Document Entity Information
Document Entity Information - shares | 3 Months Ended | |
Aug. 31, 2019 | Oct. 22, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Current Fiscal Year End Date | --05-31 | |
Entity File Number | 333-229036 | |
Entity Registrant Name | NORTHWEST OIL & GAS TRADING COMPANY, INC. | |
Entity Central Index Key | 0001762533 | |
Entity Tax Identification Number | 82-3552932 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 4650 Wedekind Road | |
Entity Address, Address Line Two | #2 Sparks | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89431 | |
City Area Code | 775 | |
Local Phone Number | 882-7549 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 21,400,000 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Aug. 31, 2019 | May 31, 2019 |
Current assets | ||
Cash | $ 35,807 | $ 1,020 |
Current Assets | 35,807 | 1,020 |
Total assets | 35,807 | 1,020 |
Current liabilities | ||
Accounts payable and accrued liabilities | 35,078 | 6,979 |
Due to related parties | 39,685 | 39,685 |
Loans payable to related parties | 275,732 | 277,262 |
Current Liabilities | 350,495 | 323,926 |
Total liabilities | 350,495 | 323,926 |
Stockholders' deficit | ||
Common stock, 75,000,000 shares authorized, $0.001 par value 21,410,000 shares issued and outstanding | 21,410 | 21,410 |
Additional paid-in capital | 3,690 | 3,690 |
Stock subscriptions received | 80,295 | |
Deficit | (420,083) | (348,006) |
Total stockholders' deficit | (314,688) | (322,906) |
Total liabilities and stockholders' deficit | $ 35,807 | $ 1,020 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2019 | May 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 21,410,000 | 21,410,000 |
Common Stock, Shares Outstanding | 21,410,000 | 21,410,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Operating expenses | ||
Consulting fees | $ 19,396 | |
General and administrative | 6,001 | 2,025 |
Investment in oil technology costs | 20,000 | |
Professional fees | 11,080 | 5,500 |
Transfer agent and filing fees | 15,600 | 650 |
Total operating expenses | 72,077 | 8,175 |
Net loss and comprehensive loss for the period | $ (72,077) | $ (8,175) |
Loss per share, basic and diluted | ||
Weighted average shares outstanding | 21,410,000 | 21,410,000 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Stock Subscriptions Received | Accumulated Deficit | Total |
Beginning Balance at May. 31, 2018 | $ 21,410 | $ 3,690 | $ (42,642) | $ (17,542) | |
Beginning Balance, Shares at May. 31, 2018 | 21,410,000 | ||||
Stock subscriptions received | |||||
Net loss for the period | (8,175) | (8,175) | |||
Ending Balance at Aug. 31, 2018 | $ 21,410 | 3,690 | (50,817) | (25,717) | |
Ending Balance, Shares at Aug. 31, 2018 | 21,410,000 | ||||
Beginning Balance at May. 31, 2019 | $ 21,410 | 3,690 | (348,006) | (322,906) | |
Beginning Balance, Shares at May. 31, 2019 | 21,410,000 | ||||
Stock subscriptions received | 80,295 | 80,295 | |||
Net loss for the period | (72,077) | (72,077) | |||
Ending Balance at Aug. 31, 2019 | $ 21,410 | $ 3,690 | $ 80,295 | $ (420,083) | $ (314,688) |
Ending Balance, Shares at Aug. 31, 2019 | 21,410,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Operating activities | ||
Net loss for the period | $ (72,077) | $ (8,175) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 28,099 | 7,250 |
Net cash used in operating activities | (43,978) | (925) |
Financing activities | ||
Stock subscriptions received | 80,295 | |
Repayment of related party loans payable | (1,530) | |
Net cash provided by financing activities | 78,765 | |
Change in cash | 34,787 | (925) |
Cash, beginning of period | 1,020 | 4,110 |
Cash, end of period | 35,807 | 3,185 |
Supplemental disclosures: | ||
Interest paid | ||
Income taxes paid |
Nature of Operations and Contin
Nature of Operations and Continuance of Business | 3 Months Ended |
