First National Energy Corporation Consolidated Financial Statements June 30, 2022 (Amounts expressed in US Dollars) (unaudited)
TO THE STOCKHOLDERS OF FIRST NATIONAL ENERGY CORP.
The consolidated balance sheets of First National Energy Corp. at June 30, 2022 and December 31, 2021 and the consolidated Statements of Operations and Comprehensive Loss, Changes in Stockholders' Deficiency and Cash Flows for the periods then ended have not been audited by the Company's auditors. These financial statements are the responsibility of management and have been reviewed and approved by the Company's Audit Committee and Board of Directors
Index
Consolidated Balance Sheets as at June 30, 2022 (unaudited) and December 31, 2021 (unaudited) | 3 |
Consolidated Statements of Operations and Comprehensive Loss for the 3‐ and 6‐month periods ended | 4 |
June 30, 2022 (unaudited) and June 30, 2021 (unaudited) | |
Consolidated Statements of Changes in Stockholders' Deficiency for the years ended December 31, 2015 | 5 |
(unaudited) to June 30, 2022 (unaudited) | |
Consolidated Statements of Cash Flows for the 6‐month periods ended June 30, 2022 (unaudited) and | 6 |
June 30, 2021 (unaudited) | |
Notes to Consolidated Financial Statements | 7 - 15 |
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FIRST NATIONAL ENERGY CORPORATION
Consolidated Balance Sheets
As of June 30, 2022 and December 31, 2021
(Amounts expressed in US Dollars)
June 30 | December 31 | ||
2022 | 2021 | ||
(unaudited) | (unaudited) | ||
ASSETS | $ | $ | |
CURRENT ASSETS | |||
Cash | 1,352 | ‐ | |
Total Current Assets | |||
1,352 | ‐ | ||
Licenses for Technology (Note 4) | 200 | 200 | |
Vertical Wind Powered Generators | 70,000 | 70,000 | |
Total Assets | 71,552 | 70,200 | |
LIABILITIES | |||
CURRENT LIABILITIES | |||
Bank Indebtedness | ‐ | 12 | |
Accounts payable and accrued liabilities | 13,999 | 36,319 | |
Loan payable to director (Note 8) | 210,507 | 203,621 | |
Loan payable to related party (note 5) | 610,000 | 610,000 | |
834,506 | 849,952 | ||
Going Concern (Note 2) | |||
Related Party Transactions (Note 5 and Note 8) | |||
Commitments (Note 10) | |||
STOCKHOLDERS' DEFICIENCY | |||
Capital Stock ($.001 par value, 300,000,000 common shares authorized, | |||
100,425,228 issued and outstanding as of June 30, 2022 and | |||
100,365,228 as of December 31, 2021 (Note 6) | 100,425 | 100,365 | |
Additional paid‐in Capital | 327,769 | 312,829 | |
Deficit Accumulated during the development stage | (1,191,191) | (1,192,990) | |
Accumulated other comprehensive loss | (10) | (10) | |
Total Stockholders' Deficiency Attributable to the Company's Stockholders | (763,007) | (779,806) | |
Non‐controlling interest | 53 | 53 | |
Total FNEC Stockholders' Deficit | |||
(762,954) | (779,753) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | 71,552 | 70,200 | |
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FIRST NATIONAL ENERGY CORPORATION
Consolidated Statements of Operations and Comprehensive Income (Loss)
For the periods ended
(Amounts expressed in US Dollars)
6 Months Ended June 30 | 3 Months Ended June 30 | |||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
REVENUE | $ | $ | $ | $ | ||||||||
‐ | 200 | ‐ | ‐ | |||||||||
EXPENSES | ||||||||||||
General and administrative expenses / (recovery) | (1,799) | 8,578 | 10,078 | 5,938 | ||||||||
TOTAL OPERATING EXPENSES / (RECOVERY) | (1,799) | 8,578 | 10,078 | 5,938 | ||||||||
INCOME (LOSS) BEFORE INCOME TAX | 1,799 | (8,378) | (10,078) | (5,938) | ||||||||
Income taxes | ‐ | ‐ | ‐ | ‐ | ||||||||
NET INCOME (LOSS) | 1,799 | (8,378) | (10,078) | (5,938) | ||||||||
Net income (loss) attributable to non‐controlling interest | ‐ | ‐ | ‐ | ‐ | ||||||||
