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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First National Energy Corp (PK) | USOTC:FNEC | 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% | 0.0186 | 0.027 | 0.6888 | 0.00 | 11:21:07 |
FIRST NATIONAL ENERGY CORPORATION |
(Exact name of registrant as specified in its charter) |
Nevada | 66-0349372 | |
(State or other jurisdiction
of incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o (do not check if a smaller reporting company) | Smaller reporting company | þ |
Consolidated Interim Balance Sheets as at September 30, 2010 (unaudited) and December 31, 2009 (audited)
|
1 | |||
Consolidated Interim Statements of Operations for the 9 month periods ended September 30, 2010 and September 30, 2009 for the cumulative period since inception (unaudited)
|
2 | |||
Consolidated Interim Statements of Operations for the 3 month periods ended September 30, 2010 and September 30, 2009 (unaudited)
|
3 | |||
Consolidated Interim Statements of Cash Flows for the 9 month periods ended September 30, 2010 and September 30, 2009 and for the cumulative period since inception (unaudited)
|
4 | |||
Consolidated Interim Statements of Changes in Stockholders’ Equity from inception to September 30, 2010 (unaudited)
|
5-7 | |||
Condensed Notes to Consolidated Interim Financial Statements (unaudited)
|
8-11 |
FIRST NATIONAL ENERGY CORPORATION
|
(Formerly First National Power Corporation)
|
(A Development Stage Company)
|
Consolidated Interim Balance Sheets
|
As of September 30, 2010 and December 31, 2009
|
(Amounts expressed in US Dollars)
|
September 30
|
December 31
|
|||||||
2010
|
2009
|
|||||||
$ | $ | |||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash
|
105,216 | 36,730 | ||||||
105,216 | 36,730 | |||||||
License for SWEG technology, net of amortization
|
2,156,797 | 1,725,967 | ||||||
2,262,013 | 1,762,697 | |||||||
LIABILITIES
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable and accrued liabilities
|
8,268 | 14,568 | ||||||
Payable to Boreas Research for SWEG license
|
600,000 | |||||||
Loans from shareholders
|
258,313 | 258,313 | ||||||
866,581 | 272,881 | |||||||
Going Concern (Note 2)
|
||||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Capital Stock
|
99,665 | 99,665 | ||||||
Additional paid-in Capital
|
2,285,701 | 2,185,801 | ||||||
Deficit, accumulated during the development stage
|
(990,004 | ) | (795,650 | ) | ||||
Total FNEC Shareholders' Equity
|
1,395,362 | 1,489,816 | ||||||
Non-controlling interest
|
70 | |||||||
1,395,432 | 1,489,816 | |||||||
2,262,013 | 1,762,697 |
FIRST NATIONAL ENERGY CORPORATION
|
(Formerly First National Power Corporation)
|
(A Development Stage Company)
|
Consolidated Interim Statements of Operations and Comprehensive Loss
|
For the 9 Month periods ended September 30, 2010 and September 30, 2009 and the cumulative period since Inception
|
(Amounts expressed in US Dollars)
|
9 Months
|
9 Months
|
|||||||||||
Cumulative
|
ended
|
ended
|
||||||||||
Since
|
September 30
|
September 30
|
||||||||||
Inception
|
2010
|
2009
|
||||||||||
$ | $ | $ | ||||||||||
OPERATING EXPENSES
|
||||||||||||
Interest Income
|
(6,923 | ) | (19 | ) | (74 | ) | ||||||
