Cannonau (CNNC) 10-K 1 May 19 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	May 01, 2019
Document And Entity Information
Entity Registrant Name	PACIFIC BLUE ENERGY CORP.
Entity Central Index Key	0001410187
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Shell Business	true
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Is Entity Emerging Growth Company?	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Public Float		$ 127,206
Entity Common Stock, Shares Outstanding		41,029,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2015

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Cash
Prepaid expense
Total current assets
Property and equipment, net
Land
Total assets	0	0
Current Liabilities
Accounts payable and accrued liabilities	7,000	7,000
Due to related party
Loan payable
Total current liabilities	7,000	7,000
Stockholders' Equity
Preferred stock- authorized 10,000,000 shares, par value $0.001, issued and outstanding nil shares
Common stock- authorized 290,000,000 shares, par value $0.001, issued and outstanding 41,029,000 shares	41,029	41,029
Common stock issuable	27,000	27,000
Additional paid-in capital	3,317,739	3,317,739
Accumulated deficit	(3,392,768)	(3,392,768)
Total stockholders' equity	(7,000)	(7,000)
Total liabilities and stockholders' equity	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred Stock, par or stated value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued
Common Stock, par or stated value	$ 0.001	$ 0.001
Common Stock, shares authorized	290,000,000	290,000,000
Common Stock, shares issued	41,029,000	41,029,000
Common Stock, shares outstanding	41,029,000	41,029,000

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenues
Operating expenses:
Amortization
Consulting fees
General and administrative
Professional fees
Wages and benefits
Impairment of long lived assets
Total operating expenses
Loss from operations
Other income (expense)
Interest expense
Interest income
Total other income (expense)
Net loss
Net loss per share (basic and diluted)
Weighted average shares outstanding	41,029,000	41,029,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTVITIES:
Net loss
Adjustments to reconcile net loss to net loss from operating activities
Amortization
Impairment
Shares issued for services
Changes in operating assets and liabilities
Prepaid expenses
Accounts payable and accrued liabilities
Net Cash Used in Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposit payment on property purchase
Purchase of equipment
Net cash paid for acquisition
Net Cash Used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans payable
Repayment of loans payable
Proceeds from related party
Repayments to related party
Net Cash Provided by (Used in) Financing Activities
Increase (decrease) in cash
Cash, beginning of period
Cash, end of period
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest
Cash paid for taxes

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity (Deficit) - USD ($)	Common Stock	Additional Paid-In Capital	Common Stock Issuable	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2013	$ 41,029	$ 3,317,739	$ 27,000	$ (3,392,768)	$ (7,000)
Beginning Balance, Shares at Dec. 31, 2013	41,029,000
Net loss
Ending Balance, Amount at Dec. 31, 2014	$ 41,029	3,317,739	27,000	(3,392,768)	(7,000)
Enidng Balance, shares at Dec. 31, 2014	41,029,000
Net loss
Ending Balance, Amount at Dec. 31, 2015	$ 41,029	$ 3,317,739	$ 27,000	$ (3,392,768)	$ (7,000)
Enidng Balance, shares at Dec. 31, 2015	41,029,000

Nature of Operations and Contin

Nature of Operations and Continuance of Business	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Continuance of Business	1. Nature of Operations and Continuance of Business Pacific Blue Energy Corp. (the "Company") was incorporated under the laws of the State of Nevada on April 3, 2007. On April 5, 2010, the Company acquired a 100% interest of Ship Ahoy LLC, a limited liability company in Arizona, in exchange for $300,000 and 1,000,000 common shares of the Company. This investment was subsequently abandoned by the Company and the Company is currently a non-operating shell company. Going Concern These consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has generated no revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of December 31, 2015, the Company had no revenues and an accumulated deficit of $3,392,768. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt regarding the Company's ability to continue as a going concern for a period of one year from the issuance of these consolidated financial statements. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies a) Basis of Presentation and Principles of Consolidation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Ship Ahoy LLC. All intercompany transactions have been eliminated. The Company's fiscal year-end is December 31. b) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States 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. The Company regularly evaluates estimates and assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of December 31, 2015 and 2014, the Company had no cash equivalents. d) Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, e) Financial Instruments ASC 820, "Fair Value Measurements", Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. f) Property and Equipment Property and equipment is comprised of a vehicle and is amortized on a straight-line basis over an expected useful life of three years. Maintenance and repairs are charged to expense as incurred. The land is not depreciated. g) Impairment of Long-lived Assets The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. h) Reclassification Certain prior period amounts have been reclassified to conform to current presentation.

