High Sierra (HSTI) 10-K 3 Jun 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Jun. 03, 2020	Jun. 30, 2019
Details
Registrant CIK	0001365388
Fiscal Year End	--12-31
Registrant Name	High Sierra Technologies, Inc.
SEC Form	10-K
Period End date	Dec. 31, 2019
Tax Identification Number (TIN)	84-1344320
Number of common stock shares outstanding		20,189,642
Public Float			$ 10,362,052.50
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Voluntary filer	No
Well-known Seasoned Issuer	No
Shell Company	false
Small Business	true
Emerging Growth Company	true
Ex Transition Period	false
Entity File Number	000-52036
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	1495 Ridgeview Drive, Suite 230A
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89519
City Area Code	775
Local Phone Number	224-4700
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current Assets
Cash	$ 5,207	$ 220,253
Total Current Assets	5,207	220,253
Property, Plant and Equipment, net	161,045	0
Total Assets	166,252	220,253
Current Liabilities
Notes payable	350,000	0
Notes payable - Related party	34,557	0
Accounts payable and accrued expenses	62,544	25,424
Accounts payable and accrued expenses - Related party	569	0
Total Current Liabilities	447,670	25,424
Total Liabilities	447,670	25,424
Commitments and Contingencies	0	0
Stockholders' Equity (Deficit)
Preferred stock no par value, non-voting, 5,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2019 and 2018	0	0
Common stock no par value, 50,000,000 shares authorized; 20,189,642 and 20,189,642 shares issued and outstanding at December 31, 2019 and 2018	237,348	237,348
Accumulated (Deficit)	(518,766)	(42,519)
Total Stockholders' Equity (Deficit)	(281,418)	194,829
Total Liabilities and Stockholders' Equity (Deficit)	$ 166,252	$ 220,253

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) - Parenthetical - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Details
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	20,189,642	20,189,642
Common Stock, Shares, Outstanding	20,189,642	20,189,642

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Details
Revenue	$ 0	$ 0
Operating Expenses
Depreciation-Farming equipment	0	15,705
Crop loss	0	246,914
General and administrative expenses	34,836	200,030
Impairment loss	7,683	0
Total operating expenses	42,519	462,649
(Loss) from operations	(42,519)	(462,649)
Other (expense)
Interest (expense)	0	(13,029)
Interest (expense) - related party	0	(569)
Total other (expense)	0	(13,598)
(Loss) before income taxes	(42,519)	(476,247)
Income Taxes	0	0
Net (loss)	$ (42,519)	$ (476,247)
(Loss) per share- Basic and diluted	$ 0	$ (0.02)
Weighted average shares outstanding Basic and Diluted	15,433,025	20,309,094

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($)	Preferred Stock	Common Stock	Retained Earnings	Total
Balance, August 6, 2018 (Inception) at Aug. 05, 2018	0
Balance, August 6, 2018 (Inception) at Aug. 05, 2018		0
Balance, August 6, 2018 (Inception) at Aug. 05, 2018	$ 0	$ 0	$ 0	$ 0
Recapitalization		4,756,617
Recapitalization	0	$ 212,265	0	212,265
Common stock issued for services		5,100,000
Common stock issued for services	0	$ 5,150	0	5,150
Common stock issued for patents and intellectual property		7,683,025
Common stock issued for patents and intellectual property	0	$ 7,683	0	7,683
Common stock issued for cash		2,650,000
Common stock issued for cash	0	$ 12,250	0	12,250
Net (loss)	0	$ 0	(42,519)	$ (42,519)
Preferred Stock, Shares Outstanding, Ending Balance at Dec. 31, 2018				0
Balance at Dec. 31, 2018		20,189,642		20,189,642
Balance at Dec. 31, 2018	0	$ 237,348	(42,519)	$ 194,829
Common stock issued for services				0
Common stock issued for patents and intellectual property				7,683
Net (loss)	$ 0	$ 0	(476,247)	$ (476,247)
Preferred Stock, Shares Outstanding, Ending Balance at Dec. 31, 2019	0			0
Balance at Dec. 31, 2019		20,189,642		20,189,642
Balance at Dec. 31, 2019	$ 0	$ 237,348	$ (518,766)	$ (281,418)

