10QSB 1 a5686378.txt NOVA NATURAL RESOURCES CORPORATION 10-QSB UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-QSB QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2008 Commission File number 0-15078 NOVA NATURAL RESOURCES CORPORATION ---------------------------------- (Name of Small Business Issuer in its charter) Colorado 84-1227328 (State or other jurisdiction (I.R.S. Employer Of incorporation Identification No.) 2000 NE 22nd ST (954) 557-2688 Wilton Manors, Fl 33305 (issuer's phone number) (Address of principal executive offices) Securities registered under Section 12(b) of the Act: NONE Securities registered under Section 12(g) of the Act: Common Stock, $.10 Par Value ---------------------------- (Title of Class) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12months (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. Yes No X ---- ---- Check if disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-QSB or any amendment to this Form 10-QSB. [X] Issuer's revenues for its most recent fiscal year totaled: None Documents Incorporated by Reference: None Transitional Small Business Disclosure Format: Yes . No. X ---- ---- As of March 31, 2008, the Registrant had outstanding no shares of Convertible Preferred Stock, $1.00 par value issued and outstanding. Number of Shares of Common Stock Outstanding $.10 par value as of March 31, 2008 8,071,764 1 NOVA NATURAL RESOURCES CORPORATION Index to Form 10-Q PART 1. FINANCIAL INFORMATION ----------------------------- Item 1. Financial Statements. Balance Sheets at March 31, 2008 (unaudited) Statements of Operations and Accumulated Surplus as of March 31, 2008 and March 31, 2007 Unaudited Statements of Cash Flow period-ended March 31, 2008 and 2007 (unaudited) Report of Independent Registered Public Accountant Firm Certificate of the CEO and CFO Certificated pursuant to 18 U.S.C. Section 1350 Item 2. Management discussion and Analysis of Financial Condition and Results of Operations Item 3. Description of Business Item 4. Significant changes in the company business Item 5. Change in Control Part 2. OTHER INFORMATION ---------------------------- Item 1. Common Stock Item 2. Environmental Item 3. Employees Item 4. Capital assets Item 5. Legal Proceedings Item 6. Market for Common Equity and related Shareholder matters Signatures 2 ------------------------------------------------------------------------- NOVA NATURAL RESOURCES CORPORATION BALANCE SHEET AS OF March 31, 2008 ------------------------------------------------------------------------- Unaudited Unaudited 3/31/08 03/31/07 --------------------------- LIABILITIES Current Accounts Payable and Accruals $ 58,000 23,000 Notes Payable 50,500 50,500 --------------------------- 108,500 50,500 =========================== STOCKHOLDERS' EQUITY Common stock, $0.10 par value, 50,000,000 shares authorized; 8,071,764 shares issued and outstanding 13,421,316 13,421,316 Additional Paid in Capital (7,718,434) (7,768,434) Accumulated Surplus (Deficit) (5,811,382) (5,726,382) --------------------------- (108,500) (73,500) $ - $ - =========================== The accompanying summary of significant accounting policies and notes are an integral part of these financial statements. 3 ----------------------------------------------------------------------- NOVA NATURAL RESOURCES CORPORATION STATEMENTS OF OPERATIONS AND ACCUMULATED SURPLUS FOR THE PERIOD ENDED March 31, 2008 ----------------------------------------------------------------------- Un-audited Unaudited Unaudited 3/31/08 3/31/07 3/31/06 Revenue $ - - - Expenses Administrative $ 10,000 63,500 9,000 ---------------------------------------- 10,000 63,500 9,000 Net Income/Loss $ 10,000 $ 63,500 $ 9,000 ----------------------------------------- Basic and diluted net income (loss) per share $ (0.0012) $ (0.0079) $ (0.0049) The accompanying summary of significant accounting policies and notes are an integral part of these financial statements. 4 NOVA NATURAL RESOURCES CORPORATION STATEMENTS OF CASH FLOW FOR THE PERIOD ENDED March 31, 2008 --------------------------------------------------------------------------------
Unaudited Unaudited Unaudited 3/31/08 3/31/07 3/31/06 Cash Provided by (Used in): Operating Activities Cash from Operations $(10,000) $(63,500) $ (9,000) Cash Provided from non cash items Amortization Net Change in Accounts Payable and Accruals 10,000 1,000 1,000 ------ ----- ----- - (62,500) (8,000) Financing Activities Issue of Shares - 62,500 8,000 Issue of Note Payable Increase (Decrease) in Cash during the year - - - Cash Balance - beginning of year - - - Cash Balance - end of year - - -
5 NOVA NATURAL RESOURCES CORPORATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors and Stockholders Nova Natural Resources Corporation I have reviewed the accompanying Balance Sheet of Nova Natural Resources Corporation as of March 31, 2008 and 2007 and the Statements of Net Income and Cash Flows for the three-month period. These interim financial statements are the responsibility of the Company's management. I conducted my review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, I do not express such an opinion. Based on my review, I am not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with U.S. generally accepted accounting principles. Eddy Chin Chartered Accountant Licensed Public Accountant Thornhill, Ontario, Canada May 14, 2008 6