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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FEC Resources Inc (PK) | USOTC:FECOF | 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% | 0.0017 | 0.0017 | 0.0025 | 0.00 | 21:00:03 |
Commission file number 0-17729
|
FEC RESOURCES INC.
|
(Exact name of Registrant as specified in its charter)
|
Not Applicable
|
(Translation of Registrant’s Name into English)
|
Canada
|
(Jurisdiction of incorporation or organization)
|
203, 200 Barclay Parade S.W., Calgary, Alberta, T2P 4R5
|
(Address of principal executive offices)
|
Paul Wallace, (403) 290-1676, Fax (403) 770-8060, 203, 200 Barclay Parade S.W., Calgary, Alberta, T2P 4R5
|
(Name, Telephone, E-mail, and/or Facsimile number and Address of Company Contact Person)
|
Securities registered or to be registered pursuant to Section 12 (g) of the Act:
|
Common Stock, without par value
|
(Title of Class)
|
Yes [ ]
|
No
[X]
|
Yes [ ]
|
No
[X]
|
Yes
[X]
|
No [ ]
|
Yes
[X]
|
No [ ]
|
Large accelerated filer
|
Accelerated filer
|
Non-accelerated filer
|
XXX
|
U.S. GAAP
|
International Financial Reporting
Standards as issued by the International Accounting Standards Board
|
XXX
|
Other
|
|
Item 17
|
|
Item 18 |
XXX
|
Yes [ ]
|
No
[X]
|
Page
|
||
PART I
|
||
Identity of Directors, Senior Management and Advisers
|
5
|
|
Offer Statistics and Expected Timetable
|
5
|
|
Key Information
|
5
|
|
Information on the Company
|
14
|
|
Unresolved Staff Comments
|
20
|
|
Operating and Financial Review and Prospects
|
20
|
|
Directors, Senior Management and Employees
|
26
|
|
Major Shareholders and Related Party Transactions
|
31
|
|
Financial Information
|
32
|
|
The Offer and Listing
|
33
|
|
Additional Information
|
34
|
|
Quantitative and Qualitative Disclosure About Market Risk
|
37
|
|
Description of Securities other than Equity Securities
|
37
|
|
PART II
|
||
Defaults, Dividend Arrearages and Delinquencies
|
38
|
|
Material Modifications to the Rights of Security Holders and Use of Proceeds
|
38
|
|
Controls and Procedures
|
38
|
|
Audit Committee Financial Expert
|
40
|
|
Code of Ethics
|
40
|
|
Principal Accountant Fees and Services
|
41
|
|
Exemption from the Listing Standards for Audit Committee
|
42
|
|
Purchase of Equity Securities by the Issuer and Affiliated Purchaser
|
42
|
|
Changes in Registrant’s Certifying Accountant
|
42
|
|
Corporate Governance
|
42
|
|
Mine Safety Disclosure
|
42
|
|
PART III
|
||
Financial Statements
|
42
|
|
Financial Statements
|
42
|
|
Exhibits
|
65
|
|
66
|
|
-
|
uncertainties in the estimates of proved reserves, and in the projection of future rates of production and timing of development expenditures;
|
|
-
|
our ability to find and acquire additional reserves;
|
|
-
|
risks associated with acquisitions, exploration, development and production;
|
|
-
|
operating hazards attendant to the oil and natural gas business;
|
|
-
|
potential constraints on our ability to market reserves due to limited transportation space;
|
|
-
|
climatic conditions;
|
|
-
|
availability and cost of labor, material, equipment and capital;
|
|
-
|
ability to employ and retain key managerial and technical personnel;
|
|
-
|
adverse regulatory or legal decisions, including those under environmental laws and regulations;
|
|
-
|
environmental risks;
|
|
-
|
the strength and financial resources of our competitors;
|
|
-
|
general economic conditions; and
|
|
-
|
our ability to continue as a “going concern”.
