Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 14, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Home Treasure Finders, Inc. | |
Entity Central Index Key | 1,527,102 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
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 | 13,205,450 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 28,988 | $ 36,848 |
Rent receivable | 24,000 | |
Prepaid asset | 1,198 | $ 753 |
Total current assets | 54,186 | 37,601 |
Property and equipment, net | 854,455 | 867,547 |
Other assets: | ||
Security deposits | 1,050 | 1,050 |
Total assets | 909,691 | 906,198 |
Liabilities: | ||
Accounts payable | 30,795 | 9,462 |
Accrued wages | 18,612 | 18,612 |
Accrued liabilities | 60,673 | 52,128 |
Accrued interest | 2,370 | 2,025 |
Note payable, current portion | 13,406 | 13,003 |
Related party note payable | 10,193 | 8,693 |
Total current liabilities | 136,049 | 103,923 |
Long term debt | 818,071 | 824,919 |
Total liabilities | 954,120 | 928,842 |
Shareholders' equity (deficit): | ||
Common stock, no par value; 100,000,000 shares authorized, 13,205,450 and 11,725,450 shares issued and outstanding, respectively | 215,267 | 215,267 |
Additional paid in capital | 96,476 | 96,476 |
Accumulated deficit | (356,172) | (334,387) |
Total shareholder's equity (deficit) | (44,429) | (22,644) |
Total liabilities and shareholders' equity (deficit) | $ 909,691 | $ 906,198 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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 | 11,725,450 |
Common Stock Outstanding | 13,205,450 | 11,725,450 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Commission income | $ 56,137 | $ 25,691 | $ 73,542 | $ 56,744 |
Property management income | 58,904 | 14,274 | 110,742 | 26,737 |
Revenue | 115,041 | 39,965 | 184,284 | 83,481 |
Operating expenses: | ||||
Commision expense | 27,177 | 11,815 | 30,417 | 25,040 |
Professional fees | 8,349 | 10,830 | 22,341 | 21,897 |
General and Administrative | 59,994 | 80,000 | 123,732 | 131,595 |
Total operating expenses | 95,520 | 102,645 | 176,490 | 178,532 |
Operating loss | 19,521 | (62,680) | 7,794 | (95,051) |
Other Expense | ||||
Interest expense | (14,764) | (315) | (29,579) | (465) |
Total other expense | (14,764) | (315) | (29,579) | (465) |
Net Income (loss) | $ 4,757 | $ (62,995) | $ (21,785) | $ (95,516) |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ (0.01) |
Basic and diluted weighted average common shares outstanding | 13,205,450 | 13,005,450 | 13,205,450 | 12,408,669 |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, shares at Dec. 31, 2012 | 11,725,800 | |||
Beginning Balance, value at Dec. 31, 2012 | $ 57,302 | $ 96,476 | $ (190,115) | $ (36,337) |
Net Income (loss) | (4,790) | (4,790) | ||
Ending Balance, shares at Dec. 31, 2013 | 11,725,800 | |||
Ending Balance, value at Dec. 31, 2013 | $ 57,302 | 96,476 | (194,115) | |
Common stock issued for services, shares | 83,650 | |||
Common stock issued for services, value | $ 8,365 | |||
Common stock issued for cash, shares | 1,196,000 | |||
Common stock issued for cash, value | $ 119,600 | |||
Net Income (loss) | (95,516) | (95,516) | ||
Ending Balance, shares at Jun. 30, 2014 | 13,005,450 | |||
Ending Balance, value at Jun. 30, 2014 | $ 185,267 | $ 96,476 | $ (290,421) | |
Beginning Balance, value at Dec. 31, 2014 | (22,644) | |||
Net Income (loss) | (21,785) | |||
Ending Balance, value at Jun. 30, 2015 | $ (44,429) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (21,785) | $ (95,516) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
Depreciation and amortization | $ 13,092 | 631 |
Common stock issued for services | $ 8,365 | |
Changes in operating assets and liabilities: | ||
Increase in prepaid expense | $ (24,000) | |
Increase in other current assets and other assets | $ (445) | $ (4,972) |
Decrease in accrued salary | (1,050) | |
Increase in accrued interest | $ 345 | 465 |
Increase in accrued liabilities | 8,545 | 1,624 |
Increase (decrease) in accounts payable | 21,333 | 1,775 |
Net cash (used in) operating activities | $ (2,915) | (88,678) |
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 | $ 1,500 | $ 3,350 |
Payment of related party payable | (6,445) | |
Net cash provided by financing activities | (4,945) | $ 122,950 |
Net change in cash | (7,860) | 19,347 |