Acquisition of Ship Ahoy LLC

Acquisition of Ship Ahoy LLC	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisition of Ship Ahoy LLC	3. Acquisition of Ship Ahoy LLC On April 5, 2010, the Company acquired a 100% interest in the outstanding members' shares of Ship Ahoy LLC ("Ship Ahoy"), a limited liability company in Arizona, in exchange for $300,000 and 1,000,000 common shares of the Company. The common shares issued to Ship Ahoy shareholders were determined to have a fair value of $705,378. The purchase price was allocated to the following assets and liabilities: Purchase price Cash 300,000 1,000,000 common shares 705,378 1,005,378 Fair value of Ship Ahoy net assets Cash and cash equivalents 378 Land 591,000 Interest in Sunshine Wind Park 414,000 1,005,378 At December 31, 2010, the Company wrote off the interest in the Sunshine Wind Park of $414,000 due to lack of development of the property. At September 30, 2011, the Company determined that the Land and equipment of Ship Ahoy was impaired as the property was abandoned. As such, an impairment loss of $631,965 was recognized.

Impairment of Gila Bend Propert

Impairment of Gila Bend Property	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of Gila Bend Property	4. Impairment of Gila Bend Property On July 16, 2010, the Company entered into a purchase and sale agreement (the "Agreement") with Sonoran Trails, LLC ("Sonoran") to acquire 100 acres of property located in Maricopa County, Arizona (the "Gila Bend Property") for proceeds of $850,000, of which $20,000 was paid as a deposit on the date of the Agreement and the remaining purchase price to be paid within 24 hours of the closing date of the acquisition, to be completed no later than September 10, 2010. On August 16, 2010, the Company made a deposit payment of $75,000 as part of the Agreement. On September 10, 2010, the Company and Sonoran amended the terms and conditions of the Agreement (the "Amended Agreement") whereby the Company was granted an extension of the closing date of the acquisition from September 10, 2010 to December 10, 2010. In exchange for the Company's right to amend the original Agreement and extend the closing date of the acquisition, $50,000 of the $75,000 deposit was surrendered to Sonoran with the remaining $25,000 and a further $5,000 deposit (paid on September 24, 2010) to be held in escrow. On December 23, 2010, the Company made a deposit payment of $50,000. On December 29, 2010, $20,580 of the amount held in escrow was released for reimbursement of surveying costs incurred on the property. As at December 31, 2015, the Company paid deposits of $79,420 (2009 - $nil) relating to the acquisition of the Sonoran property.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company has a net operating loss carried forward of $3,345,317 available to offset taxable income in future years which commence expiring in fiscal 2027. The Company is subject to United States federal and state income taxes at an approximate rate of 34%. As at December 31, 2015 and 2014, the Company had no uncertain tax positions. 2015 2014 Income tax recovery at statutory rate - - Permanent differences and other - - Valuation allowance change - - Provision for income taxes – – The significant components of deferred income tax assets and liabilities at December 31, 2015 and 2014 are as follows: 2015 2014 Net operating loss carried forward 1,137,408 1,137,408 Valuation allowance (1,137,408 ) (1,137,408 ) Net deferred income tax asset – –

