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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CN Resources Inc (GM) | USOTC:CNRR | 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% | 0.0002 | 0.00 | 01:00:00 |
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED May 31, 2013
|
Securities registered pursuant to Section 12(b) of the Act:
|
Securities registered pursuant to section 12(g) of the Act:
|
NONE
|
NONE
|
Large Accelerated Filer
|
o
|
Accelerated Filer
|
o
|
|
Non-accelerated Filer
|
o
|
Smaller Reporting Company
|
x
|
|
(Do not check if a smaller reporting company)
|
Page
|
||
PART I
|
||
Item 1.
|
3
|
|
Item 1A.
|
5
|
|
Item 1B.
|
5
|
|
Item 2.
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5
|
|
Item 3.
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5
|
|
PART II
|
||
Item 5.
|
6
|
|
Item 6.
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7
|
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Item 7.
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7
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Item 7A.
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8
|
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Item 8.
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9
|
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Item 9.
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10
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Item 9A.
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10
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Item 9B.
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11
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PART III | ||
Item 10.
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12
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Item 11.
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14
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Item 12.
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16
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Item 13.
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16
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Item 14.
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17
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PART IV
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||
Item 15.
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18
|
|
19
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||
20 |
Index
|
||
Financial Statements:
|
||
F-1
|
||
F-2
|
||
F-3
|
||
F-4
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||
F-5
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||
F-6
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May 31, 2013
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May 31, 2012
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 25,468 | $ | 87,519 | ||||
Other receivable
|
288 | 3,097 | ||||||
Note receivable
|
- | 292,203 | ||||||
Total current assets | 25,756 | 382,819 | ||||||
Oil and gas properties - unproved
|
419,515 | - | ||||||
Total assets
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$ | 445,271 | $ | 382,819 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$ | 13,180 | $ | 4,437 | ||||
Due to director
|
190,718 | 44,499 | ||||||
Total current liabilities | 203,898 | 48,936 | ||||||
Stockholders' equity | ||||||||
Common stock,100,000,000 of shares authorized
with $0.00001 par value, 26,100,000 issued and
outstanding
|
261 | 261 | ||||||
Preferred stock,100,000,000 shares authorized
with $0.00001 par value, none issued and outstanding
|
- | - | ||||||
Additional paid-in capital
|
514,939 | 514,939 | ||||||
Accumulated deficit during the development stage
|
(273,827 | ) | (181,317 | ) | ||||
Total stockholders' equity | 241,373 | 333,883 | ||||||
Total liabilities and stockholders' equity | $ | 445,271 | $ | 382,819 |
Inception
|
||||||||||||
For the year
|
For the year
|
(May 18, 2010)
|
||||||||||
ended
|
ended
|
to
|
||||||||||
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
||||||||||
Operating expenses
|
||||||||||||
Advertising
|
$ | 10,030 | $ | 4,099 | $ | 14,129 | ||||||
Bank service charge
|
6 | 98 | 252 | |||||||||
Management fee
|
24,000 | 24,000 | 48,000 | |||||||||
Professional fees
|
13,953 | 28,693 | 77,271 | |||||||||
Exchange loss
|
- | 16,150 | 16,150 | |||||||||
Bad debt expense
|
11,970 | - | 11,970 | |||||||||
General and administrative expenses
|
50,602 | 72,378 | 145,010 | |||||||||
Total operating expenses | (110,561 | ) | (145,418 | ) | (312,782 | ) | ||||||
Interest income
|
18,051 | 20,904 | 38,955 | |||||||||
Net loss
|
$ | (92,510 | ) | $ | (124,514 | ) | $ | (273,827 | ) | |||
Loss per common share - basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | ||||||
Weighted average common shares outstanding - basic and diluted | 26,100,000 | 25,522,091 |
Additional
|
||||||||||||||||||||
Common Stock
|
Paid In
|
Accumulated
|
||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
||||||||||||||||
Balance at May 18, 2010 (Inception)
|
- | $ | - | $ | - | $ | - | $ | - | |||||||||||
Shares issued for cash on May 18, 2010
|
20,000,000 | 200 | - | 200 | ||||||||||||||||
Shares issued for cash on May 20, 2010
|
1,000,000 | 10 | 9,990 | - | 10,000 | |||||||||||||||
Shares issued for cash on May 30, 2010
|
100,000 | 1 | 4,999 | - | 5,000 | |||||||||||||||
Net loss
|
- | - | - | (35,370 | ) | (35,370 | ) | |||||||||||||
Balance at May 31, 2010
|
21,100,000 | 211 | 14,989 | (35,370 | ) | (20,170 | ) | |||||||||||||
