PINX:CRNSF Coronus Solar Inc Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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crnsf10q-6302012.htm





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X]
QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2012
 
OR
   
[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number   000-53697

CORONUS SOLAR INC.
(Exact name of registrant as specified in its charter)

British Columbia, Canada
(State or other jurisdiction of incorporation or organization)

1100-1200 West 73rd Avenue
Vancouver, British Columbia
Canada   V6P 6G5
(Address of principal executive offices, including zip code.)

604-267-7078
(telephone number, including area code)

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (SS 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   YES [   ]     NO [X]

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. (Check one):

 
Large Accelerated Filer
[   ]
 
Accelerated Filer
[   ]
 
Non-accelerated Filer
[   ]
 
Smaller Reporting Company
[X]
 
(Do not check if smaller reporting company)
     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   YES [   ]     NO [X]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:  27,096,086  as of August 13, 2012.
 



 

 
 

 



 
Page
   
 
   
Financial Statements.
3
     
 
Financial Statements:
 
   
3
   
4
   
5
   
6
   
7
     
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
30
     
Quantitative and Qualitative Disclosures About Market Risk.
38
     
Controls and Procedures.
38
     
 
     
Risk Factors.
38
     
Exhibits.
38
     
43
   
44



 
 
 
 

 
-2-

 
PART I.
ITEM 1.          FINANCIAL STATEMENTS.
 
CORONUS SOLAR INC.
(A Development Stage Enterprise)
(Expressed in US Dollars)
(Unaudited)

   
June 30,
 
March 31,
 
 
2012
 
2012
 
       
ASSETS
       
CURRENT
       
 
Cash and cash equivalents
$
76,617
$
327
 
Other receivables
 
4,447
 
900
 
Prepaid expenses and deposit (Note 17(d))
 
95,929
 
42,149
 
Assets held for sale (Note 9)
 
-
 
40,161
 
       
TOTAL CURRENT ASSETS
 
176,993
 
83,537
 
       
CONSTRUCTION IN PROGRESS (Note 17(a))
 
6,584,400
 
6,584,400
 
       
PROPERTY, PLANT AND EQUIPMENT (Note 7)
 
745,873
 
334,789
 
       
INTANGIBLE ASSET (Note 8)
 
2,388
 
4,180
 
       
TOTAL ASSETS
$
7,509,654
$
7,006,906
 
       
 
       
LIABILITIES
       
CURRENT
       
 
Accounts payable and accrued liabilities
$
103,511
$
144,656
 
Loan from a shareholder (Note 10)
 
-
 
243,288
 
Convertible notes payable (Note 12)
 
-
 
15,198
 
Notes payable (Note 11)
 
69,184
 
37,100
 
Liabilities held for sale
 
-
 
33,475
 
       
TOTAL CURRENT LIABILITIES
 
172,695
 
473,717
 
       
NOTES PAYABLE (Note 11)
 
405,551
 
202,084
 
       
TOTAL LIABILITIES
 
578,246
 
675,801
 
       
STOCKHOLDERS’ EQUITY
       
SHARE CAPITAL  (Note 13)
       
 
Authorized:   Unlimited voting common shares without par value
       
 
Issued and outstanding:   27,096,086 common shares (March 31, 2012: 27,096,086)
 
7,474,452
 
7,474,452
           
ADDITIONAL PAID IN CAPITAL
 
598,534
 
598,534
 
       
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
(24,419)
 
(26,232)
 
       
DEFICIT, accumulated during the development stage
 
(1,117,159)
 
(1,715,649)
 
       
TOTAL STOCKHOLDERS’ EQUITY
 
6,931,408
 
6,331,105
 
       
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
7,509,654
$
7,006,906
 
       
CONTINGENT LIABILITIES (Note 15)
       
GOING CONCERN (Note 2)
       

(See accompanying notes to the financial statements)

 
-3-


CORONUS SOLAR INC.
(A Development Stage Enterprise)
(Expressed in U.S. Dollars)
(Unaudited)

       
Cumulative from
       
inception
   
Three months ended June 30,
 
(December 3, 2001)
   
