Motomova Inc

CIK:0001393044|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		64 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Revenues earned during the exploration stage	$ 24,632	$ 25,527	$ 79,293	$ 87,296	$ 283,703
Cost of revenues earned during the exploration stage:
Oil and gas operating costs	15,109	17,857	50,773	55,487	228,849
Exploration costs	36,700	50,674	36,700	67,037	206,074
Depletion, depreciation and amortization	5,000	7,500	15,000	22,500	71,250
Production taxes	1,773	1,837	5,708	6,284	20,424
Total cost of revenues earned during the exploration stage:	58,582	77,868	108,181	151,308	526,597
Gross profit (loss)	(33,950)	(52,341)	(28,888)	(64,012)	(242,894)
Operating expenses:
Salary - president and majority stockholder	30,000	30,000	90,000	90,000	450,000
Professional fees - CFO and secretary	25,500	25,500	76,500	76,500	381,206
Professional fees - audit and reviews	2,500	2,500	17,500	21,000	83,000
Professional fees - foreign					150,342
General and administrative expenses	2,209	(8,146)	5,606	6,671	141,453
Impairment charges	29,191		29,191		1,586,798
Total operating expenses:	89,400	49,854	218,797	194,171	2,792,799
Loss from operations	(123,350)	(102,195)	(247,685)	(258,183)	(3,035,693)
Other (income) expenses:
Gain from sale of marketable securities				(10,030)	(10,030)
Interest income	(1)		(1)	(1)	(2,448)
Interest expense					359
Interest expense - related parties	15,287	13,073	44,036	45,008	211,788
Total other (income) expenses:	15,286	13,073	44,035	34,977	199,669
Loss before income taxes	(138,636)	(115,268)	(291,720)	(293,160)	(3,235,362)
Income tax provision	0	0	0	0	1,600
Net loss	$ (138,636)	$ (115,268)	$ (291,720)	$ (293,160)	$ (3,236,962)
Net loss per common share - basic and diluted	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)
Weighted average common shares outstanding -
basic and diluted	22,680,000	22,680,000	22,680,000	22,680,000

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended		64 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Cash flows from operating activities:
Net loss	$ (291,720)	$ (293,160)	$ (3,236,962)
used in operating activities:
Depletion, depreciation and amortization	15,000	22,500	72,321
Impairment charges	29,191		1,586,798
Salary contribution	90,000	90,000	450,000
Interest contribution	44,036	45,008	211,788
Changes in operating assets and liabilities:
Revenue receivables	2,958	18,373	0
Receivable from sale of oil and gas properties	(95,295)		(95,259)
Accrued expenses	15,481	(3,110)	32,858
Net cash used in operating activities	(190,349)	(120,389)	(978,456)
Cash flows from investing activities:
Proceeds from sale of marketable securities		5,000	5,000
Acquisition of oil and gas properties			(1,682,996)
Proceeds from sale of oil and gas properties	95,295		191,846
Purchase of equipment			(18,000)
Net cash provided by (used in) investing activities	95,295	5,000	(1,504,150)
Cash flows from financing activities:
Proceeds from notes payable to majority stockholder	75,000	93,975	1,024,892
Repayment of notes payable to majority stockholder			(90,000)
Proceeds from sale of common stock			1,557,100
Net cash provided by financing activities	75,000	93,975	2,491,992
Net change in cash	(20,054)	(21,414)	9,386
Cash at beginning of period	29,404	38,510	0
Cash at end of period	9,350	17,096	9,386
Supplemental disclosure of cash flow information:
Interest paid	0	0	359
Income taxes paid	0	0	0
Noncash investing and financing activities:
Receivable from sale of oil and gas properties	95,295	0	95,295
Forgiveness of debt by a stockholder	0	0	3,000
Salary contribution	90,000	90,000	450,000
Interest contribution	44,036	45,008	211,788
of $245,000 to Soladino Investments SA, an entity owned by
our president for cancellation of $294,000 of notes	0	245,000	245,000
Acquisition of unproved oil and gas properties from
the majority stockholder for notes	0	0	967,881
Soladino Investments SA for cancellation of
$500,000 of notes and cash payment of $96,551	$ 0	$ 0	$ (500,000)

Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash	$ 9,350	$ 29,404
Revenue receivables	0	2,958
Receivable from sale of oil and gas properties	95,295	0
Total current assets	104,645	32,362
Oil and gas properties (successful efforts method):
Unproved acreage	203,014	327,500
Less depletion, depreciation and amortization	(71,250)	(56,250)
Total oil and gas properties (successful efforts method):	131,764	271,250
Total assets	236,409	303,612
Current liabilities:
Accrued expenses	32,858	17,377
Notes payable to majority stockholder	1,024,950	949,950
Total current liabilities	1,057,808	967,327
Preferred stock; $.0001 par value; 1,000,000 shares
authorized; none issued or outstanding	0	0
Common stock; $.0001 par value; 100,000,000 shares
authorized; 22,680,000 shares issued and outstanding	2,268	2,268
Additional paid-in capital	2,413,295	2,279,259
Deficit accumulated during the exploration stage	(3,236,962)	(2,945,242)
Net stockholders’ deficit:	(821,399)	(663,715)
Total liabilities and stockholders’ deficit	$ 236,409	$ 303,612