|
Average
|
High
|
Low
|
Close
|
|
Fiscal Year Ended 12/31/16
|
1.32
|
1.46
|
1.25
|
1.34
|
Fiscal Year Ended 12/31/15
|
1.28
|
1.40
|
1.17
|
1.38
|
Fiscal Year Ended 12/31/14
|
1.10
|
1.16
|
1.06
|
1.25
|
Fiscal Year Ended 12/31/13
|
1.03
|
1.07
|
0.98
|
1.06
|
Fiscal Year Ended 12/31/12
|
1.00
|
1.04
|
0.97
|
0.99
|
8/16
|
9/16
|
10/16
|
11/16
|
12/16
|
1/17
|
|
High
|
1.32
|
1.33
|
1.34
|
1.36
|
1.36
|
1.34
|
Low
|
1.28
|
1.28
|
1.31
|
1.33
|
1.31
|
1.30
|
Year
Ended
12/31/16
(‘000) -
except per share data
|
Year
Ended
12/31/15
(‘000) -
except per share data
|
Year
Ended
12/31/14
(‘000) -
except per share data
|
Year
Ended
12/31/13
(‘000) -
except per share data
|
Year
Ended
12/31/12
(‘000) -
except per share data
|
||||||||||||||||
Revenue
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Net (Loss) Income
|
$ | (250 | ) | $ | 341 | $ | (290 | ) | $ | (367 | ) | $ | (5,138 | ) | ||||||
Net (Loss) Income Per Share
|
$ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | |||||||
Diluted Net (Loss) Income Per Share
|
$ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | |||||||
Dividends Per Share
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
Weighted Avg. Shares O/S (‘000)
|
411,275 | 439,144 | 439,144 | 439,144 | 439,144 | |||||||||||||||
Working Capital
|
$ | 261 | $ | 510 | $ | 169 | $ | 458 | $ | 824 | ||||||||||
Resource Properties
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Long-Term Debt
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Shareholders’ Equity
|
$ | 262 | $ | 511 | $ | 170 | $ | 460 | $ | 827 | ||||||||||
Share Capital
|
$ | 16,732 | $ | 16,732 | $ | 16,732 | $ | 16,732 | $ | 16,732 | ||||||||||
Capital Stock Shares (‘000)
|
409,144 | 439,144 | 439,144 | 439,144 | 439,144 | |||||||||||||||
Total Assets
|
$ | 320 | $ | 572 | $ | 212 | $ | 502 | $ | 902 |
Funds used in operations for the fiscal years ended December 31, 2016 and 2015 were $(251,563) and $(266,369), respectively. We have been dependent upon the proceeds of equity and debt financing in addition to the disposition of assets to fund operations. No assurances can be given that our actual cash requirements will not exceed our budget, that anticipated revenues will be realized, that, when needed, lines of credit will be available if necessary or that additional capital will be available to us. There is no assurance that we will be able to obtain such additional funds on terms and conditions we may deem acceptable. Failure to obtain such additional funds may materially and adversely affect our ability to acquire interests directly or indirectly in producing oil and gas and mineral properties.
|
We have paid no dividends on our common shares since inception, and do not plan to pay dividends in the foreseeable future. See
"
Description of Common Shares.
"
|
We may, in the future, be unable to meet our share of costs incurred under joint venture agreements or other option or joint venture agreements to which we are, or may become a party, and we may have our interest in properties, in which we may acquire interests subject to such agreements, reduced as a result. Furthermore, if other parties to such agreements do not meet their share of such costs, we may be unable to finance the cost required to complete recommended programs. In 2012, our equity interest in Lascogon Mining Corporation was diluted from 40% to 1.08% as we were unable to meet a capital call for a work program. We could be further diluted in the future should Lascogon issue more capital calls.
