Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2017shares | |
Document and Entity Information: | |
Entity Registrant Name | HORIZON MINERALS CORP. |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2017 |
Amendment Flag | false |
Entity Central Index Key | 1,526,726 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 96,571,589 |
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 | 2,017 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | hznm |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash | $ 395 | $ 456 |
Prepaid expenses | 12,788 | 8,333 |
Total current assets | 13,183 | 8,789 |
Unproved mineral assets | 500,000 | 500,000 |
Total Assets | 513,183 | 508,789 |
Current Liabilities: | ||
Accounts payable | 10,274 | 20,812 |
Accrued liabilities | 27,857 | 38,999 |
Due to related parties | 19,038 | 10,038 |
Notes payable | 91,338 | 40,273 |
Total current liabilities | 148,507 | 110,122 |
Total Liabilities | 148,507 | 110,122 |
Stockholders' Deficit | ||
Common stock value | 9,657 | 9,657 |
Additional paid-in capital | 755,935 | 755,935 |
Deficit | (400,916) | (366,925) |
Total stockholders' deficit | 364,676 | 398,667 |
Total Liabilities and Stockholders' Deficit | $ 513,183 | $ 508,789 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Balance Sheet | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 96,571,589 | 96,571,589 |
Common stock, shares outstanding | 96,571,589 | 96,571,589 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Expenses: | ||
Filing fees | $ 9,419 | $ 3,434 |
General and administrative | 2,607 | 42 |
Professional fees | 22,688 | 16,665 |
Total expenses | 34,714 | 20,141 |
Loss from operations | (34,714) | (20,141) |
Other Items | ||
Foreign currency transaction gain (loss) | 723 | 4,830 |
Total other items | 723 | 4,830 |
Net and comprehensive (loss) | $ (33,991) | $ (15,311) |
Loss per common share - basic and diluted | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding - basic and diluted | 96,571,589 | 66,063,880 |
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, 2015 | 66,063,888 | |||
Beginning Balance, amount at Dec. 31, 2015 | $ 6,606 | $ 129,234 | $ (235,817) | $ (99,977) |
Net loss for the period | (15,311) | (15,311) | ||
Ending Balance, shares at Mar. 31, 2016 | 66,063,888 | |||
Ending Balance, amount at Mar. 31, 2016 | $ 6,606 | 129,234 | (251,128) | (115,288) |
Common stock issued for mineral property, shares | 30,000,000 | |||
Common stock issued for mineral property, value | $ 3,000 | 497,000 | 500,000 | |
Common stock issued for debt, shares | 507,709 | |||
Common stock issued for debt, value | $ 51 | 129,701 | 129,752 | |
Net loss for the period | (115,797) | (115,797) | ||
Ending Balance, shares at Dec. 31, 2016 | 96,571,589 | |||
Ending Balance, amount at Dec. 31, 2016 | $ 9,657 | 755,935 | (366,925) | 398,667 |
Net loss for the period | (33,991) | (33,991) | ||
Ending Balance, shares at Mar. 31, 2017 | 96,571,589 | |||
Ending Balance, amount at Mar. 31, 2017 | $ 9,657 | $ 755,935 | $ (400,916) | $ 364,676 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Operating Activities | |||
Net income (loss) | $ (33,991) | $ (15,311) | $ (115,797) |
Non-cash item | |||
Accrued interest | 787 | ||
Foreign exchange gain (loss) | 763 | (201) | |
Changes in net assets and liabilities: | |||
Prepaid expenses | (4,455) | ||
Accounts payable | (9,775) | 3,668 | |
Accrued liabilities | (11,142) | 2,406 | |
Net cash provided by (used in) operating activities | (59,339) | (9,036) | |
Financing Activities | |||
Amounts due to related party | 9,000 | 9,000 | |
Proceeds from third party loans | 50,278 | ||
Net cash provided by (used in) financing activities | 59,278 | 9,000 | |
Net decrease in cash | (61) | (36) | |
Cash - beginning of the period | 456 | 287 | 251 |
Cash - ending of the period | 395 | 251 | $ 456 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | |||
Income taxes paid |
Organization and Nature of Oper
Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2017 | |
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. On October 4, 2016, the Company entered into an Asset Purchase Agreement (the Agreement) with an arms-length party to acquire 1,223 lithium mineral claims in Nevada and California (the Claims). The acquisition resulted in a shift of the Companys business model to that of a mineral exploration. 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 | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016. 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 months ended March 31, 2017, are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. 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, 2016, included in the Companys report on Form 10-K. Reclassifications Certain prior period amounts in the accompanying unaudited interim financial statements have been reclassified to conform to the current period's presentation. These reclassifications had no effect on the results of operations or financial position for any period presented. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Related Party Transactions | NOTE 3 - RELATED PARTY TRANSACTIONS As at March 31, 2017, the Company was indebted to Mr. Robert Fedun, a director, CEO and CFO of the Company, in the amount of $19,038 (December 31, 2016 - $10,038). Of this balance, $1,038 (December 31, 2016 - $1,038) was associated with advances given to the Company by Mr. Fedun; and $18,000 (December 31, 2016 - $9,000) was associated with the services provided by Mr. Fedun. Amounts due to related party are due on demand, bear no interest, and are unsecured. During the three months ended March 31, 2017, the Company accrued $9,000 (March 31, 2016 - $9,000) in consulting fees to Mr. Fedun. The consulting fees were recorded as part of professional fees on the Statement of Operations. |
