3 RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2014 |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
Note 3: Related Party Transactions |
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During the three months ended March 31, 2014, the related party payable had a net increase of $3,350. The balance of the related party payable was $8,293 and $4,943 as of March 31, 2014 and December 31, 2013, respectively. This payable is due on demand and has an interest rate of 8%. Accrued interest on this payable was $1,396 at March 31, 2014. Beginning in 2013, the Company began accruing salary of $5,500 per month to the CEO for his services. Effective April 14, 2014, the base salary to be paid to the CEO will increase to $6,000 per month. The balance accrued at March 31, 2014 was $14,612. |
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Effective April 1, 2013 all property management activities, revenues and expenses in connection with CW Properties, a property management company owned by the CEO, were transferred to a wholly owned subsidiary of Home Treasure Finders, Inc. All net revenue earned by CW Properties beginning April 1 has been booked as consolidated revenue of Home Treasure Finders, Inc. |
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On March 3, 2014 we formed a wholly owned subsidiary, HMTF Cannabis Holdings, Inc. The purpose of the subsidiary is to purchase properties that qualify for legal cultivation of cannabis, improve the properties and lease them to licensed third party growers. We have expanded our website and commenced limited operations consisting of locating qualified properties and growers. |
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On March 14, 2014 we formed an affiliate vehicle, JDONE, LLC which has been consolidated, through which we might make anonymous offers on properties suitable for cannabis cultivation. Subsequently, we transferred $100,000 from our company checking account into the bank account of JDONE and on March 20, 2014 JDONE issued a $10,000 check to serve as good faith deposit in connection with its offer to purchase a 4.3 acre property in Commerce City Colorado. This offer was accepted by the seller but JDONE cancelled the contract on April 15 because we determined the property unsuitable for cannabis cultivation. JDONE is entitled to a refund of its good faith deposit. As of the date of this report JDONE is awaiting receipt of a refund check. |
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We are negotiating to obtain additional capital with which to purchase various properties. As of March 31, 2014 and the date of this report we have not obtained capital deemed adequate to purchase cannabis qualified property. Consequently, no revenue from cannabis operations has been generated. |