Aug. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Continuance of Business | 1. Nature of Operations and Continuance of Business Northwest Oil & Gas Company Inc. (the “Company”) was incorporated on April 7, 2017 in the State of Nevada, USA. The Company is in the business of oil exploration. On December 21, 2017, the Company formalized an agreement whereby it was assigned partial interest in two operating oil and gas leases in Warren county, Kentucky. Two other leases were assigned on April 24, 2018. These condensed financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months. Realization values may be substantially different from carrying values as shown and these condensed financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. As at August 31, 2019, the Company had not yet recorded any revenues, has a working capital deficit of $314,688, and has an accumulated deficit of $420,083. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available. These 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 | 3 Months Ended |
Aug. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (a) Basis of Presentation These condensed financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in US dollars. The Company’s fiscal year-end is May 31. (b) Use of Estimates The preparation of these condensed financial statements in conformity with US GAAP 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 oil and gas leases, 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) Interim Condensed Financial Statements These interim condensed financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. (d) Basic and Diluted Net Loss per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share (e) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Oil and Gas Leases
Oil and Gas Leases | 3 Months Ended |
Aug. 31, 2019 | |
Extractive Industries [Abstract] | |
Oil and Gas Leases | 3. Oil and Gas Leases August 31, May 31, Hardcastle 43,987 43,987 Whittaker 215,048 215,048 Ennis 12,500 12,500 Daviess 12,500 12,500 Impairment (284,035 ) (284,035 ) — — Hardcastle On December 21, 2017, the Company acquired an 8% overriding royalty interest, 100% working interest, and 60% net revenue interest in wells located in Warren County, Kentucky from North West Oil and Gas Trading Company Inc., a related party through ownership. Whittaker On April 24, 2018, the Company acquired a 7% overriding royalty interest, 25% working interest, and 10% net revenue interest in additional wells located in Warren County, Kentucky from North West Oil and Gas Trading Company Inc., a related party through common ownership. Ennis On April 24, 2018, the Company acquired 51% net revenue interest at 71% working interest in four wells located in Warren County, Kentucky from NEO Oil and Gas. Daviess On June 16, 2018, the Company acquired a 51% net revenue interest and 71% working interest in two wells located in the county of Daviess, Kentucky from Magna Bures Oil LLC. During the year ended May 31, 2019, the Company recorded an impairment loss of $284,035 as the Company was unable to provide an independent reserve report to support the continued capitalization of the properties. However, the Company continues to hold the rights and ownership of the properties. |
Investment in Oil Refinery Tech
Investment in Oil Refinery Technology | 3 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Investment in Oil Refinery Technology | 4. Investment in Oil Refinery Technology The Company invested in an advanced unique oil refinery technology for $20,000. The investment entitles the Company to 25% of the future net earning which might be generated from the distribution of this technology. As the investment is not the core business of the Company and there is no reasonable certainty that the investment will result in positive net earnings, the Company has expensed the amount as incurred. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Aug. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions (a) As at August 31, 2019, the Company owes $30,500 (May 31, 2019 - $30,500) to the President and Chief Executive Officer (“CEO”) of the Company, which is non-interest bearing, unsecured, and due on demand. (b) As at August 31, 2019, the Company owes $275,732 (May 31, 2019 - $277,262) to a company controlled by the President and CEO of the Company, which is non-interest bearing, unsecured, and due on demand. (c) As at August 31, 2019, the Company owed $7,225 (May 31, 2019 - $7,225) to the former President and CEO of the Company, which is non-interest bearing, unsecured, and due on demand. (d) As at August 31, 2019, the Company owed $1,960 (May 31, 2019 - $1,960) to a director of the Company, which is non-interest bearing, unsecured and due on demand. |
