First America Resources Corp 10-Q for FY2021 Q3

First America Resources Corp (MEGR)

10-Q 2021-11-17 For: 2021-09-30

Added on April 06, 2026

About this 10-Q

First America Resources Corp filed this 10-Q on November 17, 2021, covering the quarter ended September 30, 2021 (FY2021 Q3).

Headline figures

Quarter ended September 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $8550; compared with a net loss of $8550 a year earlier

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PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	3

Item 2.	Management’s Discussion and Analysis or Plan of Operation.	13

Item 3.	Quantitative and Qualitative Disclosure about Market Risk.	17

Item 4.	Controls and Procedures.	17

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings.	18

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	18

Item 3.	Defaults Upon Senior Securities.	18

Item 4.	Mine Safety Disclosures.	18

Item 5.	Other Information.	18

Item 6.	Exhibits.	19

Balance Sheet- September 30, 2021 and June 30, 2021		4

Statement of Operations- Three Months Ended September 30, 2021 and 2020		5

Statement of Changes in Stockholders’ Deficit- Three Months Ended September 30, 2021 and 2020		6

Statement of Cash Flows- Three Months Ended September 30, 2021 and 2020		7

Notes to Unaudited Financial Statements		8

FIRST AMERICA RESOURCES CORPORATION
BALANCE SHEET
(UNAUDITED)

	September 30,			June 30,
	2021			2021
ASSETS
Current assets:
Cash and cash equivalents	$	25,250		$	13,050
Total Current Assets		25,250			13,050

TOTAL ASSETS	$	25,250		$	13,050

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	850		$	100
Loan from officers		228,933			208,933
Total Current Liabilities		229,783			209,033

Total Liabilities		229,783			209,033

Stockholders' Deficit:
Common stock, $0.001 par value; 500,000,000 shares authorized;
7,964,090 shares issued and outstanding		7,964			7,964
Additional paid-in capital		190,860			190,860
Accumulated deficit		(403,357	)		(394,807	)
Total stockholders' deficit		(204,533	)		(195,983	)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	25,250		$	13,050

FIRST AMERICA RESOURCES CORPORATION
STATEMENT OF OPERATIONS
(UNAUDITED)
	Three Months Ended
	September 30,
	2021			2020
Revenues	$	-		$	-
Cost of Goods Sold		-			-
Gross Profit		-			-

Operating Expenses:
Selling, general and administrative expenses		8,550			8,550
Total Operating Expenses		8,550			8,550

Operating Loss		(8,550	)		(8,550	)

Other income
Investment income		-			-
Total Other Income		-			-

Loss before income taxes		(8,550	)		(8,550	)

Income tax expense		-			-

Net Loss	$	(8,550	)	$	(8,550	)

Net Loss per Common Share- Basic and Diluted	$	(0.00	)	$	(0.00	)

Weighted Average Shares Outstanding		7,964,090			7,964,090

FIRST AMERICA RESOURCES CORPORATION
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

					Additional
	Common Stock				Paid-in		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balance, June 30, 2021		7,964,090	$	7,964	$	190,860	$	(394,807	)	$	(195,983	)

Net Loss		-		-		-		(8,550	)		(8,550	)

Balance, September 30, 2021		7,964,090	$	7,964	$	190,860	$	(403,357	)	$	(204,533	)

Balance, June 30, 2020		7,964,090	$	7,964	$	190,860	$	(377,736	)	$	(178,912	)

Net Loss		-		-		-		(8,550	)		(8,550	)

Balance, September 30, 2020		7,964,090	$	7,964	$	190,860	$	(386,286	)	$	(187,462	)

FIRST AMERICA RESOURCES CORPORATION
STATEMENT OF CASH FLOWS
(UNAUDITED)
	Three Months Ended
	September 30,
	2021			2020
Operating Activities:
Net loss	$	(8,550	)	$	(8,550	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable		750			-
Net cash used in operating activities		(7,800	)		(8,550	)

Investing Activities:
Net cash used in investing activities		-			-

Financing Activities:
Loans from shareholders		20,000			10,000
Net cash provided by financing activities		20,000			10,000

Net increase (decrease) in cash and cash equivalents		12,200			1,450
Cash and cash equivalents, beginning of period		13,050			5,121
Cash and cash equivalents, end of period	$	25,250		$	6,571

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for:
Interest	$	-		$	-
Taxes	$	-		$	-

Net operating loss carried forward	$	84,698		$	81,114

Valuation allowance	$	(84,698	)	$	(81,114	)

Net deferred income tax asset	$	-		$	-

	Quarter Ended		Quarter Ended
	September 30,		September 30,
	2021		2020
Expense
Bank Service Charges	$	-	$	-
License & Registration		-		-
Professional Fees		8,550		8,550
Total Expense	$	8,550	$	8,550

	At September 30,			At June 30,
	2021			2021

Current Ratio		0.11			0.06
Cash	$	25,250		$	13,050
Working Capital	$	(204,533	)	$	(195,983	)
Total Assets	$	25,250		$	13,050
Total Liabilities	$	229,783		$	209,033

Total Equity	$	(204,533	)	$	(195,983	)

Total Debt/Equity		-1.12			-1.07

Exhibit No.		Document Description

31.1		CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.

32.1 *		CERTIFICATION of CEO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEYACT OF 2002

Exhibit 101		Interactive data files formatted in XBRL (eXtensible Business Reporting Language): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Cash Flows, (iv) the Statement of Changes in Stockholders’ Deficit, and (v) the Notes to the Financial Statements.**

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).**

101.SCH		Inline XBRL Taxonomy Extension Schema Document.**

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.**

101.DEF		Inline XBRL Taxonomy Extension Calculation Linkbase Document.**

101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document.**

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.**

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

Title	Name	Date	Signature

Principal Executive Officer	Jian Li	November 15, 2021	/s/ Jian Li

1.	I have reviewed this report on Form 10-Q of First America Resources Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

	First America Resources Corporation

Dated: November 15, 2021	By:	/s/ Jian Li
		Jian Li
		Chief Executive Officer and Chief Financial Officer