|
Although we will attempt to ascertain the status of the title for any projects in which we have or will acquire a material direct or indirect interest, there is no guarantee that title to such concessions will not be challenged or impugned. In some countries, the system for recording title to the rights to explore, develop, and mine natural resources is such that a title opinion provides only minimal comfort that the holder has title. Also, in many countries, claims have been made and new claims are being made by aboriginal peoples, and other countries claiming rights that call into question the property rights granted by the governments of those countries. An example of this is the force majeure declared on SC72 because this contract area falls within the territorial disputed area of the West Philippine Sea which was the subject of an United Nations arbitration process between the Republic of Philippines and the People’s Republic of China. On July12, 2016, the Permanent Court of Arbitration in the Hague ruled in favor of the Philippines against China over
territorial disputes
in the South China Sea. China has rejected the ruling. It is uncertain whether this ruling will resolve the dispute between the parties.
|
Reserve estimates are imprecise and may be expected to change as additional information becomes available. Furthermore, estimates of reserves of natural resources, of necessity, are projections based on engineering data and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures. Reserve engineering is a subjective process of estimating underground accumulations of oil, gas and minerals that cannot be measured in an exact way and the accuracy of any reserve estimate is a function of the quality of available data of engineering and geological interpretation and judgment. Accordingly, there can be no assurance that the information regarding reserves of natural resources, if any, set forth herein will ultimately be produced.
|
·
|
70% interest in Service Contract 72 Reed Bank (SC 72), an offshore license which contains the Sampaguita Gas Field as well as several additional oil and gas leshare;
|
·
|
66.7% interest in Service Contract 40 North Cebu (SC 40), an onshore and offshore license which contains the onshore Libertad Gas Field and Maya discovery and several other prospects; and
|
·
|
2.27% interest in Service Contract 14C1 Galoc (SC 14C1 Galoc), an offshore license which contains the producing Galoc Field.
|
There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company.
|
Name
|
Age
|
Position/Area of Experience/Function
|
Paul Wallace (1) (2)
|
66
|
Director since November 2012, President and CEO since August 2015 and CFO since June 2015.
|
Claro Ramirez (1) | 56 | Director since October 2011 |
Lyle Brown (1) (3) | 63 | Director since October 2013 |
(1)
|
Member of Audit Committee in 2016.
|
(2)
|
Member of Compensation Committee in 2016
|
(3)
|
Member of the Corporate Governance Committee in 2016
|
Directors/Officers
|
Salary
|
Option Exercise Net
Market Value(1)
|
Total
Compensation
|
Claro Ramirez
|
$12,000
|
$0.00
|
$12,000
|
Lyle Brown
|
$24,000
|
$0.00
|
$24,000
|
Paul Wallace
|
$12,000
|
$0.00
|
$12,000
|
Total
|
$48,000
|
$0.00
|
$48,000
|
Directors/Officers
|
Salary
|
Option Exercise Net
Market Value(1)
|
Total
Compensation
|
Claro Ramirez
|
$12,000
|
$0.00
|
$12,000
|
Carlo Pablo*
|
$24,000
|
$0.00
|
$24,000
|
Lyle Brown
|
$24,000
|
$0.00
|
$24,000
|
Paul Wallace
|
$12,000
|
$0.00
|
$12,000
|
Riaz Sumar*
|
$38,500
|
$0.00
|
$38,500
|
Total
|
$110,500
|
$0.00
|
$110,500
|
Name of Director and/or Officer and number of shares held:
|
Number of
Shares
|
Percent
of Class
|
Paul Wallace *
|
-
|
-
|
Claro Ramirez
|
-
|
-
|
Lyle Brown
|
-
|
-
|
Number of shares held by all Directors and Officers as a group:
|
-
|
-
|
Name
|
Number of Share Purchase Warrants
|
Exercise Price
|
Expiration Date
|
None
|
None
|
Name
|
Number of Shares Owned
|
Percent of Class
|
PXP Energy Corporation *
|
225,000,000
|
54.99
|
CDS&Co**
|
49,975,191
|
12.21
|
CEDE & Co**
|
38,775,155
|
9.48
|
Asian Coast International
|
67,740,000
|
16.56
|
* Note Item 7.C not required for this Annual Report.
