Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Dominovas Energy Corp (1343254) 10-Q published on Jun 05, 2017 at 6:11 am
Reporting Period: Feb 27, 2017
The following interim unaudited financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles for interim financial information and with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly these financial statements do not include all of the disclosures required by United States Generally Accepted Accounting Principles (“US GAAP”) for complete financial statements. These interim unaudited financial statements should be read in conjunction with the Company's audited financial statements for the year ended August 31, 2016. In the opinion of management, the interim unaudited financial statements include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results of the interim period presented. Operating results for the six month period ended February 28, 2017 are not necessarily indicative of the results that may be expected for the year ending August 31, 2017.
During the year ended August 31, 2016, the Company issued 102,424,034 common stock with a fair value of $253,003 on conversion of $107,750 of principal of this convertible debt. As at February 28, 2017, the remaining principal of this note was $117,250 (August 31, 2016 - $117,250) with a fair value of $223,333 (August 31, 2016 - $146,563) based on the fair value of the shares if converted on February 28, 2017. As at February 28, 2017, there was $12,849 (August 31, 2016 - $7,035) of accrued and unpaid interest. During the period ended February 28, 2017, the Company recorded interest of $5,814 on this note.
During the period February 28, 2017, the Company issued 51 preferred shares to the CEO of the Company. Each preferred share is convertible into one common share of the Company at the election of the holder and has voting rights equal to: 0.019607 multiplied by the issued and outstanding common shares eligible to vote at the time of the respective vote (the “Numerator”), divided by 0.49, less the Numerator. Upon issuance, the CEO of the Company will have 51% of the common shares voting rights.
On March 1, 2014, the Company entered into an employment agreement with the Executive Vice President of Fuel Cell Operations of the Company. Under the agreement, the Company will pay an annual salary of $112,000. The agreement will be in effect for 5 years.
On June 16, 2016, the Company issued 3,045,071 shares of its common stock at $0.007 per shares for proceeds of $17,296 pursuant to the equity investment agreement.