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FIRST AMERICA RESOURCES CORP
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FIRST AMERICA RESOURCES : Management's Discussion and Analysis or Plan of Operation. (form 10-Q)

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11/09/2018 | 08:50pm CET

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information included in this Form 10-Q.

Our Management's Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements are, by their very nature, uncertain and risky. These risks and uncertainties include international, national, and local general economic and market conditions; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; change in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; the risk of foreign currency exchange rate; and other risks that might be detailed from time to time in our filings with the Securities and Exchange Commission.

Although the forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.



Overview


First America Resources Corporation is a Nevada corporation formed on May 10, 2010, with registered address at 1955 Baring Blvd, Sparks, Nevada 89434. First America Resources Corporation has offices at 1000 East Armstrong Street, Morris, IL 60450, and contact telephone number 815-941-9888.

The Corporation was originally known as Golden Oasis New Energy Group, Inc. when formed. The Corporation amended its Articles of Incorporation as follows: The Corporation changed its name from Golden Oasis New Energy Group, Inc. to First America Resources Corporation. The effective date of the amendment was when final approval from FINRA was received, which was August 26, 2014.

We were previously engaged in selling the lithium-ion batteries and related power supplies that mainly are used in mobile and consumer electronics products, such as readers, DVD players, digital cameras and digital video recorders, communications products, electric-power bikes and mopeds, miner's lamps, electric-power tools, electric-power sources for instruments and meters and other similar electrical equipment that can run on batteries.

On February 6, 2013, pursuant to an Agreement between Mr. Keming Li, former CEO/President and Director of Golden Oasis New Energy Group Inc., a Nevada corporation (the "Issuer"), Ms. Guoling Jin, former Treasury and Director of Golden Oasis New Energy Group Inc., and Ms. Madison Li (the stockholder) of Golden Oasis New Energy Group Inc., and Mr. Jian Li (the "Purchaser"), Mr. Jian Li became the principal stockholder and Chief Executive Officer and Tzongshyan George Sheu the Vice-President, Secretary of the Company and a Director on the Board of Directors of the Company as well.

In connection with this change of control, we discontinued our current business. It is anticipated we will acquire First America Metal Corporation, a business owned primarily by Mr. Jian Li, or another operating company, depending upon completion of audit and preparation of required filing on Form 8-K, which we currently hope to complete in the next 12 months but may take longer than such currently anticipated dates.

First America Metal Corporation in Morris, IL is an international scrap metal company specializing in recycling of non-ferrous and electronic material and has become one large exporter of scrap metal in the Midwest. First America Metal Corp. is operating a business branch in Fort Worth, Texas since November 2014 and operating the Georgia branch since January 2016. Management anticipates that after acquisition we will be competitive in pricing of some or all of the following, depending upon market conditions which can change, even rapidly, from time-to-time: Copper, Brass, Stainless, Aluminum, High Temp Alloys, Zinc, Tin, Cobalt, Tungsten Alloys, and electronic material.




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Results of Operations


For the fiscal quarter ended September 30, 2018 vs. September 30, 2017:



Revenue


The Company had zero sales revenue for the fiscal quarters ended at September 30, 2018 and 2017.



Cost of Revenue


The Company had zero cost of goods sold for the fiscal quarters ended at September 30, 2018 and 2017.



Expenses


Our expenses consist of selling, general and administrative expenses as follows:

For the fiscal quarters ended September 30, 2018 and 2017, there were total of $8,550 and $8,771 operating expenses, respectively.

Detail is shown in the below table:



                          Quarter Ended       Quarter Ended
                          September 30,       September 30,
                              2018                2017
Expense
Bank Service Charges     $             -     $             -
License & Registration                 -                   -
Professional Fees                  8,550               8,771
Total Expense            $         8,550     $         8,771



We expect selling, general, and administrative expenses to increase in future periods if and when we close our planned acquisition as described above.



Income & Operation Taxes


We are subject to income taxes in the U.S.

We paid no income taxes in USA for the quarters ended September 30, 2018 and 2017 due to the net operation loss in USA.



Net Loss


We incurred net losses of $8,550 and $8,771 for the quarters ended September 30, 2018 and 2017, respectively.




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Liquidity and Capital Resources



                          At                At
                     September 30,       June 30,
                         2018              2018

Current Ratio                  0.01           0.02
Cash                $         1,994     $    2,394
Working Capital     $      (153,289 )$ (144,739 )
Total Assets        $         1,994     $    2,394
Total Liabilities   $       155,283$  147,133

Total Equity        $      (153,289 )$ (144,739 )

Total Debt/Equity             -0.96          -1.02



Current Ratio = Current Asset / Current Liabilities Working Capital = Current asset - Current Liabilities Total Debt / Equity = Total Loans from Officers / Total Shareholders' Equity

The Company had cash and cash equivalents of $1,994 at September 30, 2018 and negative working capital of $153,289. There were total liabilities of $155,283 at September 30, 2018. The Company had cash and cash equivalents of $2,394 at June 30, 2018 and negative working capital of $144,739. There were total liabilities of $147,733 at June 30, 2018.

Until we generate more operating revenues or receive other financing, all our costs, which we will incur irrespective of our business development activities, including bank service fees and those costs associated with SEC requirements associated with staying public, will be funded by Jian Li, our President and Director. Mr. Li is not obligated to pay these costs and any costs advanced will be treated as a demand loan with to be agreed interest. These costs are estimated to be less than $50,000 annually until we close our potential acquisition. If we fail to meet these requirements, we will be unable to secure a qualification for quotation of our securities on the over the counter bulletin board, or if we have secured a qualification, may lose the qualification and our securities would no longer trade on the over the counter bulletin board. Further, if we fail to meet these obligations and as a consequence we fail to satisfy our SEC reporting obligations, investors will now own stock in a company that does not provide the disclosure available in quarterly and annual reports filed with the SEC and investors may have increased difficulty in selling their stock as we will be non-reporting.

At September 30, 2018, we owe Mr. Li an aggregate of $146,933 on these loans, which are oral and bear no interest, due upon demand.

After our potential acquisition, we may still need to secure additional debt or equity funding. We do not have any plans or specific agreements for new sources of funding, except for the anticipated loans from management as described above.

Our lack of revenues and cash raise substantial doubt about our ability to continue as a going concern. The financial statements do not include adjustments that might result from the outcome of this uncertainty and if we are unable to generate significant revenue or secure financing we may be required to cease or curtail our operations.

The Company's lack of operating history and financial resources raise substantial doubt about its ability to continue as a going concern.




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© Edgar Online, source Glimpses

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Jian Li Chairman, President, CEO & CFO
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