Falconridge Oil Technologies (FROT) 10-Q/A 22 Oct 13 2014 Q2 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Aug. 31, 2013	Oct. 18, 2013
Document and Entity Information:
Entity Registrant Name	Falconridge Oil Technologies Corp.
Document Type	10-Q
Document Period End Date	31-Aug-13
Amendment Flag	TRUE
Entity Central Index Key	1401859
Current Fiscal Year End Date	-26
Entity Common Stock, Shares Outstanding		48,750,000
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	Q2
Amendment Description	TRUE

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Aug. 31, 2013	Feb. 28, 2013
CURRENT ASSETS
Cash	$391,790	$3,375
Accounts receivable	11,213	32,517
Total current assets	403,003	35,892
Property & equipment net of accumulated depreciation of $1,954 & $40,591	5,862	49,575
Oil and gas properties, successful efforts method, net of accumulated depletion of $22,345 & $16,855	106,645	112,135
Total assets	515,510	197,602
Current
Accounts payable	70,750	14,496
Accrued liabilities	5,744	20,644
Loan payable - related parties	1,450,489	1,262,403
Obligations under capital lease - current portion	0	18,322
Loan payable	470,000	0
Total current liabilities	1,996,983	1,315,865
Obligations under capital lease	0	27,924
Total liabilities	1,996,983	1,343,789
STOCKHOLDERS' DEFICIT
Common stock, $.001 par value, 450,000,000 shares authorized; 48,750,000 and 29,250,000 shares issued and outstanding as of August 31, 2013 and February 28, 2013	48,750	29,250
Additional paid in capital	-129,072	-29,150
Deficit	-1,401,151	-1,146,287
Total stockholders' deficit	-1,481,473	-1,146,187
Total liabilities and stockholders' deficit	$515,510	$197,602

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets Parentheticals (USD $)	Aug. 31, 2013	Feb. 28, 2013
Parentheticals
Property & equipment accumulated depreciation	$1,954	$40,591
Oil and gas properties accumulated depreciation	$22,345	$16,855
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	450,000,000	450,000,000
Common Stock, shares issued	48,750,000	29,250,000
Common Stock, shares outstanding	48,750,000	29,250,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Revenue:
Oil & gas revenue	$4,929	$5,083	$10,052	$10,314
Services revenue	0	0	0	42,500
Total revenue	4,929	5,083	10,052	52,814
Expenses
General and administrative	126,007	85,362	254,835	178,322
Depreciation, amortization and depletion	3,153	6,994	10,947	26,257
Total operating expense	129,160	92,356	265,782	204,579
Other (income) expense
Gain on disposal of equipment	-3,428	0	-3,428	0
Interest expense	2,324	260	2,562	540
Net loss	($123,127)	($87,533)	($254,864)	($152,305)
Loss per common share - Basic and diluted	$0	$0	($0.01)	($0.01)
Weighted average number of common shares outstanding	32,323,370	29,250,000	32,323,370	29,250,000

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Aug. 31, 2013	Aug. 31, 2012
Cash flows from operating activities
Net loss	($254,864)	($152,305)
Adjustment to reconcile net loss to net cash used in operations
Depreciation, amortization and depletion	10,947	26,257
Gain on disposal of equipment	-3,428	0
Change in Operating assets and liabilities:
Accounts receivable	21,304	-32,600
Accounts payable	37,568	1,056
Accrued expenses	-22,853	21,560
Net cash used in operating activities	-211,326	-136,032
Cash flows from investing activities
Cash received in acquisition	16,455	0
Cash flows from financing activities
Advances from related party	183,286	126,943
Cash received from debt issuance	400,000	0
Net cash from financing activities	583,286	126,943
Net increase	388,415	-9,089
Cash, beginning of period	3,375	10,990
Cash, end of period	391,790	1,901
Supplemental disclosure of cash flow information:
Cash paid during the year for income taxes	0	0
Cash paid during the year for interest	0	0
Non-cash investing and financing disclosures:
Acquisition of Falconridge Oil Technologies, Inc.	116,378	0
Capital lease obligation payments made by related party	4,800	9,600
Capital lease obligation release by shareholders	$41,684	$0

