Monday, June 06, 2016 3:48:41 PM
NEIK Northstar Electronics Due Diligence
Northstar Electronics Inc.
2020 General Booth Boulevard
Unit 230
Virginia Beach, VA 23451
United States - Map
Phone: 647-286-4594
Website: http://www.northstarelectronics.com
Current SEC Filings
http://www.sec.gov/cgi-bin/browse-edgar?company=Northstar+Electronics+Inc&owner=exclude&action=getcompany
Authorized:
100,000,000 Common shares with a par value of $0.0001 each
20,000,000 Preferred shares with a par value of $0.0001 each
Issued and outstanding:
79,396,847 Common shares (79,396,847– December 31, 2015)
535,496 Preferred series A shares (535,496 – December 31, 2015)
1. NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN
Northstar Electronics Inc (the “Company”) was incorporated on May 11, 1998 in the state of Delaware. These financial statements are consolidated with the Company’s wholly owned subsidiary, National Five Holding Ltd. Any intercompany transactions have been eliminated on consolidation. The accounts of Northstar Technical Inc. ("NTI") and Northstar Network Ltd. ("NNL"), formerly wholly owned subsidiaries of the Company, have been written off in prior years as the operations of these subsidiaries have been discontinued.
The Company’s business activities are conducted principally in Canada but these financial statements are prepared in accordance with accounting principles generally accepted in the United States with all figures translated into United States dollars for reporting purposes.
These unaudited consolidated interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States for interim financial information, are condensed and do not include all disclosures required for annual financial statements. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to the Company’s audited consolidated financial statements filed as part of the Company’s December 31, 2015 Form 10-K and amendments.
In the opinion of the Company’s management, this consolidated interim financial information reflects all adjustments necessary to present fairly the Company’s consolidated financial position at March 31, 2016 and the consolidated results of operations and the consolidated cash flows for the three months then ended. The Company is in the process of regenerating its operations.
The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the entire fiscal year. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months to March 31, 2016 the Company incurred a net loss of $32,595 and at March 31, 2016 had a working capital deficiency (an excess of current liabilities over current assets) of $1,248,669 (December 31, 2015: $1,216,074. The Company is contingently liable for approximately $7,500,000 to repay assistance received under the Atlantic Innovation Fund (see also note 3).
Management has undertaken initiatives for the Company to continue as a going concern; for example: the Company is attempting to secure an equity financing in the short term. Management is unable to predict the results of its initiatives at this time.
Should management be unsuccessful in its initiative to finance its operations the Company’s ability to continue as a going concern is not certain. These financial statements do not give effect to any adjustments to the amounts and classifications of assets and liabilities which might be necessary should the Company be unable to continue its operations as a going concern.
2. SHARE CAPITAL
COMMON STOCK
No common shares were issued during the three months ended March 31, 2016.
from 10-Q Ended March 31, 2016
http://www.sec.gov/Archives/edgar/data/1082027/000139390516000927/neik_10q.htm
Share Statistics
Avg Vol (3 month)3: 16,903
Avg Vol (10 day)3: 8,586
Shares Outstanding5: 79.40M
Float: 70.38M
% Held by Insiders1: 0.28%
http://finance.yahoo.com/q/ks?s=NEIK+Key+Statistics
May 26, 2016 Northstar Electronics announces that the Company is now current, and preparing to uplist to the OTCQB.
http://www.northstarelectronics.com/PDFs/NEIK-PR-May26-2016.pdf
Northstar Electronics Inc.
2020 General Booth Boulevard
Unit 230
Virginia Beach, VA 23451
United States - Map
Phone: 647-286-4594
Website: http://www.northstarelectronics.com
Current SEC Filings
http://www.sec.gov/cgi-bin/browse-edgar?company=Northstar+Electronics+Inc&owner=exclude&action=getcompany
Authorized:
100,000,000 Common shares with a par value of $0.0001 each
20,000,000 Preferred shares with a par value of $0.0001 each
Issued and outstanding:
79,396,847 Common shares (79,396,847– December 31, 2015)
535,496 Preferred series A shares (535,496 – December 31, 2015)
1. NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN
Northstar Electronics Inc (the “Company”) was incorporated on May 11, 1998 in the state of Delaware. These financial statements are consolidated with the Company’s wholly owned subsidiary, National Five Holding Ltd. Any intercompany transactions have been eliminated on consolidation. The accounts of Northstar Technical Inc. ("NTI") and Northstar Network Ltd. ("NNL"), formerly wholly owned subsidiaries of the Company, have been written off in prior years as the operations of these subsidiaries have been discontinued.
The Company’s business activities are conducted principally in Canada but these financial statements are prepared in accordance with accounting principles generally accepted in the United States with all figures translated into United States dollars for reporting purposes.
These unaudited consolidated interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States for interim financial information, are condensed and do not include all disclosures required for annual financial statements. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to the Company’s audited consolidated financial statements filed as part of the Company’s December 31, 2015 Form 10-K and amendments.
In the opinion of the Company’s management, this consolidated interim financial information reflects all adjustments necessary to present fairly the Company’s consolidated financial position at March 31, 2016 and the consolidated results of operations and the consolidated cash flows for the three months then ended. The Company is in the process of regenerating its operations.
The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the entire fiscal year. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months to March 31, 2016 the Company incurred a net loss of $32,595 and at March 31, 2016 had a working capital deficiency (an excess of current liabilities over current assets) of $1,248,669 (December 31, 2015: $1,216,074. The Company is contingently liable for approximately $7,500,000 to repay assistance received under the Atlantic Innovation Fund (see also note 3).
Management has undertaken initiatives for the Company to continue as a going concern; for example: the Company is attempting to secure an equity financing in the short term. Management is unable to predict the results of its initiatives at this time.
Should management be unsuccessful in its initiative to finance its operations the Company’s ability to continue as a going concern is not certain. These financial statements do not give effect to any adjustments to the amounts and classifications of assets and liabilities which might be necessary should the Company be unable to continue its operations as a going concern.
2. SHARE CAPITAL
COMMON STOCK
No common shares were issued during the three months ended March 31, 2016.
from 10-Q Ended March 31, 2016
http://www.sec.gov/Archives/edgar/data/1082027/000139390516000927/neik_10q.htm
Share Statistics
Avg Vol (3 month)3: 16,903
Avg Vol (10 day)3: 8,586
Shares Outstanding5: 79.40M
Float: 70.38M
% Held by Insiders1: 0.28%
http://finance.yahoo.com/q/ks?s=NEIK+Key+Statistics
May 26, 2016 Northstar Electronics announces that the Company is now current, and preparing to uplist to the OTCQB.
http://www.northstarelectronics.com/PDFs/NEIK-PR-May26-2016.pdf
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