Horizon Minerals (HZNM) 10-Q 15 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2016shares
Document and Entity Information:
Entity Registrant Name	HORIZON MINERALS CORP.
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
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	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	hznm

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 181	$ 287
Prepaid expenses		176
Total current assets	181	463
Total Assets	181	463
Current Liabilities:
Accounts payable	106,474	74,312
Accrued liabilities	25,687	22,325
Due to related parties	7,727	3,803
Note payable	10,250
Total current liabilities	150,138	100,440
Total Liabilities	150,138	100,440
Stockholders' Deficit
Common stock value	6,606	6,606
Additional paid-in capital	129,234	129,234
Deficit	(285,797)	(235,817)
Total stockholders' deficit	(149,957)	(99,977)
Total Liabilities and Stockholders' Deficit	$ 181	$ 463

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Expenses:
Filing fees	$ 1,216	$ 797	$ 6,351	$ 3,668
General and administrative	711	66	928	659
Project investigation costs				50,000
Professional fees	15,520	12,440	47,670	44,992
Total expenses	17,447	13,303	54,949	99,319
Loss from operations	(17,447)	(13,303)	(54,949)	(99,319)
Other Items
Foreign currency transaction gain (loss)	84	740	4,969	1,699
Total other items	84	740	4,969	1,699
Net and comprehensive (loss)	$ (17,363)	$ (12,563)	$ (49,980)	$ (97,620)
Loss per common share - basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding - basic and diluted	66,063,888	66,063,888	66,063,888	66,063,888

Statement of Changes in Stockho

Statement of Changes in Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Deficit	Total
Beginning Balance, shares at Dec. 31, 2014	66,063,888
Beginning Balance, amount at Dec. 31, 2014	$ 6,606	$ 129,234	$ (181,530)	$ (45,690)
Net loss for the period			(97,620)	(97,620)
Ending Balance, shares at Sep. 30, 2015	66,063,888
Ending Balance, amount at Sep. 30, 2015	$ 6,606	129,234	(279,150)	(143,310)
Net loss for the period			43,333	43,333
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)
Net loss for the period			(49,980)	(49,980)
Ending Balance, shares at Sep. 30, 2016	66,063,888
Ending Balance, amount at Sep. 30, 2016	$ 6,606	$ 129,234	$ (285,797)	$ (149,957)

Statement of Cash Flows

Statement of Cash Flows - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating Activities
Net income (loss)	$ 43,333	$ (49,980)	$ (97,620)
Non-cash item
Accrued interest		250
Foreign exchange gain (loss)		(106)	615
Changes in net assets and liabilities:
Prepaid expenses		176
Accounts payable		32,162	7,460
Accrued liabilities		3,362	(1,940)
Due to related parties			30,422
Net cash provided by (used in) operating activities		(13,924)	(62,293)
Financing Activities
Amounts due to related party		3,818
Proceeds from third party advances and loans		10,000	62,368
Net cash provided by (used in) financing activities		13,818	62,368
Net decrease in cash		(106)	75
Cash - beginning of the period	906	287	831
Cash - ending of the period	$ 287	181	906
Supplemental Disclosure of Cash Flow Information:
Interest paid
Income taxes paid

Organization and Nature of Oper

Organization and Nature of Operations	9 Months Ended
	Sep. 30, 2016
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. Subsequent to September 30, 2016, the Company entered into an Asset Purchase Agreement (the “Agreement”) with an arms-length party to acquire mineral claims. The acquisition resulted in a shift of the Company’s business model to that of a mineral exploration for lithium properties in Nevada and California. 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 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.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Notes
Basis of Presentation	NOTE 2 - BASIS OF PRESENTATION The unaudited interim financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2015. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, these unaudited interim financial statements and the related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2015, included in the Company’s report on Form 10-K.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Notes
Related Party Transactions	NOTE 3 - RELATED PARTY TRANSACTIONS As at September 30, 2016, the Company was indebted to Mr. Robert Fedun, a director, and theCEO and CFO of the Company, in the amount of $92,401 (December 31, 2015 - $61,477). Of this balance, $7,727 (December 31, 2015 - $3,803) was included in due to related party, and $84,674 (December 31, 2015 - $57,674), associated with the services provided by Mr. Fedun, was included in accounts payable. Amounts due to related party are due on demand, bear no interest, and are unsecured. During the nine month period ended September 30, 2016, the Company accrued $27,000 (September 30, 2015 - $27,000) in consulting fees to Mr. Fedun. The consulting fees were recorded as part of professional fees on the Statement of Operations. On October 8, 2016, the Company entered into a debt settlement agreement with Mr. Fedun to convert $91,284 owed to him into 456,419 restricted common shares (“the Shares”) of the Company at $0.20 per share. The shares were issued on November 11, 2016.

Stockholders' Equity Disclosure

Stockholders' Equity Disclosure	9 Months Ended
	Sep. 30, 2016
Notes
Stockholders' Equity Disclosure	NOTE 4 - STOCKHOLDERS’ DEFICIT During the nine month period ended September 30, 2016, the Company did not enter into any transactions that resulted in the issuance of its common stock.

Note Payable Disclosure

Note Payable Disclosure	9 Months Ended
	Sep. 30, 2016
Notes
Note Payable Disclosure	NOTE 5 - NOTE PAYABLE On May 2, 2016, the Company received a $10,000 loan from a third party (the “Lender”) in exchange for a one-year promissory note accumulating interest at 10% per annum compounded annually. At September 30, 2016, the Company accrued $250 in interest associated with the loan. On October 8, 2016, the Company entered into a debt settlement agreement with the Lender to convert $10,258 owed to the Lender into 51,290 restricted common shares (“the Shares”) of the Company at $0.20 per share. The shares were issued on November 11, 2016.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2016
Notes
Subsequent Event	NOTE 6 - SUBSEQUENT EVENT Subsequent to September 30, 2016, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Gold Exploration Management Inc. (“GEM”) to acquire 423 twenty-acre lithium mineral claims situated in Great Basin in the Southern Nye County, 400 twenty-acre lithium mineral claims located in eastern San Bernardino County, California, and 200 twenty-acre lithium claims located in Elko County, Nevada (all claims collectively referred to as the “Claims”). On October 4, 2016, as consideration for the sale of the Claims, the Company issued thirty million (30,000,000) restricted shares of its common stock to GEM.

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	1 Months Ended	9 Months Ended
	Nov. 11, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Due to related parties		$ 7,727		$ 3,803
Sole director, CEO and CFO
Due to related parties		7,727		3,803
Accounts payable to related parties		84,674		$ 57,674
Consulting fees incurred from a related party		$ 27,000	$ 27,000
Amount of debt to be converted to common shares	$ 91,284
Common shares issued for debt	456,419
Value per share being converted for debt	$ 0.20

Note Payable Disclosure (Detail

Note Payable Disclosure (Details) - USD ($)	1 Months Ended	9 Months Ended
	Nov. 11, 2016	Sep. 30, 2016	Sep. 30, 2015
Proceeds from third party advances and loans		$ 10,000	$ 62,368
Accrued interest		250
Loan from a third party
Proceeds from third party advances and loans		$ 10,000
Interest rate per annum		10.00%
Accrued interest		$ 250
Amount of debt to be converted to common shares	$ 10,258
Common shares issued for debt	51,290
Value per share being converted for debt	$ 0.20

Subsequent Event (Details)

Subsequent Event (Details)	Oct. 04, 2016shares
PurchaseOfMineralClaimsMember
Common stock issued for purchase of assets	30,000,000