Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Nov. 30, 2014 | |
Document and Entity Information | |
Entity Registrant Name | Dominovas Energy Corp |
Entity Trading Symbol | DOMI |
Document Type | 10-Q |
Document Period End Date | 30-Nov-14 |
Amendment Flag | FALSE |
Entity Central Index Key | 1343254 |
Current Fiscal Year End Date | -23 |
Entity Common Stock, Shares Outstanding | 90,545,125 |
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 | 2015 |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 30, 2014 | Aug. 31, 2014 |
CURRENT ASSETS | ||
Cash | $1,049 | $5,096 |
Prepaids | 18,566 | 31,941 |
TOTAL CURRENT ASSETS | 19,615 | 37,037 |
Interest in Pro Eco Energy | 207,045 | 192,906 |
TOTAL ASSETS | 226,660 | 229,943 |
CURRENT LIABILITIES | ||
Accounts payable | 293,346 | 281,815 |
Accrued liabilities | 1,113,305 | 1,015,031 |
Notes payable | 50,000 | 50,000 |
Convertible debt | 333,000 | 0 |
TOTAL CURRENT LIABILITIES | 1,786,651 | 1,346,846 |
STOCKHOLDERS' DEFICIT COMMON STOCK | ||
Authorized: 200,000,000 common shares with par value of $0.001 Issued and outstanding: 90,545,125 (August 31, 2014-90,525,125) common shares | 90,548 | 90,527 |
ADDITIONAL PAID IN CAPITAL | 5,960,311 | 5,955,332 |
OBLIGATION TO ISSUE SHARES | 21,200 | 0 |
DEFICIT ACCUMULATED DURING EXPLORATION STAGE | -7,632,050 | -7,162,762 |
TOTAL STOCKHOLDERS' DEFICIT | -1,559,991 | -1,116,903 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $226,660 | $229,943 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $) | Nov. 30, 2014 | Aug. 31, 2014 |
Parentheticals | ||
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 90,545,125 | 90,525,125 |
Common Stock, shares outstanding | 90,545,125 | 90,525,125 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
EXPENSES | ||
Audit and accounting fees | $0 | $19,435 |
Consulting fees | 165,000 | 21,000 |
Banking fees | 1,199 | 0 |
Insurance | 3,882 | 0 |
Financing fees | 165,000 | 0 |
Foreign exchange loss | 0 | 1,891 |
Meals and entertainment | 1,490 | 0 |
Interest expense | 0 | 1,104 |
Investor communications and transfer agent | 3,487 | 0 |
Regulatory filing fees | 1,643 | 0 |
Legal fees | 15,855 | 0 |
Office and general administration | 5,466 | 11,983 |
Salaries and management fees | 116,000 | 0 |
Travel and entertainment | 4,405 | 1,000 |
TOTAL OPERATING EXPENSES | -483,427 | -56,413 |
OTHER ITEM | ||
Income from investment in Pro Eco | 14,139 | 0 |
NET LOSS | $469,288 | $56,413 |
LOSS PER SHARE - BASIC AND DILUTED | ($0.01) | $0 |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING - BASIC AND DILUTED | 90,525,125 | 33,941,993 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
NET LOSS | ($469,288) | ($56,413) |
Non-cash items included in net loss: | ||
Interest expense | 0 | 1,104 |
Income from investment in Pro Eco | -14,139 | 0 |
Consulting fees | 165,000 | 21,000 |
Financing fees | 165,000 | 0 |
Changes in non-cash working capital items: | ||
Prepaid expenses | 13,375 | 0 |
Accounts payable and accrued liabilities | 109,805 | 33,656 |
NET CASH USED IN OPERATING ACTIVITIES | -30,247 | -21,643 |
FINANCING ACTIVITIES | ||
Issuance of common Stock | 5,000 | 0 |
Notes payable | 0 | 58,000 |
Subscription received | 21,200 | 0 |
Convertible debt repaid | 0 | -5,000 |
NET CASH FROM FINANCING ACTIVITIES | 26,200 | 53,000 |
INCREASE IN CASH | -4,047 | 31,357 |
Cash, beginning | 5,096 | -76 |
CASH, ENDING | 1,049 | 31,281 |
SUPPLEMENTARY INFORMATION | ||
Interest | 0 | 0 |
Income tax | $0 | $0 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Nov. 30, 2014 | |
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, 2014. 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 three month period ended | |
November 30, 2014 are not necessarily indicative of the results that may be | |
expected for the year ending August 31, 2015. | |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Nov. 30, 2014 | |
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 | 3 Months Ended |
Nov. 30, 2014 | |
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. During | |
