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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 |
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
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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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
þ
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Page
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PART I—FINANCIAL INFORMATION
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Item 1:
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Financial Statements:
|
|
Unaudited Consolidated Balance Sheets as at April 30, 2013, and
October 31, 2012
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3 | |
|
||
Unaudited Consolidated Statements of Operations for the
Three and Six Months Ended April 30, 2013 and 2012
and for the period from commencement of development stage, November 1,
2009, to April 30, 2013
|
4 | |
Unaudited Consolidated Statements of Cash Flows for the
Six Months Ended April 30, 2013 and 2012
and for the period from commencement of development stage, November 1,
2009, to April 30, 2013
|
5 | |
Notes to Consolidated Financial Statements (Unaudited)
|
7
|
|
Item 2:
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Management’s Discussion and Analysis of Financial Condition
and Results of Operations
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11 |
Item 3:
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Quantitative and Qualitative Disclosures About Market Risk
|
12
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Item 4:
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Controls and Procedures
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12
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PART II—OTHER INFORMATION
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||
Item 2:
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Unregistered Sales of Equity Securities and Use of Proceeds
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13 |
Item 5:
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Other Events
|
13 |
Item 6:
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Exhibits
|
13
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Signatures
|
14
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ESSENTIAL INNOVATIONS TECHNOLOGY CORP
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|||||||
(a development stage enterprise)
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|||||||
Balance Sheets
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|||||||
April 30, 2013 and October 31, 2012
|
|||||||
(unaudited)
|
2013
|
2012
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 483 | $ | 146 | ||||
Total current assets
|
483 | 146 | ||||||
Intellectual property
|
260,068 | 260,068 | ||||||
Total assets
|
$ | 260,551 | $ | 260,214 | ||||
Liabilities and Stockholders' Deficiency
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||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 360,191 | $ | 343,420 | ||||
Accounts payable - related party
|
52,500 | 25,000 | ||||||
Accrued compensation
|
145,787 | 90,000 | ||||||
Amounts due to stockholders
|
67,897 | 7,645 | ||||||
Current portion of long term debt
|
491,299 | 491,299 | ||||||
Total current liabilities
|
1,117,674 | 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)
|
17,333 | 17,333 | ||||||
Additional paid-in capital
|
2,617,922 | 2,617,922 | ||||||
Accumulated deficit
|
(1,849,309 | ) | (1,849,309 | ) | ||||
Deficit accumulated during development stage
|
(1,643,069 | ) | (1,483,096 | ) | ||||
Total stockholders' deficiency
|
(857,123 | ) | (697,150 | ) | ||||
Total liabilities and stockholders' deficiency
|
$ | 260,551 | $ | 260,214 |
ESSENTIAL INNOVATIONS TECHNOLOGY CORP
|
||||||||||
(a development stage enterprise)
|
||||||||||
Statements of Operations
|
||||||||||
For the Three and Six Months Ended April 30, 2013 and 2012 and for the period
|
||||||||||
from commencement of development stage, November 1, 2009,
|
||||||||||
to January 31, 2013
|
||||||||||
(unaudited)
|
cumulative from commencement of development stage,
November 1,
2009,
to
April 30,
2013
|
||||||||||||||||||||
Three Months Ended April 30
|
Six Months Ended April 30
|
|||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||||||
Revenue
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Expenses:
|
||||||||||||||||||||
