10-Q 1 g2384.txt QTRLY REPORT FOR THE QTR ENDED 4-30-08 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 APRIL 30, 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: 6,000,000 shares as of April 30, 2008 ITEM 1. FINANCIAL STATEMENTS NEVWEST EXPLORATIONS CORP. (An Exploration Stage Company) Balance Sheets --------------------------------------------------------------------------------
April 30, July 31, 2008 2007 -------- -------- ASSETS CURRENT ASSETS Cash $ 53,630 $ 15,000 Deposits 4,750 -- -------- -------- TOTAL CURRENT ASSETS 58,380 15,000 -------- -------- TOTAL ASSETS $ 58,380 $ 15,000 ======== ======== LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable $ 1,400 $ 590 -------- -------- TOTAL CURRENT LIABILITIES 1,400 590 STOCKHOLDERS' EQUITY Common stock, $0.001 par value, 75,000,000 shares authorized; 6,000,000 and 3,000,000 shares issued and outstanding as of April 30, 2008 and July 31, 2007 6,000 3,000 Additional paid-in capital 69,000 12,000 Deficit accumulated during exploration stage (18,020) (590) -------- -------- TOTAL STOCKHOLDERS' EQUITY 56,980 14,410 -------- -------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 58,380 $ 15,000 ======== ========
See Notes to Financial Statements 2 NEVWEST EXPLORATIONS CORP. (An Exploration Stage Company) Statements of Expenses --------------------------------------------------------------------------------
July 24, 2007 Three Months Nine Months (inception) Ended Ended through April 30, April 30, April 30, 2008 2008 2008 ---------- ---------- ---------- PROFESSIONAL FEES $ 1,400 $ 4,900 $ 4,900 GENERAL & ADMINISTRATIVE EXPENSES 1,713 4,780 5,370 PROPERTY EXPENDITURES -- 7,750 7,750 ---------- ---------- ---------- NET LOSS $ (3,113) $ (17,430) $ (18,020) ========== ========== ========== BASIC AND DILUTED NET LOSS PER SHARE $ (0.00) $ (0.01) ========== ========== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 3,766,667 3,251,825 ========== ==========
See Notes to Financial Statements 3 NEVWEST EXPLORATIONS CORP. (An Exploration Stage Company) Statements of Cash Flows --------------------------------------------------------------------------------
July 24, 2007 Nine Months (inception) Ended through April 30, April 30, 2008 2008 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $(17,430) $(18,020) 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 810 1,400 (Increase) decrease in Deposits (4,750) (4,750) -------- -------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (21,370) (21,370) CASH FLOWS FROM FINANCING ACTIVITIES Issuance of Common Stock 60,000 75,000 -------- -------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 60,000 75,000 -------- -------- NET INCREASE IN CASH 38,630 53,630 CASH AT BEGINNING OF PERIOD 15,000 -- -------- -------- CASH AT END OF YEAR $ 53,630 $ 53,630 ======== ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during year for: Interest $ -- $ -- Income Taxes $ -- $ --
See Notes to Financial Statements 4 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. COMMON STOCK During the three months ended April 30, 2008, Nevwest sold 3,000,000 common shares for $60,000 cash. 5 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 $3,113 and $17,430 for the three and nine months ended April 30, 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 April 30, 2008 was $18,020. Cash provided by financing activities for the period from inception (July 24, 2007) through April 30, 2008 was $75,000, $15,000 pursuant to the sale of 3,000,000 shares of common stock issued to our director for $0.005 per share and $60,000 pursuant to the sale of 3,000,000 registered shares of common stock issued to 28 unaffiliated shareholders for $0.02 per share. LIQUIDITY AND CAPITAL RESOURCES Our cash balance at April 30, 2008 was $53,630. In order to achieve our exploration program goals, we needed 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. On April 8, 2008, we closed the offering with total proceeds of $60,000. If we experience a shortage of funds prior to generating revenues from operations we may utilize funds from our director, who has informally agreed to advance funds to allow us to pay for operating costs, however he has no formal commitment, arrangement or legal obligation to advance or loan funds to us. 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 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 6 $8,000 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 $58,000. We have paid the geologist a deposit of $4,750 to proceed with the first phase of the exploration program. 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 ======== We have given the geologist a deposit of $4,750 to commence Phase 1 of the exploration program on the claims. 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. 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 7 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 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. 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 8 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. June 4, 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 June 4, 2008 ----------------------------------------- ------------ Albert Abah, President & Director Date (Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer) 9