Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Sep. 30, 2020 | |
Details | ||
Registrant CIK | 0001082027 | |
Fiscal Year End | --12-31 | |
Registrant Name | NORTHSTAR ELECTRONICS INC | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2020 | |
Tax Identification Number (TIN) | 33-0803434 | |
Number of common stock shares outstanding | 127,838,231 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | false | |
Entity File Number | 333-90031 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2020 General Booth Blvd, Unit 230 | |
Entity Address, City or Town | Virginia Beach | |
Entity Address, State or Province | VA | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 23454 | |
City Area Code | 780 | |
Local Phone Number | 660-0937 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current | ||
Cash | $ 30,567 | $ 40,261 |
Total assets | 30,567 | 40,261 |
Current | ||
Accounts payable and accrued liabilities | 1,247,040 | 1,220,792 |
Loans payable | 442,916 | 442,916 |
Due to director | 612,642 | 616,159 |
Legal liability | 3,002,658 | 3,100,221 |
Total liabilities | 5,305,256 | 5,380,088 |
Stockholders' Deficit | ||
Common stock value | 12,784 | 12,784 |
Preferred stock value | 404,299 | 404,299 |
Additional paid-in capital | 8,608,875 | 8,608,875 |
Accumulated deficit | (14,300,647) | (14,365,785) |
Total stockholders' deficit | (5,274,689) | (5,339,827) |
Total liabilities and stockholders' deficit | $ 30,567 | $ 40,261 |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets - Parenthetical - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Details | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares, Outstanding | 127,838,231 | 127,838,231 |
Common Stock, Shares, Issued | 127,838,231 | 127,838,231 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Issued | 597,716 | 597,716 |
Preferred Stock, Shares Outstanding | 597,716 | 597,716 |
Interim Consolidated Statements
Interim Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
EXPENSES | ||||
Management fees | $ 0 | $ 30,000 | $ 0 | $ 60,000 |
Administrative fees | 0 | 15,000 | 15,000 | 30,750 |
Professional fees | 7,482 | 229 | 9,608 | 13,069 |
Foreign exchange (gain) loss | 120,191 | 69,602 | (143,293) | 127,489 |
Engineering research and development | 0 | 11,375 | 0 | 22,625 |
Investor relations | 0 | 3,520 | 0 | 6,895 |
Interest expense | 23,520 | 24,165 | 47,764 | 48,330 |
Marketing and sales | 0 | 0 | 0 | 0 |
Office | 1,623 | 18,026 | 5,783 | 19,944 |
Total expenses (income) | 152,816 | 171,459 | (65,138) | 329,102 |
Net income (loss) | $ (152,816) | $ (171,459) | $ 65,138 | $ (329,102) |
Basic and diluted earnings (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding | 127,838,231 | 127,838,231 | 127,838,231 | 127,838,231 |
Interim Consolidated Statement
Interim Consolidated Statement of Changes in Stockholders' Deficit - 6 months ended Jun. 30, 2020 - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Preferred Stock | Total |
Equity Balance at Dec. 31, 2019 | $ 12,784 | $ 8,608,875 | $ (14,365,785) | $ 404,299 | $ (5,339,827) |
Equity Balance, Shares at Dec. 31, 2019 | 127,838,231 | ||||
Net Income (loss) | $ 0 | 0 | 65,138 | 0 | 65,138 |
Equity Balance, Shares at Jun. 30, 2020 | 127,838,231 | ||||
Equity Balance at Jun. 30, 2020 | $ 12,784 | $ 8,608,875 | $ (14,300,647) | $ 404,299 | $ (5,274,689) |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Activities | ||
Net Income (loss) | $ 65,138 | $ (329,102) |
Items not involving cash | ||
Foreign exchange (gain) loss | (145,327) | 122,138 |
Non-cash interest | 47,764 | 48,330 |
Changes in operating assets and liabilities | 26,248 | 30,000 |
Changes in non-cash working capital | ||
Net cash used in operating activities | (6,177) | (128,634) |
Financing Activities | ||
Payments to directors | 3,517 | 0 |
Proceeds from director | 0 | 40,252 |
Net cash provided by financing activities | (3,517) | 40,252 |
Decrease in cash | (9,694) | (88,382) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 40,261 | 170,831 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 30,567 | $ 82,449 |
Nature of Operations and Abilit
Nature of Operations and Ability to Continue as a Going Concern | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Nature of Operations and Ability to Continue as a Going Concern | 1. NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN Northstar Electronics, Inc. (the Company) was incorporated on May 11, 1998 in the state of Delaware. The Company is doing research and development on single engine aircrafts for business use. The Company's business activities are conducted in Canada. However, the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) with all figures translated into United States dollars for financial reporting purposes. These unaudited consolidated interim financial statements have been prepared by management in accordance with GAAP for interim financial information, are condensed and do not include all disclosures required for annual financial statements. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to the Companys audited consolidated financial statements filed as part of the Companys December 31, 2019 Form 10-K. The results of operations for the six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year. The accompanying interim consolidated financial statements have been prepared assuming the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the six months ended June 30, 2020, the Company incurred a net income of $65,138 and at June 30, 2020 had a working capital deficiency of $5,274,689. Management has undertaken initiatives for the Company to continue as a going concern, for example: the Company is attempting to secure an equity financing in the short term. Management is unable to predict the results of its initiatives at this time. These factors raise substantial doubt about the ability of the Company to continue as a going concern. Should management be unsuccessful in its initiative to finance its operations, the Companys ability to continue as a going concern is not certain. These financial statements do not give effect to any adjustments to the amounts and classifications of assets and liabilities which might be necessary should the Company be unable to continue its operations as a going concern. |
Share Capital Disclosure
Share Capital Disclosure | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Share Capital Disclosure | 2. SHARE CAPITAL WARRANTS During the six months ended June 30, 2020, 1,495,000 warrants expired unexercised. As at June 30, 2020, there were 13,964,148 warrants outstanding. |
Legal Liability Disclosure
Legal Liability Disclosure | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Legal Liability Disclosure | 3. LEGAL LIABILITY During 2000 to 2008, the Companys former subsidiaries Northstar Technical Inc. (NTI) and Northstar Network Ltd. (NNL) received funding from Atlantic Canada Opportunities Agency (ACOA) to fund their projects. In accordance with agreements signed between NTI, NNL and the Company, the Company was jointly and severally liable for the obligations. In 2013, ACOA filed claims against NTI, NNL and the Company for repayments of advances due to events of default. The advance and interests ACOA claims totaled CAD$3,079,475 ($3,002,658). Further, the claim amount bears a daily interest of $358 from February 15, 2013 to settlement. During the six months ended June 30, 2020, the Company recorded interest expenses of $47,764 (June 30 2019-$48,330). |
Related Party Transactions Disc
Related Party Transactions Disclosure | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Related Party Transactions Disclosure | 4. RELATED PARTY TRANSACTIONS During the six months ended June 30, 2020, the Company accrued management fees payable of $0 in total to a director of the Company (June 30, 2019 - $60,000). At June 30, 2020, there is a balance of $612,642 (December 31, 2019: $616,159) owing to a director of the Company for management fees and expenses reimbursement. These amounts are not secured and are without terms of repayment. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
New Accounting Pronouncements | 5. NEW ACCOUNTING PRONOUNCEMENTS Management does not believe that any recently issued but not yet effective accounting pronouncements if currently adopted would have a material effect on the accompanying consolidated financial statements. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Subsequent Event | 5. SUBSEQUENT EVENT In September 2020, another 13,134,208 warrants expired unexercised. |
Nature of Operations and Abil_2
Nature of Operations and Ability to Continue as a Going Concern (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Details | ||
Net Income (loss) | $ 65,138 | $ (329,102) |
working capital deficiency | $ 5,274,689 |
Share Capital Disclosure (Detai
Share Capital Disclosure (Details) - shares | 1 Months Ended | 6 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Details | ||
Warrants expired unexercised | 13,134,208 | 1,495,000 |
Warrants outstanding | 13,964,148 |
Legal Liability Disclosure (Det
Legal Liability Disclosure (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Details | |||||
Legal liability | $ 3,002,658 | $ 3,002,658 | $ 3,100,221 | ||
Interest expense | $ 23,520 | $ 24,165 | $ 47,764 | $ 48,330 |
Related Party Transactions Di_2
Related Party Transactions Disclosure (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Due to director | $ 612,642 | $ 616,159 | |
Accrued management fees to a Director | |||
Fees accrued from related parties | $ 0 | $ 60,000 |
Subsequent Event (Details)
Subsequent Event (Details) - shares | 1 Months Ended | 6 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Details | ||
Warrants expired unexercised | 13,134,208 | 1,495,000 |