 10,000,000 preferred shares authorized with a par value of $0.001 per share. The Company has not issued any preferred shares since inception through March 31, 2015. A total of 11,000,000 shares of the Company's common stock have been issued as of June 30, 2014, 8,000,000 of these shares were issued to the sole director of the Company pursuant to a stock subscription agreement at $0.0015 per share for total proceeds of $12,000 on June 26, 2008. The remaining 3,000,000 shares of the Company's issued 7 LAKE FOREST MINERALS INC. (A Development Stage Company) Notes to the Financial Statements 3. STOCKHOLDER'S EQUITY (continued) and outstanding common stock were issued at a price of $0.01 per share for gross proceeds of $30,000. 4. RELATED PARTY TRANSACTIONS Jeffrey Taylor, the sole officer and director of the Company was not paid for any underwriting services that he performed on behalf of the Company with respect to the Company's S-1 prospectus offering, filed August 6, 2008. To March 31, 2015, Jeffrey Taylor loaned the Company $62,000 for operating expenses, the loan bears no interest and has no specific terms of payment. 5. GOING CONCERN The Company has incurred net losses of approximately $106,822 for the period from June 23, 2008 (Date of Inception) through March 31, 2015 and has commenced limited operations, raising substantial doubt about the Company's ability to continue as a going concern. The Company will seek additional sources of capital through the issuance of debt or equity financing, but there can be no assurance the Company will be successful in accomplishing its objectives. The ability of the Company to continue as a going concern is dependent on additional sources of capital and the success of the Company's plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. 6. SUBSEQUENT EVENTS The Company's management has reviewed all material subsequent events through the filing date of these financial statements in accordance with ASC 885-10, and has determined that there are no material subsequent events to report. 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION FORWARD LOOKING STATEMENTS Certain statements in this report contain or may contain forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to generate revenues, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Readers should carefully review this report in its entirety, including but not limited to our financial statements and the notes thereto. Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. GENERAL INFORMATION Lake Forest Minerals was incorporated in the State of Nevada on June 23, 2008. We are a development stage company with no revenues or operating history. We have sold $42,000 in equity securities since inception, $12,000 from the sale of 8,000,000 shares of stock to our officer and director and $30,000 from the sale of 3,000,000 shares registered pursuant to our S-1 Registration Statement which became effective on August 18, 2008. The offering was completed on September 11, 2008. Our financial statements from inception through the period ended March 31, 2015 report no revenues and a net loss of $106,822. Seale and Beers, Certified Public Accountants, our independent auditor, has issued an audit opinion for Lake Forest Minerals which includes a statement expressing substantial doubt as to our ability to continue as a going concern. Effective June 26, 2008, the Company entered into a Mineral Property Option Agreement with T.L. Sadlier-Brown, whereby the Company obtained an option to acquire the VIN Mineral Claim located in the Princeton Mining Division of British Columbia. Prior to completing the payments required under the Agreement, the Company had the right to conduct exploration and development activities on the property at its sole discretion and, having provided notice to the vendor, had the option to terminate the Agreement and relieve itself from any obligations thereunder. On February 22, 2010 the Company provided notice to Mr. Sadlier-Brown, and terminated the Option Agreement and relieved itself from any obligations thereunder. 9 Our plan is to seek, investigate, and consummate a merger or other business combination, purchase of assets or other strategic transaction (i.e. a merger) with a corporation, partnership, limited liability company or other operating business entity (a "Merger Target") desiring the perceived advantages of becoming a publicly reporting and publicly held corporation. We have no operating business, and conduct minimal operations necessary to meet regulatory requirements. Our ability to commence any operations is contingent upon obtaining adequate financial resources. We are currently considered a "shell" company inasmuch as we are not generating revenues, do not own an operating business, and have no specific plan other than to engage in a merger or acquisition transaction with a yet-to-be identified operating company or business. We have no employees and no material assets. We currently have no definitive agreements or understandings with any prospective business combination candidates and there are no assurances that we will find a suitable business with which to combine. The implementation of our business objectives is wholly contingent upon a business combination and/or the successful sale of our securities. We intend to utilize the proceeds of any offering, any sales of equity securities or debt securities, bank and other borrowings or a combination of those sources to effect a business combination with a target business which we believe has significant growth potential. While we may, under certain circumstances, seek to effect business combinations with more than one target business, unless additional financing is obtained, we will not have sufficient proceeds remaining after an initial business combination to undertake additional business combinations. A common reason for a target company to enter into a merger with a shell company is the desire to establish a public trading market for its shares. Such a company would hope to avoid the perceived adverse consequences of undertaking a public offering itself, such as the time delays and significant expenses incurred to comply with the various federal and state securities law that regulate initial public offerings. As a result of our limited resources, unless and until additional financing is obtained we expect to have sufficient proceeds to effect only a single business combination. Accordingly, the prospects for our success will be entirely dependent upon the future performance of a single business. Unlike certain entities that have the resources to consummate several business combinations or entities operating in multiple industries or multiple segments of a single industry, we will not have the resources to diversify our operations or benefit from the possible spreading of risks or offsetting of losses. A target business may be dependent upon the development or market acceptance of a single or limited number of products, processes or services, in which case there will be an even higher risk that the target business will not prove to be commercially viable. Our officer is only required to devote a small portion of his time to our affairs on a part-time or as-needed basis. We expect to use outside consultants, advisors, attorneys and accountants as necessary, none of which will be hired on a retainer basis. We do not anticipate hiring any full-time employees so long as we are seeking and evaluating business opportunities. We do not expect our present management to play any managerial role for us following a business combination. Although we intend to scrutinize closely the 10 management of a prospective target business in connection with our evaluation of a business combination with a target business, our assessment of management may be incorrect. In evaluating a prospective target business, we will consider several factors, including the following: - experience and skill of management and availability of additional personnel of the target business; - costs associated with effecting the business combination; - equity interest retained by our stockholders in the merged entity; - growth potential of the target business; - capital requirements of the target business; - capital available to the target business; - stage of development of the target business; - proprietary features and degree of intellectual property or other protection of the target business; - the financial statements of the target business; and - the regulatory environment in which the target business operates. The foregoing criteria are not intended to be exhaustive and any evaluation relating to the merits of a particular target business will be based, to the extent relevant, on the above factors, as well as other considerations we deem relevant. In connection with our evaluation of a prospective target business, we anticipate that we will conduct a due diligence review which will encompass, among other things, meeting with incumbent management as well as a review of financial, legal and other information. The time and costs required to select and evaluate a target business (including conducting a due diligence review) and to structure and consummate the business combination (including negotiating and documenting relevant agreements and preparing requisite documents for filing pursuant to applicable corporate and securities laws) cannot be determined at this time. Our president intends to devote only a very small portion of his time to our affairs, and, accordingly, the consummation of a business combination may require a longer time than if he devoted his full time to our affairs. However, he will devote such time as he deems reasonably necessary to carry out our business and affairs. The amount of time devoted to our business and affairs may vary significantly depending upon, among other things, whether we have identified a target business or are engaged in active negotiation of a business combination. We anticipate that various prospective target businesses will be brought to our attention from various sources, including securities broker-dealers, investment bankers, venture capitalists, bankers and other members of the financial community, including, possibly, the executive officers and our affiliates. 