Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
May. 31, 2015 | Jul. 10, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | OnePower Systems Ltd. | |
Entity Trading Symbol | OPSY | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2015 | |
Amendment Flag | false | |
Entity Central Index Key | 1,561,206 | |
Current Fiscal Year End Date | --11-30 | |
Entity Common Stock, Shares Outstanding | 17,454,545 | |
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 | 2,015 | |
Document Fiscal Period Focus | Q2 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | May. 31, 2015 | Nov. 30, 2014 |
CURRENT ASSETS | ||
Cash | $ 128 | $ 4,746 |
Total Assets | 128 | 4,746 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 4,307 | 1,131 |
Notes payable, related party | 40,000 | 40,000 |
Total Current Liabilities | 44,307 | 41,131 |
STOCKHOLDERS' DEFICIT | ||
Common stock Par value:$0.001 Authorized 200,000,000 shares; issued and outstanding 17,454,545 shares at May 31, 2015 and November 30, 2014 | 17,455 | 17,455 |
Additional paid in capital | 24,545 | 24,545 |
Accumulated deficit stage | (86,179) | (78,385) |
Total Stockholders' Deficit | (44,179) | (36,385) |
Total Liabilities and Stockholders' Deficit | $ 128 | $ 4,746 |
CONDENSED BALANCE SHEETS PARENT
CONDENSED BALANCE SHEETS PARENTHETICALS - $ / shares | May. 31, 2015 | Nov. 30, 2014 |
Parentheticals | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 17,454,545 | 17,454,545 |
Common Stock, shares outstanding | 17,454,545 | 17,454,545 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
REVENUES | ||||
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
EXPENSES | ||||
General and administrative expenses | 2,798 | 3,844 | 7,794 | 9,616 |
Net loss | $ (2,798) | $ (3,844) | $ (7,794) | $ (9,616) |
Loss per share of common stock Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares of common stock Basic and diluted | 17,454,545 | 17,454,545 | 17,454,545 | 17,454,545 |
CONDENSED STATEMENT OF STOCKHOL
CONDENSED STATEMENT OF STOCKHOLDER'S DEFICIT (Unaudited) - USD ($) | Common Stock Share(s) | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Nov. 30, 2012 | 17,000,000 | 17,000 | 0 | (21,881) | (4,881) |
Balance at Nov. 30, 2013 | 17,454,545 | 17,455 | 24,545 | (61,490) | (19,490) |
Issuance of common stock on September 16, 2013 @ $0.001 per share | 454,545 | 455 | 24,545 | 0 | 25,000 |
Net loss for the period | $ 0 | $ 0 | $ 0 | $ (39,609) | $ (39,609) |
Balance at Nov. 30, 2014 | 17,454,545 | 17,455 | 24,545 | (78,385) | (36,385) |
Net loss for the period | $ 0 | $ 0 | $ 0 | $ (16,895) | $ (16,895) |
Balance at Feb. 28, 2015 | 17,454,545 | 17,455 | 24,545 | (86,179) | (44,179) |
Net loss for the period | $ 0 | $ 0 | $ 0 | $ (7,794) | $ (7,794) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
Cash Flows (used in) Operating Activities | ||
Net loss | $ (7,794) | $ (9,616) |
Adjustments to reconcile net income to net cash (used in) operating activities | ||
Prepaid expenses | 0 | 2,024 |
Accounts payable and accrued liabilities | 3,176 | 3,140 |
Net Cash (used in) Operating Activities | (4,618) | (10,732) |
Net Cash from Investing Activities | 0 | 0 |
Cash Flows from Financing Activities | ||
Proceeds of convertible notes payable | 0 | 20,000 |
Net Cash provided by Financing Activities | 0 | 20,000 |
(Decrease) increase in cash | (4,618) | 9,268 |
Cash at beginning of period | 4,746 | 3,003 |
Cash at end of period | 128 | 12,271 |
Supplemental Information and Non-Monetary Transaction | ||
Interest Paid | 0 | 0 |
Taxes Paid | $ 0 | $ 0 |
Interim Reporting
Interim Reporting | 6 Months Ended |
May. 31, 2015 | |
Interim Reporting | |
Interim Reporting | 1. Interim Reporting While the information presented in the accompanying interim six months financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. These interim financial statements follow the same accounting policies and methods of their application as the Companys November 30, 2014 annual financial statements. All adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with the Companys November 30, 2014 annual financial statements. Operating results for the six months ended May 31, 2015 are not necessarily indicative of the results that can be expected for the year ended November 30, 2015. |
Organization and nature of oper
Organization and nature of operations | 6 Months Ended |
May. 31, 2015 | |
Organization and nature of operations | |
Organization and nature of operations | 2. Organization and nature of operations OnePower Systems Ltd. ("the Company") was incorporated in the State of Nevada, USA on August 28, 2009. The Company is in its early development stage since its formation and has not realized any revenues from its planned operations. The Company is engaged in the development of electronic bill delivery and payment systems that will enable vendors the abilities to present bills and receive payments electronically. The Company has chosen a November 30 year end. |
Going concern uncertainties
Going concern uncertainties | 6 Months Ended |
May. 31, 2015 | |
Going concern uncertainties | |
