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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Essential Innovations Technology Corporation (CE) | USOTC:ESIV | 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 |
þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended
January 31, 2013
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from ___________ to ___________
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Nevada
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88-0492134
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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15/F, Radio City
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505-511 Hennessy Road, Causeway Bay, Hong Kong
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(Address of principal executive offices)
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(Zip Code)
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þ
Yes
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¨ No |
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Yes
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¨ No |
Large accelerated filer
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o |
Accelerated filer
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o |
Non-accelerated filer
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o |
Smaller reporting company
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þ |
¨ Yes |
þ
No
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Page
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PART I—FINANCIAL INFORMATION | |||||
3 | |||||
3 | |||||
4 | |||||
5 | |||||
7 | |||||
13 | |||||
14 | |||||
14 | |||||
PART II—OTHER INFORMATION | |||||
15 | |||||
15 | |||||
15 | |||||
16 |
ESSENTIAL INNOVATIONS TECHNOLOGY CORP
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(a development stage enterprise)
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Balance Sheets
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January 31, 2013 and October 31, 2012
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(unaudited)
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2013
|
2012
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|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 206 | $ | 146 | ||||
Total current assets
|
206 | 146 | ||||||
Intellectual property
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260,068 | 260,068 | ||||||
Total assets
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$ | 260,274 | $ | 260,214 | ||||
Liabilities and Stockholders' Deficiency
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||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 360,657 | $ | 343,420 | ||||
Accounts payable - related party
|
38,750 | 25,000 | ||||||
Accrued compensation
|
115,787 | 90,000 | ||||||
Amounts due to stockholders
|
37,010 | 7,645 | ||||||
Current portion of long term debt
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491,299 | 491,299 | ||||||
Total current liabilities
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1,043,503 | 957,364 | ||||||
Stockholders' Deficiency
|
||||||||
Preferred stock:
|
||||||||
$0.001 par value, authorized 10,000,000 shares,
|
||||||||
issued and outstanding nil shares (2012 - nil)
|
- | |||||||
Common stock:
|
||||||||
$0.001 par value, authorized 500,000,000 shares,
|
||||||||
issued and outstanding 17,332,445 shares (2012 - 17,332,445)
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17,333 | 17,333 | ||||||
Additional paid-in capital
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2,617,922 | 2,617,922 | ||||||
Accumulated deficit
|
(1,849,309 | ) | (1,849,309 | ) | ||||
Deficit accumulated during development stage
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(1,569,175 | ) | (1,483,096 | ) | ||||
Total stockholders' deficiency
|
(783,229 | ) | (697,150 | ) | ||||
Total liabilities and stockholders' deficiency
|
$ | 260,274 | $ | 260,214 |
(a development stage enterprise)
|
Statements of Operations
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For the Three Months Ended January 31, 2013 and 2012 and for the period
|
from commencement of development stage, November 1, 2009,
|
to January 31, 2013
|
(unaudited)
|
2013
|
2012
|
cumulative from commencement of development stage, November 1, 2009, to January 31, 2013
|
||||||||||
Revenue
|
$ | - | $ | - | $ | - | ||||||
Expenses:
|
||||||||||||
General and administrative
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79,636 | 37,500 | 546,659 | |||||||||
Marketing
|
- | 828,000 | 1,041,000 | |||||||||
Total operating expenses
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79,636 | 865,500 | 1,587,659 | |||||||||
Loss from operations
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(79,636 | ) | (865,500 | ) | (1,587,659 | ) | ||||||
Interest expense
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(6,443 | ) | (6,383 | ) | (83,809 | ) | ||||||
Gain on debt forgiveness
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- | - | 102,293 | |||||||||
Net Loss
|
$ | (86,079 | ) | $ | (871,883 | ) | $ | (1,569,175 | ) | |||
Net loss per share
|
||||||||||||
Basic and diluted net loss per share
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$ | (0.00 | ) | $ | (0.07 | ) | ||||||
Weighted average number of shares outstanding
|
||||||||||||
Basic and diluted
|
17,332,445 | 13,282,125 |
(a development stage enterprise)
|
Statements of Cash Flows
|
For theThree Months Ended January 31, 2013 and 2012 and for the period
|
from commencement of development stage, November 1, 2009,
|
to January 31, 2013
|
(unaudited)
|
2013
|
2012
|
