Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 21, 2021 | |
Details | ||
Registrant CIK | 0001082027 | |
Fiscal Year End | --12-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 333-90031 | |
Entity Registrant Name | Northstar Electronics, Inc | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-0803434 | |
Entity Address, Address Line One | 355 Burrard Street, Suite 1000 | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | V6C 2G8 | |
City Area Code | 778 | |
Local Phone Number | 838-3313 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 127,838,231 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current | ||
Cash | $ 26,790 | $ 40,261 |
Assets, total | 26,790 | 40,261 |
Current | ||
Accounts payable and accrued liabilities | 1,213,623 | 1,220,792 |
Loans payable, current | 442,916 | 442,916 |
Due to related party, current | 612,352 | 616,159 |
Legal liability, current | 3,209,382 | 3,100,221 |
Liabilities | 5,478,273 | 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 | (14,477,441) | (14,365,785) |
Total stockholders' equity (deficit) | (5,451,483) | (5,339,827) |
Total liabilities and stockholders' equity | $ 26,790 | $ 40,261 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets - Parenthetical - $ / shares | Sep. 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, 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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
EXPENSES | ||||
Managment fee expense, related | $ 0 | $ 30,000 | $ 0 | $ 90,000 |
Consulting fees | 0 | 3,550 | 0 | 3,550 |
Administration expense | 0 | 15,000 | 0 | 45,750 |
Professional fees | 1 | 2,042 | 9,609 | 15,111 |
Foreign exchange (gain) loss | 15,909 | (36,382) | 2,892 | 91,107 |
Engineering and development | 0 | 15,125 | 0 | 37,750 |
Investor relations | 1,110 | 0 | 1,110 | 6,895 |
Marketing and sales expense | 0 | 0 | 0 | 0 |
Office and administration expense | 4,767 | 5,774 | 10,550 | 25,718 |
Interest expense | 24,731 | 24,165 | 72,495 | 72,495 |
Total operating expenses | 46,518 | 59,274 | 111,656 | 388,376 |
Net income (loss) | $ (46,518) | $ (59,274) | $ (111,656) | $ (388,376) |
Basic and diluted gain (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 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Deficit - 9 months ended Sep. 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) for the period | $ 0 | 0 | (111,656) | 0 | (111,656) |
Equity Balance at Sep. 30, 2020 | $ 12,784 | $ 8,608,875 | $ (14,477,441) | $ 404,299 | $ (5,451,483) |
Equity Balance, Shares at Sep. 30, 2020 | 127,838,231 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Net cash used in operating activities | ||
Net loss | $ (111,656) | $ (388,376) |
Items not involving cash | ||
Foreign exchange loss (gain) | 36,666 | 86,649 |
Non-cash interest | 72,495 | 72,495 |
Non-cash consulting | 0 | 0 |
Changes in non-cash working capital | ||
Increase (decrease) in operating assets and liabilities | (7,169) | 45,000 |
Net cash used in operating activities | (9,664) | (184,232) |
Cash flows provided by financing activities | ||
Proceeds from issuance of common shares for cash | 0 | 0 |
Proceeds from loans payable | 0 | 0 |
Increases in (decrease) to due to related party | (3,807) | 66,945 |
Net cash provided by financing activities | (3,807) | 66,945 |
Decrease in cash | (13,471) | (117,287) |
Cash, beginning | 40,261 | 170,831 |
Cash, ending | 26,790 | 53,544 |
Non-cash Transactions | ||
Shares issued for services | $ 0 | $ 0 |
Nature of Operations and Abilit
Nature of Operations and Ability to Continue as a Going Concern | 9 Months Ended |
Sep. 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 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 Company’s audited consolidated financial statements filed as part of the Company’s December 31, 2019 Form 10-K. The results of operations for the nine months ended September 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 nine months ended September 30, 2020 the Company incurred a net loss of $111,656 and at September 30, 2020 had a working capital deficiency of $5,451,483. 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 Company’s 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. Certain of the creditors and the Company have agreed to settle their debts for the issuance of 25,668,720 shares of common stock valued at $358,828. See also Note 4 |
Share Capital Disclosure
Share Capital Disclosure | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Share Capital Disclosure | 2. SHARE CAPITAL COMMON STOCK The Company issued nil shares of common stock during the nine months ended September 30, 2020. See also Note 4 WARRANTS Exercise Number of Warrants Expiry Date Price 2020 2019 Open (1) $ 0.50 389,170 389,170 Open (1) $ 0.75 389,170 389,170 Open (2) $ 0.25 51,600 51,600 September 30, 2020 $ 0.05 - 13,134,208 Total outstanding and exercisable 829,940 13,964,148 Weighted average outstanding life of warrants (years) Open 0.94 - Open (1) (2) |
Legal Matters and Contingencies
Legal Matters and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Legal Matters and Contingencies |
Related-Party Transactions Disc
Related-Party Transactions Disclosure | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Related-Party Transactions Disclosure | 4. RELATED PARTY TRANSACTIONS During the nine months ended September 30, 2020, the Company accrued management fees payable of $nil (2019: $90,000) in total to a director of the company. At September 30, 2020, there is a balance of $612,352 (December 31, 2019: $616,159) owing to a director of the Company for management fees and expense reimbursement. The amount is included in current liabilities, are unsecured and payable on demand. The creditor and the Company have agreed to settle this debt for the issuance of 31,000,000 shares of common stock valued at $612,352. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 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 Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Subsequent Events |
Share Capital Disclosure_ Sched
Share Capital Disclosure: Schedule of Stockholders' Equity Note, Warrants (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Schedule of Stockholders' Equity Note, Warrants | Exercise Number of Warrants Expiry Date Price 2020 2019 Open (1) $ 0.50 389,170 389,170 Open (1) $ 0.75 389,170 389,170 Open (2) $ 0.25 51,600 51,600 September 30, 2020 $ 0.05 - 13,134,208 Total outstanding and exercisable 829,940 13,964,148 Weighted average outstanding life of warrants (years) Open 0.94 - Open |
Nature of Operations and Abil_2
Nature of Operations and Ability to Continue as a Going Concern (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Net income (loss) | $ 46,518 | $ 59,274 | $ 111,656 | $ 388,376 | |
Total stockholders' equity (deficit) | $ 5,451,483 | $ 5,451,483 | $ 5,339,827 | ||
Common stock to be issued for debt | 31,000,000 | ||||
Common stock to be issued for debt, value | $ 612,352 | ||||
Certain creditors settling debt | |||||
Common stock to be issued for debt | 25,668,720 | ||||
Common stock to be issued for debt, value | $ 358,828 |
Share Capital Disclosure_ Sch_2
Share Capital Disclosure: Schedule of Stockholders' Equity Note, Warrants (Details) - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Details | ||
Warrants outstanding | 829,940 | 13,964,148 |
Legal Matters and Contingenci_2
Legal Matters and Contingencies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Details | ||||
Interest expense | $ 24,731 | $ 24,165 | $ 72,495 | $ 72,495 |
Related-Party Transactions Di_2
Related-Party Transactions Disclosure (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Details | |||||
Managment fee expense, related | $ 0 | $ 30,000 | $ 0 | $ 90,000 | |
Due to related party, current | $ 612,352 | $ 612,352 | $ 616,159 | ||
Common stock to be issued for debt | 31,000,000 | ||||
Common stock to be issued for debt, value | $ 612,352 |