0001165527-18-000152.txt : 20180723 0001165527-18-000152.hdr.sgml : 20180723 20180723142813 ACCESSION NUMBER: 0001165527-18-000152 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20180531 FILED AS OF DATE: 20180723 DATE AS OF CHANGE: 20180723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Century Cobalt Corp. CENTRAL INDEX KEY: 0001456802 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 980579157 STATE OF INCORPORATION: NV FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54327 FILM NUMBER: 18964314 BUSINESS ADDRESS: STREET 1: 10100 SANTA MONICA BLVD STREET 2: SUITE 300 CITY: CENTURY CITY STATE: CA ZIP: 90067 BUSINESS PHONE: 310-772-2209 MAIL ADDRESS: STREET 1: 10100 SANTA MONICA BLVD STREET 2: SUITE 300 CITY: CENTURY CITY STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: First American Silver Corp. DATE OF NAME CHANGE: 20100615 FORMER COMPANY: FORMER CONFORMED NAME: Mayetok Inc. DATE OF NAME CHANGE: 20090223 10-Q 1 g8596a.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended May 31, 2018

Or

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

For the transition period from  ________________to ________________

Commission File Number 000-54327

 
CENTURY COBALT CORP.
(Exact name of registrant as specified in its charter)

Nevada
 
98-0579157
(State or other jurisdiction of incorporation or organization)
 
(IRS Employer Identification No.)
     
10100 Santa Monica Blvd., Suite 300, Century City, Los Angeles, CA
 
90067
(Address of principal executive offices)
 
(Zip Code)

(310) 772-2209
(Registrant’s telephone number, including area code)

FIRST AMERICAN SILVER CORP.
(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 and posted on its corporate Web site, if any, 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).  [  ] YES [X]  NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company.  See the 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]
(Do not check if a smaller reporting company)
Emerging growth company
[X]

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) [X] YES [  ] NO
 
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. [  ] YES [  ] NO

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.

62,892,211 common shares issued and outstanding as of July 23, 2018
 

 
TABLE OF CONTENTS
 
PART I - FINANCIAL INFORMATION
 
     
Item 1.
Financial Statements
3
     
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
12
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
16
     
Item 4.
Controls and Procedures
16
     
PART II - OTHER INFORMATION
 
     
Item 1.
Legal Proceedings
17
     
Item 1A.
Risk Factors
17
     
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
17
     
Item 3.
Defaults Upon Senior Securities
17
     
Item 4.
Mine Safety Disclosures
17
     
Item 5.
Other Information
17
     
Item 6.
Exhibits
17
     
SIGNATURES
 
19
 

2


PART I - FINANCIAL INFORMATION
 
Item 1. Financial Statements
 
Our unaudited interim financial statements for the three and six month periods ended May 31, 2017 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.
 

3


 
CENTURY COBALT CORP.
(FORMERLY FIRST AMERICAN SILVER CORP.)
BALANCE SHEETS
MAY 31, 2018


 
 
May 31, 2018
   
November 30, 2017
 
   
(unaudited)
       
ASSETS
           
             
Current Assets
           
Cash
 
$
336
   
$
541
 
Prepaid expenses
   
5,588
         
Total Current Assets
   
5,924
     
541
 
                 
Other Assets
               
Reclamation bond
   
591
     
591
 
Total Other Assets
   
591
     
591
 
                 
Total Assets
 
$
6,515
   
$
1,132
 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
               
                 
Current Liabilities
               
Accounts payable
 
$
69,894
   
$
106,328
 
Accounts payable – related parties
   
7,085
     
7,085
 
Accrued interest – related parties
   
52,497
     
39,017
 
Due to related parties
   
38,170
     
34,817
 
Notes payable to related parties – current portion
   
339,866
     
329,866
 
Total Current Liabilities
   
507,512
     
517,113
 
                 
Stockholders’ Equity (Deficit)
               
Preferred stock, par value $0.001, 20,000,000 shares authorized,
               
no shares issued and outstanding
   
-
     
-
 
Common stock, par value $0.001, 3,500,000,000 shares authorized,
               
62,892,211 shares issued and outstanding (62,892,211  – 2017)
   
62,892
     
62,892
 
Additional paid-in capital
   
1,206,875
     
1,206,875
 
Common stock payable
   
15,120
     
15,120
 
Accumulated deficit
   
(1,785,884
)
   
(1,800,868
)
Total Stockholders’ Equity (Deficit)
   
(500,997
)
   
(515,981
)
                 
Total Liabilities and Stockholders' Equity (Deficit)
 
$
6,515
   
$
1,132
 




The accompanying notes are an integral part of these financial statements.
 

