Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Aug. 31, 2020 | Oct. 14, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | LZG International, Inc. | |
Entity Central Index Key | 0001126115 | |
Current Fiscal Year End Date | --05-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 250,556 | |
Entity Transition Period | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | FL | |
Entity File Number | 000-53994 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Aug. 31, 2020 | May 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 3,010 | $ 1,834 |
Total Current Assets | 3,010 | 1,834 |
TOTAL ASSETS | 3,010 | 1,834 |
CURRENT LIABILITIES | ||
Accounts Payable - related party | 7,600 | 6,100 |
Notes Payable - related party | 113,200 | 113,200 |
Notes Payable | 64,100 | 59,100 |
Accrued interest - related party | 17,953 | 15,689 |
Accrued Interest | 26,161 | 24,941 |
Total Current Liabilities | 229,014 | 219,030 |
LONG-TERM LIABILITIES | ||
Notes Payable- related party | 23,500 | 23,500 |
Accrued Interest- related party | 19,807 | 19,337 |
Total Long-term Liabilities | 43,307 | 42,837 |
TOTAL LIABILITIES | 272,321 | 261,867 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock, $.001 par value, 20,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common Stock, $.001 par value, 100,000,000 shares authorized, 250,556 shares issued and outstanding | 251 | 251 |
Additional Paid in Capital | 3,063,134 | 3,063,134 |
Accumulated Deficit | (3,332,696) | (3,323,418) |
Total Stockholders' Deficit | (269,311) | (260,033) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 3,010 | $ 1,834 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Aug. 31, 2020 | May 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock; par value | $ 0.001 | $ 0.001 |
Preferred stock; shares authorized | 20,000,000 | 20,000,000 |
Preferred stock; shares issued | 0 | 0 |
Preferred stock; shares outstanding | 0 | 0 |
Common stock; par value | $ 0.001 | $ 0.001 |
Common Stock; shares authorized | 100,000,000 | 100,000,000 |
Common stock; shares issued | 250,556 | 250,556 |
Common stock; shares outstanding | 250,556 | 250,556 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUES | $ 0 | $ 0 |
EXPENSES | ||
General and administrative | 5,325 | 4,825 |
TOTAL EXPENSES | 5,325 | 4,825 |
Net Operating Loss Before Other Expense | (5,325) | (4,825) |
OTHER INCOME (EXPENSE) | ||
Interest Expense | (1,219) | (1,182) |
Interest Expense- related party | (2,734) | (2,446) |
TOTAL OTHER EXPENSE | (3,953) | (3,628) |
LOSS BEFORE INCOME TAXES | (9,278) | (8,453) |
INCOME TAXES | 0 | 0 |
NET LOSS | $ (9,278) | $ (8,453) |
Net Loss Per Share | $ (0.04) | $ (0.03) |
Weighted Average Shares Outstanding | 250,556 | 250,556 |
Condensed Statement of Stockhol
Condensed Statement of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance, shares at May. 31, 2019 | 250,556 | |||
Balance, amount at May. 31, 2019 | $ 251 | $ 3,063,134 | $ (3,295,647) | $ (232,262) |
Net (loss) | (8,453) | (8,453) | ||
Balance, shares at Aug. 31, 2019 | 250,556 | |||
Balance, amount at Aug. 31, 2019 | $ 251 | 3,063,134 | (3,304,100) | (240,715) |
Balance, shares at May. 31, 2020 | 250,556 | |||
Balance, amount at May. 31, 2020 | $ 251 | 3,063,134 | (3,323,418) | (260,033) |
Net (loss) | $ 0 | 0 | (9,278) | (9,278) |
Balance, shares at Aug. 31, 2020 | 250,556 | |||
Balance, amount at Aug. 31, 2020 | $ 251 | $ 3,063,134 | $ (3,332,696) | $ (269,311) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Cash Flows from Operating Activities | ||
Net Loss | $ (9,278) | $ (8,453) |
Changes in assets and liabilities | ||
Accounts payable - related party | 1,500 | 1,500 |
Accounts payable | 0 | 3,325 |
Accrued interest | 1,220 | 1,182 |
Accrued interest- related party | 2,734 | 2,446 |
Net Cash Provided (Used) by Operating Activities | (3,824) | 0 |
Cash Flows From Investing Activities | 0 | 0 |
Cash Flows from Financing Activities: | ||
Proceeds from advances and notes payable - related party | 5,000 | 0 |
Net cash provided by Financing Activities | 5,000 | 0 |
Increase (Decrease) in Cash | 1,175 | 0 |
Cash and Cash Equivalents, Beginning of Period | 1,834 | 434 |
Cash and Cash Equivalents, End of Period | 3,010 | 434 |
