PENOLA, INC.
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(Exact name of registrant as specified in its charter)
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Nevada
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None
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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Large accelerated filer ¨
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Accelerated filer ¨
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Non-accelerated filer ¨
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Smaller reporting company x
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(Do not check if a smaller reporting company)
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Page No.
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|||||
PART I
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|||||
Item 1.
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Business
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4 | |||
Item 1A.
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Risk Factors
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12 | |||
Item 1B.
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Unresolved Staff Comments
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12 | |||
Item 2.
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Properties
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12 | |||
Item 3.
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Legal Proceedings
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12 | |||
Item 4.
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Mine Safety Disclosure
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12 | |||
PART II
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|||||
Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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13 | |||
Item 6.
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Selected Financial Data
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13 | |||
Item 7.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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14 | |||
Item 7A.
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Quantitative and Qualitative Disclosures About Market Risk
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16 | |||
Item 8.
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Financial Statements and Supplementary Data
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F-1 | |||
Item 9.
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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17 | |||
Item 9A.
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Controls and Procedures
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17 | |||
Item 9B.
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Other Information
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18 | |||
Part III
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|||||
Item 10.
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Directors, Executive Officers and Corporate Governance
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19 | |||
Item 11.
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Executive Compensation
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21 | |||
Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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22 | |||
Certain Relationships and Related Transactions, and Director Independence
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22 | ||||
Item 14.
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Principal Accounting Fees and Services
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22 | |||
Part IV
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|||||
Item 15.
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Exhibits and Financial Statement Schedules
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23 | |||
Signatures
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24 |
ITEM 1.
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BUSINESS
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●
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Olympio Formation
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●
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Biscay Formation
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●
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Saunders Creek Formation
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●
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Ding Dong Downs Volcanics
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Proposed Work
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Amount
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Cost ($AUD)
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||||
Phase 1
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||||||
Data Collection
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$
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5,000.00
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||||
Re-Interpretation of Geophysical Data
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$
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10,000.00
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||||
Field Mapping
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5 days @ $500
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$
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2,500.00
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|||
Sampling
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50 samples @ $30
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$
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1,500.00
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|||
Travel & Accommodation
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5 days @ $300
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$
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1,500.00
|
|||
Report
|
1.5 days @ $1,000
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$
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1,500.00
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|||
Administration
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15 % of costs
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$
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3,300.00
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|||
$
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25,300.00
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|||||
Phase 2
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||||||
Soil Sampling
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5 days @ $750
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$
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3,750.00
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|||
Assaying
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150 samples @ $20
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$
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3,000.00
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|||
Ground Geophysics
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$
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65,000.00
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||||
Report
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1.5 days @ $1,000
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$
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1,500.00
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|||
Administration
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15 % of costs
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$
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10,987.50
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|||
$
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84,237.50
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|||||
Phase 2
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||||||
Drilling
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1,000 meters @ $50
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$
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50,000.00
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|||
Assaying
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1,000 meters @ $30
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$
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30,000.00
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|||
Supervision
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7 days @ $600
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$
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4,200.00
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|||
Travel & Accommodation
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7 days @ $300
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$
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2,100.00
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|||
Report
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1.5 days @ $1,000
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$
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1,500.00
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|||
Administration
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15 % of costs
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$
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13,170.00
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|||
$
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100,970.00
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|||||
Total
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$
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210,507.50
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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ITEM 2.
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PROPERTIES
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ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 4.
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MINE SAFETY DISCLOSURE
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ITEM 5.
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MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS MARKET INFORMATION
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ITEM 6.
