0001145443-14-000766.txt : 20140515 0001145443-14-000766.hdr.sgml : 20140515 20140514175133 ACCESSION NUMBER: 0001145443-14-000766 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20140331 FILED AS OF DATE: 20140515 DATE AS OF CHANGE: 20140514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Yacht Finders, Inc. CENTRAL INDEX KEY: 0001311673 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 760736467 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52528 FILM NUMBER: 14842874 BUSINESS ADDRESS: STREET 1: 2308/C KETTNER BLVD. CITY: SAN DIEGO STATE: CA ZIP: 92101 BUSINESS PHONE: 619-232-1001 MAIL ADDRESS: STREET 1: 2308/C KETTNER BLVD. CITY: SAN DIEGO STATE: CA ZIP: 92101 10-Q 1 d31370.htm 10-Q UNITED STATES

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549


FORM 10-Q


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

EXCHANGE ACT OF 1934


For the Quarter ended March 31, 2014


Commission File Number: 000-52528



YACHT FINDERS, INC.

______________________________________________________

(Exact name of registrant as specified in its charter)


Delaware

 

76-0736467

 

 

 

(State of organization)

 

(I.R.S. Employer Identification No.)


56 Laenani Street

Haiku, HI 96708

________________________________________

(Address of principal executive offices)


(310) 396-1691

_______________________________________________

Registrant’s telephone number, including area code


______________________________________________

Former address if changed since last report


Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes [x] No [  ]


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 and Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). þ Yes o 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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer o

 

Accelerated Filer o

 

Non-Accelerated Filer o
(Do not check if a smaller
reporting company)

 

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 [X] No [  ]


Securities registered under Section 12(g) of the Exchange Act:


Common Stock $.0001 par value


There are 5,199,000 shares of common stock outstanding as of May 13, 2014.







TABLE OF CONTENTS

_________________





PART I - FINANCIAL INFORMATION


ITEM 1.

INTERIM FINANCIAL STATEMENTS

ITEM 2.

MANAGEMENT'S DISCUSSION OF OPERATIONS AND FINANCIAL CONDITION

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 4.

CONTROLS AND PROCEDURES



PART II - OTHER INFORMATION


ITEM 1.

LEGAL PROCEEDINGS

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

ITEM 4.

MINE SAFETY DISCLOSURES

ITEM 5.

OTHER INFORMATION

ITEM 6.

EXHIBITS


SIGNATURES







PART I – FINANCIAL INFORMATION

 

ITEM 1. INTERIM FINANCIAL STATEMENTS

 

YACHT FINDERS, INC.

(A Development Stage Company)

Balance Sheets

(Unaudited)

 

         
         
    March 31,
2014
 

December 31,
2013

ASSETS        
         
         
         
         
TOTAL ASSETS   $   $
                 
LIABILITIES & STOCKHOLDERS' DEFICIT                
                 
Current liabilities                
Accrued liabilities   $ 4,260     $ 2,391  
Note payable—related party     368,636       354,131  
Accrued interest – related party     68,669       63,353  
                 
TOTAL CURRENT LIABILITIES & TOTAL LIABILITIES     441,565       419,875  
                 
                 
                 
Stockholders' deficit                
                 
Preferred stock, ($.0001 par value, 20,000,000 shares authorized; none issued and outstanding)     —         —    
Common stock, ($.0001 par value, 80,000,000 shares authorized; 5,199,000 shares outstanding as of March 31, 2014 and December 31, 2013)     520       520  
Additional paid-in capital     49,280       49,280  
Deficit accumulated during development stage     (491,365 )     (469,675 )
                 
Total stockholders' deficit     (441,565 )     (419,875 )
                 
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT   $ —       $ —    

 

See accompanying notes to financial statements






YACHT FINDERS, INC.

(A Development Stage Company)

Statements of Operations

(Unaudited)





             
    Three Months
Ended
March 31,
2014
  Three Months
Ended
March 31,
2013
  April 15, 2003
(Inception)
through
March 31,
2014
             
Revenues   $     $      
                     
Operating expenses                        
Contributed rent                  5,400  
Management fees—related party     10,000       10,000        260,000
General and administrative     6,375       6,404        157,296
                         
Net operating expenses     16,375       16,404       422,696  
                         
Other Expense                        
Interest expense – related party     5,316       4,484       68,669  
Total other expense     5,316       4,484       68,669  
                         
Net loss   $ (21,691 )   $ (20,888 )   $ (491,365 )
                         
Basic earnings (loss) per share—Basic and Diluted   $ (0.00 )   $ (0.00 )        
                         
Weighted average number of common shares outstanding     5,199,000       5,199,000          


 


see accompanying notes to financial statements





YACHT FINDERS, INC.