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)	$ (42,519)	$ (476,247)
Depreciation-Farming equipment	0	15,705
Common stock issued for services	5,150	0
Impairment loss	7,683	0
Increase (decrease) in accounts payable and accrued expenses	19,424	37,120
Increase in accounts payable and accrued expenses - related party	0	569
Net cash provided by (used in) operating activities	(10,262)	(422,853)
Purchase of property, plant and equipment	0	(176,750)
Net cash provided by (used in) investing activities	0	(176,750)
Cash from acquisition of High Sierra Technologies, Inc. acquisition	218,265	0
Proceeds from sale of common stock	12,250	0
Proceeds from notes payable	0	350,000
Proceeds from notes payable - Related party	0	34,557
Net cash provided by (used in) financing activities	230,515	384,557
Net increase (decrease) in cash	220,253	(215,046)
CASH AT BEGINNING OF PERIOD	0	220,253
CASH AT END OF PERIOD	220,253	5,207
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for Interest	0	2,250
Cash paid for Income taxes	0	0
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Common stock issued for patent and intellectual property	$ 7,683	$ 0

Summary of History and Signific

Summary of History and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Notes
Summary of History and Significant Accounting Policies	NOTE 1: Summary of History and Significant Accounting Policies Nature of Operations High Sierra Technologies, Inc., (“the Company”) was incorporated in the State of Nevada on August 6, 2018. It was formed with the intention that it would become the assignee, owner and licensor of certain Intellectual Property that was, prior to assignment, the property of Vincent C. Lombardi, Ph.D. (the “Intellectual Property”) who is an officer, director and co-founder of the Company. The Company was further formed with the goal that it would continue to develop and expand its intellectual property portfolio with an emphasis on the recreational cannabis industry as well as the industrial hemp industry. The Company is a start-up that develops patents and other products used in the processing of cannabis, including industrial hemp, and will license these technologies to companies in the industry. The Company will likely incur research and development expenses in the future, and intends to develop a policy regarding the same. The Company was growing industrial hemp on a 200 acre property it leases in McDermitt, Nevada and incurred expenses in relation to this project and the failure of the crop (see Note 10). Gulf & Orient Steamship Company, LTD (“Gulf”) was incorporated in the State of Colorado on May 9, 1996. Gulf originally intended to engage in the business of marine transportation. On November 1, 2017, Gulf incorporated Gulf Acquisition, Inc., a Utah corporation for the sole purpose of completing an Agreement and Plan of Merger. On December 31, 2018, Gulf entered into a Share Exchange Agreement with the Company and all the shareholders of the Company. The shareholders of the Company were issued shares of the Gulf’s common stock on a one for one share basis in exchange for their shares of the Company’s common stock. The Share Exchange was treated as a recapitalization, and as a result, the consolidated financial statements are presented under successor entity reporting. Basis of presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. The Company consolidates its subsidiaries (High Sierra Technologies, Inc., a Nevada corporation, and Gulf Acquisition, Inc., a Utah corporation) in accordance with ASC 810, and specifically ASC 810-10-15-8 which states, "[t]he usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, or over 50% of the outstanding voting shares of another entity is a condition pointing toward consolidation." All inter-company transactions have been eliminated during consolidation. Concentration of Risk The Company places its cash and temporary cash investments with established financial institutions. At times, such cash and investments may be in excess of the FDIC insurance limit. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Stock-based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation - Stock Based Compensation Equity Based Payments to Non-Employees ASC 718 requires companies to estimate the fair value of share-based awards to employees and directors on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by the Company's stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company's expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. All transactions in which goods or third-party services are the consideration received for the issuance of equity instruments are accounted for under ASC 505, until January 1, 2019, and are based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable on the earlier of the commitment date or completion date. Upon the adoption of ASU 2018-07, the Company measured the fair value of equity instruments for nonemployee based payment awards on the grant date. Investment in Growing Crops The Company’s Investment in Growing Crops represented the total cost of the crop inputs in the ground. These were recorded at cost and were to be expensed to cost of goods sold once the crops were harvested and sold. The crop harvest for the year failed and the Company incurred a $246,914 loss from the preparation, planting and harvesting of the crop. Long-lived Assets Long-lived assets are stated at cost. Maintenance and repairs are expensed as incurred. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, which is five years. Where an impairment of a property’s value is determined to be other than temporary, an impairment for the estimated potential loss is recorded to adjust the property to its net realizable value. When items of building or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in the results of operations. The Company does not have any long-lived tangible assets, which are considered to be impaired as of December 31, 2019 and 2018. The Company applies the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10, Property, Plant and Equipment, Intangible Assets Goodwill and intangible assets are reviewed for potential impairment in accordance with ASC 350, Intangibles - Goodwill and Other Revenue Recognition The Company applies ASC 606 Revenue from Contracts with Customers Advertising Advertising costs are expensed as incurred. Advertising expenses for year ended December 31, 2019 were $0. Advertising expenses for the period from August 6, 2018 (inception) through December 31, 2018 were $0. Fair Value of Financial Instruments The Company adopted FASB ASC 820, Fair Value Measurements and Disclosures Level 1 — Quoted prices for identical assets and liabilities in active markets; Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. Emerging Growth Company Critical Accounting Policy Disclosure The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company . Income Taxes The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. Loss Per Share Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period, unless their effect is anti-dilutive due to continuing losses. There were no potentially dilutive shares outstanding as of December 31, 2019 and 2018. Recent Accounting Pronouncements We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations or financial position.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2019
Notes
Going Concern	NOTE 2 – Financial Condition and 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 the satisfaction of liabilities in the normal course of business. The Company has sustained operating losses during the current year-to-date and may not achieve the level of profitable operations to sustain its activities. These factors raise substantial doubt as to its ability to obtain debt and/or equity financing and achieve profitable operations. Management intends to raise additional operating funds through equity and/or debt offerings. However, there can be no assurance management will be successful in its endeavors. Ultimately, the Company will need to achieve profitable operations in order to continue as a going concern. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available to the Company it may be required to curtail its operations.

