Basis of Presentation
The financial statements of the Company
have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented
in US dollars.
The Company uses the accrual basis of accounting
and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted
a November 30 fiscal year end.
Development Stage Company
The accompanying financial statements have
been prepared under generally accepted accounting principles for development stage companies. A development-stage company is one
in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues
Fair Value of Financial Instruments
LANSs financial instruments consist
of cash and cash equivalents, accrued expenses and an amount due to an officer. The carrying amount of these financial instruments
approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise
disclosed in these financial statements.
Use of Estimates
The preparation of financial statements
in conformity with generally accepted accounting principles 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 the financial statements
and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
LANS considers all highly liquid investments
with maturities of three months or less to be cash equivalents. At November 30, 2012 and 2011, the Company had $0 of cash.
The Company will recognize revenue when
products are fully delivered or services have been provided and collection is reasonably assured.
The Company utilizes the liability method
of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on the differences
between financial reporting basis and the tax basis of the assets and liabilities and are measured using enacted tax rates and
laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recognized,
when it is more likely than not, that such tax benefits will not be realized.
Any deferred tax asset is considered immaterial
and has been fully offset by a valuation allowance because at this time the Company believes that it is more likely than not that
the future tax benefit will not be realized as the Company has no current operations.
Loss Per Common Share
Basic loss per share is calculated using
the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially
dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury
stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially
Stock-based compensation is accounted for
at fair value in accordance with ASC 718. To date, the Company has not adopted a stock option plan and has not granted any stock
options. As of November 30, 2012, the Company has not issued any stock-based payments to its employees.
Recent Accounting Pronouncements
In May 2009, the FASB issued ASC 855-10
entitled Subsequent Events. Companies are now required to disclose the date through which subsequent events have
been evaluated by management. Public entities (as defined) must conduct the evaluation as of the date the financial statements
are issued, and provide disclosure that such date was used for this evaluation. ASC 855-10 provides that financial statements are
considered issued when they are widely distributed for general use and reliance in a form and format that complies
with GAAP. ASC 855-10 is effective for interim and annual periods ending after June 15, 2009 and must be applied prospectively.
Management evaluated subsequent events through the date that such financial statements were issued.
In June 2009, the FASB issued ASC 105-10,
The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. ASC 105-10 establishes
the Codification as the sole source of authoritative accounting principles recognized by the FASB to be applied by all nongovernmental
entities in the preparation of financial statements in conformity with GAAP. ASC 105-10 was prospectively effective for financial
statements issued for fiscal years ending on or after September 15, 2009 and interim periods within those fiscal years. The Codification
did not change GAAP, however, it did change the way GAAP is organized and presented.
As a result, these changes impact how companies
reference GAAP in their financial statements and in their significant accounting policies. The Company implemented the Codification
in this Report by providing references to the Codification topics.