11 Various impediments to a business combination may arise, such as appraisal rights afforded the stockholders of a target business under the laws of its state of organization. This may prove to be deterrent to a particular combination. Our shares are quoted on the Over-the-Counter Electronic Bulletin Board (OTCBB) under the symbol "LAKF". There has been no active trading of our securities, and, therefore, no high and low bid pricing. As of the date of this report Lake Forest Minerals had 21 shareholders of record. We have paid no cash dividends and have no outstanding options. RESULTS OF OPERATIONS We are still in our development stage and have not generated any revenue. We incurred operating expenses of $2,879 and $2,838 for the three month periods ended March 31, 2015 and 2014, respectively. These expenses consisted of general operating expenses incurred in connection with the day to day operation of our business and the preparation and filing of our periodic reports. We incurred operating expenses of $8,644 and $7,900 for the nine month periods ended March 31, 2015 and 2014, respectively. These expenses consisted of general operating expenses incurred in connection with the day to day operation of our business and the preparation and filing of our periodic reports. Our net loss from inception (June 23, 2008) through March 31, 2015 was $106,822. As of March 31, 2015, Jeffrey Taylor, our officer and director, has loaned the Company $62,000 for operating expenses. The loan bears no interest and has no specific terms of repayment. Our auditors expressed their doubt about our ability to continue as a going concern unless we are able to generate profitable operations. LIQUIDITY AND CAPITAL RESOURCES Our cash in the bank at March 31, 2015 was $904 with $65,726 in current liabilities. We have sold $42,000 in equity securities since inception, $12,000 from the sale of 8,000,000 shares of stock to our officer and director and $30,000 from the sale of 3,000,000 shares registered pursuant to our S-1 Registration Statement which became effective on August 18, 2008. The offering was completed on September 11, 2008. Since we have no revenue or plans to generate any revenue, if our expenses exceed our cash currently on hand we will be dependent upon loans to fund losses incurred in excess of our cash. PLAN OF OPERATION Our plan is to seek, investigate, and consummate a merger or other business combination, purchase of assets or other strategic transaction (i.e. a merger) with a corporation, partnership, limited liability company or other operating business entity (a "Merger Target") desiring the perceived advantages of becoming a publicly reporting and publicly held corporation. We have no 12 operating business, and conduct minimal operations necessary to meet regulatory requirements. Our ability to commence any operations is contingent upon obtaining adequate financial resources. We are not currently engaged in any business activities that provide cash flow. The costs of investigating and analyzing business combinations for the next 12 months and beyond such time will be paid with money in our treasury. During the next twelve months we anticipate incurring costs related to: (i) filing of Exchange Act reports, and (ii) costs relating to identifying and consummating a transaction with a Merger Target. We believe we will be able to meet these costs through use of funds in our treasury and additional amounts, as necessary, to be loaned to or invested in us by our stockholders, management or other investors. We may consider a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital, but which desires to establish a public trading market for its shares, while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur in a public offering. Jeffrey Taylor is our president, secretary and our chief financial officer. Mr. Taylor is only required to devote a small portion of his time to our affairs on a part-time or as-needed basis. No regular compensation has, in the past, nor is anticipated in the future, to be paid to any officer or director in their capacities as such. We do not anticipate hiring any full-time employees as long as we are seeking and evaluating business opportunities. OFF-BALANCE SHEET ARRANGEMENTS We have no off-balance sheet arrangements. ITEM 4. CONTROLS AND PROCEDURES EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES We carried out an evaluation, under the supervision and with the participation of our management, including