UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JANUARY 31, 2008
Commission file number 333-146627
NEVWEST EXPLORATIONS CORP.
(Exact name of registrant as specified in its charter)
NEVADA
(State or other jurisdiction of incorporation or organization)
6600 W. Charleston, Suite 140A5
Las Vegas, NV 89146
(Address of principal executive offices, including zip code.)
702-993-7424
(Telephone number, including area code)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the last 90 days. YES [X] NO [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer, "accelerated filer,"
"non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.
Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [X]
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). YES [X] NO [ ]
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 3,000,000 shares as of January 31,
2008
ITEM 1. FINANCIAL STATEMENTS
NEVWEST EXPLORATIONS CORP.
(An Exploration Stage Company)
Balance Sheets
January 31, July 31,
2008 2007
-------- --------
ASSETS
CURRENT ASSETS
Cash $ 10,093 $ 15,000
-------- --------
TOTAL ASSETS $ 10,093 $ 15,000
======== ========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 10,000 $ 590
-------- --------
TOTAL CURRENT LIABILITIES 10,000 590
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, 75,000,000 shares
authorized; 3,000,000 shares issued and outstanding
as of January 31, 2008 and July 31, 2007 3,000 3,000
Additional paid-in capital 12,000 12,000
Deficit accumulated during exploration stage (14,907) (590)
-------- --------
TOTAL STOCKHOLDERS' EQUITY 93 14,410
-------- --------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 10,093 $ 15,000
======== ========
See notes to the financial statements.
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NEVWEST EXPLORATIONS CORP.
(An Exploration Stage Company)
Statements of Expenses
- --------------------------------------------------------------------------------
July 24, 2007
Three Months Six Months (inception)
Ended Ended through
January 31, January 31, January 31,
2008 2008 2008
---------- ---------- ----------
PROFESSIONAL FEES $ 809 $ 3,500 $ 3,500
GENERAL & ADMINISTRATIVE EXPENSES -- 3,067 3,657
PROPERTY EXPENDITURES -- 7,750 7,750
---------- ---------- ----------
NET LOSS $ (809) $ (14,317) $ (14,907)
========== ========== ==========
BASIC AND DILUTED NET LOSS PER SHARE $ (0.00) $ (0.00)
========== ==========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 3,000,000 3,000,000
========== ==========
See notes to the financial statements.
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NEVWEST EXPLORATIONS CORP.
(An Exploration Stage Company)
Statements of Cash Flows
- --------------------------------------------------------------------------------
July 24, 2007
Six Months (inception)
Ended through
January 31, January 31,
2008 2008
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $(14,317) $(14,907)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Changes in operating assets and liabilities:
Increase (decrease) in Accounts Payable (590) --
-------- --------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (14,907) (14,907)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of Common Stock -- 15,000
Accounts Payable 10,000 10,000
-------- --------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 10,000 25,000
-------- --------
NET INCREASE IN CASH (4,907) 10,093
CASH AT BEGINNING OF PERIOD 15,000 --
-------- --------
CASH AT END OF YEAR $ 10,093 $ 10,093
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during year for:
Interest $ -- $ --
Income Taxes $ -- $ --
See notes to the financial statements.
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NEVWEST EXPLORATIONS CORP.
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited interim financial statements of Nevwest Explorations
Corp., have been prepared in accordance with accounting principles generally
accepted in the United States of America and the rules of the Securities and
Exchange Commission, and should be read in conjunction with the audited
financial statements and notes thereto contained in Nevwest's Form SB-2. In the
opinion of management, all adjustments, consisting of normal recurring
adjustments, necessary for a fair presentation of financial position and the
results of operations for the interim periods presented have been reflected
herein. The results of operations for interim periods are not necessarily
indicative of the results to be expected for the full year. Notes to the
financial statements which would substantially duplicate the disclosure
contained in the audited financial statements for fiscal 2007 as reported in the
Form SB-2 have been omitted.
