Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 09, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | High Desert Holding Corp. | |
Entity Central Index Key | 1,665,421 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 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 | 37,990,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash | $ 777 | $ 536 |
Other receivable | 9,300 | 0 |
Total current assets | 10,077 | 536 |
Mining equipment, net | 203,179 | 282,857 |
Mineral properties | 697,143 | 697,143 |
Total assets | 910,399 | 980,536 |
Current Liabilities | ||
Accounts payable | 86,945 | 67,851 |
Related party accounts payable | 2,600 | 17,560 |
Shareholder advances | 9,000 | 9,000 |
Total current liabilities | 98,545 | 94,411 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, $.001 par value, 5,000,000 shares authorized and no shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 70,000,000 shares authorized and 37,990,000 and 37,965,000 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 37,990 | 37,965 |
Additional paid in capital | 1,049,652 | 1,044,677 |
Accumulated deficit | (275,788) | (196,517) |
Total stockholders' equity | 811,854 | 886,125 |
Total liabilities and stockholders' equity | $ 910,399 | $ 980,536 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ .001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ .001 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, shares issued | 37,990,000 | 37,965,000 |
Common stock, shares outstanding | 37,990,000 | 37,965,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Expenses | ||||
Exploration and development | (7,600) | 0 | (5,646) | 45,000 |
Loss on sale of equipment | 0 | 0 | 32,503 | 0 |
General and administrative | 24,664 | 20,864 | 52,414 | 36,819 |
Total operating expenses | 17,064 | 20,864 | 79,271 | 81,819 |
Loss from operations | (17,064) | (20,864) | (79,271) | (81,819) |
Net loss | $ (17,064) | $ (20,864) | $ (79,271) | $ (81,819) |
Net loss per share - basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding | 37,990,000 | 37,965,000 | 37,986,291 | 37,808,750 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net loss | $ (79,271) | $ (81,819) |
Stock compensation | 0 | 54,642 |
Loss on sale of mining equipment | 32,503 | 0 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in other receivable | (9,300) | 0 |
Change in related party accounts payable | (14,960) | 0 |
Change in accounts payable | 19,094 | 22,419 |
Net cash used in operating activities | (51,934) | (4,758) |
Cash Flows From Investing Activities | ||
Proceeds from sale of mining equipment | 47,175 | 0 |
Net cash provided by investing activities | 47,175 | 0 |
Cash Flows from Financing Activities | ||
Proceeds from issuance of related party notes payable | 0 | 0 |
Proceeds from related party advances | 0 | 3,000 |
Proceeds from issuance of common stock | 5,000 | 0 |
Net cash provided by financing activities | 5,000 | 3,000 |
Net increase in cash and cash equivalents | 241 | (1,758) |
Cash and cash equivalents at beginning of the period | 536 | 2,011 |
Cash and cash equivalents at end of the period | 777 | 253 |
Supplementary Disclosures of Cash Flow Information | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | 0 | 0 |
Non-Cash Investing and Financing Activities | ||
Common stock issued for Mineral Property and Mining Equipment acquisition | $ 0 | $ 128,571 |
1. General Organization and Bus
1. General Organization and Business | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Organization and Business | High Desert Holding Corp. (the “Company”) was organized in the state of Nevada in September 2013. The Company is a precious and non-precious mineral exploration company. The Company is initially focused on identifying both public and privately held land that have historically demonstrated commercially viable resources primarily located in the Western United States, particularly Nevada. The Company has a mineral property located in Nevada has not yet determined whether these properties contain a viable resource. Future exploration and development of this and any other properties will be dependent upon the ability of the Company to obtain necessary financing to satisfy the expenditure requirements under the property agreements to complete the development of the properties and upon the ability to raise additional capital. The interim condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three-month and six-month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Cash and Cash Equivalents Cash and cash equivalents include cash in banks and financial instruments which mature within three months of the date of purchase. As of June 30, 2017 and 2016, the Company did not have any cash equivalents. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the party’s own credit risk. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Recently Issued Accounting Pronouncements There are no newly issued accounting pronouncements that the Company expects to have a material impact on its financial position, results of operations, or cash flows. |
3. Going Concern
