Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Feb. 29, 2016 | Apr. 11, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | OnePower Systems Ltd. | |
Entity Central Index Key | 1,561,206 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 29, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 17,454,545 | |
Trading Symbol | OPSY | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Feb. 29, 2016 | Nov. 30, 2015 |
CURRENT ASSETS | ||
Cash | $ 1,545 | $ 5,134 |
Total Assets | 1,545 | 5,134 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 3,573 | 5,538 |
Notes payable , related party (Note 6) | 20,000 | 20,000 |
Notes payable, unrelated (Note 6) | 35,000 | 35,000 |
Total Current Liabilities | 58,573 | 60,538 |
STOCKHOLDERS' DEFICIT | ||
Common stock Par value:$0.001 Authorized 200,000,000 shares; issued and outstanding 17,454,545 shares at February 29, 2016 and November 30, 2015 | 17,455 | 17,455 |
Additional paid in capital | 24,545 | 24,545 |
Accumulated deficit stage | (99,028) | (97,404) |
Total Stockholders' Deficit | (57,028) | (55,404) |
Total Liabilities and Stockholders' Deficit | $ 1,545 | $ 5,134 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Feb. 29, 2016 | Nov. 30, 2015 |
Statement of Financial Position [Abstract] | ||
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 | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Income Statement [Abstract] | ||
REVENUES | ||
EXPENSES | ||
General and administrative expenses | $ 1,624 | $ 4,996 |
Net loss and comprehensive loss | $ (1,624) | $ (4,996) |
Loss per share of common stock Basic and diluted | $ 0 | $ 0 |
Weighted average shares of common stock Basic and diluted | 17,454,545 | 17,454,545 |
Condensed Statement of Stockhol
Condensed Statement of Stockholder's Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Nov. 30, 2013 | $ 17,455 | $ 24,545 | $ (61,490) | $ (19,490) |
Balance, shares at Nov. 30, 2013 | 17,454,545 | |||
Net loss for the period | (16,895) | (16,895) | ||
Balance at Nov. 30, 2014 | $ 17,455 | $ 24,545 | (78,385) | (36,385) |
Balance, shares at Nov. 30, 2014 | 17,454,545 | |||
Net loss for the period | (19,019) | (19,019) | ||
Balance at Nov. 30, 2015 | $ 17,455 | 24,545 | (97,404) | (55,404) |
Balance, shares at Nov. 30, 2015 | 17,454,545 | |||
Net loss for the period | (1,624) | (1,624) | ||
Balance at Feb. 29, 2016 | $ 17,455 | $ 24,545 | $ (99,028) | $ (57,028) |
Balance, shares at Feb. 29, 2016 | 17,454,545 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Nov. 30, 2015 | Nov. 30, 2014 | |
Cash Flows (used in) Operating Activities | ||||
Net loss | $ (1,624) | $ (4,996) | $ (19,019) | $ (16,895) |
Adjustments to reconcile net income to net cash (used in) operating activities | ||||
Accounts payable and accrued liabilities | (1,965) | 4,000 | ||
Net Cash (used in) Operating Activities | $ (3,589) | $ (996) | ||
Net Cash from Investing Activities | ||||
Cash Flows from Financing Activities | ||||
Proceeds of convertible notes payable | ||||
Net Cash provided by Financing Activities | ||||
Decrease in cash | $ (3,589) | $ (996) | ||
Cash at beginning of period | 5,134 | 4,746 | 4,746 | |
Cash at end of period | $ 1,545 | $ 3,750 | $ 5,134 | $ 4,746 |
Supplemental Information and Non-Monetary Transaction | ||||
Interest Paid | ||||
Taxes Paid |
Interim Reporting
Interim Reporting | 3 Months Ended |
Feb. 29, 2016 | |
Segment Reporting [Abstract] | |
Interim Reporting | 1. Interim Reporting While the information presented in the accompanying interim three 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, 2015 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, 2015 annual financial statements. Operating results for the three months ended February 29, 2016 are not necessarily indicative of the results that can be expected for the year ended November 30, 2016. |
Organization and Nature of Oper
Organization and Nature of Operations | 3 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 | 3 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 Companys ability to meet its financing requirements, and the success of its future operations. The Company has accumulated a deficit of $99,028 since inception, has yet to achieve profitable operations and further losses are anticipated in the development of its business. The Companys 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 | 3 Months Ended |
Feb. 29, 2016 | |
Accounting Policies [Abstract] | |
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 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 | 3 Months Ended |
Feb. 29, 2016 | |
Equity [Abstract] | |
