Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 14, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Home Treasure Finders, Inc. | ' |
Entity Central Index Key | '0001527102 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 13,005,450 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash | $33,552 | $14,205 |
Prepaid asset | 4,972 | ' |
Total current assets | 38,524 | 14,205 |
Property and equipment, net | 14,294 | ' |
Other assets: | ' | ' |
Security deposits | 1,050 | ' |
Total assets | 53,868 | 14,205 |
Liabilities: | ' | ' |
Accounts payable | 8,086 | 6,311 |
Accrued salary | 14,612 | 14,612 |
Accrued liabilities | 29,844 | 28,220 |
Accrued interest on related party note payable | 1,711 | 1,246 |
Related party note payable | 8,293 | 4,943 |
Total current liabilities | 62,546 | 55,332 |
Shareholders' equity (deficit): | ' | ' |
Common stock, no par value; 100,000,000 shares authorized, 13,005,450 and 11,725,800 shares issued and outstanding, respectively | 185,267 | 57,302 |
Additional paid in capital | 96,476 | 96,476 |
Accumulated deficit | -290,421 | -194,905 |
Total shareholder's equity (deficit) | -8,678 | -41,127 |
Total liabilities and shareholders' equity (deficit) | $53,868 | $14,205 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Stockholders Equity | ' | ' |
Common Stock par value | $0 | $0 |
Common Stock Authorized | 100,000,000 | 100,000,000 |
Common Stock Issued | 13,005,450 | 11,725,800 |
Common Stock Outstanding | 13,005,450 | 11,725,800 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Commission income | $25,691 | $15,593 | $56,744 | $52,040 |
Property management income | 14,274 | 9,748 | 26,737 | 9,748 |
Revenue | 39,965 | 25,341 | 83,481 | 61,788 |
Operating expenses: | ' | ' | ' | ' |
Commision expense | 11,815 | 2,339 | 25,040 | 7,806 |
Professional fees | 10,830 | 2,937 | 21,897 | 12,215 |
General and Administrative | 80,000 | 30,324 | 131,595 | 50,162 |
Total operating expenses | 102,645 | 35,600 | 178,532 | 70,183 |
Operating loss | -62,680 | -10,259 | -95,051 | -8,395 |
Other Expense | ' | ' | ' | ' |
Interest expense | -315 | -49 | -465 | -97 |
Total other expense | -315 | -49 | -465 | -97 |
Net Income (loss) | ($62,995) | ($10,308) | ($95,516) | ($8,492) |
Basic and diluted loss per share | $0 | $0 | $0 | $0 |
Basic and diluted weighted average common shares outstanding | 13,005,450 | 11,725,800 | 12,408,669 | 11,725,800 |
Shareholders_Equity
Shareholders Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, value at Dec. 31, 2012 | $57,302 | $96,476 | ($190,115) | ($36,337) |
Beginning Balance, shares at Dec. 31, 2012 | 11,725,800 | ' | ' | ' |
Net Income (loss) | ' | ' | -4,790 | -4,790 |
Ending Balance, value at Dec. 31, 2013 | 57,302 | 96,476 | -194,115 | -41,127 |
Beginning Balance, shares at Dec. 31, 2013 | 11,725,800 | ' | ' | ' |
Common stock issued for services, shares | 83,650 | ' | ' | ' |
Common stock issued for services, value | 8,365 | ' | ' | 8,365 |
Common stock issued for cash, shares | 1,196,000 | ' | ' | ' |
Common stock issued for cash, value | 119,600 | ' | ' | 119,600 |
Net Income (loss) | ' | ' | -95,516 | -95,516 |
Ending Balance, value at Jun. 30, 2014 | $185,267 | $96,476 | ($290,421) | ($8,678) |
Ending Balance, shares at Jun. 30, 2014 | 13,005,450 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($95,516) | ($8,492) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 631 | ' |
Common stock issued for services | 8,365 | ' |
Increase in prepaid expense | -4,972 | 140 |
Increase in other current assets and other assets | -1,050 | ' |
Decrease in accrued salary | ' | -3,188 |
Increase in accrued interest | 465 | 97 |
Increase in accrued liabilities | 1,624 | 10,360 |
Increase (decrease) in accounts payable | 1,775 | -322 |
Net cash (used in) operating activities | -88,678 | -1,135 |
Cash flows from investing activities: | ' | ' |
Cash paid for fixed assets | -14,925 | ' |
Net cash used in investing activities | -14,925 | ' |
Cash flows from financing activities: | ' | ' |
Proceeds from common stock sales | 119,600 | ' |
Proceeds from related party payable | 3,350 | ' |
Payment of related party payable | ' | -2,500 |
Net cash provided by financing activities | 122,950 | -2,500 |
Net change in cash | 19,347 | -3,635 |
Cash, beginning of period | 14,205 | 9,408 |
Cash, end of period | 33,552 | 5,773 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid during the period for Income taxes | ' | ' |
Cash paid during the period for Interest | ' | ' |
