Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PETROSONIC ENERGY, INC. | v319861_8k.htm |
| EX-2.1 - EXHIBIT 2.1 - PETROSONIC ENERGY, INC. | v319861_ex2-1.htm |
| EX-10.4 - EXHIBIT 10.4 - PETROSONIC ENERGY, INC. | v319861_ex10-4.htm |
| EX-99.3 - EXHIBIT 99.3 - PETROSONIC ENERGY, INC. | v319861_ex99-3.htm |
| EX-99.1 - EXHIBIT 99.1 - PETROSONIC ENERGY, INC. | v319861_ex99-1.htm |
| EX-10.3 - EXHIBIT 10.3 - PETROSONIC ENERGY, INC. | v319861_ex10-3.htm |
| EX-10.6 - EXHIBIT 10.6 - PETROSONIC ENERGY, INC. | v319861_ex10-6.htm |
| EX-10.5 - EXHIBIT 10.5 - PETROSONIC ENERGY, INC. | v319861_ex10-5.htm |
| EX-10.2 - EXHIBIT 10.2 - PETROSONIC ENERGY, INC. | v319861_ex10-2.htm |
Petrosonic Albania SHA.
(A Development Stage Company)
Balance Sheets
(Unaudited)
| March 31, 2012 | December 31, 2011 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 1,062 | $ | 1,655 | ||||
| Value added taxes receivables | 87,615 | 86,136 | ||||||
| Prepaid expenses | 1,248 | - | ||||||
| Total current assets | 89,925 | 87,791 | ||||||
| Property and equipment, net of accumulated depreciation of $0, respectively | 625,231 | 617,924 | ||||||
| TOTAL ASSETS | $ | 715,156 | $ | 705,715 | ||||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 207,681 | $ | 204,176 | ||||
| Short term debt-related party | 3,814 | - | ||||||
| Total liabilities | 211,495 | 204,176 | ||||||
| Stockholders' equity: | ||||||||
| Common stock, 100,000 shares authorized, $25.64 par value - 60,195 shares issued and outstanding, respectively | 1,543,406 | 1,543,406 | ||||||
| Additional paid-in capital | (1,008,356 | ) | (1,008,356 | ) | ||||
| Other equity | 6,493 | 1,607 | ||||||
| Deficit accumulated during the development stage | (37,882 | ) | (35,118 | ) | ||||
| Total stockholders’ equity | 503,661 | 501,539 | ||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 715,156 | $ | 705,715 | ||||
The accompanying footnotes are an integral part of the unaudited financial statements.
Petrosonic Albania SHA.
(A Development Stage Company)
Statements of Expenses
(Unaudited)
| Three Months Ended March 31, | Inception (May 24, 2010) through | |||||||||||
| 2012 | 2011 | March 31, 2012 | ||||||||||
| Expenses | ||||||||||||
| General and administrative expenses | $ | 2,764 | $ | 10,126 | $ | 37,882 | ||||||
| Total operating expenses | 2,764 | 10,126 | 37,882 | |||||||||
| Net loss | (2,764 | ) | (10,126 | ) | (37,882 | ) | ||||||
| Other Comprehensive income, | ||||||||||||
| Foreign currency translation adjustment | 4,886 | 6,446 | 6,493 | |||||||||
| Comprehensive income (loss) | $ | 2,122 | $ | (3,680 | ) | $ | (31,389 | ) | ||||
| Loss per common share - Basic and diluted | $ | (0.01 | ) | $ | (0.01 | ) | ||||||
| Weighted average common shares outstanding - | ||||||||||||
| Basic and diluted | 2,564,000 | 2,564,000 | ||||||||||
The accompanying footnotes are an integral part of the unaudited financial statements.