(A Development Stage Company)

Statements of Cash Flows

(Unaudited)


          
   Three Months
Ended
March 31,
2014
  Three Months
Ended 
March 31,
2013
  April 15, 2003
(Inception)
through
March 31,
2013
          
OPERATING ACTIVITIES         
                
Net loss  $(21,691)  $(20,888)  $(491,365)
Adjustments to reconcile net loss to net cash provided by               
(used in) operating activities:               
Office space contribution   —      —      5,400 
Loss on website development fees   —      —      2,500 
Changes in operating assets and liabilities:               
Increase in accounts payable   1,869    5,703    4,260 
Increase in interest payable   5,316    4,484    68,669 
                
Net cash used in operating activities  $(14,506)  $(10,701)  $(410,536)
                
INVESTING ACTIVITIES               
                
Payments for website development   —      —      (2,500)
                
Net cash used in investing activities   —      —      (2,500)
                
FINANCING ACTIVITIES               
                
Proceeds from note payable – related party   14,506    10,701    368,636 
Common stock issued for cash   —      —      44,400 
                
Net cash provided by financing activities   14,506    10,701    413,036 
                
Net increase (decrease) in cash   —      —      —   
                
Cash at beginning of period   —      —      —   
                
Cash at end of period  $—     $—     $—   
                
Supplemental cash flow information:               
                
Cash paid during period for interest  $—     $—        
Cash paid during period for income taxes  $—     $—        


See accompanying notes to financial statements





YACHT FINDERS, INC.

(A Development Stage Company)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

March 31, 2014

(Unaudited)



(1) ORGANIZATION AND BASIS OF PRESENTATION


Yacht Finders, Inc. (the “Company”) was incorporated in Delaware on August 15, 2000 as Sneeoosh Corporation. On October 20, 2000 the company filed an amended Certificate of Incorporation to change the name to Snohomish Corporation, but did not conduct any operations until April 15, 2003. On April 15, 2003, the Company filed a subsequent amendment to change the name to Yacht Finders, Inc. and adopted a business plan to create an online database for public buyers and yacht brokers to interface immediately with each other while capturing the benefits of targeting a larger market. On November 6, 2007, the Company discontinued its prior business and changed its business plan. The Company’s business plan now consists of exploring potential targets for a business combination through the purchase of assets, share purchase or exchange, merger or similar type of transaction. The Company is a development stage enterprise in accordance with Accounting Standards Codification (“ASC”) Topic 915.


The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other period. For further information, refer to the financial statements and footnotes thereto included in the Form 10-K for the year ended December 31, 2013.



(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


USE OF ESTIMATES


The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.







YACHT FINDERS, INC.

(A Development Stage Company)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

March 31, 2014

(Unaudited)


(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CON’T)


LOSS PER COMMON SHARE


The Company reports loss per share using a dual presentation of basic and diluted loss per share. Basic loss per share excludes the impact of common stock equivalents and is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. At March 31, 2014, there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding.


GOING CONCERN


The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not commenced any business operations and has generated net losses of $491,365 during the period of April 15, 2003 (inception) to March 31, 2014. These conditions, among others, raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company's continuation as a going concern is dependent upon working capital advances provided by the Company's majority shareholder. There is no assurance that the working capital advances will continue in the future nor that Company will be successful in raising additional funds through other sources.


NEW ACCOUNTING PRONOUNCEMENTS


From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.


(3) RELATED PARTY TRANSACTIONS

 

At March 31, 2014, the Company had loans outstanding from a shareholder in the aggregate amount of $368,636, which represents amounts loaned to the Company to pay the Company’s expenses of operation. The notes bear interest at 6% per annum and are due on December 31, 2014.


The Company intends to settle the debts owed to the related parties through the payment of cash, equity or a combination thereof.


The Company recorded interest expense on the Note for the three-month period ended March 31, 2014 in the amount of $5,316. As of March 31, 2014, the Company had recorded an aggregate of $68,669 interest expense on the Note, none of which has been paid.