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SELECTED FINANCIAL DATA
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ITEM 7.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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Balance Sheet Data
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February 28,
2014
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February 28,
2013
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||||||
Cash and Cash Equivalents
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$
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1,336
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$
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10,740
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||||
Total Assets
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$
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1,336
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$
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10,740
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||||
Total Liabilities
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$
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47,262
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$
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35,071
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||||
Shareholders’ Equity (deficit)
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$
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(45,926)
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)
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$
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(24,331)
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Proposed Work
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Amount
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Cost ($AUD)
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||||
Phase 1
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||||||
Data Collection
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$
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5,000.00
|
||||
Re-Interpretation of Geophysical Data
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$
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10,000.00
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||||
Field Mapping
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5 days @ $500
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$
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2,500.00
|
|||
Sampling
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50 samples @ $30
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$
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1,500.00
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|||
Travel & Accommodation
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5 days @ $300
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$
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1,500.00
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|||
Report
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1.5 days @ $1,000
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$
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1,500.00
|
|||
Administration
|
15 % of costs
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$
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3,300.00
|
|||
$
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25,300.00
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|||||
Phase 2
|
||||||
Soil Sampling
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5 days @ $750
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$
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3,750.00
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|||
Assaying
|
150 samples @ $20
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$
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3,000.00
|
|||
Ground Geophysics
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$
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65,000.00
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||||
Report
|
1.5 days @ $1,000
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$
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1,500.00
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|||
Administration
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15 % of costs
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$
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10,987.50
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|||
$
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84,237.50
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|||||
Phase 2
|
||||||
Drilling
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1,000 meters @ $50
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$
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50,000.00
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|||
Assaying
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1,000 meters @ $30
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$
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30,000.00
|
|||
Supervision
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7 days @ $600
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$
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4,200.00
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|||
Travel & Accommodation
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7 days @ $300
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$
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2,100.00
|
|||
Report
|
1.5 days @ $1,000
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$
|
1,500.00
|
|||
Administration
|
15 % of costs
|
$
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13,170.00
|
|||
$
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100,970.00
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|||||
Total
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$
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210,507.50
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ITEM 7A.
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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ITEM 8.
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FINANCIAL STATEMENTS
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PENOLA INC.
(An Exploration Stage Company)
BALANCE SHEETS
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February 28,
2014
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February 28,
2013
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|||||||
- $ - | - $ - | |||||||
ASSETS
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||||||||
Current
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||||||||
Cash
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1,336 | 10,740 | ||||||
Total assets
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1,336 | 10,740 | ||||||
LIABILITIES
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||||||||
Current
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||||||||
Accounts payable and accrued liabilities
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997 | 625 | ||||||
Due to related parties
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46,265 | 34,446 | ||||||
Total liabilities
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47,262 | 35,071 | ||||||
STOCKHOLDERS’ DEFICIT
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||||||||
Authorized:
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||||||||
75,000,000 common shares With a par value of $0.001
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- | - | ||||||
Issued and Outstanding:
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||||||||
3,160,000 common shares
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||||||||
(February 28, 2013 - 3,160,000)
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3,160 | 3,160 | ||||||
Additional paid up capital
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32,488 | 29,457 | ||||||
Deficit accumulated during the exploration stage
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(81,574 | ) | (56,948 | ) | ||||
Total stockholders’ deficit
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(45,926 | ) | (24,331 | ) | ||||
Total liabilities and stockholders’ deficit
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1,336 | 10,740 |
PENOLA INC.
(An Exploration Stage Company)STATEMENTS OF OPERATIONS
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Year ended
February 28,
2014
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Year ended
February 28,
2013
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May 7, 2010 (Inception) to
February 28,
2014
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||||||||||
- $ -
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- $ -
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- $ -
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||||||||||
Office and general
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10,143 | 12,446 | 25,150 | |||||||||
Professional fees
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11,452 | 5,400 | 44,073 | |||||||||
Mining costs
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- | - | 7,703 | |||||||||
Total expenses
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21,595 | 17,846 | 76,926 | |||||||||
Interest expense
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(3,031 | ) | (1,428 | ) | (4,648 | ) | ||||||
NET LOSS
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(24,626 | ) | (19,274 | ) | (81,574 | ) | ||||||
Basic and diluted loss per share
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(0.01 | ) | (0.01 | ) | ||||||||
Weighted average number of common shares outstanding
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3,160,000 | 3,160,000 |
PENOLA INC.