NON CASH FINANCING ACTIVITIES: | ' | ' |
Common stock issued for services | $8,365 | ' |
1_Basis_of_Presentation
1 Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 1: Basis of Presentation | |
The accompanying financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The interim financial statements reflect all adjustments, consisting of normal recurring adjustments which, in the opinion of management, are necessary to present a fair statement of the results for the period. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the December 31, 2013 financial statements and notes thereto included. The results of operations for the period ended June 30, 2014, are not necessarily indicative of the operating results for the year ended December 31, 2014. |
2_GOING_CONCERN
2 GOING CONCERN | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
GOING CONCERN | ' |
Note 2: Going Concern | |
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, since inception the Company has incurred losses in all quarters except the quarter ended March 31, 2013 and it has a limited operating history. These factors, among others, may indicate that the Company will be unable to continue as a going concern for a reasonable period of time. | |
The financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company intends to seek additional funding through equity offerings to fund its business plan. There is no assurance that the Company will be successful in raising additional funds. |
3_RELATED_PARTY_TRANSACTIONS
3 RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
Note 3: Related Party Transactions | |
During the six months ended June 30, 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 June 30, 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 $1,711 at June 30, 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 increased to $6,000 per month. The balance accrued at June 30, 2014 was $14,612. | |
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, 2013 has been booked as consolidated revenue of Home Treasure Finders, Inc. | |
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. | |
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 received a refund of its good faith deposit. | |
We are negotiating to obtain additional capital with which to purchase various properties. As of June 30, 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. | |
On April 7, 2014 we formed a wholly owned subsidiary, HMTF Productions, LLC which has been consolidated. The purpose of the subsidiary is to help us better communicate nationwide with present and potential investors, while also generating local awareness and brand recognition. We anticipate that the promotional activities of this subsidiary may help our real estate sales and property management division to generate additional revenue and our HMTF Cannabis Holdings subsidiary to raise working capital needed for planned real estate acquisitions. |
4_Property_and_Equipment
4 Property and Equipment | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Property, Plant and Equipment [Abstract] | ' | ||||
4 Property and Equipment | ' | ||||
Note 4: Property and Equipment | |||||
The Company’s capital assets consist of computer equipment, office furniture and leasehold improvements for the new office. Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the asset, ranging from 18 months to seven years. Expenditures for additions and improvements are capitalized, while repairs and maintenance costs are expensed as incurred. The cost and related accumulated depreciation of any capital assets that are sold or otherwise disposed of are removed from the accounts and any gain or loss is recorded in the year of disposal. | |||||
Fixed assets and related depreciation for the six months ended June 30, 2014 are as follows: | |||||
Computer equipment | $ | 5,672 | |||
Furniture and fixtures | 5,253 | ||||
Leasehold improvements | 4,000 | ||||
Accumulated amortization and depreciation | (631 | ) | |||
Total fixed assets | $ | 14,294 | |||
Depreciation expense was $409 and amortization expense was $222 for the six months ended June 30, 2014. |
5_Stock_Transactions
5 Stock Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
5 Stock Transactions | ' |
Note 4: Stock Transactions | |
On March 13, 2014 the Company completed a private placement of restricted common shares priced at $0.10 per share. This placement of our restricted common stock generated $119,600 to be utilized as general working capital. The shares were issued March 31, 2014. | |