Pursuant to a Services Agreement with Fountainhead Capital Management Limited (“FHM”), a shareholder who holds approximately 83.68% of the Company’s issued and outstanding common stock. The Company is obligated to pay FHM a quarterly fee of $10,000 on the first day of each calendar quarter commencing October 1, 2007 and ending December 31, 2014. Total fees paid during the three months ended March 31, 2014 were $10,000.





 

YACHT FINDERS, INC.

(A Development Stage Company)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

March 31, 2014

(Unaudited)




(4)  INCOME TAXES


As a result of historical net operating losses, the Company currently provides a full valuation allowance against its net deferred tax assets which consist of net operating loss carry forwards.

As of March 31, 2014, the Company does not have any accrued interest or penalties related to uncertain tax positions. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company does not have any interest or penalties related to uncertain tax positions in income tax expense for the three months ended March 31, 2014 and 2013. The tax years 2008–2013 remain open to examination by the major taxing jurisdictions to which the Company is subject.


(5)  SUBSEQUENT EVENTS


The company has evaluated all subsequent events through the date the financial statements were available to be issued, and no additional items were noted that need to be disclosed.






 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.


The following discussion should be read in conjunction with our unaudited financial statements and the notes thereto.


Forward-Looking Statements


This quarterly report contains forward-looking statements and information relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. When used in this report, the words "believe," "anticipate," "expect," "estimate," “intend”, “plan” and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. These statements reflect management's current view of us concerning future events and are subject to certain risks, uncertainties and assumptions, including among many others: a general economic downturn; a downturn in the securities markets; federal or state laws or regulations having an adverse effect on proposed transactions that we desire to effect; Securities and Exchange Commission regulations which affect trading in the securities of "penny stocks,"; and other risks and uncertainties. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this report as anticipated, estimated or expected. The accompanying information contained in this registration statement, including, without limitation, the information set forth under the heading “Management’s Discussion and Analysis or Plan of Operation -- Risk Factors" identifies important additional factors that could materially adversely affect actual results and performance. You are urged to carefully consider these factors. All forward-looking statements attributable to us are expressly qualified in their entirety by the foregoing cautionary statement.


Overview

 

We are a presently a shell company (as defined in Rule 12b-2 of the Exchange Act) whose plan of operation over the next twelve months is to seek and, if possible, acquire an operating business or valuable assets by entering into a business combination. We will not be restricted in our search for business combination candidates to any particular geographical area, industry or industry segment, and may enter into a combination with a private business engaged in any line of business, including service, finance, mining, manufacturing, real estate, oil and gas, distribution, transportation, medical, communications, high technology, biotechnology or any other. Management's discretion is, as a practical matter, unlimited in the selection of a combination candidate. Management will seek combination candidates in the United States and other countries, as available time and resources permit, through existing associations and by word of mouth. This plan of operation has been adopted in order to attempt to create value for our shareholders. For further information on our plan of operation and business, see PART I, Item 1 of our Annual Report on Form 10-K for the year ended 2013.

 

Plan of Operation

 

We do not intend to do any product research or development. We do not expect to buy or sell any real estate, plant or equipment except as such a purchase might occur by way of a business combination that is structured as an asset purchase, and no such asset purchase currently is anticipated. Similarly, we do not expect to add additional employees or any full-time employees except as a result of completing a business combination, and any such employees likely will be persons already then employed by the company acquired.

 

From inception through November 6, 2007, the Company’s business plan was to create an online database for public buyers and yacht brokers to interface immediately with each other while capturing the benefits of targeting a larger market. On November 6, 2007, the Company discontinued its prior business and changed its business plan. The Company’s business plan now consists of exploring potential targets for a business combination through the purchase of assets, share purchase or exchange, merger or similar type of transaction. We anticipate no operations unless and until we complete a business combination as described above.

 

Results of Operations Quarter Ended March 31, 2014 Compared To March 31, 2013


As of March 31, 2014, we have not generated any revenues.


             
   March 31, 2014  March 31, 2013  $ Change  % Change
Revenue  $—     $—     $—      %
General & Administrative   16,375    16,404    (29)   (0.1%)
Interest Expense   5,316    4,484    832    18.6%
Net Loss  $(21,691)  $(20,888)   (803)   (3.8)%




The Company’s operations for the quarter ended March 31, 2014 showed only nominal changes from its operations in the comparable quarter of 2013. General & Administrative expense in both the quarters ended March 31, 2014 and 2013 include $10,000 in management services fees paid to Fountainhead Capital Management Limited and fees paid to the Company’s registered accounting firm and legal counsel.


