First National Energy : FNEC Annual MDA and OTC Guideline report for December 21 2021

Disclosure Statement Pursuant to the Pink Basic Disclosure Guidelines

FIRST NATIONAL ENERGY CORP

A NevadaCorporation

c/o Peter Wanner, 44 Greystone Crescent Georgetown, ON Canada L7G 1G9

________________________________

416 918 6987 www.firstnationalenergy.com [e-mail] SIC 221118

Annual Report

For the 12‐month Period Ending: December 31 2021

(the "Reporting Period")

At the date of this filing, January 26, 2022, as of December 31 2021, the number of shares outstanding of our Common Stock was:

100,365,228

As of September 30 2021, the number of shares outstanding of our Common Stock was: 100,365,228

As of December 31 2020, the number of shares outstanding of our Common Stock was: 100,365,228

Indicate by check mark whether the company is a shell company (as defined in Rule 405 of the Securities Act of 1933 and Rule 12b‐2 of the Exchange Act of 1934):

Yes:

No:

(Double‐click and select "Default Value" to check)

Indicate by check mark whether the company's shell status has changed since the previous reporting period:

Yes:

No:

Indicate by check mark whether a Change in Control1 of the company has occurred over this reporting period:

1 "Change in Control" shall mean any events resulting in:

1. Any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becoming the "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company's then outstanding voting securities;
2. The consummation of the sale or disposition by the Company of all or substantially all of the Company's assets;
3. A change in the composition of the Board occurring within a two (2)-year period, as a result of which fewer than a majority of the directors are directors immediately prior to such change; or
4. The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

OTC Markets Group Inc.
OTC Pink Basic Disclosure Guidelines (v2.0 February 2019)	Page 1 of 7

Yes:

No:

1. Name of the issuer and its predecessors (if any)

First National Energy Corporation ("Company") was incorporated as Capstone International Corporation on November 16, 2000, in the state of Delaware, and has a class of shares registered with the Securities and Exchange Commission on Form SB‐2 ( SEC File No. 333‐62588, filed on June 8, 2001). The Company's name was changed to "First National Power Corporation" on January 28, 2004, and was changed again to "First National Energy Corporation" on February 12, 2009, at which time the Company effected a reverse stock split, adopted a holding company structure, and relocated its corporate charter from Delaware to Nevada as part of the reorganization described in the next succeeding paragraph.

On February 12, 2009, the Company effected a reorganization pursuant to that certain Agreement and Plan of Merger to Form Holding Company, dated as of December 10, 2009, which had the effect of (1) implementing a reverse stock split of its issued and outstanding common shares at the rate of 100 to 1 ; (2) merging the Company with and into First National Power Corporation, a Nevada corporation and a wholly‐owned indirect (second tier) subsidiary of the Company, such that First National Energy Corporation, a Nevada corporation and a wholly‐owned direct (first tier) subsidiary of the Company, succeeded the Company as a successor issuer of its registered securities, pursuant to Rule 12g‐3 under the Securities Exchange Act of 1934, and continued the business of the Company for all purposes; (3) exchanging each issued and outstanding share of the Company on the record date (and after giving effect to the reverse stock split described above) into one new common share of the successor issuer; (4) shifting the Company's charter from the State of Delaware to the State of Nevada; (5) increasing the authorized capital of the Company from 100 million common shares to 300 million common shares; (6) changing the Company's name from "First National Power Corporation" to "First National Energy Corporation"; and (7) changing the Company's stock symbol from FNPR to FNEC.

Has the issuer or any of its predecessors ever been in bankruptcy, receivership, or any similar proceeding in the past five years?

Yes:	No:
2)	Security Information
Trading symbol:	FNEC
Exact title and class of securities outstanding:	Common
CUSIP:		321129
Par or stated value:	$.001
Total shares authorized:	300,000,000	as of date: December 31 2021
Total shares outstanding:	100,365,228	as of date: December 31 2021
Number of shares in the Public Float2:	440,710	as of date: December 31 2021
Total number of shareholders of record:	35		as of date: December 31 2021
Additional class of securities (if any):
Trading symbol:
Exact title and class of securities outstanding:
CUSIP:
Par or stated value:
Total shares authorized:		as of date:
Total shares outstanding:		as of date:

2 "Public Float" shall mean the total number of unrestricted shares not held directly or indirectly by an officer, director, any person who is the beneficial owner of more than 10 percent of the total shares outstanding (a "control person"), or any affiliates thereof, or any immediate family members of officers, directors and control persons.

OTC Markets Group Inc.
OTC Pink Basic Disclosure Guidelines (v2.0 February 2019)	Page 2 of 7

Transfer Agent
Name:	Capital Transfer Agency
Address:	121 Richmond Street West, Suite 401, Toronto, ON, M5H 2K1
Phone:	416 350 5007
Email:	[e-mail]
Is the Transfer Agent registered under the Exchange Act?3 Yes:	No:

Describe any trading suspension orders issued by the SEC concerning the issuer or its predecessors:

none

List any stock split, stock dividend, recapitalization, merger, acquisition, spin‐off, or reorganization either currently anticipated or that occurred within the past 12 months:

none

1. Issuance History

1. Changes to the Number of Outstanding Shares

Check this box to indicate there were no changes to the number of outstanding shares within the past two completed fiscal years and any subsequent periods:

1. Debt Securities, Including Promissory and Convertible Notes
   Use the chart and additional space below to list and describe all outstanding promissory notes, convertible notes, convertible debentures, or any other debt instruments that may be converted into a class of the issuer's equity securities.