Going concern uncertainties | 3. Going concern uncertainties These financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplate continuation of the Company as a going concern. However, the Company has limited operations and has sustained operating losses resulting in a deficit. In view of these matters, operating as a going concern is dependent upon the Company's ability to meet its financing requirements, and the success of its future operations. The Company has accumulated a deficit of $86,179 since inception August 28, 2009, has yet to achieve profitable operations and further losses are anticipated in the development of its business. The Company's ability to continue as a going concern is in substantial doubt and is dependent upon obtaining additional financing and/or achieving a sustainable profitable level of operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company may seek additional equity as necessary and it expects to raise funds through private or public equity investment in order to support existing operations and expand the range of its business. There is no assurance that such additional funds will be available for the Company on acceptable terms, if at all. |
Summary of principal accounting
Summary of principal accounting policies | 6 Months Ended |
May. 31, 2015 | |
Summary of principal accounting policies | |
Summary of principal accounting policies | 4. Summary of principal accounting policies A summary of the significant accounting policies applied in the presentation of the accompanying financial statements follows: Basis of presentation The accompanying financial statements are stated in US dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America. Recently issued accounting pronouncements In August 2014, the FASB issued ASU 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. The new standard provides guidance as to management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial statements. The Company has elected to early adopt the provisions of ASU 2014-15 for these audited consolidated financial statements. The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued by the FASB (including its Emerging Issues Task Force), the AICPA or the SEC would, if adopted, have a material effect on the accompanying financial statements. |
Common stock
Common stock | 6 Months Ended |
May. 31, 2015 | |
Common stock | |
Common stock | 5. Common stock The Company has not issued any stock options or warrants during the periods ended May 31, 2015 and May 31, 2014, or since inception There were no non-cash transactions during the period ended May 31, 2015 and May 31, 2014. |
Convertible note payable
Convertible note payable | 6 Months Ended |
May. 31, 2015 | |
Convertible Notes Payable {1} | |
Convertible note payable | 6. Convertible Notes Payable The Company has three convertible notes payable. The notes are non-interest bearing, unsecured and payable on demand. At any time prior to repayment any portion of the entire note may be converted into common stock at the discretion of the holder on the basis of $0.055 of debt to 1 share. The effect that conversion would have on earnings per share has not been disclosed due to the current anti-dilutive effect. Notes payable as of May 31, 2015 are: Convertible promissory note payable, dated November 9, 2012 non-interest bearing, due on demand $ 10,000 Convertible promissory note payable, dated April 26, 2013 non-interest bearing, due on demand 10,000 Convertible promissory note payable, dated March 28, 2014 non-interest bearing, due on demand 20,000 $ 40,000 The stock of the Company has been sold at $0.055 per share for operations. The conversion rate of $0.055 creates a zero conversion benefit at current stock prices. Therefore, no beneficial conversion factor has been recorded. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
May. 31, 2015 | |
Accounting Policies | |
Basis of presentation | Basis of presentation The accompanying financial statements are stated in US dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In August 2014, the FASB issued ASU 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. The new standard provides guidance as to management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial statements. The Company has elected to early adopt the provisions of ASU 2014-15 for these audited consolidated financial statements. The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued by the FASB (including its Emerging Issues Task Force), the AICPA or the SEC would, if adopted, have a material effect on the accompanying financial statements. |
Schedule of Convertible note pa
Schedule of Convertible note payable (Tables) | 6 Months Ended |
May. 31, 2015 | |
Schedule of Convertible note payable | |
Schedule of Convertible note payable | Notes payable as of May 31, 2015 are: Convertible promissory note payable, dated November 9, 2012 non-interest bearing, due on demand $ 10,000 Convertible promissory note payable, dated April 26, 2013 non-interest bearing, due on demand 10,000 Convertible promissory note payable, dated March 28, 2014 non-interest bearing, due on demand 20,000 $ 40,000 |
Going concern uncertainties as
Going concern uncertainties as follows (Details) | May. 31, 2015USD ($) |
Going concern uncertainties as follows: | |
Accumulated deficit | $ 86,179 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - May. 31, 2015 - USD ($) | Total |
Convertible Notes Payable Details | |
Convertible promissory note payable, dated November 9, 2012 non-interest bearing, due on demand | $ 10,000 |
Convertible promissory note payable, dated April 26, 2013 non-interest bearing, due on demand | 10,000 |
Convertible promissory note payable, dated March 28, 2014 non-interest bearing, due on demand | 20,000 |
Total Notes payable | 40,000 |
Note converted into common stock on the basis of $0.055 of debt to share | $ 1 |
Stock of the Company has been sold per share for operations | $ 0.055 |
Conversion rate | $ 0.055 |