Horizon Minerals (HZNM) 10-K 9 May 16 2015 FY Annual report Financial data

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 Company’s 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 Company’s 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 Company’s 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 Company’s 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 Company’s 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