High Sierra (HSTI) 10-K 17 Apr 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Apr. 16, 2018	Jun. 30, 2017
Document and Entity Information:
Entity Registrant Name	Gulf & Orient Steamship Company, Ltd.
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Trading Symbol	glfo
Amendment Flag	false
Entity Central Index Key	1,365,388
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		1,719,093
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Public Float			$ 1,896.43

GULF & ORIENT STEAMSHIP COMPANY

GULF & ORIENT STEAMSHIP COMPANY, LTD. CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash	$ 32	$ 0
TOTAL CURRENT ASSETS	32	0
TOTAL ASSETS	32	0
CURRENT LIABILITIES
Bank overdraft	0	55
Accounts payable	144,590	133,015
Notes, advances, and interest payable - related parties (Note 4)	285,381	250,795
TOTAL CURRENT LIABILITIES	429,971	383,865
TOTAL LIABILITIES	429,971	383,865
Commitments and Contingencies
STOCKHOLDERS' DEFICIT
Preferred stock no par value, non-voting, 5,000,000 shares authorized; 0 shares issued and outstanding	0	0
Common stock no par value, 50,000,000 shares authorized; 1,719,093 shares issued and outstanding	11,781	11,781
Retained deficit	(441,720)	(395,646)
TOTAL STOCKHOLDERS' DEFICIT	(429,939)	(383,865)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 32	$ 0

Gulf & Orient Steamship Co. Ltd

Gulf & Orient Steamship Co. Ltd. Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position
Preferred stock authorized	5,000,000	5,000,000
Preferred stock no par value	$ 0	$ 0
Preferred stock outstanding	0	0
Preferred stock issued	0	0
Common stock authorized	50,000,000	50,000,000
Common stock no par value	$ 0	$ 0
Common stock outstanding	1,719,093	1,719,093
Common stock issued	1,719,093	1,719,093

GULF & ORIENT STEAMSHIP COMPAN4

GULF & ORIENT STEAMSHIP COMPANY, LTD. CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Statement
Income	$ 0	$ 0
Operating Expenses
General and administrative expenses	22,119	20,663
Total Operating Expenses	22,119	20,663
Other Income and Expenses
Interest expense - related parties	23,955	20,575
Total Other Income and Expenses	23,955	20,575
LOSS BEFORE TAXES	(46,074)	(41,238)
Provision for Income Taxes	0	0
NET LOSS	$ (46,074)	$ (41,238)
LOSS PER COMMON SHARE:
Basic and diluted net (loss) per weighted average common share outstanding	$ (0.03)	$ (0.02)
Weighted average number of common shares outstanding	1,719,093	1,719,093

GULF & ORIENT STEAMSHIP COMPAN5

GULF & ORIENT STEAMSHIP COMPANY, LTD. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT For the Years Ended December 31, 2017 and 2016 - USD ($)	Preferred stock	Common stock	Retained Deficit	Total
Balance preferred shares, beginning balance at Dec. 31, 2015	0	0	0	0
Balance common shares, beginning balance at Dec. 31, 2015	0	1,719,093	0	1,719,093
Stockholders' Equity, beginning balance at Dec. 31, 2015	$ 0	$ 11,781	$ (354,408)	$ (342,627)
Net loss	$ 0	$ 0	$ (41,238)	$ (41,238)
Balance preferred shares, ending balance at Dec. 31, 2016	0	0	0	0
Balance common shares, ending balance at Dec. 31, 2016	0	1,719,093	0	1,719,093
Stockholders' Equity, ending balance at Dec. 31, 2016	$ 0	$ 11,781	$ (395,646)	$ (383,865)
Net loss	$ 0	$ 0	$ (46,074)	$ (46,074)
Balance preferred shares, ending balance at Dec. 31, 2017	0	0	0	0
Balance common shares, ending balance at Dec. 31, 2017	0	1,719,093	0	1,719,093
Stockholders' Equity, ending balance at Dec. 31, 2017	$ 0	$ 11,781	$ (441,720)	$ (429,939)