Investment in Growing Crops

Investment in Growing Crops	12 Months Ended
	Dec. 31, 2019
Notes
Investment in Growing Crops	NOTE 3 – Investment in Growing Crops Investment in growing crops consist of the cost of the crop inputs in the ground at December 31, 2019 and were recorded at cost and were expensed to Crop Loss on the statement of operations since the crop harvest and related farming activities failed. The Company incurred a loss from these operations in the amount of $246,914. The Company is continuing to pursue opportunities in the recreational and industrial cannabis industries.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2019
Notes
Property and Equipment	NOTE 4 – Property and Equipment At December 31, 2019 and 2018, property and equipment consisted of the following: Useful Lives December 31, 2019 December 31, 2018 Equipment 5 $ 176,750 - Less: accumulated depreciation (15,705) - $ 161,045 - Depreciation expense was $15,705 for the year ended December 31, 2019.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2019
Notes
Intangibles	NOTE 5 – Intangibles During the period from inception to December 31, 2018, the Company acquired certain provisional patents and other rights for a value of $7,683. The Company has impaired the value of these patents due to the uncertainty of their future benefit or utilization.

Note Payable

Note Payable	12 Months Ended
	Dec. 31, 2019
Notes
Note Payable	NOTE 6 – Notes Payable The Company’s debt consists of the following: December 31, 2019 Note payable, 9-14% interest, interest and principal due April 10, 2020 through July 31, 2020, unsecured (1) $350,000 Total due 350,000 Current Portion 350,000 Long-term portion $ - (1) One note for $50,000 includes as an additional return on the debt a 3% interest in the Gross Crop Yield from the Company’s hemp crop in McDermitt, NV. No accrual has been made for this interest due to no expected proceeds from a Gross Crop Yield. (2) All notes that have become due to the date of this report have been extended to a future due date. During the year ended December 31, 2019, the Company borrowed funds from non-related parties in order to cover expenses being incurred in connection with the Company’s commercial hemp farming activities. Information concerning these loans include the following: (a) On June 6, 2019, the Company borrowed $50,000 from Larry Mamey and entered into an unsecured promissory note which originally bore interest at nine percent (9.0%) per annum and was due six (6) months later. The note was subsequently amended twice. On March 5, 2020 accrued interest was paid to Mr. Mamey, and the note was amended to increase the interest rate to twelve percent (12.0%) per annum and to extend the due date to June 6, 2020; (b) On July 10, 2019, the Company borrowed $50,000 from Or Crown Auto / James Katsanevas entered into an unsecured promissory note which initially bore interest at nine percent (9.0%) per annum and was due six (6) months later. On January 9, 2020, accrued interest was paid to Or Crown Auto / James Katsanevas, and the note was amended to increase the interest rate to twelve percent (12.0%) per annum, and extend the due date to April 10, 2020. On or about April 10, 2020, Michael Vardakis purchased the note from Or Crown Auto / James Katsanevas and paid the accrued interest through April 10, 2020. The note was then amended to increase the interest rate for the period of the extension to fourteen percent (14.0%) per annum, and to extend the due date to July 10, 2020; (c) On July 31, 2019, the Company borrowed $50,000 from Leland A. and Terri L. Martineau and entered into an unsecured promissory note which initially bore interest at nine percent (9.0%) per annum and was due six (6) months later. The promissory note to the Martineaus also contains an assignment of a 3.0% interest in the Gross Crop Yield from the Company’s 2019 hemp crop in McDermitt, Nevada. On January 30, 2020, accrued interest was paid to the Martineaus and the note was amended to increase the interest rate to twelve percent (12.0%) per annum, and extend the due date to April 30, 2020. On April 29, 2020 additional accrued interest was paid to the Martineaus through April 30, 2020, and the note was amended to the note was amended to increase the interest rate for the period of the extension to fourteen percent (14.0%) per annum and to extend the payment due date to July 31,2020; (d) On July 30, 2019, the Company borrowed $50,000 from Biored N.V., a Belgian corporation, and entered into an unsecured promissory note which initially bore interest at nine percent (9.0%) per annum and was due six (6) months later. On January 29, 2020 the note was amended to increase the interest rate for the period of the extension to twelve percent (12.0%) per annum and extend the due date to July 30, 2020; (e) On August 8, 2019, the Company borrowed $50,000 from Michael Vardakis, and entered into an unsecured promissory note which initially bore interest at nine percent (9.0%) per annum and was due six (6) months later. On February 7, 2020 accrued interest was paid to Mr. Vardakis and the note was amended to increase the interest rate for the period of the extension to twelve percent (12.0%) per annum and extend the due date to May 8, 2020. On May 7, 2020, the accrued interest was paid to Mr. Vardakis, and the note was amended to increase the interest rate for the period of the extension to fourteen percent (14.0%) per annum and extend the due date to August 8, 2020; (f) On August 24, 2019, the Company borrowed $50,000 from Michael Vardakis and entered into an unsecured promissory note which initially bore