Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 15, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | HARTFORD RETIREMENT NETWORK CORP. | |
Entity Central Index Key | 1,304,730 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 42,555,000 | |
Trading Symbol | HFRN | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Interim Balance Sheets
Interim Balance Sheets - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Current | ||
Cash | $ 92,944 | |
Amounts receivable (Note 6) | 50,000 | |
Prepaid expenses | 6,567 | 100 |
Total current assets | 99,511 | 50,100 |
Equipment | 3,157 | |
Total Assets | 102,668 | 50,100 |
Current | ||
Accounts payable and accrued liabilities (Note 3) | 12,291 | 15,887 |
Total current liabilities | 12,291 | 15,887 |
Stockholders’ equity | ||
Capital stock (Note 4) Authorized 200,000,000 common shares, $0.001 par value Issued and outstanding 30 September 2017 – 37,555,000 common shares 30 June 2017 – 9,945,000 common shares | 37,555 | 9,945 |
Capital stock (Note 4) Authorized 10,000,000 preferred shares, $0.001 par value | ||
Additional paid-in capital | 2,439,145 | 1,086,255 |
Share subscriptions receivable (Note 4) | (1,223,725) | |
Deficit | (1,162,598) | (1,061,987) |
Total shareholders' deficiency | 90,377 | 34,213 |
Total liabilities and shareholders' deficiency | $ 102,668 | $ 50,100 |
Interim Balance Sheets (Parenth
Interim Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Jun. 30, 2017 | Jun. 26, 2017 |
Statement of Financial Position [Abstract] | |||
Capital stock, common shares authorized | 200,000,000 | 200,000,000 | |
Capital stock, common share par value | $ 0.001 | $ 0.001 | $ 0.001 |
Capital stock, common shares issued | 37,555,000 | 9,945,000 | |
Capital stock, common shares outstanding | 37,555,000 | 9,945,000 | |
Capital stock preferred shares, authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Capital stock preferred shares, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Interim Statements of Operation
Interim Statements of Operations - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Expenses | ||
Bank charges and interest | $ 105 | $ 104 |
Consulting | 32,500 | |
Filing and financing fees | 1,665 | 2,110 |
Legal and accounting | 24,409 | 1,961 |
Management fees (Note 5) | 22,500 | 15,000 |
Office and miscellaneous (recovery) | 1,210 | (259) |
Regulatory fees | 10,000 | 10,000 |
Rent (Note 5) | 3,800 | 900 |
Transfer agent fees | 4,150 | |
Travel | 272 | |
Loss before other item | (100,611) | (29,816) |
Other item | ||
Reversal of income tax penalties (Note 8) | 50,000 | |
Net income (loss) for the period | $ (100,611) | $ 20,184 |
Basic and diluted loss per common share | $ (0.040) | $ 0.002 |
Weighted average number of common shares outstanding | 25,443,696 | 9,925,000 |
Interim Statements of Cash Flow
Interim Statements of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net income (loss) | $ (100,611) | $ 20,184 |
Adjustments to reconcile loss to net cash used by operating activities | ||
Reversal of income tax penalties | (50,000) | |
Contributions to capital by related party – expenses | 15,900 | |
Changes in operating assets and liabilities | ||
Decrease in amounts receivable | 50,000 | |
Increase in prepaid expenses | (6,467) | |
Increase in accounts payable and accrued liabilities | (3,596) | (591) |
Net cash used in operating activities | (60,674) | (14,507) |
Cash flows from investing activities | ||
Purchase of equipment | (3,157) | |
Net cash provided by investing activities | (3,157) | |
Cash flows from financing activities | ||
Issuance of common shares for cash | 156,775 | |
Share subscriptions received in advance | 13,500 | |
Net cash provided by financing activities | 156,775 | 13,500 |
Increase (decrease) in cash | 92,944 | (1,007) |
Cash, beginning | 2,649 | |
Cash, ending | $ 92,944 | $ 1,642 |
Interim Statements of Changes i
Interim Statements of Changes in Stockholders' Equity (Deficiency) - USD ($) | Capital Stock [Member] | Additional Paid-In Capital [Member] | Share Subscriptions Received in Advance /Rreceivable [Member] | Deficit [Member] | Total |
Balance at Jun. 30, 2016 | $ 9,925 | $ 1,018,575 | $ (1,091,451) | $ (62,951) | |
Balance, shares at Jun. 30, 2016 | 9,925,000 | ||||
Contributions to capital by related party - expenses (Note 5) | 15,900 | 15,900 | |||
Share subscriptions received in cash (Note 4) | 13,500 | 13,500 | |||
Net income | 20,184 | 20,184 | |||
Balance at Sep. 30, 2016 | $ 9,925 | 1,034,475 | 13,500 | (1,071,267) | (13,367) |
Balance, shares at Sep. 30, 2016 | 9,925,000 | ||||
Contributions to capital by related party - expenses (Note 5) | 31,800 | 31,800 | |||
