0001493152-18-017288.txt : 20181211 0001493152-18-017288.hdr.sgml : 20181211 20181211071308 ACCESSION NUMBER: 0001493152-18-017288 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 49 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181211 DATE AS OF CHANGE: 20181211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: First National Energy Corp. CENTRAL INDEX KEY: 0001142129 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 911678245 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-37696 FILM NUMBER: 181227786 BUSINESS ADDRESS: STREET 1: C/O PETER WANNER, 44 GREYSTONE CRESCENT STREET 2: SUITE 200 CITY: GEORGETOWN STATE: A6 ZIP: L7G1G9 BUSINESS PHONE: (416) 918 6987 MAIL ADDRESS: STREET 1: C/O PETER WANNER, 44 GREYSTONE CRESCENT STREET 2: SUITE 200 CITY: GEORGETOWN STATE: A6 ZIP: L7G1G9 FORMER COMPANY: FORMER CONFORMED NAME: First National Power Corp. DATE OF NAME CHANGE: 20040520 FORMER COMPANY: FORMER CONFORMED NAME: CAPSTONE INTERNATIONAL CORP DATE OF NAME CHANGE: 20010606 10-Q/A 1 form10-qa.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q/A

 

Amendment No. 1

 

(Mark One)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2018

 

or

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to ________________.

 

Commission File Number: 001-37696

 

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.)

 

44 Greystone Crescent, Georgetown, Ontario Canada L7G 1G9

(Address of principal executive offices) (Zip Code)

 

(416) 918-6987

(Registrant’s telephone number, including area code)

 

 

(Former Name, Former Address, and Former Fiscal Year, if Changed Since Last Report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [  ] No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[X] Yes [  ] No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ]   Accelerated filer [  ]
     
Non-Accelerated filer [  ] Smaller reporting company [X] Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes [  ] No [X]

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

As of September 30, 2018, there were 100,225,228 common shares issued and outstanding.

 

Transitional Small Business Disclosure Format Yes [  ] No [X]

 

 

 

   
 

 

EXPLANATORY NOTE

 

The choice of “are we a shell” was inadvertently set to Yes when it should have been set at No

 

 
 

 

First National Energy Corporation

Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

(unaudited)

 

   
 

 

Index

 

Interim Consolidated Balance Sheets as at September 30, 2018 (unaudited) and December 31, 2017 (audited) 3
   
Interim Consolidated Statements of Operations and Other Comprehensive Loss for the nine and three months ended September 30, 2018 (unaudited) and September 30, 2017 (unaudited) 4
   
Interim Consolidated Statements of changes in Stockholders’ Deficiency for the nine months ended September 30, 2018 (unaudited) and year ended December 31, 2017 (audited) 5
   
Interim Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 (unaudited) and September 30, 2017 (unaudited) 6
   
Condensed Notes to Interim Consolidated Financial Statements 7 - 15

 

 Page 2 
 

 

FIRST NATIONAL ENERGY CORPORATION

Interim Consolidated Balance Sheets

As of September 30, 2018, and December 31, 2017

(Amounts Expressed US Dollars)

 

   September 30, 2018   December 31, 2017 
   $
(unaudited)		   $
(audited)		 
ASSETS          
CURRENT ASSETS          
Cash   11    644 
           
Total Current Assets   11    644 
LICENSES FOR TECHNOLOGY (Note 4)   200    200 
           
Total Assets   211    844 
           
LIABILITIES          
CURRENT LIABILITIES          
Accounts payable and accrued liabilities   41,181    36,118 
Loan payable to director (Note 8)   156,169    149,716 
Loan payable to related party (Note 5)   540,000    540,000 
    737,350    725,834 
           
Going Concern (Note 2)          
Related Party Transactions (Note 8)          
Commitment (Note 10)          
           
STOCKHOLDERS’ DEFICIENCY          
Capital Stock ($.001 par value, 300,000,000 common shares authorized, 100,225,228 issued and outstanding as of September 30, 2018 and 100,195,228 as of December 31, 2017   100,125    100,095 
Additional paid-in Capital   277,969    262,999 
Deficit   (1,115,276)   (1,088,127)
Accumulated other comprehensive loss   (10)   (10)
Total Stockholders’ Deficiency Attributable to the Company’s Stockholders   (737,192)   (725,043)
Non-controlling interest   53    53 
           
Total FNEC Stockholders’ Deficit   (731,139)   (724,990)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY   211    844 

 

The accompanying notes form an integral part of these interim consolidated financial statements

 

 Page 3 
 

 

FIRST NATIONAL ENERGY CORPORATION

Interim Consolidated Statements of Operations and Other Comprehensive Loss

For the nine and three months ended

(Amounts Expressed US Dollars)

 

   9 months ended September 30   3 months ended September 30 
   2018   2017   2018   2017 
   $   $   $   $ 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
REVENUE   -    -    -    - 
EXPENSES                    
General and administrative   27,149    24,240    5,896    904 
Total Operating Expenses   27,149    24,240    5,896    904 
LOSS BEFORE INCOME TAXES   (27,149)   (24,240)   (5,896)   (904)
Income taxes   -    -    -    - 
NET INOME (LOSS)   (27,149)   (24,240)   (5,896)   (904)
Net Loss and comprehensive loss attributable to the Company’s stockholders   (27,149)   (24,240)   (5,896)   (904)
Net Loss and comprehensive loss attributable to non-controlling interests   -    -    -    - 
NET LOSS AND COMPREHENSIVE LOSS   (27,149)   (24,240)   (5,896)   (904)
Net loss per share – basic and diluted  $(0.00)  $(0.00)  $(0.00)  $(0.00)
Weighted average common shares outstanding   100,225,228    99,915,228    100,225,228    99,915,228 

 

The accompanying notes form an integral part of these interim consolidated financial statements

 

 Page 4 
 

 

FIRST NATIONAL ENERGY CORPORATION

Interim Consolidated Statements of Changes in Stockholders’ Deficiency

For the periods ended December 31, 2014 to September 30, 2018

(Amounts expressed in US Dollars)

 

   Common
stock - number
of shares		   Common stock - dollar amount at par value   Additional paid-in capital   Accumulated Deficit   Accumulated
other
comprehensive
loss		   Non- controlling interests  

Total

stockholders’ deficit

 
       $   $   $   $   $   $ 
                             
Balance as of December 31, 2014 (audited)   99,865,228    99,765    103,329    (876,475)   (10)   53    (673,338)
                                    
Net Loss for the year   -    -    -    (22,612)   -    -    (22,612)
                                    
Balance as of December 31, 2015 (audited)   99,865,228    99,765    103,329    (899,087)   (10)   53    (695,950)
                                    
Net loss for the year   -    -    -    (12,364)   -    -    (12,364)
                                    
Balance as of December 31, 2016 (audited)   99,865,228    99,765    103,329    (911,451)   (10)   53    (708,314)
                                    
Sale of Shares   50,000    50    24,950                   25,000 
Financing Costs             (5,000)                  (5,000)
Sale of shares   30,000    30    14,970                   15,000 
Stock based compensation   250,000    250    124,750                   125,000 
Net Loss for the year   -    -    -    (176,676)   -    -    (176,676)
                                    
Balance as of December 31, 2017 (audited)   100,195,228    100,095    262,999    (1,088,127)   (10)   53    (724,990)
                                    
Sale of Shares   30,000    30    14,970                   15,000 
Net Loss for the Period   -    -    -    (27,149)   -    -    (27,149)
Balance as of September 30, 2018 (unaudited)   100,225,228    100,125    277,969    (1,115,276)   (10)   53    (737,139)

 

The accompanying notes form an integral part of these interim consolidated financial statements

 

 Page 5 
 

 

FIRST NATIONAL ENERGY CORPORATION

Interim Consolidated Statements of Cash Flows

For the nine months ended September 30,

(Amounts Expressed US Dollars)

 

   2018   2017 
   $
(unaudited)		   $
(unaudited)		 
         
CASH FLOWS FROM OPERATING ACTIVITIES          
           
Net loss   (27,149)   (24,240)
Adjustments for items not affecting cash Increase (decrease) in accounts payable and accrued liabilities   5,063    (15,359)
           
Net cash used in operating activities   (22,086)   (39,599)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
           
Loan from Director   6,453    20,214 
Issuance of shares   15,000    25,000 
Less share issuance finance cost   -    (5,000)
           
Net cash provided by financing activities   21,453    40,214 
           
NET INCREASE (DECREASE) IN CASH   (633)   615 
           
Cash, beginning of period   644    1,059 
           
CASH, END OF PERIOD   11    1,674 

 

The accompanying notes form an integral part to these interim consolidated financial statements

 

 Page 6 
 

 

FIRST NATIONAL ENERGY CORPORATION

Notes to Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

 

1. NATURE OF OPERATIONS AND PURCHASE OF TECHNOLOGY

 

a) Nature of operations

 

First National Energy Corporation (the “Company”) was incorporated in the State of Delaware on November 16, 2000.

 

The Company’s business purpose is the provision of wind-driven solutions for power generation. Current projects for the Company are the completion of power generation projects from supplemental wind generation technologies.