4

CENTURY COBALT CORP.
(FORMERLY FIRST AMERICAN SILVER CORP.)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED FEBRUARY 28, 2018 AND 2017
(unaudited)


   
Three Months
Ended
May 31, 2018
   
Three Months
Ended
May 31, 2017
   
Six Months
Ended
May 31, 2018
   
Six Months
Ended
May 31, 2017
 
                                 
REVENUES
 
$
-
   
$
-
   
$
-
   
$
-
 
                                 
OPERATING EXPENSES
                               
Accounting and legal
   
13,073
     
8,631
     
18,911
     
10,349
 
Transfer agent and filing fees
   
4,295
     
5,265
     
5,534
     
6,461
 
Consulting
   
31,680
     
-
     
31,680
     
-
 
General and administrative
   
15,157
     
76
     
15,411
     
92
 
TOTAL OPERATING EXPENSES
   
64,205
     
13,972
     
71,716
     
16,902
 
                                 
LOSS FROM OPERATIONS
   
(64,205
)
   
(13,972
)
   
(71,536
)
   
(16,902
)
                                 
OTHER INCOME (EXPENSES)
                               
Interest expense
   
(6,854
)
   
(6,268
)
   
(13,480
)
   
(12,243
)
Forgiveness of debt
   
100,000
     
-
     
100,000
     
-
 
TOTAL OTHER INCOME (EXPENSE)
   
93,146
     
(6,268
)
   
86,520
     
(12,243
)
                                 
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAX
   
28,941
     
(20,240
)
   
14,984
     
(29,145
)
                                 
PROVISION FOR INCOME TAX
   
-
     
-
     
-
     
-
 
                                 
NET INCOME (LOSS)
 
$
28,941
   
$
(20,240
)
 
$
14,984
   
$
(29,145
)
                                 
LOSS PER SHARE: BASIC AND DILUTED
 
$
0.00
   
$
(0.00
)
 
$
0.00
   
$
(0.00
)
                                 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
                               
BASIC AND DILUTED
   
62,892,211
     
62,892,211
     
62,892,211
     
62,892,211
 




The accompanying notes are an integral part of these financial statements.
 
5

CENTURY COBALT CORP.
(FORMERLY FIRST AMERICAN SILVER CORP.)
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED MAY 31, 2018 AND 2017
(unaudited)


   
Six Months
Ended
May 31, 2018
   
Six Months
Ended
May 31, 2017
 
CASH FLOWS FROM OPERATING ACTIVITIES
           
Net loss for the period
 
$
14,984
   
$
(29,145
)
Adjustment for non-cash working capital item
               
Forgiveness of debt
   
(100,000
)
   
-
 
Changes in operating assets and liabilities:
               
Prepaid expenses
   
(5,588
)
   
-
 
Accounts payable
   
63,566
     
(514
)
Accrued expenses
   
13,480
     
12,243
 
Due to related parties
   
3,353
     
-
 
Net Cash Used in Operating Activities
   
(10,205
)
   
(17,416
)
                 
CASH FLOWS FROM FINANCING ACTIVITIES
               
Proceeds from notes payable
   
10,000
     
19,000
 
Net Cash Provided by Financing Activities
   
10,000
     
19,000
 
                 
Net Increase (Decrease) in Cash and Cash Equivalents
   
(205
)
   
1,584
 
Cash and Cash Equivalents, Beginning of Period
   
541
     
592
 
                 
Cash and Cash Equivalents, End of Period
 
$
336
   
$
2,176
 
                 
SUPPLEMENTAL CASH FLOW INFORMATION:
               
Cash paid for income taxes
 
$
-
   
$
-
 
Cash paid for interest
 
$
-
   
$
-
 



 
The accompanying notes are an integral part of these financial statements
 

6

CENTURY COBALT CORP.
(FORMERLY FIRST AMERICAN SILVER CORP.)
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2018
(unaudited)

 
NOTE 1 – NATURE OF OPERATIONS

Century Cobalt Corp. (formerly First American Silver Corp.) was incorporated in the state of Nevada on April 29, 2008.  The Company’s principal office is located at 1031 Railroad St. Suite 102B, Elko NV 89801.  The Company’s principal business activity is the identification and exploration of mineral properties for the purposes of discovering economical cobalt assets.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Exploration Stage Company
On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915).   Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity;  (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.  The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued.  The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.