Common Stock | 5. Common stock The Company has not issued any stock options or warrants during the periods ended February 29, 2016 and February 28, 2015, or since inception There were no non-cash transactions during the periods ended February 29, 2016 and February 28, 2015. |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Note Payable | 6. Convertible Notes Payable The Company has five 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. The common stock of the Company has been issued 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. Notes payable as of February 29, and February 28 February 29, 2016 November 30, 2015 Issued to a related party Convertible promissory note payable, dated November 9, 2012 non-interest bearing, due on demand $ 10,000 $ 10,000 Convertible promissory note payable, dated April 26, 2013 non-interest bearing, due on demand 10,000 10,000 Notes payable to related party $ 20,000 $ 20,000 Notes payable Issued to unrelated parties February 29, 2016 November 30, 2015 Convertible promissory note payable, dated March 28, 2014 non-interest bearing, due on demand $ 20,000 $ 20,000 Convertible promissory note payable, dated June 26, 2015 non-interest bearing, due on demand 10,000 10,000 Convertible promissory note payable, dated November 11, 2015 non-interest bearing, due on demand 5,000 5,000 Notes payable to unrelated parties $ 35,000 $ 35,000 |
Summary of Principal Accounti13
Summary of Principal Accounting Policies (Policies) | 3 Months Ended |
Feb. 29, 2016 | |
Accounting Policies [Abstract] | |
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 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. |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | Notes payable as of February 29, and February 28 February 29, 2016 November 30, 2015 Issued to a related party Convertible promissory note payable, dated November 9, 2012 non-interest bearing, due on demand $ 10,000 $ 10,000 Convertible promissory note payable, dated April 26, 2013 non-interest bearing, due on demand 10,000 10,000 Notes payable to related party $ 20,000 $ 20,000 Notes payable Issued to unrelated parties February 29, 2016 November 30, 2015 Convertible promissory note payable, dated March 28, 2014 non-interest bearing, due on demand $ 20,000 $ 20,000 Convertible promissory note payable, dated June 26, 2015 non-interest bearing, due on demand 10,000 10,000 Convertible promissory note payable, dated November 11, 2015 non-interest bearing, due on demand 5,000 5,000 Notes payable to unrelated parties $ 35,000 $ 35,000 |
Going Concern Uncertainties (De
Going Concern Uncertainties (Details Narrative) - USD ($) | Feb. 29, 2016 | Nov. 30, 2015 |
Going Concern Uncertainties Details Narrative | ||
Accumulated deficit | $ 99,028 | $ 97,404 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) | 3 Months Ended |
Feb. 29, 2016$ / shares | |
Debt Disclosure [Abstract] | |
Note converted into common stock | 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. |
Common stock issued price per share | $ 0.055 |
Conversion rate | $ 0.055 |
Convertible Notes Payable - Sch
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($) | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2015 |
Convertible Promissory Note Payable One [Member] | Notes Payable To Unrelated Parties [Member] | |||
Convertible promissory note payable | $ 20,000 | $ 20,000 | |
Convertible Promissory Note Payable One [Member] | Notes Payable To Related Party [Member] | |||
Convertible promissory note payable | 10,000 | 10,000 | |
Convertible Promissory Note Payable Two [Member] | Notes Payable To Unrelated Parties [Member] | |||
Convertible promissory note payable | 10,000 | 10,000 | |
Convertible Promissory Note Payable Two [Member] | Notes Payable To Related Party [Member] | |||
Convertible promissory note payable | 10,000 | 10,000 | |
Convertible Promissory Note Payable [Member] | Notes Payable To Unrelated Parties [Member] | |||
Convertible promissory note payable | 35,000 | $ 35,000 | |
Convertible Promissory Note Payable [Member] | Notes Payable To Related Party [Member] | |||
Convertible promissory note payable | 20,000 | 20,000 | |
Convertible Promissory Note Payable Three [Member] | Notes Payable To Unrelated Parties [Member] | |||
Convertible promissory note payable | $ 5,000 | $ 5,000 |
Convertible Notes Payable - S18
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) (Parenthetical) | 3 Months Ended |
Feb. 29, 2016 | |
Convertible Promissory Note Payable One [Member] | Notes Payable To Unrelated Parties [Member] | |
Convertible promissory note due | Mar. 28, 2014 |
Convertible Promissory Note Payable One [Member] | Notes Payable To Related Party [Member] | |
Convertible promissory note due | Nov. 9, 2012 |
Convertible Promissory Note Payable Two [Member] | Notes Payable To Unrelated Parties [Member] | |
Convertible promissory note due | Jun. 26, 2015 |
Convertible Promissory Note Payable Two [Member] | Notes Payable To Related Party [Member] | |
Convertible promissory note due | Apr. 26, 2013 |
Convertible Promissory Note Payable Three [Member] | Notes Payable To Unrelated Parties [Member] | |
Convertible promissory note due | Nov. 11, 2015 |