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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
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QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
FEBRUARY 29, 2012
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OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Large Accelerated Filer
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o
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Accelerated Filer
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o
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Non-accelerated Filer
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o
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Smaller Reporting Company
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x
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Page
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PART I | ||
Item 1.
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3
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Financial Statements:
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3
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4
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||
5
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6
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||
Item 2.
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8
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Item 3.
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10
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Item 4.
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10
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PART II | ||
Item 1. | Legal Proceedings. | 11 |
Item 1A.
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11
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Item 2.
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11
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Item 6.
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11 | |
12
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13 |
February 29, 2012
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May 31, 2011
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|||||||
Assets
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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$ | 87,450 | $ | 915 | ||||
Other receivable
|
3,200 | |||||||
Note receivable
|
303,180 | - | ||||||
Total current assets
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$ | 393,830 | 915 | |||||
Total assets
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$ | 393,830 | $ | 915 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Liabilities
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||||||||
Current liabilities
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||||||||
Accounts payable
|
9,641 | 3,718 | ||||||
Due to director
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20,385 | 38,800 | ||||||
Total current liabilities
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$ | 30,026 | $ | 42,518 | ||||
Stockholders' equity
|
||||||||
Common stock, 100,000,000 shares authorized
with $0.00001 par value, 26,100,000 and 21,100,000 issued and
outstanding respectively
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261 | $ | 211 | |||||
Preferred stock, 100,000,000 shares authorized
with $0.00001 par value, none issued
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- | - | ||||||
Additional paid-in capital
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514,939 | 14,989 | ||||||
Accumulated deficit during the development stage
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(146,223 | ) | (56,803 | ) | ||||
Other comprehensive income (loss)
|
(5,173 | ) | - | |||||
Total stockholders' equity
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$ | 363,804 | $ | (41,603 | ) | |||
Total liabilities and stockholders' equity
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$ | 393,830 | $ | 915 |
Inception
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||||||||||||||||||||
For the Three Months Ended
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For the Nine Months Ended
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(May 18, 2010)
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||||||||||||||||||
February 29
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February 28
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February 29
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February 28
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to
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||||||||||||||||
2012
|
2011
|
2012
|
2011
|
February 29, 2012
|
||||||||||||||||
Interest income
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$ | 5,932 | $ | - | $ | 14,926 | - | $ | 14,926 | |||||||||||
Operating expenses
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||||||||||||||||||||
Advertising
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$ | 199 | $ | - | $ | 4,099 | $ | - | $ | 4,099 | ||||||||||
Bank service charge
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- | 30 | 94 | 60 | 242 | |||||||||||||||
Management fee
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6,000 | - | 18,000 | - | 18,000 | |||||||||||||||
Professional fees
|
2,960 | 10,167 | 25,618 | 14,177 | 60,243 | |||||||||||||||
General and administrative expenses
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35,906 | - | 56,535 | - | 78,565 | |||||||||||||||
Total operating expenses
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45,065 | 10,197 | 104,346 | 14,237 | 161,149 | |||||||||||||||
Net loss for the period
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$ | (39,133 | ) | $ | (10,197 | ) | $ | (89,420 | ) | $ | (14,237 | ) | $ | (146,223 | ) | |||||
Loss per common share - basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||
Weighted average common shares
outstanding - basic and diluted
|
26,100,000 | 21,100,000 | 26,100,000 | 21,100,000 |
Date of inception
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||||||||||||
For the nine months
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For the nine months
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May 18, 2010
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||||||||||
ended
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ended
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to
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||||||||||
February 29, 2012
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February 28, 2011
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February 29, 2012
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||||||||||
(Unaudited)
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(Unaudited)
|
(Unaudited)
|
||||||||||
Cash Flows From Operating Activities
|
||||||||||||
Net Loss for the period
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$ | (89,420 | ) | $ | (14,237 | ) | $ | (146,223 | ) | |||
Adjustments to reconcile net loss to net cash in operating activities
|
||||||||||||
Changes in operating assets and liabilities
|
||||||||||||
Accounts payable
|
5,923 | - | 9,641 | |||||||||
Due to director
|
(15,000 | ) | (15,000 | ) | ||||||||
Other receivable
|
(3,200 | ) | - | (3,200 | ) | |||||||
Net cash used in operating activities
|
(101,697 | ) | (14,237 | ) | (154,782 | ) | ||||||
Cash Flow From Investing Activities
|
||||||||||||
Cash paid for note receivable
|
(303,180 | ) | - | (303,180 | ) | |||||||
Net cash used in investment activities
|
(303,180 | ) | - | (303,180 | ) | |||||||
Cash Flows from Financing Activities
|
||||||||||||
Payable to related party
|
(3,415 | ) | - | 35,385 | ||||||||
Accounts payable
|
- | - | ||||||||||
Proceeds from common stock issued
|
500,000 | - | 515,200 | |||||||||
Net cash provided by financing activities
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496,585 | - | 550,585 | |||||||||
Unrealized gain (loss) on foreign currency
|
(5,173 | ) | - | (5,173 | ) | |||||||
Net increase (decrease) in cash and cash equivalents
|
86,535 | (14,237 | ) | 87,450 | ||||||||
Cash and cash equivalents, beginning of the period
|
915 | 15,200 | - | |||||||||
Cash and cash equivalents, end of the period
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87,450 | 963 | 87,450 |
ITEM
2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
$ | 500,000 | |||
Gross proceeds
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$ | 500,000 | ||
Net proceeds
|
$ | 500,000 | ||
The net proceeds will be used as follows:
|
||||
Claim acquisition
|
$ | 150,000 | ||
Exploration
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$ | 200,000 | ||
Geological consultant
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$ | 50,000 | ||
Reclamation
|
$ | 15,000 | ||
Working capital
|
$ | 85,000 |
ITEM
3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
ITEM
4.
|
CONTROLS AND PROCEDURES.
|
Exhibit | Description | |
31.01
|
||
32.01
|
||
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. | |||
Date: April 9, 2012
|
By:
|
/s/ Oliver Xing | |
Oliver Xing | |||
President, Principal Executive Officer, Principal Accounting Officer, Principal Financial Officer, Secretary/Treasurer and sole member of the Board of Directors | |||
Exhibit | Description | |
31.01
|
||
32.01
|
||
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
|
1 Year CN Resources (GM) Chart |
1 Month CN Resources (GM) Chart |
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