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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 |
Exhibit 1 |
Unaudited condensed financial statements of FEC Resources Inc. for the six months ended June 30, 2018.
|
Exhibit 2 |
Management Discussion and Analysis of Financial Condition and Results of Operations for the Period Ended June 30, 2018 of FEC Resources Inc.
|
Exhibit 3 |
Certification of June 30, 2018 filings – CEO
|
Exhibit 4 |
Certification of June 30, 2018 filings - CFO
|
As at: |
June 30,
2018
|
December 31
,
2017
|
||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash
|
$
|
341,949
|
$
|
425,148
|
||||
Receivables
|
2,452
|
960
|
||||||
Prepaid expenses
|
782
|
7,145
|
||||||
345,183
|
433,253
|
|||||||
Non-current assets
|
||||||||
Property, plant and equipment
|
355
|
418
|
||||||
Investment in Forum Energy Limited (Note 9)
|
1,665,000
|
1,665,000
|
||||||
$
|
2,010,538
|
$
|
2,098,671
|
Trade and accrued payables (Note 6)
|
$
|
41,252
|
$
|
33,945
|
||||
41,252
|
33,945
|
Share capital (Note 5)
|
16,732,397
|
16,732,397
|
||||||
Contributed surplus (Note 5)
|
3,058,063
|
3,058,063
|
||||||
Deficit
|
(17,821,174
|
)
|
(17,725,734
|
)
|
||||
1,969,286
|
2,064,726
|
|||||||
$
|
2,010,538
|
$
|
2,098,671
|
Three Month Period Ended
|
Six Month Period Ended
|
|||||||||||||||
June 30, 2018
|
June 30, 2017
|
June 30, 2018
|
June 30, 2017
|
|||||||||||||
General and administration expenses
|
||||||||||||||||
General and administration (Note 7)
|
$
|
54,230
|
$
|
37,647
|
$
|
97,846
|
$
|
78,534
|
||||||||
Operating loss
|
(54,230
|
)
|
(37,647
|
)
|
(97,846
|
)
|
(78,534
|
)
|
||||||||
Unrealized gain on investments
|
-
|
-
|
-
|
1,965,000
|
||||||||||||
Interest income
|
1,276
|
395
|
2,406
|
691
|
||||||||||||
Net income (loss) and total comprehensive income (loss) for the period
|
$
|
(52,954
|
)
|
$
|
(37,252
|
)
|
$
|
(95,440
|
)
|
$
|
1,887,157
|
|||||
Earnings (loss) per common share
|
||||||||||||||||
- Basic and diluted
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
Share capital
|
Contributed surplus
|
Deficit
|
Total
|
|||||||||||||
Balance January 1, 2017
|
$
|
16,732,397
|
$
|
3,058,063
|
$
|
(17,725,734
|
)
|
$
|
2,064,726
|
|||||||
Total comprehensive income for the period
|
-
|
-
|
(95,440
|
)
|
(95,440
|
)
|
||||||||||
Balance June 30, 2017
|
$
|
16,732,397
|
$
|
3,058,063
|
$
|
(17,821,174
|
)
|
$
|
1,969,286
|
|||||||
Share
capital
|
Contributed surplus
|
Deficit
|
Total
|
|||||||||||||
Balance January 1, 2017
|
$
|
16,732,397
|
$
|
3,058,063
|
$
|
(19,528,770
|
)
|
$
|
261,690
|
|||||||
Total comprehensive income for the period
|
-
|
-
|
1,887,157
|
1,887,157
|
||||||||||||
Balance June 30, 2017
|
$
|
16,732,397
|
$
|
3,058,063
|
$
|
(17,641,613
|
)
|
$
|
2,148,847
|
For the six months ended | ||||||||
June 30, 2018 | June 30, 2017 | |||||||
Cash provided by (used in) | ||||||||
OPERATING ACTIVITIES | ||||||||
$
|
(95,440
|
)
|
$
|
1,887,157
|
||||
Non-cash items included in loss
|
||||||||
Amortization
|
63
|
89
|
||||||
Unrealized gain on investment in Forum Energy
|
--
|
(1,965,000
|
)
|
|||||
(95,377
|
)
|
(77,754
|
)
|
a)
|
Statement of Compliance
|
b)
|
Basis of Measurement
|
c)
|
Nature of Operations and Going Concern
|
Note 3 |
Summary of Significant Accounting Policies and Critical Accounts Estimates and Judgments
|
a)
|
Authorized:
|
Issued:
|
||||||||
Common Shares
|
Number
|
Amount
|
||||||
Balance December 31, 2017 and June 30, 2018
|
409,143,765
|
$
|
16,732,397
|
b)
|
Nature and Purpose of Equity and Reserves
|
Note 7 |
Nature of Expenses
|
General and administrative expenses include
|
June 30, 2018
|
June 30, 2017
|
||||||
Professional fees
|
$
|
16,939
|
$
|
2,009
|
||||
Bank charges
|
1,673
|
1,662
|
||||||
Listing and filing fees
|
12,300
|
5,261
|
||||||
Office and miscellaneous
|
12,665
|
11,477
|
||||||
Consulting (Note 6)
|
54,000
|
54,000
|
||||||
Amortization
|
63
|
89
|
||||||
Foreign exchange
|
206
|
4,036
|
||||||
$
|
97,846
|
$
|
78,534
|
Note 7 |
Nature of Expenses (continued)
|
General and administrative expenses include
|
Three Months Ended June 30, 2018
|
Three Months Ended June 30, 2017
|
||||||
Professional fees
|
$
|
13,673
|
$
|
1,399
|
||||
Bank charges
|
879
|
868
|
||||||
Listing and filing fees
|
6,180
|
594
|
||||||
Office and miscellaneous
|
6,143
|
5,668
|
||||||
Consulting (Note 6)
|
27,000
|
27,000
|
||||||
Amortization
|
31
|
45
|
||||||
Foreign exchange
|
324
|
2,073
|
||||||
$
|
54,230
|
$
|
37,647
|
Weighted Average Number of Common Shares | ||||||||
June 30, 2018
|
June 30, 2017
|
|||||||
Weighted average number of common shares (basic and diluted)
|
409,143,765
|
409,143,765
|