Liquidity and Capital Resources


We had $-0- cash on hand at the end of the first quarter of 2014 and had no other assets to meet ongoing expenses or debts that may accumulate. Since inception, we have accumulated a deficit of $(491,365). As of March 31, 2014 we had total liabilities and a negative working capital of $441,565.

 

We have no commitment for any capital expenditure and foresee none. However, we will incur routine fees and expenses incident to our reporting duties as a public company, and we will incur expenses in finding and investigating possible acquisitions and other fees and expenses in the event we make an acquisition or attempt but are unable to complete an acquisition. Our cash requirements for the next twelve months are relatively modest, principally accounting expenses and other expenses relating to making filings required under the Securities Exchange Act of 1934 (the "Exchange Act"), which should not exceed $50,000 in the fiscal year ending December 31, 2014. Any travel, lodging or other expenses which may arise related to finding, investigating and attempting to complete a combination with one or more potential acquisitions could also amount to thousands of dollars.

 

We will only be able to pay our future obligations and meet operating expenses by raising additional funds, acquiring a profitable company or otherwise generating positive cash flow. As a practical matter, we are unlikely to generate positive cash flow by any means other than acquiring a company with such cash flow. We believe that management members or shareholders will loan funds to us as needed for operations prior to completion of an acquisition. Management and the shareholders are not obligated to provide funds to us, however, and it is not certain they will always want or be financially able to do so. Our shareholders and management members who advance money to us to cover operating expenses will expect to be reimbursed, either by us or by the company acquired, prior to or at the time of completing a combination. We have no intention of borrowing money to reimburse or pay salaries to any of our officers, directors or shareholders or their affiliates. There currently are no plans to sell additional securities to raise capital, although sales of securities may be necessary to obtain needed funds. Our current management has agreed to continue their services to us and to accrue sums owed them for services and expenses and expect payment reimbursement only.

 

Should existing management or shareholders refuse to advance needed funds, however, we would be forced to turn to outside parties to either loan money to us or buy our securities. There is no assurance whatever that we will be able at need to raise necessary funds from outside sources. Such a lack of funds could result in severe consequences to us, including among others:

 

·

failure to make timely filings with the SEC as required by the Exchange Act, which also probably would result in suspension of trading or quotation in our stock and could result in fines and penalties to us under the Exchange Act;

 

·

curtailing or eliminating our ability to locate and perform suitable investigations of potential acquisitions; or

 

·

inability to complete a desirable acquisition due to lack of funds to pay legal and accounting fees and acquisition-related expenses.

 

We hope to require potential candidate companies to deposit funds with us that we can use to defray professional fees and travel, lodging and other due diligence expenses incurred by our management related to finding and investigating a candidate company and negotiating and consummating a business combination. There is no assurance that any potential candidate will agree to make such a deposit.


Going Concern


Our independent auditors have added an explanatory paragraph to their audit issued in connection with the financial statements for the period ended December 31, 2013, relative to our ability to continue as a going concern. We had $441,565 negative working capital as of March 31, 2014; we had an accumulated deficit of $491,365 incurred through



March 31, 2014 and recorded a loss of $21,691 for the first quarter of 2014 and a loss of $77,193 from operations for the fiscal year ended December 31, 2013.  The going concern opinion issued by our auditors means that there is substantial doubt that we can continue as an ongoing business for 12 month period ending December 31, 2014 and thereafter. The financial statements do not include any adjustments that might result from the uncertainty about our ability to continue our business.



Off-Balance Sheet Arrangements


We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.


ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures 

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), as of March 31, 2014. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are not effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that our disclosure and controls are not designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.


The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; and (3) ineffective controls over period end financial disclosure and reporting processes.


Management believes that the material weaknesses set forth in items (2) and (3) above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.


Changes in Internal Control Over Financial Reporting


There were no changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal controls over financial reporting that occurred during the first quarter of fiscal 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 



 


PART II - OTHER INFORMATION


ITEM 1.

LEGAL PROCEEDINGS


There are no legal proceedings which are pending or have been threatened against us or any of our officers, directors or control persons of which management is aware.


