First National Energy : Aug 9 22 FNEC Jun 30 quarterly financials

First National Energy Corporation Consolidated Financial Statements June 30, 2022 (Amounts expressed in US Dollars) (unaudited)

TO THE STOCKHOLDERS OF FIRST NATIONAL ENERGY CORP.

The consolidated balance sheets of First National Energy Corp. at June 30, 2022 and December 31, 2021 and the consolidated Statements of Operations and Comprehensive Loss, Changes in Stockholders' Deficiency and Cash Flows for the periods then ended have not been audited by the Company's auditors. These financial statements are the responsibility of management and have been reviewed and approved by the Company's Audit Committee and Board of Directors

Index

Consolidated Balance Sheets as at June 30, 2022 (unaudited) and December 31, 2021 (unaudited)	3
Consolidated Statements of Operations and Comprehensive Loss for the 3‐ and 6‐month periods ended	4
June 30, 2022 (unaudited) and June 30, 2021 (unaudited)
Consolidated Statements of Changes in Stockholders' Deficiency for the years ended December 31, 2015	5
(unaudited) to June 30, 2022 (unaudited)
Consolidated Statements of Cash Flows for the 6‐month periods ended June 30, 2022 (unaudited) and	6
June 30, 2021 (unaudited)
Notes to Consolidated Financial Statements	7 - 15

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FIRST NATIONAL ENERGY CORPORATION

Consolidated Balance Sheets

As of June 30, 2022 and December 31, 2021

(Amounts expressed in US Dollars)

	June 30		December 31
	2022	2021
	(unaudited)		(unaudited)
ASSETS	$	$
CURRENT ASSETS
Cash	1,352		‐
Total Current Assets
1,352		‐
Licenses for Technology (Note 4)	200	200
Vertical Wind Powered Generators	70,000		70,000
Total Assets	71,552	70,200
LIABILITIES
CURRENT LIABILITIES
Bank Indebtedness	‐	12
Accounts payable and accrued liabilities	13,999	36,319
Loan payable to director (Note 8)	210,507	203,621
Loan payable to related party (note 5)	610,000		610,000
	834,506	849,952
Going Concern (Note 2)
Related Party Transactions (Note 5 and Note 8)
Commitments (Note 10)
STOCKHOLDERS' DEFICIENCY
Capital Stock ($.001 par value, 300,000,000 common shares authorized,
100,425,228 issued and outstanding as of June 30, 2022 and
100,365,228 as of December 31, 2021 (Note 6)	100,425	100,365
Additional paid‐in Capital	327,769	312,829
Deficit Accumulated during the development stage	(1,191,191)	(1,192,990)
Accumulated other comprehensive loss	(10)		(10)
Total Stockholders' Deficiency Attributable to the Company's Stockholders	(763,007)	(779,806)
Non‐controlling interest	53	53
Total FNEC Stockholders' Deficit
(762,954)		(779,753)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	71,552	70,200

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FIRST NATIONAL ENERGY CORPORATION

Consolidated Statements of Operations and Comprehensive Income (Loss)

For the periods ended

(Amounts expressed in US Dollars)

		6 Months Ended June 30				3 Months Ended June 30
		2022			2021				2022			2021
		(unaudited)			(unaudited)			(unaudited)		(unaudited)
REVENUE		$			$				$			$
	‐			200				‐			‐
EXPENSES
General and administrative expenses / (recovery)		(1,799)			8,578				10,078			5,938
TOTAL OPERATING EXPENSES / (RECOVERY)		(1,799)			8,578				10,078			5,938
INCOME (LOSS) BEFORE INCOME TAX		1,799			(8,378)				(10,078)			(5,938)
Income taxes		‐			‐				‐			‐
NET INCOME (LOSS)		1,799			(8,378)				(10,078)			(5,938)
Net income (loss) attributable to non‐controlling interest		‐			‐				‐			‐
Net income (loss) attributable to FNEC Stockholders		1,799			(8,378)				(10,078)			(5,938)
Loss per share, basic and diluted	$	0.00		$	(0.00)		$	(0.00)		$	(0.00)
Weighted average common shares outstanding		100,425,228			100,365,228	100,425,228	100,365,228
COMPREHENSIVE INCOME (LOSS)
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST		1,799			(8,378)				(10,078)			(5,938)
Foreign exchange translation adjustment for the period		‐			‐				‐			‐
Other Comprehensive Income (Loss)
	1,799			(8,378)				(10,078)			(5,938)
Comprehensive Income (Loss) attributable to non‐
controlling interest		‐			‐				‐			‐
Comprehensive Income (Loss) attributable to FNEC
Stockholders		1,799			(8,378)				(10,078)			(5,938)

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FIRST NATIONAL ENERGY CORPORATION

Consolidated Statements of Changes in Stockholders' Deficiency

For the periods ended December 31, 2015 to June 30 2022

(Amounts expressed in US Dollars)

						Common stock								Accumulated
		Common stock				‐ dollar								other		Non‐			Total
		‐ number of				amount at par		Additional			Accumulated			comprehensive		controlling			stockholders'
		shares				value		paid‐in capital			Deficit			loss		interests			deficit
			$	$	$	$	$	$
Balance as of December 31, 2015 (audited)	99,865,228			99,865		103,329		(899,087)		(10)		53		(695,850)
Net loss for the Period		‐				‐		‐	(12,364)			‐		‐	(12,364)
Balance as of December 31, 2016 (audited)	99,865,228			99,865		103,329		(911,451)		(10)		53		(708,214)
Sale of Shares	50,000	50	24,950									25,000
Financing Costs							(5,000)									(5,000)
Sale of shares	30,000	30	14,970									15,000
Stock based compensation	250,000	250	124,750									125,000
Net Loss for the Period		‐				‐		‐	(176,676)			‐		‐	(176,676)
Balance as of December 31, 2017 (audited)	100,195,228			100,195		262,999		(1,088,127)		(10)		53		(724,890)
Sale of Shares	30,000	30	14,970									15,000
Net Loss for the Period		‐				‐		‐	(25,385)			‐			(25,385)
Balance as of December 31, 2018 (unaudited)	100,225,228			100,225		277,969		(1,113,512)		(10)		53		(735,275)
Stock based compensation	40,000	40	9,960									10,000
Sale of shares	100,000	100	24,900									25,000
Net Loss for the Period						‐		‐	(48,601)			‐		‐		(48,601)
Balance as of December 31, 2019 (unaudited)		100,365,228				100,365		312,829		(1,162,113)			(10)		53			(748,876)
Net Loss for the Period						‐		‐	(26,017)			‐		‐		(26,017)
Balance as of December 31 2020 (unaudited)		100,365,228				100,365		312,829			(1,188,130)			(10)		53			(774,893)
Net Loss for the Period						‐		‐	(4,860)			‐		‐	(4,860)
Balance as of December 31 2021 (unaudited)	100,365,228				100,365		312,829		(1,192,990)		(10)		53		(779,753)
Sale of shares in a private placement	60,000	60	14,940									15,000
Net Loss for the Period						‐		‐	1,799			‐		‐	1,799
Balance as of June 30 2022 (unaudited)	100,425,228			100,425		327,769		(1,191,191)		(10)		53		(762,954)

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