 

b) Purchase of Technology License

 

On April 20, 2009, the Company entered into a preliminary letter of intent with Boreas Research Corporation (“Boreas”), a Florida corporation, pursuant to which the Company would acquire a territorial license to certain rights in alternative energy technology of Boreas, in exchange for a quantity of newly issued common shares of the Company. The letter of intent was superseded by a Technology License and Stock Purchase Agreement (the “Agreement”) between the Company and Boreas that was consummated on May 25, 2009 (the “Closing”), at which time the Company issued to the stockholders of Boreas 98,800,000 new restricted and unregistered common shares of the Company and agreed to pay certain future royalties to Boreas from net revenues realized by the Company from the technology license. The consideration issued in the transaction was determined as a result of arm’s-length negotiations between the parties.

 

The preliminary letter of intent was reported by the Company on form 8-K to the Securities and Exchange Commission (“SEC”) on April 21, 2009, and the Agreement was annexed to an information statement on form 14-C filed with the SEC in preliminary and definitive forms on April 22, 2009 and May 4, 2009, respectively. The definitive information statement was mailed to the Stockholders of the Company on May 4, 2009.

 

The Company obtained written consent to the Agreement and the transaction from the holders of 55.82% of its issued and outstanding shares of common stock in lieu of a meeting of stockholders.

 

In exchange for the Company acquiring the technology license from Boreas at the Closing pursuant to the Agreement (as amended by the Amendment), the Stockholders of Boreas received an aggregate of 98,800,000 new restricted and unregistered common shares of the Company’s common stock. Accordingly, the Boreas Stockholders now own 98.60% of the Company’s 100,225,228 outstanding common shares. No finder’s fees were paid or consulting agreements entered into by the Company in connection with the transaction.

 

Prior to the transaction, there were no material relationships between the Company and Boreas, between Boreas and the Company’s affiliates, directors or officers, or between any associates of Boreas and the Company’s officers or directors. All of the Company’s transaction liabilities were settled on or immediately following the Closing.

 

 Page 7 
 

 

FIRST NATIONAL ENERGY CORPORATION

Notes to Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

 

1. NATURE OF OPERATIONS AND PURCHASE OF TECHNOLOGY (cont’d)

 

b) Purchase of Technology License (cont’d)

 

On April 18, 2011, First National Energy Corporation (the “Company”) entered into a Novation Agreement (the “Novation”) with all of the stockholders of Boreas revising the structure of the May 25, 2009 transaction by which the Company acquired a territorial license to certain rights in alternative energy technology of Boreas, in exchange for a quantity of newly issued common shares of the Company. The Novation amended the Technology License and Stock Purchase Agreement (the “Original Agreement”) to substitute the stockholders of Boreas as the licensor under the Original Agreement.

 

c) Further Purchase of Technology License

 

On March 22, 2010, Pavana Power Corporation (“Pavana”), a Nevada corporation, the Company’s 99.9% owned subsidiary, acquired an exclusive, territorial, 25-year license for the Republic of India (“India”), from Boreas, pursuant to which the Company’s subsidiary acquired technology rights for India in the technology of Boreas that maximizes the energy productivity of existing wind turbines by capturing energy that flows through and underneath existing wind turbine systems. The consideration due from the Company’s subsidiary to Boreas for the license is a deferred cash payment of $600,000, and a future royalty equal to 5% of the subsidiary’s “EBITDA” (earnings before interest, taxes, depreciation and amortization) from exploitation of the acquired license.

 

2. GOING CONCERN

 

The Company’s interim consolidated financial statements are prepared using accounting principles generally accepted in the United States of America and applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has not generated any revenues from its planned principal operations through September 30, 2018 and has recorded losses since inception, has negative working capital, has yet to achieve profitable operations and expects further losses in the development of its business. There can be no assurance that the Company will have adequate capital resources to fund planned operations or that any additional funds will be available to the Company when needed, or if available, will be available on favorable terms in the amounts required by the Company.

 

 Page 8 
 

 

FIRST NATIONAL ENERGY CORPORATION

Notes to Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

 

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Management has plans to raise cash through debt offerings once the sales of the technologies begin. The facilities and equipment required for successfully completing the business model have been identified but until the resources are available, have not been acquired or engaged. In the period prior to the onset of operations, the Company will undertake to raise further cash through further capital offerings. There is no assurance that the Company will be successful in raising additional capital.

 

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a) Basis of presentation and Consolidation

 

The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X related to smaller reporting companies.

 

The unaudited interim consolidated financial statements should be read in conjunction with the financial statements and Notes thereto together with management’s discussion and analysis of financial condition and results of operations contained in the Company’s annual report on Form 10-K for the year ended December 31, 2017. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of the Company at September 30, 2018, the results of its operations for the six months ended September 30, 2018 and 2017, and its cash flows for the six months ended September 30, 2018 and 2017. In addition, some of the Company’s statements in its quarterly report on Form 10-Q may be considered forward-looking and involve risks and uncertainties that could significantly impact expected results. The results of operations for the six months ended September 30, 2018 are not necessarily indicative of results to be expected for the full year.

 

b) Use of Estimates

 

The preparation of financial statements for any period involves the use of estimates as the precise determination of assets and liabilities, and revenues and expenses, depends on future events. Actual amounts may differ from these estimates. Significant estimates include the valuation of allowances for deferred tax assets.

 

c) Financial Instruments

 

The Company’s financial instruments consist of cash, accounts payable and accrued liabilities, and loans payable to related party and to director. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, or credit risks arising from these financial instruments. The fair values of these financial instruments approximate their carrying values due to the relatively short period to maturity for these instruments.

 

 Page 9 
 

 

FIRST NATIONAL ENERGY CORPORATION

Notes to Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

 

The Company follows ASC 820-10, “Fair Value Measurements and Disclosures” (ASC 820-10), which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:

 

● Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

 

● Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

 

● Level 3—Unobservable inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

 

Assets and liabilities measured at fair value as of September 30, 2018 and December 31, 2017 are classified below based on the three fair value hierarchy tiers described above:

 

c) Financial Instruments

 

   2018   2017 
   Carrying   Fair   Carrying   Fair 
   Value   Value   Value   Value 
Cash   11    11    644    644 
Accounts payable and accrued liabilities   41,181    41,181    36,118    36,118 
Loan payable to director   156,169    156,169    149,716    149,716 
Loan payable to related party   540,000    540,000    540,000    540,000 

 

Cash has been measured using Level 1 of the fair value hierarchy. Accounts payable and accrued liabilities, loans payable to related party and director have been measured using Level 3 of the fair value hierarchy.

 

d) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets likely.

 

 Page 10 
 

 

FIRST NATIONAL ENERGY CORPORATION

Notes to Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

 

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

Net operating loss carry-forwards and other deferred tax assets are reviewed annually for recoverability, and, if necessary, are recorded net of a valuation allowance.

 

e) Comprehensive loss

 

Comprehensive loss includes all changes in equity during a period from non-owner sources.

 

f) Intangible Assets

 

Intangible assets include the technology licenses which are amortized over the estimated useful life of 10 years on a straight- line basis. However, since these licenses were previously written down to a nominal value, no amortization was recognized during the period for accounting purposes.

 

g) Loss per share

 

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted loss per share is computed by dividing net loss by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive). As of September 30, 2018, there were no common stock equivalents.

 

h) Stock-Based Compensation

 

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from parties other than employees using the estimated fair market value of the consideration received or estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services. As of September 30, 2018, the unrecognized expense related to stock-based compensation, and stock -based compensation expense relating to all employees and non-employees were $nil and $nil for the 6-month periods ended September 30, 2018 and 2017 respectively.

 

i) Foreign Currency

 

The parent Company maintains its books and records in U.S. dollars which is its functional and reporting currency. One of the Company’s operating subsidiary is a foreign private company and maintains its books in Canadian dollars (the functional currency). The subsidiary’s financial statements are converted to US dollars for consolidation purposes. The translation method used is the current rate method, where the functional currency of the subsidiary is the foreign currency. Under the current rate method all assets and liabilities are translated at the current rate, stockholders’ equity is translated at historical rates and revenues and expenses are translated at average rates for the year. Due to the dormant status of the wholly owned subsidiary, there have been no adjustments for the past years.

 

 Page 11 
 

 

FIRST NATIONAL ENERGY CORPORATION

Notes to Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

 

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

 

j) Non-controlling Interest

 

Non-controlling interests in the Company’s subsidiaries are recorded in accordance with the provisions of ASC 810 and are reported as a component of equity, separate from the Company’s equity.

 

k) Recent Accounting Pronouncements

 

FASB ASU 2017-11 “Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815)” - In July 2017, the FASB issued 2017-11. The guidance eliminates the requirement to consider “down round” features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock. Our warrants issued with our convertible notes are treated as derivative instruments, because they include a “down round” feature. The ASU is effective for annual periods beginning after December 15, 2018, and for interim periods within those years, with early adoption permitted. Early adoption of this guidance could have a significant impact on our financial statements, as it would effectively eliminate the warrant derivative liability and the gain or loss from changes in the fair value of the warrant derivative liability. We do not expect this ASU to have a significant impact on our consolidated financial statements and related disclosures.