Basis of Presentation
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

Accounting Basis
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a November 30 fiscal year end.

Risks and Uncertainties
The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure.  See Note 3 regarding going concern matters.

Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents.  At May 31, 2018 and November 30, 2017, respectively, the Company had $336 and $541 of unrestricted cash to be used for future business operations.

The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At times, the Company's bank deposits may exceed the insured amount.  Management believes it has little risk related to the excess deposits.

Fair Value of Financial Instruments
The Company's financial instruments consist of cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and note payable-related party. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
 
7

 
 
CENTURY COBALT CORP.
(FORMERLY FIRST AMERICAN SILVER CORP.)
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2018
(unaudited)

 
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Concentrations of Credit Risk
The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

Stock-Based Compensation
The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation – Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. There has been no stock-based compensation issued to employees.

The Company follows ASC Topic 505-50, formerly EITF 96-18, “Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees.  In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined.  The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered.

Income Taxes
Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Company’s policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of November 30, 2017, there have been no interest or penalties incurred on income taxes.

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Revenue Recognition
The Company is in the exploration stage and has yet to realize revenues from operations.  Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.

Basic Income (Loss) Per Share
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.
 

8

CENTURY COBALT CORP.
(FORMERLY FIRST AMERICAN SILVER CORP.)
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2018
(unaudited)
 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Recent Accounting Pronouncements
First American Silver does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flows.

Mineral Properties
Costs of exploration are expensed as incurred.  Mineral property acquisition costs are capitalized including licenses and lease payments.  Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

Mineral properties are analyzed for impairment on an annual basis, or more often if warranted by circumstances. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present.

Reclassifications
Certain prior year amounts have been reclassified for comparative purposes to conform to the current-year financial statement presentation. These reclassifications had no effect on previously reported results of operations. In addition, certain prior year amounts from the restated amounts have been reclassified for consistency with the current period presentation.

NOTE 3 – GOING CONCERN

The accompanying financial statements have been prepared assuming that Century Cobalt Corp., Inc. will continue as a going concern.  The Company has a working capital deficit, has not yet received revenue from sales of products or services, and has incurred losses from operations.  These factors raise substantial doubt about the Company’s ability to continue as a going concern.  Without realization of additional debt or capital, it would be unlikely for the Company to continue as a going concern.  The financial statements do not include any adjustments that might result from this uncertainty.

The Company’s activities to date have been supported by debt and equity financing.  It has sustained losses in all previous reporting periods with an inception to date loss of approximately $1,785,884 as of May 31, 2018. Management continues to seek funding from its shareholders and other qualified investors.

The results for the three months ended May 31, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10K for the year ended November 30, 2017, filed with the Securities and Exchange Commission.

The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at May 31, 2018 and for the related periods presented.
 

9


 
CENTURY COBALT CORP.
(FORMERLY FIRST AMERICAN SILVER CORP.)
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2018
(unaudited)

 
NOTE 4 – PREPAID EXPENSES

Prepaid expenses include amounts paid to consultant for future services.

NOTE 5 – NOTES PAYABLE TO RELATED PARTIES

Notes payable consisted of the following at May 31, 2018:

Date of Note
 
Note
Amount
   
Interest Rate
     
Maturity Date
   
Collateral
   
Interest
Accrued
 
                                       
May 1, 2016
 
$
292,866
     
8
%
   
May 1, 2017  (Default)
   
None
   
$
48,784
 
October 20, 2016
 
$
5,000
     
8
%
   
October 20, 2017 (Default)
   
None
   
$
644
 
January 9, 2017
 
$
9,000
     
8
%
   
January 9, 2018 (Default)
   
None
   
$
1,000
 
April 24, 2017
 
$
10,000
     
8
%
   
April 24, 2018
   
None
   
$
881
 
June 19, 2017
 
$
7,000
     
8
%
   
June 19, 2018
   
None
   
$
531
 
September 18, 2017
 
$
6,000
     
8
%
   
September 18, 2018
   
None
   
$
336
 
January 5, 2018
 
$
10,000
     
8
%
   
January 5, 2019
   
None
   
$
321
 
        Total
 
$
339,866
                           
$
52,497
 

Notes payable transactions during the six months ended May 31, 2018 consisted of the following:
 
Balance, November 30, 2017
 
$
329,866
 
Borrowings
   
10,000
 
Balance, May 31, 2018
 
$
339,866
 

NOTE 6 – FORGIVENESS OF DEBT

During the period ended May 31, 2018, a creditor of the Company waived a stale balance owing by the Company in the amount of $100,000.