Basis_of_presentation

Basis of presentation	6 Months Ended
	Aug. 31, 2013
Basis of presentation
Basis of presentation	1.          Basis of presentation
	The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America and with the rules and regulations of the Securities and Exchange Commission to Form 10-Q and Article 8 of Regulation S-X.  These unaudited interim statements should be read in conjunction with the financial statements of the Company for the year ended February 28, 2013 and notes thereto contained in the information as part of the Company's Annual Report on Form 8-K filed with the SEC on August 21, 2013.  Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2013 as reported in the Form 8-K have been omitted.   In the opinion of management, the unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are necessary to present fairly the financial position and the results of operations for the interim periods presented herein.  Unaudited interim results are not necessarily indicative of the results for the full year.
	Principles of consolidation
	The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries. All significant inter-company balances, transactions and cash flows are eliminated on consolidation.
	Description of reverse merger
	On August, 2, 2013, the Company entered into a share exchange agreement with Falconridge Oil Ltd. (hereby referred to as “Falconridge Ontario”) whereby the Company acquired Falconridge Ontario by issuing 29,250,000 common shares in exchange for 100% of Falconridge Ontario shares.  We previously had 37,500,000 shares outstanding and our then-majority shareholder canceled 18,000,000 shares, leaving a post-acquisition total of 48,750,000 outstanding.
	Further, pursuant to our agreement with Falconridge Ontario we are to provide:
	a) a financing of debt or equity for $1,100,000, which is to close no later than 150 days from the closing of the share exchange and on mutually agreeable terms;
	b) complete a private placement in the aggregate of $400,000 at $1.50 per share (for the purposes of furthering the business of Falconridge Ontario). As of October 21, 2013, the company has received the $400,000 in cash but has not yet issued the shares in connection therewith; and
	c) attempt an equity financing, using our commercially best efforts, of up to $6,000,000 for 4,000,000 units (each, a “UNIT”) at a price of no less than $1.50 per Unit. Each unit will consist of one common share in our capital stock and one-half of one whole warrant (each one whole warrant, a “FINANCING WARRANT”). Each Financing Warrant shall be exercisable into one share of our common stock at a price of no less than $3.00 per share for a period of 24 months from the date of issuance of the Financing Warrants. As a term to the Equity Financing, any party, who is successful in raising funds, with respect to the Equity Financing, from a private investor shall earn a cash commission of 7% and a commission of 5% payable in warrants (each, a “Commission Warrant”). Each Commission Warrant shall have the same terms as the Financing Warrants. If we are unable to complete the Equity Financing, then we may offer to Falconridge Ontario to complete a financing of up to $6,000,000 that may include debt, preferred shares of our company or a combination of the foregoing.
	The share exchange transaction is sometimes referred to hereafter as the “reverse-merger acquisition”. The share exchange transaction has been accounted for as a recapitalization of the Company, where the Company (the legal acquirer) is considered the accounting acquiree and Falconridge Ontario (the acquiree) is considered the accounting acquirer. As a result of this transaction, the Company is deemed to be a continuation of the business of Falconridge Ontario.
	Accordingly, the accompanying consolidated financial statements are those of the accounting acquirer, Falconridge Ontario. The historical stockholders’ equity of the accounting acquirer prior to the share exchange has been retroactively restated as if the share exchange transaction occurred as of the beginning of the first period presented. See also Note 2 – Summary of Significant Accounting Policies for the Company’s policy on capitalization of long-lived assets.
	In connection with the share exchange agreement, we adopted a stock option plan on August 2, 2013 to issue options to purchase up to 10% of the issued and outstanding of our capital stock when the share exchange closed, being 4,875,000 shares (the "Option"), to our board members and management, at an exercise price of $1.50 per share or higher.  When the Options are granted, they vest quarterly over two years from the date of grant and shall expire 24 months from vesting.

Going_Concern

Going Concern	6 Months Ended
	Aug. 31, 2013
Going Concern
Going Concern	2.         Going Concern
	As shown in the accompanying financial statements, we have incurred net losses of $1,401,151 since inception. This condition raises substantial doubt as to our ability to continue as a going concern. In response to these conditions, we may raise additional capital through the sale of equity securities, through an offering of debt securities or through borrowings from financial institutions or individuals. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Accounting_Policies_Policies

