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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Centor Energy Inc (CE) | USOTC:CNTO | 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 |
Nevada
|
30-0766257
|
|
(State of incorporation)
|
|
(I.R.S. Employer Identification No.)
|
Large Accelerated Filer | o | Accelerated Filer | o |
Non-Accelerated Filer | o | Smaller Reporting Company | x |
|
|
PAGE
|
|||
PART I
|
FINANCIAL INFORMATION
|
||||
ITEM 1.
|
FINANCIAL STATEMENTS
|
4 | |||
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
5 | |||
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
10 | |||
ITEM 4.
|
CONTROLS AND PROCEDURES
|
11 | |||
PART II
|
OTHER INFORMATION
|
||||
ITEM 1.
|
LEGAL PROCEEDINGS
|
12 | |||
ITEM 1A. | RISK FACTORS | 12 | |||
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
12 | |||
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
12 | |||
ITEM 4.
|
MINE SAFEY DISCLOSURE – Not Applicable
|
12 | |||
ITEM 5.
|
OTHER INFORMATION
|
12 | |||
ITEM 6.
|
EXHIBITS
|
13 |
Index | ||||
Consolidated Balance Sheets | F-1 | |||
Consolidated Statements of Operations | F-2 | |||
Consolidated Statements of Cash Flows | F-3 | |||
Notes to the Consolidated Financial Statements | F-4 |
For the Three Month Period Ended
|
For the Nine Month Period Ended
|
From Inception (February 16, 2011) to | ||||||||||||||||||
December 31,
2013
|
December 31,
2012
|
December 31,
2013
|
December 31,
2012
|
December 31,
2013
|
||||||||||||||||
Operating Expenses:
|
||||||||||||||||||||
General and administrative
|
$ | 105,618 | $ | 13,401 | $ | 218,503 | $ | 14,990 | $ | 300,127 | ||||||||||
Exploration costs
|
8,936 | - | 38,504 | - | 55,648 | |||||||||||||||
Impairment of mineral property
|
100,000 | - | 100,000 | - | 113,360 | |||||||||||||||
|
||||||||||||||||||||
Total operating expenses
|
214,554 | 13,401 | 357,007 | 14,990 | 469,135 | |||||||||||||||
Other Expenses
|
||||||||||||||||||||
Interest expense
|
(94,450 | ) | - | (217,977 | ) | - | (256,743 | ) | ||||||||||||
Total other expenses
|
(94,450 | ) | - | (217,977 | ) | - | (256,743 | ) | ||||||||||||
Net loss
|
$ | (309,004 | ) | $ | (13,401 | ) | $ | (574,984 | ) | $ | (14,990 | ) | $ | (725,878 | ) | |||||
Net loss per share:
|
||||||||||||||||||||
Basic
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.00 | ) | ||||||||
Weighted average number of shares outstanding:
|
||||||||||||||||||||
Basic
|
68,914,071 | 68,700,000 | 68,779,413 | 68,700,000 |
For the Nine Month Period Ended
|
From Inception (February 16, 2011) to
|
|||||||||||
December 31,
2013
|
December 31,
2012
|
December 31,
2013
|
||||||||||
Cash flow from operating activities:
|
||||||||||||
Net loss
|
$ | (574,984 | ) | $ | (14,990 | ) | $ | (725,878 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||
Imputed interest on convertible notes payable
|
20,051 | - | 25,306 | |||||||||
Discount on notes payable
|
197,926 | - | 231,437 | |||||||||
Impairment of mineral property
|
100,000 | - | 113,360 | |||||||||
Stock -based compensation
|
55,200 | - | 55,200 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Decrease in prepaids
|
14,633 | - | - | |||||||||
Increase in accounts payable and accrued liabilities
|
15,861 | - | 45,286 | |||||||||
Net cash used in operating activities
|
(171,313 | ) | (14,990 | ) | (255,289 | ) | ||||||
Cash flows from investing activities:
|
||||||||||||
Acquisition of mineral property option
|
(10,000 | ) | - | (123,360 | ) | |||||||
Acquisition of shale oil property option
|
(48,150 | ) | - | (48,150 | ) | |||||||
Net cash used in investing activities
|
(58,150 | ) | - | (171,510 | ) | |||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from issuance of common stock
|
35,175 | - | 91,175 | |||||||||
Repayment of notes payable
|
(8,800 | ) | - | (8,800 | ) | |||||||
Proceeds from notes payable
|
192,000 | 21,240 | 355,955 | |||||||||
Net cash provided by financing activities
|
218,375 | 21,240 | 438,330 | |||||||||
Increase (decrease) in cash during the year
|
(11,088 | ) | 6,250 | 11,531 | ||||||||
Cash, beginning of period
|
22,619 | 4,383 | - | |||||||||
Cash, end of period
|
$ | 11,531 | $ | 10,633 | $ | 11,531 | ||||||
Supplemental disclosure of cash flow information:
|
||||||||||||
Cash paid during the period
|
||||||||||||
Taxes
|
$ | - | $ | - | $ | - | ||||||
Interest
|
$ | - | $ | - | $ | - |
1)
|
$50,000 on or before December 8, 2012, which was paid during the year ended March 31, 2013;
|
2)
|
$50,000 on or before February 15, 2013, which was paid during the year ended March 31, 2013;
|
3)
|
$250,000 on or before January 31, 2014. On January 31, 2014, it was determined by the board of directors to allow the agreement on the Nobewan Property expire. The Company recorded an impairment value of $100,000 as of December 31, 2013.
