It offers you a way to create and run scripts using the Lua Programming Language
This application is a small tool that allows you to create, debug and distribute scripts written in Lua.
Apart from running any native Lua code, it lets you script GUI's and do some basic drawing.
Lua Scripting uses the LuaJava API, this gives you the ability to access Java classes and objects from Lua. For more information, visit the link below.
http://www.keplerproject.org/luajava/manual.html#luareference
The application itself comes with several examples that describe pretty well how to create buttons and such.
Scripts are saved in /sdcard/Lua Scripting/Dev/