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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cannawake Corporation (CE) | USOTC:CANX | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
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Quarterly Report PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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14-1818394
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(State or Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification No.)
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16427 North Scottsdale Road, Suite 410, Scottsdale, AZ
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85254
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
x
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Page
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Part I. Financial Information
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1
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Item 1. Financial Statements.
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1
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Consolidated Balance Sheets as of March 31, 2014 (unaudited) and December 31, 2013 (unaudited)
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2
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Consolidated Statements of Operations for the three months Ended March 31, 2014 and 2013 (unaudited)
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3
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Consolidated Statements of Cash Flows for the three months Ended March 31, 2014 and 2013 (unaudited)
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5
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Notes to Unaudited Consolidated Financial Statements
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6
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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7
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
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11
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Item 4.Controls and Procedures.
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11
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Part II. Other Information
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12
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Item 6. Exhibits.
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12
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Signatures
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13
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DELTA INTERNATIONAL OIL & GAS INC. AND SUBSIDIARIES
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||||||||
CONSOLIDATED BALANCE SHEETS
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||||||||
(Unaudited)
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||||||||
March 31,
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December 31,
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|||||||
2014
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2013
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|||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash
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$ | 1,659,321 | $ | 1,833,407 | ||||
Receivable from sale of bidding rights and oil and gas properties
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3,500,042 | 3,500,042 | ||||||
Total current assets
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5,159,363 | 5,333,449 | ||||||
Investment in mineral properties
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96,393 | 117,351 | ||||||
Investments in unproved oil and gas properties
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1,322,366 | 1,609,889 | ||||||
Investment in oil refinery
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89,904 | 109,452 | ||||||
Property and equipment
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53,001 | 61,698 | ||||||
Other assets
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7,901 | 8,234 | ||||||
TOTAL ASSETS
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$ | 6,728,928 | $ | 7,240,073 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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$ | 7,377 | $ | 1,744 | ||||
Accrued expenses
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182,752 | 144,000 | ||||||
Notes payable
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75,000 | 75,000 | ||||||
Liabilities for uncertain tax positions
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61,792 | 75,228 | ||||||
Total current liabilities
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326,921 | 295,972 | ||||||
Long-term deferred tax liability
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633,590 | 633,590 | ||||||
Long-term debt payable to related parties
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150,655 | 150,655 | ||||||
Total liabilities
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1,111,166 | 1,080,217 | ||||||
Stockholders' Equity:
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||||||||
Preferred stock $0.0001 par value-authorized 10,000,000 shares; no shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively
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- | - | ||||||
Common stock $0.0001 par value - authorized 250,000,000 shares; 32,338,826 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively
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3,233 | 3,233 | ||||||
Additional paid-in capital
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7,045,857 | 7,021,482 | ||||||
Accumulated deficit
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(872,506 | ) | (398,344 | ) | ||||
Accumulated other comprehensive loss
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(558,822 | ) | (466,515 | ) | ||||
Total stockholders' equity
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5,617,762 | 6,159,856 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 6,728,928 | $ | 7,240,073 |
DELTA INTERNATIONAL OIL & GAS INC. AND SUBSIDIARIES
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||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||
(Unaudited)
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||||||||
Three months ended March 31,
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||||||||
2014
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2013
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|||||||
Costs and Expenses:
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||||||||
General and administrative
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$ | 241,835 | $ | 181,320 | ||||
241,835 | 181,320 | |||||||
Loss from operations
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(241,835 | ) | (181,320 | ) | ||||
Other Income (Expense):
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||||||||
Foreign exchange gain (loss)
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(229,089 | ) | (126,930 | ) | ||||
Interest expense
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(3,238 | ) | (12,598 | ) | ||||
Other Expense
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(232,327 | ) | (139,528 | ) | ||||
Loss before income taxes
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(474,162 | ) | (320,848 | ) | ||||
Provision for income taxes
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- | |||||||
Net Loss
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$ | (474,162 | ) | $ | (320,848 | ) | ||
Net income (loss) per common share:
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||||||||
Basic
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$ | (0.01 | ) | $ | (0.01 | ) | ||
Diluted
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$ | (0.01 | ) | $ | (0.01 | ) | ||
Weighted average common shares – Basic & Diluted
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32,338,826 | 32,074,159 |
Three Months ending March 31,
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||||||||
2014
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2013
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|||||||
Net earnings (loss)
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$ | (474,162 | ) | $ | (320,848 | ) | ||
Other comprehensive income (loss):
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||||||||
Foreign currency translation adjustment
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(92,307 | ) | 42,424 | |||||
Net change in other comprehensive income (loss)
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(92,307 | ) | 42,424 | |||||
Comprehensive income (loss)
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$ | (566,469 | ) | $ | (278,423 | ) |
DELTA INTERNATIONAL OIL & GAS INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Three Months ending March 31, | ||||||||
2014
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2013
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|||||||
Cash flows from Operating Activities:
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||||||||
Net loss
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$ | (474,162 | ) | $ | (320,848 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
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||||||||
Stock based compensation
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24,375 | |||||||
Changes in operating assets and liabilities
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9,223 | (85,557 | ) | |||||
Net cash used in operating activities
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(440,564 | ) | (406,405 | ) | ||||
Cash flows from investing activities:
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||||||||
Proceeds from sales of oil and gas properties and bidding rights
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- | 500,000 | ||||||
Net cash provided by (used in) investing activities
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- | 500,000 | ||||||
Cash flows from financing activities:
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||||||||
Net cash provided by financing activities
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- | - | ||||||
Effect of Exchange Rates on Cash
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266,478 | 127,592 | ||||||
Net increase in cash
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(174,086 | ) | 221,187 | |||||
Cash - Beginning of period
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1,833,407 | 1,949,896 | ||||||
Cash - End of period
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$ | 1,659,321 | $ | 2,171,082 | ||||
Changes in operating assets and liabilities consists of:
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||||||||
(Increase) decrease in advances and other receivables
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$ | - | $ | - | ||||
(Increase) decrease in other assets
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- | (46,745 | ) | |||||
Increase (decrease) in accounts payable and accrued expenses
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9,223 | (38,813 | ) | |||||
Increase (decrease) in income taxes payable
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- | - | ||||||
Changes in assets and liabilities
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$ | 9,223 | $ | (85,557 | ) | |||
Supplemental disclosure of cash flow information:
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||||||||
Cash paid for interest
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$ | - | $ | - | ||||
Cash paid for income taxes
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$ | - | $ | - |
●
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Proved oil and gas reserves;
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●
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Expected future cash flow from proved oil and gas properties;
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●
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Future exploration and development costs; and
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●
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Future dismantlement and restoration costs.
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Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
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32
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Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
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SEC Ref. No.
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Title of Document
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Label Linkbase Document
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101.PRE
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XBRL Taxonomy Presentation Linkbase Document
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DELTA INTERNATIONAL OIL & GAS INC.
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BY:
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/s/ Malcolm W. Sherman
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Malcolm W. Sherman
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President, Chief Executive Officer and
Principal Financial Officer
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31
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Certification of Chief Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32
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Certification of Chief Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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SEC Ref. No.
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Title of Document
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Presentation Linkbase Document
|
1 Year Cannawake (CE) Chart |
1 Month Cannawake (CE) Chart |
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