10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2020

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 ☒    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 (§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 ☒    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 definitions of “large accelerated filer,” “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	☒
(Do not check if a smaller reporting company)		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☒    NO ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common	LAKF	OTCBB

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 January 28, 2021.

ITEM 1. FINANCIAL STATEMENTS

LAKE FOREST MINERALS INC.

Condensed Balance Sheets

	December 31,			June 30,
	2020			2020
	(Unaudited)
ASSETS
Current Assets
Cash	$	1,949		$	1,347
Total Current Assets		1,949			1,347
Total Assets	$	1,949		$	1,347
LIABILITIES
Current Liabilities
Accounts payable	$	6,965		$	13,320
Due to related party		172,385			157,405
Total Current Liabilities		179,350			170,725
STOCKHOLDERS ‘ DEFICIT
Stockholders’ Deficit
Preferred Shares 10,000,000 authorized, par value $0.001 nil issued and outstanding as of December 31, 2020 and June 30, 2020	$	-		$	-
Common Shares 75,000,000 authorized shares, par value $0.001 11,000,000 shares issued and outstanding as of December 31, 2020 and June 30, 2020		11,000			11,000
Additional Paid-in-Capital		31,000			31,000
Accumulated Deficit		(219,401	)		(211,378	)
Total Stockholders’ Deficit		(177,401	)		(169,378	)
Total Liabilities and Stockholders’ Deficit	$	1,949		$	1,347

The accompanying notes are an integral part of these condensed financial statements.

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LAKE FOREST MINERALS INC.

Condensed Statements of Operations

(Unaudited)

	For the Three			For the Three			For the Six			For the Six
	Months Ended			Months Ended			Months Ended			Months Ended
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Expenses:
Operating Expenses
General and Adminstrative	$	683		$	2,425		$	3,195		$	5,163
Professional Fees		2,350			2,740			4,828			5,923
Total Expenses		3,033			5,165			8,023			11,086
Loss from Operations before income taxes		(3,033	)		(5,165	)		(8,023	)		(11,086	)
Provision for income taxes		-			-			-			-
Net Loss	$	(3,033	)	$	(5,165	)	$	(8,023	)	$	(11,086	)
Basic and Diluted 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 condensed financial statements.

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LAKE FOREST MINERALS INC.

Condensed Statements of Stockholders’ Deficit

December 31, 2020

(Unaudited)

	Three and Six Month Period Ended December 31, 2020
			$0.001		Paid-In		Accumulated			Stockholders’
	Shares		Par Value		Capital		Deficit			Deficit
Balance, June 30, 2020		11,000,000	$	11,000	$	31,000	$	(211,378	)	$	(169,378	)
Net Loss for the Period		-		-		-		(4,990	)		(4,990	)
Balance, September 30, 2020		11,000,000		11,000		31,000		(216,368	)		(174,368	)
Net Loss for the Period		-		-		-		(3,033	)		(3,033	)
Balance, December 31, 2020		11,000,000	$	11,000	$	31,000	$	(219,401	)	$	(177,401	)
	Three and Six Month Period Ended December 31, 2019
			$0.001		Paid-In		Accumulated			Stockholders’
	Shares		Par Value		Capital		Deficit			Deficit
Balance, June 30, 2019		11,000,000	$	11,000	$	31,000	$	(184,867	)	$	(142,867	)
Net Loss for the Period		-		-		-		(5,921	)		(5,921	)
Balance, September 30, 2019		11,000,000		11,000		31,000		(190,788	)		(148,788	)
Net Loss for the Period		-		-		-		(5,165	)		(5,165	)
Balance, December 31, 2019		11,000,000	$	11,000	$	31,000	$	(195,953	)	$	(153,953	)

The accompanying notes are an integral part of these condensed financial statements.

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LAKE FOREST MINERALS INC.