Common shares issued for cash | $ 20 | 19,980 | (13,500) | 6,500 | |
Common shares issued for cash, shares | 20,000 | ||||
Net income | 9,280 | 9,280 | |||
Balance at Jun. 30, 2017 | $ 9,945 | 1,086,255 | (1,061,987) | 34,213 | |
Balance, shares at Jun. 30, 2017 | 9,945,000 | ||||
Common shares issued for cash | $ 27,610 | 1,352,890 | (1,223,725) | 156,775 | |
Common shares issued for cash, shares | 27,610,000 | ||||
Net income | (100,611) | (100,611) | |||
Balance at Sep. 30, 2017 | $ 37,555 | $ 2,439,145 | $ (1,223,725) | $ (1,162,598) | $ 90,377 |
Balance, shares at Sep. 30, 2017 | 37,555,000 |
Nature and Continuance of Opera
Nature and Continuance of Operations | 3 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature and Continuance of Operations | 1. Nature and Continuance of Operations Hartford Retirement Network Corp. (formerly Dynamic Gold Corp.) (the “Company”) was incorporated under the laws of the State of Nevada on 21 January 2004. Effective 26 June 2017, the Company changed its name to Hartford Retirement Network Corp. and increased its authorized shares of common stock, par value $0.001 per share from 75,000,000 to 200,000,000 and authorized 10,000,000 preferred stock, par value $0.001 per share, with such rights, preferences and limitations as may be set from time to time by resolution of the Board of Directors (Note 4). These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company was in the business of acquiring and exploring mineral properties. In May 2017, the Company shifted its focus to senior housing and retirement services and products. The Company is devoting all of its present efforts in establishing a new business. These interim financial statements do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended 30 June 2017 included in the Company’s Annual Report on Form 10-K, filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements for the year ended 30 June 2017 included in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended 30 September 2017, are not necessarily indicative of the results that may be expected for the year ending 30 June 2018. The Company’s interim financial statements as at 30 September 2017 and for the three months then ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company reported a net loss of $100,611 for the three months ended 30 September 2017 and has a working capital of $87,220 at 30 September 2017. Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. Management believes that the Company’s capital resources will not be adequate to continue operating and maintaining its business strategy for the next 12 months. If the Company is unable to raise additional capital in the near future, management expects that the Company will need to curtail operations, seek additional capital on less favorable terms and/or pursue other remedial measures. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. At 30 September 2017, the Company had an accumulated deficit of $1,162,598 and cash of $92,944. Although management is currently attempting to implement its new business plan, and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Recent Accounting Pronouncement
Recent Accounting Pronouncement | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncement | 2. Recent Accounting Pronouncement In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for annual reporting periods and interim periods within those years beginning after 15 December 2017. In February 2016, the FASB issued ASU No. 2016-02 (Topic 842) “Leases.” Topic 842 supersedes the lease recognition requirements in Accounting Standards Codification (“ASC”) Topic 840 “Leases.” Under Topic 842, lessees are required to recognize assets and liabilities on the balance sheet for most leases and provide enhanced disclosures. Leases will continue to be classified as either finance or operating. Topic 842 is effective for annual reporting periods and interim periods within those years beginning after 15 December 2018. Early adoption by public entities is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and there are certain optional practical expedients that an entity may elect to apply. Full retrospective application is prohibited. The Company does not anticipate this amendment to have a significant impact on the financial statements. In June 2016, the FASB issued ASU No. 2016-13 “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. ASU 2016-13 is effective for annual reporting periods, and interim periods within those years beginning after 15 December 2019. The Company does not anticipate this amendment to have a significant impact on the financial statements. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 3. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities are non-interest bearing, unsecured and have settlement dates within one year. Included in accounts payable and accrued liabilities was $4,438 (30 June 2017 - $3,034) owing to a director of the Company (Note 5). |