|
4)
|
$400,000 on or before January 15, 2015.
|
(i)
|
A cash sum of fifty thousand dollars CDN ($50,000) to Vendor on acceptance and signing of offer, which has been paid during the three month ended December 31, 2013; and
|
(ii)
|
A cash sum of two hundred seventy thousand dollars CDN ($270,000) to Vendor on closing; and
|
(iii)
|
A cash sum of three hundred fifty thousand dollars CDN ($350,000) to be held in trust and applied to the completion of the Hatch pre-feasibility study and further modified Fischer analysis at Umatac, on closing; and
|
(iv)
|
Deferred cash payments totaling three hundred forty thousand dollars CDN ($340,000) to be paid in four equal monthly installments of eighty five thousand dollars CDN ($85,000) commencing 60 days after closing; and
|
(v)
|
Issuance of common shares of Centor Energy, Inc.
|
(i)
|
A cash sum of fifty thousand dollars CDN ($50,000) to Vendor on acceptance and signing of offer; and
|
(ii)
|
A cash sum of two hundred seventy thousand dollars CDN ($270,000) to Vendor on closing, which has been paid during the three months ended December 31, 2013; and
|
(iii)
|
A cash sum of three hundred fifty thousand dollars CDN ($350,000) to be held in trust and applied to the completion of the Hatch pre-feasibility study and further modified Fischer analysis at Umatac, on closing; and
|
(iv)
|
Deferred cash payments totaling three hundred forty thousand dollars CON ($340,000) to be paid in four equal monthly installments of eighty five thousand dollars CDN ($85,000) commencing 60 days after closing; and
|
(v)
|
Issuance of common shares of Centor Energy, Inc.
|
i.
|
Ensuring that any water discharge meets drinking water standards;
|
ii.
|
Dust generation will have to be minimal or otherwise remediated;
|
iii.
|
Dumping of material on the surface will have to be re-contoured and re-vegetated with natural vegetation;
|
iv.
|
All material to be left on the surface will need to be environmentally benign;
|
v.
|
Ground water will have to be monitored for any potential contaminants;
|
vi.
|
The socio-economic impact of the project will have to be evaluated and if deemed negative, will have to be re-mediated; and
|
vii.
|
There will have to be an impact report of the work on the local fauna and flora including a study of potentially endangered species.
|
Category
|
Planned
Expenditures
Over
The Next 12
Months (US$)
|
|||
Legal and Accounting Fees
|
$ | 20,850 | ||
Office Expenses
|
- | |||
Mineral Property Exploration Expenses
|
||||
TOTAL
|
$ | 20,850 |
|
December 31,
2013
|
March 31,
2013
|
||||||
Current Assets
|
$ | 11,531 | $ | 37,252 | ||||
Current Liabilities
|
$ | 623,878 | $ | 226,891 | ||||
Working Capital Deficit
|
$ | (612,347 | ) | $ | (189,639 | ) |
|
Period Ended
December 31,
2013
|
Period Ended
December 31,
2012
|
||||||
Cash Flows used in Operating Activities
|
$ | (171,313 | ) | $ | (14,990 | ) | ||
Cash Flows used in Investing Activities
|
$ | (58,150 | ) | $ | - | |||
Cash Flows provided by Financing Activities
|
$ | 218,375 | $ | - | ||||
Net Decrease in Cash During Period
|
$ | (11,088 | ) | $ | (14,990 | ) |
Exhibit
Number
|
Description of Exhibit
|
Filing
|
||
3.01
|
Articles of Incorporation
|
Filed with the SEC on August 17, 2011 as part of our Registration Statement on Form S-1.
|
||
3.02
|
Bylaws
|
Filed with the SEC August 17, 2011 as part of our Registration Statement on Form S-1
|
||
31.01
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14
|
Filed herewith.
|
||
31.02
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14
|
Filed herewith.
|
||
32.01
|
CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
|
Filed herewith.
|
||
32.02 | CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act | Filed herewith. | ||
101.INS*
|
XBRL Instance Document
|
Filed herewith.
|
||
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
Filed herewith.
|
||
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Filed herewith.
|
||
101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document
|
Filed herewith.
|
||
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Filed herewith.
|
||
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Filed herewith.
|
CENTOR ENERGY, INC. | |||
Dated: February 19, 2014
|
By:
|
/s/ Michael Sullivan | |
Michael Sullivan | |||
Chief Executive Officer, Chief Financial Officer, President, Secretary and Treasurer |
Dated: February 19, 2014
|
By:
|
/s/ Michael Sullivan | |
Michael Sullivan – Director | |||
Dated: February 19, 2014 |
By:
|
/s/ Fred Da Silva | |
Fred Da Silva – Director |
1 Year Centor Energy (CE) Chart |
1 Month Centor Energy (CE) Chart |
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