Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Aug. 31, 2014 | Oct. 22, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'Falconridge Oil Technologies Corp. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Aug-14 | ' |
Amendment Flag | 'false | ' |
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 | 'Q2 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
CURRENT ASSETS | ' | ' |
Cash | $979 | $26,797 |
Accounts receivable | 10,601 | 11,880 |
Total current assets | 11,580 | 38,677 |
Property & equipment net of accumulated depreciation of $3,411 (2014 - $2,630) | 4,298 | 5,080 |
Oil and gas properties net of accumulated depletion of $31,794 (2014 - $27,094) | 97,196 | 101,896 |
Unproved oil and gas properties | 289,353 | 289,353 |
Total assets | 402,427 | 435,006 |
Current | ' | ' |
Accounts payable | 219,876 | 139,519 |
Accrued liabilities | 49,272 | 47,482 |
Loan payable - related party | 1,462,090 | 1,462,090 |
Loan payable | 70,000 | 70,000 |
Total current liabilities | 1,801,238 | 1,719,091 |
STOCKHOLDERS' DEFICIT | ' | ' |
Common stock, $.001 par value,450,000,000 shares authorized, 49,016,667 shares issued and outstanding as of August 31, 2014 and February 28, 2014 | 49,017 | 49,017 |
Additional paid in capital | 270,661 | 270,661 |
Accumulated deficit | -1,718,489 | -1,603,763 |
Total stockholders' deficit | -1,398,811 | -1,284,085 |
Total liabilities and stockholders' deficit | $402,427 | $435,006 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
Parentheticals | ' | ' |
Property & equipment accumulated depreciation | $3,411 | $2,630 |
Oil and gas properties accumulated depreciation | $31,794 | $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 | 6 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Revenue: | ' | ' | ' | ' |
Oil & Gas revenue | $1,497 | $4,929 | $7,820 | $10,052 |
Expenses | ' | ' | ' | ' |
General and administrative | 55,039 | 126,007 | 113,064 | 254,835 |
Depreciation, amortization and depletion | 2,291 | 3,153 | 5,482 | 10,947 |
Total operating expense | 57,330 | 129,160 | 118,546 | 265,782 |
Other income (expense) | ' | ' | ' | ' |
Gain on disposal of equipment | 0 | 3,428 | 0 | 3,428 |
Interest expense | -2,000 | -2,324 | -4,000 | -2,562 |
Net loss | ($57,833) | ($123,127) | ($114,726) | ($254,864) |
Loss per common share - basic and diluted | $0 | ($0.01) | $0 | ($0.01) |
Weighted average number of common shares outstanding | 49,016,667 | 48,750,000 | 49,016,667 | 48,750,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
CASH FLOWS OPERATING ACTIVITIES: | ' | ' |
Net loss | ($114,726) | ($254,864) |
Depreciation, amortization and depletion | 5,482 | 10,947 |
Gain on oil and gas interest received | 0 | -3,428 |
Accounts receivable | 1,279 | 21,304 |
Accounts payable and accrued liabilities | 82,147 | 14,715 |
Net cash used in operating activities | -25,818 | -211,326 |
Cash received in acquisition | 0 | 16,455 |
Advances from related party | 0 | 183,286 |
Cash received from debt issuance | 0 | 400,000 |
Net cash from financing activities | 0 | 583,286 |
Net change in cash | -25,818 | 388,415 |
Cash, beginning of period | 26,797 | 3,375 |
Cash, end of period | 979 | 391,790 |
Cash paid during the year for income taxes | 0 | 0 |
Cash paid during the year for interest | $0 | $0 |
Incorporation_and_nature_of_op
Incorporation and nature of operations | 6 Months Ended |
Aug. 31, 2014 | |
Incorporation and nature of operations | ' |
Incorporation and nature of operations | ' |
1. Incorporation and nature of operations | |
The Company is an oil and gas technology company that specializes in identifying and accessing additional petroleum reserves that are usually left in the ground. The Company’s value proposition is extracting new resources from wells that have been assessed as uneconomic. Most of the Company’s projects will involve depleted or low producing assets. Assets are stimulated utilizing Terra Slicing Technology (“TST”) for maximum effectiveness and productivity, essentially revitalizing the pre-existing well and establishing a flow rate with a significant percentage of its initial production. Alternatively, TST may be utilized as part of a workover project or procedure |
Summary_of_significant_account
Summary of significant accounting policies | 6 Months Ended |
Aug. 31, 2014 | |
Summary of significant accounting policies | ' |
Summary of significant accounting policies | ' |
2. Summary of significant accounting policies | |
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, 2014 and notes thereto contained in the information as part of the 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. | |
Use of estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Going_Concern
Going Concern | 6 Months Ended |
Aug. 31, 2014 | |
Going Concern | ' |
Going Concern | ' |
3. 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 | 6 Months Ended |
Aug. 31, 2014 | |
Related party payable - First World Trade Corporation | ' |
Related party payable - First World Trade Corporation | ' |
4. Related party payable – First World Trade Corporation | |
First World Trade Corporation (“FWT”) is a company controlled by a shareholder of the Company. As at August 31, 2014, FWT has advanced the Company $1,462,090 (2013 - $1,388,624) to fund operating costs and shared expenses, the loan is non-interest bearing and without specific terms of repayment. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 6 Months Ended |
Aug. 31, 2014 | |
Accounting Policies: | ' |
Basis of presentation | ' |
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, 2014 and notes thereto contained in the information as part of the 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. | |
Use of estimates | ' |
Use of estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Going_Concern_Details
Going Concern (Details) (USD $) | 6 Months Ended |
Aug. 31, 2014 | |
Going Concern Consists Of: | ' |
Incurred net losses since inception | $1,660,656 |
Related_party_payable_Details
Related party payable (Details) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
Related party payable: | ' | ' |
Due to Related Party | $1,462,090 | $1,388,624 |