Cash, beginning of period | 36,848 | 14,205 |
Cash, end of period | $ 28,988 | $ 33,552 |
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, 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. |
2 GOING CONCERN
2 GOING CONCERN | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | Note 2: Going Concern |
3 RELATED PARTY TRANSACTIONS
3 RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 3: Related Party Transactions |
4 Property and Equipment
4 Property and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
4 Property and Equipment | Note 4: Property and Equipment The Companys 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 six months ended June 30, 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 (21,470 ) Total fixed assets $ 14,294 Depreciation expense was $11,758 and amortization expense was $1,333 for the six months ended June 30, 2015. |
6 SUBSEQUENT EVENTS
6 SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 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 events that require disclosure as of the date of issuance. On May 27, 2015 we filed eviction suits against both our Garfield warehouse tenants. At the hearing before the County Court, the tenant at 4440 Garfield failed to appear and we were awarded possession of 4440 Garfield. Counsel for the tenant at 4420/4430 Garfield made an appearance before the County Court and counter-claimed for damages amounting to $16,000. A possession hearing before the District court was set for August 12, 2015. On July 30, 2015 parties to the litigation executed a Settlement Agreement and Mutual Release, (the "Settlement"), filed as Exhibit 99.1 herewith, which contains numerous provisions fulfilment of which is expected to result in dismissal of the litigation. Major terms provide: 1. Tenant will pay Landlord $24,000 as consideration for the Settlement, and landlord will apply such payment to discharge rent due from Tenant for May, June and July. Tenant's check number 1131, dated July, 30, 2015 for $24,000 has been received by landlord and deposited to landlord's checking account. 2. Tenant will pay landlord $8,000 for August rent before August 3, 2015. 3. Tenant agrees to continue the lease and lease the remainder of landlord's building, i.e. Tenant agrees to immediately take possession of the additional space known as 4440 Garfield and starting September 1, 2015 pay landlord additional monthly rent of $4,000 per month. Settlement provides that Landlord and tenant will formalize this agreement by mutually executing an addendum to that present lease in now effect between landlord and tenant for 4420/4430 Garfield. 4. Various mutual commitments are made and agreed to by tenant and landlord. These include to cooperate and act in good faith to jointly resolve any remaining address issues and disputes regarding the land use regulations of the City and County of Denver. The parties agree to undertake and pay for various property modifications believed by the parties to the litigation to be required by the City and County of Denver with a goal to their mutual efforts to comply with all requirements to obtain a certificate of occupancy for the three units known as 4420/4430/4440 Garfield. Under terms of the Settlement the attorneys will file a "Joint Motion or Stipulation for Dismissal with Prejudice." Once filed, the litigation is terminated. |
4 Property and Equipment (Table
4 Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Fixed assets and related depreciation | Computer equipment $ 5,672 Furniture and fixtures 5,253 Leasehold improvements 4,000 Warehouse units 861,000 Accumulated amortization and depreciation (21,470 ) Total fixed assets $ 854,455 |
3 RELATED PARTY TRANSACTIONS (D
3 RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | 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) - 6 months ended Jun. 30, 2015 - USD ($) | Total |
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 - Fixe
4 Property and Equipment - Fixed assets and related depreciation (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
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 | $ 854,455 | $ 867,547 |
4 Property and Equipment (Detai
4 Property and Equipment (Details Narrative) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Property, Plant and Equipment [Abstract] | |
Depreciation | $ 409 |
Amortization expense | $ 222 |