Accounting Policies (Policies)	6 Months Ended
	Aug. 31, 2013
Accounting Policies:
Basis of presentation Policy	Basis of presentation
	The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America and with the rules and regulations of the Securities and Exchange Commission to Form 10-Q and Article 8 of Regulation S-X.  These unaudited interim statements should be read in conjunction with the financial statements of the Company for the year ended February 28, 2013 and notes thereto contained in the information as part of the Company's Annual Report on Form 8-K filed with the SEC on August 21, 2013.  Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2013 as reported in the Form 8-K have been omitted.   In the opinion of management, the unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are necessary to present fairly the financial position and the results of operations for the interim periods presented herein.  Unaudited interim results are not necessarily indicative of the results for the full year.
Principles of consolidation Policy	Principles of consolidation
	The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries. All significant inter-company balances, transactions and cash flows are eliminated on consolidation.
Description of reverse merger	Description of reverse merger
	On August, 2, 2013, the Company entered into a share exchange agreement with Falconridge Oil Ltd. (hereby referred to as “Falconridge Ontario”) whereby the Company acquired Falconridge Ontario by issuing 29,250,000 common shares in exchange for 100% of Falconridge Ontario shares.  We previously had 37,500,000 shares outstanding and our then-majority shareholder canceled 18,000,000 shares, leaving a post-acquisition total of 48,750,000 outstanding.
	Further, pursuant to our agreement with Falconridge Ontario we are to provide:
	a) a financing of debt or equity for $1,100,000, which is to close no later than 150 days from the closing of the share exchange and on mutually agreeable terms;
	b) complete a private placement in the aggregate of $400,000 at $1.50 per share (for the purposes of furthering the business of Falconridge Ontario). As of October 21, 2013, the company has received the $400,000 in cash but has not yet issued the shares in connection therewith; and
	c) attempt an equity financing, using our commercially best efforts, of up to $6,000,000 for 4,000,000 units (each, a “UNIT”) at a price of no less than $1.50 per Unit. Each unit will consist of one common share in our capital stock and one-half of one whole warrant (each one whole warrant, a “FINANCING WARRANT”). Each Financing Warrant shall be exercisable into one share of our common stock at a price of no less than $3.00 per share for a period of 24 months from the date of issuance of the Financing Warrants. As a term to the Equity Financing, any party, who is successful in raising funds, with respect to the Equity Financing, from a private investor shall earn a cash commission of 7% and a commission of 5% payable in warrants (each, a “Commission Warrant”). Each Commission Warrant shall have the same terms as the Financing Warrants. If we are unable to complete the Equity Financing, then we may offer to Falconridge Ontario to complete a financing of up to $6,000,000 that may include debt, preferred shares of our company or a combination of the foregoing.
	The share exchange transaction is sometimes referred to hereafter as the “reverse-merger acquisition”. The share exchange transaction has been accounted for as a recapitalization of the Company, where the Company (the legal acquirer) is considered the accounting acquiree and Falconridge Ontario (the acquiree) is considered the accounting acquirer. As a result of this transaction, the Company is deemed to be a continuation of the business of Falconridge Ontario.
	Accordingly, the accompanying consolidated financial statements are those of the accounting acquirer, Falconridge Ontario. The historical stockholders’ equity of the accounting acquirer prior to the share exchange has been retroactively restated as if the share exchange transaction occurred as of the beginning of the first period presented. See also Note 2 – Summary of Significant Accounting Policies for the Company’s policy on capitalization of long-lived assets.
	In connection with the share exchange agreement, we adopted a stock option plan on August 2, 2013 to issue options to purchase up to 10% of the issued and outstanding of our capital stock when the share exchange closed, being 4,875,000 shares (the "Option"), to our board members and management, at an exercise price of $1.50 per share or higher.  When the Options are granted, they vest quarterly over two years from the date of grant and shall expire 24 months from vesting.

Description_of_reverse_merger_

Description of reverse merger consists of the following (Details) (USD $)	Aug. 31, 2013	Aug. 02, 2013
Description of reverse merger:
Share exchange agreement issuing common shares		29,250,000
Common shares in exchange for shares in percent		100.00%
Common sharespreviously outstanding		37,500,000
Majority shareholder canceled shares		18,000,000
Post-acquisition total outstanding		48,750,000
Financing of debt or equity		$1,100,000
Private placement in the aggregate		400,000
Private placement in the aggregate per share		$1.50
Received in cash but has not yet issued the shares	400,000
Equity financing, using best efforts	6,000,000
Equity financing, using best efforts in units	4,000,000
Equity financing, using best efforts in unit price	$1.50
Equity Financing, from a private investor shall earn a cash commission	7.00%
Commission payable in warrants	5.00%
Financing include debt, preferred shares	$6,000,000
Stock option plan to issue options		10.00%
Issued and outstanding of our capital stock when the share exchange closed		4,875,000
Issued and outstanding of capital stock to board members and management, at an exercise price		$1.50

Going_Concern_Consists_Of_Deta

Going Concern Consists Of (Details) (USD $)	6 Months Ended
	Aug. 31, 2013
Going Concern Consists Of:
Incurred net losses since inception	$1,401,151