3. Going Concern | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Since inception, the Company has not identified any proven or probable reserve and correspondingly has not generated any revenue during its exploration stage. This raises substantial doubt about the Company’s ability to continue as a going concern. These financials do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. The Company needs to raise additional funds to continue as a going concern. |
4. Mineral Property
4. Mineral Property | 6 Months Ended |
Jun. 30, 2017 | |
Extractive Industries [Abstract] | |
Mineral Property | Kibby Flats The Company has ten (10) unpatented mining claims commonly referred to as Kibby Flats located in Esmerelda County, Nevada with estimated value of $80,000. QR Claims The Company has fifty (50) unpatented mining claims commonly referred to as the “QR Claims 1-50” located in Humboldt County, Nevada with an estimated value of $617,143. |
5. Mining Equipment
5. Mining Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Mining Equipment | In February 2017, the Company sold mining equipment with a carrying value of $79,678 for a gross sales price of $50,000. As part of the sale, the Company incurred commissions totaling $2,825 included in the loss on sale of $32,503. |
6. Stockholders' Equity
6. Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Common Stock The Company is authorized to issue 70,000,000 shares of common stock with a par value of $0.001 per share. As of June 30, 2017, the Company had a total of 37,990,000 shares issued and outstanding. The following provides information for the shares of restricted and unregistered shares of common stock that we issued from January 1, 2017 through June 30, 2017. In January 2017, the Company issued 25,000 shares of common stock at $0.20 per share for cash proceeds totaling $5,000. |
7. Related Party Transactions
7. Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | In August 2013 our founder, former officer and director, and significant shareholder, Marty Weigel, loaned us $9,000 to fund the start-up of our initial operations. Mr. Weigel has agreed to not accrue interest on the loan and has informally agreed to defer re-payment of the loan until such time as we have acquired a more stable source of funding. During the period ended June 30, 2017, we paid Ingenium Accounting Associates, an accounting Firm controlled by Marty Weigel, $16,009 to settle the total balance owed as of December 31, 2016 related to payments made on our behalf to maintain our regulatory filings with the State of Nevada, and pay for operating expenses. As of June 30, 2017, we owed Mr. Kersey, our Chief Executive and Financial Officer, $11,945 for administrative and travel expenses paid on our behalf. During the period ended June 30, 2017, we repaid Mr. Kersey $20,500 related to expenses paid by him on our behalf, of which were incurred since his appointment. Mr. Kersey has agreed to defer repayment of the currently outstanding obligations until the Company’s cash resources significantly increase. |
2. Summary of Significant Acc13
2. Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks and financial instruments which mature within three months of the date of purchase. As of June 30, 2017 and 2016, the Company did not have any cash equivalents. |
Use of Estimates | Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the party’s own credit risk. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There are no newly issued accounting pronouncements that the Company expects to have a material impact on its financial position, results of operations, or cash flows. |
2. Summary of Significant Acc14
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
4. Mineral Property (Details Na
4. Mineral Property (Details Narrative) | Jun. 30, 2017USD ($)Integer | Dec. 31, 2016USD ($) |
Mineral properties value | $ 697,143 | $ 697,143 |
Kibby Flats [Member] | ||
Number of mining claims | Integer | 10 | |
Mineral properties value | $ 80,000 | |
QR Claims [Member] | ||
Number of mining claims | Integer | 50 | |
Mineral properties value | $ 617,143 |
5. Mining Equipment (Details Na
5. Mining Equipment (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||||
Mining equipment sold | $ (79,678) | $ (79,678) | ||
Gross proceeds from sale of mining equipment | 50,000 | |||
Commissions on sale of equipment | 2,825 | |||
Loss on sale of equipment | $ 0 | $ 0 | $ (32,503) | $ 0 |
6. Stockholders' Equity (Detail
6. Stockholders' Equity (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Proceeds from sale of common stock | $ 5,000 | $ 0 |
Common Stock | ||
Issuance of common stock for cash, shares | 25,000 | |
Proceeds from sale of common stock | $ 5,000 |
7. Related Party Transactions (
7. Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Accounts payable, related party | $ 2,600 | $ 17,560 |
Ingenium Accounting Associates [Member] | ||
Payments made by related party | 16,009 | |
Expenses paid by related party on behalf of company | 16,009 | |
Mark Kersey [Member] | ||
Accounts payable, related party | 11,945 | |
Payments made by related party | 20,500 | |
Expenses paid by related party on behalf of company | 20,500 | |
Marty Weigel [Member] | ||
Accounts payable, related party | $ 9,000 |