Yale Transaction Finders (YTFD) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 14, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-52528
Entity Registrant Name	YALE TRANSACTION FINDERS, INC.
Entity Central Index Key	0001311673
Entity Tax Identification Number	76-0736467
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	The Chrysler Building
Entity Address, Address Line Two	405 Lexington Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10174
City Area Code	(212)
Local Phone Number	818-8800
Trading Symbol	YTFD
Title of 12(g) Security	Common Stock, par value $0.0001
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		5,199,000

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash	$ 5,266	$ 12,876
Prepaid Asset	650
TOTAL ASSETS	5,916	12,876
Current liabilities
Accrued liabilities	2,995	7,650
Accrued interest– related party	2,864	1,521
Total current liabilities and total liabilities	70,859	59,171
Stockholders’ deficit
Preferred stock, par value $0.0001, 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
Common stock, par value $0.0001, 80,000,000 shares authorized, 5,199,000 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	520	520
Additional paid-in capital	1,229,743	1,229,743
Accumulated deficit	(1,295,206)	(1,276,558)
Total stockholders (deficit)	(64,943)	(46,295)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	5,916	12,876
Related Party [Member]
Current liabilities
Note payable – related party	$ 65,000	$ 50,000

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	0	0
Preferred stock, shares outstanding	0	0
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

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Revenues
Operating Expenses
General and administrative	7,858	24,029	17,305	38,120
Loss from operations	(7,858)	(24,029)	(17,305)	(38,120)
Other expenses
Net loss before income taxes	(8,584)	(24,289)	(18,648)	(48,036)
Net Loss	$ (8,584)	$ (24,289)	$ (18,648)	$ (48,036)
Basic loss per share	$ 0	$ 0	$ 0	$ (0.01)
Weighted average number of common shares outstanding - basic	5,199,000	5,199,000	5,199,000	5,199,000
Related Party [Member]
Other expenses
Interest expense-related party	$ 726	$ 260	$ 1,343	$ 9,916

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 520	$ 49,280	$ (1,208,516)	$ (1,158,716)
Balance, shares at Dec. 31, 2021	5,199,000
Net Loss			(23,747)	(23,747)
Forgiveness of debt by related party		1,180,463		1,180,463
Balance at Mar. 31, 2022	$ 520	1,229,743	(1,232,263)	(2,000)
Balance, shares at Mar. 31, 2022	5,199,000
Balance at Dec. 31, 2021	$ 520	49,280	(1,208,516)	(1,158,716)
Balance, shares at Dec. 31, 2021	5,199,000
Net Loss				(48,036)
Balance at Jun. 30, 2022	$ 520	1,229,743	(1,256,552)	(26,289)
Balance, shares at Jun. 30, 2022	5,199,000
Balance at Dec. 31, 2021	$ 520	49,280	(1,208,516)	(1,158,716)
Balance, shares at Dec. 31, 2021	5,199,000
Net Loss				68,042
Balance at Dec. 31, 2022	$ 520	1,229,743	(1,276,558)	(46,295)
Balance, shares at Dec. 31, 2022	5,199,000
Balance at Mar. 31, 2022	$ 520	1,229,743	(1,232,263)	(2,000)
Balance, shares at Mar. 31, 2022	5,199,000
Net Loss			(24,289)	(24,289)
Balance at Jun. 30, 2022	$ 520	1,229,743	(1,256,552)	(26,289)
Balance, shares at Jun. 30, 2022	5,199,000
Balance at Dec. 31, 2022	$ 520	1,229,743	(1,276,558)	(46,295)
Balance, shares at Dec. 31, 2022	5,199,000
Net Loss			(10,064)	(10,064)
Balance at Mar. 31, 2023	$ 520	1,229,743	(1,286,622)	(56,359)
Balance, shares at Mar. 31, 2023	5,199,000
Balance at Dec. 31, 2022	$ 520	1,229,743	(1,276,558)	(46,295)
Balance, shares at Dec. 31, 2022	5,199,000
Net Loss				(18,648)
Balance at Jun. 30, 2023	$ 520	1,229,743	(1,295,206)	(64,943)
Balance, shares at Jun. 30, 2023	5,199,000
Balance at Mar. 31, 2023	$ 520	1,229,743	(1,286,622)	(56,359)
Balance, shares at Mar. 31, 2023	5,199,000
Net Loss			(8,584)	(8,584)
Balance at Jun. 30, 2023	$ 520	$ 1,229,743	$ (1,295,206)	$ (64,943)
Balance, shares at Jun. 30, 2023	5,199,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
OPERATING ACTIVITIES
Net loss	$ (8,584)	$ (10,064)	$ (24,289)	$ (23,747)	$ (18,648)	$ (48,036)	$ 68,042
Adjustments to reconcile net loss to net cash used in operating activities:
Increase in interest payable- related party					1,343	9,916
Changes in operating assets and liabilities:
(Increase) decrease in prepaid asset					(650)
Increase (decrease) in accounts payable					(4,655)	(33,447)
Net cash used in operating activities					(22,610)	(71,567)
FINANCING ACTIVITIES
Proceeds from notes payable - related party					15,000	99,183
Net cash provided by financing activities					15,000	99,183
Net increase (decrease) in cash					(7,610)	27,616
Cash at beginning of period		$ 12,876			12,876
Cash at end of period	$ 5,266		$ 27,616		$ 5,266	$ 27,616	$ 12,876