NOTE 2. GOING CONCERN
These financial statements have been prepared on a going concern basis, which
implies Nevwest will continue to realize its assets and discharge its
liabilities in the normal course of business. Nevwest has never generated
revenues since inception and is unlikely to generate earnings in the immediate
or foreseeable future. The continuation of Nevwest as a going concern is
dependent upon the continued financial support from its shareholders, the
ability of Nevwest to obtain necessary equity financing to continue operations,
and the attainment of profitable operations. As of January 31, 2008, Nevwest has
accumulated losses of $14,907 since inception. These factors raise substantial
doubt regarding Nevwest's ability to continue as a going concern. 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 Nevwest be unable to continue as a going concern.
NOTE 3. ACCOUNTS PAYABLE
In January 2008, Nevwest received completed subscription agreements in its "all
or nothing" SB-2 offering. The subscription agreements were for 500,000 shares
of its common stock from 3 investors at $0.02 per share, or $10,000 cash. As the
offering is "all or nothing", the funds are recorded as a liability until such
time as the offering is completed and in the event the offering is not completed
the funds will be returned to the investors.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
FORWARD LOOKING STATEMENTS
This quarterly report contains forward-looking statements that involve risk and
uncertainties. We use words such as "anticipate", "believe", "plan", "expect",
"future", "intend", and similar expressions to identify such forward-looking
statements. Investors should be aware that all forward-looking statements
contained within this filing are good faith estimates of management as of the
date of this filing. Our actual results could differ materially from those
anticipated in these forward-looking statements.
RESULTS OF OPERATIONS
We are still in our exploration stage and have generated no revenues to date.
We incurred operating expenses of $809 and $14,317 for the three and six months
ended January 31, 2008. These expenses consisted of general operating expenses
and professional fees incurred in connection with the day to day operation of
our business and the preparation and filing of our SB-2 Registration Statement
and required quarterly reports.
Our net loss from inception through January 31, 2008 was $14,907.
Cash provided by financing activities for the period from inception (July 24,
2007) through January 31, 2008 was $15,000, pursuant to the sale of 3,000,000
shares of common stock issued to our director for $0.005 per share.
LIQUIDITY AND CAPITAL RESOURCES
Our cash balance at January 31, 2008 was $10,093. In order to achieve our
exploration program goals, we will need the funding from the offering of
registered shares pursuant to our SB-2 Registration Statement filed with the SEC
under file number 333-146627 which became effective on November 9, 2007. In
January 2008, we received completed subscription agreements in our "all or
nothing" SB-2 offering. The subscription agreements were for 500,000 shares of
common stock from 3 investors at $0.02 per share, or $10,000 cash. As the
offering is "all or nothing", the funds are recorded as a liability until such
time as the offering is completed and in the event the offering is not completed
the funds will be returned to the investors. If we experience a shortage of
funds prior to funding we may utilize funds from our director, who has
informally agreed to advance funds to allow us to pay for offering costs, filing
fees, and professional fees, however he has no formal commitment, arrangement or
legal obligation to advance or loan funds to us.
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PLAN OF OPERATION
Our exploration target is to find exploitable gold, silver or other minerals on
our property. Our success depends on achieving that target. There is the
likelihood of our mineral claims containing little or no economic mineralization
or reserves of silver and other minerals. There is the possibility that our
claims do not contain any reserves and funds that we spend on exploration will
be lost. Even if we complete our current exploration program and are successful
in identifying a mineral deposit we will be required to expend substantial funds
to bring our claims to production. We are unable to assure investors we will be
able to raise the additional funds necessary to implement any future exploration
or extraction program even if mineralization is found.
Our plan of operation for the twelve months following funding is to complete the
three phases of the exploration program. In addition to the $50,000 we
anticipate spending for the exploration program as outlined below, we anticipate
spending an additional $10,000 on professional fees, including fees payable in
connection with compliance with reporting obligations, and general
administrative costs. Total expenditures over the next 12 months are therefore
expected to be approximately $60,000. We will require the funds from our
offering to proceed.
The following work program has been recommended by the consulting geologist who
prepared the geology report on our property. The following three phase
exploration proposal and cost estimate is offered with the understanding that
consecutive phases are contingent upon positive and encouraging results being
obtained from each preceding phase:
PHASE 1
Detailed prospecting, mapping and soil geochemistry.