|
Year Ended
|
High
|
Low
|
12/31/16
|
$0.01
|
$0.00
|
12/31/15
|
$0.01
|
$0.00
|
12/31/14
|
$0.02
|
$0.00
|
12/31/13
|
$0.02
|
$0.00
|
12/31/12
|
$0.05
|
$0.01
|
Quarter Ended
|
Volume
|
High
|
Low
|
12/31/16
|
3,586,800
|
$0.01
|
$0.00
|
9/30/16
|
1,311,059
|
$0.00
|
$0.00
|
6/30/16
|
1,621,491
|
$0.00
|
$0.00
|
3/31/16
|
838,608
|
$0.00
|
$0.00
|
12/31/15
|
1,439,354
|
0.00
|
0.00
|
9/30/15
|
975,173
|
0.01
|
0.00
|
6/30/15
|
1,857,410
|
0.00
|
0.00
|
3/31/15
|
3,854,448
|
0.01
|
0.00
|
Month Ended
|
High
|
Low
|
Volume
|
1/31/17
|
$0.01
|
0.00
|
160,065
|
12/31/16
|
$0.01
|
0.00
|
1,665,160
|
11/30/16
|
$0.01
|
0.00
|
627,730
|
10/30/16
|
$0.01
|
0.00
|
1,293,910
|
9/30/16
|
$0.00
|
$0.00
|
333,484
|
8/30/16
|
$0.00
|
$0.00
|
781,475
|
|
1.
|
Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
|
|
2.
|
Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, regulatory agencies and in other public communications made by the registrant;
|
|
3.
|
Compliance with applicable governmental laws, rules and regulations;
|
|
4.
|
The prompt internal reporting of violations of the standards to an appropriate person or persons identified in the standards; and
|
|
5.
|
Accountability for adherence to the standards of the Code of Ethics.
|
The Code of Ethics (in hard copy) is available for inspection in our headquarters during regular business hours and a copy can also be provided at no charge on request
.
|
|
Tel: 604 688 5421
Fax: 604 688 5132
www.bdo.ca
|
BDO Canada LLP
600 Cathedral Place
925 West Georgia Street
Vancouver BC V6C 3L2 Canada
|
December 31 | December 31 | |||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash (Note 6)
|
$ | 312,161 | $ | 563,724 | ||||
Receivables
|
879 | 1,165 | ||||||
Prepaid expenses
|
6,690 | 6,477 | ||||||
319,730 | 571,366 | |||||||
Non-current assets
|
||||||||
Property, plant and equipment (Note 7)
|
596 | 852 | ||||||
320,326 | $ | 572,218 |
Trade and accrued payables (Note 10)
|
$ | 58,636 | $ | 60,959 | ||||
58,636 | 60,959 |
Share capital (Note 9)
|
16,732,397 | 16,732,397 | ||||||
Contributed surplus (Note 9)
|
3,058,063 | 3,058,063 | ||||||
Deficit
|
(19,528,770 | ) | (19,279,201 | ) | ||||
261,690 | 511,259 | |||||||
$ | 320,326 | $ | 572,218 |
Year ended | Year ended | Year ended | ||||||||||
December 31 | December 31 | December 31 | ||||||||||
2016 | 2015 | 2014 | ||||||||||
General and administrative expenses | ||||||||||||
General and administration (Note 11)
|
$ | 214,571 | $ | 297,041 | $ | 289,980 | ||||||
Operating loss
|
(214,571 | ) | (297,041 | ) | (289,980 | ) | ||||||
Gain on sale of shares in FEP (Note 8)
|
- | 637,902 | - | |||||||||
Cancelation of Indexa shares
|
(36,000 | ) | - | - | ||||||||
Interest income
|
1,002 | 48 | 105 | |||||||||
Net income (loss) and total comprehensive income (loss) for the year
|
$ | (249,569 | ) | $ | 340,909 | $ | (289,875 | ) | ||||
- Basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | |||
Weighted average number of shares outstanding, basic and diluted
|
411,274,913 | 439,143,765 | 439,143,765 |
Share capital | Contributed surplus | Deficit | Total | |||||||||||||
Balance January 1, 2016