GULF & ORIENT STEAMSHIP COMPAN6

GULF & ORIENT STEAMSHIP COMPANY, LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES
Net loss	$ (46,074)	$ (41,238)
Increase (decrease) in accounts payable	11,575	7,122
Increase in accrued interest on notes payable - related parties	23,955	20,575
NET CASH USED IN OPERATING ACTIVITIES	(10,544)	(13,541)
INVESTING ACTIVITIES	0	0
FINANCING ACTIVITIES
Increase (decrease) in checks drawn in excess of bank balance	(55)	55
Proceeds from notes payable - related parties	10,631	13,200
NET CASH PROVIDED BY FINANCING ACTIVITIES	10,576	13,255
NET INCREASE (DECREASE) IN CASH	32	(286)
CASH AT BEGINNING OF PERIOD	0	286
CASH AT END OF PERIOD	32	0
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Interest	0	0
Income taxes	$ 0	$ 0

Summary of History and Signific

Summary of History and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Notes
Summary of History and Significant Accounting Policies	NOTE 1: SUMMARY OF HISTORY AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Nature of Operations The Company was incorporated in the State of Colorado on May 9, 1996. The Company originally intended to engage in the business of marine transportation. These plans did not materialize, and the Company is currently considering alternative business opportunities. On November 1, 2017, we incorporated Gulf Acquisition, Inc., a Utah corporation for the sole purpose of completing an Agreement and Plan of Merger. Pursuant to the terms of the Merger Agreement the parties had until December 15, 2017, to complete the Merger Agreement (the “Termination Date”). The conditions of the Merger Agreement were not satisfied by the Termination Date, and therefore the Merger Agreement has been terminated. This wholly-owned subsidiary had no activities in 2017. Income Taxes The Company utilizes the liability method of accounting for income taxes as set forth in ASC Topic 740, “Accounting for Income Taxes.” Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized. Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of reporting cash flows, the Company considers all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Revenue Recognition The Company plans to recognize revenue when the following four conditions are present: (1) persuasive evidence of an agreement exists, (2) the price is fixed or determinable, (3) delivery has occurred or services are rendered, and (4) collection is reasonably assured. Income (Loss) Per Common Share Income (Loss) per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the periods presented. Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. The Company has no potentially dilutive securities, such as convertible preferred stock, options, or warrants, outstanding during the periods presented. Accordingly, basic and dilutive loss per common share are the same. Recently Issued Accounting Pronouncements The Company has reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements. Fair Value of Financial Instruments It is not practicable to estimate the fair value of related party loans because there is no established market for these loans and it is inappropriate to estimate future cash flows, which are largely dependent on the Company establishing or acquiring operations at some future point. No financial instruments are held for trading purposes.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Notes
Income Taxes	NOTE 2: INCOME TAXES At December 31, 2017, the Company had a net operating loss carryover of approximately $442,000 which expires from 2017 to 2036. However, due to the fact that the Company has had a change in control, the loss will most likely never be utilized. On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the Tax Act) was enacted into law including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the corporate income tax rate to 21% effective January 1, 2018, among others. We are required to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax, remeasuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. The Company does not have any foreign earnings and therefore, we do not anticipate the impact of a transition tax. We have remeasured our U.S. deferred tax assets at a statutory income tax rate of 21%. Since the Tax Act was passed late in the fourth quarter of 2017, and ongoing guidance and accounting interpretation are expected over the next 12 months, we consider the accounting of any transition tax, deferred tax re-measurements, and other items to be incomplete due to the forthcoming guidance and our ongoing analysis of final year-end data and tax positions. We expect to complete our analysis within the measurement period in accordance with SAB 118, and no later than fiscal year end December 31, 2018. At December 31, 2017, the Company had a deferred tax asset relating to the net operating losses, which includes accrued related interest of $110,000 at newly enacted Federal rates of 21% in the amount of $92,800. The amount has been reserved 100% due to the Company’s history of losses. The increase (decrease) in the valuation allowance was $(41,700) and $16,083 for the periods ended December 31, 2017 and 2016, respectively. Components of income tax are as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 Current Federal $ 0 $ 0 State 0 0 Deferred 0 0 $ 0 $ 0 A reconciliation of the provision for income tax expense with the expected income tax computed by applying the federal statutory income tax to income before provision for income taxes is as follows: ` Year Ended December 31, 2017 Year Ended December 31, 2016 Income tax computed at Federal statutory tax rate of 34% (15,665) (14,020) State taxes (net of federal benefit) (2,304) (2,063) Effect of rate changes on deferred tax assets and valuation allowance 56,669 0 Change in valuation allowance (41,700) 16,083 0 0 The Company complies with the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized approximately no increase in the liability for unrecognized tax benefits. The Company has no tax position at December 31, 2017 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at December 31, 2017. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its limited activities. Tax years 2015 through 2017 are open to examination by the tax authorities.