Net loss
|
- | - | - | (21,433 | ) | (21,433 | ) | |||||||||||||
Balance at May 31, 2011
|
21,100,000 | 211 | 14,989 | (56,803 | ) | (41,603 | ) | |||||||||||||
Shares sold in private placement during July and August 2011 at $0.10 per share
|
5,000,000 | 50 | 499,950 | - | 500,000 | |||||||||||||||
Net loss
|
- | - | - | (124,514 | ) | (124,514 | ) | |||||||||||||
Balance at May 31, 2012
|
26,100,000 | 261 | 514,939 | (181,317 | ) | 333,883 | ||||||||||||||
Net loss
|
- | - | - | (92,510 | ) | (92,510 | ) | |||||||||||||
Balance at May 31, 2013
|
26,100,000 | $ | 261 | $ | 514,939 | $ | (273,827 | ) | $ | 241,373 |
Inception
|
||||||||||||
For the year
|
For the year
|
(May 18, 2010)
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||||||||||
ended
|
ended
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to
|
||||||||||
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
||||||||||
Cash Flows From Operating Activities | ||||||||||||
Net loss
|
$ | (92,510 | ) | $ | (124,514 | ) | $ | (273,827 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||||||
Foreign exchange loss | - | 16,150 | 16,150 | |||||||||
Bad debt expense | 11,970 | - | 11,970 | |||||||||
Changes in operating assets and liabilities
|
||||||||||||
Other receivable | (9,161 | ) | (3,097 | ) | (12,258 | ) | ||||||
Accounts payable | 8,056 | 719 | 12,493 | |||||||||
Net cash used in operating activities
|
(81,645 | ) | (110,742 | ) | (245,472 | ) | ||||||
Cash Flow From Investing Activities | ||||||||||||
Cash invested in note receivable
|
- | (308,353 | ) | (308,353 | ) | |||||||
Net cash used in investment activities
|
- | (308,353 | ) | (308,353 | ) | |||||||
Cash Flows from Financing Activities | ||||||||||||
Proceeds from common stock sold
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- | 500,000 | 515,200 | |||||||||
Proceeds from Director advances
|
84,094 | 5,699 | 128,593 | |||||||||
Payments to Director for advances
|
(64,500 | ) | - | (64,500 | ) | |||||||
Net cash provided by financing activities
|
19,594 | 505,699 | 579,293 | |||||||||
Net increase (decrease) in cash and cash equivalents | (62,051 | ) | 86,604 | 25,468 | ||||||||
Cash and cash equivalents, beginning of the period | 87,519 | 915 | - | |||||||||
Cash and cash equivalents, end of the period | $ | 25,468 | $ | 87,519 | $ | 25,468 | ||||||
Non-cash transactions: | ||||||||||||
Exchange of note receivable for unproved oil and gas property
|
$ | 292,203 | $ | - | $ | 292,203 | ||||||
Due to Director for investment in oil and gas property
|
126,625 | - | 126,625 |
May 31, 2013
|
May 31, 2012
|
|||||||
Deferred Tax Asset
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$
|
93,101
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$
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61,648
|
||||
Valuation Allowance
|
$
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(93,101
|
)
|
$
|
(61,648
|
)
|
||
Net Deferred Tax Asset
|
$
|
—
|
$
|
—
|
Name and Address
|
Age
|
Position(s)
|
||
Oliver Xing
|
49 |
president, principal executive officer, secretary, treasurer
|
||
255 Duncan Mill Road, Suite 203
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principal financial officer, principal accounting officer,
|
|||
Toronto, Ontario
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and sole member of the board of directors
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|||
Canada M3B 3H9
|
1.
|
A petition under the Federal bankruptcy laws or any state insolvency law was filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;
|
2.
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Convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);
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3.
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The subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities;
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i)
|
Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;
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ii)
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Engaging in any type of business practice; or
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iii)
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Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;
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4.
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The subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in paragraph 3.i in the preceding paragraph or to be associated with persons engaged in any such activity;
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5.
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Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
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6.
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Was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;
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7.
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Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:
|
i)
|
Any Federal or State securities or commodities law or regulation; or
|
ii)
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Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or
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iii)
|
Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
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8.
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Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.
