Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 13, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Home Treasure Finders, Inc. | |
Entity Central Index Key | 1,527,102 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 13,205,450 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 21,873 | $ 36,848 |
Rent receivable | 500 | |
Prepaid asset | 6,536 | $ 753 |
Total current assets | 28,909 | 37,601 |
Property and equipment, net | 848,740 | 867,547 |
Other assets: | ||
Security deposits | 1,050 | 1,050 |
Total assets | 878,699 | 906,198 |
Liabilities: | ||
Accounts payable | 10,710 | 9,462 |
Accrued wages | 18,612 | 18,612 |
Accrued liabilities | 72,906 | 52,128 |
Accrued interest | 2,575 | 2,025 |
Note payable, current portion | 12,542 | 13,003 |
Related party note payable | 10,193 | 8,693 |
Total current liabilities | 127,538 | 103,923 |
Long term debt | 815,661 | 824,919 |
Total liabilities | 943,199 | 928,842 |
Shareholders' equity (deficit): | ||
Common stock, no par value; 100,000,000 shares authorized, 13,205,450 and 11,725,450 shares issued and outstanding, respectively | 215,267 | 215,267 |
Additional paid in capital | 96,476 | 96,476 |
Accumulated deficit | (376,243) | (334,387) |
Total shareholder's equity (deficit) | (64,500) | (22,644) |
Total liabilities and shareholders' equity (deficit) | $ 878,699 | $ 906,198 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Stockholders Equity | ||
Common Stock par value | $ 0 | $ 0 |
Common Stock Authorized | 100,000,000 | 100,000,000 |
Common Stock Issued | 13,205,450 | 11,725,450 |
Common Stock Outstanding | 13,205,450 | 11,725,450 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Commission income | $ 73,928 | $ 18,220 | $ 147,470 | $ 74,964 |
Property and rental management income | 29,391 | 11,174 | 140,134 | 37,911 |
Revenue | 103,319 | 29,394 | 287,604 | 112,875 |
Operating expenses: | ||||
Commision expense | 41,257 | 10,227 | 71,674 | 35,267 |
Professional fees | 5,419 | 3,497 | 27,760 | 25,394 |
General and Administrative | 61,975 | 57,961 | 185,708 | 189,556 |
Total operating expenses | 108,651 | 71,685 | 285,142 | 250,217 |
Operating income (loss) | $ (5,332) | (42,291) | $ 2,462 | (137,342) |
Other income (expense) | ||||
Other income | 3,047 | 3,047 | ||
Interest expense | $ (14,738) | (50) | $ (44,318) | (515) |
Total other income (expense) | (14,738) | 2,997 | (44,318) | 2,532 |
Income (loss) before taxes | $ (20,070) | $ (39,294) | $ (41,856) | $ (134,810) |
Income tax expense | ||||
Net Income (loss) | $ (20,070) | $ (39,294) | $ (41,856) | $ (134,810) |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted average common shares outstanding | 13,205,450 | 13,005,450 | 13,205,450 | 12,583,587 |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, shares at Dec. 31, 2012 | 11,725,800 | |||
Beginning Balance, value at Dec. 31, 2012 | $ 57,302 | $ 96,476 | $ (190,115) | $ (36,377) |
Common stock issued for services, shares | ||||
Common stock issued for services, value | ||||
Net loss | (4,790) | $ (4,790) | ||
Ending Balance, shares at Dec. 31, 2013 | 11,725,800 | |||
Ending Balance, value at Dec. 31, 2013 | $ 57,302 | 96,476 | (194,905) | (41,127) |
Common stock issued for cash, shares | 1,396,000 | |||
Common stock issued for cash, value | $ 149,600 | 149,600 | ||
Common stock issued for services, shares | 83,650 | |||
Common stock issued for services, value | $ 8,365 | 8,365 | ||
Net loss | (139,482) | (139,482) | ||
Ending Balance, shares at Dec. 31, 2014 | 13,205,450 | |||
Ending Balance, value at Dec. 31, 2014 | $ 215,267 | 96,476 | (334,387) | $ (22,644) |
Common stock issued for services, value | ||||
Net loss | (41,856) | $ (41,856) | ||
Ending Balance, shares at Sep. 30, 2015 | 13,205,450 | |||
Ending Balance, value at Sep. 30, 2015 | $ 215,267 | $ 96,476 | $ (376,243) | $ (64,500) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (41,856) | $ (134,810) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
Depreciation and amortization | $ 19,638 | 1,958 |
Common stock issued for services | $ 8,365 | |
Changes in operating assets and liabilities: | ||
Increase in rent receivable | $ (500) | |
(Increase) decrease in prepaid expense | $ (5,783) | $ (1,561) |
Increase in other current assets and other assets | (1,050) | |