ITEM 1A.

RISK FACTORS


As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.


ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES


Except as may have previously been disclosed on a current report on Form 8-K or a quarterly report on Form 10-Q, we have not sold any of our securities in a private placement transaction or otherwise during the past three years.


ITEM 3.

DEFAULTS UPON SENIOR SECURITIES


Not applicable.


ITEM 4.

MINE SAFETY DISCLOSURES


Not applicable.

 

ITEM 5.

OTHER INFORMATION


None.


 ITEM 6.

EXHIBITS



Exhibit No.

 

Description

 

 

 

31.1

 

Certification of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

 

Certification of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1


101.INS

101.SCH

101.CAL

101.DEF

101.LAB

101.PRE

 

Certification of Principal Executive Officer and Principal Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

XBRL Instance Document

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Linkbase Document

XBRL Taxonomy Extension definition Linkbase Document

XBRL Taxonomy Extension Label Linkbase Document

XBRL Taxonomy Extension Presentation Linkbase Document






 

SIGNATURES


In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

 

 

 

YACHT FINDERS, INC.

 
 

 
 

 

Date: May 13, 2014

By:

/s/ Thomas W. Colligan

 

______________________________

Thomas W. Colligan

 

Director, CEO, President and Treasurer

 





 

EXHIBIT INDEX



Exhibit No.

 

Description

 

 

 

31.1

 

Certification of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

 

Certification of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1


101.INS

101.SCH

101.CAL

101.DEF

101.LAB

101.PRE

 

Certification of Principal Executive Officer and Principal Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

XBRL Instance Document

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Linkbase Document

XBRL Taxonomy Extension definition Linkbase Document

XBRL Taxonomy Extension Label Linkbase Document

XBRL Taxonomy Extension Presentation Linkbase Document

 





EX-31.1 2 d31370_ex31-1.htm EX-31.1

 


EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)


I, Thomas W. Colligan, certify that:

1.

I have reviewed this Form 10-Q for the period ended March 31, 2014 of Yacht Finders, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: May 13, 2014


/s/ Thomas W. Colligan


________________________________
Thomas W. Colligan

Principal Executive Officer






EX-31.2 3 d31370_ex31-2.htm EX-31.2

 


EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)


I, Thomas W. Colligan, certify that:

1.

I have reviewed this Form 10-Q for the period ended March 31, 2014 of Yacht Finders, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: May 13, 2014


/s/ Thomas W. Colligan


________________________________
Thomas W. Colligan

Principal Financial Officer




EX-32.1 4 d31370_ex32-1.htm EX-32.1

 


Exhibit 32.1
 
 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002




The undersigned, Thomas W. Colligan, the Chief Executive Officer, Chief Financial Officer, Chairman of the Board of Directors and Treasurer of YACHT FINDERS, INC. (the “Company”), DOES HEREBY CERTIFY that:


1. The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and


2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.


IN WITNESS WHEREOF, each of the undersigned has executed this statement this 13th day of May, 2014.



/s/ Thomas W. Colligan

_________________________

Thomas W. Colligan

Chief Executive Officer and Chief Financial Officer


A signed original of this written statement required by Section 906 has been provided to YACHT FINDERS, INC. and will be retained by YACHT FINDERS, INC. and furnished to the Securities and Exchange Commission or its staff upon request.