Commitments, Contingencies and

Commitments, Contingencies and Legal Matters	12 Months Ended
	Dec. 31, 2017
Notes
Commitments, Contingencies and Legal Matters	NOTE 3: COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS Agreement and Plan of Merger On November 7, 2017, we, along with our newly formed wholly-owned subsidiary, Gulf Acquisition, and our President, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with US 3D Printing, Inc., a Utah corporation (“US 3D”), and certain of its principals and majority shareholders. Additional information about the Merger Agreement is contained in the Company’s 8-K Current Report dated November 7, 2017, and filed with the SEC on November 9, 2017, and which, together with a copy of the Merger Agreement, is incorporated therein. Pursuant to the terms of the Merger Agreement the parties had until December 15, 2017, to complete the Merger Agreement (the “Termination Date”), and could terminate the Merger Agreement if the conditions precedent to the Closing had not been satisfied on or before such date. Further, the Company could terminate the Merger Agreement if the conditions provided in Article 5 thereof had not been satisfied by the Termination Date; and similarly, US 3D could terminate the Merger Agreement if the conditions provided in Article 5 thereof had not been satisfied by the Termination Date. The conditions of the Merger Agreement were not satisfied by the Termination Date, and therefore the Merger Agreement has been terminated. Management of the Company has conducted a diligent search and concluded that there were no commitments, contingencies, or legal matters pending at the balance sheet dates that have not been disclosed.

Notes Payable - Related Parties

Notes Payable - Related Parties	12 Months Ended
	Dec. 31, 2017
Notes
Notes Payable - Related Parties	NOTE 4: NOTES PAYABLE - RELATED PARTIES At December 31, 2017, the Company owed $285,381, and as of December 31, 2016, the Company owed $250,795, to related parties for money advanced to the Company or expenses paid on behalf of the Company; $2,500 is non-interest bearing, $2,600 bears annual interest at 24%, $9,286 bears interest at 6%, $3,500 bears annual interest at 7%, $153,512 bears annual interest at 9%, $2,800 bears annual interest at 10% and $1,000 bears annual interest at 18%. The Company received proceeds from these related parties of $10,631 and $13,200 during the years ended December 31, 2017 and 2016, respectively, and did not make any repayments during those periods. The Company accrued $23,955 and $20,575 in interest expense during the years ended December 31, 2017 and 2016, respectively. The notes are all due on demand. Total principal and accrued interest at December 31, 2017, was $175,198 and $110,183, respectively, resulting in the total payable balance of $285,381. During 2014, the Company and the President agreed to accrue $3,000 of interest on previous non-interest bearing obligations of about $29,235 and began charging 9% interest on such obligations, effective January 1, 2015. During the year ended December 31, 2007, the Company converted two notes into its common stock. One note for $5,000 was due on October 13, 2005, and accrued a total interest of $2,500 on that date. This note was converted to common stock at $0.07 per share for 71,429 shares. The $2,500 interest on the note is still outstanding and is included in the note payable balance at December 31, 2017. A second note for $2,500 was converted to common stock during the year ended December 31, 2007, at $0.07 per share for 35,714 shares. Accrued interest on the note was not converted and is included in the note payable balance at December 31, 2017.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2017
Notes
Going Concern	NOTE 5: GOING CONCERN The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At December 31, 2017, the Company had a retained deficit of $441,720 and a working capital deficit of $429,939 which raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s continued existence is dependent on its ability to generate sufficient cash flow to cover operating expenses and to invest in future operations. Management is actively pursuing possible business opportunities. The Company will look to related parties to fund continuing operations until a suitable business opportunity is identified.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Notes
Subsequent Events	NOTE 6: SUBSEQUENT EVENTS The Company has evaluated events from December 31, 2017, through the date whereupon the financial statements were issued and has determined that there are no additional items to disclose.