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	a) Basis of Presentation and Principles of Consolidation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Ship Ahoy LLC. All intercompany transactions have been eliminated. The Company's fiscal year-end is December 31.
Use of Estimates	b) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States 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. The Company regularly evaluates estimates and assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Cash and Cash Equivalents	c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of December 31, 2015 and 2014, the Company had no cash equivalents.
Basic and Diluted Net Loss Per Share	d) Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings Per Share,
Financial Instruments	e) Financial Instruments ASC 820, "Fair Value Measurements", Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.
Property and Equipment	f) Property and Equipment Property and equipment is comprised of a vehicle and is amortized on a straight-line basis over an expected useful life of three years. Maintenance and repairs are charged to expense as incurred. The land is not depreciated.
Impairment of Long-lived Assets	g) Impairment of Long-lived Assets The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed.
Reclassification	h) Reclassification Certain prior period amounts have been reclassified to conform to current presentation.

Acquisition of Ship Ahoy LLC (T

Acquisition of Ship Ahoy LLC (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisition of Ship Ahoy LLC	Purchase price Cash 300,000 1,000,000 common shares 705,378 1,005,378 Fair value of Ship Ahoy net assets Cash and cash equivalents 378 Land 591,000 Interest in Sunshine Wind Park 414,000 1,005,378

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Provision for Income Taxes	2015 2014 Income tax recovery at statutory rate - - Permanent differences and other - - Valuation allowance change - - Provision for income taxes – –
Deferred Income Taxes	2015 2014 Net operating loss carried forward 1,137,408 1,137,408 Valuation allowance (1,137,408 ) (1,137,408 ) Net deferred income tax asset – –

Nature of Operations and Cont_2

Nature of Operations and Continuance of Business (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (3,392,768)	$ (3,392,768)

Acquisition of Ship Ahoy LLC -

Acquisition of Ship Ahoy LLC - Acquisition of Ship Ahoy LLC (Details) - Ship Ahoy LLC [Member]	3 Months Ended
	Apr. 05, 2012USD ($)
Purchase price
Cash	$ 300,000
1,000,000 common shares	705,378
Total	1,005,378
Fair value of Ship Ahoy net assets
Cash and cash equivalents	378
Land	591,000
Interest in Sunshine Wind Park	414,000
Total	$ 1,005,378

Acquisition of Ship Ahoy LLC _2

Acquisition of Ship Ahoy LLC - Acquisition of Ship Ahoy LLC (Details) (Parenthetical)	3 Months Ended
	Apr. 05, 2012shares
Business Combinations [Abstract]
Common shares	1,000,000

Acquisition of Ship Ahoy LLC (D

Acquisition of Ship Ahoy LLC (Details Narrative)	12 Months Ended
	Dec. 31, 2012USD ($)
Business Combinations [Abstract]
Impairment loss on Ship Ahoy	$ 631,965

Impairment of Gila Bend Prope_2

Impairment of Gila Bend Property (Details Narrative) - Gila Blend Property [Member] - USD ($)	7 Months Ended	8 Months Ended		9 Months Ended	12 Months Ended
	Jul. 16, 2012	Sep. 10, 2012	Aug. 16, 2012	Sep. 24, 2012	Dec. 31, 2015	Dec. 29, 2012	Dec. 23, 2012
Purchase price
Purchase Agreement	$ 850,000
Cash Deposit	$ 20,000		$ 75,000	$ 5,000	$ 79,420		$ 50,000
Terms		In exchange for the Company's right to amend the original Agreement and extend the closing date of the acquisition, $50,000 of the $75,000 deposit was surrendered to Sonoran with the remaining $25,000 and a further $5,000 deposit (paid on September 24, 2010) to be held in escrow.
Surveying Costs						$ 20,580

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income tax recovery at statutory rate
Permanent differences and other
Valuation allowance change
Provision for income taxes

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating loss carried forward	$ 1,137,408	$ 1,137,408
Valuation allowance	(1,137,408)	(1,137,408)
Net deferred income tax asset

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2015USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carried forward	$ 3,345,317
Statutory Rate	34.00%