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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Energtek Inc (CE) | USOTC:EGTK | 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 |
x
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF
1934
|
For
the quarter ended September 30, 2007
|
|
o
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF
1934
|
For the transition period from _____ to _____ |
Nevada
(State or other jurisdiction of incorporation) |
42-1708652
(IRS Employer Identification No.) |
PART
I - FINANCIAL INFORMATION
|
3
|
||
Item
1.
|
Financial
Statements.
|
3
|
|
Note
1 - Summary of Significant Accounting Policies
|
7
|
||
Note
2 - Investment in Equity Securities
|
9
|
||
|
|
Note
3 - Stockholders Equity
|
10
|
Note
4 - Compensation to Directors
|
11
|
||
Note
5 - Going Concern
|
13
|
||
Note
6 - Significant Transactions
|
13
|
||
Item
2.
|
Management’s
Discussion and Analysis or Plan of Operations.
|
14
|
|
Item
3..
|
Controls
and Procedures.
|
17
|
|
PART
II. OTHER INFORMATION
|
17
|
||
Item
1.
|
Legal
Proceedings.
|
17
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds.
|
18
|
|
Item
3.
|
Defaults
Upon Senior Securities.
|
19
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders.
|
19
|
|
Item
5.
|
Other
Information.
|
19
|
|
Item
6.
|
Exhibits
|
19
|
|
SIGNATURES
|
20
|
ENERGTEK
INC.
|
|||
(A
DEVELOPMENT STAGE ENTERPRISE)
|
|||
CONSOLIDATED
CONDENSED BALANCE SHEET
|
Note
|
As
of
30/09/2007
(Unaudited)
$
|
As
of
31/12/2006
(Audited)
$
|
|||||
ASSETS
|
|||||||
Current
Assets
|
|||||||
Cash
and Cash Equivalents
|
3,546,459
|
287,301
|
|||||
ACCOUNTS
RECEIVABLE:
|
|||||||
Vat
Refund Receivable
|
98,578
|
37,879
|
|||||
Advances
paid to suppliers
|
7,766
|
15,385
|
|||||
106,344
|
53,264
|
||||||
Total
current assets
|
3,652,803
|
340,565
|
|||||
DEPOSITS
|
20,861
|
-
|
|||||
FIXED
ASSETS, NET:
|
|||||||
Cost
|
313,468
|
2,955
|
|||||
Less
- accumulated depreciation
|
(40,027
|
)
|
(73
|
)
|
|||
273,441
|
2,882
|
||||||
INVESTMENTS:
|
|||||||
Investments
in Shares
|
24,500
|
-
|
|||||
Patent
rights
|
45,416
|
-
|
|||||
69,916
|
-
|
||||||
TOTAL
ASSETS
|
4,017,021
|
343,447
|
ENERGTEK
INC.
|
|||
(A
DEVELOPMENT STAGE ENTERPRISE)
|
|||
CONSOLIDATED
CONDENSED BALANCE SHEET
|
ENERGTEK
INC.
|
|||||
(A
DEVELOPMENT STAGE ENTERPRISE)
|
|||||
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
Three
Months Ended
|
Nine
Months Ended
|
Cumulative
from
|
||||||||||||||
September-30,
2007
|
September-30,
2006
|
September-30,
2007
|
September-30,
2006
|
Inception
(November
18,1998)
|
||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
to
September 30, 2007
|
||||||||||||
Revenues
|
-
|
|||||||||||||||
Operating
Expenses:
|
||||||||||||||||
Consulting
|
111,218
|
421,615
|
-
|
675,316
|
||||||||||||
Consulting-Related
parties
|
-
|
-
|
-
|
152,450
|
||||||||||||
Research
and
Development
expenses
|
385,289
|
1,185,442
|
1,185,442
|
|||||||||||||
Market
Res
earch
|
-
|
-
|
-
|
32,795
|
||||||||||||
Market
Research-
Related
parties
|
-
|
-
|
-
|
137,050
|
||||||||||||
General
and administrative
expenses
|
444,229
|
3,151
|
1,140,285
|
3,181
|
1,360,414
|
|||||||||||
Total
Operating Expenses
|
940,736
|
3,151
|
2,747,342
|
3,181
|
3,543,467
|
|||||||||||
Net
loss from operations
|
(940,736
|
)
|
(3,151
|
)
|
(2,747,342
|
)
|
(3,181
|
)
|
(3,543,467
|
)
|
||||||
Other
Income
|
||||||||||||||||
Interest
Income, net
|
7,451
|
-
|
(9,159
|
)
|
-
|
(6,018
|
)
|
|||||||||
Investments
impairment
|
-
|
-
|
-
|
-
|
(50,000
|
)
|
||||||||||
Patent
impairment
|
-
|
-
|
-
|
-
|
(100,000
|
)
|
||||||||||
Total
other income(expenses)
|
7,451
|
-
|
(9,159
|
)
|
-
|
(156,018
|
)
|
|||||||||
Net
Loss
|
(933,285
|
)
|
(3,151
|
)
|
(2,756,501
|
)
|
(3,181
|
)
|
(3,699,485
|
)
|
||||||
Weighted
Average Shares
Common
Stock
Outstanding
|
62,916,603
|
23,512,500
|
55,768,248
|
23,512,500
|
||||||||||||
Net
Loss Per Common Share
(Basic
and Fully Diluted)
|
(0.01
|
)
|
(0.00
|
)
|
(0.05
|
)
|
(0.00
|
)
|
ENERGTEK
INC.