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Non-
|
Nonqualified
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|||||||||||||||||||||||||||||||||
Equity
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Deferred
|
All
|
||||||||||||||||||||||||||||||||
Name
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Incentive
|
Compensa-
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Other
|
|||||||||||||||||||||||||||||||
and
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Stock
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Option
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Plan
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tion
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Compen-
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|||||||||||||||||||||||||||||
Principal
|
Salary
|
Bonus
|
Awards
|
Awards
|
Compensation
|
Earnings
|
sation
|
Total
|
||||||||||||||||||||||||||
Position
|
Year
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
|||||||||||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
|||||||||||||||||||||||||
Oliver Xing
|
2013
|
0 | 0 | 0 | 0 | 0 | 0 | 60,000 | 60,000 | |||||||||||||||||||||||||
President & CEO
|
2012
|
0 | 0 | 0 | 0 | 0 | 0 | 60,000 | 60,000 | |||||||||||||||||||||||||
2011
|
0 | 0 | 0 | 0 | 0 | 0 | 0.00 | 0.00 |
Fees
|
||||||||||||||||||||||||||
Earned
|
Nonqualified
|
|||||||||||||||||||||||||
or
|
Non-Equity
|
Deferred
|
||||||||||||||||||||||||
Paid in
|
Stock
|
Option
|
Incentive Plan
|
Compensation
|
All Other
|
|||||||||||||||||||||
Cash
|
Awards
|
Awards
|
Compensation
|
Earnings
|
Compensation
|
Total
|
||||||||||||||||||||
Name
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
|||||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
|||||||||||||||||||
Oliver Xing |
2013
|
0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
2012
|
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
2011
|
0 | 0 | 0 | 0 | 0 | 0 |
Percentage of
|
||||||||
Number of
|
Ownership
|
|||||||
Name and Address
|
Shares Before
|
Before the
|
||||||
Beneficial Ownership [1]
|
the Offering
|
Offering
|
||||||
Oliver Xing
|
18,500,000 | 70.88 | % | |||||
255 Duncan Mill Rd. #203
|
||||||||
Toronto, Ontario
|
||||||||
Canada M3B 3H9
|
||||||||
All Officers and Director-
|
18,500,000 | 70.88 | % | |||||
as a Group (2 people)
|
||||||||
Lixia Sun
|
500,000 | 1.92 | % |
2013
|
$ | 6,000 |
MaloneBailey, LLP
|
||
2012
|
$ | 6,000 |
MaloneBailey, LLP
|
||
2011
|
$ | 6,000 |
MaloneBailey, LLP
|
||
2010
|
$ | 4,000 |
MaloneBailey, LLP
|
2013
|
$ | 0 |
MaloneBailey, LLP
|
||
2012
|
$ | 0 |
MaloneBailey, LLP
|
||
2011
|
$ | 0 |
MaloneBailey, LLP
|
||
2010
|
$ | 0 |
MaloneBailey, LLP
|
2013
|
$ | 0 |
MaloneBailey, LLP
|
||
2012
|
$ | 0 |
MaloneBailey, LLP
|
||
2011
|
$ | 0 |
MaloneBailey, LLP
|
||
2010
|
$ | 0 |
MaloneBailey, LLP
|
2013
|
$ | 0 |
MaloneBailey, LLP
|
||
2012
|
$ | 0 |
MaloneBailey, LLP
|
||
2011
|
$ | 0 |
MaloneBailey, LLP
|
||
2010
|
$ | 0 |
MaloneBailey, LLP
|
Incorporated by reference
|
|||||
Exhibit
|
Document Description
|
Form
|
Date
|
Number
|
Filed herewith
|
3.1
|
Articles of Incorporation.
|
S-1
|
6/25/10
|
3.1
|
|
3.2
|
Bylaws.
|
S-1
|
6/25/10
|
3.2
|
|
4.1
|
Specimen Stock Certificate.
|
S-1
|
6/25/10
|
4.1
|
|
14.1
|
Code of Ethics.
|
X
|
|||
31.1
|
X
|
||||
32.1
|
X
|
||||
101.INS |
XBRL Instance Document
|
||||
101.SCH |
XBRL Taxonomy Extension Schema Document
|
||||
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document
|
||||
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document
|
||||
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document
|
||||
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document
|
CN RESOURCES INC.
|
||
(the “Registrant”)
|
||
BY:
|
/s/ OLIVER XING
|
|
Oliver Xing, President, Principal Executive Officer,
|
||
Principal Financial Officer and Principal
|
||
Accounting Officer, Secretary and Treasurer
|
Signature
|
Title
|
Date
|
||
/s/ OLIVER XING
|
President, Principal Executive Officer, Secretary,
|
September 9, 2013
|
||
Oliver Xing
|
Treasurer, Principal Financial Officer, Principal
|
|||
Accounting Officer and sole member of the Board
|
||||
of Directors
|
1 Year CN Resources (GM) Chart |
1 Month CN Resources (GM) Chart |
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