Legal Life Plans, Inc.

CIK:0000876367|SEC Filings

NOTE 14 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Restatement adjustments on the statement of operations (Details) (USD $)	12 Months Ended
	May 31, 2013	May 31, 2012
Net revenues	$ 0	$ 0
Operating expenses:
Professional fees	61,173	62,114
General and administrative	22,385	24,250
Total operating expenses	83,558	86,364
Operating loss	(83,558)	(86,364)
Other income (expense)
Interest income	(1,410)	(4,540)
Interest expense	(12,945)	(10,220)
Total other income (expense)	11,535	5,680
Net loss before income taxes	(95,093)	(92,044)
Income tax expense	0	0
Net loss	(95,093)	(92,044)
Loss per share-basic and diluted	$ (0.55)	$ (0.54)
As previously reported
Net revenues		0
Operating expenses:
Professional fees		62,114
General and administrative		24,250
Total operating expenses		86,364
Operating loss		(86,364)
Other income (expense)
Interest income		4,540
Interest expense		(11,456)
Total other income (expense)		(6,916)
Net loss before income taxes		(93,280)
Income tax expense		0
Net loss		(93,280)
Loss per share-basic and diluted		$ (0.54)
Restatement Adjustments
Net revenues		0
Operating expenses:
Professional fees		0
General and administrative		0
Total operating expenses		0
Operating loss		0
Other income (expense)
Interest income		0
Total other income (expense)		1,236
Net loss before income taxes		1,236
Income tax expense		0
Net loss		1,236
Loss per share-basic and diluted		$ 0
Restatement Adjustment (4)
Other income (expense)
Interest expense		11,456
Restatement Adjustments		To reverse interest expense accrued on the notes payable to an individual for the year ended May 31, 2012 (see (3) above).
Restatement Adjustment (5)
Other income (expense)
Interest expense		(10,220)
Restatement Adjustments		To accrue interest expense on the liabilities restored (see (1) above) for the year ended May 31, 2012.
As Restated
Net revenues		0
Operating expenses:
Professional fees		62,114
General and administrative		24,250
Total operating expenses		86,364
Operating loss		(86,364)
Other income (expense)
Interest income		4,540
Interest expense		(10,220)
Total other income (expense)		(5,680)
Net loss before income taxes		(92,044)
Income tax expense		0
Net loss		$ (92,044)
Loss per share-basic and diluted		$ (0.54)

Condensed Statements of Cash Flows (USD $)	12 Months Ended
Condensed Statements of Cash Flows (USD $)	May 31, 2013	May 31, 2012
Cash flows from operating activities:
Net loss	$ (95,093)	$ (92,044)
Adjustments to reconcile net loss to net cash used inoperating activities
Due from related party	(7,540)	0
Interest receivable	(1,409)	(4,540)
Accounts payable and accrued expenses	38,007	56,387
Obligation for shares to be issued	14,400	125,000
Due to related party	17,550	18,700
Accrued interest on notes payable	10,780	8,125
Net cash (provided by) used in operating activities	(23,305)	(8,372)
Cash flows from investing activities:
Funding of notes receivable	(16,000)	0
Collection of notes receivable	9,200	3,600
Net cash provided by (used in) investing activities	(6,800)	3,600
Cash flows from financing activities:
Proceeds from notes payable	30,000	0
Net cash provided by financing activities	30,000	0
Net decrease in cash and cash equivalents	(105)	(4,772)
Cash and cash equivalents, beginning of year	105	4,877
Cash and cash equivalents, end of year	0	105
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Non-cash operating and investing activities:
Settlement of notes receivable and related accrued interest through extinguishment of liabilities (net set-off)	72,277	0
Satisfaction of settlement agreement (recorded as a reduction of other accrued expenses payable) through direct payments to plaintiff from funds provided by the obligation of shares to be issued	$ 0	$ 120,000

Balance Sheets (USD $)	May 31, 2013	May 31, 2012
Current assets
Cash	$ 0	$ 105
Due from related party	7,540	0
Total current assets	7,540	105
Other assets
Notes receivable	0	53,900
Interest receivable	0	10,168
Total other assets	0	64,068
Total assets	7,540	64,173
Current liabilities
Accounts payable and accrued expenses	155,327	189,597
Due to related parties	58,750	41,200
Obligations for shares to be issued	194,400	180,000
Notes payable, including accrued interest of $40,092 and $31,967 as of May 31, 2013 and 2012, respectively	140,092	131,967
Note payable to related party, including accrued interest of $2,655 and $0 as of May 31, 2013 and 2012, respectively	32,655	0
Total current liabilities and total liabilities	581,224	542,764
Preferred stock, $0.001 par value; 20,000,000 shares authorized:
Common stock, $0.001 par value; 500,000,000 shares authorized, 171,419 and 171,419 shares issued and outstanding, respectively	171	171
Additional paid-in capital	3,545,931	3,545,931
Accumulated deficit	(4,119,786)	(4,024,693)
Total stockholders' deficit	(573,684)	(478,591)
Total liabilities and stockholders' deficit	7,540	64,173
Series A Preferred Stock
Preferred stock, $0.001 par value; 20,000,000 shares authorized:
Series A Preferred Stock, 200 and 200 shares issued and outstanding, respectively	0	0
Series B Preferred Stock
Preferred stock, $0.001 par value; 20,000,000 shares authorized:
Series B Preferred Stock, 0 and 0 shares issued and outstanding, respectively	$ 0	$ 0