the 3 month period ended November 30, 2014, the Company recognized its portion | |
of the loss in Pro Eco of $14,139. | |
COMMON_STOCK
COMMON STOCK | 3 Months Ended |
Nov. 30, 2014 | |
COMMON STOCK | |
COMMON STOCK | 4. 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 November 30, 2014 no options have | |
been granted. | |
During the period ended November 30, 2014, the Company received subscriptions of | |
$17,500 to issue 70,000 shares at $0.25 per share. As at November 30, 2014, the | |
shares have not yet been issued. | |
During the period ended November 30, 2014, the Company received subscriptions of | |
$3,700 to issue 10,572 shares at $0.35 per share. As at November 30, 2014, the | |
shares have not yet been issued. | |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Nov. 30, 2014 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 5. RELATED PARTY TRANSACTIONS |
During the three months ended November 30, 2014, the Company incurred wages of | |
$23,250 (November 30, 2013 - $Nil), $22,500 (2013 - $Nil), $26,000 (November 30, | |
2013 - $Nil) and $44,250 (November 30, 2013 - $Nil) to the Executive Vice | |
President of Operations, the Executive Vice President of Fuel Cell Operations, | |
the Chief Operating Officer and the President and Chief Executive Office of the | |
Company, respectively. As at August 31, 2014, unpaid wages of $274,598 (August | |
31, 2014 - $162,950) was owing to the related parties and is included in accrued | |
liabilities. | |
As at November 30, 2014, the Company owed notes payable of $50,000 (2013 - | |
$75,000) to a former director of the Company and $Nil (2013 - $75,000) to a | |
relative of a former director of the Company. The notes are non-interest | |
bearing, unsecured and due on demand. | |
CONVERTIBLE_DEBT
CONVERTIBLE DEBT | 3 Months Ended |
Nov. 30, 2014 | |
CONVERTIBLE DEBT | |
CONVERTIBLE DEBT | 6. CONVERTIBLE DEBT |
On October 27, 2014, the Company issued Kodiak Capital Group ("Kodiak") a | |
convertible note in the amount of $165,000 in exchange for consulting services | |
rendered. The note is non-interest bearing, is due on October 27, 2015 and is | |
unsecured. The Company may repay the loan at any time prior to October 27, 2015 | |
without incurring any penalties. | |
Kodiak may convert the entire loan amount into shares of the Company's common | |
stock, at a conversion price for each share equal to the the lowest closing bid | |
price for the common stock for the thirty trading days ending on the trading day | |
immediately before the conversion date multiplied by 50% at any time up to | |
October 27, 2015. | |
As the value of the shares under the conversion option is greater than the face | |
value of the debt, the value of the shares, should the conversion option be | |
exercised, of $330,000 has been recognized as a liability in these financial | |
statements. Financing fees of $165,000 was recorded on the transaction. | |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Nov. 30, 2014 | |
COMMITMENTS | |
COMMITMENTS | 7. COMMITMENTS |
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. | |
Under the agreement, the Company is committed to the following monthly rent | |
payments: | |
Dates Monthly Amount | |
----- -------------- | |
Though October 2015 $13,374 | |
November 1, 2015 to October 31, 2016 $13,776 | |
November 1, 2016 to October 31, 2017 $14,189 | |
November 1, 2017 to October 31, 2018 $14,615 | |
November 1, 2018 to October 31, 2019 $15,053 | |
Under the agreement, the Company also has to incur $125,000 in leasehold | |
improvements by September 30, 2014. If the expenses are not incurred by | |
September 30, 2014, the total lease will be in default. As at the date of these | |
financial statements, the Company has not yet incurred the required expenditures | |
and the lease is in default. As a result, the entire lease obligation of | |
$838,707 has been accrued for in these financial statements. | |
On March 1, 2014, the Company entered into an employment agreement with the | |