Net income (loss) attributable to FNEC Stockholders | 1,799 | (8,378) | (10,078) | (5,938) | ||||||||
Loss per share, basic and diluted | $ | 0.00 | $ | (0.00) | $ | (0.00) | $ | (0.00) | ||||
Weighted average common shares outstanding | 100,425,228 | 100,365,228 | 100,425,228 | 100,365,228 | ||||||||
COMPREHENSIVE INCOME (LOSS) | ||||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 1,799 | (8,378) | (10,078) | (5,938) | ||||||||
Foreign exchange translation adjustment for the period | ‐ | ‐ | ‐ | ‐ | ||||||||
Other Comprehensive Income (Loss) | ||||||||||||
1,799 | (8,378) | (10,078) | (5,938) | |||||||||
Comprehensive Income (Loss) attributable to non‐ | ||||||||||||
controlling interest | ‐ | ‐ | ‐ | ‐ | ||||||||
Comprehensive Income (Loss) attributable to FNEC | ||||||||||||
Stockholders | 1,799 | (8,378) | (10,078) | (5,938) | ||||||||
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FIRST NATIONAL ENERGY CORPORATION
Consolidated Statements of Changes in Stockholders' Deficiency
For the periods ended December 31, 2015 to June 30 2022
(Amounts expressed in US Dollars)
Common stock | Accumulated | ||||||||||||||||||
Common stock | ‐ dollar | other | Non‐ | Total | |||||||||||||||
‐ number of | amount at par | Additional | Accumulated | comprehensive | controlling | stockholders' | |||||||||||||
shares | value | paid‐in capital | Deficit | loss | interests | deficit | |||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||
Balance as of December 31, 2015 (audited) | 99,865,228 | 99,865 | 103,329 | (899,087) | (10) | 53 | (695,850) | ||||||||||||
Net loss for the Period | ‐ | ‐ | ‐ | (12,364) | ‐ | ‐ | (12,364) | ||||||||||||
Balance as of December 31, 2016 (audited) | 99,865,228 | 99,865 | 103,329 | (911,451) | (10) | 53 | (708,214) | ||||||||||||
Sale of Shares | 50,000 | 50 | 24,950 | 25,000 | |||||||||||||||
Financing Costs | (5,000) | (5,000) | |||||||||||||||||
Sale of shares | 30,000 | 30 | 14,970 | 15,000 | |||||||||||||||
Stock based compensation | 250,000 | 250 | 124,750 | 125,000 | |||||||||||||||
Net Loss for the Period | ‐ | ‐ | ‐ | (176,676) | ‐ | ‐ | (176,676) | ||||||||||||
Balance as of December 31, 2017 (audited) | 100,195,228 | 100,195 | 262,999 | (1,088,127) | (10) | 53 | (724,890) | ||||||||||||
Sale of Shares | 30,000 | 30 | 14,970 | 15,000 | |||||||||||||||
Net Loss for the Period | ‐ | ‐ | ‐ | (25,385) | ‐ | (25,385) | |||||||||||||
Balance as of December 31, 2018 (unaudited) | 100,225,228 | 100,225 | 277,969 | (1,113,512) | (10) | 53 | (735,275) | ||||||||||||
Stock based compensation | 40,000 | 40 | 9,960 | 10,000 | |||||||||||||||
Sale of shares | 100,000 | 100 | 24,900 | 25,000 | |||||||||||||||
Net Loss for the Period | ‐ | ‐ | (48,601) | ‐ | ‐ | (48,601) | |||||||||||||
Balance as of December 31, 2019 (unaudited) | 100,365,228 | 100,365 | 312,829 | (1,162,113) | (10) | 53 | (748,876) | ||||||||||||
Net Loss for the Period | ‐ | ‐ | (26,017) | ‐ | ‐ | (26,017) | |||||||||||||
Balance as of December 31 2020 (unaudited) | 100,365,228 | 100,365 | 312,829 | (1,188,130) | (10) | 53 | (774,893) | ||||||||||||
Net Loss for the Period | ‐ | ‐ | (4,860) | ‐ | ‐ | (4,860) | |||||||||||||
Balance as of December 31 2021 (unaudited) | 100,365,228 | 100,365 | 312,829 | (1,192,990) | (10) | 53 | (779,753) | ||||||||||||
Sale of shares in a private placement | 60,000 | 60 | 14,940 | 15,000 | |||||||||||||||
Net Loss for the Period | ‐ | ‐ | 1,799 | ‐ | ‐ | 1,799 | |||||||||||||
Balance as of June 30 2022 (unaudited) | 100,425,228 | 100,425 | 327,769 | (1,191,191) | (10) | 53 | (762,954) | ||||||||||||
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First National Energy Corporation published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 16:18:06 UTC.