|
$ | 16,732,397 | $ | 3,058,063 | $ | (19,279,201 | ) | $ | 511,259 | |||||||
Total comprehensive income for the year
|
- | - | (249,569 | ) | (249,569 | ) | ||||||||||
Balance December 31, 2016
|
$ | 16,732,397 | $ | 3,058,063 | $ | (19,528,770 | ) | $ | 261,690 | |||||||
Share capital
|
Contributed surplus |
Deficit
|
Total
|
|||||||||||||
Balance January 1, 2015
|
$ | 16,732,397 | $ | 3,058,063 | $ | (19,620,110 | ) | $ | 170,350 | |||||||
Total comprehensive income for the year
|
- | - | 340,909 | 340,909 | ||||||||||||
Balance December 31, 2015
|
$ | 16,732,397 | $ | 3,058,063 | $ | (19,279,201 | ) | $ | 511,259 | |||||||
Share capital
|
Contributed surplus
|
Deficit
|
Total
|
|||||||||||||
Balance January 1, 2014
|
$ | 16,732,397 | $ | 3,058,063 | $ | (19,330,235 | ) | $ | 460,225 | |||||||
Total comprehensive loss for the year
|
- | - | (289,875 | ) | (289,875 | ) | ||||||||||
Balance December 31, 2014
|
$ | 16,732,397 | $ | 3,058,063 | $ | (19,620,110 | ) | $ | 170,350 |
For the year ended | December 31 | December 31 | December 31 | |||||||||
2016 | 2015 | 2014 | ||||||||||
Cash used in | ||||||||||||
OPERATING ACTIVITIES | ||||||||||||
Net income (loss) for the year
|
$ | (249,569 | ) | $ | 340,909 | $ | (289,875 | ) | ||||
Non-cash items included in income (loss)
|
||||||||||||
Amortization (Note 7)
|
256 | 365 | 522 | |||||||||
Gain on sale of shares in FEP
|
- | (637,902 | ) | - | ||||||||
(249,313 | ) | (296,628 | ) | (289,353 | ) |
Receivables
|
286 | 279 | (7 | ) | ||||||||
Prepaid expenses
|
(213 | ) | 10,427 | 1,533 | ||||||||
Trade and accrued payables
|
(2,323 | ) | 19,553 | (363 | ) | |||||||
Net cash used in operating activities
|
(251,563 | ) | (266,369 | ) | (288,190 | ) |
Proceeds from sale of shares in FEP
|
- | 637,902 | - | |||||||||
Net cash provided by financing activities
|
- | 637,902 | - | |||||||||
Net (decrease) increase in cash
|
(251,563 | ) | 371,553 | (288,190 | ) | |||||||
Cash – beginning of the year
|
563,724 | 192,191 | 480,381 | |||||||||
Cash – end of the year
|
$ | 312,161 | $ | 563,724 | $ | 192,191 |
a)
|
Statement of Compliance
|
b)
|
Basis of Measurement
|
c)
|
Nature of Operations and Going Concern
|
a)
|
Investment in associates
|
|
Property, plant and equipment is carried at cost less accumulated depreciation. The Company depreciates its computer equipment at the rate of 30% per annum utilizing the declining balance method.
|
|
Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate.
|
|
Impairment
|
|
The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.
|
c)
|
Foreign Currency Translation
|
d)
|
Income Taxes
|
e)
|
Earnings / Loss Per Share
|
f)
|
Financial Instruments
|
g)
|
Share capital
|
h)
|
Finance income and expenses
|
i)
|
Lascogon Contingent Consideration – Note 8 (iii)
|
ii)
|
Investments in Associates
|
|
The Company periodically or when circumstances change, reviews its investments in its associates to ascertain whether it has maintained significant influence over these investments and also, reviews whether there exists any evidence that the investments in associates are required to be impaired.
