Dominovas Energy (DNRG) 10-Q 15 Jul 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	31-May-14	Jun. 30, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Dominovas Energy Corp	'
Document Type	'10-Q	'
Document Period End Date	31-May-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0001343254	'
Current Fiscal Year End Date	'--08-31	'
Entity Common Stock, Shares Outstanding	'	90,476,000
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	31-May-14	Aug. 31, 2013
CURRENT ASSETS	'	'
Cash	$82,078	$0
Prepaids	31,941	3,156
TOTAL CURRENT ASSETS	114,019	3,156
LONG TERM ASSETS	'	'
Interest in Dominovas Technologies	45,000	0
Interest in Pro Eco Energy	221,386	0
TOTAL ASSETS	380,405	3,156
CURRENT LIABILITIES	'	'
Bank indebtedness	0	76
Accounts payable and accrued liabilities	294,526	80,964
Due to related parties	139,860	0
Notes payable	0	150,000
Convertible debenture	0	128,289
TOTAL CURRENT LIABILITIES	434,386	359,329
STOCKHOLDERS' DEFICIT	'	'
COMMON STOCK Authorized: 200,000,000 common shares with par value of $0.001 Issued and outstanding: 90,000,000 (August 31, 2013-33,941,993) common shares	90,000	33,942
ADDITIONAL PAID IN CAPITAL	5,804,566	4,818,940
OBLIGATION TO ISSUE SHARES	117,000	150,000
DEFICIT ACCUMULATED DURING EXPLORATION STAGE	-6,065,547	-5,359,055
TOTAL STOCKHOLDERS' DEFICIT	-98,981	-356,173
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$380,405	$3,156

CONSOLIDATED_BALANCE_SHEETS_PA

CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)	31-May-14	Aug. 31, 2013
Parentheticals	'	'
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	90,000,000	33,941,993
Common Stock, shares outstanding	90,000,000	33,941,993

CONDOLIDATED_STATEMENTS_OF_OPE

CONDOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		127 Months Ended
	31-May-14	31-May-13	31-May-14	31-May-13	31-May-14
EXPENSES	'	'	'	'	'
Advertising and promotion	$0	$0	$0	$0	$48,670
Audit and accounting fees	31,410	20,121	74,230	49,197	434,969
Depreciation	0	0	0	0	12,280
Consulting fees and expenses	21,000	32,750	64,750	112,625	293,014
Corporate finance fee	0	0	0	47,250	47,250
Due diligence fee	0	0	0	0	35,761
Directors fee	0	0	25,000	0	25,000
Foreign exchange loss	1,945	0	4,087	0	29,663
Gain on disposal of oil and gas properties	0	0	0	0	-5,810
Gain on settlement of debt	0	40,000	-290,000	40,000	-354,992
Interest expense	0	0	16,712	11,730	99,260
Interest income	0	0	0	0	-3,716
Investor communications and transfer agent	0	0	8,663	13,565	535,230
Dominovas Energy LLC acquisition costs	3,506	0	469,457	0	469,457
Legal fees	109,783	0	115,510	22,456	373,615
Loss on investment	-7,113	0	17,402	0	17,402
Marketing	3,000	0	4,578	0	4,578
Office and general administration	116,932	53,437	145,107	86,200	385,512
Product development	0	0	0	0	876,451
Salaries and management fees	0	0	0	0	1,283,083
Stock-based compensation	0	0	0	0	104,366
Travel and entertainment	45,697	0	50,996	'	258,887
Web and graphic design	0	0	0	0	129,716
Write-down of assets and liabilities-net	0	0	0	0	-34,650
Write-down of oil and gas property	0	0	0	0	1,000,551
TOTAL OPERATING EXPENSES	326,160	146,308	706,492	383,022	6,065,547
NET LOSS	($326,160)	($146,308)	($706,492)	($383,022)	($6,065,547)
LOSS PER SHARE - BASIC AND DILUTED	$0	$0	($0.01)	($0.01)	'
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING - BASIC AND DILUTED	90,179,316	33,944,068	58,460,428	33,944,068	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		127 Months Ended
	31-May-14	31-May-13	31-May-14
CASH FLOW FROM OPERATING ACTIVITIES	'	'	'
Net loss	($706,492)	($383,022)	($6,110,547)
Non-cash items included in net loss:	'	'	'
Impairment of oil and gas properties	0	0	960,551
Gain on disposal of oil and gas properties	0	0	-5,809
Interest expense	11,711	11,264	45,791
Loss on investment	17,402	0	17,402
Dominovas LLC acquisition costs	465,951	0	465,951
Write-down of accounts payable	0	0	30,374
Write-down of assets	0	0	-4,276
Write-down of oil and gas properties	0	0	40,000
Depreciation	0	0	12,280
Gain on settlement of debt	-290,000	40,000	-354,992
Stock issued for services	42,500	0	146,866
Changes in non-cash working capital	'	'	'
Receivables	0	0	-1,070
Prepaid expenses	-28,785	-3,155	-291
Accounts payable and accrued liabilities	185,561	26,562	383,702
Due to related parties	78,909	0	78,909
NET CASH USED IN OPERATING ACTIVITIES	-223,242	-308,341	-4,250,158
INVESTING ACTIVITIES	'	'	'
Purchase of equipment	0	0	-20,287
Expenditures on oil and gas properties	0	0	-703,242
Proceeds on sale of oil and gas properties	0	0	38,500
Investment in Pro Eco	-10,000	0	-10,000
NET CASH USED IN INVESTING ACTIVITIES	-10,000	0	-695,029
FINANCING ACTIVITIES	'	'	'
Due to related parties	0	0	1,307,771
Notes payable	0	150,000	210,000
Issuance of common shares for cash	161,017	158,462	3,004,479
Convertible debt	0	0	-1,000
Net cash acquired on recapitalization	0	0	351,636
Forgiveness of notes payable	154,379	0	154,379
NET CASH FROM FINANCING ACTIVITIES	315,396	308,462	5,027,265
INCREASE IN CASH	82,154	121	82,078
Cash, beginning	-76	0	0
CASH, ENDING	82,078	121	82,078
CASH PAID FOR:	'	'	'
Interest	0	0	34,382
Income tax	0	0	0
NON-CASH FINANCING AND INVESTING ACTIVITIES	'	'	'
Forgiveness of debt	0	0	24,000
Loans settled with oil and gas property interest	0	0	214,138
Loans converted to common shares	0	0	879,842
Oil and gas property purchased for common shares	$0	$0	$450,000

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	31-May-14
BASIS OF PRESENTATION	'
BASIS OF PRESENTATION	'
	1. BASIS OF PRESENTATION
	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 generally accepted
	accounting principles 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,  2013.  In the  opinion of
	management,  the interim unaudited financial statements furnished herein 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 nine month period ended May 31, 2014 are not  necessarily  indicative of
	the results that may be expected for the year ending August 31, 2014.
	On November 29,  2013,  the Company  acquired  41% of Pro Eco Energy Ltd.  ("Pro
	Eco") in exchange for 4,000,000 of the  Company's  common  shares.  Pro Eco is a
	private company located in Summerland,  B.C, Canada in the business of providing
	energy  efficient and  environmentally  friendly  heating,  ventilation  and air
	conditioning ("HVAC") systems for commercial buildings (Note 3).
	On  December  2, 2013,  the  Company  entered  into an  agreement  to acquire an
	additional 8.25% of Pro Eco (Note 3).
	On February 20, 2014, the Company  acquired 100% of Dominovas Energy LLC., which
	has completed the  development of a unique  electric power  generating Fuel Cell
	system (Note 8).
	On  February  24,  2014,  Dominovas  Energy LLC  changed  its name to  Dominovas
	Technologies  LLC and is now a  wholly  owned  subsidiary  of  Dominovas  Energy
	Corporation.
	On  February  24,  2014,  Western  Standard  Energy  Corp.  changed  its name to
	Dominovas Energy Corporation.

RECENT_ACCOUNTING_PRONOUNCEMEN

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	31-May-14
RECENT ACCOUNTING PRONOUNCEMENTS	'
RECENT ACCOUNTING PRONOUNCEMENTS	'
	2. RECENT ACCOUNTING PRONOUNCEMENTS
	Recent  pronouncements  with future effective dates are either not applicable or
	are not expected to be significant to the financial statement of the Company.

INTEREST_IN_PRO_ECO_ENERGY

INTEREST IN PRO ECO ENERGY	9 Months Ended
	31-May-14
INTEREST IN PRO ECO ENERGY	'
INTEREST IN PRO ECO ENERGY	'
	3. INTEREST IN PRO ECO ENERGY
	On November 29,  2013,  the Company  acquired  41% of Pro Eco Energy Ltd.  ("Pro
	Eco") in exchange for 4,000,000 of the Company's common shares (note 5).
	On December 2, 2013,  the Company  entered into an agreement to acquire 8.25% of
	Pro Eco Energy Ltd. in exchange for the following payments:
	*    $10,000 due on December 2, 2013 (paid);
	*    $10,000 due December 31, 2013 (unpaid);
	*    $10,000 due January 31, 2014 (unpaid); and
	*    $10,000 due May 31, 2014 (unpaid).
	The Company has decided to terminate  the agreement and return the shares to the
	vendor.  During the nine month period ended May 31, 2014, the Company recognized
	its portion of the loss in Pro Eco of $17,402.

CONVERTIBLE_DEBENTURE

CONVERTIBLE DEBENTURE	9 Months Ended
	31-May-14
CONVERTIBLE DEBENTURE	'
CONVERTIBLE DEBENTURE	'
	4. CONVERTIBLE DEBENTURE
	On May 22, 2013, the Company entered into a securities purchase agreement. Under
	this  agreement,  a convertible  debenture  (the  "Debenture")  in the amount of
	CDN$140,000 was issued to the Lenders.  The Debenture is also convertible,  only
	upon default,  into shares of the Company's  common stock equal in number to 50%
	of the total issued and  outstanding  Common Stock of the Company at the time of
	conversion.  The Debenture is unsecured and matures on May 15, 2014. The Company
	also has to deliver  600,000  common shares of the Company to the Lenders by May
	15, 2014.
	On February 11, 2014,  the Debenture  holders agreed to cancel the Debenture and
	waived any and all  obligation  of the Company to pay the debenture or issue the
	shares. As a result, a gain on the settlement of $290,000 has been recognized in
	for the nine months ended May 31, 2014.

COMMON_STOCK

COMMON STOCK	9 Months Ended
	31-May-14
COMMON STOCK	'
COMMON STOCK	'
	5. COMMON STOCK
	Authorized: 200,000,000 common shares.
	On April  14,  2010,  the  Company  adopted a stock  option  plan  allowing  the
	Company's directors to grant up to 5,000,000 stock options pursuant to the terms
	and conditions of the stock option plan. As at May 31, 2014 no options have been
	granted.
	On December 1, 2013,  the Company issued  1,000,000  shares to an officer of the
	Company  for  accounting  services  rendered.  The fair  value of the  shares is
	$10,000 (Note 6).
	On December 1, 2013,  the Company issued  1,000,000  shares to a director of the
	Company  for  consulting  services  rendered.  The fair  value of the  shares is
	$10,000 (Note 6).
	On December 1, 2013,  the Company  issued  2,250,000  shares to directors of the
	Company for directors' fees. The fair value of the shares is $22,500 (Note 6).
	On December 6, 2013, the Company issued 3,016,666 shares at $0.001 per share for
	gross proceeds of $30,167.
	On  December  15,  2013,  the  Company  issued  the  4,000,000  shares  for  the
	acquisition  of 41% of Pro Eco  Energy  Ltd.  The fair  value of the  shares  is
	$198,788 (Note 3).
	On December  20, 2013,  the Company  issued  3,000,000  shares to settle debt of
	$75,000  owing to an officer of the Company and to the  President and CEO of the
	Company. The fair value of the shares was $30,000. The gain on the settlement of
	the debt of $45,000 has been recorded as additional paid in capital (Note 6).
	On January 22, 2014, the Company issued  1,385,000 shares at $0.01 per share for
	gross proceeds of $13,850.
	On February  20, 2014,  the Company  acquired  100% of  Dominovas  Energy LLC in
	exchange for 45,000,000 of the Company's  common  shares.  The fair value of the
	shares issued is $450,000 (Note 8).
	On February 20, 2014, a director of the Company cancelled 4,495,734 shares owned
	by the President and CEO of the Company. The value of the shares is $4,496.
	On May 15, 2014,  468,000  shares at $0.25 per share were  subscribed  for gross
	proceeds of $117,000.  As of May 31, 2014 quarter end, these shares have not yet
	been issued and have been recorded under obligation to issue shares.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	31-May-14
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	6. RELATED PARTY TRANSACTIONS
	During the six months  ended  February 28, 2014,  the Company  incurred  $33,000
	(February, 2013 - $55,000) in consulting fees to a relative of a Director of the
	Company.  $10,000 of the fees were paid for by the issuance of 1,000,000  shares
	(Note 5).  Effective  February 28, 2014,  the related party agreed to cancel the
	amounts  owing to him by the  Company and waived any and all  obligation  of the
	Company to pay the debt.
	During the three  months  ended May 31, 2014,  the Company  incurred  $21,000 in
	consulting fees to a relative of a Director of the Company.  As at May 31, 2014,
	there was $21,000 owing to the relative of the Director.
	During the six months  ended  February 28, 2014,  the Company  incurred  $33,000
	(February, 2013 - $Nil) in accounting fees to an officer of the Company. $10,000
	of the fees were  paid for by the  issuance  of  1,000,000  shares  (Note 5). On
	February 20, 2014,  the officer agreed to cancel the amounts owing to him by the
	Company and waived any and all obligation of the Company to pay the debt.
	During the three  months  ended May 31, 2014,  the Company  incurred  $21,000 in
	accounting  fees to an officer of the  Company.  As at May 31,  2014,  there was
	$21,000 owing to the officer.
	During the six months  ended  February 28, 2014,  the Company  incurred  $22,500
	(February,  2013 - $Nil)  in  directors  fees.  The  fees  were  paid for by the
	issuance of 2,250,000 shares (Note 5)
	On December  20, 2013,  the Company  issued  3,000,000  shares to settle debt of
	$75,000 owing to an officer of the Company and to a relative of the President of
	the Company (Note 5). Effective February, 20, 2014, all notes payable owing to a
	relative of the President of the Company and to an officer of the Company,  were
	cancelled by the note holders and any and all  obligation  of the Company to pay
	the notes has been waived.
	On February 20, 2014, the Company entered into an employment  agreement with the
	President and CEO of the Company. Under the agreement,  the officer will provide
	executive  services for  consideration  of $177,000 per year.  The  agreement is
	effective on March 1, 2014 and is for a term of 3 years.  The  agreement  may be
	terminated by the Company with 30 days' notice.
	On February 20, 2014, the Company entered into an employment  agreement with the
	Chief Operating  Officer of the Company.  Under the agreement,  the officer will
	provide executive services for consideration of $104,000 per year. The agreement
	is effective on March 1, 2014 and is for a term of 3 years. The agreement may be
	terminated by the Company with 30 days' notice.
	On February 20, 2014,  the Company  entered into a consulting  agreement with an
	officer of the Company. Under the agreement, the officer will provide accounting
	and consulting  services for consideration of $7,000 per month. The agreement is
	effective on March 1, 2014 and is for a term of 2 years.

COMMITMENTS

COMMITMENTS	9 Months Ended
	31-May-14
COMMITMENTS	'
COMMITMENTS	'
	7. COMMITMENTS
	On January 1, 2013, the Company  entered into a lease agreement for office space
	in  Kelowna,  BC for a term of two years.  Under the  agreement,  the Company is
	committed to rent payments of a minimum of $1,779 per month.
	On April 28,  2014,  the  Company  entered  into a lease  agreement  for office,
	warehouse and production  space in Atlanta,  GA for a term of five years.  Under
	the  agreement,  the  Company is  committed  to rent  payments of a minimum of $
	13,374 per month commencing November 1, 2014.

ACQUISITION_OF_DOMINOVAS_ENERG

ACQUISITION OF DOMINOVAS ENERGY LLC	9 Months Ended
	31-May-14
ACQUISITION OF DOMINOVAS ENERGY LLC	'
ACQUISITION OF DOMINOVAS ENERGY LLC	'
	8. ACQUISITION OF DOMINOVAS ENERGY LLC
	On February  20, 2014,  the Company  acquired  100% of  Dominovas  Energy LLC by
	issuing 45,000,000 of its common stock with a fair value of $450,000.
	At the February 20, 2014,  Dominovas  Energy LLC had net liabilities of $60,951.
	The Company has fully expensed the total costs of acquisition of $510,951.

INTEREST_IN_PRO_ECO_ENERGY_Det

INTEREST IN PRO ECO ENERGY (Details) (USD $)	Dec. 02, 2013	Nov. 29, 2013
INTEREST IN PRO ECO ENERGY:	'	'
Acquired of Pro Eco Energy Ltd	'	41.00%
Acquired of Pro Eco Energy Ltd in exchange for common shares	'	4,000,000
Due on December 2, 2013 (paid)	$10,000	'
Due December 31, 2013 (unpaid)	10,000	'
Due January 31, 2014 (unpaid)	10,000	'
Due May 31, 2014 (unpaid)	$10,000	'

CONVERTIBLE_DEBENTURE_TRANSACT

CONVERTIBLE DEBENTURE TRANSACTIONS (Details) (USD $)	31-May-14	22-May-13
CONVERTIBLE DEBENTURE TRANSACTIONS:	'	'
New convertible debenture in the amount of CDN issued to the Lenders	'	$140,000
Deliver common shares to each of lenders	'	600,000
Gain on the settlement	$290,000	'

COMMON_STOCK_TRANSACTIONS_Deta

COMMON STOCK TRANSACTIONS (Details) (USD $)	5-May-14	Feb. 20, 2014	Jan. 22, 2014	Dec. 20, 2013	Dec. 15, 2013	Dec. 06, 2013	Dec. 02, 2013	Apr. 14, 2010
COMMON STOCK TRANSACTIONS	'	'	'	'	'	'	'	'
Directors to grant stock	'	'	'	'	'	'	'	5,000,000
Issued shares to an officer	'	'	'	'	'	'	1,000,000	'
Shares value	'	'	'	'	'	'	$10,000	'
Issued shares to a director	'	'	'	'	'	'	1,000,000	'
Shares value	'	'	'	'	'	'	10,000	'
Issued shares to a director	'	'	'	'	'	'	2,250,000	'
Shares value	'	'	'	30,000	198,788	'	22,500	'
Issued shares	'	'	1,385,000	3,000,000	4,000,000	3,016,666	'	'
Issued shares per share	'	'	$0.01	'	'	$0.00	'	'
Issued shares for gross proceeds	'	450,000	13,850	'	'	30,167	'	'
Shares to settle debt owing to an officer	'	'	'	75,000	'	'	'	'
Gain on the settlement	'	'	'	45,000	'	'	'	'
Acquired Dominovas Energy LLC exchange	'	45,000,000	'	'	'	'	'	'
Director of the Company cancelled shares	'	4,496	'	'	'	'	'	'
Shares at $0.25 per share were subscribed for gross proceeds	$117,000	'	'	'	'	'	'	'

RELATED_PARTY_TRANSACTIONS_AS_

RELATED PARTY TRANSACTIONS AS FOLLOWS (Details) (USD $)	3 Months Ended	6 Months Ended
	31-May-14	Feb. 28, 2014	Feb. 28, 2013	Feb. 20, 2014
RELATED PARTY TRANSACTIONS AS FOLLOWS:	'	'	'	'
Incurred in consulting fees	$21,000	$33,000	$55,000	'
Incurred in accounting fees	21,000	33,000	0	'
Incurred in directors fees	'	22,500	0	'
Due to related party	21,000	'	'	'
Executive services for consideration per year	'	'	'	177,000
Executive services for consideration	'	'	'	104,000
Accounting and consulting services for consideration	'	'	'	$7,000

COMMITMENTS_TRANSACTIONS_Detai

COMMITMENTS TRANSACTIONS (Details) (USD $)	Apr. 28, 2014	Jan. 01, 2013
COMMITMENTS TRANSACTIONS:	'	'
Rent payments minimum per month	'	$1,779
Future minimum rent payments per month	$13,374	'

ACQUISITION_OF_DOMINOVAS_ENERG1

ACQUISITION OF DOMINOVAS ENERGY LLC (Details) (USD $)	Feb. 20, 2014
ACQUISITION OF DOMINOVAS ENERGY LLC As Follows	'
Issued common shares to the shareholders of Dominovas	45,000,000
Common stock with a fair value	$45,000
Net liabilities	60,951
Total costs of acquisition	$510,951