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	(1) ORGANIZATION AND BASIS OF PRESENTATION Yale Transaction 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. 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. On April 7, 2022, the Company filed an amendment to the Certificate of Incorporation to change the name to Yale Transaction Finders, Inc. Yale Transaction Finders, Inc.’s 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 unaudited condensed 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 months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the financial statements and footnotes thereto included in the Form 10-K for the year ended December 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
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. For the three months ended June 30, 2023, 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 $ 18,648 64,943 1,295,206 68,042 46,295 1,276,558 In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) originated in Wuhan, China, and has since spread to a number of other countries, including the United States. On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. While the Company presently has no ongoing operations or employees, this situation could limit the market for a merger partner for a strategic business combination. Any of these uncertainties could have a material adverse effect on the business, financial condition or results of operations. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CON T) 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, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	(3) RELATED PARTY TRANSACTIONS The Company previously had loans and notes outstanding from a shareholder in the aggregate amount of $ 780,631 6 December 31, 2021 Pursuant to a Services Agreement with Fountainhead Capital Management Limited (“FHM”), a former shareholder, the Company was obligated to pay FHM a quarterly fee in the amount of $ 10,000 0 In May 2022, the Company issued promissory notes to four lenders, including two affiliated with the Company’s officers, in an aggregate amount of $ 50,000 . The notes had a maturity date of June 30, 2023 and bear interest at the rate of 5.0 % per annum, payable at maturity. The principal and accrued interest on the notes is convertible, at the election of the lenders, into shares of the Company’s common stock following the consummation of a “Qualified Financing” (as defined in the notes), or upon the consummation of a “Fundamental Transaction” (as defined in the notes) at the “Conversion Price” of the share price attributable to the Company’s Common Stock in a Qualified Financing, or if no Qualified Financing shall have been consummated, the per price share in the Fundamental Transaction as determined in good faith by the Board of Directors of the Company (as defined in the notes). The proceeds of the notes will be utilized by the Company to fund working capital needs. Effective June 30, 2023, the maturity date on the promissory notes has been extended to June 30, 2024. In May 2023, the Company issued promissory notes to four lenders, including two affiliated with the Company’s officers, in an aggregate amount of $ 15,000 June 30, 2024 5.0

CHANGE IN CONTROL

CHANGE IN CONTROL	6 Months Ended
	Jun. 30, 2023
Change In Control
CHANGE IN CONTROL	(4) CHANGE IN CONTROL On March 22, 2022, the Company entered into and consummated a Securities Purchase Agreement (the “Purchase Agreement”) with Fountainhead Capital Management Limited, a Jersey company (the “Seller”), Ironbound Partners Fund, LLC, a Delaware limited liability company, Moyo Partners, LLC, a New York limited liability company, Dakota Group, Ltd., a New York limited liability company, and Rise Capital Corp., a New York corporation (each a “Purchaser” and together, the “Purchasers”). Pursuant to the Purchase Agreement, the Seller sold to Purchasers an aggregate of 5,120,000 98.5 352,641 Additionally, pursuant to the Purchase Agreement: ● The Seller contributed a promissory note issued by the Company in favor of Seller in the amount of $ 832,305 348,158 ● Thomas W. Colligan, the sole director of the Company, authorized an increase in the number of directors on the Board from one to two and appointed Jonathan J. Ledecky as a director to fill the vacancy on the Board created by this increase; ● Mr. Colligan resigned as Chief Executive Officer, Chief Financial Officer, President and Treasurer, effectively immediately, and resigned from the Company’s board, effective on the day following the tenth day after the mailing of the Information Statement (defined below); and ● The Board appointed Mr. Ledecky as Chief Executive Officer and Chief Financial Officer of the Company and Arnold P. Kling as President, Treasurer and Secretary of the Company.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	(5) SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were available to be issued. Based on this evaluation, the Company had no reportable subsequent events other than those disclosed elsewhere in these financials.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
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. For the three months ended June 30, 2023, 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 $ 18,648 64,943 1,295,206 68,042 46,295 1,276,558 In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) originated in Wuhan, China, and has since spread to a number of other countries, including the United States. On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. While the Company presently has no ongoing operations or employees, this situation could limit the market for a merger partner for a strategic business combination. Any of these uncertainties could have a material adverse effect on the business, financial condition or results of operations. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CON T)
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 ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Net income (loss)	$ 8,584	$ 10,064	$ 24,289	$ 23,747	$ 18,648	$ 48,036	$ (68,042)
Working capital deficit	64,943				64,943		46,295
Accumulated deficit	1,295,206				1,295,206		1,276,558
Net income (loss)	$ (8,584)	$ (10,064)	$ (24,289)	$ (23,747)	$ (18,648)	$ (48,036)	$ 68,042

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended	6 Months Ended
	Dec. 31, 2020	May 31, 2023	May 31, 2022	Jun. 30, 2023	Jun. 30, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Promissory notes				$ 780,631	$ 780,631
Debt instrument, interest rate				6%	6%
Debt instrument maturity date	Dec. 31, 2021
Fees paid					$ 10,000
Debt instrument accrued fees				$ 0
Four Lenders [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Promissory notes		$ 15,000	$ 50,000
Debt instrument, interest rate		5%	5%
Debt instrument maturity date		Jun. 30, 2024	Jun. 30, 2023

CHANGE IN CONTROL (Details Narr

CHANGE IN CONTROL (Details Narrative) - Purchase Agreement [Member] - USD ($)	Mar. 22, 2022	Mar. 17, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares sold	5,120,000
Ownership percentage	98.50%
Aggregate purchase price	$ 352,641
Promissory Note [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Notes fair value		$ 832,305
Accrued interest		$ 348,158