|
iii)
|
Deferred tax assets and liabilities
|
iv)
|
Determination of natural resource reserves and natural resources estimates
|
|
Cash held at banks earns interest at floating rates based on daily bank deposit rates.
|
Computer Equipment
|
December 31 2016
|
December 31 2015
|
December 31 2014
|
|||||||||
Cost
|
||||||||||||
Opening Cost
|
$ | 15,543 | $ | 15,543 | $ | 15,543 | ||||||
Additions
|
- | - | - | |||||||||
Ending Cost
|
15,543 | 15,543 | 15,543 | |||||||||
Accumulated Depreciation
|
||||||||||||
Opening Accumulated Depreciation
|
$ | (14,691 | ) | $ | (14,326 | ) | $ | (13,804 | ) | |||
Charge for the year
|
(256 | ) | (365 | ) | (522 | ) | ||||||
Ending Accumulated Depreciation
|
(14,947 | ) | (14,691 | ) | (14,326 | ) | ||||||
Carrying Value
|
$ | 596 | $ | 852 | $ | 1,217 |
i)
|
Investment in Metalore Mining Corporation (“Metalore”)
|
ii)
|
Investment in FEP
|
Number of
shares held
|
Amount
|
|||||||
Balance, December 31, 2014
|
8,550,200 | - | ||||||
Disposition
|
(2,000,000 | ) | - | |||||
Balance December 31, 2015 and 2016
|
6,550,200 | $ | - |
iii)
|
Investment in Lascogon Mining Corporation (“Lascogon”)
|
|
30,000,000 common shares of the Company were issued into escrow, which were to be awarded to the vendor of the investment in Lascogon upon the declaration of commerciality as full and final consideration for the assignment of its rights to the Company, were considered contingent consideration and were to be recorded as an additional cost of the investment, at fair value, should Lascogon reach commerciality. During the year, a settlement was reached whereby the shares were cancelled and returned to treasury for a payment of $36,000.
|
a)
|
Authorized:
|
Common Shares
|
Number
|
Amount
|
||||||
Balance, January 1, 2014
|
439,143,765 | $ | 16,732,397 | |||||
Balance December 31, 2015, 2014
|
439,143,765 | $ | 16,732,397 | |||||
Returned to treasury (i)
|
(30,000,000 | ) | - | |||||
Balance, December 31, 2016
|
409,143,765 | $ | 16,732,,397 |
(i)
|
30,000,000 common shares of the Company were issued into escrow which were to be awarded to Indexa Corp., the vendor of the investment in Lascogon, upon the declaration of commerciality of the mining project as full and final consideration for the investment. As the commerciality of Lascogon was considered to be remote, no value was assigned to the shares (2015: $Nil; 2014: $Nil). On January 18, 2016 a settlement was reached whereby the shares were cancelled and returned to treasury for a payment of $36,000 to Indexa Corp.
|
|
No preferred shares have been issued since the Company’s inception.
|
Note 9
|
Share Capital - (continued)
|
b)
|
Nature and Purpose of Equity and Reserves
|
c)
|
Share based payments:
|
|
The Company has established a stock option plan whereby options may be granted to its directors, officers, consultants, and employees. The exercise price of each option equals the market price of the Company’s stock on the date of the grant and an option’s maximum term is five years. The options vest immediately.
|
|
During the year ended December 31, 2016 general and administrative expenses included key management personnel compensation totaling $48,000 (2015: $110,500; 2014: $168,000)
|
|
Related party transactions are measured at exchange value.