NOTE 7 – RELATED PARTY TRANSACTIONS

Notes payable owing to a related party is $339,866 (2017: $329,866).

Accrued interest owing to a related party is $52,497 (2017: $39,017).

Accounts payable owing to stockholder of $7,085 (2017: $7,085).

As at May 31, 2018, the Company owed $56,717 to its former President and Director (2017: $26,717).
 

10


 
CENTURY COBALT CORP.
(FORMERLY FIRST AMERICAN SILVER CORP.)
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2018
(unaudited)

 
NOTE 8 – CAPITAL STOCK

The Company has 20,000,000 preferred shares authorized at a par value of $0.001 per share.  As of May 31, 2018 no rights have been assigned to the preferred shares and the rights will be established upon issuance.

As at May 31, 2018, the Company has 3,500,000,000 common shares authorized at a par value of $0.001 per share.

During the year-ended November 30, 2017, the Company recorded debt forgiveness gain of $37,257 from an amount that was owed to a former related party of the Company.  As such, the forgiveness of debt has been recorded to Additional Paid in Capital.

As of May 31, 2018 and November 30, 2017, we had 62,892,211 common shares outstanding.

NOTE 9 – SUBSEQUENT EVENTS

On June 15, 2018, the Company changed it’s name from First American Silver Corp. to Century Cobalt Corp.

In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to the date these financial statements were issued, and has determined that, other than those events mentioned above, it does not have any material subsequent events to disclose in these financial statements.
 
11


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

FORWARD LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

As used in this quarterly report, the terms “we”, “us”, “our” and “our company” mean First American Silver Corp., unless otherwise indicated.

General Overview

We were incorporated in the State of Nevada on April 29, 2008, under the name "Mayetok, Inc.".  As Mayetok, Inc. we were engaged in the development of a website to market vacation properties in the Ukraine.

On June 8, 2010, we initiated a one (1) old for 35 new forward stock split of our issued and outstanding common stock. As a result, our authorized capital increased from 100,000,000 to 3,500,000,000 shares of common stock and the issued and outstanding increased from 2,200,000 shares of common stock to 77,000,000 shares of common stock, all with a par value of $0.001.

Also on June 8, 2010, we changed our name from "Mayetok, Inc." to "First American Silver Corp.", by way of a merger with our wholly owned subsidiary First American Silver Corp., which was formed solely for the change of name. We changed the name of our company to reflect the new direction of our company in the business of acquiring, exploring and developing mineral properties. As of June 2010, we had abandoned our former business plan of seeking to market vacation properties.

Our name change and forward stock split became effective with the Over-the-Counter Bulletin Board at the opening of trading on June 16, 2010, on which date we adopted the new stock symbol "FASV".

On June 18, 2018, we changed our name from "First American Silver Corp." to “Century Cobalt Corp”, by way of a merger with our wholly owned subsidiary Century Cobalt Corp., which was formed solely for the change of name. We changed the name of our company to reflect the new direction of our company in the business of acquiring, exploring and developing mineral properties.

Our name change became effective with the Over-the-Counter Bulletin Board at the opening of trading on June 18, 2018, on which date we adopted the new stock symbol "CCOB”
 

12


Our Current Business

In 2014, we abandoned our mineral property business and initiated efforts to enter a new line of business. To-date, although our company has engaged in a number of negotiations in respect of new business lines, we have not yet consummated any transactions or started any new commercial activities.

Results of Operations

Three Months Ended May 31, 2018 Compared to the Three Months Ended May 31, 2017

We had a net income of $28,941 for the three month period ended May 31, 2018 which was $49,181 more than the net loss of $20,240 for the three month period ended May 31, 2017. The change in our results over the two periods is a result of a forgiveness of debt from a creditor that occurred during the period.

The following table summarizes key items of comparison and their related increase (decrease) for the three month periods ended May 31, 2018 and May 31, 2017:

   
Three Months
Ended
May 31, 2018
   
Three Months
Ended
May 31, 2017
   
Change Between
Three Month
Periods Ended
May 31, 201 and
May 31, 2017
 
                         
Accounting and legal
 
$
13,073
   
$
8,631
   
$
4,442
 
Consulting fees
   
31,680
     
-
     
31,680
 
Transfer agent and filing fees
   
4,295
     
5,265
     
(970
)
General and administrative
   
15,157
     
76
     
15,081
 
Interest/Other (income) expense
   
6,854
     
6,268
     
586
 
Forgiveness of debt
   
(100,000
)
   
-
     
(100,000
)
Net loss
 
$
(28,941
)
 
$
20,240
   
$
(49,181
)

Six Months Ended May 31, 2018 Compared to the Six Months Ended May 31, 2017

We had a net income of $14,984 for the six month period ended May 31, 2018, which was $44,129 more than the net loss of $29,145 for the six month period ended May 31, 2017. The change in our results over the two periods is a result of a forgiveness of debt from a creditor that occurred during the period.

