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Significant Accounting Policies (Policies)
3 Months Ended
Jul. 31, 2019
Significant Accounting Policies (Policies) [Abstract]  
Use of Estimates

 

Interim Financial Statements

 

The accompanying unaudited condensed financial statements of Lazex Inc. have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America and rules of the Securities and Exchange Commission, and should be read  in conjunction with the audited financial statements and notes thereto contained in the Company's Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and results of operations for the interim period presented have been reflected herein. The results of the operations for the three months ended July 31, 2019 are not necessarily indicative of the results for the year ended April 30, 2020.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP 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 amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.

 

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.

Fair Value of Financial Instruments

The Company's financial instruments consist of cash and cash equivalents, accounts payable and amounts due to related parties.  The carrying amount of these financial instruments approximate fair value due to their short-term maturity.

Foreign Operations

The Company's assets and operations are primarily maintained and conducted in the Czech Republic.  The Company's functional currency is the US dollar and its cash is deposited in US based banks and is denominated in US dollars.

Concentrations of Credit Risk

The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

Intangible Assets

Computer Software is stated at cost and amortized on the straight-line method over the estimated life of 3 years.  At July 31, 2019 total capitalized cost was $4,800 and accumulated amortization was $3,466. At April 30, 2019 total capitalized cost was $4,800 and accumulated amortization was $3,066. Amortization expense for the three months ended July 31, 2019 was $400. Amortization expense for the three months ended July 31, 2018 was $400.

Property and Equipment

Property and equipment are stated at cost and depreciated on the straight-line method over the estimated life of the asset, which is 3 years.  At July 31, 2019 total capitalized cost was $3,000 and accumulated depreciation was $2,500. At April 30, 2019 total capitalized cost was $3,000 and accumulated depreciation was $2,250. Depreciation expense for the three months ended July 31, 2019 was $250. Depreciation expense for the three months ended July 31, 2018 was $250.

Net (Loss) Per Share

The Company computes net income (loss) per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the periods ended July 31, 2019 and 2018, there were no potentially dilutive common shares outstanding.

Income Taxes

The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Revenue Recognition

Beginning on May 1, 2018 we adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, and all related interpretations for recognition of our revenue from tours and consulting services.   The adoption of ASC Topic 606 had no impact on our prior year or previously disclosed amounts.

 In accordance with ASC Topic 606, revenue is recognized when the following criteria are met:

  • Identification of the contract, or contracts, with customer;
  • Identification of the performance obligations in the contract;
  • Determination of the transaction price;
  • Allocation of the transaction price to the performance obligations in the contract; and
  • Recognition of revenue when, or as, we satisfy performance obligation.

As of the three months ended July 31, 2019 and 2018, the Company did not generate any revenue.

Recent Accounting Pronouncements

Although there are several new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations.