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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
for the period ended September 30, 2007.
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
for the transition period from to .
Commission File No.000-28335
Platina Energy Group, Inc.
(Name of small business issuer in its charter)
| Delaware | 84-1080043 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
| 1807 CAPITOL AVE. SUITE 101 - I, CHEYENNE, WY | 82001 | |
| (Address of principal executive offices) | (Zip Code) |
Issuer’s telephone number:(307) 637-3900
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Name of each exchange on which registered | |
| None | None |
Securities registered pursuant to Section 12(g) of the Act: Common Stock
Check whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (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.
Yesþ Noo
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the Issuer's classes of common equity, as of the latest practicable date:
As of November 16, 2007 there were 60,679,158 shares of $.001 par value common stock outstanding.
As of November 16, 2007 there were 60,679,158 shares of $.001 par value common stock outstanding.
TABLE OF CONTENTS
Table of Contents
ITEM 1. FINANCIAL STATEMENTS
PLATINA ENERGY GROUP, INC.
FINANCIAL STATEMENTS
QUARTER ENDED SEPTEMBER 30, 2007
FINANCIAL STATEMENTS
QUARTER ENDED SEPTEMBER 30, 2007
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
| Page | ||
Financial Statements | ||
| Consolidated Balance Sheet - | F-1 | |
| As of September 30, 2007 | ||
| Consolidated Statements of Operations - | ||
| For the Three and Six Months Ending Sept 30, 2007 and for the Period Jan. 9, 2007 through Sept 30, 2007 | F-2 | |
| Consolidated Statements of Cash Flows - | ||
For the Six Months Ending Sept 30, 2007 and for the Period Jan. 9, 2007 through Sept 30, 2007 | F-3 | |
| Notes to Consolidated Financial Statements | F-6 |
3
PLATINA ENERGY GROUP, INC. | |||||
(An Exploratory Stage Company) | |||||
CONSOLIDATED BALANCE SHEET | |||||
(UNAUDITED) | |||||
Sept 30, | |||||
2007 | |||||
ASSETS | |||||
Current assets | Cash | $ | 27,336 | ||
| Prepaid expense | 37,500 | ||||
| $ | 64,836 | ||||
Property & equipment | |||||
| Oil and gas properties, full cost method of accounting: | |||||
| Unproven | 1,005,221 | ||||
| Other property and equipment | 43,351 | ||||
Other assets | |||||
| Intangible asset subject to amortization | 223,393 | ||||
| Convertible debentures and accrued interest payable, net of discount of $1,282,669 | |||||
| $ | 1,336,801 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||
Current liabilities | |||||
Accounts payable and accrued expenses | $ | 38,429 | |||
Accrued compensation due officers | 412,000 | ||||
| Convertible notes payable and accrued interest payable, net of discount of $291,667 | 97,296 | ||||
| Notes payable to related parties | 319,482 | ||||
| Notes payable - other | 248,912 | ||||
Total current liabilities | 1,116,119 | ||||
Commitments and Contingencies | - - | ||||
Stockholders' deficit | |||||
Preferred stock, par value $.001, 20,000,000 shares authorized 70,000 shares designated Series A, 61,091 issued and outstanding. Aggregate liquidation preference of $0. One share of Series A preferred is convertible into ten shares of common stock. | 61 | ||||
Preferred stock, 100,000 shares designated Series B, 96,464 shares issued and outstanding. Aggregate liquidation value preference of $9,646, One share of Series B preferred is convertible into 100 shares of common stock. | 96 | ||||
Preferred stock, 10,000 shares designated Series C. 3,600 shares issued and outstanding at December 31, 2006. Aggregate liquidation value preference of $360. One share of Series C preferred is convertible into 100 shares of common stock. | 4 | ||||
Common stock; $0.001 par value; 100,000,000 shares authorized 52,679,158 shares issued and outstanding. | 52,679 | ||||
Additional paid in capital | 14,488,504 | ||||
Accumulated deficit | (6,913,820 | ) | |||
| Deficit accumulated during the exploratory stage | (7,406,842 | ) | |||
| Total stockholders' deficit | 220,682 | ||||
| $ | 1,336,801 | ||||
| The accompanying notes are an integral part of these financial statements | |||||
F-1 | |||||
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PLATINA ENERGY GROUP, INC. | ||||||||||||||||||||
(An Exploratory Stage Company) | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
From | ||||||||||||||||||||
Three Months Ended | Six Months Ended | January 9, 2007 | ||||||||||||||||||
Sept 30, | Sept 30, | Sept 30, | Sept 30, | through | ||||||||||||||||
2007 | 2006 | 2007 | 2006 | Sept 30, 2007 | ||||||||||||||||
Revenue from equipment lease | $ | 7,200 | $ | 18,000 | ||||||||||||||||
Revenue from oil and gas sales | $ | 2,826 | $ | - - | $ | 2,826 | $ | - - | $ | 2,826 | ||||||||||
| $ | 2,826 | $ | - - | $ | 10,026 | $ | - - | $ | 20,826 | |||||||||||
Operating Expenses | ||||||||||||||||||||
| Testing costs associated with Thermal Pump | - - | - - | 7,200 | - - | 7,200 | |||||||||||||||
| Depreciation, depletion, and amortization | 276 | - - | 276 | - - | 276 | |||||||||||||||
| General and administrative expenses | 202,600 | 58,272 | 336,350 | 142,481 | 444,017 | |||||||||||||||
| Consulting fees, non-cash | 333,975 | - - | 636,071 | - - | 813,100 | |||||||||||||||
| Compensation, non-cash | 72,203 | - - | 82,978 | - - | 93,753 | |||||||||||||||
| 609,054 | 58,272 | 1,062,875 | 142,481 | 1,358,346 | ||||||||||||||||
Loss from Operations | (606,228 | ) | (58,272 | ) | (1,052,849 | ) | (142,481 | ) | (1,337,520 | ) | ||||||||||
Other Income (Expense) | ||||||||||||||||||||
| Interest expense | (44,605 | ) | (14,403 | ) | (65,995 | ) | (27,177 | ) | (219,413 | ) | ||||||||||
| Loss on settlement of debt | (2,338,142 | ) | - - | (5,568,309 | ) | - - | (5,849,909 | ) | ||||||||||||
| (2,382,747 | ) | (14,403 | ) | (5,634,304 | ) | (27,177 | ) | (6,069,322 | ) | |||||||||||
Net Loss | $ | (2,988,975 | ) | $ | (72,675 | ) | $ | (6,687,153 | ) | $ | (169,658 | ) | $ | (7,406,842 | ) | |||||
Per Share Data | ||||||||||||||||||||
Basic loss per share | $ | (0.07 | ) | $ | (0.00 | ) | $ | (0.18 | ) | $ | (0.01 | ) | ||||||||
Weighted average common | ||||||||||||||||||||
shares outstanding | 43,508,154 | 17,635,166 | 36,313,325 | 17,641,206 | ||||||||||||||||
The accompanying notes are an integral part of these financial statements
F-2