The following table summarizes key items of comparison and their related increase (decrease) for the six month periods ended May 31, 2018 and May 31, 2017:

   
Six Months
Ended
May 31, 2018
   
Six Months
Ended
May 31, 2017
   
Change Between
Six Month
Periods Ended
May 31, 2018 and
May 31, 2017
 
                         
Accounting and legal
 
$
18,911
   
$
10,349
   
$
8,562
 
Consulting fees
   
31,680
     
-
     
31,680
 
Transfer agent and filing fees
   
5,534
     
6,461
     
(927
)
General and administrative
   
15,411
     
92
     
15,319
 
Forgiveness of debt
   
(100,000
)
   
-
     
(100,000
)
Interest
   
13,480
     
12,243
     
1,237
 
Net loss
 
$
(14,984
)
 
$
29,145
   
$
(44,129
)

Revenue

We have not earned any revenues since our inception and we do not anticipate earning revenues in the upcoming quarter.
 

13


Liquidity and Capital Resources

Our balance sheet as of May 31, 2018 reflects current assets of $5,924.  We had cash in the amount of $336 and a working capital deficit in the amount of $500,997 as of May 31, 2018 We have insufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.

Working Capital

   
At
May 31, 2018
   
At
November 30 2017
 
                 
Current assets
 
$
5,924
   
$
541
 
Current liabilities
   
507,512
     
517,113
 
Working capital
 
$
(500,997
)
 
$
(516,572
)

We anticipate generating losses and, therefore, may be unable to continue operations further in the future.

Cash Flows

 
 
Six Months Ended
 
 
 
May 31, 2018
   
May 31, 2017
 
                 
Net cash (used in) operating activities
 
$
(10,205
)
 
$
(17,416
)
Net cash (used in) investing activities
 
Nil
   
Nil
 
Net cash provided by (used in) financing activities
   
10,000
     
19,000
 
Net (decrease) in cash during period
 
$
(205
)
 
$
1,584
 

Operating Activities

Net cash used in operating activities during the six months ended May 31, 2018 was $10,205, a decrease of $7,211 from the $17,416 net cash outflow during the six months ended May 31, 2017.

Investing Activities

The Company had no investing activities during the periods ends May 31, 2018 and 2017,

Financing Activities

Cash provided by financing activities during the six months ended May 31, 2018 was $10,000 as compared to $19,000 in cash provided by financing activities during the six months ended May 31, 2017.

We estimate that our operating expenses and working capital requirements for the next 12 months to be as follows:
 
Estimated Net Expenditures During The Next Twelve Months

General and administrative expenses
 
$
14,000
 
Professional fees
   
10,000
 
Total
 
$
24,000
 

To date we have relied on proceeds from the sale of our shares in order to sustain our basic, minimum operating expenses; however, we cannot guarantee that we will secure any further sales of our shares.  We estimate that the cost of maintaining basic corporate operations (which includes the cost of satisfying our public reporting obligations) will be approximately $2,000 per month.   Due to our current cash position of approximately $336 as of May 31, 2018, we estimate that we have insufficient cash to sustain our basic operations for the next twelve months.

We are not aware of any known trends, demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in our liquidity increasing or decreasing in any material way.
 

14


Future Financings

We anticipate continuing to rely on equity sales of our common stock in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing stockholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned business activities.

We presently do not have any arrangements for additional financing for the expansion of our exploration operations, and no potential lines of credit or sources of financing are currently available for the purpose of proceeding with our plan of operations.

Off-Balance Sheet Arrangements

We have no 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, and capital expenditures or capital resources that are material to stockholders.

Critical Accounting Policies

Accounting Basis

Our company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). Our company has adopted a December 31 fiscal year end.

Cash and Cash Equivalents

Our company considers all highly liquid investments with maturities of three months or less to be cash equivalents.  At May 31, 2018 and May 31, 2017, respectively, we had $336 and $541 of unrestricted cash to be used for future business operations.

Our company's bank accounts are deposited in insured institutions.  The funds are insured up to $250,000.   At times, our company's bank deposits may exceed the insured amount.  Management believes that it has little risk related to the excess deposits.

