Yale Transaction Finders (YTFD) 10-K 26 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 26, 2020	Jun. 30, 2018
Document And Entity Information
Entity Registrant Name	Yacht Finders, Inc.
Entity Central Index Key	0001311673
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		5,199,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
ASSETS
TOTAL ASSETS	$ 0	$ 0
Current liabilities
Accrued liabilities	17,892	17,327
Accrued interest - related party	249,720	210,403
Note payable - related party	690,963	631,473
Total current liabilities and total liabilities	958,575	859,203
Stockholders' deficit
Preferred stock, par value $0.0001, 20,000,000 shares authorized, no shares issued and outstanding at December 31, 2019 and December 31, 2018
Common stock, par value $0.0001, 80,000,000 shares authorized, 5,199,000 shares issued and outstanding at December 31, 2019 and December 31, 2018	520	520
Additional paid-in capital	49,280	49,280
Accumulated deficit	(1,008,375)	(909,003)
Total stockholders' deficit	(958,575)	(859,203)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 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	$ 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

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
REVENUES
OPERATING AND EXPENSES:	60,055	58,797
General and administrative	20,055	18,797
Management Fee - related party	40,000	40,000
TOTAL OPERATING EXPENSES	60,055	58,797
OTHER EXPENSES:
Interest expense - related party	39,317	36,157
LOSS FROM OPERATIONS	(99,372)	(94,954)
NET LOSS BEFORE INCOME TAXES	(99,372)	(94,954)
Provision for income taxes	0	0
NET LOSS	$ (99,372)	$ (94,054)
BASIC AND DILUTED LOSS PER COMMON SHARE
Net income (loss)	$ (0.02)	$ (0.02)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC AND DILUTED	5,199,000	5,199,000

Statement of Changes in Stockho

Statement of Changes in Stockholders' Deficit - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2017	$ 520	$ 49,280	$ (814,049)	$ (764,249)
Balance, shares at Dec. 31, 2017	5,199,000
Net Loss			$ (94,954)	$ (94,054)
Balance at Dec. 31, 2018	$ 520	$ 49,280	$ (909,003)	$ (859,203)
Balance, shares at Dec. 31, 2018	5,199,000
Net Loss			$ (99,372)	$ (99,372)
Balance at Dec. 31, 2019	$ 520	$ 49,280	$ (1,008,375)	$ (958,575)
Balance, shares at Dec. 31, 2019	5,199,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES:
Net loss	$ (99,372)	$ (94,054)
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued interest- related party	39,317	36,157
Changes in operating assets and liabilities:
Increase (decrease) in: Accrued liabilities	565	11,652
Net cash used in operating activities	(59,490)	(47,145)
FINANCING ACTIVITIES:
Proceeds from note payable - related party	59,490	47,145
NET CASH PROVIDED BY FINANCING ACTIVITIES	59,490	47,145
INCREASE (DECREASE) IN CASH
CASH - BEGINNING OF YEAR
CASH - END OF YEAR
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for taxes

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	(1) ORGANIZATION AND BASIS OF PRESENTATION Yacht Finders, Inc. (the “Company”) was incorporated in Delaware on August 15, 2000 as Sneeoosh Corporation. On October 20, 2000 the company filed an amended Certificate of Incorporation to change the name to Snohomish Corporation. On April 15, 2003 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 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s financial statements are presented in accordance with accounting principles generally accepted (GAAP) in the United States. Effective December 31, 2014, the Company elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and other remaining disclosure requirements of topic 915. USE OF ESTIMATES The preparation of financial statements in conformity 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. REVENUE RECOGNITION The Company has not recognized any revenues from its operations CASH AND CASH EQUIVALENTS The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. 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 December 31, 2019 and December 31, 2018, there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding. INCOME TAXES The Company accounts for income taxes under the provisions of Accounting Standards Codification (“ASC”) ASC-740 “Accounting for Income Taxes”. ASC-740 requires recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In addition ASC-740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes and has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its federal tax return and its state tax return in California as “major” tax jurisdictions, as defined. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC-740. FAIR VALUE MEASUREMENTS The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including, payables to related parties, and accrued liabilities are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) 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.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	(3) GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the Company will continue to realize its assets and discharge its liabilities in the normal course of business. Since inception, the Company has not generated any revenue and has accumulated losses of $1,008,375 since inception. As of December 31, 2019, the Company had a working capital deficit of $958,575. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on 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. The Company intends to seek additional working capital advances from the Company’s majority shareholder and other sources. 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.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(4) STOCKHOLDERS’ EQUITY The stockholders’ equity section of the financial statements contain the following classes of capital stock as of December 31, 2019: * Preferred stock, $0.0001 par value: 20,000,000 shares authorized; no shares issued and outstanding. * Common stock, $0.0001 par value: 80,000,000 shares authorized; 5,199,000 shares issued and outstanding.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	(5) RELATED PARTY TRANSACTIONS At December 31, 2019, the Company had loans and notes outstanding from Fountainhead Capital Management Limited (a shareholder) in the aggregate amount of $690,963, plus accrued interest of $249,720, which represents amounts loaned to the Company to pay the Company’s expenses of operation. On December 31, 2019, the Payee under the Note and the Company agreed that the due date of the Note would be extended to December 31, 2020. The following table details related party debt on a year-by-year basis: As of As of Principal balance $ 690,963 $ 631,473 Accrued Interest $ 249,720 $ 210,403 In October 2007, the Company entered into a Services Agreement with Fountainhead Capital Management Limited (“FHM”), a shareholder who owns 98.48% of the issued and outstanding shares of common stock of the Company. The initial term of the Services Agreement is one-year and the term extends automatically on a year-to-year basis until terminated by mutual agreement of the parties. 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 following table details related party management fees on a year-by-year basis: Year ended 12/31/2019 Year ended 12/31/2018 Management fees $ 40,000 $ 40,000