interest at nine percent (9.0%) per annum and was due six (6) months later. It was amended to increase the interest rate to fourteen percent (14.0%) for the period of the extension and to extend the due date to August 24, 2020; (g) On September 11, 2019, the Company borrowed $25,000 from Michael Vardakis and entered into an unsecured promissory note which initially bore interest at nine percent (9.0%) per annum and was due six (6) months later. It was amended on March 10, 2020 to extend the due date to August 11, 2020 and increase the interest rate to fourteen percent (14.0%). (h) On November 1, 2019, the Company borrowed $25,000 from Michael Vardakis and entered into an unsecured promissory note which initially bore interest at nine percent (9.0%) per annum and was due six (6) months later. It was amended to increase the interest rate to fourteen percent (14.0%) and to extend the due date to August 1, 2020. NOTE 7 – Notes Payable-Related Party The Company’s debt consists of the following: December 31, 2019 Notes payable, 1.69 - 12% interest, interest and principal due April 30, 2020 through July 31, 2020, unsecured $34,557 Total due 34,557 Current Portion 34,557 Long-term portion $ - (1) All notes that have become due to the date of this report have been extended to a future due date. During the year ended December 31, 2019, the Company borrowed funds from our current President and director, Vincent C. Lombardi in order to cover expenses being incurred in connection with the Company’s commercial hemp farming activities. Information concerning these loans include the following: (a) On July 17, 2019, the Company borrowed $2,500 from our current President and director, Vincent C. Lombardi, and entered into an unsecured promissory note which initially bore interest at nine percent (9.0%) per annum and is due six (6) months later. The note was amended to increase the interest rate to twelve percent (12%) per annum and to extend the due date to June 17, 2020. (b) On August 30, 2019, the Company borrowed $18,900 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which originally bore interest at one and 91/100 percent (1.91%) per annum and was due one (1) month later. The due date was subsequently extended to November 30, 2019. On November 29, 2019 the note was amended to increase the interest rate for the period of the extension to twelve percent (12.0%) per annum, and to extend the due date to January 30, 2020. On January 19, 2020, the note was amended to increase the interest rate for the period of the extension to twelve percent (12.0%) per annum, and to extend the due date to April 30, 2020. It was amended again to extend the due date to November 30, 2020; (c) On September 5, 2019, the Company borrowed $9,157 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which initially bore interest at one and 85/100 percent (1.85%) per annum and was due one (1) month later. This loan was extended until December 5, 2019. On December 4, 2019, the note was amended to extend the due date to February 5, 2020. On February 4, 2020 the note was amended to increase the interest rate during the period of extension to twelve percent (12.0%) per annum and to extend the due date to May 5, 2020. It was amended again to extend the due date to November 5, 2020; (d) On October 18, 2019, the Company borrowed $4,000 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which originally bore interest at one and 69/100 percent (1.69%) per annum and was due one (1) month later. On November 17, 2019, the note was amended to increase the interest rate during the period of the extension to twelve percent (12.0%) per annum and to extend the due date to May 18, 2020. It was amended again to extend the due date to November 18, 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Notes
Income Taxes	NOTE 8 – Income Taxes The Company adopted the provisions of ASC 740-10, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. ASC 740-10 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. The application of income tax law is inherently complex. Laws and regulation in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding the income tax exposures. Interpretations and guidance surrounding income tax laws and regulations change over time. As such, changes in the subjective assumptions and judgments can materially affect amounts recognized in the balance sheets and statements of income. The Company has no unrecognized tax benefit, which would affect the effective tax rate if recognized. There has been no significant change in the unrecognized tax benefit during the year ended December 31, 2019. We classify interest and penalties arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of December 31, 2019, we had no accrued interest or penalties related to uncertain tax positions. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The components of deferred income tax assets (liabilities) at December 31, 2019, were as follows: Rate December 31, 2019 December 31, 2018 Federal loss carryforward 21% $ 108,941 $ 8,929 Valuation allowance (108,941) (8,929) Deferred tax asset $ - $ - Due to the passage of the “Tax Cuts and Jobs Act” on December 20, 2017 the rate of the U.S. Federal Income Tax dropped from 34% to 21%, which is a flat percentage tax rate used for the calculation of the deferred income tax assets. The new law also changes the rules on NOL carry forward. The 20-year limitation was eliminated, giving the taxpayer the ability to carry forward losses indefinitely. However, utilization of NOL carry forwards arising after January 1, 2018, will now be limited to 80 percent of taxable income.

