WESCORP ENERGY INC

CIK:0001069489|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		9 Months Ended		21 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
EXPENSES
Wages and benefits	$ 120,551	$ 137,589	$ 628,089	$ 456,153	$ 1,281,754
Wages - stock based	166,800	924,000	166,800	924,000	1,090,800
Consulting	162,167	128,156	501,662	325,790	1,117,470
Consulting - stock based	0	0	0	163,800	163,800
Office	72,981	88,187	212,670	232,300	519,844
Advertising and investor relations	49,998	106,909	203,044	294,754	586,472
Advertising and investor relations - stock based	0	0	0	35,600	184,600
Travel	61,573	44,775	149,472	139,960	343,157
Legal and accounting	49,457	61,144	128,122	239,875	423,358
Bad debts	0	0	8,261	0	128,498
Equipment operating costs	42,206	27,800	329,175	73,639	433,852
Insurance	17,403	21,070	54,582	69,235	145,093
Depreciation and amortization	345	0	1,024	1,228	2,252
Interest, finance and bank charges	(251,445)	81,750	(96,132)	274,695	286,409
Directors fees	(33,000)	4,262	(8,082)	24,439	23,193
Interest accreted on financial instruments	0	0	0	168,600	168,600
Beneficial conversion interest	0	0	0	6,360	6,360
TOTAL OPERATING EXPENSES	459,036	1,625,642	2,278,687	3,430,428	6,905,512
LOSS FROM OPERATIONS	(459,036)	(1,625,642)	(2,278,687)	(3,430,428)	(6,905,512)
OTHER INCOME (EXPENSE)
Gain (loss) on agreement payable	(768,138)	78,070	1,145,350	(1,188,858)	(1,750,148)
Foreign currency gain (loss)	108,398	(22,606)	84,697	(12,396)	39,716
Gain (loss) on settlement of debt	1,224,257	0	1,214,937	(36,023)	1,178,914
Gain on disposal of subsidiaries	0	86,984	0	86,984	86,984
Loss on impairment in value of investment	0	0	0	0	(29,592)
Gain on settlement of agreement payable	0	0	0	0	3,486,867
Gain on disposition of assets	0	0	1,422	0	1,422
TOTAL OTHER INCOME (EXPENSE)	564,517	142,448	2,446,406	(1,150,293)	3,014,163
INCOME (LOSS) FROM CONTINUING OPERATIONS	105,481	(1,483,194)	167,719	(4,580,721)	(3,891,349)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	(324)	121,170	(19,530)	215,824	(450,600)
NET INCOME (LOSS)	105,157	(1,362,024)	148,189	(4,364,897)	(4,341,949)
OTHER COMPREHENSIVE INCOME
Foreign currency translation gain (loss)	80,302	4,473	57,055	(1,265)	44,274
Unrealized gain (loss) on financial instruments	(8,000)	39,200	26,000	111,200	146,000
OTHER COMPREHENSIVE INCOME (LOSS)	72,302	43,673	83,055	109,935	190,274
COMPREHENSIVE INCOME (LOSS)	$ 177,459	$ (1,318,351)	$ 231,244	$ (4,254,962)	$ (4,151,675)
INCOME (LOSS) FROM CONTINUING OPERATIONS BASIC AND DILUTED NET INCOME (LOSS) PER SHARE	$ 0.00	$ (0.01)	$ 0.00	$ (0.05)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS BASIC AND DILUTED NET INCOME (LOSS) PER SHARE	$ 0.00	$ 0.00	$ 0.00	$ 0.00
WEIGHTED AVERAGE NUMBER COMMON SHARES OUTSTANDING - BASIC AND DILUTED	130,970,506	104,818,695	126,261,397	100,600,094

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		21 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 148,189	$ (4,364,897)	$ (4,341,949)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	1,024	1,228	2,252
Stock-based compensation	166,800	1,123,400	1,439,200
Interest accreted on financial instruments	0	168,600	168,600
Beneficial conversion interest	0	6,360	6,360
Gain on settlement of agreement payable	0	0	(3,486,867)
Gain on disposition of assets	(1,422)	0	(1,422)
Gain on disposal of subsidiaries	0	(86,984)	(86,984)
Loss on impairment in value of investment	0	0	29,592
Fair value of common stock issued for services	39,289	203,306	376,605
Loss (gain) on settlement of debt	(1,214,937)	36,023	(1,178,914)
Amortization of deferred share compensation	5,918	21,576	33,543
Penalty for late delivery of shares	(1,145,350)	1,188,858	1,750,148
Loss (income) from discontinued operations	19,530	(215,824)	450,600
Changes in operating assets and liabilities:
Accounts receivable	201	(11,255)	103,445
Prepaid expenses	372	(259)	(1,797)
Accounts payable and accrued liabilities	1,006,577	629,098	1,819,872
Net cash used in operating activities	(973,809)	(1,300,770)	(2,917,716)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	0	0	(6,846)
Cash utililzed in disposition of subsidiaries	0	(780)	(780)
Proceeds from disposition of assets	1,422	0	1,422
Net cash (used in) provided by investing activities	1,422	(780)	(6,204)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on notes payable	(39,403)	0	(108,371)
Proceeds from notes payable	96,160	338,616	334,776
Proceeds from convertible debentures	0	99,278	100,000
Repayments on debentures payable	0	0	(47,775)
Increase in amounts due to related parties	0	145,665	150,810
Proceeds from issuance of common stock	0	0	1,138,282
Private placement issuance costs	0	(19,447)	(19,447)
Proceeds received from private placement	498,330	287,500	856,802
Net cash provided by financing activities	555,087	851,612	2,405,077
CASH FLOWS FROM (USED BY) DISCONTINUED OPERATIONS	(16,869)	358,090	417,796
Effect of exchange rates	21,874	(3,917)	1,015
Net decrease in cash	(412,295)	(95,765)	(100,032)
Cash, beginning of period	430,549	118,286	118,286
Cash, end of period	18,254	22,521	18,254
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Interest	8,922	31,164	98,387
Income taxes	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash	$ 18,254	$ 430,549
Accounts receivable	2,399	2,600
Prepaid expenses	14,697	15,069
Current assets of discontinued operations	7,057	30,157
TOTAL CURRENT ASSETS	42,407	478,375
EQUIPMENT, net	5,822	6,846
TOTAL ASSETS	48,229	485,221
CURRENT LIABILITIES
Accounts payable	1,272,087	754,220
Accrued liabilities	1,314,778	1,241,579
Notes payable	695,025	2,490,428
Agreement payable	2,910,517	4,081,867
Due to related parties	245,787	369,084
Current liabilities of discontinued operations	696,167	745,116
TOTAL CURRENT LIABILITIES	7,134,361	9,682,294
STOCKHOLDERS' DEFICIT
Preferred stock, 50,000,000 shares authorized, $0.0001 par value; no shares issued	0	0
Common stock, 250,000,000 shares authorized, $0.0001 par value; 137,882,368 and 120,498,559 shares issued and outstanding, respectively	13,789	12,052
Additional paid-in capital	49,964,079	48,132,686
Deferred compensation	0	(5,918)
Obligation to issue shares	1,218,429	1,177,780
Accumulated other comprehensive income	274,698	191,643
Accumulated deficit	(54,215,178)	(54,215,178)
Deficit accumulated in the development stage	(4,341,949)	(4,490,138)
TOTAL STOCKHOLDERS' DEFICIT	(7,086,132)	(9,197,073)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 48,229	$ 485,221