U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended January 31, 2021

 

☐   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number:  000-55281

 

BLACK ROCK PETROLEUM COMPANY 

(Exact name of registrant as specified in its charter)

 

Nevada

(State or Other Jurisdiction of Incorporation or Organization)

#108 2559 Parkview lane Port Coquitlam BC Canada V3c6m1

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (778) 814-7729

 

Indicate by check mark whether the registrant (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 past 90 days. Yes ☐ 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 (§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 ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:  As of February 17, 2021, the issuer had 120,850,000 shares of its common stock issued and outstanding.

 

 

 

TABLE OF CONTENTS

 

PART I		1
Item 1.	Condensed Unaudited Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	9
Item 4.	Controls and Procedures	9
PART II		10
Item 1.	Legal Proceedings	10
Item 1A.	Risk Factors	10
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	10
Item 3.	Defaults Upon Senior Securities	10
Item 4.	Mining Safety Disclosures	10
Item 5.	Other Information	10
Item 6.	Exhibits	10
	Signatures	11

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

BLACK ROCK PETROLEUM COMPANY

INDEX TO FINANCIAL STATEMENTS

 

Condensed Balance Sheets as of January 31, 2021 (unaudited) and April 30, 2020	2
Condensed Statements of Operations for the Three and Nine Months ended January 31, 2021 and 2020 (unaudited)	3
Condensed Statements of Stockholders’ Deficit for the Three and Nine Months ended January 31, 2021 and 2020 (unaudited)	4
Condensed Statements of Cash Flows for the Nine Months ended January 31, 2021 and 2020 (unaudited)	5
Notes to the Condensed Financial Statements (unaudited)	6

 

 

BLACK ROCK PETROLEUM COMPANY CONDENSED BALANCE SHEETS

 

		January 31, 2021				April 30, 2020
ASSETS		(Unaudited)
Current Assets:
Cash		$	1			$	1
Total Current Assets			1				1
Total Assets		$	1			$	1
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable		$	34,466			$	29,761
Loan payable			5,000				5,000
Due to a related party			74,545				65,604
Total Current Liabilities			114,011				100,365
Total Liabilities			114,011				100,365
Commitments and Contingencies			-				-
Stockholders’ Deficit:
Preferred stock, $0.001 par value; 100,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.001 par value, 200,000,000 shares authorized; 120,850,000 shares issued and outstanding			1,209				1,209
Additional paid in capital			17,125				17,125
Accumulated deficit			(132,344	)			(118,698	)
Total stockholders’ deficit			(114,010	)			(100,364	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT		$	1			$	1

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

BLACK ROCK PETROLEUM COMPANY CONDENSED STATEMENTS OF OPERATIONS (Unaudited)

 

		For the Three Months Ended January 31,								For the Nine Months Ended January 31,
		2021				2020				2021				2020
Operating Expenses:
General and administrative		$	4,710			$	18,750			$	11,440			$	19,750
Total operating expenses			4,710				18,750				11,440				19,750
Loss from operations			(4,710	)			(18,750	)			(11,440	)			(19,750	)
Other Expense:
Interest expense			(774	)			(478	)			(2,206	)			(1,433	)
Total other expense			-				(478	)			(2,206	)			(1,433	)
Net Loss		$	(5,484	)		$	(19,228	)		$	(13,646	)		$	(21,183	)
Loss per share, basic and diluted		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	(0.00	)
Weighted average shares outstanding, basic and diluted			120,850,000				120,850,000				120,850,000				120,850,000

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

BLACK ROCK PETROLEUM COMPANY STATEMENTS OF STOCKHOLDERS’ DEFICIT FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2020 AND 2021 (Unaudited)

 

		Common Stock								Accumulated
		Shares				Amount				Deficit				Total
Balance at April 30, 2019			120,850,000			$	1,209			$	(91,309	)		$	(90,100	)
Net loss			-				-				(478	)			(478	)
Balance at July 31, 2019			120,850,000				1,209				(91,787	)			(90,578	)
Net loss			-				-				(1,477	)			(1,477	)
Balance at October 31, 2019			120,850,000			$	1,209				(93,264	)			(92,055	)
Net loss			-				-				(19,228	)			(19,228	)
Balance at January 31, 2020			120,850,000			$	1,209			$	(112,492	)		$	(111,283	)

