OnePower Systems 10-Q 16 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Feb. 28, 2018	Apr. 16, 2018
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. 28, 2018
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		17,909,090
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

Condensed Interim Balance Sheet

Condensed Interim Balance Sheets (Unaudited) - USD ($)	Feb. 28, 2018	Nov. 30, 2017
CURRENT ASSETS
Cash	$ 520	$ 1,587
Prepaid Expenses	850
Total Assets	1,370	1,587
CURRENT LIABILITIES
Accounts payable and accrued liabilities	15,674	5,372
Notes payable, related party (Note 6)	20,000	20,000
Notes payable, unrelated (Note 6)	65,000	65,000
Total Current Liabilities	100,674	90,372
STOCKHOLDERS' DEFICIT
Common stock (Note 5) Par value: $0.001 Authorized 200,000,000 shares; issued and outstanding 17,454,545 shares	17,455	17,455
Additional paid in capital	24,545	24,545
Accumulated deficit	(141,304)	(130,785)
Total Stockholders' Deficit	(99,304)	(88,785)
Total Liabilities and Stockholders' Deficit	$ 1,370	$ 1,587

Condensed Interim Balance Shee3

Condensed Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Feb. 28, 2018	Nov. 30, 2017
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 Interim Statements of

Condensed Interim Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
EXPENSES
General and administrative expenses	$ 10,519	$ 7,654
Net loss and comprehensive loss	$ (10,519)	$ (7,654)
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, 2016	$ 17,455	$ 24,545	$ (113,142)	$ (71,142)
Balance, shares at Nov. 30, 2016	17,454,545
Net loss for the period			(17,643)	(17,643)
Balance at Nov. 30, 2017	$ 17,455	24,545	(130,785)	(88,785)
Balance, shares at Nov. 30, 2017	17,454,545
Net loss for the period			(10,519)	(10,519)
Balance at Feb. 28, 2018	$ 17,455	$ 24,545	$ (141,304)	$ (99,304)
Balance, shares at Feb. 28, 2018	17,454,545

Condensed Interim Statements o6

Condensed Interim Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Cash Flows from (used in) Operating Activities
Net loss	$ (10,519)	$ (7,654)
Adjustments to reconcile net income to net cash (used in) operating activities
Prepaid expenses	(850)
Accounts payable and accrued liabilities	10,302	7,575
Net Cash from (used in) Operating Activities	(1,067)	(79)
Net Cash from Investing Activities
Cash Flows from Financing Activities
Proceeds of convertible notes payable
Net Cash provided by Financing Activities
Increase (decrease) in cash	(1,067)	(79)
Cash at beginning of period	1,587	595
Cash at end of period	520	516
Supplemental Information and Non-Monetary Transaction
Interest Paid
Taxes Paid

Interim Reporting

Interim Reporting	3 Months Ended
	Feb. 28, 2018
Quarterly Financial Information Disclosure [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 Company’s November 30, 2017 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 Company’s November 30, 2017 annual financial statements. Operating results for the three months ended February 28, 2018 are not necessarily indicative of the results that can be expected for the year ended November 30, 2017.

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Feb. 28, 2018
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. Since its inception, the Company was engaged in the development of an electronic bill delivery and payment system intended to provide Middle Eastern utility companies with the ability to present bills and receive payment. On September 28, 2017, OnePower abandoned this business venture and purchased software designed to assist in the business of marketing and selling services to help small businesses meet lending credibility standards, thereby allowing the businesses to create a credit report based upon the business’ EIN not the owner’s SSN. The Company has chosen a November 30 year end.

Going Concern Uncertainties

Going Concern Uncertainties	3 Months Ended
	Feb. 28, 2018
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 Company’s ability to meet its financing requirements, and the success of its future operations. The Company has accumulated a deficit of $141,304 since inception, 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	3 Months Ended
	Feb. 28, 2018
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. 28, 2018
Equity [Abstract]
Common Stock	5. Common stock The Company has not issued any stock options or warrants during the periods ended February 28, 2018 and February 28, 2017, or since inception There were no non-cash transactions during the periods ended February 28, 2018 and February 28, 2017.

