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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
AUGUST 31, 2013
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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
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||
Item 1.
|
3
|
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3
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||
4
|
||
5
|
||
6
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||
Item 2.
|
8
|
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Item 3.
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9
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Item 4.
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9
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PART II
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||
Item 1.
|
10
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Item 1A.
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10
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Item 2.
|
10
|
|
Item 6.
|
10
|
|
11
|
August 31, 2013
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May 31, 2013
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|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 18,419 | $ | 25,468 | ||||
Other receivable
|
288 | 288 | ||||||
Total current assets | 18,707 | 25,756 | ||||||
Oil and gas properties - unproved
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419,515 | 419,515 | ||||||
Total assets
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$ | 438,222 | $ | 445,271 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$ | 11,579 | $ | 13,180 | ||||
Due to director
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202,869 | 190,718 | ||||||
Total current liabilities | 214,448 | 203,898 | ||||||
Stockholders' equity | ||||||||
Common stock, 100,000,000 of shares authorized
with $0.00001 par value, 26,100,000 issued and
|
261 | 261 | ||||||
Preferred stock, 100,000,000 shares authorized
with $0.00001 par value, none issued
|
- | - | ||||||
Additional paid-in capital
|
514,939 | 514,939 | ||||||
Accumulated deficit during the development stage
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(291,426 | ) | (273,827 | ) | ||||
Total stockholders' equity | 223,774 | 241,373 | ||||||
Total liabilities and stockholders' equity | $ | 438,222 | $ | 445,271 |
For the Three Months Ended
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Inception
(May 18, 2010)
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|||||||||||
August 31
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August 31
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to
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||||||||||
2013
|
2012
|
August 31, 2013
|
||||||||||
Operating expenses
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||||||||||||
Advertising and promotion
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$ | - | $ | - | $ | 14,129 | ||||||
Bad debt expenses
|
- | - | 11,970 | |||||||||
Bank service charge
|
49 | 6 | 301 | |||||||||
Management fee
|
6,000 | 6,000 | 54,000 | |||||||||
Professional fees
|
2,000 | 4,000 | 79,271 | |||||||||
Exchange loss (gain)
|
- | (10,479 | ) | 16,150 | ||||||||
General and administrative expenses
|
9,550 | 17,085 | 154,560 | |||||||||
Total operating expenses
|
17,599 | 16,612 | 330,381 | |||||||||
Total expenses
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(17,599 | ) | (16,612 | ) | (330,381 | ) | ||||||
Interest income
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- | 5,988 | 38,955 | |||||||||
Net loss for the period
|
$ | (17,599 | ) | $ | (10,624 | ) | $ | (291,426 | ) | |||
Loss per common share - basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | n/a | |||||
Weighted average common shares
outstanding - basic and diluted
|
26,100,000 | 26,100,000 | n/a |
Inception
|
||||||||||||
For the three Months
|
For the three Months
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(May 18, 2010)
|
||||||||||
ended
|
ended
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to
|
||||||||||
August 31, 2013
|
August 31, 2012
|
August 31, 2013
|
||||||||||
Cash Flows From Operating Activities | ||||||||||||
Net Loss for the period
|
$ | (17,599 | ) | $ | (10,624 | ) | $ | (291,426 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||||||
Foreign exchange (gain)/loss
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- | (10,479 | ) | 16,150 | ||||||||
Bad debt expense
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- | - | 11,970 | |||||||||
Changes in operating assets and liabilities
|
||||||||||||
Other receivable
|
- | (67 | ) | (12,258 | ) | |||||||
Accounts payable
|
(1,601 | ) | 1,148 | 10,892 | ||||||||
Net cash used in operating activities
|
(19,200 | ) | (20,022 | ) | (264,672 | ) | ||||||
Cash Flows from Investing Activities | ||||||||||||
Cash invested in note receivable
|
- | - | (308,353 | ) | ||||||||
Net cash used in investing activities
|
- | - | (308,353 | ) | ||||||||
Cash Flows from Financing Activities | ||||||||||||
Proceeds from Director advances
|
19,151 | - | 147,744 | |||||||||
Payments to Director for advances
|
(7,000 | ) | (14,772 | ) | (71,500 | ) | ||||||
Proceeds from common stock issued
|
- | - | 515,200 | |||||||||
Net cash (used in) provided by financing activities
|
12,151 | (14,772 | ) | 591,444 | ||||||||
Net increase (decrease) in cash and cash equivalents | (7,049 | ) | (34,794 | ) | 18,419 | |||||||
Cash and cash equivalents, beginning of the period | 25,468 | 87,519 | - | |||||||||
Cash and cash equivalents, end of the period | $ | 18,419 | $ | 52,725 | $ | 18,419 | ||||||
Non-cash transactions: | ||||||||||||
Exchange of note receivable for unproved oil and gas property | $ | - | $ | - | $ | 292,890 | ||||||
Due to Director for investment in oil and gas property | - | - | 126,625 |
Exhibit
|
Description
|
|
31.01
|
||
32.01
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||
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
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101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
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101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
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CN Resources Inc.
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|||
Date: September 20, 2013
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By:
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/s/ Oliver Xing
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Oliver Xing
|
|||
President, Principal Executive Officer,
Principal Accounting Officer,
Principal Financial Officer,
Secretary/Treasurer and sole member of the Board of Directors
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