Concentrations of Credit Risk

Our company maintains our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Our company continually monitors our banking relationships and consequently has not experienced any losses in such accounts. Our company believes we are not exposed to any significant credit risk on cash and cash equivalents.

Stock-based Compensation

Our company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, COMPENSATION - STOCK COMPENSATION which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. There has been no stock-based compensation issued to employees.

Our company follows ASC Topic 505-50, formerly EITF 96-18, "ACCOUNTING FOR EQUITY INSTRUMENTS THAT ARE ISSUED TO OTHER THAN EMPLOYEES FOR ACQUIRING, OR IN CONJUNCTION WITH SELLING GOODS AND SERVICES," for stock options and warrants issued to consultants and other non-employees. In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to our company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered.
 

15


Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.

A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is our company's policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of May 31, 2018, there have been no interest or penalties incurred on income taxes.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

Our company is in the exploration stage and has yet to realize revenues from operations. Once our company has commenced operations, we will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by our customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing our company's net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing our company's net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.

Office Lease

Our principal office is located at 10100 Santa Monica Blvd., Suite 300, Century City, Los Angeles, CA and is provided to us at no cost.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer, principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer, principal financial officer and principle accounting officer) concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.
 
16



Changes in Internal Control Over Financial Reporting

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
PART II - OTHER INFORMATION
 
Item 1. Legal Proceedings

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, executive officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits
 
Exhibit
Number
 
Description
      
 
(3)
 
(i) Articles of Incorporation; (ii) By-laws
        
 
3.1
 
Articles of Incorporation (Incorporated by reference to our Registration Statement filed on Form S-1 on February 25, 2009).
        
 
3.2
 
By-laws (Incorporated by reference to our Registration Statement filed on Form S-1 on February 25, 2009)
        
 
3.3
 
Certificate of Amendment (Incorporated by reference to our Registration Statement filed on Form S-1 on February 25, 2009).
        
 
3.4
 
Articles of Merger (Incorporated by reference to our Current Report filed on Form 8-K on July 15, 2010).
        
 
3.5
 
Certificate of Change (Incorporated by reference to our Current Report filed on Form 8-K on July 15, 2010).
        
 
3.6
 
Articles of Merger (Incorporated by reference to our Current Report filed on Form 8-K on June 25, 2018).
 
 
17


 
 
 
 
Exhibit
Number 
   
Description
       
 
(10)
 
Material Contracts
        
 
10.1
 
        
 
10.2
 
        
 
10.3
 
        
 
10.4
 
Mining Lease and Option to Purchase Agreement between our company, Pyramid Lake LLC and Anthony A. Longo dated April 15, 2011 (Incorporated by reference to our Current Report filed on Form 8-K on May 17, 2011).
        
 
10.5
 
License and Assignment Agreement between Thomas J. Menning and our company dated September 16, 2011(incorporated by reference to our Current Report filed on Form 8-K on October 14, 2011).
        
 
10.6
 
2011 Stock Option Plan (incorporated by reference to our Current Report filed on Form 8-K on November 14, 2011).
        
 
10.8
 
Foxglove Promissory Note dated June 28, 2015 (incorporated by reference to our Quarterly Report filed on Form 10-Q on October 14, 2015).
        
 
10.9
 
$7,000 Convertible Promissory Note dated October 15, 2015 issued to Consorcio Empresarial Vesubio SA  (incorporated by reference to our Quarterly Report filed on Form 10-Q on October 14, 2015).
        
 
(31)
 
Rule 13a-14(a) / 15d-14(a) Certifications
        
 
31.1*
 
        
 
(32)
 
Section 1350 Certifications
        
 
32.1*
 
        
 
101*
 
Interactive Data File
101.INS
101.SCH
101.CAL
101.DEF
101.LAB
101.PRE
 
XBRL Instance Document
XBRL Taxonomy Extension Schema Document
XBRL Taxonomy Extension Calculation Linkbase Document
XBRL Taxonomy Extension Definition Linkbase Document
XBRL Taxonomy Extension Label Linkbase Document
XBRL Taxonomy Extension Presentation Linkbase Document
 
* Filed herewith.
 
18


 
SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) 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.
 
   
CENTURY COBALT CORP.
   