 

FASB ASU 2017-09 “Scope of Modification Accounting (Topic 718)” - In May 2017, the FASB issued 2017-09. The guidance clarifies the accounting for when the terms of a share-based award are modified. The ASU is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years, with early adoption permitted. This new guidance would only impact our consolidated financial statements if, in the future, we modified the terms of any of our share-based awards.

 

FASB ASU2018-05, “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No.118” – In March 2018, the amendments provide guidance on when to record and disclose provisional amounts for certain income tax effects of the Tax Cuts and Jobs Act, and also require any provisional amounts or subsequent adjustments to be included in net income. Additionally, ASU 2018-05 discusses required disclosures that an entity must make with regard to the Tax Reform Act. ASU2018-05 is effective immediately as new information is available to adjust provisional amounts that were previously recorded. We do not expect this ASU to have a significant impact on our consolidated financial statements and related disclosures.

 

4. LICENSES FOR TECHNOLOGY

 

Licenses are recorded at carrying amount. No amortization was recorded during the year.

 

   2018   2018   2017 
   Cost   Net Book Value   Net Book Value 
   $   $   $ 
North American               
Technology License   100    100    100 
Indian Technology   100    100    100 
License   200    200    200 

 

 Page 12 
 

 

FIRST NATIONAL ENERGY CORPORATION

Notes to Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

 

5. LOAN PAYABLE TO RELATED PARTY

 

On March 22, 2010, the Company acquired an exclusive territorial 25-year Supplemental Wind Energy Generator (“SWEG”) Technology license for the Republic of India (“India”), from Boreas. The stockholders of Boreas hold a controlling interest in the Company through their controlling interest in First National Energy Corporation. The technology of Boreas maximizes the energy productivity of existing wind turbines by capturing energy that flows through and underneath existing wind turbine systems. The consideration due from the Company to Boreas was a deferred cash payment of $600,000, and a future royalty equal to 5% of the subsidiary’s “EBITDA” (earnings before interest, taxes, depreciation and amortization) from exploitation of the acquired license.

 

On November 8, 2010, the Pavana subsidiary paid Boreas $60,000 as a payment due under the India technology license agreement, leaving a balance of cash consideration due of $540,000. The remaining debt is non-interest bearing and is due on demand.

 

On October 28, 2016, Boreas assigned its loan receivable due from the Company to one of the Company’s shareholders. The amount previously owed by the Company to Boreas is now owed to a shareholder of the Company. The loan to shareholder is non-interest bearing, is due on demand, and has no security or conversion features.

 

6. CAPITAL STOCK

 

a) Authorized

 

300,000,000 Common shares, $0.001 per value

 

b) Issued

 

100,225,228 Common shares (2017: 100,195,228 Common shares) valued at $100,125 (2017: $100,195)

 

7. INTANGIBLE ASSET

 

Effective February 5, 2016, the Company acquired VAWT/VRTB/Bolotov Rotor wind turbine technology (“Technology”) from Bolotov and affiliates (“Serge Bolotov”). The technical and intellectual property were designed, patented, developed and manufactured by Serge Bolotov.

 

The Company valued this technology under the guidance of ASC 350, Intangibles-Goodwill and Other which states that an intangible asset that is acquired either individually or with a group of other assets shall be initially measured based on its fair value. As there is no active market and the future cash flows and economic viability of this intellectual property are uncertain and cannot be measured reliably, no value was assigned to the technology.

 

The future compensation to Serge Bolotov consists of:

 

  - 10% of all profits generated by sale of this technology as royalties
  - A purchase bonus of $1,000,000 to be paid out of 11% of the net profits from the intellectual property. (See also note 11)

 

 Page 13 
 

 

FIRST NATIONAL ENERGY CORPORATION

Notes to Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

 

In the event the Company or a related or assigned party does not use the assets transferred in the transaction within a period of 3 years from the date the memorandum of understanding was accepted as a final agreement on February 5th, 2016, Serge Bolotov will have the right, but not the obligation, to purchase all unused assets, following ten days written notice to the Company or a related or assigned party for the amount of US $5,000.

 

8. LOAN PAYABLE TO DIRECTOR AND RELATED PARTY TRANSACTIONS

 

Transactions with related parties are incurred in the normal course of business and are measured at the exchange amount which is the amount of consideration established by and agreed to by the related parties.

 

A director of the Company has advanced monies to the Company to pay certain expenses. The advances are non-interest bearing and is due on demand. The amount owing to the director was $156,169 ($149,716 in 2017).

 

9. SEGMENT DISCLOSURE

 

The Company, after reviewing its reporting systems, has determined that it has one reportable segment and geographic segment. The Company’s operations are all related to the provision of wind-driven solutions for power generation. All assets of the business are located in the United States of America.

 

10. COMMITMENT AND CONTINGENCIES

 

a) Pursuant to Note 1 (c), under the Technology License purchased by Pavana, the Company has a commitment for royalties at 5% of earnings before interest, taxes, depreciation and amortization (“EBITDA”) derived by Pavana using this technology.
   
b) Pursuant to the purchase of intellectual property from Serge Bolotov (the “vendor”), the Company has the following commitments related to the purchase:

 

  i. As consideration for the transaction, the vendor shall be paid 10% of the profits realized by the Company or a related or assigned party and a signing bonus of $1,000,000 to be derived from 11% of the initial profits from the intellectual property.
     
  ii. Following completion of sufficient funding of the Company or related or assigned party, the following shall occur: the vendor will be paid the sum of $8,000 CAD per month in cash or shares, as long as the vendor is needed as a consultant with the Company or a related or assigned party. The Company or related or assigned party will provide research and development facility with support staff.
     
  iii. The Company or a related or assigned party will act to appoint Serge Bolotov as a member of the Board of Directors. Upon successful appointment to the Board, the Company or a related or assigned party will issue the vendor 100,000 common shares as compensation for his Board of Director appointment and Director services. As at September 30, 2018 the vendor has not yet been appointed to the Board.

 

 Page 14 
 

 

FIRST NATIONAL ENERGY CORPORATION

Notes to Interim Consolidated Financial Statements

September 30, 2018

(Amounts expressed in US Dollars)

 

  Effective February 1, 2016, the Company executed an agreement with legal counsel to pay a monthly fee of $2,500 commencing February 1, 2016 with respect to legal matters of securities regulation, private placements, corporate governance, and related matters in connection with the Company. The two parties reserve the right to terminate or withdraw from the agreement at any time. At the time of filing, the Company is delinquent in their payments.
   
d) Pursuant to Note 1 (b), under the Technology License and Stock Purchase Agreement signed with Boreas, the Company agreed to pay certain future royalties to Boreas from net future revenues realized by the Company from the technology license.

 

11. CAPITAL MANAGEMENT

 

The Company’s capital management objective is to secure the ability to continue as a going concern and to optimize the cost of capital in order to enhance value to shareholders. As part of this objective, the Company seeks to maintain access to loan and capital markets at all times. The Board of Directors reviews the capital structure of the Group on a regular basis.

 

Capital structure and debt capacity are taken into account when deciding new investments and the Company may consider share buybacks and share issuances as other strategies. No share buybacks have occurred or are currently contemplated. Debt capital is managed considering the requirement to secure liquidity and the capability to refinance maturing debt.

 

On September 30, 2018 the Company had no interest-bearing debt.

 

12. FINANCIAL INSTRUMENTS

 

The Company is exposed to risks that arise from its use of financial instruments. This note describes the Company’s objectives, policies and processes for managing those risks and the methods used to measure them.

 

Foreign exchange risk:

 

The Company’s subsidiary conducts its activities in Canadian dollars. The Company is therefore subject to gains or losses due to fluctuations in Canadian currency relative to the US dollar. The Company has no exposure to this given its limited activity and assets through the year.

 

Liquidity risk:

 

The Company monitors its liquidity position regularly to assess whether it has the funds necessary to fulfill planned commitments on its alternative energy technology or viable options are available to fund such commitments from new equity issuance or alternative sources such as debt financing. However, without significant internally generated cash flow, there are inherent liquidity risks, including the possibility that additional financing may not be available to the Company, or that actual development expenditures may exceed those planned. The current uncertainty in global markets could have an impact on the Company’s future ability to access capital on terms that are acceptable to the Company. The Company has so far been able to raise the required financing to meet its obligations on time. The Company continues to pursue potential investees.

 

13. 2017 OMNIBUS EQUITY COMPENSATION PLAN

 

In February 2017, the Company adopted the 2017 Omnibus Equity Compensation Plan. 5,000,000 shares of common stock were reserved pursuant to the Omnibus Equity Compensation Plan. As at September 30, 2018, the Company has issued 30,000 shares of common stock under this plan.

 

 Page 15 
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Unless otherwise indicated, references in this Quarterly Report on Form 10-Q to “we,” “us,” and “our” are to the Company, unless the context requires otherwise. The following discussion and analysis by our management of our financial condition and results of operations should be read in conjunction with our unaudited condensed interim financial statements and the accompanying related notes included in this quarterly report and our audited financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission.