General and administrative
|
67,694 | 42,500 | 147,330 | 80,000 | 614,353 | |||||||||||||||
Marketing
|
- | 213,000 | - | 1,041,000 | 1,041,000 | |||||||||||||||
Total operating expenses
|
67,694 | 255,500 | 147,330 | 1,121,000 | 1,655,353 | |||||||||||||||
Loss from operations
|
(67,694 | ) | (255,500 | ) | (147,330 | ) | (1,121,000 | ) | (1,655,353 | ) | ||||||||||
Interest expense
|
(6,200 | ) | (6,245 | ) | (12,643 | ) | (12,628 | ) | (90,009 | ) | ||||||||||
Gain on debt forgiveness
|
- | 55,000 | - | 55,000 | 102,293 | |||||||||||||||
Net Loss
|
$ | (73,894 | ) | (206,745 | ) | $ | (159,973 | ) | (1,078,628 | ) | $ | (1,643,069 | ) | |||||||
Net loss per share
|
||||||||||||||||||||
Basic and diluted net loss per share
|
$ | (0.00 | ) | (0.01 | ) | $ | (0.01 | ) | (0.07 | ) | ||||||||||
Weighted average number of shares outstanding
|
||||||||||||||||||||
Basic and diluted
|
17,332,445 | 16,901,448 | 17,332,445 | 15,071,900 | ||||||||||||||||
ESSENTIAL INNOVATIONS TECHNOLOGY CORP
|
||||||||
(a development stage enterprise)
|
||||||||
Statements of Cash Flows
|
||||||||
For the Six Months Ended April 30, 2013 and 2012 and for the period
|
||||||||
from commencement of development stage, November 1, 2009,
|
||||||||
to April 30, 2013
|
||||||||
(unaudited)
|
2013
|
2012
|
cumulative from commencement of development stage,
November 1,
2009,
to April 30,
2013
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net loss
|
$ | (159,973 | ) | $ | (1,078,628 | ) | $ | (1,643,069 | ) | |||
Adjustments to reconcile net loss for the period to
|
||||||||||||
net cash used in operating activities:
|
||||||||||||
Common stock issued to related parties for services received
|
- | 30,000 | 114,000 | |||||||||
Common stock issued for services received
|
- | 1,048,500 | 1,168,500 | |||||||||
Gain on forgiveness of debt
|
- | (55,000 | ) | (102,293 | ) | |||||||
Changes in assets and liabilities:
|
||||||||||||
Accounts payable
|
16,771 | 2,628 | 3,161 | |||||||||
Accounts payable - related party
|
27,500 | 7,500 | 27,500 | |||||||||
Accrued expenses
|
- | - | 82,500 | |||||||||
Accrued compensation
|
55,787 | 30,000 | 229,787 | |||||||||
Net cash used in operating activities
|
(59,915 | ) | (15,000 | ) | (119,914 | ) | ||||||
Cash provided by financing activities:
|
||||||||||||
Proceeds received for common stock
|
- | - | 35,000 | |||||||||
Advances from stockholders, net
|
60,252 | 17,500 | 85,397 | |||||||||
Net cash provided by financing activities
|
60,252 | 17,500 | 120,397 | |||||||||
Increase in cash during the period
|
337 | 2,500 | 483 | |||||||||
Cash at beginning of the period
|
146 | - | - | |||||||||
Cash at end of the period
|
$ | 483 | $ | 2,500 | $ | 483 | ||||||
2013
|
2012
|
cumulative from commencement of development stage,
November 1,
2009,
to April 30,
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 | 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 April 30, 2013
|
500,000 | $ | 0.25 |
Exercise Price
|
Number
Outstanding at
April 30,
2013
|
Average Remaining Contractual Life (Years)
|
Number
Exercisable at
April 30,
2013
|
|||
$0.25
|
500,000
|
3.6
|
500,000
|
●
|
entered into a agreement for strategic advisory services with the agreed remuneration being 50,000 fully paid and non-assessable shares of common stock, with a fair value of $40,000 and an option to purchase 50,000 shares of common stock until April 30, 2015 at an exercise price of $0.75 per share.
|
●
|
entered into a consulting agreement with the agreed remuneration being cash payments totalling $12,500 and 20,000 fully paid and non-assessable shares of common stock with a fair value of $16,000.
|
Exhibit Number*
|
Title of Document
|
Location
|
||
Item 31
|
Rule 13a-14(a)/15d-14(a) Certifications
|
|||
Certification of Principal Executive Officer and Principal Financial Officer
Pursuant to Rule 13a-14
|
Attached
|
|||
Item 32
|
Section 1350 Certifications
|
|||
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)
|
Attached
|
|||
Item 101
|
Interactive Data File
|
|||
101
|
Interactive Data File
|
Attached
|
*
|
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.
|
Registrant
|
||
ESSENTIAL INNOVATIONS TECHNOLOGY CORP.
|
||
Date: June 11, 2013
|
By:
|
/s/ JASONMCDIARMID
|
Jason McDiarmid
|
||
President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director
|
||
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
|
||
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