Yale Transaction Finders (YTFD) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Yacht Finders, Inc.
Entity Central Index Key	1,311,673
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,199,000

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ASSETS
TOTAL ASSETS	$ 0	$ 0
Current liabilities
Accrued liabilities	6,186	5,472
Note payable - related party	499,261	467,826
Accrued interest - related party	126,140	111,919
Total current liabilities and total liabilities	631,587	585,217
Stockholders' deficit
Preferred stock, par value $0.0001, 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively
Common stock, par value $0.0001, 80,000,000 shares authorized, 5,199,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	520	520
Additional paid-in capital	49,280	49,280
Accumulated deficit	(681,387)	(635,017)
Total stockholders' deficit	(631,587)	(585,217)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Balance Sheets [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, Shares authorized	20,000,000	20,000,000
Preferred stock, Shares issued
Preferred stock, Shares outstanding
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, Shares authorized	80,000,000	80,000,000
Common stock, Shares issued	5,199,000	5,199,000
Common stock, Shares outstanding	5,199,000	5,199,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statements Of Operations [Abstract]
Revenues
Operating expenses
General and administrative	6,112	3,677	12,149	11,034
Management fees-related party	10,000	10,000	20,000	20,000
Loss from operations	16,112	13,677	32,149	31,034
Other expenses
Interest expense-related party	7,223	6,383	14,221	12,477
Net Loss	$ (23,335)	$ (20,060)	$ (46,370)	$ (43,511)
Basic loss per share	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding - basic	5,199,000	5,199,000	5,199,000	5,199,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net loss	$ (46,370)	$ (43,511)
Adjustments to reconcile net loss to net cash used in operating activities:
Increase in interest payable- related party	14,221	12,477
Changes in operating assets and liabilities:
Increase in accounts payable	714	2,080
Net cash used in operating activities	(31,435)	(28,954)
FINANCING ACTIVITIES
Proceeds from notes payable - related party	31,435	28,954
Net cash provided by financing activities	31,435	28,954
Net increase (decrease) in cash
Cash at beginning of period
Cash at end of period

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization and Basis of Presentation [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	(1) ORGANIZATION AND BASIS OF PRESENTATION Yacht Finders, Inc. (the “Company”) was incorporated in Delaware on November 15, 2000 as Sneeoosh Corporation. On October 20, 2000 the company filed an amended Certificate of Incorporation to change the name to Snohomish Corporation. The Company did not conduct any operations until April 15, 2003, the date the Company filed a subsequent amendment to change the name to Yacht Finders, Inc. Yacht Finder's Inc. business plan was to create an online database for public buyers and yacht brokers to interface immediately with each other while capturing the benefits of targeting a larger market. On November 6, 2007, the Company discontinued its prior business and changed its business plan. The Company’s business plan now consists of exploring potential targets for a business combination through the purchase of assets, share purchase or exchange, merger or similar type of transaction. The accompanying un-audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the financial statements and footnotes thereto included in the Form 10-K for the year ended December 31, 2015.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. LOSS PER COMMON SHARE The Company reports loss per share using a dual presentation of basic and diluted loss per share. Basic loss per share excludes the impact of common stock equivalents and is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. At June 30, 2016, there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding. GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company generated a net loss of $23,335 for the three-month period ended June 30, 2016 and has a stockholders’ deficit of $631,587 as of June 30, 2016. These conditions, among others, raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on working capital advances being provided by the Company’s majority shareholder for its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. There is no assurance that the working capital advances will continue in the future nor that Company will be successful in raising additional funds through other sources. NEW ACCOUNTING PRONOUNCEMENTS From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	(3) RELATED PARTY TRANSACTIONS At June 30, 2016, the Company had loans and notes outstanding from a shareholder in the aggregate amount of $499,261, which bears interest at 6% per annum and represents amounts loaned to the Company to pay the Company’s operating expenses. On December 31, 2015, the Payee under the Note and the Company agreed to extend the maturity date of the Note to December 31, 2016. The Company recorded interest on the Note for the three-month period ended June 30, 2016 of $7,223. As of June 30, 2016, the Company had recorded an aggregate of $126,140 interest expense on the Note, none of which has been paid. Pursuant to a Services Agreement with Fountainhead Capital Management Limited (“FHM”), a shareholder who holds approximately 83.68% of the Company’s issued and outstanding common stock, the Company is obligated to pay FHM a quarterly fee in the amount of $10,000, in cash or in kind, on the first day of each calendar quarter commencing October 1, 2007. The Services Agreement currently runs through December 31, 2016. Total fees paid to FHM for the three-month period ended June 30, 2016 was $10,000.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	(4) SUBSEQUENT EVENTS The Company has evaluated events occurring after the date of these financial statements through the date that these financial statements were available to be issued. There were no material subsequent events as of that date which would require disclosure in or adjustments to these financial statements.

Summary of Significant Accoun10

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
USE OF ESTIMATES	USE OF ESTIMATES The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
LOSS PER COMMON SHARE	LOSS PER COMMON SHARE The Company reports loss per share using a dual presentation of basic and diluted loss per share. Basic loss per share excludes the impact of common stock equivalents and is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. At June 30, 2016, there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding.
GOING CONCERN	GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company generated a net loss of $23,335 for the three-month period ended June 30, 2016 and has a stockholders’ deficit of $631,587 as of June 30, 2016. These conditions, among others, raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on working capital advances being provided by the Company’s majority shareholder for its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. There is no assurance that the working capital advances will continue in the future nor that Company will be successful in raising additional funds through other sources.
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

Summary of Significant Accoun11

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Summary of Significant Accounting Policies (Textual)
Net loss	$ (23,335)	$ (20,060)	$ (46,370)	$ (43,511)
Stockholders' deficit	$ (631,587)		$ (631,587)		$ (585,217)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transactions (Textual)
Note payable - related party	$ 499,261		$ 499,261		$ 467,826
Interest rate	6.00%		6.00%
Maturity date			Dec. 31, 2016
Interest expense-related party	$ 7,223	$ 6,383	$ 14,221	$ 12,477
Accrued interest - related party	$ 126,140		$ 126,140		$ 111,919
Services agreement, Description			Shareholder who holds approximately 83.68% of the Company's issued and outstanding common stock, the Company is obligated to pay FHM a quarterly fee in the amount of $10,000, in cash or in kind, on the first day of each calendar quarter commencing October 1, 2007.
Total fees paid to FHM			$ 10,000