 

Cautionary Statement Regarding Forward-Looking Statements

 

This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and we intend that such forward-looking statements be subject to the safe harbors created thereby. These forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Any such forward-looking statements would be contained principally in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors.” Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities and the effects of regulation. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions.

 

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We discuss many of these risks in greater detail in “Risk Factors.” Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this report and the documents that we reference in this report and have filed as exhibits to the report completely and with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

 

Additional information concerning these and other risks and uncertainties is contained in our filings with the Securities and Exchange Commission, including the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017.

 

 Page 16 
 

 

Unless otherwise indicated or the context otherwise requires, all references in this Form 10-Q to “we,” “us,” “our,” “our Company,” “First National Energy Corporation” or refer to First National Energy Corporation and its subsidiaries.

 

Description of Business

 

Business Development

 

We were incorporated as Capstone International Corporation on November 16, 2000, in the State of Delaware, and our shares were registered with the Securities and Exchange Commission on Form SB-2 as SEC File No. 333-62588, filed on September 8, 2001. Our name was changed to “First National Power Corporation” on January 28, 2004, and was changed again to “First National Energy Corporation” on February 12, 2009, at which time we affected a reverse stock split, adopted a holding company structure, and relocated our corporate charter from Delaware to Nevada as part of the reorganization described in the next succeeding paragraph.

 

As described in the definitive information statement on Form DEF 14-C filed with the Securities and Exchange Commission on December 22, 2008, and pursuant to the approval of our board of directors and a majority of its stockholders, on February 12, 2009, we effected a reorganization which had the effect of (1) implementing a reverse stock split of its issued and outstanding common shares at the rate of 100 to 1, thereby reducing the number of issued and outstanding common shares at that time from 76,522,760 to 765,228, with no effect on the number of authorized common shares; (2) merging our company with and into First National Power Corporation, a Nevada corporation and a wholly-owned indirect (second tier) subsidiary of our company , such that First National Energy Corporation, a Nevada corporation and a wholly-owned direct (first tier) subsidiary of our company, succeeded as a successor issuer of its registered securities and continued our business for all purposes; (3) exchanging each issued and outstanding share on the record date (and after giving effect to the reverse stock split described above) into one new common share of the successor issuer ; (4) re-domesticating the our charter from the State of Delaware to the State of Nevada; (5) increasing the authorized capital from 100 million common shares to 300 million common shares; (6) changing our name from “First National Power Corporation” to “First National Energy Corporation”; and (7) changing our stock symbol from FNPR to FNEC.

 

On April 20, 2009, we acquired a territorial license to certain rights in alternative wind energy technology in exchange for 98,800,000 newly issued common shares, which resulted in a change in control. We valued the technology license received in such transaction at $1,855,605 after consulting with an outside valuation expert.

 

On April 18, 2011, we entered into a Novation Agreement (the “Novation”) with all of the stockholders of Boreas Research Corporation (“Boreas”), a Florida corporation, revising the structure of the April 20, 2009 transaction by which we acquired a territorial license to certain rights in alternative energy technology of Boreas, in exchange for 98,800,000 of our common shares as disclosed above. The Novation amended the 2009 agreement to substitute the stockholders of Boreas as the licensor under the original 2009 agreement.

 

In addition, we acquired technology rights to an additional territory for the licensed technology through a wholly-owned subsidiary, Pavana Power Corporation.

 

 Page 17 
 

 

Business of Issuer

 

The Company has imported into Canada two units. One of the units has been erected on a potential client’s site in an urbanized setting. The unit was monitored for over 9 months, including last winter and found to be functioning exactly as described. Changes to the installation routine and location vis-a-vis the unit accepting the power and the battery pack have all been codified and the next installation will power up far quicker.

 

The second unit imported is available for inspection at the Company compound. Other prospective clients have had their engineers visit the site.

 

The Company has been working with a number of potential clients, designing the business model that will include revenue streams beyond simply providing green power. The avenue that is being studied closely is the provision of an advertising medium that are strategically placed and will allow the landlord to display advertising content that is usually confined to the indoors. Other revenue streams are also being studied, but the focus is on applications that will benefit from stand-alone power sources in non-typical locations.

 

Discussions on funding operations as well as debt arrangements for floor plan sales to clients is ongoing. There is no assurance that we will be successful in raising capital or closing any such merger or acquisition transactions.

 

Except as described above and as more particularly described in our accompanying interim financial statements, there have been no other material changes in our financial condition from the end of the preceding fiscal year to the date of the interim balance sheet provided herein, nor have there been any other material changes in the registrant’s financial condition during the period ending on the date of the interim balance sheet provided herein and commencing on the corresponding interim date of the preceding fiscal year. Except as described above and as more particularly described in our accompanying interim financial statements, there have been no material changes in our results of operations with respect to the most recent fiscal year-to-date period for which an income statement is provided and the corresponding year-to-date period of the preceding fiscal year.

 

Critical Accounting Policies and Estimates

 

The consolidated financial statements of our company are prepared in accordance with accounting principles generally accepted in the United States of America. The amounts of assets, liabilities, revenues and expenses reported in our financial statements are affected by accounting policies, estimates and assumptions that are necessary to comply with generally accepted accounting principles. Estimates used in the financial statements are derived from prior experience, statistical analysis and professional judgments. Actual results may differ significantly from these estimates and assumptions.

 

Management considers an estimate to be critical if it is material to the financial statements and it requires assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate are reasonably likely to occur from period to period.

 

Recently Issued Accounting Pronouncements.

 

See Note 1, Recently Issued Accounting Pronouncements, of the Notes to the accompanying interim financial statements, included in Item 1 of this report, for recently issued accounting pronouncements.

 

Plan of Operation

 

Since acquiring the technology license described above, our management has expended significant time seeking sources of capital to implement its business plan, which is primarily designed to exploit the licensed technology throughout the United States and Canada for commercial gain. In addition, we have acquired technology rights to an additional territory for the licensed technology through Pavana Power Corporation, a Nevada corporation, a wholly-owned subsidiary that was organized on April 21, 2011. There is no assurance that the Registrant will be successful in raising capital or closing any such merger or acquisition transactions.

 

 Page 18 
 

 

Results of Operations

 

Nine Months Ended September 30, 2018, compared to the nine months ended September 30, 2017

 

Assets

 

Licensed technology assets, net of amortization, were unchanged at $200

 

Revenues

 

We did not generate any operating revenues in the nine months ended September 30, 2018.

 

Costs and Expenses

 

Amortization of Acquired Technology

 

There was no amortization of our technology assets during the nine or three months ended September 30, 2018, as compared to $-0- during the comparable period in 2017.

 

General and Administrative

 

Operating expenses increased to $27,149 during the nine months ended September 30, 2018, as compared to $24,240 during the comparable period in 2017. Operating expenses for the three months ended September 30, 2018 were $5,896 compared to $904 for the comparable period in 2017.

 

Liquidity and Capital Resources

 

Cash was $11 at September 30, 2018, compared to $644 at December 31, 2017.

 

Our Company is a development stage company and has not generated any operating revenues as of September 30, 2018. In addition, we will continue to incur net losses and cash flow deficiencies from operating activities for the foreseeable future.

 

Based on its cash flow projections, we will need additional financing to carry out its planned business activities and complete its plan of operations through December 31, 2018. At our Company’s present level of activities, our Company’s cash is considered insufficient and this draws a substantial doubt as to our Company’s ability to continue as a going concern.

 

Much of our ability to raise additional capital or secure a strategic collaboration for the financing of our continued operations and product development will depend substantially on the successful outcome of our efforts to negotiate joint venture with wind power industry participants, the results of which will not be available until sometime later in the current fiscal year. We are also currently seeking to raise funds through corporate collaboration and sub-licensing arrangements in connection with its ongoing and long-term operations. Management does not know whether additional financing will be available when needed or, if available, will be on acceptable or favorable terms to it or its stockholders.

 

 Page 19 
 

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not required under Regulation S-K for “smaller reporting companies.”

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

As of September 30, 2018, the Registrant carried out an evaluation of the effectiveness of the Registrant’s disclosure controls and procedures (as defined by Rule 13a-15(e) under the Securities Exchange Act of 1934) under the supervision and with the participation of the Registrant’s chief executive and chief financial officer. Based on and as of the date of such evaluation, the aforementioned officer has concluded that the Registrant’s disclosure controls and procedures were not effective.

 

The Registrant also maintains a system of internal accounting controls that is designed to provide assurance that assets are safeguarded and that transactions are executed in accordance with management’s authorization and properly recorded. This system is continually reviewed and is augmented by written policies and procedures, the careful selection and training of qualified personnel and an internal audit program to monitor its effectiveness.

 

Changes In Internal Control Over Financial Reporting

 

During the interim period ended September 30, 2018, there were no changes to this system of internal controls or in other factors that could significantly affect those controls.

 

 Page 20 
 

 

PART II—OTHER INFORMATION

 

Item 1. Legal Proceedings

 

The Registrant is not a party to any pending or threatened legal proceedings.

 

Item 1A. Risk Factors

 

Not required under Regulation S-K for “smaller reporting companies.”

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

The Registrant has not sold any unregistered equity securities during the period covered by this report.