Unproved Mineral Properties Dis
Unproved Mineral Properties Disclosure | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Unproved Mineral Properties Disclosure | NOTE 4 - UNPROVED MINERAL PROPERTIES On October 4, 2016, the Company entered into the Agreement with an arms-length party (the Vendor) to acquire 423 twenty-acre lithium mineral claims situated in southern Nye County, Nevada and 600 twenty-acre lithium mineral claims located in California, for a total of 1,023 claims. As consideration for the Claims the Company agreed to issue the Vendor thirty million (30,000,000) restricted shares of the Companys common stock, which shares were issued on October 4, 2016. The value recorded for this acquisition was determined based on the estimated fair value of the Claims. In addition to the above payment, the Company agreed to pay a 2.0% carried gross production royalty on any mineral or fluid production from the Claims. On December 20, 2016, the Company amended the Agreement to increase the number of claims acquired by the Company from the Vendor from 1,023 claims to 1,365 claims, of which 306 claim units totaling 6,120 acres are fully registered and renewed and 1,059 claim units totaling 20,540 acres have been located, however, for which required fees have not been paid. To finalize the registration of the located units the Company will be required to pay the filing fees within 90 days from the date the claims were located. During the three-month period ended March 31, 2017, the Company did not have any expenditures associated with exploration activities on the Claims. |
Third Party Notes Payable Discl
Third Party Notes Payable Disclosure | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Third Party Notes Payable Disclosure | NOTE 5 - THIRD PARTY NOTES PAYABLE On November 1, 2016, the Company entered into a credit line agreement (the Qinn Agreement) with Qinn Media Limited (Qinn Media). Pursuant to the Qinn Agreement, the Company can use up to $60,000 for a duration of one year, expiring on October 31, 2017 (the Credit Line). Principal borrowed under the Credit Line is unsecured, and accrues interest at 8% per annum compounded annually. As at March 31, 2017, the Company had borrowed $39,850 (December 31, 2016 - $39,850), and accrued $1,209 in interest associated with the Credit Line (December 31, 2016 - $423). During the three-month period ended March 31, 2017, the Company borrowed $50,278 from non-related parties in exchange for the notes payable. The amounts borrowed under the notes payable are due on demand, unsecured, and bear interest at 5% per annum compounded monthly. |
Basis of Presentation_ Reclassi
Basis of Presentation: Reclassifications Policy (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Policies | |
Reclassifications Policy | Reclassifications Certain prior period amounts in the accompanying unaudited interim financial statements have been reclassified to conform to the current period's presentation. These reclassifications had no effect on the results of operations or financial position for any period presented. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Due to related parties | $ 19,038 | $ 10,038 | |
Sole director, CEO and CFO - advances given | |||
Due to related parties | 1,038 | ||
Consulting fees incurred from a related party | 9,000 | $ 9,000 | |
Sole director, CEO and CFO - for services provided | |||
Due to related parties | $ 18,000 | $ 9,000 |
Unproved Mineral Properties D14
Unproved Mineral Properties Disclosure (Details) - Lithium mineral claims | 9 Months Ended |
Dec. 31, 2016shares | |
Common stock issued for mineral property | 30,000,000 |
Production royalty fee | 2.00% |
Mineral claims acquired | On December 20, 2016, the Company amended the Agreement to increase the number of claims acquired by the Company from the Vendor from 1,023 claims to 1,365 claims, of which 306 claim units totaling 6,120 acres are fully registered and renewed and 1,059 claim units totaling 20,540 acres have been located, however, for which required fees have not been paid. |
Third Party Notes Payable Dis15
Third Party Notes Payable Disclosure (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Nov. 01, 2016 | |
Notes payable | $ 91,338 | $ 40,273 | |
Proceeds from third party loans | $ 50,278 | ||
Qinn Agreement | |||
Line of Credit provided | $ 60,000 | ||
Interest rate per annum | 8.00% | ||
Notes payable | $ 39,850 | 39,850 | |
Accrued interest | $ 1,209 | $ 423 | |
Notes payable with non-related parties | |||
Interest rate per annum | 5.00% | ||
Proceeds from third party loans | $ 50,278 |