Company Quick10K Filing
Home Treasure Finders
Price0.76 EPS-0
Shares14 P/E-200
MCap10 P/FCF1,553
Net Debt-0 EBIT-0
TEV10 TEV/EBIT-284
TTM 2019-09-30, in MM, except price, ratios
10-Q 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-04-01
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-14
10-K 2017-12-31 Filed 2018-04-02
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-31
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-05-16
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-30
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-14
10-K 2013-12-31 Filed 2014-03-26
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-28
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-03-27
8-K 2020-03-25
8-K 2020-01-13
8-K 2019-12-20
8-K 2019-11-27
8-K 2019-08-17
8-K 2018-04-17

HMTF 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Note 1: Basis of Presentation
Note 2: Going Concern
Note 3: Related Party Transaction
Note 4: Property and Equipment
Note 5 - Long-Term Debt
Note 6: Subsequent Events
Part I. Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Item 4T. Changes in Internal Controls Over Financial Reporting
Part 2. Other Information
Item 1 - Legal Information.
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities.
Item 4 - Submission of Matters To A Vote of Security Holders.
Item 5 - Other Information.
Item 6 - Exhibits and Reports on Form 8-K.
EX-31 ex31.htm
EX-32 ex32.htm

Home Treasure Finders Earnings 2016-03-31

Balance SheetIncome StatementCash Flow
1.00.80.50.30.0-0.22012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.90.50.2-0.2-0.5-0.92012201420172020
Ops, Inv, Fin

10-Q 1 htf10q3312016.htm
 


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C.  20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934


For Quarter Ended: March 31, 2016
Commission File Number 333-176154

HOME TREASURE FINDERS, INC. AND SUBSIDIARIES
(Exact name of registrant as specified in its charter)

COLORADO
26-3119496
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
 
   
4318 Tennyson Street, Denver, Colorado
80212
(Address of principal executive offices)
(Zip code)

(720) 273-2398
(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report.)

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months, and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     NO o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required tobe submitted and posted pursuant to Rule 405 of Regulation S-T(Section 232.405 of this chapter) during the preceding 12 months(or such shorter period that the registrant was required to submit and post such files. Yes ☑  No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,”  “accelerated filer,” and “smaller reporting company” in Rule 12(b) of the Exchange Act.

Large accelerated filer o
Accelerated filer o
Non-accelerated filer o
Smaller Reporting Company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):  Yes o     No  þ

As of May 12, 2016, there were 13,205,450 shares of our common stock, no par value outstanding.
 
 

 
 
Index
 
 

 
 
 Page
PART I  FINANCIAL INFORMATION
 
 
Item 1. Financial Statements for the period ended March 31, 2016
 
          Consolidated Balance Sheets
  3
          Consolidated Statements of Operations (Unaudited)
4
          Consolidated Statements of Cash Flows (Unaudited)
  5
          Notes to Consolidated Financial Statements
  6
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
9
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 10
Item 4. Controls and Procedures
10
 Item 4T. Controls and Procedures
10
   
PART II  OTHER INFORMATION
 
   
Item 1. Legal Proceedings
11
Item 1A.  Risk Factors
11
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
11
Item 3. Defaults Upon Senior Securities
11
Item 4. Submission of Matters to a Vote of Security Holders
11
Item 5. Other Information
11
Item 6. Exhibits
12
   
Signatures
13
   
 
 

- 2 -

 
 
 
PART I  FINANCIAL INFORMATION
 
Item 1.  Financial Statements
 
HOME TREASURER FINDERS, INC. AND SUBSIDIARY
 Consolidated Balance Sheets
 
 
       
 
 
March 31,
   
December 31,
 
 
 
2016
   
2015
 
 
 
(unaudited)
     
Assets
     
 
       
Current Assets:
       
Cash
 
$
47,832
   
$
45,210
 
Rent receivable
   
3,580
     
500
 
Prepaid expenses
   
8,473
     
706
 
Total current assets
   
59,885
     
46,416
 
 
               
Property and equipment, net
   
838,110
     
843,106
 
 
               
Other assets:
               
Security deposits
   
1,050
     
1,050
 
 
               
Total assets
 
$
899,045
   
$
890,572
 
 
               
Liabilities and Shareholders' Equity (Deficit)
         
 
               
Liabilities:
               
Accounts payable
 
$
19,689
   
$
-
 
Accrued wages
   
18,612
     
18,612
 
Accrued liabilities
   
64,120
     
68,187
 
Accrued interest – related party
   
2,952
     
2,781
 
Note payable, current portion
   
12,488
     
13,265
 
Related party note payable
   
-
     
9,193
 
             Total current liabilities
   
117,861
     
112,038
 
 
               
Long term debt, net of current portion
   
809,037
     
811,654
 
           Total liabilities
   
926,898
     
923,692
 
 
               
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
   
(339,596
)
   
(344,863
)
Total shareholder's equity (deficit)
   
(27,853
)
   
(33,120
)
 
               
Total liabilities and shareholders' equity (deficit)
 
$
899,045
   
$
890,572
 

 
 
See accompanying notes to consolidated financial statements.
 
