Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 12-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | Home Treasure Finders, Inc. | |
Entity Central Index Key | 1527102 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
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 | 13,205,450 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $29,697 | $36,848 |
Prepaid expenses | 1,922 | 753 |
Total current assets | 31,619 | 37,601 |
Property and equipment, net | 861,001 | 867,547 |
Security deposits | 1,050 | 1,050 |
Total assets | 893,670 | 906,198 |
Liabilities: | ||
Accounts payable | 19,744 | 9,462 |
Accrued wages | 18,612 | 18,612 |
Accrued liabilities | 57,416 | 52,128 |
Accrued interest | 2,196 | 2,025 |
Note payable, current portion | 13,229 | 13,003 |
Related party note payable | 10,193 | 8,693 |
Total current liabilities | 121,390 | 103,923 |
Long term debt | 821,466 | 824,919 |
Total liabilities | 942,856 | 928,842 |
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 | 215,267 | 215,267 |
Additional paid in capital | 96,476 | 96,476 |
Accumulated deficit | -360,929 | -334,387 |
Total shareholder's equity (deficit) | -49,186 | -22,644 |
Total liabilities and shareholders' equity (deficit) | $893,670 | $906,198 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Stockholders Equity | ||
Common Stock par value | $0 | $0 |
Common Stock Authorized | 100,000,000 | 100,000,000 |
Common Stock Issued | 13,205,450 | 11,725,800 |
Common Stock Outstanding | 13,205,450 | 11,725,800 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Commission income | $17,405 | $31,053 |
Property management income | 51,839 | 12,463 |
Revenue | 69,244 | 43,516 |
Operating expenses: | ||
Commision expense | 3,241 | 13,226 |
Professional fees | 13,992 | 11,067 |
General and Administrative | 63,737 | 51,594 |
Total operating expenses | 80,970 | 75,887 |
Operating income (loss) | -11,726 | -32,371 |
Other Expense | ||
Interest expense | -14,816 | -150 |
Total other expense | -14,816 | -150 |
Income (loss) before taxes | -26,542 | -32,521 |
Income tax expense | ||
Net Income (loss) | ($26,542) | ($32,521) |
Basic and diluted loss per share | $0 | $0 |
Basic and diluted weighted average common shares outstanding | 13,205,450 | 11,725,800 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Deficit) (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, value at Dec. 31, 2013 | $57,302 | $96,476 | ($194,905) | ($41,127) |
Beginning Balance, shares at Dec. 31, 2013 | 11,725,800 | |||
Common stock issued for cash, shares | 1,396,000 | |||
Common stock issued for cash, value | 149,600 | 149,600 | ||
Common stock issued for services, shares | 83,650 | |||
Common stock issued for services, value | 8,365 | 8,365 | ||
Net loss | -139,482 | -139,482 | ||
Ending Balance, value at Dec. 31, 2014 | 215,267 | 96,476 | -334,387 | -22,644 |
Ending Balance, shares at Dec. 31, 2014 | 13,205,450 | |||
Common stock issued for services, value | ||||
Net loss | -26,542 | -26,542 | ||
Ending Balance, value at Mar. 31, 2015 | $215,267 | $96,476 | ($360,929) | ($49,186) |
Ending Balance, shares at Mar. 31, 2015 | 13,205,450 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | ($26,542) | ($32,521) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
Common stock issued for services | 8,365 | |
Depreciation expense | 6,546 | |
Increase in prepaid expense | -1,169 | -409 |
Decrease in accrued salary | ||
Increase in accrued interest | 171 | 150 |
Increase in accrued liabilities | 5,288 | 4,310 |
Increase (decrease) in accounts payable | 10,282 | 5,345 |
Net cash (used in) operating activities | -5,424 | -14,760 |
Cash flows from investing activities: | ||
Deposit on building purchase | -10,000 | |
Net cash used by investing activities | -10,000 | |
Cash flows from financing activities: | ||
Proceeds from common stock sales | 119,600 | |
Proceeds from related party payable | 1,500 | 3,350 |
Payment of long term debt | -3,227 | |
Net cash provided by (used in) financing activities | -1,727 | 122,950 |
Net change in cash | -7,151 | 98,190 |
Cash, beginning of period | 36,848 | 14,205 |
Cash, end of period | 29,697 | 112,595 |
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 | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014 financial statements and notes thereto included. The results of operations for the period ended March 31, 2014, are not necessarily indicative of the operating results for the year ended December 31, 2014. |
2_Going_Concern
2 Going Concern | 3 Months Ended |
Mar. 31, 2015 | |
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 quarters ended March 31, 2013 and September 30, 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_Transaction
3 Related Party Transaction | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 3: Related Party Transaction |