 

		Common Stock								Additional Paid in				Accumulated
		Shares				Amount				Capital				Deficit				Total
Balance at April 30, 2020			120,850,000			$	1,209			$	17,125			$	(118,698	)		$	(100,364	)
Net loss			-				-				-				(6,942	)			(6,942	)
Balance at July 31, 2020			120,850,000				1,209				17,125				(125,640	)			(107,306	)
Net loss			-				-				-				(1,220	)			(1,220	)
Balance at October 31, 2020			120,850,000				1,209				17,125				(126,860	)			(108,526	)
Net loss			-				-				-				(5,484	)			(5,484	)
Balance at January 31, 2021			120,850,000			$	1,209			$	17,125			$	(132,344	)		$	(114,010	)

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

BLACK ROCK PETROLEUM COMPANY CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

 

		For the Nine Months Ended January 31,
		2021				2020
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss		$	(13,646	)		$	(21,183	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in Operating Assets and Liabilities:
Accounts payable			4,705				9,558
Net Cash Used in Operating Activities			(8,941	)			(11,625	)
CASH FLOWS FROM INVESTING ACTIVITIES:			-				-
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related parties			8,941				11,620
Net Cash Provided by Financing Activities			8,941				11,620
Net Change in Cash			-				(5	)
Cash at Beginning of Period			1				6
Cash at End of Period		$	1			$	1
Cash paid during the period for:
Interest		$	-			$	-
Income taxes		$	-			$	-

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

BLACK ROCK PETROLEUM COMPANY

NOTES TO CONDENSED FINANCIAL STATEMENTS

January 31, 2021

(Unaudited)

 

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Black Rock Petroleum Company, (“Black Rock” or “The Company”) located at 1361 Peltier Drive, Point Roberts WA, 98281, was formed on April 24, 2013 under the laws of the State of Nevada.  We have not commenced our planned operations. The Company’s fiscal year end is April 30.

 

We are a start-up, oil and gas exploration stage corporation and distributor of oil field equipment. An exploration stage corporation is one engaged in the search for oil and gas reserves which are not in either the development or production stage. We have only recently acquired an entity with an oilfield on its property. We have not yet generated or realized any revenues from our business operations.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair presentation of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending April 30, 2021. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2020.

 

Use of estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles 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. Actual results may differ from those estimates.

 

Recently issued 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.

 

NOTE 3 – GOING CONCERN

 

As reflected in the accompanying unaudited condensed financial statements, the Company has an accumulated deficit of $132,344 at January 31, 2021, has no current operations and has generated no income to date. These factors raise substantial doubt about its ability to continue as a going concern. The financial statements have been prepared assuming that the Company will continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

 

NOTE 4 – RELATED PARTY TRANSACTIONS

 

Since the fiscal year ended April 30, 2016, Zoltan Nagy, CEO and Director, has advanced the Company funds to pay for general operating expenses. As of January 31, 2021, and April 30, 2020, $74,545 and $65,604, respectively, is due to Mr. Nagy. The amount due is unsecured, non-interest bearing and due on demand.

 

NOTE 5 – LOAN PAYABLE

 

During the year ended April 30, 2020, Walter Weeks (Note 6) advanced the Company $5,000 that was used for professional fees. The advance is unsecured, non-interest bearing and due on demand.

 

NOTE 6 – CONTRIBUTED CAPITAL

 

During the year ended April 30, 2020, Mr. Weeks contributed $17,125 to the Company as part of a planned merger agreement that was not completed. The contributed capital was also used to pay for professional fees.

 

NOTE 7 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were available to be issued and has determined that there are no material subsequent events that require disclosure in these financial statements.