|
Note 11
|
Nature of Expenses
|
General and administration expenses include
|
December 31, 2016
|
December 31,
2015
|
December 31,
2014
|
|||||||||
Professional fees
|
$ | 64,681 | $ | 37,205 | $ | 38,544 | ||||||
Bank charges
|
3,324 | 2,961 | 2,703 | |||||||||
Listing and filing fees
|
18,105 | 23,479 | 19,985 | |||||||||
Office and miscellaneous
|
29,924 | 33,552 | 51,673 | |||||||||
Consulting (Note 10)
|
108,000 | 187,042 | 168,000 | |||||||||
Engineering and geological expenses
|
- | 6,753 | 6,448 | |||||||||
Amortization
|
256 | 365 | 522 | |||||||||
Foreign exchange
|
(9,719 | ) | 5,684 | 2,105 | ||||||||
$ | 214,571 | $ | 297,041 | $ | 289,980 |
December 31, 2016
|
December 31,
2015
|
December 31,
2014
|
||||||||||
Income (loss before income taxes)
|
$ | (249,569 | ) | $ | 340,909 | $ | (289,875 | ) | ||||
Tax expense (recovery) based on statutory rate of 27.0% (2015: 26%, 2014: 25.0%)
|
(67,000 | ) | 89,000 | (72,000 | ) | |||||||
Impact of disallowed capital losses
|
- | 268,000 | - | |||||||||
Impact of foreign exchange on tax assets as a difference in functional currency
|
- | - | 94,000 | |||||||||
Foreign currency adjustment on non-monetary items
|
(256,000 | ) | 552,000 | 172,000 | ||||||||
Effect of reduction in statutory rate
|
- | (249,000 | - | |||||||||
Non-taxable portion of capital gains
|
- | (86,000 | - | |||||||||
Expiry of loss carry forward
|
333,000 | 332,000 | 270,000 | |||||||||
Changes in unrecognized deferred tax assets
|
(10,000 | ) | (906,000 | (464,000 | ) | |||||||
Total income tax expense (recovery)
|
- | - | - |
December 31, 2016
|
December 31, 2015
|
|||||||
Non-capital losses
|
$ | 811,000 | $ | 1,067,000 | ||||
Capital assets and other
|
240,000 | 37,000 | ||||||
Investments
|
1,437,000 | 1,394,000 | ||||||
Unrecognized deferred tax assets
|
(2,488,000 | ) | (2,498,000 | ) | ||||
$ | - | $ | - |
|
The Company is exposed through its operations to the following financial risks:
|
-
|
Market Risk
|
-
|
Credit Risk
|
-
|
Liquidity Risk
|
a)
|
Market Risk
|
|
Foreign currency exchange risk
|
b)
|
Credit risk
|
c)
|
Liquidity risk
|
Note 14
|
Capital Management
|
1.1
|
Certificate of Continuance of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form F-1, File No. 33-81290 (the “Registration”); *
|
1.2
|
By-Laws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registration Statement); *
|
4.1
|
Consulting Agreement dated March 1, 2004 between the Company and David Robinson *;
|
4.2
|
Consulting Agreement dated March 1
,
2004 between the Company and Barry Stansfield *;
|
4.3
|
Consulting Agreement dated November 23
,
2003 between the Company and Larry Youell *;
|
4.4
|
Consulting Agreement dated March 1, 2004 between the Company and David Wilson *
|
4.5
|
Consulting Agreement dated March 1, 2004 between the Company and David *;
|
4.6
|
Exchange and Release Agreement between Tracer Petroleum Corporation and Transmeridian Exploration, Inc., dated March 16, 2001; *
|
4.7
|
Share Purchase Agreement dated March 11, 2003, as amended by agreements dated March 21, and April 2, 2003; *
|
4.8
|
Amendment dated March 21, 2003 to Share Purchase Agreement dated March 11, 2003 as amended by an agreement dated April 2, 2003; *
|
4.9
|
Amendment dated April 2, 2003 to Share Purchase Agreement dated March 11, 2003 as amended by agreement dated March 21, 2003; *
|
11
|
Code of Ethics *;
|
12.1
|
Certification by the Chief Executive Officer and Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith);
|
13.1
|
Certification by the Chief Executive Officer and Chief Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith);
|
FEC Resources Inc. | |||
Date: March 29, 2017
|
By:
|
/s/ Paul Wallace | |
Paul Wallace | |||
President and Chief Executive Officer | |||
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