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PROPERTY AND EQUIPMENT |
12 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Property, Plant and Equipment [Abstract] | |
| PROPERTY AND EQUIPMENT | 2. PROPERTY AND EQUIPMENT
As of June 30, 2015, the Company does not own any property and/or equipment.
|
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
|---|---|
Jun. 30, 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.
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 provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 39% to the net loss before provision for income taxes for the following reasons:
June 30, 2015 June 30, 2014
---------------- -----------------
Income tax expense at statutory rate $ 5,568 $ 5,087
Common stock issued for services -- --
Valuation allowance (5,568) (5,087)
Income tax expense per books $ -- $ --
Net deferred tax assets consist of the following components as of:
June 30, 2015 June 30, 2014
----------------- ----------------
NOL carryover $ 43,858 $ 38,290
Valuation allowance (43,858) (38,290)
Net deferred tax asset $ -- $ --
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 June 30, 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 June 30, 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 June 30, 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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Balance Sheets - USD ($) |
Jun. 30, 2015 |
Jun. 30, 2014 |
|---|---|---|
| Current Assets | ||
| Cash | $ 804 | $ 1,090 |
| Total Current Assets | 804 | 1,090 |
| Total Assets | 804 | 1,090 |
| Current Liabilities | ||
| Accounts payable | 6,260 | 5,768 |
| Due to related party | 65,000 | 51,500 |
| Total Current Liabilities | $ 71,260 | $ 57,268 |
| 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 | $ 11,000 | $ 11,000 |
| Additional Paid-in-Capital | 31,000 | 31,000 |
| Deficit | (112,456) | (98,178) |
| Total Stockholders' Equity (Deficit) | (70,456) | (56,178) |
| Total Liabilities and Stockholders' Equity | $ 804 | $ 1,090 |
Statements of Stockholders' Equity (Parentheticals) - $ / shares |
Jun. 30, 2015 |
Jun. 30, 2014 |
Jun. 30, 2013 |
|---|---|---|---|
| Statement of Stockholders' Equity [Abstract] | |||
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
GOING CONCERN (Detail Textuals) - USD ($) |
Jun. 30, 2015 |
Jun. 30, 2014 |
|---|---|---|
| Going Concern [Abstract] | ||
| Net losses | $ 112,456 | $ 98,178 |
Statements of Cash Flows - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2015 |
Jun. 30, 2014 |
|
| Cash Flows from Operating Activities: | ||
| Net Loss | $ (14,278) | $ (13,044) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Accounts payable | $ 492 | $ (375) |
| Impairment of mineral property | ||
| Net Cash Provided by (Used in) Operating Activities | $ (13,786) | $ (13,419) |
| 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 | $ 13,500 | $ 13,500 |
| Net Cash Provided by Financing Activities | 13,500 | 13,500 |
| Net Increase (Decrease) in Cash | (286) | 81 |
| Cash Balance, Beginning of Period | 1,090 | 1,009 |
| Cash Balance, End of Period | $ 804 | $ 1,090 |
Balance Sheets (Parentheticals) - $ / shares |
Jun. 30, 2015 |
Jun. 30, 2014 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
| Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Preferred stock, shares issued | ||
| Preferred stock, shares outstanding | ||
| Common stock, shares authorized | 75,000,000 | 75,000,000 |
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares issued | 11,000,000 | 11,000,000 |
| Common stock, shares outstanding | 11,000,000 | 11,000,000 |
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of net deferred tax assets (Details 1) - USD ($) |
Jun. 30, 2015 |
Jun. 30, 2014 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| NOL carryover | $ 43,858 | $ 38,290 |
| Valuation allowance | $ (43,858) | $ (38,290) |
| Net deferred tax asset |
Document and Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2015 |
Sep. 28, 2015 |
Dec. 31, 2014 |
|
| Document And Entity Information Abstract | |||
| Entity Registrant Name | Lake Forest Minerals Inc. | ||
| Entity Central Index Key | 0001441082 | ||
| Trading Symbol | lakf | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Current Fiscal Year End Date | --06-30 | ||
| Entity Filer Category | Smaller Reporting Company | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Common Stock, Shares Outstanding | 11,000,000 | ||
| Entity Public Float | $ 0 | ||
| Document Type | 10-K | ||
| Document Period End Date | Jun. 30, 2015 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2015 | ||
| Document Fiscal Period Focus | FY |
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2015 |
Jun. 30, 2014 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Statutory federal income tax rate | 39.00% | 39.00% |
Statements of Operations - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2015 |
Jun. 30, 2014 |
|
| Revenues: | ||
| Revenues | ||
| Total Revenues | ||
| Operating Expenses | ||
| General and Administrative | $ 5,118 | $ 3,770 |
| Professional Fees | 9,160 | 9,274 |
| Total Expenses | 14,278 | 13,044 |
| Loss from Operations | $ (14,278) | $ (13,044) |
| Provision for Income Taxes: | ||
| Income Tax Benefit | ||
| Net Loss | $ (14,278) | $ (13,044) |
| Basic and Diluted Earnings (Loss) Per Common Share (in dollars per share) | $ (0.00) | $ (0.00) |
| Weighted Average number of Common Shares used in per share calculations (in shares) | 11,000,000 | 11,000,000 |
GOING CONCERN |
12 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Going Concern [Abstract] | |
| GOING CONCERN | 5. GOING CONCERN
The Company has incurred net losses of approximately $112,456 for the period from June 23, 2008 (Date of Inception) through June 30, 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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RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Jun. 30, 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 June 30, 2015, Jeffrey Taylor loaned the Company $65,000 for operating expenses, the loan bears no interest and has no specific terms of payment.