Common Stock
Common Stock | 3 Months Ended |
Aug. 31, 2019 | |
Equity [Abstract] | |
Common Stock | 6. Common Stock During the three months ended August 31, 2019, the Company received $80,295 pursuant to a private placement of shares of common stock at $1.20 to $1.25 per share. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Aug. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | 7. Subsequent Event Subsequent to August 31, 2019, the Company received share subscription proceeds of $95,863 pursuant to a private placement of shares of common stock to be issued at $1.20 and $1.25 per share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Aug. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation These condensed financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in US dollars. The Company’s fiscal year-end is May 31. |
Use of Estimates | (b) Use of Estimates The preparation of these condensed financial statements in conformity with US GAAP 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 oil and gas leases, 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. |
Interim Condensed Financial Statements | (c) Interim Condensed Financial Statements These interim condensed financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. |
Basic and Diluted Net Loss per Share | (d) Basic and Diluted Net Loss per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share |
Recent Accounting Pronouncements | (e) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Oil and Gas Leases (Tables)
Oil and Gas Leases (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Extractive Industries [Abstract] | |
Schedule of Oil and Gas Lease | August 31, May 31, Hardcastle 43,987 43,987 Whittaker 215,048 215,048 Ennis 12,500 12,500 Daviess 12,500 12,500 Impairment (284,035 ) (284,035 ) — — |
Oil and Gas Leases (Details)
Oil and Gas Leases (Details) - USD ($) | Aug. 31, 2019 | May 31, 2019 |
Oil and Gas, Impairment | $ (284,035) | $ (284,035) |
Oil and Gas, Net | ||
Hardcastle | ||
Oil and Gas, Gross | 43,987 | 43,987 |
Whittaker | ||
Oil and Gas, Gross | 215,048 | 215,048 |
Ennis | ||
Oil and Gas, Gross | 12,500 | 12,500 |
Daviess | ||
Oil and Gas, Gross | $ 12,500 | $ 12,500 |
Oil and Gas Leases (Details Nar
Oil and Gas Leases (Details Narrative) | Jun. 16, 2018 | Apr. 24, 2018 | Dec. 21, 2017 |
Hardcastle | |||
Overriding Royalty Interest | 0.08 | ||
Working Interest | 1 | ||
Net Revenue Interest | .60 | ||
Whittaker | |||
Overriding Royalty Interest | .07 | ||
Working Interest | .25 | ||
Net Revenue Interest | .10 | ||
Ennis | |||
Working Interest | .71 | ||
Net Revenue Interest | .51 | ||
Daviess | |||
Working Interest | 0.71 | ||
Net Revenue Interest | 0.51 |
Investment in Oil Refinery Te_2
Investment in Oil Refinery Technology (Details Narrative) - USD ($) | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Notes to Financial Statements | ||
Investment in Oil Refinery Technology | $ 20,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Aug. 31, 2019 | May 31, 2019 |
Due to related parties | $ 39,685 | $ 39,685 |
Loans payable to related parties | 275,732 | 277,262 |
President and Chief Executive Officer | ||
Due to related parties | 30,500 | 30,500 |
Company Controlled - President and CEO | ||
Loans payable to related parties | 275,732 | 277,262 |
Former President and CEO | ||
Due to related parties | 7,225 | 7,225 |
Director | ||
Due to related parties | $ 1,960 | $ 1,960 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Stock subscriptions received | $ 80,295 | |
Maximum | ||
Common Stock, Share Price | $ 1.25 | |
Minimum | ||
Common Stock, Share Price | $ 1.20 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - USD ($) | 2 Months Ended | 3 Months Ended | |
Oct. 22, 2019 | Aug. 31, 2019 | Aug. 31, 2018 | |
Stock subscriptions received | $ 80,295 | ||
Maximum | |||
Common Stock, Share Price | $ 1.25 | ||
Minimum | |||
Common Stock, Share Price | $ 1.20 | ||
Subsequent Event [Member] | |||
Stock subscriptions received | $ 95,863 | ||
Subsequent Event [Member] | Maximum | |||
Common Stock, Share Price | $ 1.25 | ||
Subsequent Event [Member] | Minimum | |||
Common Stock, Share Price | $ 1.20 |