Check this box if there are no outstanding promissory, convertible notes or debt arrangements:

					Conversion Terms (e.g. pricing
Date of Note Issuance	Outstanding	Principal Amount	Interest Accrued	Maturity Date	mechanism for determining	Name of Noteholder	Reason for Issuance (e.g. Loan,
Balance ($)	at Issuance ($)	($)	conversion of instrument to	Services, etc.)
					shares)
November30, 2019	70,000	70,000	none	None specified	None	Frank Cavicchia, Markham ON	Purchase of turbines

1. Financial Statements

1. The following financial statements were prepared in accordance with:
   U.S. GAAP
   IFRS
2. The financial statements for this reporting period were prepared by (name of individual)4:

1. To be included in the Pink Current Information tier, the transfer agent must be registered under the Exchange Act.
2. The financial statements requested pursuant to this item must be prepared in accordance with US GAAP or IFRS by persons with sufficient financial skills.

OTC Markets Group Inc.
OTC Pink Basic Disclosure Guidelines (v2.0 February 2019)	Page 3 of 7

Name:	Eva Wolosiuk
Title:	Consultant
Relationship to Issuer:	Consultant

Provide the financial statements described below for the most recent fiscal year or quarter. For the initial disclosure statement (qualifying for Pink Current Information for the first time) please provide reports for the two previous fiscal years and any subsequent interim periods.

1. Balance sheet;
2. Statement of income;
3. Statement of cash flows;
4. Financial notes; and
5. Audit letter, if audited

FNEC Annual Financial Statements for December 31 2021

Financial statement information is considered current until the due date for the subsequent report (as set forth in the qualifications section above). To remain qualified for Current Information, a company must post its Annual Report within 90 days from its fiscal year‐end date and Quarterly Reports within 45 days of each fiscal quarter‐end date.

1. Issuer's Business, Products and Services

1. Summarize the issuer's business operations (If the issuer does not have current operations, state "no operations") Alternative wind power generation for unique applications
2. Describe any subsidiaries, parents, or affiliated companies, if applicable, and a description of their business contact information for the business, officers, directors, managers or control persons. Subsidiary information may be included by reference
   Pavana Power Corp - subsidiary ‐ no operations
   First National Energy (Canada) Corp - subsidiary - no operations
3. Describe the issuers' principal products or services, and their markets

Wind power generation for unique hard to access locations - previous sites included Arctic locations

1. Issuer's Facilities

The Company has no operations so has no manufacturing facilities. All administration happens from 44 Greystone Crescent, Georgetown, ON L7G1G9 and all marketing happens from 9826 Discovery Terrace, Bradenton, Fl 34212

1. Officers, Directors, and Control Persons

The goal of this section is to provide an investor with a clear understanding of the identity of all the persons or entities that are involved in managing, controlling or advising the operations, business development and disclosure of the issuer, as well as the identity of any significant or beneficial shareholders.

OTC Markets Group Inc.
OTC Pink Basic Disclosure Guidelines (v2.0 February 2019)	Page 4 of 7

Name of Officer/Director	Affiliation with	Residential Address	Number of	Share	Ownership	Note
and Control Person	Company (e.g.	(City / State Only)	shares owned	type/class	Percentage of
	Officer/Director/Owner				Class
	of more than 5%)				Outstanding

Greg Sheller		CEO	Sarasota, FL	40,000	Common	.03%
9826 Discovery Terrace
Bradenton, Fl 34212
Peter Wanner		CFO	Georgetown, ON	14,395	Common	.01%
44 Greystone Crescent,
Georgetown, ON L7G1G9
Gianni Caputo	Director	Sarasota, FL	1,824,600	Common	1.8%
111 Park Crescent
Richmond Hill, ON
L4E, 3J6
Frank Cavicchia				Toronto, ON	87,644,760	Common	87.3%	majority

shareholder

1. Legal/Disciplinary History

1. Please identify whether any of the persons listed above have, in the past 10 years, been the subject of:
   1. A conviction in a criminal proceeding or named as a defendant in a pending criminal proceeding (excluding traffic violations and other minor offenses);

none

2. The entry of an order, judgment, or decree, not subsequently reversed, suspended or vacated, by a court of competent jurisdiction that permanently or temporarily enjoined, barred, suspended or otherwise limited such person's involvement in any type of business, securities, commodities, or banking activities;

none

3. A finding or judgment by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission, the Commodity Futures Trading Commission, or a state securities regulator of a violation of federal or state securities or commodities law, which finding or judgment has not been reversed, suspended, or vacated; or

none

4. The entry of an order by a self‐regulatory organization that permanently or temporarily barred, suspended, or otherwise limited such person's involvement in any type of business or securities activities.

none

1. Describe briefly any material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the issuer or any of its subsidiaries is a party or of which any of their property is the subject. Include the name of the court or agency in which the proceedings are pending, the date instituted, the principal parties thereto, a description of the factual basis alleged to underlie the proceeding and the relief sought. Include similar information as to any such proceedings known to be contemplated by governmental authorities.

none

OTC Markets Group Inc.
OTC Pink Basic Disclosure Guidelines (v2.0 February 2019)	Page 5 of 7