Condensed Statements of Cash Flows

(Unaudited)

	Six Months			Six Months
	Ended			Ended
	December 31, 2020			December 31, 2019
Cash Flows from Operating Activities:
Net Loss	$	(8,023	)	$	(11,086	)
Adjustments to reconcile net loss to net cash used in operating activities:
Prepaid expenses		-			80
Accounts payable		(6,355	)		(2,152	)
Net Cash Used in Operating Activities		(14,378	)		(13,158	)
Cash Flows from Financing Activities:
Bank overdraft		-			(722	)
Due to related party		14,980			14,945
Net Cash Provided by Financing Activities		14,980			14,223
Net Increase in Cash		602			1,065
Cash Balance, Beginning of Period		1,347			-
Cash Balance, End of Period	$	1,949		$	1,065
Interest Paid	$	-		$	-
Taxes Paid	$	-		$	-

The accompanying notes are an integral part of these condensed financial statements.

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LAKE FOREST MINERALS INC.

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.

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.

All adjustments necessary for fair statement of the results for the periods have been made and all adjustments are of a normal recurring nature.

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.

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LAKE FOREST MINERALS INC.

Notes to the Financial Statements

1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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 three and six months ended December 31, 2020 and December 31, 2019 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.

RECENT ACCOUNTING PRONOUNCEMENTS – During the six months ended December 31, 2020, 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. STOCKHOLDER’S DEFICIT

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 11,000,000 common shares issued and outstanding at December 31, 2020 and 2019.

The Company has not issued any preferred shares since inception through December 31, 2020.

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LAKE FOREST MINERALS INC.

Notes to the Financial Statements

3. RELATED PARTY TRANSACTIONS

Through December 31, 2020, the sole officer and director of the Company advanced the Company $172,385 for operating expenses, the advance bears no interest and has no specific terms of payment.

4. GOING CONCERN

The Company has incurred net losses of approximately $219,401 for the period from June 23, 2008 (Date of Inception) through December 31, 2020 and has commenced limited operations, raising substantial doubt about the Company’s ability to continue as a going concern within one year of the issuance date of this filing. Management’s plans include seeking 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.

5. SUBSEQUENT EVENTS

The Company’s management has reviewed all material subsequent events through the date these financial statements were issued in accordance with ASC 855-10, and has determined that there are no material subsequent events to report.

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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 December 31, 2020 report no revenues and a net loss of $219,401. This raises substantial doubt as to our ability to continue as a going concern.

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.

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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 affect 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 affect 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 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;

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- 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.

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.

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We incurred operating expenses of $3,033 and $5,165 for the three-month periods ended December 31, 2020 and 2019, 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 $8,023 and $11,086 for the six-month periods ended December 31, 2020 and 2019, 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 December 31, 2020 was $219,401.

As of December 31, 2020, Jeffrey Taylor, our officer and director, has loaned the Company $172,385 for operating expenses. The loan bears no interest and has no specific terms of repayment.

The Company has incurred net losses of approximately $219,401 for the period from June 23, 2008 (Date of Inception) through December 31, 2020 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.

Liquidity and Capital Resources

Our cash in the bank at December 31, 2020 was $1,949 with $179,350 in current liabilities, which is comprised of $6,965 in accounts payable and $172,385 due to a related party. 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 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.

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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 ineffective, as of December 31, 2020, 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.

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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 3.2 to the Company’s Registration Statement on Form S-1 filed with the SEC on August 6, 2008.
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed electronically herewith
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed electronically herewith
32	Certification of Chief Executive 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.	Filed electronically herewith
101	Interactive data files pursuant to Rule 405 of Regulation S-T	Filed electronically herewith

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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	January 29, 2021
Jeffrey Taylor, President & Director	Date
(Principal Executive Officer, Principal Financial Officer,
Principal Accounting Officer)

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EX-31.1

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.	I am 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. I have disclosed, based on my 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: January 29, 2021	/s/ Jeffrey Taylor
	Jeffrey Taylor
	Chairman and Chief Executive Officer

EX-31.2

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.	I am 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. I have disclosed, based on my 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: January 29, 2021	/s/ Jeffrey Taylor
	Jeffrey Taylor
	Chief Financial Officer

EX-32

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 December 31, 2020 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. §1350, as adopted pursuant to §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.