Convertible Notes Payable

Convertible Notes Payable	3 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Convertible Notes Payable	6. Convertible Notes Payable The Company has six 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. February 28, 2018 November 30, 2017 Notes payable as at: 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 February 28, 2018 November 30, 2017 Notes payable Issued to unrelated parties: 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 Convertible promissory note payable, dated August 12, 2016 non-interest bearing, due on demand 10,000 10,000 Convertible promissory note payable, dated March 9, 2017 non-interest bearing, due on demand 5,000 5,000 Convertible promissory note payable, dated September 15, 2017 non-interest bearing, due on demand 15,000 15,000 Notes payable to unrelated parties $ 65,000 $ 65,000

Subsequent Events

Subsequent Events	3 Months Ended
	Feb. 28, 2018
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events Subsequent to February 28, 2018, two of the convertible promissory note payables totaling $20,000 were converted to an aggregate of 363,636 shares at the conversion price of $0.055 per share. In a separate transaction, also subsequent to February 28, 2018, the Company issued 90,909 shares at a value of $0.055 to settle outstanding debt in the amount of $5,029.

Summary of Principal Accounti14

Summary of Principal Accounting Policies (Policies)	3 Months Ended
	Feb. 28, 2018
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. 28, 2018
Debt Disclosure [Abstract]
Schedule of Convertible Notes Payable	February 28, 2018 November 30, 2017 Notes payable as at: 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 February 28, 2018 November 30, 2017 Notes payable Issued to unrelated parties: 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 Convertible promissory note payable, dated August 12, 2016 non-interest bearing, due on demand 10,000 10,000 Convertible promissory note payable, dated March 9, 2017 non-interest bearing, due on demand 5,000 5,000 Convertible promissory note payable, dated September 15, 2017 non-interest bearing, due on demand 15,000 15,000

Going Concern Uncertainties (De

Going Concern Uncertainties (Details Narrative) - USD ($)	Feb. 28, 2018	Nov. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 141,304	$ 130,785

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Equity [Abstract]
Non cash transaction during the period

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative)	3 Months Ended
	Feb. 28, 2018$ / 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. 28, 2018	Nov. 30, 2017
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	65,000	65,000
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 Promissory Note Payable Four [Member] | Notes Payable to Unrelated Parties [Member]
Convertible promissory note payable	10,000	10,000
Convertible Promissory Note Payable Five [Member] | Notes Payable to Unrelated Parties [Member]
Convertible promissory note payable	5,000	5,000
Convertible Promissory Note Payable Six [Member] | Notes Payable to Unrelated Parties [Member]
Convertible promissory note payable	$ 15,000	$ 15,000

Convertible Notes Payable - S20

Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) (Parenthetical)	3 Months Ended
	Feb. 28, 2018
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
Convertible Promissory Note Payable Four [Member] | Notes Payable to Unrelated Parties [Member]
Convertible promissory note due	Aug. 12, 2016
Convertible Promissory Note Payable Five [Member] | Notes Payable to Unrelated Parties [Member]
Convertible promissory note due	Mar. 9, 2017
Convertible Promissory Note Payable Six [Member] | Notes Payable to Unrelated Parties [Member]
Convertible promissory note due	Sep. 15, 2017

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	3 Months Ended
	Feb. 28, 2018USD ($)$ / sharesshares
Debt conversion ratio price	$ 0.055
Stock issued price per share	$ 0.055
Subsequent Event [Member]
Number of shares issued for settle outstanding debt | shares	90,909
Stock issued price per share	$ 0.055
Value of settle outstanding debt | $	$ 5,029
Subsequent Event [Member] | Two Convertible Promissory Note Payables [Member]
Debt conversion, amount | $	$ 20,000
Debt conversion, shares | shares	363,636
Debt conversion ratio price	$ 0.055