 

Item 3. Defaults Upon Senior Securities. Not Applicable.

 

There were no defaults upon senior securities during the period ended September 30, 2018.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

Exhibit No.   Document
     
2.1 (7)   Memorandum of Understanding between First National Energy Corporation and Serge Bolotov, dated February 3, 2016, accepted as binding February 5, 2016.
     
3.1(1)   Articles of Incorporation
     
3.2 (4)   Articles of Incorporation (Nevada)
     
3.2(1)   Bylaws
     
4.1(2)   2005 Stock Incentive Plan For Employees And Consultants (2)
     
4.2(8)   2016 Omnibus Equity Compensation Plan
     
10.1(3)   Letter of Intent with Boreas Research Corporation, dated April 17, 2009
     
10.2(4)   First Amendment Of Technology License And Stock Purchase Agreement with Boreas Research Corporation, dated May 14, 2009
     
10.3(5)   Novation Agreement with Boreas Research Corporation, dated April 18, 2011.
     
14.1 (6)   Financial Code of Ethics
     
31.1*   Sect. 302 Certification Statement of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
31.2*   Sect. 302 Certification Statement of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Sect.
     
32.1*   Sect. 906 Certification Statement of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002
     
32.2*   Sect. 906 Certification Statement of the Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002

 

  (1) Incorporated by reference to the Company’s Form SB-2 filed on June 8, 2001.
  (2) Incorporated by reference to the Company’s Form S-8, filed April 11, 2005.
  (3) Incorporated by reference to the Company’s Form 8-K, filed April 21, 2009.
  (4) Incorporated by reference to the Company’s Form 8-K, filed May 26, 2009.
  (5) Incorporated by reference to the Company’s Form 8-K, filed April 20, 2011.
  (6) Incorporated by reference to Exhibit 19 in the Company’s Form 10-K, filed March 16, 2012.
  (7) Incorporated by reference to the Company’s Form 8-K, filed February 16, 2016.
  (8) Incorporated by reference to the Company’s Form S-8, filed February 23, 2016.

 

  101 INS XBRL Instance Document
  101 SCH XBRL Taxonomy Extension Schema Document
  101 CAL XBRL Taxonomy Calculation Linkbase Document
  101 DEF XBRL Taxonomy Extension Definition Linkbase Document
  101 LAB XBRL Taxonomy Labels Linkbase Document
  101 PRE XBRL Taxonomy Presentation Linkbase Document

 

* Filed herewith

 

 Page 21 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  FIRST NATIONAL ENERGY CORPORATION
   
Dated: December 11, 2018 /s/ Gregory Sheller
  Gregory Sheller, Chief Executive Officer
   
Dated: December 11, 2018 /s/ Peter Wanner
  Peter Wanner, Chief Financial Officer

 

 Page 22 
 

 


 EX-31.1 2 ex31-1.htm

 

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Gregory Sheller, Chief Executive Officer of First National Energy Corporation, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q/A of First National Energy Corporation;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: December 11, 2018

 

/s/ Gregory Sheller  
Gregory Sheller, Chief Executive Officer  

 

   
 

 

 EX-31.2 3 ex31-2.htm

 

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Peter Wanner, Chief Financial Officer of First National Energy Corporation, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q/A of First National Energy Corporation;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: December 11, 2018

 

/s/ Peter Wanner  
Peter Wanner, Chief Financial Officer  

 

   
 

 

 EX-32.1 4 ex32-1.htm

 

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

In connection with the quarterly report of First National Energy Corporation (the “Registrant”), on Form 10-Q/A for the fiscal quarter ending September 30, 2018, as filed with the Securities and Exchange Commission on this date, I, Gregory Sheller, as Chief Executive Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Dated: December 11, 2018

 

By: /s/ Gregory Sheller  
  Gregory Sheller  
  Chief Executive Officer  

 

   
 

 

 EX-32.2 5 ex32-2.htm

 

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

In connection with the quarterly report of First National Energy Corporation (the “Registrant”), on Form 10-Q/A for the fiscal quarter ending September 30, 2018, as filed with the Securities and Exchange Commission on this date, I, Peter Wanner, as Principal Accounting Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Dated: December 11, 2018

 

By: /s/ Peter Wanner  
  Peter Wanner  
  Chief Financial Officer  

 

   
 

 

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Total Current Assets 11 644
LICENSES FOR TECHNOLOGY (Note 4) 200 200
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Accumulated other comprehensive loss (10) (10)
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Capital stock, shares authorized 300,000,000 300,000,000
Capital stock, shares issued 100,225,228 100,195,228
Capital stock, shares outstanding 100,225,228 100,195,228
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Interim Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
REVENUE
EXPENSES        
General and administrative 5,896 904 27,149 24,240
Total Operating Expenses 5,896 904 27,149 24,240
LOSS BEFORE INCOME TAXES (5,896) (904) (27,149) (24,240)
Income taxes
NET INOME (LOSS) (5,896) (904) (27,149) (24,240)
Net Loss and comprehensive loss attributable to the Company's stockholders (5,896) (904) (27,149) (24,240)
Net Loss and comprehensive loss attributable to non-controlling interests
NET LOSS AND COMPREHENSIVE LOSS $ (5,896) $ (904) $ (27,149) $ (24,240)
Net loss per share - basic and diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted average common shares outstanding 100,225,228 99,915,228 100,225,228 99,915,228
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Interim Consolidated Statements of Changes in Stockholders' Deficiency - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Common Stock [Member]            
Balance   $ 100,095 $ 99,765 $ 99,765 $ 99,765 $ 99,765
Balance, shares   100,195,228 99,865,228 99,865,228 99,865,228 99,865,228
Sales of shares   $ 30   $ 50    
Sales of shares, shares   30,000   50,000    
Financing costs          
Sale of shares       $ 30    
Sale of shares, shares       30,000    
Stock based compensation       $ 250    
Stock based compensation, shares       250,000    
Net loss    
Balance $ 100,125 $ 100,125   $ 100,095 $ 99,765 $ 99,765
Balance, shares 100,225,228 100,225,228   100,195,228 99,865,228 99,865,228
Additional Paid-in Capital [Member]            
Balance   $ 262,999 $ 103,329 $ 103,329 $ 103,329 $ 103,329
Sales of shares   14,970   24,950    
Financing costs       (5,000)    
Sale of shares       14,970    
Stock based compensation       124,750    
Net loss    
Balance $ 277,969 277,969   262,999 103,329 103,329
Accumulated Deficit [Member]            
Balance   (1,088,127) (911,451) (911,451) (899,087) (876,475)
Sales of shares        
Financing costs          
Sale of shares          
Stock based compensation          
Net loss   (27,149)   (176,676) (12,364) (22,612)
Balance (1,115,276) (1,115,276)   (1,088,127) (911,451) (899,087)
Accumulated Other Comprehensive Loss [Member]            
Balance   (10) (10) (10) (10) (10)
Sales of shares        
Financing costs          
Sale of shares          
Stock based compensation          
Net loss    
Balance (10) (10)   (10) (10) (10)
Non-controlling Interests [Member]            
Balance   53 53 53 53 53
Sales of shares        
Financing costs          
Sale of shares          
Stock based compensation          
Net loss    
Balance 53 53   53 53 53
Balance   (724,990) (708,314) (708,314) (695,950) (673,338)
Sales of shares   15,000   25,000    
Financing costs   (5,000) (5,000)    
Sale of shares       15,000    
Stock based compensation       125,000    
Net loss (5,896) (27,149) $ (24,240) (176,676) (12,364) (22,612)
Balance $ (731,139) $ (731,139)   $ (724,990) $ (708,314) $ (695,950)
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (27,149) $ (24,240)
Adjustments for items not affecting cash    
Increase (decrease) in accounts payable and accrued liabilities 5,063 (15,359)
Net cash used in operating activities (22,086) (39,599)
CASH FLOWS FROM FINANCING ACTIVITIES    
Loan from Director 6,453 20,214
Issuance of shares 15,000 25,000
Less share issuance finance cost (5,000)
Net cash provided by financing activities 21,453 40,214
NET INCREASE (DECREASE) IN CASH (633) 615
Cash, beginning of period 644 1,059
CASH, END OF PERIOD $ 11 $ 1,674
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of Operations and Purchase of Technology
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Purchase of Technology

1. NATURE OF OPERATIONS AND PURCHASE OF TECHNOLOGY

 

a) Nature of operations

 

First National Energy Corporation (the “Company”) was incorporated in the State of Delaware on November 16, 2000.

 

The Company’s business purpose is the provision of wind-driven solutions for power generation. Current projects for the Company are the completion of power generation projects from supplemental wind generation technologies.

 

b) Purchase of Technology License

 

On April 20, 2009, the Company entered into a preliminary letter of intent with Boreas Research Corporation (“Boreas”), a Florida corporation, pursuant to which the Company would acquire a territorial license to certain rights in alternative energy technology of Boreas, in exchange for a quantity of newly issued common shares of the Company. The letter of intent was superseded by a Technology License and Stock Purchase Agreement (the “Agreement”) between the Company and Boreas that was consummated on May 25, 2009 (the “Closing”), at which time the Company issued to the stockholders of Boreas 98,800,000 new restricted and unregistered common shares of the Company and agreed to pay certain future royalties to Boreas from net revenues realized by the Company from the technology license. The consideration issued in the transaction was determined as a result of arm’s-length negotiations between the parties.