Capital Stock
Capital Stock | 3 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Capital Stock | 4. Capital Stock Authorized The total authorized capital is 200,000,000 common shares with a par value of $0.001 and 10,000,000 preferred shares with a par value of $0.001. On 26 June 2017, the Company increased the authorized shares of common stock of the Company from 75,000,000 shares to 200,000,000 shares and authorized the issuance of up to 10,000,000 shares of preferred stock, with such rights, preferences and limitations as may be set from time to time by resolution of the Board of Directors (Note 1). Issued and outstanding At 30 September 2017, the total issued and outstanding capital stock is 37,555,000 common shares with a par value of $0.001 per common share (30 June 2017 – 9,945,000). On 20 April 2017, the Company completed a private placement of 20,000 common shares for total proceeds of $20,000. On 4 August 2017, the Company completed a private placement of 5,750,000 common shares for total proceeds of $287,500. The Company recorded a subscription receivable of $130,725 related to this financing as of 30 September 2017. On 8 August 2017, the Company completed a private placement of 19,910,000 common shares for total proceeds of $995,500 The Company recorded a subscription receivable of $995,500 related to this financing as of 30 September 2017. On 8 September 2017, the Company completed a private placement of 1,950,000 common shares for total proceeds of $97,500 The Company recorded a subscription receivable of $97,500 related to this financing as of 30 September 2017. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions During the three months ended 30 September 2017, a former officer and a former director of the Company made contributions to capital for management fees in the amount of $Nil (2016 – $15,000) and for rent in the amount of $Nil (2016 – $900) (Note 7). During the three months ended 30 September 2017, the Company paid management fees of $22,500 to the Company’s Chief Financial Officer. Included in accounts payable and accrued liabilities was $4,438 (30 June 2017 - $3,034) owing to a director of the Company. The amount is non-interest bearing, unsecured and due on demand (Note 3). |
Service Agreement
Service Agreement | 3 Months Ended |
Sep. 30, 2017 | |
Service Agreement | |
Service Agreement | 6. Service Agreement On 25 August 2017, the Company entered into a Retirement Vacation Services Agreement (the “Service Agreement”) with Shanghai Qiao Garden International Travel Agency (“Shanghai Travel”), whereby the Company is to provide favorable pricing on hotel rooms in California, USA from 15 May 2017 to 31 May 2018. The agreement can be renewed automatically on an annual basis. Shanghai Travel will provide at least 300 retirement vacation clients annually, for a minimum total hotel stay of 3,000 nights. The Company will be charging Shanghai Travel $80 per client per hotel stay and $2,000 monthly management fees. At 30 September 2017, the Company did not record any receivables related to the monthly management fee as there was uncertainty as to whether the amount would be collectible (30 June 2017 - $50,000). |
Supplemental Disclosures with R
Supplemental Disclosures with Respect to Cash Flows | 3 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures with Respect to Cash Flows | 7. Supplemental Disclosures with Respect to Cash Flows For the three months ended 30 September 2017 $ For the three months ended 30 September 2016 $ Cash paid during the period for interest - - Cash paid during the period for income taxes - - During the three months ended 30 September 2017, a former officer and a former director of the Company made contributions to capital for management fees in the amount of $Nil (2016 – $15,000) and for rent in the amount of $Nil (2016 – $900) (Note 5). |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income taxes During the year ended 30 June 2016, the Company received an assessment for penalties of $50,000 from the Internal Revenue Service regarding failure to file certain supplementary forms for the tax years 2007 to 2011. During the year ended 30 June 2017, the penalties were reversed. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Event On October 5, 2017, the Company issued 5,000,000 common shares for total proceeds of $250,000. The Company received $200,000 of the $250,000. |