(Registrant)
     
     
Dated:  July 23, 2018
  /s/ Alexander Stanbury  
   
Alexander Stanbury
   
President, Chief Executive Officer, Treasurer, Secretary and Director
   
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

 
 
19
EX-31.1 2 ex31-1.htm
Exhibit 31.1
 
CERTIFICATION
 
I, Alexander Stanbury, certify that:
 
1.
I have reviewed this report on Form 10-Q

2.
Based on my knowledge, this 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.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 
a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us 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 our 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 our 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 (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of 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:  July 23, 2018
  /s/ Alexander Stanbury  
   
Alexander Stanbury
   
President, Chief Executive Officer, Treasurer, Secretary and Director
   
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

 
EX-32.1 3 ex32-1.htm
Exhibit 32.1

CERTIFICATION
Pursuant to 18 U.S.C. 1350
(Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report on Form 10-Q of First American Silver Corp. (the “Company”) for the period ended May 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Alexander Stanbury, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §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 Company.
 
 
 
Dated:  July 23, 2018
  /s/ Alexander Stanbury  
   
Alexander Stanbury
   
President, Chief Executive Officer, Treasurer, Secretary and Director
   
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

 
This certification accompanies each Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
 

 
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(formerly First American Silver Corp.) was incorporated in the state of Nevada on April 29, 2008. The Company&#8217;s principal office is located at 1031 Railroad St. Suite 102B, Elko NV 89801. The Company&#8217;s principal business activity is the identification and exploration of mineral properties for the purposes of discovering economical cobalt assets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exploration Stage Company</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On June 10, 2014, the Financial Accounting Standards Board (&#34;FASB&#34;) issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. 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Document and Entity Information - shares
6 Months Ended
May 31, 2018
Jul. 23, 2018
Document And Entity Information    
Entity Registrant Name CENTURY COBALT CORP.  
Entity Central Index Key 0001456802  
Document Type 10-Q  
Document Period End Date May 31, 2018  
Amendment Flag false  
Current Fiscal Year End Date --11-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   62,892,211
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2018  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
BALANCE SHEETS - USD ($)
May 31, 2018
Nov. 30, 2017
Current Asset    
Cash $ 336 $ 541
Prepaid expenses 5,588
Total Current Assets 5,924 541
Other Asset    
Reclamation bond 591 591
Total Other Assets 591 591
Total Assets 6,515 1,132
Current Liabilities    
Accounts payable 69,894 106,328
Accounts payable - related parties 7,085 7,085
Accrued interest - related parties 52,497 39,017
Due to related parties 38,170 34,817
Notes payable to related parties - current portion 339,866 329,866
Total Current Liabilities 507,512 517,113
Stockholders' Equity (Deficit)    
Preferred stock, par value $0.001, 20,000,000 shares authorized, no shares issued and outstanding
Common stock, par value $0.001, 3,500,000,000 shares authorized, 62,892,211 shares issued and outstanding (62,892,211 - 2017) 62,892 62,892
Additional paid-in capital 1,206,875 1,206,875
Common stock payable 15,120 15,120
Accumulated deficit (1,785,884) (1,800,868)
Total Stockholders' Equity (Deficit) (500,997) (515,981)
Total Liabilities and Stockholders' Equity (Deficit) $ 6,515 $ 1,132
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BALANCE SHEETS (Parenthetical) - $ / shares
May 31, 2018
Nov. 30, 2017
Stockholders' Equity (Deficit)    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 3,500,000,000 3,500,000,000
Common stock, shares issued 62,892,211 62,892,211
Common stock, shares outstanding 62,892,211 62,892,211
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STATEMENTS OF OPERATIONS (unaudited) - USD ($)
3 Months Ended 6 Months Ended
May 31, 2018
May 31, 2017
May 31, 2018
May 31, 2017
Statements Of Operations        
REVENUES
OPERATING EXPENSES        
Accounting and legal 13,073 8,631 18,911 10,349
Transfer agent and filing fees 4,295 5,265 5,534 6,461
Consulting 31,680 31,680
General and administrative 15,157 76 15,411 92
TOTAL OPERATING EXPENSES 64,205 13,972 71,716 16,902
LOSS FROM OPERATIONS (64,205) (13,972) (71,536) (16,902)
OTHER INCOME (EXPENSES)        
Interest expense (6,854) (6,268) (13,480) (12,243)
Forgiveness of debt 100,000 100,000
TOTAL OTHER INCOME (EXPENSE) 93,146 (6,268) 86,520 (12,243)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAX 28,941 (20,240) 14,984 (29,145)
PROVISION FOR INCOME TAX
NET INCOME (LOSS) $ 28,941 $ (20,240) $ 14,984 $ (29,145)
LOSS PER SHARE: BASIC AND DILUTED $ 0.00 $ 0.00 $ 0.00 $ 0.00
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 62,892,211 62,892,211 62,892,211 62,892,211
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STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
6 Months Ended
May 31, 2018
May 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the period $ 14,984 $ (29,145)
Adjustment for non-cash working capital item    
Forgiveness of debt (100,000)
Changes in operating assets and liabilities:    
Prepaid expenses (5,588)
Accounts payable 63,566 (514)
Accrued expenses 13,480 12,243
Due to related parties 3,353
Net Cash Used in Operating Activities (10,205) (17,416)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from notes payable 10,000 19,000
Net Cash Provided by Financing Activities 10,000 19,000
Net Increase (Decrease) in Cash and Cash Equivalents (205) 1,584
Cash and Cash Equivalents, Beginning of Period 541 592
Cash and Cash Equivalents, End of Period 336 2,176
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income taxes
Cash paid for interest
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NATURE OF OPERATIONS
6 Months Ended
May 31, 2018
Notes to Financial Statements  
NOTE 1 - NATURE OF OPERATIONS