During the three months ended March 31, 2015, the related party payable had a net increase of $1,500. The balance of the related party payable was $10,193 and $8,693 as of March 31, 2015 and December 31, 2014, respectively. This payable is due on demand and has an interest rate of 8%. Accrued interest on this payable was $2,196 at March 31, 2015. |
4_Property_and_Equipment
4 Property and Equipment | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Property, Plant and Equipment [Abstract] | |||||
PROPERTY AND EQUIPMENT | Note 4: Property and Equipment | ||||
The Company's capital assets consist of warehouse units, 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 39 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 three months ended March 31, 2015 are as follows: | |||||
Computer equipment | $ | 5,672 | |||
Furniture and fixtures | 5,253 | ||||
Leasehold improvements | 4,000 | ||||
Warehouse units | 861,000 | ||||
Accumulated amortization and depreciation | (14,924 | ) | |||
Total fixed assets | $ | 861,001 | |||
Depreciation expense was $5,879 and amortization expense was $667 for the three months ended March 31, 2015. |
5_LongTerm_Debt
5 Long-Term Debt | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
LONG-TERM DEBT | NOTE 5 – LONG-TERM DEBT | ||||
On September 15, 2014, the Company entered into a promissory note for $840,000 on the purchase of three warehouse units known as 4420, 4430 and 4440 Garfield Street, Denver, Colorado. The Company is leasing each of the three separate units to licensed third party growers for cannabis cultivation. The terms of the variable interest 25 year amortization note carried by the seller of the property call for payments to seller as follows: | |||||
1 | First and Second year interest rate at 7% with 25 year amortization payment at $5,936.95 per month. | ||||
2. | Third and Fourth year at 8% with 25 year amortization payment at $6,277.73 per month. | ||||
3. | Fifth year at 9% with 25 year amortization payment at $6,639.64 per month. | ||||
4. | Balloon payment of $777,255.49 due at end of the fifth year. | ||||
The note to seller is secured by the three warehouse units. | |||||
As of March 31, 2015, the balance of the note was $834,695. The annual maturities of the long-term debt as of December 31, 2014 were: | |||||
Year Ending December 31, | |||||
2015 | $ | 13,003 | |||
2016 | 13,265 | ||||
2017 | 10,791 | ||||
2018 | 11,089 | ||||
2019 | 789,774 | ||||
$ | 837,922 |
6_Subsequent_Events
6 Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
SUBSEQUENT EVENTS | Note 6: Subsequent Events |
The Company has evaluated subsequent events pursuant to ASC Topic 855 and has determined that there are no other events that require disclosure as of the date of issuance. |
4_Property_and_Equipment_Table
4 Property and Equipment (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Property, Plant and Equipment [Abstract] | |||||
Depreciation | |||||
Computer equipment | $ | 5,672 | |||
Furniture and fixtures | 5,253 | ||||
Leasehold improvements | 4,000 | ||||
Warehouse units | 861,000 | ||||
Accumulated amortization and depreciation | (14,924 | ) | |||
Total fixed assets | $ | 861,001 |
3_Related_Party_Transaction_De
3 Related Party Transaction (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Increase in related party payable | $1,500 | |
Balance of the related party payable | 10,193 | 8,693 |
Accrued interest on this payable | $2,196 | |
Interest Rate | 8.00% |
4_Property_and_Equipment_Detai
4 Property and Equipment (Details Narrative) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Depreciation expense | $5,879 |
Amortization expense | $667 |
4_Property_and_Equipment_Depre
4 Property and Equipment - Depreciation (Details) (USD $) | Mar. 31, 2015 |
Property, Plant and Equipment [Abstract] | |
Computer equipment | $5,672 |
Furniture and fixtures | 5,253 |
Leasehold improvements | 4,000 |
Warehouse units | 861,000 |
Accumulated amortization and depreciation | -14,924 |
Total fixed assets | $861,001 |
5_LongTerm_Debt_Details
5 Long-Term Debt - (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
First and Second year interest rate | 7.00% |
First and Second year 25 year amortization monthly payment | $5,937 |
Third and Fourth year interest rate | 8.00% |
Third and Fourth year 25 year amortization monthly payment | 6,278 |
Fifth year interest rate | 9.00% |
Fifth year 25 year amortization monthly payment | 6,640 |
Balloon payment at end of the fifth year | $777,255 |
5_LongTerm_Debt_Details_Narrat
5 Long-Term Debt - (Details Narrative) (USD $) | Mar. 31, 2015 |
Debt Disclosure [Abstract] | |
2015 | $13,003 |
2016 | 13,265 |
2017 | 10,791 |
2018 | 11,089 |
2019 | 789,774 |
Total maturities for note payable outstanding | $837,922 |
5_LongTerm_Debt_Details_Narrat1
5 Long-Term Debt (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2015 | |
Debt Disclosure [Abstract] | ||
Promissory note for purchase three warehouse units | $840,000 | $834,695 |
Length of time to pay off amortization note | 25 years 0 months 0 days |