Decrease in accrued salary | 3,999 | |
Increase in accrued interest | $ 550 | 515 |
Increase in accrued liabilities | 20,778 | 7,083 |
Increase (decrease) in accounts payable | 1,248 | 2,477 |
Net cash (used in) operating activities | (5,925) | (113,024) |
Cash flows from investing activities: | ||
Cash paid for fixed assets | (831) | (864,925) |
Net cash used in investing activities | $ (831) | (864,925) |
Cash flows from financing activities: | ||
Proceeds from common stock sales | 119,600 | |
Proceeds from long term debt | 840,000 | |
Proceeds from related party payable | $ 1,500 | 10,350 |
Payment of related party payable | $ (500) | |
Payment of long term debt | $ (9,719) | |
Net cash provided by financing activities | (8,219) | $ 969,450 |
Net change in cash | (14,975) | (8,499) |
Cash, beginning of period | 36,848 | 8,365 |
Cash, end of period | $ 21,873 | $ 5,706 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for Income taxes | ||
Cash paid during the period for Interest | ||
NON CASH FINANCING ACTIVITIES: | ||
Common stock issued for services | $ 8,365 |
1 Basis of Presentation
1 Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation The accompanying financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). The interim financial statements reflect all adjustments, consisting of normal recurring adjustments which, in the opinion of management, are necessary to present a fair statement of the results for the period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the December 31, 2014 financial statements and notes thereto included. The results of operations for the period ended September 30, 2015, are not necessarily indicative of the operating results for the year ended December 31, 2015. |
2 GOING CONCERN
2 GOING CONCERN | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | Note 2: Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, since inception the Company has incurred losses in all quarters except the quarter ended March 31, 2013 and it has a limited operating history. These factors, among others, may indicate that the Company will be unable to continue as a going concern for a reasonable period of time. The financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company intends to seek additional funding through equity offerings to fund its business plan. There is no assurance that the Company will be successful in raising additional funds. |
3 RELATED PARTY TRANSACTIONS
3 RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 3: Related Party Transactions During the nine months ended September 30, 2015, the related party payable had a net increase of $1,500. The balance of the related party payable was $10,193 and $8,693 as of September 30, 2015 and December 31, 2014, respectively. This payable is due on demand and has an interest rate of 8%. Accrued interest on this payable was $2,575 at September 30, 2015. Beginning in 2013, the Company began accruing salary of $5,500 per month to the CEO for his services. Effective April 14, 2014, the base salary to be paid to the CEO increased to $6,000 per month. The balance accrued at September 30, 2015 was $18,612. |
4 Property and Equipment
4 Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
4 Property and Equipment | Note 4: Property and Equipment The Company's capital assets consist of warehouse units, computer equipment, office furniture and leasehold improvements for the new office. Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the asset, ranging from 18 months to 39 years. Expenditures for additions and improvements are capitalized, while repairs and maintenance costs are expensed as incurred. The cost and related accumulated depreciation of any capital assets that are sold or otherwise disposed of are removed from the accounts and any gain or loss is recorded in the year of disposal. Fixed assets and related depreciation for the nine months ended September 30, 2015 are as follows: Computer equipment $ 5,672 Furniture and fixtures 6,084 Leasehold improvements 4,000 Warehouse units 861,000 Accumulated amortization and depreciation (28,016 ) Total fixed assets $ 848,740 Depreciation expense was $17,638 and amortization expense was $2,000 for the nine months ended September 30, 2015. |
Note 5_ Debt
