Horizon Energy Corp.

CIK:0001523855|SEC Filings

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Revenues	$ 1,044	$ 49	$ 458,207	$ 2,161
Costs of revenues			(21,015)
Gross profit	1,044	49	437,192	2,161
Share-based compensation	(200,000)		(1,082,500)
Selling, general and administrative expenses	(307,936)	(174,483)	(878,169)	(636,251)
Loss from operations	(506,892)	(174,434)	(1,523,477)	(634,090)
Interest income		6	1,530	28
Sundry income			74,331
Loss before income taxes	(506,892)	(174,428)	(1,447,616)	(634,062)
Income taxes
Net loss	(506,892)	(174,428)	(1,447,616)	(634,062)
Other comprehensive income (loss)
Foreign currency translation adjustments	(63,653)	891	(122,800)	(1,657)
Comprehensive loss	$ (570,545)	$ (173,537)	$ (1,570,416)	$ (635,719)
Net loss per common share
Basic and diluted loss per common share	$ (0.01)	$ 0	$ (0.02)	$ (0.01)
Basic and diluted weighted average common shares outstanding	91,085,764	62,723,820	88,586,697	61,170,706

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities:
Net loss	$ (1,447,616)	$ (634,062)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	14,089	28,475
Written off of property and equipment	34,047	8,141
Written off of receivables		920
Share-based compensation	1,082,500
Changes in operating assets and liabilities:
Accounts receivables	(218,341)
Deposits, prepayments and other receivables	25,325	13,738
Accounts payable	(7,270)
Receipt in advance	(60,226)
Other payables and accrued liabilities	56,477	1,237
Net Cash Used In Operating Activities	(521,015)	(581,551)
Cash Flows from Investing Activities:
Proceeds from sale of property and equipment		7,733
Redemption of short-term investments	176,426
Purchase of property and equipment	(16,370)	(13,023)
Net Cash Provided by (Used In) Investing Activities	160,056	(5,290)
Cash Flows from Financing Activities:
Proceeds from a short term loan	723,017
Advances from a director	3,031	256,410
Repayment to a related party	(17,359)
Net Cash Provided By Financing Activities	708,689	256,410
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(215)	(4,915)
Net Increase In Cash and Cash Equivalents	347,515	(335,346)
Cash and Cash Equivalents at Beginning of Period	227,186	668,566
Cash and Cash Equivalents at End of Period	574,701	333,220
Supplemental Cash Flow Information:
Cash paid for interest expense
Cash paid for income tax
Supplemental Disclosure of Non-Cash Transactions:
Issuance of shares for acquisition	2,613,493
Issuance of shares for services	$ 1,310,350

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 574,701	$ 227,186
Accounts receivables	214,971
Prepayments, deposits and other receivables	262,930	60,718
Short-term investments		176,741
Total current assets	1,052,602	464,645
Property and equipment, net	105,014	138,941
Goodwill	4,033,530	4,033,530
TOTAL ASSETS	5,191,146	4,637,116
CURRENT LIABILITIES
Accounts payables		7,283
Receipt in advance		60,414
Short-term loan	723,017
Loan from a director	256,410	256,410
Due to a director	259,417	257,007
Due to a related party	58,739
Acquisition and contingent consideration payables	1,045,397	3,658,889
Other payables and accrued liabilities	235,666	138,040
Total current liabilities	2,578,646	4,378,043
Acquisition and contingent consideration payables	522,699	522,699
Total liabilities	3,101,345	4,900,742
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, authorized: 10,000,000 shares, nil share issued and outstanding
Common stock, $0.001 par value, authorized: 200,000,000 shares, 90,108,745 and 62,723,820 shares, respectively issued and outstanding as of September 30, 2018 and December 31, 2017 respectively	90,109	62,724
Additional paid-in capital	6,584,860	2,688,402
Accumulated deficit	(4,478,323)	(3,030,707)
Accumulated other comprehensive income (loss)	(106,845)	15,955
Total stockholders' equity (deficit)	2,089,801	(263,626)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 5,191,146	$ 4,637,116