Petrosonic Albania SHA.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
| For the Three Months Ended March 31, | ||||||||||||
| 2012 | 2011 | May 24, 2010 (inception) through March 31, 2012 | ||||||||||
| Cash flows from operating activities | ||||||||||||
| Net loss | $ | (2,764 | ) | $ | (10,126 | ) | $ | (37,882 | ) | |||
| Adjustments to reconcile net loss to net cash | ||||||||||||
| (used in) provided by operating activities: | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Value added taxes receivables | (1,479 | ) | (56,849 | ) | (87,615 | ) | ||||||
| Prepaid and other current assets | (1,248 | ) | - | (1,248 | ) | |||||||
| Accounts payable and accrued expenses | 3,505 | 142,314 | 207,681 | |||||||||
| Net cash (used in) provided by operating activities | (1,986 | ) | 75,339 | 80,936 | ||||||||
| Cash flows from investing activities | ||||||||||||
| Cash paid for purchase of property and equipment | (7,307 | ) | (104,593 | ) | (630,014 | ) | ||||||
| Net cash used in investing activities | (7,307 | ) | (104,593 | ) | (630,014 | ) | ||||||
| Cash flows from financing activities | ||||||||||||
| Contributed capital | - | 72,753 | 535,050 | |||||||||
| Short term debt – related party | 3,814 | - | 3,814 | |||||||||
| Net cash provided by financing activities | 3,814 | 72,753 | 538,864 | |||||||||
| Other comprehensive income | 4,886 | (41,455 | ) | 11,276 | ||||||||
| Net increase(decrease) in cash | (593 | ) | 2,044 | 1,062 | ||||||||
| Cash at the beginning of the year | 1,655 | 146 | - | |||||||||
| Cash at the end of the year | $ | 1,062 | $ | 2,190 | $ | 1,062 | ||||||
| Supplemental disclosures of cash flow information: | ||||||||||||
| Cash paid for interest | $ | - | $ | - | $ | - | ||||||
| Cash paid for income taxes | $ | - | $ | - | $ | - | ||||||
| Non-cash investing and financing transactions: | ||||||||||||
| Shareholders’ paid in capital for acquisition of license | $ | - | $ | - | $ | 1,538,836 | ||||||
The accompanying footnotes are an integral part of the unaudited financial statements.
PETROSONIC ALBANIA SHA.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1: Description of Company and Basis of Presentation
Petrosonic Albania Sha., (“we”, “our”, the “Company”) was incorporated on May 24, 2010 in Tirana, Albania. The Company has not generated revenues since inception. The two initial shareholders are Sonoro Energy Ltd (a Canadian publicly traded company in TSX- symbol; SNV) and Albnafta, Ltd, an Albanian private company. The Company complies with Statement of Financial Accounting Standard ASC 915-15 and the Securities and Exchange Commission Exchange Act 7 for its characterization of the Company as development stage.
Petrosonic Albania Sha. is a company that operates in de-asphalting and separation of asphalt from heavy crude oil, oil sands, waste oils under a license agreement with Sonoro Energy Ltd which allows the Company to use the propriety sonic technology which was developed, patented and owned by Sonoro Energy formerly Sonic Technology Solutions in the territory of Republic of Albania.
These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize it assets and discharge its liabilities in the normal course of business. During the period ended March 31, 2012, the Company has an accumulated deficit of $37,882. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Basis of Presentation
The accompanying unaudited interim financial statements of Petrosonic Albania, Sha. have been prepared in according with accounting principles generally accepted in United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with SEC on Form 8-K. In the option of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 2011, as reported in Form 8K, have been omitted.
NOTE 2: Going Concern
At March 31, 2012, the Company has a working capital deficit. As such, the accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company does not have sufficient working capital for its planned activities, which raises substantial doubt about its ability to continue as a going concern.
Continuation of the company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy, which it believes will accomplish this objective through short-term loans from related parties and additional equity investments, which will enable the Company to continue operations for the coming year.
NOTE 3: Value-added taxes receivable
In April 2012, the Company filed for and received a refund of $86,136 tax amount from the government of Albania. During the quarter ended March 31, 2012, the Company incurred additional value added tax in the amount of $1,479 which is included in total receivables.
NOTE 4: Notes Payable – Related Party
During the quarter ended March 31, 2012, a related party advanced $3,814 to the Company. The amount bears no interest and is due on demand.
NOTE 5: Subsequent Events
During May 2012, the Company received $49,000 from a related party.