the chief executive officer and the chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Based upon that evaluation, our chief executive officer and chief financial officer concluded that the company's disclosure controls and procedures are effective, 13 as of March 31, 2015, in ensuring that material information relating to us required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in reports it files or submits under the Securities Exchange Act is accumulated and communicated to management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING. There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. ITEM 5. OTHER INFORMATION None. 14 PART II. OTHER INFORMATION ITEM 6. EXHIBITS Exhibit Description Method of Filing ------- ----------- ---------------- 3.1 Articles of Incorporation Incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form S-1 filed with the SEC on August 6, 2008. 3.2 Bylaws Incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form S-1 filed with the SEC on August 6, 2008. 31.1 Certification of Chief Executive Filed electronically herewith Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Chief Financial Filed electronically herewith Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32 Certification of Chief Executive Filed electronically herewith Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101 Interactive data files pursuant to Filed electronically herewith Rule 405 of Regulation S-T SIGNATURES Pursuant to the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. /s/ Jeffrey Taylor April 30, 2015 ------------------------------------ -------------- Jeffrey Taylor, President & Director Date (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer) 15
EX-31.1 2 ex31-1.txt Exhibit 31.1 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Jeffrey Taylor, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Lake Forest Minerals, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: April 30, 2015 /s/ Jeffrey Taylor ------------------------------------ Jeffrey Taylor Chairman and Chief Executive Officer EX-31.2 3 ex31-2.txt Exhibit 31.2 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 CERTIFICATION OF CHIEF FINANCIAL OFFICER I, Jeffrey Taylor, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Lake Forest Minerals, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: April 30, 2015 /s/ Jeffrey Taylor ------------------------------------ Jeffrey Taylor Chief Financial Officer EX-32 4 ex32.txt Exhibit 32 CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. 1350 (SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002) In connection with the Quarterly Report of Lake Forest Minerals, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jeffrey Taylor, Chairman, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ Jeffrey Taylor ------------------------------------ Jeffrey Taylor Chairman and Chief Executive Officer Chief Financial Officer April 30, 2015 This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. EX-101.INS 5 lakf-20150331.xml 0001441082 2008-06-01 2008-06-26 0001441082 us-gaap:DirectorMember lakf:StockSubscriptionAgreementMember 2008-06-01 2008-06-26 0001441082 2014-01-01 2014-03-31 0001441082 2013-07-01 2014-03-31 0001441082 2014-06-30 0001441082 2015-01-01 2015-03-31 0001441082 2014-07-01 2015-03-31 0001441082 2015-03-31 0001441082 2008-06-23 2015-03-31 0001441082 2015-04-30 0001441082 2013-06-30 0001441082 2014-03-31 xbrli:shares iso4217:USD iso4217:USDxbrli:shares Lake Forest Minerals Inc. 0001441082 lakf --06-30 Smaller Reporting Company 11000000 10-Q 2015-03-31 false 2015 Q3 1090 904 1009 1200 1090 904 1090 904 5768 3726 51500 62000 57268 65726 11000 11000 31000 31000 98178 106822 -56178 -64822 1090 904 10000000 10000000 0.001 0.001 75000000 75000000 0.001 0.001 11000000 11000000 11000000 11000000 1050 2540 1090 3348 1788 5360 1789 5296 2838 7900 2879 8644 -2838 -7900 -2879 -8644 -2838 -7900 -2879 -8644 -106822 0 0 0 0 11000000 11000000 11000000 11000000 -2909 -2042 -10809 -10686 11000 10500 11000 10500 191 -186 <div style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"> <div style="text-align: justify; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times;" size="2"><u>1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></font></div> <div>&#160;</div> <div style="text-align: justify; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times;" size="2">DESCRIPTION OF BUSINESS AND HISTORY - Lake Forest Minerals Inc., a Nevada corporation, (hereinafter referred to as the "Company" or "Lake Forest Minerals") was incorporated in the State of Nevada on June 23, 2008.&#160; The Company was formed to engage in the acquisition, exploration and development of natural resource properties of merit. 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RELATED PARTY TRANSACTIONS
9 Months Ended
Mar. 31, 2015
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
4. RELATED PARTY TRANSACTIONS
 