|
|||||
(A
DEVELOPMENT STAGE ENTERPRISE)
|
|||||
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
|
Three
Months Ended
|
Nine
Months Ended
|
Cumulative
from
|
||||||||||||||
September-30,
2007
|
September-30,
2006
|
September-30,
2007
|
September-30,
2006
|
Inception
(November
18,
|
||||||||||||
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
1998)
to
September
30, 2007
|
|||||||||
Cash
Flows from Operating Activities:
|
||||||||||||||||
Net
Loss
|
(933,285
|
)
|
(3,151
|
)
|
(2,756,501
|
)
|
(3,181
|
)
|
(3,699,485
|
)
|
||||||
Adjustments
to reconcile net loss to net cash
|
||||||||||||||||
Provided
b
ó
operating activities:
|
||||||||||||||||
Depreciation
and Amortization
|
281,503
|
-
|
1,116,465
|
-
|
1,116,538
|
|||||||||||
Accumulated
interest on loans and
linkage
differences
|
38,151
|
38,151
|
38,151
|
|||||||||||||
Impairment
of Patent
|
-
|
-
|
-
|
-
|
100,000
|
|||||||||||
Impairment
of Option Investment
|
-
|
-
|
50,000
|
|||||||||||||
Non-employees'
share compensation
|
63,025
|
-
|
334,393
|
-
|
478,393
|
|||||||||||
Decrease
(Increase) in accounts receivable
|
(13,283
|
)
|
-
|
(38,867
|
)
|
-
|
(92,131
|
)
|
||||||||
Accounts
payable and accrued liabilities
|
(527,278
|
)
|
2,000
|
(224,438
|
)
|
2,000
|
(184,007
|
)
|
||||||||
Net
cash used in Operating Activities
|
(1,091,167
|
)
|
(1,151
|
)
|
(1,530,797
|
)
|
(1,181
|
)
|
(2,192,541
|
)
|
||||||
Cash
Flows to Investing Activities:
|
||||||||||||||||
Payment
for purchase of PrimeCyl LLC,net of cash acquired
|
-
|
(10,000
|
)
|
-
|
(10,000
|
)
|
||||||||||
Payment
for purchase of Angstore Technologies Ltd,net of cash
acquired
|
-
|
(150,688
|
)
|
-
|
(150,688
|
)
|
||||||||||
Investment
in shares
|
-
|
-
|
(24,500
|
)
|
-
|
(24,500
|
)
|
|||||||||
Investment
in Option
|
-
|
-
|
-
|
-
|
(50,000
|
)
|
||||||||||
Deposit
|
(4,958
|
)
|
-
|
(16,953
|
)
|
-
|
(16,953
|
)
|
||||||||
Purchase
of fixed assets
|
(58,615
|
)
|
-
|
(196,166
|
)
|
-
|
(199,121
|
)
|
||||||||
Net
cash used in Investing Activities
|
(63,573
|
)
|
-
|
(398,307
|
)
|
-
|
(451,262
|
)
|
||||||||
Cash
Flows from Financing Activities:
|
||||||||||||||||
Issuance
of common stock
|
1,240,500
|
-
|
4,143,262
|
-
|
5,145,262
|
|||||||||||
Warrants
exercise
|
1,295,000
|
1,295,000
|
-
|
1,295,000
|
||||||||||||
Redemption
of warrants
|
-
|
-
|
(250,000
|
)
|
(250,000
|
)
|
||||||||||
Loan
proceeds
|
-
|
-
|
-
|
-
|
13,000
|
|||||||||||
Repayment
of loan
|
-
|
-
|
-
|
-
|
(13,000
|
)
|
||||||||||
Net
cash from Financing Activities
|
2,535,500
|
-
|
5,188,262
|
-
|
6,190,262
|
|||||||||||
Net
Increase (Decrease) in Cash
|
1,380,760
|
-1,151
|
3,259,158
|
-1,181
|
3,546,459
|
|||||||||||
Cash
at Beginning of Period
|
2,165,699
|
1,151
|
287,301
|
1,181
|
0
|
|||||||||||
Cash
at End of Period
|
3,546,459
|
0
|
3,546,459
|
0
|
3,546,459
|
|
Useful
Life - Years
|
Leasehold
improvements
|
10
|
Computers
and peripheral equipment
|
3
-
10
|
Instruments
and laboratory equipment
|
5
|
Furniture
and office equipment
|
3
-
15
|
Motor
vehicles
|
7
|
Patent*
|
10
|
|
Number
of options
|
Weighted
Average
Exercise
Price
|
|||||
$
|
|||||||
Options
outstanding at the beginning of the period
|
497,000
|
0.24
|
|||||
|
|||||||
Changes
during the period:
|
|||||||
Granted
|
-
|
-
|
|||||
Exercised
|
-
|
-
|
|||||
Forfeited
|
-
|
-
|
|||||
|
|||||||
Options
outstanding at the end of the period
|
497,000
|
0.24
|
|||||
|
|||||||
Options
exercisable at the end of the period
|
309,500
|
0.16
|
|||||
|
|||||||
Weighted-average
fair value of options granted during the period
|
0.04
|
31.1
|
Rule
13a-14(a)/15d14(a) Certification of Lev Zaidenberg, CEO (Attached
Hereto)
|
31.2
|
Rule
13a-14(a)/15d14(a) Certification of Constantine Stukalin, Treasurer
(Attached Hereto)
|
32.1
|
Section
1350 Certifications (Attached
Hereto)
|
ENERGTEK INC. | |||
/s/ Lev Zaidenberg | /s/ Constantine Stukalin | ||
Name: Lev Zaidenberg |
Name: Constantine Stukalin |
||
Title: Chief Executive Officer and Director | Title: Treasurer and Chief Accounting Officer | ||
(Principal Executive Officer) |
(Principal Financial and Accounting
Officer)
|
1 Year Energtek (CE) Chart |
1 Month Energtek (CE) Chart |
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