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Income Taxes	(6) INCOME TAXES The components of the Company’s deferred tax asset as of December 31, 2019 and 2018 are as follows: 2019 2018 Net operating loss carry forward $ 210,971 $ 190,003 Valuation allowance (210,971 ) (190,003 ) Net deferred tax asset $ - $ - A reconciliation of income taxes computed at the statutory rate to the income tax amount recorded is as follows: 2019 2018 Federal statutory rate (2019 - 21% - 2018 - 21%) $ (20,868 ) $ (19,751 ) Increase in valuation allowance 20,868 19,751 Net deferred tax asset $ - $ - As of December 31, 2019, the Company had certain federal and state net operating loss carryovers (“NOLs”), however under current tax law, only NOLs accrued after 2017 may be carried on indefinitely. Further, utilization of the NOLs may be subject to limitation under the Internal Revenue Code Section 382 should there be a greater than 50% ownership change as determined under regulations. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized The Company files income tax returns in the United States federal jurisdiction and certain states in the United States. No tax returns are currently under examination by any tax authorities.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	(7) SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on managements’ evaluation, no other events have occurred that require disclosure or adjustments to the financial statement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The Company’s financial statements are presented in accordance with accounting principles generally accepted (GAAP) in the United States. Effective December 31, 2014, the Company elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and other remaining disclosure requirements of topic 915.
Use of Estimates	USE OF ESTIMATES The preparation of financial statements in conformity 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.
Revenue Recognition	REVENUE RECOGNITION The Company has not recognized any revenues from its operations
Cash And Cash Equivalents	CASH AND CASH EQUIVALENTS The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents.
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 December 31, 2019 and December 31, 2018, there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding.
Income Taxes	INCOME TAXES The Company accounts for income taxes under the provisions of Accounting Standards Codification (“ASC”) ASC-740 “Accounting for Income Taxes”. ASC-740 requires recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In addition ASC-740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes and has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its federal tax return and its state tax return in California as “major” tax jurisdictions, as defined. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC-740.
Fair Value Measurements	FAIR VALUE MEASUREMENTS The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including, payables to related parties, and accrued liabilities are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)
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.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Debt	The following table details related party debt on a year-by-year basis: As of As of Principal balance $ 690,963 $ 631,473 Accrued Interest $ 249,720 $ 210,403
Schedule of Related Party Management Fees	The following table details related party management fees on a year-by-year basis: Year ended 12/31/2019 Year ended 12/31/2018 Management fees $ 40,000 $ 40,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets	The components of the Company’s deferred tax asset as of December 31, 2019 and 2018 are as follows: 2019 2018 Net operating loss carry forward $ 210,971 $ 190,003 Valuation allowance (210,971 ) (190,003 ) Net deferred tax asset $ - $ -
Schedule of Income Tax Rate Reconciliation	A reconciliation of income taxes computed at the statutory rate to the income tax amount recorded is as follows: 2019 2018 Federal statutory rate (2019 - 21% - 2018 - 21%) $ (20,868 ) $ (19,751 ) Increase in valuation allowance 20,868 19,751 Net deferred tax asset $ - $ -

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated losses	$ (1,008,375)	$ (909,003)
Working capital deficit	$ (958,575)

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Stockholders Equity
Preferred stock, par value	$ 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	$ 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

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Oct. 01, 2007	Dec. 31, 2019	Dec. 31, 2018
Loans and notes outstanding from a shareholder		$ 690,963	$ 631,473
Interest - related party		$ 249,720	$ 210,403
Maturity date		Dec. 31, 2020
FHM [Member]
Ownership percentage held by shareholder	98.48%
Total fees paid	$ 10,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Debt (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Principal balance	$ 690,963	$ 631,473
Accrued Interest	$ 249,720	$ 210,403

Related Party Transactions - _2

Related Party Transactions - Schedule of Related Party Management Fees (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Management fees	$ 40,000	$ 40,000

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Limitations of net operating loss carryovers	Utilization of the NOLs may be subject to limitation under the Internal Revenue Code Section 382 should there be a greater than 50% ownership change as determined under regulations.

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 210,971	$ 190,003
Valuation allowance	(210,971)	(190,003)
Net deferred tax asset

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal statutory rate (2019 - 21% - 2018 - 21%)	$ (20,868)	$ (19,751)
Increase in valuation allowance	20,868	19,751
Net deferred tax asset	$ 0	$ 0