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 Companys business model to that of a mineral exploration for lithium properties in Nevada and California. 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 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. |
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 Companys audited financial statements for the year ended December 31, 2015, included in the Companys 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 |