Domain Name Transfer
In accordance with ASC 845-30-10 a nonmonetary asset received in a nonreciprocal transfer is recorded at the fair value of the asset received. A transfer of a nonmonetary asset to a stockholder or to another entity in a nonreciprocal transfer is recorded at the fair value of the asset transferred.
Furthermore, in accordance with ASC 845-10-50-1 an entity that engages in one
or more nonmonetary transactions during a period shall disclose in financial statements for the period all of the following:
| a. | The nature of the transactions; |
| b. | The basis of accounting for the asset(s) transferred; and |
| c. | Gains or losses recognized on transfers. |
The domain name, “lightcollar.com,” was transferred to us from our sole Officer and Director on July 6, 2011 and had only a nominal fair value. The transfer was accounted for as a nonreciprocal transfer under ASC 845-10-30-1. The transfer of $45 and renewals of $38 on January 5, 2012, and $30 on December 20, 2012, were recorded as internet expense of $113 as of March 31, 2013.