FIRST NATIONAL ENERGY CORPORATION First National Energy Corporation Consolidated Financial Statements December 31, 2021 (Amounts expressed in US Dollars) (unaudited)
TO THE STOCKHOLDERS OF FIRST NATIONAL ENERGY CORP.
The consolidated balance sheets of First National Energy Corp. at December 31, 2021 and December 31, 2020 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 December 31, 2021 (unaudited) and December 31, 2020 (unaudited) | 3 |
Consolidated Statements of Operations and Comprehensive Loss for the 3‐ and 12‐month periods ended | 4 |
December 31, 2021 (unaudited) and December 31, 2020 (unaudited) | |
Consolidated Statements of Changes in Stockholders' Deficiency for the years ended December 31, 2015 | 5 |
(unaudited) to December 31, 2021 (unaudited) | |
Consolidated Statements of Cash Flows for the 12‐month periods ended December 31, 2021 (unaudited) | 6 |
and December 31, 2020 (unaudited) | |
Notes to Consolidated Financial Statements | 7 - 15 |
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FIRST NATIONAL ENERGY CORPORATION
Consolidated Balance Sheets
As of December 31, 2021 and December 31, 2020
(Amounts expressed in US Dollars)
December 31 | December 31 | ||
2021 | 2020 | ||
(unaudited) | (unaudited) | ||
ASSETS | $ | $ | |
CURRENT ASSETS | |||
Cash | ‐ | 108 | |
Total Current Assets | |||
‐ | 108 | ||
Licenses for Technology (Note 4) | 200 | 200 | |
Vertical Wind Powered Generators | 70,000 | 70,000 | |
Total Assets | 70,200 | 70,308 | |
LIABILITIES | |||
CURRENT LIABILITIES | |||
Bank indebtedness | 12 | ‐ | |
Accounts payable and accrued liabilities | 36,319 | 44,328 | |
Loan payable to director (Note 8) | 203,621 | 190,872 | |
Loan payable to related party (note 5) | 610,000 | 610,000 | |
849,952 | 845,200 | ||
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, | |||
100,365,228 issued and outstanding as of December 31, 2021 and | |||
100,365,228 as of December 31, 2020 (Note 6) | 100,365 | 100,365 | |
Additional paid‐in Capital | 312,829 | 312,829 | |
Deficit Accumulated during the development stage | (1,192,990) | (1,188,130) | |
Accumulated other comprehensive loss | (10) | (10) | |
Total Stockholders' Deficiency Attributable to the Company's Stockholders | (779,806) | (774,946) | |
Non‐controlling interest | 53 | 53 | |
Total FNEC Stockholders' Deficit | |||
(779,753) | (774,893) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | 70,200 | 70,308 | |
The accompanying notes form an integral part of these unaudited consolidated financial statements
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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)
12 Months Ended December 31 | 3 Months Ended December 31 | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
REVENUE | $ | $ | $ | $ | ||||||||
200 | ‐ | ‐ | ‐ | |||||||||
EXPENSES | ||||||||||||
General and administrative expenses (recovery) | 5,060 | 26,017 | (3,998) | 10,055 | ||||||||
TOTAL OPERATING EXPENSES/(RECOVERY) | 5,060 | 26,017 | (3,998) | 10,055 | ||||||||
(LOSS)/INCOME BEFORE INCOME TAX | (4,860) | (26,017) | 3,998 | (10,055) | ||||||||
Income taxes | ‐ | ‐ | ‐ | ‐ | ||||||||
NET (LOSS)/INCOME | (4,860) | (26,017) | 3,998 | (10,055) | ||||||||
Net income (loss) attributable to non‐controlling interest | ‐ | ‐ | ‐ | ‐ | ||||||||
Net (loss)/income attributable to FNEC Stockholders | (4,860) | (26,017) | 3,998 | (10,055) | ||||||||
Loss per share, basic and diluted | $ | (0.00) | $ | (0.00) | $ | 0.00 | $ | (0.00) | ||||
Weighted average common shares outstanding | 100,365,228 | 100,365,228 | 100,365,228 | 100,365,228 | ||||||||
COMPREHENSIVE INCOME (LOSS) | ||||||||||||
NET (LOSS)/INCOME INCLUDING NONCONTROLLING INTEREST | (4,860) | (26,017) | 3,998 | (10,055) | ||||||||
Foreign exchange translation adjustment for the period | ‐ | ‐ | ‐ | ‐ | ||||||||
Other Comprehensive (Loss)/Income | ||||||||||||
(4,860) | (26,017) | 3,998 | (10,055) | |||||||||
Comprehensive Income (Loss) attributable to non‐ | ||||||||||||
controlling interest | ‐ | ‐ | ‐ | ‐ | ||||||||
Comprehensive (Loss)/Income attributable to FNEC | (4,860) | (26,017) | 3,999 | (10,055) | ||||||||
Stockholders | ||||||||||||
The accompanying notes form an integral part of these unaudited consolidated financial statements
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FIRST NATIONAL ENERGY CORPORATION
Consolidated Statements of Changes in Stockholders' Deficiency For the periods ended December 31, 2015 to December 31 2021 (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) | |||||||||||
The accompanying notes form an integral part of these unaudited consolidated financial statements
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First National Energy Corporation published this content on 07 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 February 2022 18:09:01 UTC.