 

The preliminary letter of intent was reported by the Company on form 8-K to the Securities and Exchange Commission (“SEC”) on April 21, 2009, and the Agreement was annexed to an information statement on form 14-C filed with the SEC in preliminary and definitive forms on April 22, 2009 and May 4, 2009, respectively. The definitive information statement was mailed to the Stockholders of the Company on May 4, 2009.

 

The Company obtained written consent to the Agreement and the transaction from the holders of 55.82% of its issued and outstanding shares of common stock in lieu of a meeting of stockholders.

 

In exchange for the Company acquiring the technology license from Boreas at the Closing pursuant to the Agreement (as amended by the Amendment), the Stockholders of Boreas received an aggregate of 98,800,000 new restricted and unregistered common shares of the Company’s common stock. Accordingly, the Boreas Stockholders now own 98.60% of the Company’s 100,225,228 outstanding common shares. No finder’s fees were paid or consulting agreements entered into by the Company in connection with the transaction.

 

Prior to the transaction, there were no material relationships between the Company and Boreas, between Boreas and the Company’s affiliates, directors or officers, or between any associates of Boreas and the Company’s officers or directors. All of the Company’s transaction liabilities were settled on or immediately following the Closing.

 

On April 18, 2011, First National Energy Corporation (the “Company”) entered into a Novation Agreement (the “Novation”) with all of the stockholders of Boreas revising the structure of the May 25, 2009 transaction by which the Company acquired a territorial license to certain rights in alternative energy technology of Boreas, in exchange for a quantity of newly issued common shares of the Company. The Novation amended the Technology License and Stock Purchase Agreement (the “Original Agreement”) to substitute the stockholders of Boreas as the licensor under the Original Agreement.

 

c) Further Purchase of Technology License

 

On March 22, 2010, Pavana Power Corporation (“Pavana”), a Nevada corporation, the Company’s 99.9% owned subsidiary, acquired an exclusive, territorial, 25-year license for the Republic of India (“India”), from Boreas, pursuant to which the Company’s subsidiary acquired technology rights for India in the technology of Boreas that maximizes the energy productivity of existing wind turbines by capturing energy that flows through and underneath existing wind turbine systems. The consideration due from the Company’s subsidiary to Boreas for the license is a deferred cash payment of $600,000, and a future royalty equal to 5% of the subsidiary’s “EBITDA” (earnings before interest, taxes, depreciation and amortization) from exploitation of the acquired license.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Going Concern
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

2. GOING CONCERN

 

The Company’s interim consolidated financial statements are prepared using accounting principles generally accepted in the United States of America and applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has not generated any revenues from its planned principal operations through September 30, 2018 and has recorded losses since inception, has negative working capital, has yet to achieve profitable operations and expects further losses in the development of its business. There can be no assurance that the Company will have adequate capital resources to fund planned operations or that any additional funds will be available to the Company when needed, or if available, will be available on favorable terms in the amounts required by the Company.

 

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Management has plans to raise cash through debt offerings once the sales of the technologies begin. The facilities and equipment required for successfully completing the business model have been identified but until the resources are available, have not been acquired or engaged. In the period prior to the onset of operations, the Company will undertake to raise further cash through further capital offerings. There is no assurance that the Company will be successful in raising additional capital.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a) Basis of presentation and Consolidation

 

The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X related to smaller reporting companies.

 

The unaudited interim consolidated financial statements should be read in conjunction with the financial statements and Notes thereto together with management’s discussion and analysis of financial condition and results of operations contained in the Company’s annual report on Form 10-K for the year ended December 31, 2017. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of the Company at September 30, 2018, the results of its operations for the six months ended September 30, 2018 and 2017, and its cash flows for the six months ended September 30, 2018 and 2017. In addition, some of the Company’s statements in its quarterly report on Form 10-Q may be considered forward-looking and involve risks and uncertainties that could significantly impact expected results. The results of operations for the six months ended September 30, 2018 are not necessarily indicative of results to be expected for the full year.

 

b) Use of Estimates

 

The preparation of financial statements for any period involves the use of estimates as the precise determination of assets and liabilities, and revenues and expenses, depends on future events. Actual amounts may differ from these estimates. Significant estimates include the valuation of allowances for deferred tax assets.

 

c) Financial Instruments

 

The Company’s financial instruments consist of cash, accounts payable and accrued liabilities, and loans payable to related party and to director. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, or credit risks arising from these financial instruments. The fair values of these financial instruments approximate their carrying values due to the relatively short period to maturity for these instruments.

 

The Company follows ASC 820-10, “Fair Value Measurements and Disclosures” (ASC 820-10), which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:

 

● Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

 

● Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

 

● Level 3—Unobservable inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

 

Assets and liabilities measured at fair value as of September 30, 2018 and December 31, 2017 are classified below based on the three fair value hierarchy tiers described above:

  

    2018     2017  
    Carrying     Fair     Carrying     Fair  
    Value     Value     Value     Value  
Cash     11       11       644       644  
Accounts payable and accrued liabilities     41,181       41,181       36,118       36,118  
Loan payable to director     156,169       156,169       149,716       149,716  
Loan payable to related party     540,000       540,000       540,000       540,000  

 

Cash has been measured using Level 1 of the fair value hierarchy. Accounts payable and accrued liabilities, loans payable to related party and director have been measured using Level 3 of the fair value hierarchy.

 

d) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets likely.

  

Net operating loss carry-forwards and other deferred tax assets are reviewed annually for recoverability, and, if necessary, are recorded net of a valuation allowance.

 

e) Comprehensive loss

 

Comprehensive loss includes all changes in equity during a period from non-owner sources.

 

f) Intangible Assets

 

Intangible assets include the technology licenses which are amortized over the estimated useful life of 10 years on a straight- line basis. However, since these licenses were previously written down to a nominal value, no amortization was recognized during the period for accounting purposes.

 

g) Loss per share

 

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted loss per share is computed by dividing net loss by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive). As of September 30, 2018, there were no common stock equivalents.

 

h) Stock-Based Compensation

 

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from parties other than employees using the estimated fair market value of the consideration received or estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services. As of September 30, 2018, the unrecognized expense related to stock-based compensation, and stock -based compensation expense relating to all employees and non-employees were $nil and $nil for the 6-month periods ended September 30, 2018 and 2017 respectively.

 

i) Foreign Currency

 

The parent Company maintains its books and records in U.S. dollars which is its functional and reporting currency. One of the Company’s operating subsidiary is a foreign private company and maintains its books in Canadian dollars (the functional currency). The subsidiary’s financial statements are converted to US dollars for consolidation purposes. The translation method used is the current rate method, where the functional currency of the subsidiary is the foreign currency. Under the current rate method all assets and liabilities are translated at the current rate, stockholders’ equity is translated at historical rates and revenues and expenses are translated at average rates for the year. Due to the dormant status of the wholly owned subsidiary, there have been no adjustments for the past years.

 

j) Non-controlling Interest

 

Non-controlling interests in the Company’s subsidiaries are recorded in accordance with the provisions of ASC 810 and are reported as a component of equity, separate from the Company’s equity.

 

k) Recent Accounting Pronouncements

 

FASB ASU 2017-11 “Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815)” - In July 2017, the FASB issued 2017-11. The guidance eliminates the requirement to consider “down round” features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock. Our warrants issued with our convertible notes are treated as derivative instruments, because they include a “down round” feature. The ASU is effective for annual periods beginning after December 15, 2018, and for interim periods within those years, with early adoption permitted. Early adoption of this guidance could have a significant impact on our financial statements, as it would effectively eliminate the warrant derivative liability and the gain or loss from changes in the fair value of the warrant derivative liability. We do not expect this ASU to have a significant impact on our consolidated financial statements and related disclosures.

 

FASB ASU 2017-09 “Scope of Modification Accounting (Topic 718)” - In May 2017, the FASB issued 2017-09. The guidance clarifies the accounting for when the terms of a share-based award are modified. The ASU is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years, with early adoption permitted. This new guidance would only impact our consolidated financial statements if, in the future, we modified the terms of any of our share-based awards.

 

FASB ASU2018-05, “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No.118” – In March 2018, the amendments provide guidance on when to record and disclose provisional amounts for certain income tax effects of the Tax Cuts and Jobs Act, and also require any provisional amounts or subsequent adjustments to be included in net income. Additionally, ASU 2018-05 discusses required disclosures that an entity must make with regard to the Tax Reform Act. ASU2018-05 is effective immediately as new information is available to adjust provisional amounts that were previously recorded. We do not expect this ASU to have a significant impact on our consolidated financial statements and related disclosures.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Licenses for Technology
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Licenses for Technology

4. LICENSES FOR TECHNOLOGY

 

Licenses are recorded at carrying amount. No amortization was recorded during the year.