Capital Changes

Capital Changes	12 Months Ended
	Dec. 31, 2019
Notes
Capital Changes	NOTE 9 – Capital Changes Common Stock On December 31, 2018 we entered into a Share Exchange Agreement (the “Agreement”) with High Sierra Technologies, Inc., a Nevada corporation (“High Sierra”) and all of the shareholders of High Sierra, pursuant to which we acquired 100% of the issued and outstanding shares of common stock of High Sierra (the “Share Exchange” or “Acquisition”). The Acquisition of High Sierra was consummated on the same date, and High Sierra is now a wholly-owned subsidiary of the Company. As consideration for the Share Exchange, we issued a total of 15,433,025 shares of our common stock to the High Sierra shareholders. The Company issued 15,433,025 shares of its common stock at $.001 per share for a total of $25,083, during the period ended December 31, 2018 of which $12,250 was paid for in cash, $7,683 was paid by the contribution of certain intangibles, $5,150 was for services. The Company issued 100,000 shares of its common stock for consulting services on May 26, 2019 valued at $100,000, which was the fair market value of the stock. This agreement was rescinded and the shares of common stock were returned on December 30, 2019. The Company issued 100,000 shares of its common stock for product (seeds) on May 26, 2019 valued at $100,000, which was the fair market value of the stock. This agreement was rescinded and the shares of common stock were returned on December 30, 2019. Offering of Securities The Company filed an S-1 Registration Statement on June 10, 2019. The Company is offering a maximum of 3,500,000 shares of our common stock, and (ii) the resale by certain Selling Stockholders of the Company of up to 2,500,500 shares of common stock held by Selling Stockholders of the Company. The Company is offering these securities at a price of $2.50 per share and would result in gross proceeds to the Company of $8,750,000. The registration of securities was rescinded on a Post-Effective Amendment dated December 5, 2019.

