Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 14, 2017 | |
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 | Sep. 30, 2017 | |
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 | Q3 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash | $ 37,385 | $ 60,202 |
Rent receivable | 2,086 | 500 |
Prepaid expenses | 2,816 | 1,737 |
Total current assets | 42,287 | 62,439 |
Property and equipment, net | 803,053 | 820,203 |
Other assets: | ||
Security deposits | 1,400 | 1,400 |
Total assets | 846,740 | 884,042 |
Liabilities: | ||
Accounts payable | 22,231 | 18,336 |
Accrued wages | 40,612 | 28,612 |
Accrued liabilities | 54,024 | 56,672 |
Accrued interest - related party | 4,462 | 3,305 |
Note payable, current portion | 11,455 | 10,790 |
Related party note payable | 10,977 | 17,590 |
Total current liabilities | 143,761 | 135,305 |
Long term debt, net of current portion | 792,187 | 800,864 |
Total liabilities | 935,948 | 936,169 |
Commitments and contingencies | ||
Shareholders' equity (deficit): | ||
Common stock, no par value; 100,000,000 shares authorized, 13,205,450 and 13,205,450 shares issued and outstanding, respectively | 215,267 | 215,267 |
Additional paid in capital | 96,476 | 96,476 |
Accumulated deficit | (400,951) | (363,870) |
Total shareholder's equity (deficit) | (89,208) | (52,127) |
Total liabilities and shareholders' equity (deficit) | $ 846,740 | $ 884,042 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Stockholders Equity | ||
Common Stock par value | $ 0 | $ 0 |
Common Stock Authorized | 100,000,000 | 100,000,000 |
Common Stock Issued | 13,205,450 | 13,205,450 |
Common Stock Outstanding | 13,205,450 | 13,205,450 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Commission income | $ 37,898 | $ 44,535 | $ 108,198 | $ 165,053 |
Property and rental management income | 65,409 | 59,726 | 192,319 | 176,657 |
Revenue | 103,307 | 104,261 | 300,517 | 341,710 |
Operating expenses: | ||||
Commision expense | 29,353 | 4,448 | 35,817 | 52,170 |
Professional fees | 6,686 | 7,713 | 20,079 | 33,931 |
General and administrative | 74,477 | 84,393 | 246,617 | 230,060 |
Total operating expenses | 110,516 | 96,554 | 302,513 | 316,161 |
Operating income (loss) | (7,209) | 7,707 | (1,996) | 25,549 |
Other income (expense) | ||||
Other income | 14,560 | |||
Interest expense | (16,520) | (14,418) | (49,645) | (43,369) |
Total other income (expense) | (16,520) | (14,418) | (35,085) | (43,369) |
Income (loss) before taxes | (23,729) | (6,711) | (37,081) | (17,820) |
Income tax expense | ||||
Net Income (loss) | $ (23,729) | $ (6,711) | $ (37,081) | $ (17,820) |
Basic and diluted (loss) per share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted average common shares outstanding | 13,205,450 | 13,205,450 | 13,205,450 | 13,205,450 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (37,081) | $ (17,820) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 17,150 | 17,874 |
Changes in operating assets and liabilities: | ||
Increase in rent receivable | (1,586) | |
Increase in prepaid expense | (1,079) | (2,023) |
Increase in accrued interest - related party | 1,157 | 309 |
Increase in accrued liabilities | 9,352 | 2,728 |
Increase in accounts payable | 3,895 | 16,900 |
Net cash provided by (used in) operating activities | (8,192) | 17,968 |
Cash flows from investing activities: | ||
Purchase of fixed assets | (940) | |
Net cash used by investing activities | (940) | |
Cash flows from financing activities: | ||
Proceeds from related party payable | 2,387 | 3,145 |
Payment of related party payable | (9,000) | (9,193) |
Payment of long term debt | (8,012) | (10,363) |
Net cash provided by (used in) financing activities | (14,625) | (16,411) |
Net change in cash | (22,817) | 617 |
Cash, beginning of period | 60,202 | 45,210 |
Cash, end of period | 37,385 | 45,827 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for Income taxes | ||
Cash paid during the period for Interest | 48,488 | 32,591 |
NON CASH FINANCING ACTIVITIES: | ||
Non cash financing activities |
1 Basis of Presentation
1 Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation The accompanying condensed consolidated 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, 2016 financial statements and notes thereto included. The results of operations for the period ended September 30, 2017, are not necessarily indicative of the operating results for the year ended December 31, 2017. |
2 Going Concern
2 Going Concern | 9 Months Ended |
Sep. 30, 2017 | |