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STOCKHOLDER'S EQUITY (Detail Textuals) - $ / shares |
Jun. 30, 2015 |
Jun. 30, 2014 |
Jun. 30, 2013 |
|---|---|---|---|
| Stockholders' Equity Note [Abstract] | |||
| Common stock, shares authorized | 75,000,000 | 75,000,000 | |
| Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
| Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
12 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Schedule of effective income tax reconciliation | June 30, 2015 June 30, 2014
---------------- -----------------
Income tax expense at statutory rate $ 5,568 $ 5,087
Common stock issued for services -- --
Valuation allowance (5,568) (5,087)
Income tax expense per books $ -- $ --
|
| Schedule of net deferred tax assets | June 30, 2015 June 30, 2014
----------------- ----------------
NOL carryover $ 43,858 $ 38,290
Valuation allowance (43,858) (38,290)
Net deferred tax asset $ -- $ --
|
SUBSEQUENT EVENTS |
12 Months Ended |
|---|---|
Jun. 30, 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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DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
|---|---|
Jun. 30, 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 provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 39% to the net loss before provision for income taxes for the following reasons:
June 30, 2015 June 30, 2014
---------------- -----------------
Income tax expense at statutory rate $ 5,568 $ 5,087
Common stock issued for services -- --
Valuation allowance (5,568) (5,087)
Income tax expense per books $ -- $ --
Net deferred tax assets consist of the following components as of:
June 30, 2015 June 30, 2014
----------------- ----------------
NOL carryover $ 43,858 $ 38,290
Valuation allowance (43,858) (38,290)
Net deferred tax asset $ -- $ --
|
| 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 June 30, 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 June 30, 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 June 30, 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.
|
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Effective income tax reconciliation (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2015 |
Jun. 30, 2014 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Income tax expense at statutory rate | $ 5,568 | $ 5,087 |
| Common stock issued for services | ||
| Valuation allowance | $ (5,568) | $ (5,087) |
| Income tax expense per books | ||
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) |
Jun. 30, 2015 |
Jun. 30, 2014 |
|---|---|---|
| Related Party Transactions [Abstract] | ||
| Amount of loan from Jeffrey Taylor | $ 65,000 | $ 51,500 |
Statements of Stockholders' Equity - USD ($) |
Common Shares |
Paid-In Capital |
Accumulated Deficit |
Total |
|---|---|---|---|---|
| Balance at Jun. 30, 2012 | $ 11,000 | $ 31,000 | $ (70,558) | $ (28,558) |
| Balance (in shares) at Jun. 30, 2012 | 11,000,000 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Net Loss for the Year (Audited) | (14,576) | (14,576) | ||
| Balance at Jun. 30, 2013 | $ 11,000 | 31,000 | (85,134) | (43,134) |
| Balance (in shares) at Jun. 30, 2013 | 11,000,000 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Net Loss for the Year (Audited) | (13,044) | (13,044) | ||
| Balance at Jun. 30, 2014 | $ 11,000 | 31,000 | (98,178) | $ (56,178) |
| Balance (in shares) at Jun. 30, 2014 | 11,000,000 | 11,000,000 | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
| Net Loss for the Year (Audited) | (14,278) | $ (14,278) | ||
| Balance at Jun. 30, 2015 | $ 11,000 | $ 31,000 | $ (112,456) | $ (70,456) |
| Balance (in shares) at Jun. 30, 2015 | 11,000,000 | 11,000,000 |
STOCKHOLDER'S EQUITY |
12 Months Ended |
|---|---|
Jun. 30, 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 June 30, 2015.
A total of 11,000,000 shares of the Company’s common stock have been issued as of June 30, 2015, 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 $30,000.
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STOCKHOLDER'S EQUITY (Detail Textuals 1) - USD ($) |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jun. 26, 2008 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
| Stockholders Equity Note [Line Items] | |||
| Common stock, shares issued | 11,000,000 | 11,000,000 | |
| Common shares issued for cash | 3,000,000 | ||
| Per share value of common shares issued for cash (in dollars per share) | $ 0.01 | ||
| Proceeds from common stock issued | $ 30,000 | ||
| Sole director | Stock Subscription Agreement | |||
| Stockholders Equity Note [Line Items] | |||
| Common shares issued for cash | 8,000,000 | ||
| Per share value of common shares issued for cash (in dollars per share) | $ 0.0015 | ||
| Proceeds from common stock issued | $ 12,000 | ||