President and Chief Executive Officer of the Company. Under the agreement, the | |
Company will pay him an annual salary of $177,000 for 18 months with a 25% | |
increase after 18 months. The agreement will be in effect for 3 years. | |
On March 1, 2014, the Company entered into an employment agreement with the | |
Chief Operating Officer of the Company. Under the agreement, the Company will | |
pay him an annual salary of $104,000 for 18 months with a 25% increase after 18 | |
months. The agreement will be in effect for 3 years. | |
On March 1, 2014, the Company entered into an employment agreement with the | |
Executive Vice President of Operations of the Company. Under the agreement, the | |
Company will pay him an annual salary of $93,000 for 18 months with a 25% | |
increase after 18 months. The agreement will be in effect for 3 years. | |
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 him an annual salary of $112,000. The agreement | |
will be in effect for 5 years. | |
SCHEDULE_OF_INTEREST_IN_PRO_EC
SCHEDULE OF INTEREST IN PRO ECO ENERGY (Tables) | 3 Months Ended |
Nov. 30, 2014 | |
SCHEDULE OF INTEREST IN PRO ECO ENERGY | |
SCHEDULE OF INTEREST IN PRO ECO ENERGY | 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). | |
Schedule_of_monthly_rent_payme
Schedule of monthly rent payments (Tables) | 3 Months Ended |
Nov. 30, 2014 | |
Schedule of monthly rent payments | |
Schedule of Future Minimum Rental Payments for Leases | Under the agreement, the Company is committed to the following monthly rent |
payments: | |
Dates Monthly Amount | |
----- -------------- | |
Though October 2015 $13,374 | |
November 1, 2015 to October 31, 2016 $13,776 | |
November 1, 2016 to October 31, 2017 $14,189 | |
November 1, 2017 to October 31, 2018 $14,615 | |
November 1, 2018 to October 31, 2019 $15,053 | |
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 |
COMMON_STOCK_TRANSACTIONS_Deta
COMMON STOCK TRANSACTIONS (Details) (USD $) | Nov. 30, 2014 | Apr. 14, 2010 |
COMMON STOCK TRANSACTIONS | ||
Authorized common shares | 200,000,000 | |
Issued shares shares of common stock | 70,000 | 5,000,000 |
Received subscriptions | $17,500 | |
Shares of common stock per share | $0.25 | |
Issued shares shares of common stock | 10,572 | |
Received subscriptions | $3,700 | |
Shares of common stock per share | $0.35 |
RELATED_PARTY_TRANSACTIONS_AS_
RELATED PARTY TRANSACTIONS AS FOLLOWS (Details) (USD $) | 3 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
RELATED PARTY TRANSACTIONS AS FOLLOWS: | ||
Incurred wages to the Executive Vice President of Operations | $23,250 | $0 |
Incurred wages to the Executive Vice President of Fuel Cell Operations | 22,500 | 0 |
Incurred wages to the Chief Operating Officer | 26,000 | 0 |
Incurred wages to the the President and Chief Executive Officer | 44,250 | 0 |
Notes payable related Party | 50,000 | 75,000 |
Notes payable to a director | $0 | $75,000 |
CONVERTIBLE_DEBT_Details
CONVERTIBLE DEBT (Details) (USD $) | Oct. 27, 2014 |
CONVERTIBLE DEBT TRANSACTIONS: | |
Issued convertible note | $165,000 |
Recognized as a liability in financial statements | 330,000 |
Financing fees | $290,000 |
COMMITMENTS_TRANSACTIONS_Detai
COMMITMENTS TRANSACTIONS (Details) (USD $) | Nov. 30, 2014 |
COMMITMENTS TRANSACTIONS: | |
Rent payments Though October 2015 | $13,374 |
Rent payments November 1, 2015 to October 31, 2016 | 13,776 |
Rent payments November 1, 2016 to October 31, 2017 | 14,189 |
Rent payments November 1, 2017 to October 31, 2018 | 14,615 |
Rent payments November 1, 2018 to October 31, 2019 | $15,053 |
COMMITMENTS_Details
COMMITMENTS (Details) (USD $) | Sep. 30, 2014 | Mar. 01, 2014 |
COMMITMENTS DETAILS | ||
leasehold improvements | $125,000 | |
lease obligation accrued | 838,707 | |
President and Chief Executive Officer annual salary | 177,000 | |
Chief Operating Officer annual salary | 104,000 | |
Executive Vice President annual salary | 93,000 | |
Executive Vice President of Fuel Cell Operations | $112,000 |