Commitments, Contingencies and

Commitments, Contingencies and Legal Matters	12 Months Ended
	Dec. 31, 2019
Notes
Commitments, Contingencies and Legal Matters	NOTE 10 – Contingencies and Commitments and Legal Matters Agreement and Plan of Merger 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, other than what has been disclosed below. The Company on May 13, 2019 entered into an Agricultural Lease for approximately 200 acres in Northern Nevada to plant its Hemp Grow for 2019. The term of the lease is for five years commencing May 18, 2019 through May 17, 2024. There are no minimum fixed monthly payments due on this lease, but an annual participation bonus in an amount equal to fifteen percent of the gross crop yield from the leasehold properties. The Gross Crop Yield is defined by the actual amount received from the crop harvest less all expenses derived from the growing, processing and sale of the crop harvested from the Property. The Company is solely responsible for all crop care, labor, irrigation, insurance, taxes, repairs and maintenance of the crop, equipment and other costs of planting, raising and harvesting of crops. The Company is responsible for all other miscellaneous cost to grow and take it to market. Due to the lease payments being variable, the Company has not recorded a right of use asset or lease liability on the balance sheet and will recognize the variable lease payments in the period when the obligation for those payments has occurred in accordance with ASC 842, Leases No gross crop yields have been achieved by the Company to date, and therefore no lease payments have been made or required under the lease terms. The Hemp Grow farming activities were ceased at the end of 2019, and the leased property is not currently being used by the Company.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Notes
Subsequent Events	NOTE 11 – Subsequent Events In accordance with ASC 855-10, the Company has analyzed its operations subsequent to December 31, 2019 through the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statement other than the events described immediately below. On February 14, 2020, the Company borrowed $1,600 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which bears interest at nine and 00/100 percent (9.0%) per annum and is due on May 14, 2020. It was amended to increase the interest rate to twelve percent (12.0%) and to extend the due date to November 14, 2020. On February 24, 2020, the Company borrowed $1,000 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which bears interest at nine and 00/100 percent (9.0%) per annum and is due on May 24, 2020. It was amended to increase the interest rate to twelve percent (12.0%) and to extend the due date to November 24, 2020. On March 16, 2020, the Company borrowed $1,000 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which bears interest at nine and 00/100 percent (9.0%) per annum and is due on June 16, 2020. It was amended to increase the interest rate to twelve percent (12.0%) and to extend the due date to November 16, 2020. On April 21, 2020, the Company borrowed $3,000 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which bears interest at nine and 00/100 percent (9.0%) per annum and is due on July 21, 2020. It was amended to increase the interest rate to twelve percent (12.0%) and to extend the due date to November 21, 2020. On May 6, 2020, the Company borrowed $1,000 from our current President and director, Vincent C. Lombardi and entered into an unsecured promissory note which bears interest at nine and 00/100 percent (9.0%) per annum and is due on August 6, 2020. It was amended to increase the interest rate to twelve percent (12.0%) and to extend the due date to November 6, 2020.