Jeffrey Taylor, the sole officer and director of the Company was not paid for any underwriting services that he performed on behalf of the Company with respect to the Company's S-1 prospectus offering, filed August 6, 2008.
 
To March 31, 2015, Jeffrey Taylor loaned the Company $62,000 for operating expenses, the loan bears no interest and has no specific terms of payment.

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STOCKHOLDER'S EQUITY
9 Months Ended
Mar. 31, 2015
Stockholders' Equity Note [Abstract]  
STOCKHOLDER'S EQUITY
3. STOCKHOLDER'S EQUITY
 
The Company has 75,000,000 common shares and 10,000,000 preferred shares authorized with a par value of $0.001 per share.
 
The Company has not issued any preferred shares since inception through March 31, 2015.
 
A total of 11,000,000 shares of the Company's common stock have been issued as of June 30, 2014, 8,000,000 of these shares were issued to the sole director of the Company pursuant to a stock subscription agreement at $0.0015 per share for total proceeds of $12,000 on June 26, 2008.  The remaining 3,000,000 shares of the Company's issued and outstanding common stock were issued at a price of $0.01 per share for gross proceeds of $30,000.
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Balance Sheets (Unaudited) (USD $)
Mar. 31, 2015
Jun. 30, 2014
Current Assets    
Cash $ 904us-gaap_CashAndCashEquivalentsAtCarryingValue $ 1,090us-gaap_CashAndCashEquivalentsAtCarryingValue
Total Current Assets 904us-gaap_AssetsCurrent 1,090us-gaap_AssetsCurrent
Total Assets 904us-gaap_Assets 1,090us-gaap_Assets
Current Liabilities    
Accounts payable 3,726us-gaap_AccountsPayableCurrent 5,768us-gaap_AccountsPayableCurrent
Due to related party 62,000us-gaap_DueToRelatedPartiesCurrent 51,500us-gaap_DueToRelatedPartiesCurrent
Total Current Liabilities 65,726us-gaap_LiabilitiesCurrent 57,268us-gaap_LiabilitiesCurrent
Share Capital    
10,000,000 authorized preferred shares, par value $0.001 nil issued and outstanding      
75,000,000 authorized shares, par value $0.001 11,000,000 shares issued and outstanding 11,000us-gaap_CommonStockValue 11,000us-gaap_CommonStockValue
Additional Paid-in-Capital 31,000us-gaap_AdditionalPaidInCapitalCommonStock 31,000us-gaap_AdditionalPaidInCapitalCommonStock
Deficit accumulated during development stage (106,822)us-gaap_DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage (98,178)us-gaap_DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage
Total Stockholders' Equity (Deficit) (64,822)us-gaap_StockholdersEquity (56,178)us-gaap_StockholdersEquity
Total Liabilities and Stockholders' Equity $ 904us-gaap_LiabilitiesAndStockholdersEquity $ 1,090us-gaap_LiabilitiesAndStockholdersEquity
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DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
DESCRIPTION OF BUSINESS AND HISTORY - Lake Forest Minerals Inc., a Nevada corporation, (hereinafter referred to as the "Company" or "Lake Forest Minerals") was incorporated in the State of Nevada on June 23, 2008.  The Company was formed to engage in the acquisition, exploration and development of natural resource properties of merit. During the initial period ending June 30, 2008, the Company entered into an option agreement to acquire certain mineral claims located in British Columbia (refer to Note 3).
On February 22, 2010 the Company provided notice to the Optionor, and terminated the Option Agreement and relieved itself from any obligations thereunder.
 
The Company's operations have been limited to general administrative operations, initial property staking and investigation, and is considered an Exploration Stage Company in accordance with ASC 915.
 
THE COMPANY TODAY - The Company is currently a development stage company reporting under the provisions of ASC 915 "Accounting and Reporting for Development Stage Enterprises."
 
Since February 22, 2010, our purpose has been to serve as a vehicle to acquire an operating business and we are currently considered a "shell" company inasmuch as we are not generating revenues, do not own an operating business, and have no specific plan other than to engage in a merger or acquisition transaction with a yet-to-be identified operating company or business.  We have no employees and no material assets.
 
MANAGEMENT OF COMPANY - The Company filed its articles of incorporation with the Nevada Secretary of State on June 23, 2008.  The initial list of officers filed with the Nevada Secretary of State on June 23, 2008, indicates the sole director Jeffrey Taylor as the President, Secretary, and Treasurer.
 
YEAR END - The Company's fiscal year end is June 30.
 
USE OF ESTIMATES - The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America 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 amount of revenue and expenses during the reporting period.  Actual results could differ from those estimates.
 
INCOME TAXES - The Company provides for income taxes under ASC 740, Accounting for Income Taxes.  ASC 740 requires the use of an asset and liability approach in accounting for income taxes.  Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse.
 
ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
 
The Company has net operating loss carryover to be used for reducing future year's taxable income. The Company has recorded a valuation allowance for the full potential tax benefit of the operating loss carryovers due to the uncertainty regarding realization.
 
