Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | HORIZON MINERALS CORP. | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Entity Central Index Key | 1,526,726 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 66,063,888 | |
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 | 2,015 | |
Document Fiscal Period Focus | FY | |
Entity Public Float | $ 12,026,270 | |
Trading Symbol | hznm |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 287 | $ 831 |
Prepaid expenses | 176 | 176 |
Total current assets | 463 | 1,007 |
Total Assets | 463 | 1,007 |
Current Liabilities: | ||
Accounts payable | 74,312 | 35,145 |
Accrued liabilities | 22,325 | 6,380 |
Due to related parties | 3,803 | 5,172 |
Total current liabilities | 100,440 | 46,697 |
Total Liabilities | 100,440 | 46,697 |
Stockholders' Deficit | ||
Common stock value | 6,606 | 6,606 |
Additional paid-in capital | 129,234 | 129,234 |
Deficit | (235,817) | (181,530) |
Total stockholders' deficit | (99,977) | (45,690) |
Total Liabilities and Stockholders' Deficit | $ 463 | $ 1,007 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 66,063,880 | 66,063,880 |
Common stock, shares outstanding | 66,063,880 | 66,063,880 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Expenses: | ||
Filing fees | $ 6,662 | $ 9,863 |
General and administrative | 735 | 30,552 |
Investigation costs | 57,500 | |
Professional fees | 74,184 | 32,175 |
Total expenses | 139,081 | 72,563 |
Loss from operations | (139,081) | (72,563) |
Other Items | ||
Gain on settlement of advances | 85,519 | |
Foreign currency transaction (loss) | (725) | (362) |
Total other items | 84,794 | (362) |
Net and comprehensive (loss) | $ (54,287) | $ (72,925) |
Loss per common share - basic and diluted | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding - basic and diluted | 66,063,888 | 66,025,380 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Common Stock | Additional Paid-in Capital | Deficit | Totals |
Beginning Balance, shares at Dec. 31, 2013 | 66,000,000 | |||
Beginning Balance, amount at Dec. 31, 2013 | $ 6,600 | $ 81,330 | $ (108,605) | $ (20,675) |
Common stock issued for cash, shares | 63,888 | |||
Common stock issued for cash, value | $ 6 | 47,904 | 47,910 | |
Net loss for the period | (72,925) | (72,925) | ||
Ending Balance, shares at Dec. 31, 2014 | 66,063,888 | |||
Ending Balance, amount at Dec. 31, 2014 | $ 6,606 | 129,234 | (181,530) | (45,690) |
Net loss for the period | (54,287) | (54,287) | ||
Ending Balance, shares at Dec. 31, 2015 | 66,063,888 | |||
Ending Balance, amount at Dec. 31, 2015 | $ 6,606 | $ 129,234 | $ (235,817) | $ (99,977) |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | ||
Net income (loss) | $ (54,287) | $ (72,925) |
Gain on settlement of advances | 85,519 | |
Changes in net assets and liabilities: | ||
Prepaid expenses | (176) | |
Accounts payable | 54,686 | 24,170 |
Accrued liabilities | 15,945 | (3,320) |
Net cash provided by (used in) operating activities | (69,175) | (52,251) |
Financing Activities | ||
Proceeds from stock issued | 47,910 | |
Proceeds from related party loans | 5,172 | |
Repayments of related party loans | 1,369 | |
Proceeds from advances | 70,000 | |
Net cash provided by (used in) financing activities | 68,631 | 53,082 |
Net decrease in cash | (544) | 831 |
Cash - beginning of the period | 831 | |
Cash - ending of the period | $ 287 | $ 831 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | ||
Income taxes paid |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Organization and Nature of Operations | NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS Horizon Minerals Corp. (the Company) was incorporated under the laws of the State of Delaware on May 11, 2011. The Company is currently seeking to acquire a business. The Companys financial statements are prepared on a going concern basis in accordance with US generally accepted accounting principles (GAAP) which contemplate the realization of assets and discharge of liabilities and commitments in the normal course of business. The Company has not generated operating revenues to date, has accumulated losses of $235,817 since inception and as at December 31, 2015 had $287 cash on hand. The Company has funded its operations through the issuance of capital stock and debt. Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The Companys ability to continue its operations as a going concern, realize the carrying value of its assets, and discharge its liabilities in the normal course of business is dependent upon its ability to raise new capital sufficient to fund its commitments and ongoing losses, and ultimately on generating profitable operations. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These financial statements and related notes are presented in accordance with US GAAP, and are presented in United States dollars. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, accounts payable, and due to related parties approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. As required by the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The three levels of the fair value hierarchy are described below: Level 1 Level 2 Level 3 Loss per Share Basic loss per share is computed by dividing losses available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company had no dilutive common stock equivalents, such as stock options or warrants as of December 31, 2015 and 2014. Foreign currency translations Foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the period. Related translation adjustments as well as gains or losses resulting from foreign currency transactions are reported as a component of general and administrative expenses on a statement of operations. Income taxes Income tax expense is based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, 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 income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. 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. Recent Pronouncements Recent accounting pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Related Party Transactions Disclosure | NOTE 3 - RELATED PARTY TRANSACTIONS During the year ended December 31, 2015: As at December 31, 2015, $3,803 (December 31, 2014 - $5,172) was due to Robert Fedun, the sole director CEO and CFO of the Company, and included in due to related parties. During the year ended December 31, 2015, the Company accrued consulting fees of $36,000 (December 31, 2014 - $18,000) to Mr. Fedun. The consulting fees are recorded as part of professional fees on the Statements of Operations. As of December 31, 2015, $57,674 (December 31, 2014 - $18,000) was due to Mr. Fedun for services provided by him, and included in accounts payable. Amounts due to related parties are due on demand, bear no interest, and are unsecured. During the year ended December 31, 2014: On February 27, 2014, the Company entered into a loan agreement with Mr. Fedun for CAD$11,500 ($10,405). The loan bore interest at 10% per annum, was unsecured and due on demand. On May 30, 2014, the Company repaid the $10,405 loan in full. |
Stockholders' Deficit Disclosur
Stockholders' Deficit Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Stockholders' Deficit Disclosure | NOTE 4 - STOCKHOLDERS DEFICIT On August 8, 2014, the Company completed a private placement of 63,888 common shares at $0.75 per share for gross proceeds of $47,910. |
Third Party Advances Disclosure
Third Party Advances Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Third Party Advances Disclosure | NOTE 5 - THIRD PARTY ADVANCES As at December 31, 2015, the Company had received advances of $70,000 (2014 - $9,960) and had an additional $5,559 (2014 - $Nil) of expenses paid by this party on behalf of the Company. As at December 31, 2014, the amount advanced was included in accounts payable. The amounts were due on demand, bore no interest, and were unsecured. During the year ended December 31, 2015, the advances were forgiven and a gain of $85,519 was recognized. |
Income Taxes Disclosure
Income Taxes Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Income Taxes Disclosure | NOTE 6 - INCOME TAXES The provision for income taxes for the periods ended December 31, 2015 and 2014, are as follows: Years ended December 31, 2015 2014 Loss before income taxes $ (54,287) $ (72,925) Statutory tax rate 23.7% 23.0% Expected recovery of the income taxes (12,866) (16,773) Effect of change in tax rate (1,133) -- Change in valuation allowance 13,999 16,773 $ -- $ -- The Companys tax-effected deferred income tax assets and liabilities are estimated as follows: Years ended December 31, 2015 2014 Non-capital losses carried forward $ 51,236 $ 37,237 Less: Valuation allowance (51,236) (37,237) Net deferred income tax assets $ -- $ -- The Company has non-capital losses of $216,187, which may be carried forward to reduce taxable income in future years. The noncapital losses expire as follows: 2031 $ 34,516 2032 38,584 2033 15,875 2034 72,925 2035 54,287 $ 216,187 |
Summary of Significant Accoun13
Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Basis of Presentation | Basis of Presentation These financial statements and related notes are presented in accordance with US GAAP, and are presented in United States dollars. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, accounts payable, and due to related parties approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. As required by the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The three levels of the fair value hierarchy are described below: Level 1 Level 2 Level 3 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies: Loss Per Share Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Loss Per Share Policy | Loss per Share Basic loss per share is computed by dividing losses available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company had no dilutive common stock equivalents, such as stock options or warrants as of December 31, 2015 and 2014. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies: Foreign Currency Translations Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Foreign Currency Translations Policy | Foreign currency translations Foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the period. Related translation adjustments as well as gains or losses resulting from foreign currency transactions are reported as a component of general and administrative expenses on a statement of operations. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies: Income Taxes Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Income Taxes Policy | Income taxes Income tax expense is based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, 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 income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. 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. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies: Recent Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Recent Pronouncements | Recent Pronouncements Recent accounting pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
Income Taxes Disclosure_ Schedu
Income Taxes Disclosure: Schedule of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Income Tax Expense (Benefit) | Years ended December 31, 2015 2014 Loss before income taxes $ (54,287) $ (72,925) Statutory tax rate 23.7% 23.0% Expected recovery of the income taxes (12,866) (16,773) Effect of change in tax rate (1,133) -- Change in valuation allowance 13,999 16,773 $ -- $ -- |
Income Taxes Disclosure_ Sche21
Income Taxes Disclosure: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | Years ended December 31, 2015 2014 Non-capital losses carried forward $ 51,236 $ 37,237 Less: Valuation allowance (51,236) (37,237) Net deferred income tax assets $ -- $ -- |
Income Taxes Disclosure_ Summar
Income Taxes Disclosure: Summary of Non-Capital Losses Carryforwards (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Summary of Non-Capital Losses Carryforwards | 2031 $ 34,516 2032 38,584 2033 15,875 2034 72,925 2035 54,287 $ 216,187 |
Organization and Nature of Op23
Organization and Nature of Operations (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Accumulated losses since inception | $ 235,817 | $ 181,530 |
Cash | $ 287 | $ 831 |
Related Party Transactions Di24
Related Party Transactions Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Due to related parties | $ 3,803 | $ 5,172 |
Sole director, CEO and CFO | ||
Due to related parties | 3,803 | 5,172 |
Consulting fees incurred from a related party | 36,000 | 18,000 |
Accounts payable to related parties | $ 57,674 | 18,000 |
February 27, 2014 | ||
Proceeds from loan agreement | 10,405 | |
May 30, 2014 | ||
Repayment of loan agreement | $ 10,405 |
Stockholders' Deficit Disclos25
Stockholders' Deficit Disclosure (Details) | 12 Months Ended |
Dec. 31, 2014USD ($)$ / sharesshares | |
Details | |
Common stock issued for cash | shares | 63,888 |
Price per share | $ / shares | $ 0.75 |
Gross proceeds from issuance of common stock | $ | $ 47,910 |
Third Party Advances Disclosu26
Third Party Advances Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Gain on settlement of advances | $ 85,519 | |
Advance | ||
Third party advances, accounts payable | 70,000 | $ 9,960 |
Expenses paid on behalf of the Company | ||
Third party advances, accounts payable | $ 5,559 |
Income Taxes Disclosure_ Sche27
Income Taxes Disclosure: Schedule of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Loss before income taxes | $ (54,287) | $ (72,925) |
Statutory tax rate | 23.70% | 23.00% |
Expected recovery of income taxes | $ (12,866) | $ (16,773) |
Effect of change in tax rate | (1,133) | |
Change in valuation allowance | $ 13,999 | $ 16,773 |
Income Taxes Disclosure_ Sche28
Income Taxes Disclosure: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Non-capital losses carried forward | $ 51,236 | $ 37,237 |
Less: Valuation allowance | $ (51,236) | $ (37,237) |
Income Taxes Disclosure_ Summ29
Income Taxes Disclosure: Summary of Non-Capital Losses Carryforwards (Details) | Dec. 31, 2015USD ($) |
Non-capital losses which may be carried forward | $ 216,187 |
2,031 | |
Non-capital losses which may be carried forward | 34,516 |
2,032 | |
Non-capital losses which may be carried forward | 38,584 |
2,033 | |
Non-capital losses which may be carried forward | 15,875 |
2,034 | |
Non-capital losses which may be carried forward | 72,925 |
2,035 | |
Non-capital losses which may be carried forward | $ 54,287 |