 

- 3 -

 
HOME TREASURER FINDERS, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
(Unaudited)
 
 
 
 
For the Three Months Ended
 
 
 
March 31,
 
 
 
2016
   
2015
 
 
       
Commission income
 
$
48,026
   
$
17,405
 
Rental and property and rental management income
   
56,905
     
51,839
 
Revenues
 
$
104,931
   
$
69,244
 
 
               
Operating expenses:
               
Commission expense
   
4,803
     
3,241
 
Professional fees
   
16,279
     
13,992
 
General and Administrative
   
63,998
     
63,737
 
Total operating expenses
   
85,080
     
80,970
 
 
               
Operating income (loss)
   
19,851
     
(11,726
)
 
               
Other expense
               
Interest expense
   
(14,584
)
   
(14,816
)
 
               
Total other expense
   
(14,584
)
   
(14,816
)
 
               
Income (loss) before taxes
   
5,267
     
(26,542
)
 
               
Income tax expense
   
     
 
 
               
Net income (loss)
 
$
5,267
   
$
(26,542
)
 
               
Basic and diluted income (loss) per share
 
$
(0.00
)
 
$
(0.00
)
 
               
Basic and diluted weighted average
               
common shares outstanding
   
13,205,450
     
13,205,450
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 

- 4 -

 
 
HOME TREASURER FINDERS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
 
 
 
For the Three Months Ended
 
 
 
March 31,
 
 
 
2016
   
2015
 
Cash flows from operating activities:
       
Net income (loss)
 
$
5,267
   
$
(26,542
)
Adjustments to reconcile net income (loss) to net cash
               
(used) by operating activities:
               
Depreciation and amortization expense
   
5,936
     
6,546
 
Changes in operating assets and liabilities:
               
Increase in prepaid expense
   
(7,767
)
   
(1,169
)
Increase in accrued interest
   
171
     
171
 
Increase (decrease) in accrued liabilities
   
(7,147
)
   
5,288
 
Increase (decrease) in accounts payable
   
19,689
     
10,282
 
Net cash provided by (used in) operating activities
   
16,149
     
(5,424
)
 
               
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
   
     
1,500
 
Payment of  related party payable
   
(9,193
)
   
 
Payment of long term debt
   
(3,394
)
   
(3,227
)
Net cash provided by (used in) financing activities
   
(12,587
)
   
(1,727
)
 
               
Net change in cash
   
2,622
     
(7,151
)
 
               
Cash, beginning of period
   
45,210
     
36,848
 
 
               
Cash, end of period
 
$
47,832
   
$
29,697
 
 
               
Supplemental disclosure of cash flow information:
               
Cash paid during the period for:
               
Income taxes
 
$
   
$
 
Interest
 
$
14,416
   
$
 
 
               
NON CASH FINANCING ACTIVITIES:
               
       None
               
 
 

 
See accompanying notes to consolidated financial statements.
 
 

- 5 -

 
 
 
HOME TREASURER FINDERS, INC. AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements
 

 
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  consolidated or omitted. It is suggested that these financial statements be read in conjunction with the December 31, 2015 financial statements and notes thereto included. The results of operations for the period ended March 31, 2016, are not necessarily indicative of the operating results for the year ended December 31, 2016.
 
   
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, raise substantial doubt about the Company's ability to continue as a going concern.
 
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.
 
 
Note 3:  Related Party Transaction
 
During the three months ended March 31, 2016, the related party payable had a net decrease of $9,193.  The balance of the related party payable was $0 and $9,193 as of March 31, 2016 and December 31, 2015, respectively.  This payable was due on demand and had an interest rate of 8%.  Accrued interest on this payable was $2,952 at March 31, 2016.  Interest expense for the three months ended March 31, 2016 and 2015 was $171 and $171, respectively.
 
 
- 6 -

 
 

HOME TREASURER FINDERS, INC. AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements
 
 
Note 4:  Property and Equipment

The Company's capital assets consist of warehouse units, computer equipment, office furniture and office leasehold improvements.  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, 2016 are as follows: 
 
 
 
March 31,
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
   
(40,339
)
   
(34,403
)
     Total fixed assets
 
$
838,110
   
$
843,106
 
 
 
Depreciation and ammortization expense was $5,936 and $6,546  for the three months ended March 31, 2016 and 2015, respectively.
 
 

 
- 7 -




HOME TREASURER FINDERS, INC. AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements
 
 
 
 
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:
 
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 March 31, 2016, the balance of the note was $821,525. The annual maturities of the long-term debt were:
 
Year Ending December 31,
   
2016
 
$
9,871
 
2017
   
10,790
 
2018
   
11,090
 
2019
   
789,774
 
 
       
 
 
$
821,525
 

Note 6:  Subsequent Events
 
Effective April 1, 2016 the Company approved a new employment arrangement for the CEO, which is full time employment at a monthly salary of $10,000 plus a 10% commision on total sales.

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.