 

On December 3, 2020, the Company announced it has executed a contract to acquire 100% ownership of Torrance Petroleum Co, a Wyoming entity that holds a 520 Acre California Oilfield in the Monterey Shale. Torrance Petroleum will become a wholly owned subsidiary the Company, via a transaction that has been structured as a stock-for-stock exchange. The oil field will now be the Company’s core focus. Philip Andrews a Irish Citizen and experienced oil and gas executive has been named Managing Director, and he will oversee the permitting and drilling plans of the 520 acre development with plans for ten initial wells to be drilled to bring the field into production, he will also be seeking additional potential oil and gas opportunities in the USA and internationally for the Company to acquire as part of its rapid expansion plans. As of the date of this filing the agreement has terminated due to obligations to issue shares of stock not being met in the time required. The Company is pursuing a possible extension to the agreement.

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

This section of this quarterly report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

 

Plan of Operation

 

We are a start-up, oil and gas exploration stage corporation and distributor of oil field equipment. An exploration stage corporation is one engaged in the search for oil and gas reserves which are not in either the development or production stage. We have only recently acquired an entity with an oilfield on its property. We have not yet generated or realized any revenues from our business operations.

 

On December 3, 2020, the Company announced it has executed a contract to acquire 100% ownership of Torrance Petroleum Co, a Wyoming entity that holds a 520 Acre California Oilfield in the Monterey Shale. Torrance Petroleum will become a wholly owned subsidiary the Company, via a transaction that has been structured as a stock-for-stock exchange. The oil field will now be the Company’s core focus. Philip Andrews a Irish Citizen and experienced oil and gas executive has been named Managing Director, and he will oversee the permitting and drilling plans of the 520 acre development with plans for ten initial wells to be drilled to bring the field into production, he will also be seeking additional potential oil and gas opportunities in the USA and internationally for the Company to acquire as part of its rapid expansion plans.

 

Results of Operations

 

We have not yet recognized any revenue as of January 31, 2021.

 

For the three months ended January 31, 2021 our net loss was $5,484 compared to $19,228 for the three months ended January 31, 2020. During the current period we incurred $4,710 for audit, accounting and filing expense and $774 of interest expense. In the prior period we incurred $18,750 for audit and accounting expense and $478 of interest expense.

 

For the nine months ended January 31, 2021 our net loss was $13,646 compared to $21,183 for the nine months ended January 31, 2020. During the current period we incurred $11,440 for audit, accounting and filing expense and $2,206 of interest expense. In the prior period we incurred $19,750 for audit and accounting expense and $1,433 of interest expense.

 

Liquidity and Capital Resources

 

As of January 31, 2021, we have no available cash, liabilities of $114,011 and an accumulated deficit of $132,344. During the nine months ended January 31, 2021 we used $8,941 of cash in operations and received $8,941 from our CEO to pay for operating expenses.

 

Our sole officer and director is willing to advance funds to us on an as needed basis until such time as we can sustain our operations without his assistance.  At the present time, we have not made any arrangements to raise additional cash, other than through as described herein. If we need additional cash and can’t raise it, or Mr. Nagy will not advance the same, we will either have to suspend operations until we do raise the cash or cease operations entirely. Other than as described in this paragraph, we have no other financing plans.

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We maintain “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. We conducted an evaluation (the “Evaluation”), under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures (“Disclosure Controls”) as of the end of the period covered by this report pursuant to Rule 13a-15 of the Exchange Act. Based on this Evaluation, our CEO and CFO concluded that our Disclosure Controls were not effective as of the end of the period covered by this report.

 

Changes in Internal Controls

 

There were no changes in our internal control over financial reporting during the quarter ended January 31, 2021 that have affected, or are reasonably likely to affect, our internal control over financial reporting.

 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

There are no claims, actions, suits, proceedings, or investigations that are currently pending or, to the Company’s knowledge, threatened by or against the Company or respecting its operations or assets, or by or against any of the Company’s officers, directors, or affiliates.

 

ITEM 1A. RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINING SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None

 

ITEM 6. EXHIBITS

 

Exhibit		Document Description
31.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	BLACK ROCK PETROLEUM COMPANY
	BY:	/s/ Zoltan Nagy
		Zoltan Nagy
		President, Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, Secretary/Treasurer and sole member of the Board of Directors

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

 

Signature		Title		Date
/s/ Zoltan Nagy		President, Principal Executive Officer,		March 4, 2021
Zoltan Nagy		Principal Financial Officer, Principal Accounting Officer, Secretary/Treasurer and sole member of the Board of Directors

 

 

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