2012
 
2011
 
to June 30, 2012
 
           
REVENUE
$
-
$
-
$
1,751
 
           
EXPENSES
           
 
Amortization
 
1,803
 
1,806
 
54,950
 
Consulting fee
 
-
 
-
 
20,928
 
Interest on shareholder loan
 
430
 
2,382
 
28,303
 
Interest and bank charges
 
7,207
 
1,358
 
40,061
 
Office and miscellaneous
 
14,337
 
13,933
 
121,027
 
Professional fees
 
30,254
 
22,729
 
379,653
 
Repairs and maintenance
 
-
 
-
 
869
 
Salaries and wages
 
24,892
 
14,468
 
494,106
 
Stock based compensation
 
-
 
-
 
492,309
 
Telephone and utilities
 
187
 
191
 
12,564
 
Advertising and promotion
 
344
 
143
 
9,468
 
Travel
 
-
 
22
 
3,156
 
Feasibility study
 
43,300
 
16,733
 
160,170
 
Foreign exchange loss
 
7,513
 
3,578
 
13,247
 
Write-down of land deposits
 
-
 
3,210
 
11,610
 
Write down in website development costs
 
-
 
-
 
17,390
 
Write-off trademark cost
 
-
 
-
 
279
 
Loss on settlement of convertible notes
 
80,237
 
-
 
80,237
 
           
 
 
210,504
 
80,553
 
1,940,327
 
           
OTHER ITEMS
           
 
Interest income
 
-
 
-
 
31
 
Debt forgiven
 
-
 
-
 
13,192
 
Gain on sale of assets
 
808,994
 
-
 
808,994
 
Others
 
-
 
-
 
(800)
 
           
 
 
808,994
 
-
 
821,417
 
           
NET INCOME (LOSS) FOR THE PERIOD
 
598,490
 
(80,553)
 
(1,117,159)
 
           
Other comprehensive income (loss) for the period
           
 
           
Exchange difference on translation
 
1,813
 
(3,157)
 
(24,419)
 
           
COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD
$
600,303
$
(83,710)
$
(1,141,578)
 
           
Profit (loss) per share - Basic
$
0.02
$
(0.00)
   
 
           
Weighted average number of common shares outstanding - basic
 
27,096,086
 
26,925,240
   
 
           
Profit (loss) per share - Diluted
$
0.02
$
(0.00)
   
 
           
Weighted average number of common shares outstanding - diluted
 
27,921,403
 
26,925,240
   

(See accompanying notes to the financial statements)

 
-4-


CORONUS SOLAR INC.
(A Development Stage Enterprise)
December 3, 2001 (inception) to June 30, 2012
(Expressed in U.S. Dollars)

 
   
ACCUMULATED
DEFICIT
 
     
OTHER
ACCUMULATED
 
   
ADDITIONAL
COMPREHENSIVE
DURING
TOTAL
 
COMMON
PAID-IN
INCOME
DEVELOPMNET
STOCKHOLDERS’
 
SHARES
AMOUNT
CAPITAL
(LOSS)
STAGE
EQUITY
 
           
Balance, March 31, 2011
26,729,086
7,347,844
364,542
(34,938)
(1,344,851)
6,332,597
 
           
Stock issued for cash at $0.624 per share
           
on May 10, 2011
350,000
120,838
90,628
-
-
211,466
Stock issued for cash at $0.598 per share
           
on October 24, 2011
17,000
5,770
4,501
-
-
10,271
Forgiveness of debt by a director and shareholder
-
-
38,165
-
-
38,165
Warrants and conversion beneficiary features
-
-
100,698
-
-
100,698
Comprehensive income (loss):
           
 
Currency translation adjustment
-
-
-
8,706
-
8,706
 
(Loss) for the year
-
-
-
-
(370,798)
(370,798)
 
           
Balance, March 31, 2012
27,096,086
$     7,474,452
$          598,534
$              (26,232)
$           (1,715,649)
$              6,331,104
 
           
Comprehensive income :
           
 
Currency translation adjustment
-
-
-
1,813
-
1,813
 
Income for the period
-
-
-
-
598,490
598,490
Balance, June 30, 2012 (Unaudited)
27,096,086
$     7,474,452
$          598,534
$              (24,419)
$           (1,117,159)
$              6,931,408
































(See accompanying notes to the financial statements)

 
-5-


CORONUS SOLAR INC.
(A Development Stage Enterprise)
(Expressed in U.S. Dollars)
(Unaudited)

       
Cumulative from
       

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