 
- 8 -

 
 
Part I. Item 2.  Management's Discussion and Analysis of Financial Conditions and Results of Operations

Forward-looking statements

The following discussion should be read in conjunction with the financial statements of Home Treasure Finders, Inc. and Subsidiaries (the "Company"), which are included elsewhere in this Form 10-Q. This Quarterly Report on Form 10-Q contains forward-looking information. Forward-looking information includes statements relating to future actions, future performance, costs and expenses, interest rates, outcome of contingencies, financial condition, results of operations, liquidity, business strategies, cost savings, objectives of management, and other such matters of the Company. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking information to encourage companies to provide prospective information about themselves without fear of litigation so long as that information is identified as forward-looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information. Forward-looking information may be included in this Quarterly Report on Form 10-Q or may be incorporated by reference from other documents filed with the Securities and Exchange Commission (the "SEC") by the Company. You can find many of these statements by looking for words including, for example, "believes", "expects", "anticipates", "estimates" or similar expressions in this Quarterly Report on Form 10-Q or in documents incorporated by reference in this Quarterly Report on Form 10-Q. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events.

We have based the forward-looking statements relating to our operations on our management's current expectations, estimates and projections about our Company and the industry in which we operate. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that we cannot predict. In particular, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual results may differ materially from those contemplated by these forward-looking statements. Any differences could result from a variety of factors, including, but not limited to general economic and business conditions, competition, and other factors.

Financial Condition and Results of Operation
 
Home Treasure Finders, Inc. was formed on July 28, 2008. The founder, sole director and officer of our company is Corey Wiegand. On March 3, 2014 we formed a wholly owned subsidiary, HMTF Cannabis Holdings, Inc. to purchase properties that qualify for legal cultivation of cannabis. 

Our net income for the three months ended March 31, 2016 was $5,267.  We generated operating revenue from three sources, sales commissions, property management, and commercial real estate for legal cannabis cultivation. We manage approximately 60 rental real estate owned by non-related third parties. In comparison our  net loss for the three months ended March 31, 2015 was $26,542.

For the three months ended March 31, 2016 the Company generated a total of $104,931 in revenues, consisting of $48,026 from sales commissions and $56,905 from rental and property management.  During the three months ended March 31, 2015 we generated a total of $69,244 in revenues, consisting of $17,405 from sales commissions and $51,839 from rental and property management.

During the three months ending March 31, 2016 we incurred operating expenses totaling $85,080. Such expenses consisted primarily of commissions paid on the revenue earned, general and administrative expenses and professional fees.  During the three months ended March 31, 2015 we incurred a total of $80,970 of operating expenses consisting primarily of commissions paid on the revenue earned, general and administrative expenses and professional fees.  The increase in expenses over prior year was primarily related to increase in audit and legal fees and increase in property management expenses and other administrative expenses.
 
 
 
- 9 -

 
 
 
Liquidity and Capital Resources
 
At March 31, 2016, we had $47,832 in cash and working capital deficit of $57,976.  At December 31, 2015 we had $45,210 in cash and a working capital deficit of $65,622.

The business plan of our subsidiary, HMTF Cannabis Holdings, Inc. is capital intensive and requires that we raise significant additional capital to acquire and improve real estate. We are negotiating with various sources for an equity infusion to match our long term capital needs.
 
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk

No response required.
 

Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our disclosure controls and procedures are designed to ensure that information required to be disclosed in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the United States Securities and Exchange Commission. Our Chief Executive Officer has reviewed the effectiveness of our "disclosure controls and procedures" (as defined in the Securities Exchange Act of 1934 Rules 13a-14(c) and 15d-14(c)) within the end of the period covered by this Quarterly Report on Form 10-Q and has concluded that the disclosure controls and procedures are ineffective to ensure that material information relating to the Company is recorded, processed, summarized, and reported in a timely manner. There were no changes in our internal controls or in other factors that could materially affect these controls subsequent to the last day they were evaluated by our Chief Executive Officer, who is our principal executive officer and our principal financial officer.
 

Item 4T.  Changes in Internal Controls over Financial Reporting

There have been no changes in our internal control over financial reporting during the last quarterly period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
 
 
- 10 -


 
 
Part 2.    Other Information

Item 1 -  Legal Information.
 
No response required.
 
 
Item 1A.  Risk Factors
 
No response required.
 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
None.
 
  
Item 3 -  Defaults Upon Senior Securities.
 
None.
 

Item 4 -  Submission of Matters to a Vote of Security Holders.
 
None.
 

Item 5 -  Other Information.
 
None.



 
- 11 -


 
 
 
Item 6 - Exhibits and Reports on Form 8-K.

(a)       Exhibits:


 
Exhibit
Number
 
 
 
Description
 
 
 
31.1
 
Certification of CEO/CFO pursuant to Sec. 302
32.1
 
Certification of CEO/CFO pursuant to Sec. 906
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document*
101.INS
 
XBRL Instance Document
101SCH
 
XBRL Taxonomy Extension Schema Document
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document





 
- 12 -





SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
HOME TREASURE FINDERS, INC. AND SUBSIDIARY
 
(Registrant)
 
 
 
 
 
 
DATE:  May 16, 2016
BY: 
/s/ Corey Wiegand
 
 
Corey Wiegand
 
 
President
 
 
 
 
 
 
 
- 13 -