 

    2018     2018     2017  
    Cost     Net Book Value     Net Book Value  
    $     $     $  
North American                        
Technology License     100       100       100  
Indian Technology     100       100       100  
License     200       200       200  
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loan Payable to Related Party
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Loan Payable to Related Party

5. LOAN PAYABLE TO RELATED PARTY

 

On March 22, 2010, the Company acquired an exclusive territorial 25-year Supplemental Wind Energy Generator (“SWEG”) Technology license for the Republic of India (“India”), from Boreas. The stockholders of Boreas hold a controlling interest in the Company through their controlling interest in First National Energy Corporation. The technology of Boreas maximizes the energy productivity of existing wind turbines by capturing energy that flows through and underneath existing wind turbine systems. The consideration due from the Company to Boreas was a deferred cash payment of $600,000, and a future royalty equal to 5% of the subsidiary’s “EBITDA” (earnings before interest, taxes, depreciation and amortization) from exploitation of the acquired license.

 

On November 8, 2010, the Pavana subsidiary paid Boreas $60,000 as a payment due under the India technology license agreement, leaving a balance of cash consideration due of $540,000. The remaining debt is non-interest bearing and is due on demand.

 

On October 28, 2016, Boreas assigned its loan receivable due from the Company to one of the Company’s shareholders. The amount previously owed by the Company to Boreas is now owed to a shareholder of the Company. The loan to shareholder is non-interest bearing, is due on demand, and has no security or conversion features.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Stock
 9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Capital Stock

6. CAPITAL STOCK

 

a) Authorized

 

300,000,000 Common shares, $0.001 per value

 

b) Issued

 

100,225,228 Common shares (2017: 100,195,228 Common shares) valued at $100,125 (2017: $100,195)

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Asset
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Asset

7. INTANGIBLE ASSET

 

Effective February 5, 2016, the Company acquired VAWT/VRTB/Bolotov Rotor wind turbine technology (“Technology”) from Bolotov and affiliates (“Serge Bolotov”). The technical and intellectual property were designed, patented, developed and manufactured by Serge Bolotov.

 

The Company valued this technology under the guidance of ASC 350, Intangibles-Goodwill and Other which states that an intangible asset that is acquired either individually or with a group of other assets shall be initially measured based on its fair value. As there is no active market and the future cash flows and economic viability of this intellectual property are uncertain and cannot be measured reliably, no value was assigned to the technology.

 

The future compensation to Serge Bolotov consists of:

 

  - 10% of all profits generated by sale of this technology as royalties
  - A purchase bonus of $1,000,000 to be paid out of 11% of the net profits from the intellectual property. (See also note 11)

  

In the event the Company or a related or assigned party does not use the assets transferred in the transaction within a period of 3 years from the date the memorandum of understanding was accepted as a final agreement on February 5th, 2016, Serge Bolotov will have the right, but not the obligation, to purchase all unused assets, following ten days written notice to the Company or a related or assigned party for the amount of US $5,000.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loan Payable to Director and Related Party Transactions
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Loan Payable to Director and Related Party Transactions

8. LOAN PAYABLE TO DIRECTOR AND RELATED PARTY TRANSACTIONS

 

Transactions with related parties are incurred in the normal course of business and are measured at the exchange amount which is the amount of consideration established by and agreed to by the related parties.

 

A director of the Company has advanced monies to the Company to pay certain expenses. The advances are non-interest bearing and is due on demand. The amount owing to the director was $156,169 ($149,716 in 2017).
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Disclosure
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Segment Disclosure

9. SEGMENT DISCLOSURE

 

The Company, after reviewing its reporting systems, has determined that it has one reportable segment and geographic segment. The Company’s operations are all related to the provision of wind-driven solutions for power generation. All assets of the business are located in the United States of America.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitment and Contingencies
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitment and Contingencies

10. COMMITMENT AND CONTINGENCIES

 

a) Pursuant to Note 1 (c), under the Technology License purchased by Pavana, the Company has a commitment for royalties at 5% of earnings before interest, taxes, depreciation and amortization (“EBITDA”) derived by Pavana using this technology.
   
b) Pursuant to the purchase of intellectual property from Serge Bolotov (the “vendor”), the Company has the following commitments related to the purchase:

 

  i. As consideration for the transaction, the vendor shall be paid 10% of the profits realized by the Company or a related or assigned party and a signing bonus of $1,000,000 to be derived from 11% of the initial profits from the intellectual property.
     
  ii. Following completion of sufficient funding of the Company or related or assigned party, the following shall occur: the vendor will be paid the sum of $8,000 CAD per month in cash or shares, as long as the vendor is needed as a consultant with the Company or a related or assigned party. The Company or related or assigned party will provide research and development facility with support staff.
     
  iii. The Company or a related or assigned party will act to appoint Serge Bolotov as a member of the Board of Directors. Upon successful appointment to the Board, the Company or a related or assigned party will issue the vendor 100,000 common shares as compensation for his Board of Director appointment and Director services. As at September 30, 2018 the vendor has not yet been appointed to the Board.

  

  Effective February 1, 2016, the Company executed an agreement with legal counsel to pay a monthly fee of $2,500 commencing February 1, 2016 with respect to legal matters of securities regulation, private placements, corporate governance, and related matters in connection with the Company. The two parties reserve the right to terminate or withdraw from the agreement at any time. At the time of filing, the Company is delinquent in their payments.
   
d) Pursuant to Note 1 (b), under the Technology License and Stock Purchase Agreement signed with Boreas, the Company agreed to pay certain future royalties to Boreas from net future revenues realized by the Company from the technology license.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Management
 9 Months Ended
Sep. 30, 2018
Capital Management  
Capital Management

11. CAPITAL MANAGEMENT

 

The Company’s capital management objective is to secure the ability to continue as a going concern and to optimize the cost of capital in order to enhance value to shareholders. As part of this objective, the Company seeks to maintain access to loan and capital markets at all times. The Board of Directors reviews the capital structure of the Group on a regular basis.

 

Capital structure and debt capacity are taken into account when deciding new investments and the Company may consider share buybacks and share issuances as other strategies. No share buybacks have occurred or are currently contemplated. Debt capital is managed considering the requirement to secure liquidity and the capability to refinance maturing debt.

 

On September 30, 2018 the Company had no interest-bearing debt.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments
 9 Months Ended
Sep. 30, 2018
Investments, All Other Investments [Abstract]  
Financial Instruments

12. FINANCIAL INSTRUMENTS

 

The Company is exposed to risks that arise from its use of financial instruments. This note describes the Company’s objectives, policies and processes for managing those risks and the methods used to measure them.

 

Foreign exchange risk:

 

The Company’s subsidiary conducts its activities in Canadian dollars. The Company is therefore subject to gains or losses due to fluctuations in Canadian currency relative to the US dollar. The Company has no exposure to this given its limited activity and assets through the year.

 

Liquidity risk:

 

The Company monitors its liquidity position regularly to assess whether it has the funds necessary to fulfill planned commitments on its alternative energy technology or viable options are available to fund such commitments from new equity issuance or alternative sources such as debt financing. However, without significant internally generated cash flow, there are inherent liquidity risks, including the possibility that additional financing may not be available to the Company, or that actual development expenditures may exceed those planned. The current uncertainty in global markets could have an impact on the Company’s future ability to access capital on terms that are acceptable to the Company. The Company has so far been able to raise the required financing to meet its obligations on time. The Company continues to pursue potential investees.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
2017 Omnibus Equity Compensation Plan
 9 Months Ended
Sep. 30, 2018
Compensation Related Costs [Abstract]  
2017 Omnibus Equity Compensation Plan

13. 2017 OMNIBUS EQUITY COMPENSATION PLAN

 

In February 2017, the Company adopted the 2017 Omnibus Equity Compensation Plan. 5,000,000 shares of common stock were reserved pursuant to the Omnibus Equity Compensation Plan. As at September 30, 2018, the Company has issued 30,000 shares of common stock under this plan.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation

a) Basis of presentation and Consolidation

 

The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X related to smaller reporting companies.

 

The unaudited interim consolidated financial statements should be read in conjunction with the financial statements and Notes thereto together with management’s discussion and analysis of financial condition and results of operations contained in the Company’s annual report on Form 10-K for the year ended December 31, 2017. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of the Company at September 30, 2018, the results of its operations for the six months ended September 30, 2018 and 2017, and its cash flows for the six months ended September 30, 2018 and 2017. In addition, some of the Company’s statements in its quarterly report on Form 10-Q may be considered forward-looking and involve risks and uncertainties that could significantly impact expected results. The results of operations for the six months ended September 30, 2018 are not necessarily indicative of results to be expected for the full year.
Use of Estimates

b) Use of Estimates

 

The preparation of financial statements for any period involves the use of estimates as the precise determination of assets and liabilities, and revenues and expenses, depends on future events. Actual amounts may differ from these estimates. Significant estimates include the valuation of allowances for deferred tax assets.
Financial Instruments

c) Financial Instruments

 

The Company’s financial instruments consist of cash, accounts payable and accrued liabilities, and loans payable to related party and to director. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, or credit risks arising from these financial instruments. The fair values of these financial instruments approximate their carrying values due to the relatively short period to maturity for these instruments.