Supplemental Disclosures with16
Supplemental Disclosures with Respect to Cash Flows (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | For the three months ended 30 September 2017 $ For the three months ended 30 September 2016 $ Cash paid during the period for interest - - Cash paid during the period for income taxes - - |
Nature and Continuance of Ope17
Nature and Continuance of Operations (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Jun. 26, 2017 | Jun. 30, 2016 | |
Common stock, par value per share | $ 0.001 | $ 0.001 | $ 0.001 | ||
Common stock shares authorized | 200,000,000 | 200,000,000 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Net income (loss) | $ 100,611 | $ (20,184) | $ (9,280) | ||
Working capital deficit | 87,220 | ||||
Accumulated deficit | 1,162,598 | 1,061,987 | |||
Cash | $ 92,944 | $ 1,642 | $ 2,649 | ||
Minimum [Member] | |||||
Common stock shares authorized | 75,000,000 | ||||
Maximum [Member] | |||||
Common stock shares authorized | 200,000,000 |
Accounts Payable and Accrued 18
Accounts Payable and Accrued Liabilities (Details Narrative) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Accounts payable and accrued liabilities | $ 12,291 | $ 15,887 |
Director [Member] | ||
Accounts payable and accrued liabilities | $ 4,438 | $ 3,034 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - USD ($) | Sep. 08, 2017 | Aug. 08, 2017 | Aug. 04, 2017 | Apr. 20, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Jun. 26, 2017 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | |||||
Common stock, par value per share | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Capital stock, shares issued | 37,555,000 | 9,945,000 | |||||
Capital stock, shares outstanding | 37,555,000 | 9,945,000 | |||||
Common shares issued for private placements | $ 156,775 | $ 6,500 | |||||
Subscription receivable | 1,223,725 | ||||||
Private Placement One [Member] | |||||||
Common shares issued for private placements, shares | 20,000 | ||||||
Common shares issued for private placements | $ 20,000 | ||||||
Private Placement Two [Member] | |||||||
Common shares issued for private placements, shares | 5,750,000 | ||||||
Common shares issued for private placements | $ 287,500 | ||||||
Subscription receivable | 130,725 | ||||||
Private Placement Three [Member] | |||||||
Common shares issued for private placements, shares | 19,910,000 | ||||||
Common shares issued for private placements | $ 995,500 | ||||||
Subscription receivable | 995,500 | ||||||
Private Placement Four [Member] | |||||||
Common shares issued for private placements, shares | 1,950,000 | ||||||
Common shares issued for private placements | $ 97,500 | ||||||
Subscription receivable | $ 97,500 | ||||||
Minimum [Member] | |||||||
Common stock, shares authorized | 75,000,000 | ||||||
Maximum [Member] | |||||||
Common stock, shares authorized | 200,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Management fees | $ 22,500 | $ 15,000 | |
Rent | 3,800 | 900 | |
Former officer and Former Director [Member] | |||
Management fees | 15,000 | ||
Rent | $ 900 | ||
Chief Financial Officer [Member] | |||
Management fees | 22,500 | ||
Director [Member] | |||
Amount owed to related party | $ 4,438 | $ 3,034 |
Service Agreement (Details Narr
Service Agreement (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
Service Agreement | ||
Booking fees | $ 80 | |
Management fees | 2,000 | |
Amounts receivable (Note 6) | $ 50,000 |
Supplemental Disclosures with22
Supplemental Disclosures with Respect to Cash Flows (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Management fees | $ 22,500 | $ 15,000 |
Rent | 3,800 | 900 |
Former officer and Former Director [Member] | ||
Management fees | 15,000 | |
Rent | $ 900 |
Supplemental Disclosures with23
Supplemental Disclosures with Respect to Cash Flows - Schedule of Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid during the period for interest | ||
Cash paid during the period for income taxes |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Reversal of income tax penalties | $ 50,000 | $ 50,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Oct. 05, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Proceeds from issuance of common stock | $ 156,775 | ||
Subsequent Event [Member] | |||
Number of common stock shares issued, shares | 5,000,000 | ||
Proceeds from issuance of common stock | $ 250,000 | ||
Proceeds from issuance of common stock, gross | $ 200,000 |