(An Exploration Stage Company)
STATEMENTS OF CASH FLOWS
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Year ended
February 28,
2014
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Year ended
February 28,
2013
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Period from May 7, 2010 (Inception) to
February 28,
2014
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||||||||||
- $ -
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- $ -
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- $ -
|
||||||||||
Cash Flows From Operating Activities
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||||||||||||
Net loss
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(24,626 | ) | (19,274 | ) | (81,574 | ) | ||||||
Impairment of mining costs
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- | 7,703 | ||||||||||
Imputed interest
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3,031 | 1,428 | 4,648 | |||||||||
Net change in non-cash working capital balances:
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||||||||||||
Accounts payable
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371 | 625 | 997 | |||||||||
Net cash used in operations
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(21,224 | ) | (17,221 | ) | (68,226 | ) | ||||||
Cash flows from Investing Activities
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||||||||||||
Mineral property option
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- | - | (7,703 | ) | ||||||||
Net cash used in investing activities
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- | - | (7,703 | ) | ||||||||
Cash Flows From Financing Activities
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||||||||||||
Capital stock issued
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- | - | 31,000 | |||||||||
Due to related party
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11,820 | 27,277 | 46,265 | |||||||||
Net cash provided by financing activities
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11,820 | 27,277 | 77,265 | |||||||||
Increase (Decrease) In Cash
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(9,404 | ) | 10,056 | 1,336 | ||||||||
Cash, beginning
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10,740 | 684 | - | |||||||||
Cash, ending
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1,336 | 10,740 | 1,336 | |||||||||
Supplementary Cash Flow Information:
|
||||||||||||
Cash paid for:
|
||||||||||||
Interest
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- | - | - | |||||||||
Income taxes
|
- | - | - |
PENOLA INC.
(An Exploration Stage Company)
STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD FROM MAY 7, 2010 (INCEPTION) TO FEBRUARY 28, 2014
|
Shares
Subscribed
|
Common
Stock
|
Additional Paid
in Capital
|
Accumulated
Deficit
|
Total
Equity (Deficit)
|
||||||||||||||||
Balance, May 7, 2010
|
- | $ | - | $ | - | $ | - | $ | - | |||||||||||
Common stock issued for cash at $0.001 per share
|
2,000,000 | 2,000 | - | - | 2,000 | |||||||||||||||
Common stock issued for cash at $0.025 per share – July 16, 2009 to February 28, 2011
|
1,160,000 | 1,160 | 27,840 | - | 29,000 | |||||||||||||||
Net loss
|
- | - | - | (9,782 | ) | (9,782 | ) | |||||||||||||
Balance, February 28, 2011
|
3,160,000 | 3,160 | 27,840 | (9,782 | ) | 21,218 | ||||||||||||||
Imputed interest
|
- | - | 189 | - | 189 | |||||||||||||||
Net loss
|
- | - | - | (27,892 | ) | (27,892 | ) | |||||||||||||
Balance, February 29, 2012
|
3,160,000 | 3,160 | 28,029 | (37,674 | ) | (6,485 | ) | |||||||||||||
Imputed interest
|
- | - | 1,428 | - | 1,428 | |||||||||||||||
Net loss
|
- | - | - | (19,274 | ) | (19,274 | ) | |||||||||||||
Balance, February 28, 2013
|
3,160,000 | 3,160 | 29,457 | (56,948 | ) | (24,331 | ) | |||||||||||||
Imputed interest
|
- | - | 3,031 | - | 3,031 | |||||||||||||||
Net loss
|
- | - | - | (24,626 | ) | (24,626 | ) | |||||||||||||
Balance, February 28, 2014
|
3,160,000 | $ | 3,160 | $ | 32,488 | $ | ( 81,574 | ) | $ | (45,926 | ) |
1.
|
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Level 1
|
Level 2
|
Level 3
|
||||||||||
February 28, 2014
|
- | - | - | |||||||||
February 28, 2013
|
- | - | - |
-
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Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and
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-
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Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.
|
3.
