Harbor Island Development Corp. (fka HIDC)

[TEFFY]

whatever this means..............

Business Description
Harbor Island Development through its exclusive license with BrandSeed Group is in the business of providing strategic business development, advertising, marketing and innovation to entrepreneurial companies that have new and exciting products with a goal of becoming national and/or worldwide brands. BrandSeed Group intends to partner with small inventors to large nationwide brands that are looking to build sustainable competitive advantage and to become market leaders in their consumer categories.

1.
Nature of Operations and Continuance of Business




Harbor Island Development Corp. (the “Company”) was incorporated in the State of Nevada on March 19, 2010. The Company is a Development Stage Company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, Development Stage Entities . The Company’s principal business is the retail of beach and island resort apparel.




These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated significant revenues since inception and is unlikely to generate significant revenue or earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at December 31, 2012, the Company has not generated revenues, and has a working capital deficit of $215,125 and accumulated losses totaling $257,897 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.




The Company currently has no significant revenues and must rely on the debt and/or equity financing to fund operations. The Company will require significant additional financings in order to pursue exploration of any properties acquired. There is no assurance that the Company will be able to obtain the necessary financings to complete its objectives.