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(the &#8220;Company&#8221;) was incorporated in Delaware on August 15, 2000 as Sneeoosh Corporation. On October 20, 2000 the company filed an amended Certificate of Incorporation to change the name to Snohomish Corporation, but did not conduct any operations until April 15, 2003. On April 15, 2003, the Company filed a subsequent amendment to change the name to Yacht Finders, Inc. and adopted a business plan to create an online database for public buyers and yacht brokers to interface immediately with each other while capturing the benefits of targeting a larger market. On November 6, 2007, the Company discontinued its prior business and changed its business plan. The Company&#8217;s business plan now consists of exploring potential targets for a business combination through the purchase of assets, share purchase or exchange, merger or similar type of transaction. 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Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other period. For further information, refer to the financial statements and footnotes thereto included in the Form 10-K for the year ended December 31, 2013.</p> <div style="width: 100%;"> <p style="margin: 0px;"><b>(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="margin: 0px;"></p> <p align="justify" style="margin: 0px;">USE OF ESTIMATES</p> <p style="margin: 0px;"></p> <p align="justify" style="margin: 0px;">The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p align="justify" style="margin: 0px;"></p> <p align="justify" style="margin: 0px;">LOSS PER COMMON SHARE</p> <p style="margin: 0px;"></p> <p align="justify" style="margin: 0px;">The Company reports loss per share using a dual presentation of basic and diluted loss per share. Basic loss per share excludes the impact of common stock equivalents and is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. At March 31, 2014, there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding.</p> <p style="margin: 0px;"></p> <p style="margin: 0px;">GOING CONCERN</p> <p style="margin: 0px;"></p> <p align="justify" style="margin: 0px;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not commenced any business operations and has generated net losses of $491,365 during the period of April 15, 2003 (inception) to March 31, 2014. These conditions, among others, raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company's continuation as a going concern is dependent upon working capital advances provided by the Company's majority shareholder. There is no assurance that the working capital advances will continue in the future nor that Company will be successful in raising additional funds through other sources.</p> <p style="margin: 0px;"></p> <p align="justify" style="margin: 0px;">NEW ACCOUNTING PRONOUNCEMENTS</p> <p align="justify" style="margin: 0px;"></p> <p align="justify" style="margin: 0px;">From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company&#8217;s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.</p> </div> <p style="margin: 0px;"><b>(3) RELATED PARTY TRANSACTIONS</b></p><p style="margin: 0px;"><b>&#160;</b></p><p align="justify" style="margin: 0px;">At March 31, 2014, the Company had loans outstanding from a shareholder in the aggregate amount of $368,636, which represents amounts loaned to the Company to pay the Company&#8217;s expenses of operation. The notes bear interest at 6% per annum and are due on December 31, 2014.</p><p align="justify" style="margin: 0px;"></p><p align="justify" style="margin: 0px;">The Company intends to settle the debts owed to the related parties through the payment of cash, equity or a combination thereof.</p><p align="justify" style="margin: 0px;"></p><p align="justify" style="margin: 0px;">The Company recorded interest expense on the Note for the three-month period ended March 31, 2014 in the amount of $5,316. As of March 31, 2014, the Company had recorded an aggregate of $68,669 interest expense on the Note, none of which has been paid.</p><p align="justify" style="margin: 0px;"></p><p align="justify" style="margin: 0px;">Pursuant to a Services Agreement with Fountainhead Capital Management Limited (&#8220;FHM&#8221;), a shareholder who holds approximately 83.68% of the Company&#8217;s issued and outstanding common stock. The Company is obligated to pay FHM a quarterly fee of $10,000 on the first day of each calendar quarter commencing October 1, 2007 and ending December 31, 2014. Total fees paid during the three months ended March 31, 2014 were $10,000.</p> <p style="margin-bottom: 0px; margin-top: 6px; line-height: normal;"><font style="font-size: 12pt;"><b>(4)</b><b>&#160; INCOME TAXES </b></font></p> <p style="margin: 0px;"></p> <p style="margin-bottom: 6px; margin-top: 6px;">As a result of historical net operating losses, the Company currently provides a full valuation allowance against its net deferred tax assets which consist of net operating loss carry forwards.</p> <p style="margin-bottom: 6px; margin-top: 6px;">As of March 31, 2014, the Company does not have any accrued interest or penalties related to uncertain tax positions. The Company&#8217;s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company does not have any interest or penalties related to uncertain tax positions in income tax expense for the three months ended March 31, 2014 and 2013. The tax years 2008&#8211;2013 remain open to examination by the major taxing jurisdictions to which the Company is subject.</p> <p style="margin: 0px;"><font style="font-size: 12pt;"><b>(5) &#160;SUBSEQUENT EVENTS</b></font></p><p style="margin: 0px;"></p><p style="margin: 0px;">The company has evaluated all subsequent events through the date the financial statements were available to be issued, and no additional items were noted that need to be disclosed.</p> <p align="justify" style="margin: 0px;">USE OF ESTIMATES</p><p style="margin: 0px;"></p><p align="justify" style="margin: 0px;">The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p align="justify" style="margin: 0px;">LOSS PER COMMON SHARE</p><p style="margin: 0px;"></p><p align="justify" style="margin: 0px;">The Company reports loss per share using a dual presentation of basic and diluted loss per share. Basic loss per share excludes the impact of common stock equivalents and is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. At March 31, 2014, there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding.</p> <p style="margin: 0px;">GOING CONCERN</p><p style="margin: 0px;"></p><p align="justify" style="margin: 0px;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not commenced any business operations and has generated net losses of $491,365 during the period of April 15, 2003 (inception) to March 31, 2014. These conditions, among others, raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. 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Income Taxes
3 Months Ended
Mar. 31, 2014
Income Taxes [Abstract]  
INCOME TAXES

(4)  INCOME TAXES

As a result of historical net operating losses, the Company currently provides a full valuation allowance against its net deferred tax assets which consist of net operating loss carry forwards.

