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BASIS OF PRESENTATION AND NATURE OF BUSINESS
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6 Months Ended |
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Jun. 30, 2011
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| BASIS OF PRESENTATION AND NATURE OF BUSINESS |
NOTE 1 - BASIS OF PRESENTATION AND NATURE OF BUSINESS
Nature of
Business
Lone
Pine Holdings, Inc. (“the Company”), through its former
wholly owned subsidiary Integrated Forest Products Pty Ltd
(“Integrated”), previously operated a saw mill in
Australia which cut pine timber into building products to supply
the commercial and residential industry along the eastern coast of
Australia. In July 2007, its wholly owned subsidiary in Australia
was put into receivership and has formerly discontinued its
operations. In connection with the receivership, the
receiver formed a new Australian wholly owned subsidiary,
Australian Forest Industries, LTD., and exchanged all of the shares
of Integrated for Australian Forest Industries, LTD.
shares. On October 15, 2008, the board of Directors of
the Company approved the transfer of all the outstanding shares of
Australian Forest Industries, LTD., its operating subsidiary that
had been placed in receivership, to the principal shareholders and
Directors, personally. Subsequent to the spin out, the
Company became a non-operating shell company. As the Company does
not currently engage in any business activities, it is looking for
a suitable candidate for acquisition or merger that does not need
substantial additional capital, but which desires to establish a
public trading market for its shares, while avoiding, among other
things, the time delays, significant expense, and loss of voting
control which may occur in a public offering.
Basis of
Presentation
The
accompanying condensed unaudited interim financial statements
included herein have been prepared, without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission
("SEC"). The condensed financial statements and notes
are presented as permitted on Form 10-Q and do not contain
information included in the Company's annual statements and
notes. Certain information and footnote disclosures
normally included in financial statements prepared in accordance
with accounting principles generally accepted in the United States
of America have been condensed or omitted pursuant to such rules
and regulations, although the Company believes that the disclosures
are adequate to make the information presented not
misleading. It is suggested that these condensed
financial statements be read in conjunction with the December 31,
2010 audited financial statements and the accompanying notes
thereto. While management believes the procedures
followed in preparing these condensed financial statements are
reasonable, the accuracy of the amounts are in some respects
dependent upon the facts that will exist, and procedures that will
be accomplished by the Company later in the year. These
results are not necessarily indicative of the results to be
expected for the full year.
These
condensed unaudited financial statements reflect all adjustments,
including normal recurring adjustments, which, in the opinion of
management, are necessary to present fairly the operations and cash
flows for the periods presented.
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