Note 5: Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Note 5: Debt | Note 5: Debt On September 15, 2014, the Company entered into a promissory note for $840,000 on the purchase three warehouse units known as 4420, 4430 and 4440 Garfield Street, Denver, Colorado. The Company anticipates leasing each of the three separate units to one or more licensed third party growers for cannabis cultivation. The terms of the variable interest 25 year amortization note carried by the seller of the property call for payments to seller as follows: 1 First and Second year interest rate at 7% with 25 year amortization payment at $5,936.95 per month. 2. Third and Fourth year at 8% with 25 year amortization payment at $6,277.73 per month. 3. Fifth year at 9% with 25 year amortization payment at $6,639.64 per month. 4. Balloon payment of $777,255.49 due at end of the fifth year. The note to seller is secured by the three warehouse units. As of September 30, 2015, the balance of the note was $828,203 and the annual maturities of the long-term debt were: Nine months ending September 30, 2016 $ 12,542 2017 10,914 2018 11,455 2019 9,057 2020 784,235 $ 828,203 |
6 SUBSEQUENT EVENTS
6 SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
SUBSEQUENT EVENTS | Note 6: Subsequent Events The Company has evaluated subsequent events pursuant to ASC Topic 855 and has determined that there are no events that require disclosure as of the date of issuance. |
4 Property and Equipment (Table
4 Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Fixed assets and related depreciation | Computer equipment $ 5,672 Furniture and fixtures 6,084 Leasehold improvements 4,000 Warehouse units 861,000 Accumulated amortization and depreciation (28,016 ) Total fixed assets $ 848,740 |
Note 5_ Debt (Tables)
Note 5: Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long term promissory note | Nine months ending September 30, 2016 $ 12,542 2017 10,914 2018 11,455 2019 9,057 2020 784,235 $ 828,203 |
3 RELATED PARTY TRANSACTIONS (D
3 RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ||
Payment to related party payable | $ 3,350 | $ 17,000 |
Balance of the related party payable | $ 10,193 | $ 8,693 |
Interest rate | 8.00% | 8.00% |
Accrued interest on this payable | $ 2,575 | $ 937 |
Monthly salary | 6,000 | $ 5,500 |
Accrued salary | $ 18,612 |
5 Stock Transactions (Details N
5 Stock Transactions (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2013 | |
Notes to Financial Statements | ||
Value of shares issed in private placement | $ 0.10 | |
Private placement revenue generated | $ 119,600 | |
Increase in CEO monthly salary | $ 6,000 | |
Shares issued for services | ||
Per share value of shares issued for services | $ 0.10 |
4 Property and Equipment - (Det
4 Property and Equipment - (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Computer equipment | $ 5,672 | |
Furniture and fixtures | 6,084 | |
Leasehold improvements | 4,000 | |
Warehouse units | 861,000 | |
Accumulated amortization and depreciation | (28,016) | |
Total fixed assets | $ 848,740 | $ 867,547 |
4 Property and Equipment (Detai
4 Property and Equipment (Details Narrative) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Property, Plant and Equipment [Abstract] | |
Depreciation | $ 17,638 |
Amortization expense | $ 2,000 |
5 Debt - (Details)
5 Debt - (Details) | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Debt Disclosure [Abstract] | |
First and Second year interest rate | 7.00% |
First and Second year 25 year amortization monthly payment | $ 5,937 |
Third and Fourth year interest rate | 8.00% |
Third and Fourth year 25 year amortization monthly payment | $ 6,278 |
Fifth year interest rate | 9.00% |
Fifth year 25 year amortization monthly payment | $ 6,640 |
Balloon payment at end of the fifth year | $ 777,255 |
5 Debt - (Details Narrative)
5 Debt - (Details Narrative) | Sep. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 12,542 |
2,017 | 10,914 |
2,018 | 11,455 |
2,019 | 9,057 |
2,020 | 784,235 |
Total maturities for note payable outstanding | $ 828,203 |
5 Debt (Details Narrative)
5 Debt (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2015 | |
Debt Disclosure [Abstract] | ||
Promissory note for purchase three warehouse units | $ 840,000 | |
Length of time to pay off amortization note | 25 years | |
Balance of the note | $ 828,203 |