REVENUE RECOGNITION - The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost.
 
NET LOSS PER COMMON SHARE - Basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period.  The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. For the period from June 23, 2008 (Date of Inception) through March 31, 2015 the Company had no potentially dilutive securities.
 
STOCK-BASED COMPENSATION - The Company has not adopted a stock option plan and has not granted any stock options.  Accordingly no stock-based compensation has been recorded to date.
 
CASH AND CASH EQUIVALENTS – For purposes of Statements of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.
 
ADVERTISING COSTS - The Company's policy regarding advertising is to expense advertising when incurred.  The Company had not incurred any advertising expenses as of March 31, 2015.
 
LONG-LIVED ASSETS - The carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment.  The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset.  Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.
 
MINERAL PROPERTY COSTS - The Company has been in the exploration stage since its inception on June 23, 2008 and has not yet realized any revenues from its planned operations, being the acquisition and exploration of mining properties.  Mineral property exploration costs are expensed as incurred.  Mineral property acquisition costs are initially capitalized when incurred. The Company assesses the carrying costs for impairment at each fiscal quarter end.  When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized.  Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve.  If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.
 
RECENT ACCOUNTING PRONOUNCEMENTS – From March 31, 2015 through the filing date of these financial statements, the FASB (Financial Accounting Standards Board) issued various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions.  Management has determined that these recent accounting pronouncements will have no impact on the financial statements of Lake Forest Minerals Inc.
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PROPERTY AND EQUIPMENT
9 Months Ended
Mar. 31, 2015
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
2. PROPERTY AND EQUIPMENT
 
As of March 31, 2015, the Company does not own any property and/or equipment.
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Balance Sheets (Unaudited) (Parentheticals) (USD $)
Mar. 31, 2015
Jun. 30, 2014
Statement of Financial Position [Abstract]    
Preferred stock, shares authorized 10,000,000us-gaap_PreferredStockSharesAuthorized 10,000,000us-gaap_PreferredStockSharesAuthorized
Preferred stock, par value (in dollars per share) $ 0.001us-gaap_PreferredStockParOrStatedValuePerShare $ 0.001us-gaap_PreferredStockParOrStatedValuePerShare
Preferred stock, shares issued      
Preferred stock, shares outstanding      
Common stock, shares authorized 75,000,000us-gaap_CommonStockSharesAuthorized 75,000,000us-gaap_CommonStockSharesAuthorized
Common stock, par value (in dollars per share) $ 0.001us-gaap_CommonStockParOrStatedValuePerShare $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
Common stock, shares issued 11,000,000us-gaap_CommonStockSharesIssued 11,000,000us-gaap_CommonStockSharesIssued
Common stock, shares outstanding 11,000,000us-gaap_CommonStockSharesOutstanding 11,000,000us-gaap_CommonStockSharesOutstanding
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Document and Entity Information
9 Months Ended
Mar. 31, 2015
Apr. 30, 2015
Document And Entity Information Abstract    
Entity Registrant Name Lake Forest Minerals Inc.  
Entity Central Index Key 0001441082  
Trading Symbol lakf  
Current Fiscal Year End Date --06-30  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   11,000,000dei_EntityCommonStockSharesOutstanding
Document Type 10-Q  
Document Period End Date Mar. 31, 2015  
Amendment Flag false  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q3  
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Statements of Operations (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2015
Mar. 31, 2014
Revenues:        
Revenues            
Total Revenues            
Operating Expenses        
Exploration expenses            
Impairment of mineral property            
General and Adminstrative 1,090us-gaap_GeneralAndAdministrativeExpense 1,050us-gaap_GeneralAndAdministrativeExpense 3,348us-gaap_GeneralAndAdministrativeExpense 2,540us-gaap_GeneralAndAdministrativeExpense
Professional Fees 1,789us-gaap_ProfessionalFees 1,788us-gaap_ProfessionalFees 5,296us-gaap_ProfessionalFees 5,360us-gaap_ProfessionalFees
Total Expenses 2,879us-gaap_OperatingExpenses 2,838us-gaap_OperatingExpenses 8,644us-gaap_OperatingExpenses 7,900us-gaap_OperatingExpenses
Loss from Operations (2,879)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (2,838)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (8,644)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (7,900)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Provision for Income Taxes:        
Income Tax Benefit            
Net Loss $ (2,879)us-gaap_NetIncomeLoss $ (2,838)us-gaap_NetIncomeLoss $ (8,644)us-gaap_NetIncomeLoss $ (7,900)us-gaap_NetIncomeLoss
Basic and Diluted Earnings (Loss) Per Common Share (in dollars per share) $ 0us-gaap_EarningsPerShareBasicAndDiluted $ 0us-gaap_EarningsPerShareBasicAndDiluted $ 0us-gaap_EarningsPerShareBasicAndDiluted $ 0us-gaap_EarningsPerShareBasicAndDiluted
Weighted Average number of Common Shares (in shares) 11,000,000us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 11,000,000us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 11,000,000us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 11,000,000us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
XML 23 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
USE OF ESTIMATES
USE OF ESTIMATES - The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America 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 amount of revenue and expenses during the reporting period.  Actual results could differ from those estimates.
INCOME TAXES
INCOME TAXES - The Company provides for income taxes under ASC 740, Accounting for Income Taxes.  ASC 740 requires the use of an asset and liability approach in accounting for income taxes.  Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse.
 
ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
 
The Company has net operating loss carryover to be used for reducing future year's taxable income. The Company has recorded a valuation allowance for the full potential tax benefit of the operating loss carryovers due to the uncertainty regarding realization.
REVENUE RECOGNITION
REVENUE RECOGNITION - The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost.
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE - Basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period.  The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. For the period from June 23, 2008 (Date of Inception) through March 31, 2015 the Company had no potentially dilutive securities.
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION - The Company has not adopted a stock option plan and has not granted any stock options.  Accordingly no stock-based compensation has been recorded to date.
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS – For purposes of Statements of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.
ADVERTISING COSTS
ADVERTISING COSTS - The Company's policy regarding advertising is to expense advertising when incurred.  The Company had not incurred any advertising expenses as of March 31, 2015.
LONG-LIVED ASSETS
LONG-LIVED ASSETS - The carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment.  The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset.  Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.
MINERAL PROPERTY COSTS
MINERAL PROPERTY COSTS - The Company has been in the exploration stage since its inception on June 23, 2008 and has not yet realized any revenues from its planned operations, being the acquisition and exploration of mining properties.  Mineral property exploration costs are expensed as incurred.  Mineral property acquisition costs are initially capitalized when incurred. The Company assesses the carrying costs for impairment at each fiscal quarter end.  When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized.  Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve.  If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS – From March 31, 2015 through the filing date of these financial statements, the FASB (Financial Accounting Standards Board) issued various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions.  Management has determined that these recent accounting pronouncements will have no impact on the financial statements of Lake Forest Minerals Inc.
XML 24 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
SUBSEQUENT EVENTS
9 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
6. SUBSEQUENT EVENTS
 