Forgiveness of accounts payable and loans
|
(47,394 | ) | ||||||||||
General and administrative expenses
|
467,077 | 23,430 | 67,821 | |||||||||
Loss on Foreign Exchange
|
2,383 | 1,803 | ||||||||||
Amortization
|
298,808 | 169,170 | 77,317 | |||||||||
Project development costs
|
272,857 | |||||||||||
Interest Expense
|
3,226 | - | ||||||||||
990,034 | 194,384 | 145,064 | ||||||||||
NET LOSS
|
(990,034 | ) | (194,384 | ) | (145,064 | ) | ||||||
Net loss attributable to non-controlling interest
|
(30 | ) | (30 | ) | - | |||||||
Net loss attributable to FNEC Shareholders
|
(990,004 | ) | (194,354 | ) | (145,064 | ) | ||||||
Net loss per share, basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | ||||||
Weighted average common shares outstanding
|
99,665,228 | 47,495,631 | ||||||||||
COMPREHENSIVE LOSS
|
||||||||||||
Net Loss
|
(990,034 | ) | (194,384 | ) | (145,064 | ) | ||||||
Other Comprehensive Loss
|
- | - | - | |||||||||
Comprehensive Loss
|
(990,034 | ) | (194,384 | ) | (145,064 | ) | ||||||
Comprehensive Loss attributable to non-controlling interest
|
(30 | ) | (30 | ) | - | |||||||
Comprehensive Loss attributable to FNEC Shareholders
|
(990,004 | ) | (194,354 | ) | (145,064 | ) |
FIRST NATIONAL ENERGY CORPORATION
|
||||||||
(Formerly First National Power Corporation)
|
||||||||
(A Development Stage Company)
|
||||||||
Consolidated Interim Statements of Operations and Comprehensive Loss
|
||||||||
For the 3 Month periods ended September 30, 2010 and September 30, 2009
|
||||||||
(Amounts expressed in US Dollars)
|
||||||||
3 Months
|
3 Months
|
|||||||
ended
|
ended
|
|||||||
September 30
|
September 30
|
|||||||
2010
|
2009
|
|||||||
$ | $ | |||||||
OPERATING EXPENSES
|
||||||||
Interest Income
|
(2 | ) | (10 | ) | ||||
Forgiveness of accounts payable and loans
|
||||||||
General and administrative expenses
|
7,152 | 4,659 | ||||||
Loss on Foreign Exchange
|
1,803 | - | ||||||
Amortization
|
61,390 | 46,390 | ||||||
Project development costs
|
||||||||
Interest Expense
|
- | |||||||
70,343 | 51,039 | |||||||
NET LOSS
|
(70,343 | ) | (51,039 | ) | ||||
Net loss attributable to non-controlling interest
|
(15 | ) | - | |||||
Net loss attributable to FNEC Shareholders
|
(70,328 | ) | (51,039 | ) | ||||
Net loss per share, basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | ||
Weighted average common shares outstanding
|
99,665,228 | 99,665,228 | ||||||
COMPREHENSIVE LOSS
|
||||||||
Net Loss
|
(70,343 | ) | (51,039 | ) | ||||
Other Comprehensive Loss
|
- | - | ||||||
Comprehensive Loss
|
(70,343 | ) | (51,039 | ) | ||||
Comprehensive Loss attributable to non-controlling interest
|
(15 | ) | - | |||||
Comprehensive Loss attributable to FNEC Shareholders
|
(70,328 | ) | (51,039 | ) |
FIRST NATIONAL ENERGY CORPORATION
|
(Formerly First National Power Corporation)
|
(A Development Stage Company)
|
Consolidated Interim Statements of Cash Flows
|
For the 9 Month Periods ended September 30, 2010 and September 30, 2009 and the cumulative period since inception
|
(Amounts expressed in US Dollars)
|
9 Months
|
9 Months
|
|||||||||||
Cumulative
|
ended
|
ended
|
||||||||||
Since
|
September 30
|
September 30
|
||||||||||
Inception