Supplemental Cash Flow Information: | ||
Cash Paid for Interest | 0 | 0 |
Cash Paid for Income Taxes | $ 0 | $ 0 |
BASIS OF FINANCIAL STATEMENT PR
BASIS OF FINANCIAL STATEMENT PRESENTATION | 3 Months Ended |
Aug. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF FINANCIAL STATEMENT PRESENTATION | NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim condensed financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its May 31, 2020 Annual Report on Form 10-K. Operating results for the three months ended August 31, 2020 are not necessarily indicative of the results to be expected for year ending May 31, 2021. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Aug. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has limited assets, has incurred losses since inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating companies. The COVID-19 pandemic could have an impact on our ability to obtain financing to fund our operations. The Company is unable to predict the ultimate impact at this time. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS The financial statements include related party transactions, which as of August 31, 2020, included loans from an officer of the Company totaling $23,500. The loans had an original due date of June 30, 2014, but principal and interest maturities have been extended to June 30, 2022. The loans are not collateralized, and bear interest at 8% per annum. Interest expense was $470 for the three months ended August 31, 2020, resulting in accrued interest of $19,807 and $19,337 at August 31, 2020 and May 31, 2020, respectively. During the three months ended August 31, 2020, a stockholder paid for administrative and professional services totaling $1,500, resulting in amounts payable to the stockholder of $7,600 and $6,100 as of August 31, 2020 and May 31, 2020, respectively. On May 31, 2018 the stockholder converted $92,500 of its accounts payable to a promissory note, which bears interest at 8% per annum and is due on demand. Interest expense was $2,264 for the three months ended August 31, 2020, resulting in accrued interest of $17,953 and $15,689 at August 31, 2020 and May 31, 2020, respectively. |
LOAN PAYABLE
LOAN PAYABLE | 3 Months Ended |
Aug. 31, 2020 | |
Payables and Accruals [Abstract] | |
LOAN PAYABLE | NOTE 4 – LOAN PAYABLE During the three months ended August 31, 2020 the Company borrowed $5,000 from a third party, resulting in loans payable of $64,100 and $59,100 for the three months ended August 31, 2020 and May 31, 2020, respectively. The loan is due on demand, is not collateralized, and bears interest at 8% per annum. Interest expense was $1,220 for the three months ended August 31, 2020, resulting in accrued interest of $26,161 and $24,941 at August 31, 2020 and May 31, 2020, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Aug. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5 – SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no such events that would have a material impact on the financial statement. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
May 31, 2018 | Aug. 31, 2020 | Aug. 31, 2019 | May 31, 2020 | |
Interest expense | $ 2,734 | $ 2,446 | ||
Accrued Interest- related party | 19,807 | $ 19,337 | ||
Proceeds from related party | 5,000 | $ 0 | ||
Stockholder | ||||
Loan Payable - related party | 7,600 | 6,100 | ||
Interest rate | 8.00% | |||
Interest expense | 2,264 | |||
Accrued Interest- related party | 17,953 | 15,689 | ||
Proceeds from related party | 1,500 | |||
Promissory note | $ 92,500 | |||
Officer | ||||
Loan Payable - related party | $ 23,500 | |||
Maturity date | Jun. 30, 2022 | |||
Interest rate | 8.00% | |||
Interest expense | $ 470 | |||
Accrued Interest- related party | $ 19,807 | $ 19,337 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | May 31, 2020 | |
Proceeds from related party | $ 5,000 | $ 0 | |
Interest expense | 2,734 | $ 2,446 | |
Accrued Interest- related party | 17,953 | $ 15,689 | |
ThirdParty | |||
Proceeds from related party | 5,000 | ||
Loan Payable - related party | $ 64,100 | 59,100 | |
Interest rate | 8.00% | ||
Interest expense | $ 1,220 | ||
Accrued Interest- related party | $ 26,161 | $ 24,941 |