As of March 31, 2014, the Company does not have any accrued interest or penalties related to uncertain tax positions. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company does not have any interest or penalties related to uncertain tax positions in income tax expense for the three months ended March 31, 2014 and 2013. The tax years 2008–2013 remain open to examination by the major taxing jurisdictions to which the Company is subject.

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Related Party Transactions
3 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

(3) RELATED PARTY TRANSACTIONS

 

At March 31, 2014, the Company had loans outstanding from a shareholder in the aggregate amount of $368,636, which represents amounts loaned to the Company to pay the Company’s expenses of operation. The notes bear interest at 6% per annum and are due on December 31, 2014.

The Company intends to settle the debts owed to the related parties through the payment of cash, equity or a combination thereof.

The Company recorded interest expense on the Note for the three-month period ended March 31, 2014 in the amount of $5,316. As of March 31, 2014, the Company had recorded an aggregate of $68,669 interest expense on the Note, none of which has been paid.

Pursuant to a Services Agreement with Fountainhead Capital Management Limited (“FHM”), a shareholder who holds approximately 83.68% of the Company’s issued and outstanding common stock. The Company is obligated to pay FHM a quarterly fee of $10,000 on the first day of each calendar quarter commencing October 1, 2007 and ending December 31, 2014. Total fees paid during the three months ended March 31, 2014 were $10,000.

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (USD $)
Mar. 31, 2014
Dec. 31, 2013
ASSETS    
TOTAL ASSETS      
Current liabilities    
Accrued liabilities 4,260 2,391
Note payable - related party 368,636 354,131
Accrued interest - related party 68,669 63,353
TOTAL CURRENT LIABILITIES & TOTAL LIABILITIES 441,565 419,875
Stockholders' deficit    
Preferred stock, ($.0001 par value, 20,000,000 shares authorized; none issued and outstanding)      
Common stock, ($.0001 par value, 80,000,000 shares authorized; 5,199,000 shares outstanding as of March 31, 2014 and December 31, 2013) 520 520
Additional paid-in capital 49,280 49,280
Deficit accumulated during development stage (491,365) (469,675)
Total stockholders' deficit (441,565) (419,875)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT      
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization and Basis of Presentation
3 Months Ended
Mar. 31, 2014
Organization and Basis of Presentation [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION

(1) ORGANIZATION AND BASIS OF PRESENTATION

 

Yacht Finders, Inc. (the “Company”) was incorporated in Delaware on August 15, 2000 as Sneeoosh Corporation. On October 20, 2000 the company filed an amended Certificate of Incorporation to change the name to Snohomish Corporation, but did not conduct any operations until April 15, 2003. On April 15, 2003, the Company filed a subsequent amendment to change the name to Yacht Finders, Inc. and adopted a business plan to create an online database for public buyers and yacht brokers to interface immediately with each other while capturing the benefits of targeting a larger market. On November 6, 2007, the Company discontinued its prior business and changed its business plan. The Company’s business plan now consists of exploring potential targets for a business combination through the purchase of assets, share purchase or exchange, merger or similar type of transaction. The Company is a development stage enterprise in accordance with Accounting Standards Codification (“ASC”) Topic 915.

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other period. For further information, refer to the financial statements and footnotes thereto included in the Form 10-K for the year ended December 31, 2013.

XML 18 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 19 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2014
Summary of Significant Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

USE OF ESTIMATES

The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

LOSS PER COMMON SHARE

The Company reports loss per share using a dual presentation of basic and diluted loss per share. Basic loss per share excludes the impact of common stock equivalents and is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. At March 31, 2014, there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding.

GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not commenced any business operations and has generated net losses of $491,365 during the period of April 15, 2003 (inception) to March 31, 2014. These conditions, among others, raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company's continuation as a going concern is dependent upon working capital advances provided by the Company's majority shareholder. There is no assurance that the working capital advances will continue in the future nor that Company will be successful in raising additional funds through other sources.

NEW ACCOUNTING PRONOUNCEMENTS

From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (Parenthetical) (USD $)
Mar. 31, 2014
Dec. 31, 2013
Balance Sheets [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, Shares authorized 20,000,000 20,000,000
Preferred stock, Shares issued      
Preferred stock, Shares outstanding      
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, Shares authorized 80,000,000 80,000,000
Common stock, Shares outstanding 5,199,000 5,199,000
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
3 Months Ended
Mar. 31, 2014
May 13, 2014
Document and Entity Information [Abstract]    
Entity Registrant Name Yacht Finders, Inc.  
Entity Central Index Key 0001311673  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Mar. 31, 2014  
Document Fiscal Year Focus 2014  
Document Fiscal Period Focus Q1  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   5,199,000
XML 22 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Operations (Unaudited) (USD $)
3 Months Ended 132 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Statements of Operations [Abstract]      
Revenues         
Operating expenses      
Contributed rent       5,400
Management fees-related party 10,000 10,000 260,000
General and administrative 6,375 6,404 157,296
Net operating expenses 16,375 16,404 422,696
Other Expense      
Interest expense - related party 5,316 4,484 68,669
Total other expense 5,316 4,484 68,669
Net loss $ (21,691) $ (20,888) $ (491,365)
Basic earnings (loss) per share - Basic and Diluted $ 0.00 $ 0.00  
Weighted average number of common shares outstanding 5,199,000 5,199,000  
XML 23 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Details) (USD $)
3 Months Ended 132 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Summary of Significant Accounting Policies (Textual)      
Net losses generated by Company during period $ (21,691) $ (20,888) $ (491,365)
XML 24 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2014
Summary of Significant Accounting Policies [Abstract]  
USE OF ESTIMATES

USE OF ESTIMATES

The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

LOSS PER COMMON SHARE

LOSS PER COMMON SHARE

The Company reports loss per share using a dual presentation of basic and diluted loss per share. Basic loss per share excludes the impact of common stock equivalents and is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. At March 31, 2014, there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding.

GOING CONCERN

GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not commenced any business operations and has generated net losses of $491,365 during the period of April 15, 2003 (inception) to March 31, 2014. These conditions, among others, raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company's continuation as a going concern is dependent upon working capital advances provided by the Company's majority shareholder. There is no assurance that the working capital advances will continue in the future nor that Company will be successful in raising additional funds through other sources.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented

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Related Party Transactions (Details) (USD $)
3 Months Ended 132 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Dec. 31, 2013
Related Party Transactions (Textual)        
Note payable - related party $ 368,636   $ 368,636 $ 354,131
Notes bear interest at per annum 6.00%   6.00%  
Interest expense (5,316) (4,484) (68,669)  
Accrued interest - related party 68,669   68,669 63,353
Fountainhead Capital Management Limited [Member]
       
Related Party Transactions (Textual)        
Percentage of shares hold by shareholder 83.68%   83.68%  
Quarterly fee payment for Services Agreement 10,000      
Total fees $ 10,000      
XML 27 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended 132 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
OPERATING ACTIVITIES      
Net loss $ (21,691) $ (20,888) $ (491,365)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Office space contribution       5,400
Loss on website development fees       2,500
Changes in operating assets and liabilities:      
Increase in accounts payable 1,869 5,703 4,260
Increase in interest payable 5,316 4,484 68,669
Net cash used in operating activities (14,506) (10,701) (410,536)
INVESTING ACTIVITIES      
Payments for website development       (2,500)
Net cash used in investing activities       (2,500)
FINANCING ACTIVITIES      
Proceeds from note payable - related party 14,506 10,701 368,636
Common stock issued for cash       44,400
Net cash provided by financing activities 14,506 10,701 413,036
Net increase (decrease) in cash         
Cash at beginning of period         
Cash at end of period         
Supplemental cash flow information:      
Cash paid during period for interest         
Cash paid during period for income taxes        
XML 28 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(5)  SUBSEQUENT EVENTS

The company has evaluated all subsequent events through the date the financial statements were available to be issued, and no additional items were noted that need to be disclosed.

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