|
2010
|
2009
|
||||||||||
$ | $ | $ | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net loss
|
(990,034 | ) | (194,384 | ) | (145,064 | ) | ||||||
Adjustments for items not affecting cash
|
||||||||||||
Amortization
|
298,808 | 169,170 | 77,317 | |||||||||
Shares issued for services rendered
|
332,390 | - | 32,000 | |||||||||
Forgiveness of accounts payable and loans
|
(47,394 | ) | ||||||||||
Increase (decrease) in accounts payable
|
||||||||||||
and accrued liabilities
|
12,267 | (6,300 | ) | (8,829 | ) | |||||||
Net cash used in operating activities
|
(393,963 | ) | (31,514 | ) | (44,576 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Loans from Shareholders
|
301,708 | - | ||||||||||
Proceeds from sale of capital stock
|
97,471 | |||||||||||
Proceeds of sale of minority interest in subsidiary
|
100,000 | 100,000 | ||||||||||
Net cash provided by financing activities
|
499,179 | 100,000 | - | |||||||||
NET INCREASE (DECREASE) IN CASH
|
105,216 | 68,486 | (44,576 | ) | ||||||||
Cash, beginning of period
|
- | 36,730 | 85,122 | |||||||||
CASH, END OF PERIOD
|
105,216 | 105,216 | 40,546 | |||||||||
INCOME TAXES PAID
|
- | - | - | |||||||||
INTEREST PAID
|
3,226 | - | - | |||||||||
NON-CASH TRANSACTIONS - PURCHASE OF SWEG TECHNOLOGY FOR SHARES
|
1,855,605 | - | - | |||||||||
PURCHASE OF SWEG TECHNOLOGY BY SUBSIDIARY FOR NOTE PAYABLE
|
600,000 | 600,000 | - |
FIRST NATIONAL ENERGY CORPORATION
|
||||||||||||||||||||||||||||||||
(Formerly First National Power Corporation)
|
||||||||||||||||||||||||||||||||
(A Development Stage Company)
|
||||||||||||||||||||||||||||||||
Consolidated Interim Statements of Changes in Stockholders’ Equity (Deficiency)
|
||||||||||||||||||||||||||||||||
From Inception until September 30, 2010
|
||||||||||||||||||||||||||||||||
(Amounts expressed in US Dollars)
|
Common stock - dollar amount
at par value
|
Common stock - number of
shares
|
Common
stock
subscribed
|
Additional
paid-in capital (discount)
|
Deficit
accumulated
during the development
stage
|
Total FNEC shareholders'
equity
|
Non-controlling interests | Total equity | |||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Balance at November 16, 2000
|
||||||||||||||||||||||||||||||||
Issuance of common stock for cash
|
100 | 100,000 | 900 | 1,000 | 1,000 | |||||||||||||||||||||||||||
Net Loss for the Period
|
(968 | ) | (968 | ) | (968 | ) | ||||||||||||||||||||||||||
Balance as of December 31, 2000
|
100 | 100,000 | - | 900 | (968 | ) | 32 | - | 32 | |||||||||||||||||||||||
Issuance of stock for cash
|
400 | 400,000 | 3,600 | 4,000 | 4,000 | |||||||||||||||||||||||||||
Issuance of stock for cash
|
700 | 700,000 | 6,300 | 7,000 | 7,000 | |||||||||||||||||||||||||||
Issuance of stock for cash
|
850 | 850,000 | 7,650 | 8,500 | 8,500 | |||||||||||||||||||||||||||
Currency Translation
|
100 | 100 | 100 | |||||||||||||||||||||||||||||
Net Loss for the Year
|
(23,954 | ) | (23,954 | ) | (23,954 | ) | ||||||||||||||||||||||||||
Balance as of December 31, 2001
|
2,050 | 2,050,000 | - | 18,550 | (24,922 | ) | (4,322 | ) | - | (4,322 | ) | |||||||||||||||||||||
Expiration of recission offer for
|
||||||||||||||||||||||||||||||||
sale of stock
|