Date: January 29, 2021	/s/ Jeffrey Taylor
	Jeffrey Taylor
	Chairman and Chief Executive Officer Chief Financial Officer

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.

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Cover - shares	6 Months Ended
	Dec. 31, 2020	Jan. 28, 2021
Cover [Abstract]
Entity Registrant Name	Lake Forest Minerals Inc.
Entity Central Index Key	0001441082
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		11,000,000
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

XML

Condensed Balance Sheets - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Current Assets
Cash	$ 1,949	$ 1,347
Total Current Assets	1,949	1,347
Total Assets	1,949	1,347
Current Liabilities
Accounts payable	6,965	13,320
Due to related party	172,385	157,405
Total Current Liabilities	179,350	170,725
STOCKHOLDERS ' DEFICIT
Preferred Shares 10,000,000 authorized, par value $0.001 nil issued and outstanding as of December 31, 2020 and June 30, 2020	0	0
Common Shares 75,000,000 authorized shares, par value $0.001 11,000,000 shares issued and outstanding as of December 31, 2020 and June 30, 2020	11,000	11,000
Additional Paid-in-Capital	31,000	31,000
Accumulated Deficit	(219,401)	(211,378)
Total Stockholders' Deficit	(177,401)	(169,378)
Total Liabilities and Stockholders' Deficit	$ 1,949	$ 1,347

XML

Condensed Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Jun. 30, 2020
Condensed Balance Sheets
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	75,000,000	75,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	11,000,000	11,000,000
Common stock, shares outstanding	11,000,000	11,000,000

XML

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating Expenses
General and Adminstrative	$ 683	$ 2,425	$ 3,195	$ 5,163
Professional Fees	2,350	2,740	4,828	5,923
Total Expenses	3,033	5,165	8,023	11,086
Loss from Operations before income taxes	(3,033)	(5,165)	(8,023)	(11,086)
Provision for income taxes	0	0	0	0
Net Loss	$ (3,033)	$ (5,165)	$ (8,023)	$ (11,086)
Basic and Diluted 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

XML

Condensed Statements of Stockholders Deficit (Unaudited) - USD ($)	Total	Common Shares	Paid-in Capital	Accumulated Deficit
Balance, shares at Jun. 30, 2019		11,000,000
Balance, amount at Jun. 30, 2019	$ (142,867)	$ 11,000	$ 31,000	$ (184,867)
Net Loss for the Period	(5,921)			(5,921)
Balance, amount at Sep. 30, 2019	(148,788)	$ 11,000	31,000	(190,788)
Balance, shares at Sep. 30, 2019		11,000,000
Balance, shares at Jun. 30, 2019		11,000,000
Balance, amount at Jun. 30, 2019	(142,867)	$ 11,000	31,000	(184,867)
Net Loss for the Period	(11,086)
Balance, amount at Dec. 31, 2019	(153,953)	$ 11,000	31,000	(195,953)
Balance, shares at Dec. 31, 2019		11,000,000
Balance, shares at Sep. 30, 2019		11,000,000
Balance, amount at Sep. 30, 2019	(148,788)	$ 11,000	31,000	(190,788)
Net Loss for the Period	(5,165)			(5,165)
Balance, amount at Dec. 31, 2019	(153,953)	$ 11,000	31,000	(195,953)
Balance, shares at Dec. 31, 2019		11,000,000
Balance, shares at Jun. 30, 2020		11,000,000
Balance, amount at Jun. 30, 2020	(169,378)	$ 11,000	31,000	(211,378)
Net Loss for the Period	(4,990)			(4,990)
Balance, amount at Sep. 30, 2020	(174,368)	$ 11,000	31,000	(216,368)
Balance, shares at Sep. 30, 2020		11,000,000
Balance, shares at Jun. 30, 2020		11,000,000
Balance, amount at Jun. 30, 2020	(169,378)	$ 11,000	31,000	(211,378)
Net Loss for the Period	(8,023)
Balance, amount at Dec. 31, 2020	(177,401)	$ 11,000	31,000	(219,401)
Balance, shares at Dec. 31, 2020		11,000,000
Balance, shares at Sep. 30, 2020		11,000,000
Balance, amount at Sep. 30, 2020	(174,368)	$ 11,000	31,000	(216,368)
Net Loss for the Period	(3,033)			(3,033)
Balance, amount at Dec. 31, 2020	$ (177,401)	$ 11,000	$ 31,000	$ (219,401)
Balance, shares at Dec. 31, 2020		11,000,000