cumulative from commencement of development stage, November 1, 2009, to January 31, 2013
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net loss
|
$ | (86,079 | ) | $ | (871,883 | ) | $ | (1,569,175 | ) | |||
Adjustments to reconcile net loss for the period to
|
||||||||||||
net cash used in operating activities:
|
||||||||||||
Common stock issued to related parties for services received
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- | 30,000 | 114,000 | |||||||||
Common stock issued for services received
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- | 835,500 | 1,168,500 | |||||||||
Gain on forgiveness of debt
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- | - | (102,293 | ) | ||||||||
Changes in assets and liabilities:
|
||||||||||||
Accounts payable
|
17,237 | 6,383 | 3,627 | |||||||||
Accounts payable - related party
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13,750 | - | 13,750 | |||||||||
Accrued expenses
|
- | - | 82,500 | |||||||||
Accrued compensation
|
25,787 | - | 199,787 | |||||||||
Net cash used in operating activities
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(29,305 | ) | - | (89,304 | ) | |||||||
Cash provided by financing activities:
|
||||||||||||
Proceeds received for common stock
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- | - | 35,000 | |||||||||
Advances from stockholders, net
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29,365 | - | 54,510 | |||||||||
Net cash provided by financing activities
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29,365 | - | 89,510 | |||||||||
Increase in cash during the period
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60 | - | 206 | |||||||||
Cash at beginning of the period
|
146 | - | - | |||||||||
Cash at end of the period
|
$ | 206 | $ | - | $ | 206 |
ESSENTIAL INNOVATIONS TECHNOLOGY CORP
|
(a development stage enterprise)
|
Statements of Cash Flows (continued)
|
For the Three Months Ended January 31, 2013 and 2012 and for the period
|
from commencement of development stage, November 1, 2009,
|
to January 31, 2013
|
(unaudited)
|
2013
|
2012
|
cumulative from commencement of development stage, November 1, 2009, to January 31, 2013
|
||||||||||
Cash paid for:
|
$ | - | $ | - | $ | - | ||||||
Income taxes
|
$ | - | $ | - | $ | - | ||||||
Interest
|
||||||||||||
Non-cash transactions:
|
||||||||||||
Common stock issued for settlement of amounts owing
|
$ | - | $ | - | $ | 184,341 | ||||||
Common stock issued for accrued remuneration
|
- | - | 855,925 | |||||||||
Intellectual property acquired for common stock and options
|
- | - | 260,068 | |||||||||
Common stock issued for settlement of subscriptions received in prior periods
|
- | - | 13,977 |
Number of warrants
|
Exercise Price
|
Expiry
|
||||||||
66,494 | $ | 0.02 | 2050 | |||||||
178,063 | 2.00 | 2013 | ||||||||
244,557 |
Number of
Options
|
Weighted Average Exercise Price
|
|||||||
Outstanding at October 31, 2011
|
101,250 | 17.41 | ||||||
Options expired
|
(101,250 | ) | (17.41 | ) | ||||
Options issued
|
500,000 | 0.25 | ||||||
Outstanding at October 31, 2012 and January 31, 2013
|
500,000 | $ | 0.25 |
Exercise Price
|
Number Outstanding at January 31, 2013
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Average Remaining Contractual Life (Years)
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Number
Exercisable at
January 31, 2013
|
|||||||||||
$ | 0.25 | 500,000 | 3.9 | 500,000 |
Exhibit Number*
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Title of Document
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Location
|
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Item 31
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Rule 13a-14(a)/15d-14(a) Certifications
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|||
31.01
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Certification of Principal Executive Officer and Principal Financial Officer
Pursuant to Rule 13a-14
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Attached
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Item 32
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Section 1350 Certifications
|
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32.01
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Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer) and (Chief Financial Officer)
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Attached
|
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Item 101
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Interactive Data File
|
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101
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Interactive Data File
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Attached
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*
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All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document.
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Registrant
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ESSENTIAL INNOVATIONS TECHNOLOGY CORP.
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Date: March 15, 2013
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By:
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/s/ Jason McDiarmid
|
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Jason McDiarmid
|
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President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director
|
|||
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
|
1 Year Essential Innovations Te... (CE) Chart |
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