64 | 63,536 | 6,290 | 6,354 | 6,354 | |||||||||||||||||||||||||||
Net Loss for the Year
|
(26,047 | ) | (26,047 | ) | (26,047 | ) | ||||||||||||||||||||||||||
Balance as of December 31, 2002
|
2,114 | 2,113,536 | - | 24,840 | (50,969 | ) | (24,015 | ) | - | (24,015 | ) |
FIRST NATIONAL ENERGY CORPORATION
|
||||||||||||||||||||||||||||||||
(Formerly First National Power Corporation)
|
||||||||||||||||||||||||||||||||
(A Development Stage Company)
|
||||||||||||||||||||||||||||||||
Consolidated Interim Statements of Changes in Stockholders’ Equity (Deficiency)
|
||||||||||||||||||||||||||||||||
From Inception until September 30, 2010
|
||||||||||||||||||||||||||||||||
(Amounts expressed in US Dollars)
|
Common stock - dollar amount
at par value
|
Common stock - number of
shares
|
Common
stock
subscribed
|
Additional
paid-in capital (discount)
|
Deficit
accumulated
during the development
stage
|
Total FNEC shareholders'
equity
|
|||||||||||||||||||||||||||
Non-controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Stock split 5:1
|
8,454 | 8,454,144 | (8,454 | ) | - | |||||||||||||||||||||||||||
Shares issued for services rendered
|
200 | 200,000 | 79,800 | 80,000 | 80,000 | |||||||||||||||||||||||||||
Net Loss for the Year
|
(107,245 | ) | (107,245 | ) | (107,245 | ) | ||||||||||||||||||||||||||
Balance as of December 31, 2003
|
10,768 | 10,767,680 | - | 96,186 | (158,214 | ) | (51,260 | ) | - | (51,260 | ) | |||||||||||||||||||||
Stock split 7:1
|
64,606 | 64,606,080 | (64,606 | ) | - | - | ||||||||||||||||||||||||||
Shares issued for services rendered
|
30 | 30,000 | 15,870 | 15,900 | 15,900 | |||||||||||||||||||||||||||
Shares subscribed
|
146 | 70,371 | 70,517 | 70,517 | ||||||||||||||||||||||||||||
Shares issued for services rendered
|
44 | 43,000 | 9,956 | 10,000 | 10,000 | |||||||||||||||||||||||||||
Net Loss for the Year
|
(75,414 | ) | (75,414 | ) | (75,414 | ) | ||||||||||||||||||||||||||
Balance as of December 31, 2004
|
75,448 | 75,446,760 | 146 | 127,777 | (233,628 | ) | (30,257 | ) | - | (30,257 | ) | |||||||||||||||||||||
Shares issued for services rendered
|
830 | 830,000 | 193,160 | 193,990 | 193,990 | |||||||||||||||||||||||||||
Net Loss for the Year
|
(208,886 | ) | (208,886 | ) | (208,886 | ) | ||||||||||||||||||||||||||
Balance as of December 31, 2005
|
76,278 | 76,276,760 | 146 | 320,937 | (442,514 | ) | (45,153 | ) | - | (45,153 | ) | |||||||||||||||||||||
Net Loss for the Year
|
(32,962 | ) | (32,962 | ) | (32,962 | ) | ||||||||||||||||||||||||||
Balance as of December 31, 2006
|
76,278 | 76,276,760 | 146 | 320,937 | (475,476 | ) | (78,115 | ) | - | (78,115 | ) |
FIRST NATIONAL ENERGY CORPORATION
|
||||||||||||||||||||||||||||||||
(Formerly First National Power Corporation)
|
||||||||||||||||||||||||||||||||
(A Development Stage Company)
|
||||||||||||||||||||||||||||||||
Consolidated Interim Statements of Changes in Stockholders’ Equity (Deficiency)
|
||||||||||||||||||||||||||||||||
From Inception until September 30, 2010
|
||||||||||||||||||||||||||||||||
(Amounts expressed in US Dollars)
|
Common stock - dollar amount
at par value
|
Common stock - number of
shares
|
Common
stock
subscribed
|
Additional
paid-in capital (discount)
