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Nature of Operations and Continuance of Business
3 Months Ended
Jun. 30, 2011
Nature of Operations and Continuance of Business  
Nature of Operations and Continuance of Business

1.    Nature of Operations and Continuance of Business

 

Pacific Blue Energy Corp. (the “Company”) was incorporated under the laws of the State of Nevada on April 3, 2007. The Company is a development stage company that is focused on developing renewable energy projects through solar and wind resources.  On April 5, 2010, the Company acquired a 100% interest of Ship Ahoy LLC, a limited liability company in Arizona, in exchange for $300,000 and 1,000,000 common shares of the Company.  

 

Going Concern

 

These consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has generated no revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of June 30, 2011, the Company had no revenues and an accumulated deficit of $2,586,240. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.