Summary of History and Signif_2

Summary of History and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Policies
Nature of Operations	Nature of Operations High Sierra Technologies, Inc., (“the Company”) was incorporated in the State of Nevada on August 6, 2018. It was formed with the intention that it would become the assignee, owner and licensor of certain Intellectual Property that was, prior to assignment, the property of Vincent C. Lombardi, Ph.D. (the “Intellectual Property”) who is an officer, director and co-founder of the Company. The Company was further formed with the goal that it would continue to develop and expand its intellectual property portfolio with an emphasis on the recreational cannabis industry as well as the industrial hemp industry. The Company is a start-up that develops patents and other products used in the processing of cannabis, including industrial hemp, and will license these technologies to companies in the industry. The Company will likely incur research and development expenses in the future, and intends to develop a policy regarding the same. The Company was growing industrial hemp on a 200 acre property it leases in McDermitt, Nevada and incurred expenses in relation to this project and the failure of the crop (see Note 10). Gulf & Orient Steamship Company, LTD (“Gulf”) was incorporated in the State of Colorado on May 9, 1996. Gulf originally intended to engage in the business of marine transportation. On November 1, 2017, Gulf incorporated Gulf Acquisition, Inc., a Utah corporation for the sole purpose of completing an Agreement and Plan of Merger. On December 31, 2018, Gulf entered into a Share Exchange Agreement with the Company and all the shareholders of the Company. The shareholders of the Company were issued shares of the Gulf’s common stock on a one for one share basis in exchange for their shares of the Company’s common stock. The Share Exchange was treated as a recapitalization, and as a result, the consolidated financial statements are presented under successor entity reporting.
Basis of Presentation	Basis of presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. The Company consolidates its subsidiaries (High Sierra Technologies, Inc., a Nevada corporation, and Gulf Acquisition, Inc., a Utah corporation) in accordance with ASC 810, and specifically ASC 810-10-15-8 which states, "[t]he usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, or over 50% of the outstanding voting shares of another entity is a condition pointing toward consolidation." All inter-company transactions have been eliminated during consolidation.
Concentration of Risk	Concentration of Risk The Company places its cash and temporary cash investments with established financial institutions. At times, such cash and investments may be in excess of the FDIC insurance limit.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.
Stock-based Compensation	Stock-based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation - Stock Based Compensation Equity Based Payments to Non-Employees ASC 718 requires companies to estimate the fair value of share-based awards to employees and directors on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by the Company's stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company's expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. All transactions in which goods or third-party services are the consideration received for the issuance of equity instruments are accounted for under ASC 505, until January 1, 2019, and are based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable on the earlier of the commitment date or completion date. Upon the adoption of ASU 2018-07, the Company measured the fair value of equity instruments for nonemployee based payment awards on the grant date.
Investment in Growing Crops	Investment in Growing Crops The Company’s Investment in Growing Crops represented the total cost of the crop inputs in the ground. These were recorded at cost and were to be expensed to cost of goods sold once the crops were harvested and sold. The crop harvest for the year failed and the Company incurred a $246,914 loss from the preparation, planting and harvesting of the crop.
Long-lived Assets	Long-lived Assets Long-lived assets are stated at cost. Maintenance and repairs are expensed as incurred. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, which is five years. Where an impairment of a property’s value is determined to be other than temporary, an impairment for the estimated potential loss is recorded to adjust the property to its net realizable value. When items of building or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in the results of operations. The Company does not have any long-lived tangible assets, which are considered to be impaired as of December 31, 2019 and 2018. The Company applies the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10, Property, Plant and Equipment,
Intangible Assets	Intangible Assets Goodwill and intangible assets are reviewed for potential impairment in accordance with ASC 350, Intangibles - Goodwill and Other
Revenue Recognition	Revenue Recognition The Company applies ASC 606 Revenue from Contracts with Customers
Advertising	Advertising Advertising costs are expensed as incurred. Advertising expenses for year ended December 31, 2019 were $0. Advertising expenses for the period from August 6, 2018 (inception) through December 31, 2018 were $0.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company adopted FASB ASC 820, Fair Value Measurements and Disclosures Level 1 — Quoted prices for identical assets and liabilities in active markets; Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates.
Emerging Growth Company Critical Accounting Policy Disclosure	Emerging Growth Company Critical Accounting Policy Disclosure The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company .
Income Taxes	Income Taxes The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.
Income (loss) Per Common Share	Loss Per Share Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period, unless their effect is anti-dilutive due to continuing losses. There were no potentially dilutive shares outstanding as of December 31, 2019 and 2018.
Recently Issued Accounting Pronouncements	Recent Accounting Pronouncements We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations or financial position.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Tables/Schedules
Property, Plant and Equipment	Useful Lives December 31, 2019 December 31, 2018 Equipment 5 $ 176,750 - Less: accumulated depreciation (15,705) - $ 161,045 -

Note Payable (Tables)

Note Payable (Tables)	12 Months Ended
	Dec. 31, 2019
Tables/Schedules
Schedule of Long-term Debt Instruments	December 31, 2019 Note payable, 9-14% interest, interest and principal due April 10, 2020 through July 31, 2020, unsecured (1) $350,000 Total due 350,000 Current Portion 350,000 Long-term portion $ - (1) One note for $50,000 includes as an additional return on the debt a 3% interest in the Gross Crop Yield from the Company’s hemp crop in McDermitt, NV. No accrual has been made for this interest due to no expected proceeds from a Gross Crop Yield. (2) All notes that have become due to the date of this report have been extended to a future due date.
Notes Payable - Related Party	December 31, 2019 Notes payable, 1.69 - 12% interest, interest and principal due April 30, 2020 through July 31, 2020, unsecured $34,557 Total due 34,557 Current Portion 34,557 Long-term portion $ - (1) All notes that have become due to the date of this report have been extended to a future due date.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	Rate December 31, 2019 December 31, 2018 Federal loss carryforward 21% $ 108,941 $ 8,929 Valuation allowance (108,941) (8,929) Deferred tax asset $ - $ -

