HEAVENSTONE CORP

CIK:0001624025|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Operating expenses:
General and administrative expenses	$ 107,796	$ 145,064
Operating loss	(107,796)	(145,064)
Interest expense	(51,912)	(17,472)
Net loss	(159,708)	(162,536)
Less: Net loss attributable to non-controlling interest	$ 2,813
Net loss attributable to Heavenstone Corp.		$ (162,536)
Net loss per common share:
Basic and diluted	$ 0	$ 0
Weighted average number of shares outstanding:
Basic and diluted	71,159,423	71,159,423

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (159,708)	$ (162,536)
Adjustments to reconcile net loss to cash used in operating activities:
Impairment expense	0	4,000
Depreciation expense	2,809	2,809
Changes in operating assets and liabilities:
Prepaid and other current assets	139,490	(79,503)
Accounts payable	(31,835)	(55,421)
Interest payable	1,538	(20,865)
Net cash used in operating activities	(47,706)	(311,516)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for purchase of land and land development costs	(1,300,645)	(799,127)
Net cash used in investing activities	(1,300,645)	(799,127)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on loans from related parties	1,334,965	629,975
Repayments on loans to related parties	0	(100)
Borrowings on loans from third parties	0	300,000
Repayments on loans to third parties	(38,846)	(37,741)
Net cash provided by financing activities	1,296,119	892,134
NET DECREASE IN CASH	(52,232)	(218,509)
Cash, beginning of year	52,592	271,101
Cash, end of year	360	52,592
Non-cash investing the financing activities
Capitalized interest to land development cost	185,562	137,201
Land development cost incurred on credit	114,340	113,658
Third-party notes issued for land purchase	750,000	0
Promissory note issued for premium on insurance	0	76,587
Land acquisition costs directly by non-controlling interest	116,162	0
Supplemental disclosure of cash flow information
Cash paid for income taxes	0	0
Cash paid for interest	$ 50,374	$ 38,337

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Current assets
Cash and cash equivalents	$ 360	$ 52,592
Prepaid and other current assets	16,850	156,340
Total current assets	17,210	208,932
Fixed assets
Land and land development cost	6,355,555	3,888,846
Office furniture and equipment	6,790	9,599
Total fixed assets	6,362,345	3,898,445
Total assets	6,379,555	4,107,377
Current liabilities
Accrual - bank overdraft	71,603
Accounts payable	166,440	155,538
Interest payable	372,609	185,509
Loan from officer	105,000
Short-term notes payable		38,846
Short-term related party debt	3,029,975	2,100,000
Total current liabilities	3,745,627	2,479,893
Non-current liabilities
Long-term related party debt	1,229,965	629,975
Long-term notes payable	1,500,000	1,050,000
Total non-current liabilities	2,729,965	1,679,975
Total liabilities	6,475,592	4,159,868
Stockholders' equity (deficit)
Preferred stock, $.0001 par value: 50,000,000 shares authorized; zero and zero shares issued and outstanding at June 30, 2017 and 2016, respectively
Common stock, $.0001 par value: 200,000,000 shares authorized; 71,159,423 shares and 71,159,423 shares issued and outstanding at June 30, 2017 and 2016, respectively	7,116	7,116
Additional paid-in capital	394,386	394,386
Accumulated deficit	(610,888)	(453,993)
Total Heavenstone Corp. stockholders' deficit		(52,491)
Non-controlling interest	113,349	0
Total stockholders' deficit	(96,037)	(52,491)
Total liabilities and stockholders' deficit	$ 6,379,555	$ 4,107,377