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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 28, 2014
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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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|
Item 2.
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9
|
|
Item 3.
|
10
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Item 4.
|
10
|
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PART II
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Item 1.
|
11
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Item 1A.
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11
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Item 2.
|
11
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Item 6.
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11
|
|
12
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February 28, 2014
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May 31, 2013
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|||||||
Assets
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||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 12,019 | $ | 25,468 | ||||
Other receivable
|
4,430 | 288 | ||||||
Accounts receivable
|
24,128 | - | ||||||
Total current assets | 40,577 | 25,756 | ||||||
Equipment
|
91,837 | - | ||||||
Accumulated depreciation
|
(1,913 | ) | ||||||
Oil and gas properties - proved
|
419,515 | 419,515 | ||||||
Accumulated depreciation, depletion, and amortization
|
(4,370 | ) | - | |||||
Total assets
|
$ | 545,646 | $ | 445,271 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$ | 7,077 | $ | 13,180 | ||||
Due to director
|
288,755 | 190,718 | ||||||
Total current liabilities | 295,832 | 203,898 | ||||||
Stockholders' equity | ||||||||
Common stock, 100,000,000 of shares authorized
with $0.00001 par value, 26,100,000 issued and
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261 | 261 | ||||||
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 | 514,939 | ||||||
Accumulated deficit during the development stage
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(265,386 | ) | (273,827 | ) | ||||
Total stockholders' equity | 249,814 | 241,373 | ||||||
Total liabilities and stockholders' equity | $ | 545,646 | $ | 445,271 |
For the Three Months Ended
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For the Nine Months Ended
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|||||||||||||||
February 28
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February 28
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February 28
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February 28
|
|||||||||||||
2014
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2013
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2014
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2013
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|||||||||||||
Revenue
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$ | 97,354 | - | $ | 138,389 | - | ||||||||||
Royalty and production cost
|
44,086 | - | 60,657 | - | ||||||||||||
Gross profit
|
53,268 | - | 77,732 | - | ||||||||||||
Operating expenses
|
||||||||||||||||
Advertising | - | - | - | - | ||||||||||||
Bank service charge and bad debt | 98 | - | 234 | 6 | ||||||||||||
Depreciation and depletion | 3,770 | 6,283 | ||||||||||||||
Management fee | 6,000 | 6,000 | 18,000 | 18,000 | ||||||||||||
Professional fees | 3,200 | 1,600 | 13,378 | 7,200 | ||||||||||||
Regulatory filing | 2,859 | - | 2,859 | - | ||||||||||||
General and administrative expenses | 9,274 | 11,208 | 27,824 | 39,254 | ||||||||||||
Total operating expenses
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25,201 | 18,808 | 68,578 | 64,460 | ||||||||||||
Foreign Exchange Gain/Loss
|
(713 | ) | - | (713 | ) | 10,478 | ||||||||||
Interest income
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$ | - | $ | 6,018 | $ | - | $ | 18,082 | ||||||||
Net income (loss) for the period
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$ | 27,354 | $ | (12,790 | ) | $ | 8,441 | $ | (35,900 | ) | ||||||
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 | 26,100,000 | 26,100,000 | 26,100,000 |
For the nine months
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For the nine months
|
|||||||
ended
|
ended
|
|||||||
February 28, 2014
|
February 28, 2013
|
|||||||
Cash Flows From Operating Activities | ||||||||
Net Income (loss) for the period
|
$ | 8,441 | $ | (35,900 | ) | |||
Adjustments to reconcile net loss to net cash in operating activities
|
||||||||
Depreciation and depletion
|
6,283 | - | ||||||
Unrealized gain (loss) on foreign currency
|
- | (10,479 | ) | |||||
Changes in operating assets and liabilities
|
||||||||
Accounts receivable
|
(24,128 | ) | - | |||||
Accounts payable
|
(97,940 | ) | (620 | ) | ||||
Other receivable
|
(4,142 | ) | (10,117 | ) | ||||
Net cash used in operating activities
|
(111,486 | ) | (57,116 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Due to Director
|
107,449 | (5,634 | ) | |||||
Payment to Director for advances
|
(9,412 | ) | ||||||
Net cash provided by financing activities
|
98,037 | (5,634 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (13,449 | ) | (62,750 | ) | ||||
Cash and cash equivalents, beginning of the period | 25,468 | 87,519 | ||||||
Cash and cash equivalents, end of the period | 12,019 | 24,769 | ||||||
Non-cash transactions
|
||||||||
Due to Director for equipment purchased
|
91,837 | - |
Exhibit
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Description
|
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31.01
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32.01
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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
|
XBRL Taxonomy Extension 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 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: April 14, 2014
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By:
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/s/ Oliver Xing
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Oliver Xing
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|||
President, Principal Executive Officer,
Principal Accounting Officer,
Principal Financial Officer,
Secretary/Treasurer and sole member of the Board of Directors
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1 Year CN Resources (GM) Chart |
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