XML

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net Loss	$ (8,023)	$ (11,086)
Adjustments to reconcile net loss to net cash used in operating activities:
Prepaid expenses	0	80
Accounts payable	(6,355)	(2,152)
Net Cash Used in Operating Activities	(14,378)	(13,158)
Cash Flows from Financing Activities:
Bank overdraft	0	(722)
Due to related party	14,980	14,945
Net Cash Provided by Financing Activities	14,980	14,223
Net Increase in Cash	602	1,065
Cash Balance, Beginning of Period	1,347	0
Cash Balance, End of Period	1,949	1,065
Interest Paid	0	0
Taxes Paid	$ 0	$ 0

XML

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Dec. 31, 2020

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 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.

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.

All adjustments necessary for fair statement of the results for the periods have been made and all adjustments are of a normal recurring nature.

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 three and six months ended December 31, 2020 and December 31, 2019 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.

RECENT ACCOUNTING PRONOUNCEMENTS – During the six months ended December 31, 2020, 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

STOCKHOLDER'S DEFICIT

6 Months Ended

Dec. 31, 2020

STOCKHOLDER'S DEFICIT

NOTE 2. STOCKHOLDER'S DEFICIT

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 11,000,000 common shares issued and outstanding at December 31, 2020 and 2019.

The Company has not issued any preferred shares since inception through December 31, 2020.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Dec. 31, 2020

RELATED PARTY TRANSACTIONS

NOTE 3. RELATED PARTY TRANSACTIONS

Through December 31, 2020, the sole officer and director of the Company advanced the Company $172,385 for operating expenses, the advance bears no interest and has no specific terms of payment.

XML

GOING CONCERN

6 Months Ended

Dec. 31, 2020

GOING CONCERN

NOTE 4. GOING CONCERN

The Company has incurred net losses of approximately $219,401 for the period from June 23, 2008 (Date of Inception) through December 31, 2020 and has commenced limited operations, raising substantial doubt about the Company’s ability to continue as a going concern within one year of the issuance date of this filing. Management’s plans include seeking 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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SUBSEQUENT EVENTS

6 Months Ended

Dec. 31, 2020

SUBSEQUENT EVENTS

NOTE 5. SUBSEQUENT EVENTS

The Company’s management has reviewed all material subsequent events through the date these financial statements were issued in accordance with ASC 855-10, 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)

6 Months Ended

Dec. 31, 2020

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

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 three and six months ended December 31, 2020 and December 31, 2019 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.

RECENT ACCOUNTING PRONOUNCEMENTS

During the six months ended December 31, 2020, 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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STOCKHOLDER DEFICIT (Details Narrative) - $ / shares	Dec. 31, 2020	Jun. 30, 2020
STOCKHOLDER DEFICIT (Details Narrative)
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares outstanding	11,000,000	11,000,000
Common stock, shares issued	11,000,000	11,000,000

XML

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Due to related party	$ 172,385	$ 157,405
Sole officer and director [Member]
Due to related party	$ 172,385

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GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended		150 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
Net Loss	$ (3,033)	$ (4,990)	$ (5,165)	$ (5,921)	$ (8,023)	$ (11,086)
Going Concern [Member]
Net Loss							$ (219,401)