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. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 3: Related Party Transactions During the nine months ended September 30, 2017, the related party payable had a net decrease of $6,613. The balance of the related party payable was $10,977 and $17,590 as of September 30, 2017 and December 31, 2016, respectively. This payable is due on demand and has an interest rate of 8%. Accrued interest on this payable was $4,462 and $3,305 at September 30, 2017 and December 31, 2016, respectively. Interest expense for the nine months ended September 30, 2017 and 2016 was $1,157 and $184, respectively. Interest expense for the three months ended September 30, 2017 and 2016 was $411 and $125, respectively. |
4 Property and Equipment
4 Property and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
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 are as follows: September 30, 2017 December 31, 2016 Computer equipment $ 5,672 $ 5,672 Furniture and fixtures 7,777 7,777 Leasehold improvements 4,000 4,000 Warehouse units 861,000 861,000 Accumulated amortization and depreciation (75,396 ) (58,246 ) Total fixed assets $ 803,053 $ 820,203 Depreciation expense was $17,150 and $17,874 for the nine months ended September 30, 2017 and 2016, respectively. Depreciation expense was $5,496 and $6,003 for the three months ended September 30, 2017 and 2016, respectively. |
5 Long-Term Debt
5 Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
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 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 $5,937 per month. 2. Third and Fourth year at 8% with 25 year amortization payment at $6,278 per month. 3. Fifth year at 9% with 25 year amortization payment at $6,640 per month. 4. Balloon payment of $777,255 due at end of the fifth year. The note to seller is secured by the three warehouse units. As of September 30, 2017, the balance of the note was $803,642 and the annual maturities of the long-term debt were: Year Ending December 31, 2017 $ 2,778 2018 10,090 2019 789 774 $ 803,642 |
6 Commitment and Contingencies
6 Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | Note 6: Commitment and Contingencies On March 28, 2017 an ongoing lawsuit regarding the warehouse owned by the Company was settled. The Company received $23,092 to cover attorney fees paid over the course of the lawsuit. |
7 Subsequent Events
7 Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 7: 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. |
4 Property and Equipment (Table
4 Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Fixed assets and related depreciation | Fixed assets and related depreciation are as follows: September 30, 2016 December 31, 2015 Computer equipment $ 5,672 $ 5,672 Furniture and fixtures 7,777 6,837 Leasehold improvements 4,000 4,000 Warehouse units 861,000 861,000 Accumulated amortization and depreciation (52,277 ) (34,403 ) Total fixed assets $ 826,172 $ 843,106 |
5 Long-Term Debt (Tables)
5 Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Annual maturities of long-term debt | As of September 30, 2017, the balance of the note was $803,642 and the annual maturities of the long-term debt were: Year Ending December 31, 2017 $ 2,778 2018 11,090 2019 789,774 $ 803,642 |
4 Property and Equipment - Depr
4 Property and Equipment - Depreciation (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Computer equipment | $ 5,672 | $ 5,672 |
Furniture and fixtures | 7,777 | 7,777 |
Leasehold improvements | 4,000 | 4,000 |
Warehouse units | 861,000 | 861,000 |
Accumulated amortization and depreciation | (75,396) | (58,246) |
Total fixed assets | $ 803,053 | $ 820,203 |
5 Long-Term Deb - (Details)
5 Long-Term Deb - (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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 |
3 Related Party Transaction (De
3 Related Party Transaction (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |||||
Net decrease in related party payable | $ 1,887 | $ 6,613 | |||
Balance of the related party payable | 10,977 | $ 17,590 | |||
Accrued interest on this payable | 4,462 | $ 3,305 | |||
Interest expense | $ 411 | $ 125 | $ 1,157 | $ 184 | |
Interest Rate | 8.00% | 8.00% |
4 Property and Equipment (Detai
4 Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 5,496 | $ 6,003 | $ 17,150 | $ 17,874 |
5 Long-Term Debt - (Details Na
5 Long-Term Debt - (Details Narrative) | Sep. 30, 2017USD ($) |
Year Ending December 31, | |
2,017 | $ 2,778 |
2,018 | 11,090 |
2,019 | 789,774 |
Total maturities for note payable outstanding | $ 803,642 |
5 Long-Term Debt (Details Narra
5 Long-Term Debt (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | ||
Promissory note for purchase three warehouse units | $ 840,000 | |
Length of time to pay off amortization note | 25 years | |
Balance of the note | $ 803,642 |
6 Commitment and Contingencies
6 Commitment and Contingencies (Details Narrative) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Money received to cover attorney fees paid over the course of the lawsuit | $ 23,092 |