XML 20 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization, Description of Business, and Basis of Presentation
 9 Months Ended
Apr. 30, 2014
Organization, Description of Business, and Basis of Presentation [Abstract]  
Organization, Description of Business, and Basis of Presentation
  1. Organization, Description of Business, and Basis of Presentation

 

Business Organization

Lightlake Therapeutics Inc., (formerly known as Madrona Ventures, Inc.) (the "Company"), was originally incorporated in the State of Nevada on June 21, 2005. On September 16, 2009, the Company changed its name to Lightlake Therapeutics Inc. The Company's fiscal year end is July 31.

 

Development Stage Entity

The Company is a development stage company as defined by ASC 915, Development Stage Entities.  The Company is still devoting substantially all of its efforts on establishing the business and its planned principal operations have not commenced.  All losses accumulated since inception have been considered as part of the Company's development stage activities.

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements for the year ended July 31, 2013 and notes thereto and other pertinent information contained in the Form 10-K the Company has filed with the Securities and Exchange Commission (the "SEC").

 

The results of operations for the nine months ended April 30, 2014 are not necessarily indicative of the results for the full fiscal year ending July 31, 2014.