(a)
|
Service Contract 14 Block A Nido, Block B Matinloc, and Block B1 North Matinloc
|
Year Ended
12/31/17
|
Year Ended
12/31/16
|
Year Ended
12/31/15
|
||||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Net income (loss)
|
$
|
1,803,036
|
$
|
(249,569
|
)
|
$
|
340,909
|
|||||
Basic and Diluted Income (Loss) per share
|
$
|
(0.00)/(0.0
|
))
|
$
|
(0.00)/(0.0
|
))
|
$
|
(0.00)/(0.0
|
))
|
|||
Dividends per share
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||
Weighted Avg. Shares O/S ('000)
|
409,143,765
|
411,274,913
|
439,143,765
|
|||||||||
Working Capital
|
$
|
399,308
|
$
|
261,094
|
$
|
510,407
|
||||||
Long-Term Debt
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Shareholders' Equity/(Deficiency)
|
$
|
2,064,726
|
$
|
261,690
|
$
|
511,259
|
||||||
Total Assets
|
$
|
2,098,671
|
$
|
320,326
|
$
|
572,218
|
Computer Equipment
|
June 30, 2018
|
|||
Cost
|
||||
Opening Cost
|
$
|
15,543
|
||
Additions
|
-
|
|||
Ending Cost
|
15,543
|
|||
Accumulated Depreciation
|
||||
Opening Accumulated Depreciation
|
$
|
(15,125
|
)
|
|
Charge for the quarter
|
(63
|
)
|
||
Ending Accumulated Depreciation
|
(15,188
|
)
|
||
Carrying Value
|
$
|
355
|
1st
Qtr 18
|
1st
Qtr 18
|
4th
Qtr 17
|
3rd
Qtr 17
|
2nd
Qtr 17
|
1st
Qtr 17
|
4th
Qtr 16
|
3rd
Qtr 16
|
|
(Loss) Income
|
(53)
|
(43)
|
(53)
|
(31)
|
(37)
|
1,924
|
(100)
|
(60)
|
Basic and Diluted Loss per share
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.01
|
(0.00)
|
(0.00)
|
-
|
Market Risk
|
-
|
Credit Risk
|
-
|
Liquidity Risk
|
a)
|
Market Risk
|
b)
|
Credit risk
|
c)
|
Liquidity risk
|
June 30, 2018
|
June 30, 2017
|
|||||||
Professional fees
|
$
|
16,939
|
$
|
2,009
|
||||
Bank charges
|
1,673
|
1,662
|
||||||
Listing and filing fees
|
12,300
|
5,261
|
||||||
Office and miscellaneous
|
12,665
|
11,477
|
||||||
Consulting (Note 6)
|
54,000
|
54,000
|
||||||
Amortization
|
63
|
89
|
||||||
Foreign exchange
|
206
|
4,036
|
||||||
$
|
97,846
|
$
|
78,534
|
Three Months Ended June 30, 2018
|
Three Months Ended June 30, 2017
|
|||||||
Professional fees
|
$
|
13,673
|
$
|
1,399
|
||||
Bank charges
|
879
|
868
|
||||||
Listing and filing fees
|
6,180
|
594
|
||||||
Office and miscellaneous
|
6,143
|
5,668
|
||||||
Consulting (Note 6)
|
27,000
|
27,000
|
||||||
Amortization
|
31
|
45
|
||||||
Foreign exchange
|
324
|
2,073
|
||||||
$
|
54,230
|
$
|
37,647
|
Class
|
Par Value
|
Authorized
|
Number Issued and Outstanding as at
June 30, 2018
|
Number Issued and Outstanding as at
December 31, 2017
|
Common Shares
|
N.P.V.
|
Unlimited
|
409,143,765
|
409,143,765
|
Preferred Shares (convertible redeemable voting)
|
N.P.V.
|
Unlimited
|
None
|
None
|
(b)
|
1.
|
Review
: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of FEC Resources Inc. (the "issuer") for the interim period ended
June 30, 2018.
|
2.
|
No misrepresentations
: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
|
3.
|
Fair presentation
: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
|
"Paul Wallace"
Paul Wallace President and Chief Executive Officer |
||
NOTE TO READER
|
||
In contrast to the certificate required for non-venture issuers under National Instrument 52‑109
Certification of Disclosure in Issuers' Annual and Interim Filings
(NI 52‑109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52‑109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of
|
||
i)
controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
||
ii)
a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.
|
||
The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52‑109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.
|
4.
|
Review
: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of FEC Resources Inc. (the "issuer") for the interim period ended
June 30, 2018.
|
5.
|
No misrepresentations
: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
|
6.
|
Fair presentation
: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
|
"Paul Wallace"
Paul Wallace Chief Financial Officer |
||
NOTE TO READER
|
||
In contrast to the certificate required for non-venture issuers under National Instrument 52‑109
Certification of Disclosure in Issuers' Annual and Interim Filings
(NI 52‑109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52‑109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of
|
||
i)
controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
||
ii)
a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.
|
||
The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52‑109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.
|
1 Year FEC Resources (PK) Chart |
1 Month FEC Resources (PK) Chart |
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