|
Deficit
accumulated
during the development
stage
|
Total FNEC shareholders'
equity
|
|||||||||||||||||||||||||||
Non-controlling interests
|
Total equity
|
|||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Net Loss for the Year
|
(30,760 | ) | (30,760 | ) | (30,760 | ) | ||||||||||||||||||||||||||
Issue shares bought under subscription
|
146 | 146,000 | (146 | ) | - | - | ||||||||||||||||||||||||||
Balance as of December 31, 2007
|
76,424 | 76,422,760 | - | 320,937 | (506,236 | ) | (108,875 | ) | - | (108,875 | ) | |||||||||||||||||||||
Shares issued for services rendered
|
100 | 100,000 | 400 | 500 | 500 | |||||||||||||||||||||||||||
Net Loss for the period
|
(78,645 | ) | (78,645 | ) | (78,645 | ) | ||||||||||||||||||||||||||
Balance as of December 31, 2008
|
76,524 | 76,522,760 | - | 321,337 | (584,881 | ) | (187,020 | ) | - | (187,020 | ) | |||||||||||||||||||||
Reverse Stock split 1:100
|
(75,759 | ) | (75,757,532 | ) | 75,759 | - | - | |||||||||||||||||||||||||
Shares issued for services rendered
|
100 | 100,000 | 31,900 | 32,000 | 32,000 | |||||||||||||||||||||||||||
Purchase of SWEG license for shares
|
98,800 | 98,800,000 | 1,756,805 | 1,855,605 | 1,855,605 | |||||||||||||||||||||||||||
Net Loss for the Year
|
(210,769 | ) | (210,769 | ) | (210,769 | ) | ||||||||||||||||||||||||||
Balance as of December 31, 2009
|
99,665 | 99,665,228 | - | 2,185,801 | (795,650 | ) | 1,489,816 | - | 1,489,816 | |||||||||||||||||||||||
Net Loss for the Year
|
(194,354 | ) | (194,354 | ) | (30 | ) | (194,384 | ) | ||||||||||||||||||||||||
Sale of minority interest in subsidiary
|
99,900 | 99,900 | 100 | 100,000 | ||||||||||||||||||||||||||||
Non-controlling minority interest
|
||||||||||||||||||||||||||||||||
Balance as of September 30, 2010
|
99,665 | 99,665,228 | - | 2,285,701 | (990,004 | ) | 1,395,362 | 70 | 1,395,432 |
a)
|
Description of the Business
|
b)
|
Purchase of Technology License
|
c)
|
Further Purchase of Technology License
|
2010
|
2009
|
|||||||||||||||
Cost
|
Accumulated Amortization
|
Net Book Value
|
Net Book
Value
|
|||||||||||||
North American Technology License
|
$ | 1,855,605 | $ | 268,808 | $ | 1,586,797 | $ | 1,725,967 | ||||||||
Indian Technology License
|
$ | 600,000 | $ | 30,000 | $ | 570,000 | $ | - | ||||||||
$ | 2,455,605 | $ | 298,808 | $ | 2,156,797 | $ | 1,725,967 |
2010 | * | $ | 61,390 |
* For the 4th Quarter of 2010
|
||
2011 | 245,561 | |||||
2012 | 245,561 | |||||
2013 | 245,561 | |||||
2014 | 245,561 | |||||
$ | 1,043,634 |
2010 | * | $ | 61,390 | * For the 4th quarter of 2010 | ||
2011 | 245,561 | |||||
2012 | 245,561 | |||||
2013 | 245,561 | |||||
2014 | 245,561 | |||||
$ | 1,043,634 |
Exhibit No.
|
Document
|
|
Sect. 302 Certification Statement of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Sect. 906 Certification Statement of the Principal Executive Officer and Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002
|
FIRST NATIONAL ENERGY CORPORATION | ||
Dated: October 25, 2010
|
/s/ Gregory Sheller | |
Gregory Sheller, | ||
Chief Executive Officer | ||
1 Year First National Energy (PK) Chart |
1 Month First National Energy (PK) Chart |
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