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Related Party Transactions
|
4.
|
Income Taxes
|
2014
-$-
|
2013
-$-
|
|||||||
Net loss carry forward
|
78,543 | 55,256 | ||||||
Statutory tax rate
|
34 | % | 34 | % | ||||
Expected recovery of income taxes at standard rates
|
26,705 | 18,879 | ||||||
Change in valuation allowance
|
(26,705 | ) | (18,879 | ) | ||||
Income tax provision
|
- |
5.
|
Subsequent Event
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
·
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of our assets;
|
·
|
Provide reasonable assurance our transactions are recorded as necessary to permit preparation of our financial statements in accordance with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
|
·
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statement.
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
Age
|
Positions and Offices
|
|||
Ms. Filomena Gencarelli
|
64
|
President, Chief Executive Officer, Treasurer and Director
|
Non-Equity
|
||||||||||||||||||||||||||||||||||
Incentive
|
Nonqualified
|
|||||||||||||||||||||||||||||||||
Name and
|
Stock
|
Option
|
Plan
|
Deferred
|
All Other
|
|||||||||||||||||||||||||||||
Principal
Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Awards
($)
|
Awards
($)
|
Compensation
($)
|
Compensation
($)
|
Compensation
($)
|
Total
($)
|
|||||||||||||||||||||||||
Filomena
|
2014
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||||||||
Gencarelli (1) |
2013
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||||||||
Stuart Carnie (2)
|
2014
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||||||||
2013
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Fees
|
Non-Equity
|
Nonqualified
|
||||||||||||||||||||||||||
Earned
|
Incentive
|
Deferred
|
||||||||||||||||||||||||||
Paid in
|
Stock
|
Option
|
Plan
|
Compensation
|
All Other
|
|||||||||||||||||||||||
Name
|
Cash($)
|
Awards($)
|
Awards($)
|
Compensation($)
|
Earnings($)
|
Compensation($)
|
Total($)
|
|||||||||||||||||||||
Filomena Gencarelli
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||||
0
|
0
|
0
|
0
|
0
|
0
|
0
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Name and Address
|
Number of Shares Owned
|
Percent of Class | ||||||||
Title of Class
|
of Beneficial Owner (1)
|
Beneficially
|
Owned
|
|||||||
Common Stock:
|
Ms. Filomena Gencarelli, President, President, Chief Executive Officer, Treasurer and Director
|
2,000,000
|
63.2
|
%
|
||||||
All executive officers and directors as a group (1 person)
|
2,000,000
|
63.2
|
%
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
Number
|
Description
|
|
3.1
|
Articles of Incorporation*
|
|
3.2
|
Bylaws*
|
|
31.1
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
PENOLA, INC.
|
|||
(Name of Registrant)
|
|||
Date: May 29, 2014
|
By:
|
/s/ Filomena Gencarelli
|
|
Filomena Gencarelli
|
|||
President, Chief Executive Officer (principal executive officer, principal financial officer and principal accounting officer)
|
Number
|
Description
|
|
3.1
|
Articles of Incorporation*
|
|
3.2
|
Bylaws*
|
|
31.1
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
1.
|
I have reviewed this report on Form 10-K of Penola, Inc.
|
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.
|
Date: May 29, 2014
|
By: |
/s/ Filomena Gencarelli
|
|
Filomena Gencarelli
|
|||
President and Chief Executive Officer, Treasurer
(and principal financial officer and principal accounting officer)
|
1.
|
I have reviewed this report on Form 10-K of Penola, Inc.
|
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.
|
Date: May 29, 2014
|
By: |
/s/ Filomena Gencarelli
|
|
Filomena Gencarelli
|
|||
President and Chief Executive Officer, Treasurer
(and principal financial officer and principal accounting officer)
|
Date: May 29, 2014 | By: |
/s/ Filomena Gencarelli
|
|
Filomena Gencarelli
|
|||
President and Chief Executive Officer, Secretary and Treasurer (and principal financial officer and principal accounting officer)
|
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