The program is expected to take four weeks to complete
including the turn around time on sample analyses. The
estimated cost for this program is all inclusive $ 9,500
PHASE 2
Magnetometer and VLF electromagnetic, grid controlled
surveys over the areas of interest determined by the
Phase 1 survey. The program is expected to take two
weeks to complete. The estimated cost includes
transportation, travel, accommodation, board, grid
installation, two geophysical surveys, maps and report 10,500
PHASE 3
Induced polarization survey over grid controlled anomalous
areas of interest outlined by Phase 1&2 programs. Hoe or
bulldozer trenching, mapping and sampling of bedrock
anomalies. Includes assays, maps and reports 30,000
--------
Total $ 50,000
========
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If we are successful in raising the funds from our offering we plan to commence
Phase 1 of the exploration program on the claims in the spring of 2008. We
expect this phase to take four weeks to complete.
The above program costs are management's estimates based upon the
recommendations of the professional consulting geologist's report and the actual
project costs may exceed our estimates. To date, we have not commenced
exploration.
Following phase one of the exploration program, if it proves successful in
identifying mineral deposits, we intend to proceed with phase two of our
exploration program. The estimated cost of this program is $10,500 and will take
approximately 2 weeks to complete and an additional one to two months for the
consulting geologist to receive the results from the assay lab and prepare his
report.
Following phase two of the exploration program, if it proves successful, we
intend to proceed with phase three of our exploration program. The estimated
cost of this program is $30,000 and will take approximately 5 weeks to complete
and an additional two months for the consulting geologist to receive the results
from the assay lab and prepare his report.
We anticipate commencing the second phase of our exploration program in early
summer 2008 and phase 3 in late summer or early fall 2008. We have a verbal
agreement with James McLeod, the consulting geologist who prepared the geology
report on our claims, to retain his services for our planned exploration
program. We cannot provide investors with any assurance that we will be able to
raise sufficient funds to proceed with any work after the exploration program if
we find mineralization.
OFF-BALANCE SHEET ARRANGEMENTS
We have no off-balance sheet arrangements.
ITEM 4. CONTROLS AND PROCEDURES.
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Under the supervision and with the participation of our management, including
our principal executive officer and the principal financial officer, we have
conducted an evaluation of the effectiveness of the design and operation of our
disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e)
under the Securities and Exchange Act of 1934, as of the end of the period
covered by this report. Based on this evaluation, our principal executive
officer and principal financial officer concluded as of the evaluation date that
our disclosure controls and procedures were effective such that the material
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information required to be included in our Securities and Exchange Commission
reports is recorded, processed, summarized and reported within the time periods
specified in SEC rules and forms relating to our company, particularly during
the period when this report was being prepared.
Additionally, there were no significant changes in our internal controls or in
other factors that could significantly affect these controls subsequent to the
evaluation date. We have no identified any significant deficiencies or material
weaknesses in our internal controls, and therefore there were no corrective
actions taken.
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PART II. OTHER INFORMATION
ITEM 6. EXHIBITS.
The following exhibits are included with this quarterly filing. Those marked
with an asterisk and required to be filed hereunder, are incorporated by
reference and can be found in their entirety in our Form SB-2 Registration
Statement, filed under SEC File Number 333-146627, at the SEC website at
www.sec.gov:
Exhibit No. Description
----------- -----------
3.1 Articles of Incorporation*
3.2 Bylaws*
31.1 Sec. 302 Certification of Principal Executive Officer
31.2 Sec. 302 Certification of Principal Financial Officer
32.1 Sec. 906 Certification of Principal Executive Officer
32.2 Sec. 906 Certification of Principal Financial Officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
March 12, 2008 Nevwest Explorations Corp.
/s/ Albert Abah
--------------------------------------------
By: Albert Abah
(Chief Executive Officer, Chief Financial
Officer, Principal Accounting Officer,
President, Secretary, Treasurer & Director)
In accordance with the requirements of the Securities Act of 1933, this
registration statement was signed by the following person in the capacities and
date stated.
/s/ Albert Abah March 12, 2008
- ------------------------------------- --------------
Albert Abah, President & Director Date
(Chief Executive Officer, Chief Financial Officer,
Principal Accounting Officer)
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