Century Cobalt Corp. (formerly First American Silver Corp.) was incorporated in the state of Nevada on April 29, 2008. The Company’s principal office is located at 1031 Railroad St. Suite 102B, Elko NV 89801. The Company’s principal business activity is the identification and exploration of mineral properties for the purposes of discovering economical cobalt assets.

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SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
May 31, 2018
Notes to Financial Statements  
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Exploration Stage Company

On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.

 

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

 

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a November 30 fiscal year end.

 

Risks and Uncertainties

The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. See Note 3 regarding going concern matters.

 

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. At May 31, 2018 and November 30, 2017, respectively, the Company had $336 and $541 of unrestricted cash to be used for future business operations.

 

The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At times, the Company's bank deposits may exceed the insured amount. Management believes it has little risk related to the excess deposits.

 

Fair Value of Financial Instruments

The Company's financial instruments consist of cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and note payable-related party. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

 

Concentrations of Credit Risk

The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

 

Stock-Based Compensation

The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation – Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. There has been no stock-based compensation issued to employees.

 

The Company follows ASC Topic 505-50, formerly EITF 96-18, “Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees. In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered.

 

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Company’s policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of November 30, 2017, there have been no interest or penalties incurred on income taxes.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Revenue Recognition

The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.

 

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.

 

Recent Accounting Pronouncements

First American Silver does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flows.

 

Mineral Properties

Costs of exploration are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

 

Mineral properties are analyzed for impairment on an annual basis, or more often if warranted by circumstances. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present.

 

Reclassifications

Certain prior year amounts have been reclassified for comparative purposes to conform to the current-year financial statement presentation. These reclassifications had no effect on previously reported results of operations. In addition, certain prior year amounts from the restated amounts have been reclassified for consistency with the current period presentation.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOING CONCERN
6 Months Ended
May 31, 2018
Notes to Financial Statements  
NOTE 3 - GOING CONCERN

The accompanying financial statements have been prepared assuming that Century Cobalt Corp., Inc. will continue as a going concern. The Company has a working capital deficit, has not yet received revenue from sales of products or services, and has incurred losses from operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Without realization of additional debt or capital, it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty.

 

The Company’s activities to date have been supported by debt and equity financing. It has sustained losses in all previous reporting periods with an inception to date loss of approximately $1,785,884 as of May 31, 2018. Management continues to seek funding from its shareholders and other qualified investors.

 

The results for the three months ended May 31, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10K for the year ended November 30, 2017, filed with the Securities and Exchange Commission.

 

The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at May 31, 2018 and for the related periods presented.

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PREPAID EXPENSES
6 Months Ended
May 31, 2018
Prepaid Expenses  
NOTE 4 - PREPAID EXPENSES

Prepaid expenses include amounts paid to consultant for future services.

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NOTES PAYABLE TO RELATED PARTIES
6 Months Ended
May 31, 2018
Notes to Financial Statements  
NOTE 5 - NOTES PAYABLE TO RELATED PARTIES

Notes payable consisted of the following at May 31, 2018:

 

Date of Note   Note Amount    

Interest

Rate

    Maturity Date   Collateral  

Interest

Accrued

 
May 1, 2016   $ 292,866       8 %   May 1, 2017 (Default)   None   $ 48,784  
October 20, 2016   $ 5,000       8 %   October 20, 2017 (Default)   None   $ 644  
January 9, 2017   $ 9,000       8 %   January 9, 2018 (Default)   None   $ 1,000  
April 24, 2017   $ 10,000