 

The Company follows ASC 820-10, “Fair Value Measurements and Disclosures” (ASC 820-10), which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:

 

● Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

 

● Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

 

● Level 3—Unobservable inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

 

Assets and liabilities measured at fair value as of September 30, 2018 and December 31, 2017 are classified below based on the three fair value hierarchy tiers described above:

  

    2018     2017  
    Carrying     Fair     Carrying     Fair  
    Value     Value     Value     Value  
Cash     11       11       644       644  
Accounts payable and accrued liabilities     41,181       41,181       36,118       36,118  
Loan payable to director     156,169       156,169       149,716       149,716  
Loan payable to related party     540,000       540,000       540,000       540,000  

 

Cash has been measured using Level 1 of the fair value hierarchy. Accounts payable and accrued liabilities, loans payable to related party and director have been measured using Level 3 of the fair value hierarchy.
Income Taxes

d) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets likely.

  

Net operating loss carry-forwards and other deferred tax assets are reviewed annually for recoverability, and, if necessary, are recorded net of a valuation allowance.
Comprehensive Loss

e) Comprehensive loss

 

Comprehensive loss includes all changes in equity during a period from non-owner sources.
Intangible Assets

f) Intangible Assets

 

Intangible assets include the technology licenses which are amortized over the estimated useful life of 10 years on a straight- line basis. However, since these licenses were previously written down to a nominal value, no amortization was recognized during the period for accounting purposes.
Loss Per Share

g) Loss per share

 

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted loss per share is computed by dividing net loss by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive). As of September 30, 2018, there were no common stock equivalents.
Stock-Based Compensation

h) Stock-Based Compensation

 

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from parties other than employees using the estimated fair market value of the consideration received or estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services. As of September 30, 2018, the unrecognized expense related to stock-based compensation, and stock -based compensation expense relating to all employees and non-employees were $nil and $nil for the 6-month periods ended September 30, 2018 and 2017 respectively.
Foreign Currency

i) Foreign Currency

 

The parent Company maintains its books and records in U.S. dollars which is its functional and reporting currency. One of the Company’s operating subsidiary is a foreign private company and maintains its books in Canadian dollars (the functional currency). The subsidiary’s financial statements are converted to US dollars for consolidation purposes. The translation method used is the current rate method, where the functional currency of the subsidiary is the foreign currency. Under the current rate method all assets and liabilities are translated at the current rate, stockholders’ equity is translated at historical rates and revenues and expenses are translated at average rates for the year. Due to the dormant status of the wholly owned subsidiary, there have been no adjustments for the past years.
Non-controlling Interest

j) Non-controlling Interest

 

Non-controlling interests in the Company’s subsidiaries are recorded in accordance with the provisions of ASC 810 and are reported as a component of equity, separate from the Company’s equity.
Recent Accounting Pronouncements

k) Recent Accounting Pronouncements

 

FASB ASU 2017-11 “Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815)” - In July 2017, the FASB issued 2017-11. The guidance eliminates the requirement to consider “down round” features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock. Our warrants issued with our convertible notes are treated as derivative instruments, because they include a “down round” feature. The ASU is effective for annual periods beginning after December 15, 2018, and for interim periods within those years, with early adoption permitted. Early adoption of this guidance could have a significant impact on our financial statements, as it would effectively eliminate the warrant derivative liability and the gain or loss from changes in the fair value of the warrant derivative liability. We do not expect this ASU to have a significant impact on our consolidated financial statements and related disclosures.

 

FASB ASU 2017-09 “Scope of Modification Accounting (Topic 718)” - In May 2017, the FASB issued 2017-09. The guidance clarifies the accounting for when the terms of a share-based award are modified. The ASU is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years, with early adoption permitted. This new guidance would only impact our consolidated financial statements if, in the future, we modified the terms of any of our share-based awards.

 

FASB ASU2018-05, “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No.118” – In March 2018, the amendments provide guidance on when to record and disclose provisional amounts for certain income tax effects of the Tax Cuts and Jobs Act, and also require any provisional amounts or subsequent adjustments to be included in net income. Additionally, ASU 2018-05 discusses required disclosures that an entity must make with regard to the Tax Reform Act. ASU2018-05 is effective immediately as new information is available to adjust provisional amounts that were previously recorded. We do not expect this ASU to have a significant impact on our consolidated financial statements and related disclosures.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Fair Value of Financial Instruments

Assets and liabilities measured at fair value as of September 30, 2018 and December 31, 2017 are classified below based on the three fair value hierarchy tiers described above:

  

    2018     2017  
    Carrying     Fair     Carrying     Fair  
    Value     Value     Value     Value  
Cash     11       11       644       644  
Accounts payable and accrued liabilities     41,181       41,181       36,118       36,118  
Loan payable to director     156,169       156,169       149,716       149,716  
Loan payable to related party     540,000       540,000       540,000       540,000  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Licenses for Technology (Tables)
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Technology License

Licenses are recorded at carrying amount. No amortization was recorded during the year.

 

    2018     2018     2017  
    Cost     Net Book Value     Net Book Value  
    $     $     $  
North American                        
Technology License     100       100       100  
Indian Technology     100       100       100  
License     200       200       200  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of Operations and Purchase of Technology (Details Narrative) - USD ($)
 9 Months Ended
Mar. 22, 2010
May 25, 2009
Sep. 30, 2018
Dec. 31, 2017
Common stock shares percentage     55.82%  
Number of shares outstanding     100,225,228 100,195,228
Pavana Power Corporation [Member]        
Common stock shares percentage 99.90%      
Business acquisition license term 25 years      
Deferred cash payment $ 600,000      
Percentage of future royalty equal 5.00%      
Stockholders of Boreas [Member]        
Stock issued during period restricted and unregistered common shares   98,800,000 98,800,000  
Common stock shares percentage     98.60%  
Number of shares outstanding     100,225,228  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Accounting Policies [Abstract]    
Estimated useful life of intangible assets 10 years  
Unrecognized stock-based compensation expense  
Stock-Based compensation expense
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Instruments (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Loan payable to director $ 156,169 $ 149,716
Loan payable to related party 540,000 540,000
Carrying Value [Member]    
Cash 11 644
Accounts payable and accrued liabilities 41,181 36,118
Loan payable to director 156,169 149,716
Loan payable to related party 540,000 540,000
Fair Value [Member]    
Cash 11 644
Accounts payable and accrued liabilities 41,181 36,118
Loan payable to director 156,169 149,716
Loan payable to related party $ 540,000 $ 540,000
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Licenses for Technology - Schedule of Technology License (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
North American Technology License [Member]    
Cost $ 100  
Net Book Value 100 $ 100
Indian Technology License [Member]    
Cost 100  
Net Book Value 100 100
License [Member]    
Cost 200  
Net Book Value $ 200 $ 200
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loan Payable to Related Party (Details Narrative) - USD ($)
Nov. 08, 2010
Mar. 22, 2010
Supplemental Wind Energy Generator Technology [Member]    
Business acquisition license term   25 years
Deferred cash payment   $ 600,000
Percentage of future royalty equal to subsidiary EBITDA   5.00%
Indian Technology License [Member]    
Subsidiary paid payment for license agreement $ 60,000  
Cash consideration due $ 540,000  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Stock (Details Narrative) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Equity [Abstract]    
Common stock, authorized 300,000,000 300,000,000
Common stock, par value $ .001 $ .001
Common stock, issued 100,225,228 100,195,228
Common stock value $ 100,125 $ 100,095
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Asset (Details Narrative) - Serge Bolotov [Member]
 9 Months Ended
Sep. 30, 2018
USD ($)
Percentage of profit share for compensation of assets 10.00%
Signing bonus paid $ 1,000,000
Percentage of solely derived initial profits realized from assets 11.00%
Final Agreement [Member]  
Assets transaction period 3 years
Related party transaction, purchases from related party $ 5,000
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loan Payable to Director and Related Party Transactions (Details Narrative) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Related Party Transactions [Abstract]    
Amount owed to director $ 156,169 $ 149,716
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Disclosure (Details Narrative)
 9 Months Ended
Sep. 30, 2018
Integer
Segment Reporting [Abstract]  
Number of reportable segments 1
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitment and Contingencies (Details Narrative)
 9 Months Ended
Sep. 30, 2018
CAD ($)
shares
Sep. 30, 2018
USD ($)
Feb. 01, 2016
USD ($)
Monthly fee     $ 2,500
Serge Bolotov [Member]      
Percentage of profit share for compensation of assets   10.00%  
Signing bonus paid   $ 1,000,000  
Percentage of solely derived initial profits realized from assets   11.00%  
Serge Bolotov [Member] | Vendor [Member]      
Number of shares issued as compensation | shares 100,000    
Serge Bolotov [Member] | CAD [Member]      
Related party periodic payment per month $ 8,000    
Pavana Power Corporation [Member]      
Percentage of royalties rate for all revenues 5.00%    
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
2017 Omnibus Equity Compensation Plan (Details Narrative) - 2017 Omnibus Equity Compensation Plan [Member] - shares
 9 Months Ended
Sep. 30, 2018
Feb. 28, 2017
Common stock reserved for future issuance   5,000,000
Common stock issued under compensation plan 30,000  
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