The Company's management has reviewed all material subsequent events through the filing date of these financial statements in accordance with ASC 885-10, and has determined that there are no material subsequent events to report.
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RELATED PARTY TRANSACTIONS (Detail Textuals) (USD $)
Mar. 31, 2015
Jun. 30, 2014
Related Party Transactions [Abstract]    
Amount of loan from Jeffrey Taylor $ 62,000us-gaap_DueToRelatedPartiesCurrent $ 51,500us-gaap_DueToRelatedPartiesCurrent
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STOCKHOLDER'S EQUITY (Detail Textuals) (USD $)
Mar. 31, 2015
Jun. 30, 2014
Stockholders' Equity Note [Abstract]    
Common stock, shares authorized 75,000,000us-gaap_CommonStockSharesAuthorized 75,000,000us-gaap_CommonStockSharesAuthorized
Preferred stock, shares authorized 10,000,000us-gaap_PreferredStockSharesAuthorized 10,000,000us-gaap_PreferredStockSharesAuthorized
Common stock, par value (in dollars per share) $ 0.001us-gaap_CommonStockParOrStatedValuePerShare $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
Preferred stock, par value (in dollars per share) $ 0.001us-gaap_PreferredStockParOrStatedValuePerShare $ 0.001us-gaap_PreferredStockParOrStatedValuePerShare
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STOCKHOLDER'S EQUITY (Detail Textuals 1) (USD $)
1 Months Ended
Jun. 26, 2008
Mar. 31, 2015
Jun. 30, 2014
Stockholders Equity Note [Line Items]      
Common stock, shares issued   11,000,000us-gaap_CommonStockSharesIssued 11,000,000us-gaap_CommonStockSharesIssued
Common shares issued for cash 3,000,000us-gaap_StockIssuedDuringPeriodSharesIssuedForCash    
Per share value of common shares issued for cash (in dollars per share) $ 0.01us-gaap_EquityIssuancePerShareAmount    
Proceeds from issuance of common stock (in dollars) $ 30,000us-gaap_StockIssuedDuringPeriodValueIssuedForCash    
Director | Stock Subscription Agreement      
Stockholders Equity Note [Line Items]      
Common shares issued for cash 8,000,000us-gaap_StockIssuedDuringPeriodSharesIssuedForCash
/ lakf_StockAgreementAxis
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Per share value of common shares issued for cash (in dollars per share) $ 0.0015us-gaap_EquityIssuancePerShareAmount
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Proceeds from issuance of common stock (in dollars) $ 12,000us-gaap_StockIssuedDuringPeriodValueIssuedForCash
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GOING CONCERN (Detail Textuals) (USD $)
3 Months Ended 9 Months Ended 81 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2015
Going Concern [Abstract]          
Net losses $ (2,879)us-gaap_NetIncomeLoss $ (2,838)us-gaap_NetIncomeLoss $ (8,644)us-gaap_NetIncomeLoss $ (7,900)us-gaap_NetIncomeLoss $ (106,822)us-gaap_NetIncomeLoss
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Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash Flows from Operating Activities:    
Net Loss $ (8,644)us-gaap_NetIncomeLoss $ (7,900)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:    
Accounts payable (2,042)us-gaap_IncreaseDecreaseInAccountsPayable (2,909)us-gaap_IncreaseDecreaseInAccountsPayable
Impairment of mineral property      
Net Cash Provided by (Used in) Operating Activities (10,686)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (10,809)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash Flows from Investing Activities:    
Mineral property option payment      
Net Cash (Used in) Investing Activities      
Cash Flows from Financing Activities:    
Common Stock issued for cash      
Due to related party 10,500us-gaap_ProceedsFromRelatedPartyDebt 11,000us-gaap_ProceedsFromRelatedPartyDebt
Net Cash Provided by Financing Activities 10,500us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 11,000us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net Increase (Decrease) in Cash (186)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 191us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash Balance, Beginning of Period 1,090us-gaap_CashAndCashEquivalentsAtCarryingValue 1,009us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash Balance, End of Period $ 904us-gaap_CashAndCashEquivalentsAtCarryingValue $ 1,200us-gaap_CashAndCashEquivalentsAtCarryingValue
XML 30 R10.htm IDEA: XBRL DOCUMENT v2.4.1.9
GOING CONCERN
9 Months Ended
Mar. 31, 2015
Going Concern [Abstract]  
GOING CONCERN
5. GOING CONCERN
 
The Company has incurred net losses of approximately $106,822 for the period from June 23, 2008 (Date of Inception) through March 31, 2015 and has commenced limited operations, raising substantial doubt about the Company's ability to continue as a going concern.  The Company  will seek  additional  sources of capital  through the issuance  of debt or equity  financing,  but there  can be no  assurance  the Company will be successful in accomplishing its objectives.
 
The ability of the Company to continue as a going concern is dependent on additional sources of capital and the success of the Company's plan.  The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
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