Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
31-May-14 | Jul. 29, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'FALCONRIDGE OIL TECHNOLOGIES CORP. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-May-14 | ' |
Amendment Flag | 'true | ' |
Amendment Description | 'TRUE | ' |
Entity Central Index Key | '0001401859 | ' |
Current Fiscal Year End Date | '--02-28 | ' |
Entity Common Stock, Shares Outstanding | ' | 49,016,667 |
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 $) | 31-May-14 | Feb. 28, 2014 |
Current | ' | ' |
Cash | $2,575 | $26,797 |
Accounts receivable | 18,439 | 11,880 |
Total current assets | 21,014 | 38,677 |
Property & equipment net of accumulated depreciation of $3,020 (2014 - $2,630) | 4,689 | 5,080 |
Oil and gas properties net of accumulated depletion of $29,894 (2014 - $27,094) | 99,096 | 101,896 |
Unproved oil and gas properties | 289,353 | 289,353 |
Total assets | 414,152 | 435,006 |
Current | ' | ' |
Accounts payable | 179,690 | 139,519 |
Accrued liabilities | 43,350 | 47,482 |
Loan payable - related party | 1,462,090 | 1,462,090 |
Loan payable | 70,000 | 70,000 |
Total current liabilities | 1,755,130 | 1,719,091 |
STOCKHOLDERS' DEFICIT | ' | ' |
Common stock, $.001 par value, 450,000,000 shares authorized,49,016,667 shares issued and outstanding as of May 31, 2014 and February 28, 2014 | 49,017 | 49,017 |
Additional paid in capital | 270,661 | 270,661 |
Deficit | -1,660,656 | -1,603,763 |
Total stockholders' deficit | -1,340,978 | -1,284,085 |
Total liabilities and stockholders' deficit | $414,152 | $435,006 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | 31-May-14 | Feb. 28, 2014 |
Parentheticals | ' | ' |
Property & equipment accumulated depreciation | $3,020 | $2,630 |
Oil and gas properties net of accumulated depletion | $29,894 | $27,094 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 450,000,000 | 450,000,000 |
Common Stock, shares issued | 49,016,667 | 49,016,667 |
Common Stock, shares outstanding | 49,016,667 | 49,016,667 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
31-May-14 | 31-May-13 | |
Revenues: | ' | ' |
Oil & Gas revenue | $6,323 | $5,123 |
Expenses | ' | ' |
General and administrative | 58,025 | 128,828 |
Depreciation, amortization and depletion | 3,191 | 7,794 |
Total operating expense | 61,216 | 136,622 |
Other income (expense) | ' | ' |
Interest expense | -2,000 | -238 |
Net loss | ($56,893) | ($131,737) |
Loss per common share - Basic and diluted | $0 | $0 |
Weighted average number of common shares outstanding | 49,016,667 | 48,750,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
31-May-14 | 31-May-13 | |
Cash flows from operating activities | ' | ' |
Net loss | ($56,893) | ($131,737) |
Adjustment to reconcile net loss to net cash used in operations | ' | ' |
Depreciation, amortization and depletion | 3,191 | 7,794 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -6,559 | 15,475 |
Accounts payable and accrued liabilities | 36,039 | -15,953 |
Net cash used in operating activities | -24,222 | -124,421 |
Cash flows from financing activities | ' | ' |
Advances from related party | 0 | 121,421 |
Net cash from financing activities | 0 | 121,421 |
Net change in cash | -24,222 | -3,000 |
Cash, beginning of period | 26,797 | 3,375 |
Cash, end of period | 2,575 | 375 |
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: | ' | ' |
Capital lease obligation payments made by related party | $0 | $4,800 |
Basis_of_presentation
Basis of presentation | 3 Months Ended |
31-May-14 | |
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 our company for the year ended February 28, 2014 and notes thereto contained in the information as part of our company’s Annual Report on Form 10-K filed with the SEC on June 13, 2014. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2014 as reported in the Form 10-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. |
Going_Concern
Going Concern | 3 Months Ended |
31-May-14 | |
Going Concern | ' |
Going Concern | ' |
2. Going Concern | |
As shown in the accompanying financial statements, we have incurred net losses of $1,660,656 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. |
Related_party_payable_First_Wo
Related party payable - First World Trade Corporation | 3 Months Ended |
31-May-14 | |
Related party payable - First World Trade Corporation | ' |
Related party payable - First World Trade Corporation | ' |
3. Related party payable – First World Trade Corporation | |
First World Trade Corporation (“FWT”) is a company controlled by a shareholder of the Company. As at May 31, 2014, FWT has advanced the Company $1,462,090 to fund operating costs and shared expenses, the loan is non-interest bearing and without specific terms of repayment. |
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended |
31-May-14 | |
Commitments and contingencies | ' |
Commitments and contingencies | ' |
4. Commitments and contingencies | |
The Company has entered into a licensing agreement with HydroSlotter Corporation of Canada (“HSC”) for the non-exclusive right to market, represent and use HSC technology in order explore and develop utilization of the HSC technology in any geographical region, country, or territory. The term of the agreement is from October 1, 2012 to December 1, 2013 and may be renewed annually by mutual consent. Pursuant to the agreement, HSC and our company signed a letter of renewal dated April 17, 2014 to evidence mutual consent to extend the license agreement until December 31, 2014. Revenue and expenses are shared in accordance with the terms of the agreement. |
Going_Concern_Details
Going Concern (Details) (USD $) | 3 Months Ended |
31-May-14 | |
Going Concern Details | ' |
Net losses since inception | $1,660,656 |
Related_party_payable_Details
Related party payable (Details) (USD $) | 31-May-14 | Feb. 28, 2014 |
Related party payable: | ' | ' |
Loan payable - related party | $1,462,090 | $1,462,090 |