Summary of History and Signif_3

Summary of History and Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019
Details
Crop loss			$ 0	$ 246,914
Advertising Expense	$ 0	$ 0

Investment in Growing Crops (De

Investment in Growing Crops (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Details
Crop loss	$ 0	$ 246,914

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019
Details
Property, Plant and Equipment, Gross	$ 0	$ 0	$ 176,750
Depreciation-Farming equipment	0	0	15,705
Property, Plant and Equipment, net	$ 0	$ 0	$ 161,045

Intangibles (Details)

Intangibles (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
Details
Impairment of Intangible Assets, Finite-lived	$ 7,683

Note Payable (Details)

Note Payable (Details) - USD ($)	May 06, 2020	Apr. 21, 2020	Mar. 16, 2020	Feb. 24, 2020	Feb. 14, 2020	Dec. 31, 2019	Nov. 01, 2019	Oct. 18, 2019	Sep. 11, 2019	Sep. 05, 2019	Aug. 30, 2019	Aug. 24, 2019	Aug. 08, 2019	Jul. 31, 2019	Jul. 30, 2019	Jul. 17, 2019	Jul. 10, 2019	Jun. 06, 2019	Dec. 31, 2018
Details
Notes payable						$ 350,000	$ 25,000		$ 25,000			$ 50,000	$ 50,000	$ 50,000	$ 50,000		$ 50,000	$ 50,000	$ 0
Notes Payable, Noncurrent						0
Accounts Payable, Interest-bearing, Interest Rate	12.00%	12.00%	12.00%	12.00%	12.00%		14.00%	12.00%	14.00%	12.00%	12.00%	14.00%	14.00%	14.00%	12.00%	12.00%	14.00%	12.00%
Notes payable - Related party	$ 1,000	$ 3,000	$ 1,000	$ 1,000	$ 1,600	$ 34,557		$ 4,000		$ 9,157	$ 18,900					$ 2,500			$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Details
Deferred Tax Assets, Operating Loss Carryforwards	$ 108,941	$ 8,929
Deferred Tax Assets, Valuation Allowance	(108,941)	(8,929)
Deferred Tax Assets, Net	$ 0	$ 0

Capital Changes (Details)

Capital Changes (Details) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	12 Months Ended
	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2019
Details
Shares, Issued				15,433,025
Shares Issued, Price Per Share				$ 0.001
Total proceeds from shares issued				$ 25,083
Proceeds from Issuance or Sale of Equity				12,250
Common stock issued for patents and intellectual property			$ 7,683	7,683
Common stock issued for services	$ 5,150	$ 100,000	$ 5,150	$ 0
Common stock issued for services		100,000
Stock Issued During Period, Shares, Other				100,000
Stock Issued During Period, Value, Other				$ 100,000
Maximum shares offered				3,500,000
Maximum selling shareholder shares				2,500,500
Price per share				$ 2.50
Gross proceeds from offering				$ 8,750,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	May 06, 2020	Apr. 21, 2020	Mar. 16, 2020	Feb. 24, 2020	Feb. 14, 2020	Dec. 31, 2019	Nov. 01, 2019	Oct. 18, 2019	Sep. 11, 2019	Sep. 05, 2019	Aug. 30, 2019	Aug. 24, 2019	Aug. 08, 2019	Jul. 31, 2019	Jul. 30, 2019	Jul. 17, 2019	Jul. 10, 2019	Jun. 06, 2019	Dec. 31, 2018
Details
Notes payable - Related party	$ 1,000	$ 3,000	$ 1,000	$ 1,000	$ 1,600	$ 34,557		$ 4,000		$ 9,157	$ 18,900					$ 2,500			$ 0
Accounts Payable, Interest-bearing, Interest Rate	12.00%	12.00%	12.00%	12.00%	12.00%		14.00%	12.00%	14.00%	12.00%	12.00%	14.00%	14.00%	14.00%	12.00%	12.00%	14.00%	12.00%