Summary of History and Signif13

Summary of History and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Policies
Basis of Presentation	Basis of presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Nature of Operations	Nature of Operations The Company was incorporated in the State of Colorado on May 9, 1996. The Company originally intended to engage in the business of marine transportation. These plans did not materialize, and the Company is currently considering alternative business opportunities. On November 1, 2017, we incorporated Gulf Acquisition, Inc., a Utah corporation for the sole purpose of completing an Agreement and Plan of Merger. Pursuant to the terms of the Merger Agreement the parties had until December 15, 2017, to complete the Merger Agreement (the “Termination Date”). The conditions of the Merger Agreement were not satisfied by the Termination Date, and therefore the Merger Agreement has been terminated. This wholly-owned subsidiary had no activities in 2017.
Income Taxes	Income Taxes The Company utilizes the liability method of accounting for income taxes as set forth in ASC Topic 740, “Accounting for Income Taxes.” Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.
Estimates	Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of reporting cash flows, the Company considers all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.
Revenue Recognition	Revenue Recognition The Company plans to recognize revenue when the following four conditions are present: (1) persuasive evidence of an agreement exists, (2) the price is fixed or determinable, (3) delivery has occurred or services are rendered, and (4) collection is reasonably assured.
Income (loss) Per Common Share	Income (Loss) Per Common Share Income (Loss) per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the periods presented. Basic loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. The Company has no potentially dilutive securities, such as convertible preferred stock, options, or warrants, outstanding during the periods presented. Accordingly, basic and dilutive loss per common share are the same.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company has reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments It is not practicable to estimate the fair value of related party loans because there is no established market for these loans and it is inappropriate to estimate future cash flows, which are largely dependent on the Company establishing or acquiring operations at some future point. No financial instruments are held for trading purposes.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Tables/Schedules
Schedule of Components of Income Tax Expense (Benefit)	Year Ended December 31, 2017 Year Ended December 31, 2016 Current Federal $ 0 $ 0 State 0 0 Deferred 0 0 $ 0 $ 0
Schedule of Effective Income Tax Rate Reconciliation	` Year Ended December 31, 2017 Year Ended December 31, 2016 Income tax computed at Federal statutory tax rate of 34% (15,665) (14,020) State taxes (net of federal benefit) (2,304) (2,063) Effect of rate changes on deferred tax assets and valuation allowance 56,669 0 Change in valuation allowance (41,700) 16,083 0 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Details
Net operating loss carryover	$ 442,000
Income Tax Examination, Interest Accrued	110,000
Deferred Tax Assets, Net	92,800
Valuation allowances and reserves period increase decrease	(41,700)	$ 16,083
Federal	0	0
State	0	0
Deferred	0	0
Income tax computed at Federal statutory tax rate of 34%	(15,665)	(14,020)
State Taxes (net of Federal Benefit)	(2,304)	(2,063)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	$ 56,669	$ 0

Notes Payable - Related Parti16

Notes Payable - Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2007	Oct. 13, 2005
Details
Notes, advances, and interest payable - related parties (Note 4)	$ 285,381	$ 250,795
Related party non-interest bearing note	2,500
Related party note 24 percent interest	$ 2,600
Related party note 24 percent interest rate	24.00%
Related Party Note 6 Percent Interest	$ 9,286
Related Party Note 6 Percent Interest Rate	6.00%
Related party note 7 percent interest	$ 3,500
Related party note 7 percent interest rate	7.00%
Related party note 9 percent interest	$ 153,512
Related party note 9 percent interest rate	9.00%
Related party note 10 percent interest	$ 2,800
Related party note 10 percent interest rate	10.00%
Related party note 18 percent interest	$ 1,000
Related party note 18 percent interest rate	18.00%
Proceeds from notes payable - related parties	$ 10,631	13,200
Interest expense - related parties	23,955	$ 20,575
Related party principal	175,198
Total related party interest	110,183
Increase in Accrued Interest	3,000
Principal Amount Increase in Accrued Interest Applied To	$ 29,235
Related Party Transaction, Rate	9.00%
Convertible note			$ 2,500	$ 5,000
Convertible note interest				2,500
Convertible note price per share of common stock issued			$ 0.07	$ 0.07
Convertible note shares of common stock issued			35,714	71,429
Interest still outstanding	$ 2,500

Going Concern (Details)

Going Concern (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Details
Retained deficit	$ 441,720	$ 395,646
Working Capital	$ 429,939