On March 31, the Company also issued 83,650 shares of common stock valued at $0.10 per share to pay for services received. |
6_SUBSEQUENT_EVENTS
6 SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
Note 6: Subsequent Events | |
Item 1.01 Entry Into A Material Definitive Agreement | |
On July 23, 2014 we took assignment of a contract with Thomas S. Yang (“Seller”) to purchase three warehouse units known as 4420, 4430 and 4440 Garfield Street, Denver, Colorado 80216 for $795,000. The three units total approximately 5,625 square feet and are located in a single building on industrial land which is zoned for the cultivation of cannabis. Terms of the contract provide for a cash payment of 20% of the purchase price at closing by September 1, 2014, with the balance due carried by the Seller on a 7% to 9% flexible interest with an average monthly payment of approximately $7,704 per month during the first three years. The contract assigned to us provides for such an assignment and we took the assignment from JDONE LLC the original purchaser in the purchase contract. We intend to: | |
1. Complete due diligence and close the purchase with cash raised through a private placement of restricted shares of our common stock. | |
2. Lease grow space at this site to suit the needs of one or more state licensed cannabis growers. | |
On August 1, 2014 we received an offer to lease the warehouse on Garfield Street and we have instructed Mr. Ted Waitkus, ESQ to conduct various investigations regarding the tenant and if appropriate to prepare a formal lease agreement. | |
On August 4, 2014 we entered a consulting agreement with Mr. Robert Huntley who is licensed in Denver as a General Contractor, to perform work as an independent contractor in connection with project management and anticipated construction as required and necessary to obtain an occupancy permit for the Company’s Garfield Street project. The agreement provides that Mr. Huntley will be compensated for invoices submitted and approved for payment at the rate of $45 per hour, paid in shares of the Company’s restricted common stock. | |
On August 5, 2014 we began a Private Placement of restricted shares of the Company’s common stock priced at $0.20 per share. The shares will be sold by management to investors who deliver a check in full payment for shares and accompanied by a completed and signed Subscription Agreement which Agreement must be accepted by the Company. Any money raised will be deposited into the Company’s checking account and utilized, as received, to purchase a warehouse located at 4420, 4430, 4440 Garfield Street. | |
The Company has evaluated subsequent events pursuant to ASC Topic 855 and has determined that there are no additional events that require disclosure as of the date of issuance. |
4_Property_and_Equipment_Table
4 Property and Equipment (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Property, Plant and Equipment [Abstract] | ' | ||||
Fixed assets and related depreciation | ' | ||||
Computer equipment | $ | 5,672 | |||
Furniture and fixtures | 5,253 | ||||
Leasehold improvements | 4,000 | ||||
Accumulated amortization and depreciation | (631 | ) | |||
Total fixed assets | $ | 14,294 |
3_RELATED_PARTY_TRANSACTIONS_D
3 RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
Payment to related party payable | $3,350 | $17,000 |
Balance of the related party payable | 8,293 | 4,943 |
Interest rate | 8.00% | 8.00% |
Accrued interest on this payable | 1,711 | 937 |
Monthly salary | 5,500 | 2,500 |
Accrued salary | $14,612 | $22,500 |
5_Stock_Transactions_Details_N
5 Stock Transactions (Details Narrative) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
Value of shares issed in private placement | $0.10 |
Private placement revenue generated | $119,600 |
Increase in CEO monthly salary | $6,000 |
Shares issued for services | 83,650 |
Per share value of shares issued for services | $0.10 |
4_Property_and_Equipment_Fixed
4 Property and Equipment - Fixed assets and related depreciation (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Computer equipment | $5,672 | ' |
Furniture and fixtures | 5,253 | ' |
Leasehold improvements | 4,000 | ' |
Accumulated amortization and depreciation | -631 | ' |
Total fixed assets | $14,294 | ' |
4_Property_and_Equipment_Detai
4 Property and Equipment (Details Narrative) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Depreciation | $409 |
Amortization expense | $222 |