UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,DC 20549

FORM 10-QSB

 

QUARTERLYREPORT UNDER SECTION 13 OR 15(f) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THEQUARTERLY PERIOD ENDED **March 31, 2007**

 

Commissionfile number 333-62588

 

FirstNational Power Corporation

#219, 227Bellevue Way NE

Bellevue, WA98004

416-918-6987

 

IRS TAX ID #76-0819545

State ofIncorporation: Delaware

 

Check whether the issuer (1) filed all reports required to be filed bySection 13 or 15(d) of the Exchange Act during the past 12 months (or for suchshorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days. Yes [X] [ ]

Indicate by check mark whether the registrant is a shell company (as definedin Rule 12b-2 of the Exchange Act). [x] Yes [ ] No

As of **March 31, 2007**, there were 76,277,260 shares issued andoutstanding of the issuer's common stock.

 

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements:

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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| **FIRST NATIONAL POWER CORPORATION**(A Development Stage Company)**INTERIM FINANCIAL STATEMENTS**March 31, 2007**(Amounts expressed in US Dollars)**(Unaudited)
 

 
**FIRST NATIONAL POWER CORPORATION**(A Development Stage Company)**INTERIM FINANCIAL STATEMENTS**March 31, 2007**(Amounts expressed in US Dollars)**(Unaudited)**TABLE OF CONTENTSInterim Balance Sheets as of March 31, 2007 and      December 31, 2006
1Interim Statements of Operations for the three month      period ended  March 31, 2007 and March 31, 2006 
2Interim Statements of Cash Flows for the three month      period endedMarch 31, 2007 and March 31, 2006
3Interim Statements of Changes in Stockholders'      Deficiency for thethree month period ended March 31, 2007 and the      year ended December 31, 2006
4Condensed Notes to Interim Financial Statements
5
 

 
**FIRST NATIONAL POWER      CORPORATION**(A Development Stage Company)**Interim Balance Sheets**As of March 31, 2007 and December 31, 2006**(Amounts expressed in US Dollars)**(Unaudited)       
March 31, 2007 
December 31, 2006       
$     
$    **ASSETS**    CURRENT      ASSETS          Cash and      cash equivalents 201,381  203,227   201,381  203,227           **LIABILITIES**    CURRENT      LIABILITIES     Accounts      payable and accrued liabilities 22,513  23,074  Loans from      shareholders 258,313  258,313   280,826  281,387                **STOCKHOLDERS' DEFICIENCY**         CAPITAL      STOCK 76,278  76,278       CAPITAL      STOCK SUBSCRIBED 146  146       ADDITIONAL      PAID-IN-CAPITAL 320,937  320,937       DEFICIT,      ACCUMULATED DURING THE DEVELOPMENT STAGE (476,806) (475,476)  (79,445) (78,115)       201,381  203,272           
See condensed notes to the interim financial statements.                               
APPROVED ON BEHALF OF THE BOARD          Director         Director                 
1
 

 
**FIRST NATIONAL POWER CORPORATION**(A Development Stage Company)**Interim Statements of Operations**For the three month periods ended March 31, 2007 and      March 31, 2006**(Amounts expressed in US Dollars)**(Unaudited)                                     
Cumulative 
Three Months 
Three Months  
Since 
ended 
ended  
Inception 
March 31, 2007 
March 31, 2006  
$ 
$ 
$      OPERATING EXPENSES             Forgiveness      of accounts payable and loans 
(47,394) 
-  
-  General and      administrative expenses 
318,889  
1,296  
10,441  Project      Development Costs 
202,051  
-    Interest      
3,260  
34  
63   
476,806  
1,330  
10,504                     NET LOSS 
(476,806) 
(1,330) 
(10,504)             Net loss per share, basic and diluted   
$ (0.00) 
$ (0.00)             Weighted average common shares outstanding   
76,276,760  
76,276,760                                                                                                                                      
See condensed notes to the interim financial statements.                                   
2
 
**FIRST NATIONAL POWER CORPORATION**(A Development Stage Company)**Interim Statements of Cash Flows **For the three month periods ended March 31, 2007 and      March 31, 2006**(Amounts expressed in US Dollars)**(Unaudited)                                     
Cumulative 
Three Months 
Three Months  
Since 
ended 
ended  
Inception 
March 31, 2007 
March 31, 2006  
$ 
$ 
$      CASH FLOWS FROM OPERATING ACTIVITIES             Net loss      (476,806) (1,330) (10,504) Adjustments      for items not affecting cash       Shares      issued for services rendered 299,890      Forgiveness      of accounts payable and loans (47,394)     Increase      (decrease) in accounts payable       and accrued      liabilities 26,512  (561) (1,087)        
Net cash used in operating activities (197,798) (1,891) (11,591)             CASH FLOWS FROM FINANCING ACTIVITIES              Loans from      Shareholders 301,708    11,571  Proceeds      from sale of capital stock 26,954    -  
Proceeds from capital stock subscriptions 70,517  
-  
-         
Net cash provided by financing activities 399,179  -   11,571              NET INCREASE IN CASH AND CASH EQUIVALENTS 201,381  (1,891) (20)        Cash,      beginning of period -  203,272  35              CASH AND CASH EQUIVALENTS, END OF PERIOD 201,381  201,381  15              INCOME TAXES PAID -  -  -              INTEREST PAID 3,260  34  63                                                                                            
See condensed notes to the interim financial statements.                                   
3
 

 
**FIRST NATIONAL POWER CORPORATION**(A Development Stage Company) **Interim Statements of Changes in Stockholders'      Deficiency**For the three month period ended March 31, 2007 and the      year ended December 31, 2006**(Amounts expressed in US Dollars)**(Unaudited)                                           
Deficit    
Common   
Additional 
accumulated  
Common 
Stock 
Common 
Paid-In

during the  
Stock 
Number of 
Stock 
Capital 
development  
Amount 
Shares 
Subscribed 
(Discount) 
stage  
$         
$      
$      
$           Balance at November 16, 2000           Issuance of      common stock for cash 
100 
 
100,000 
 
 
 
900 
 
  
Net Loss for the Period 
 
 
 
 
 
 
 
 
(968)  
 
 
 
 
 
 
 
 
       Balance as of December 31, 2000 
100 
 
100,000 
 
- 
 
900 
 
(968)  
 
 
 
 
 
 
 
 
  Issuance of      stock for cash 
400 
 
400,000 
 
 
 
3,600 
 
  Issuance of      stock for cash 
700 
 
700,000 
 
 
 
6,300 
 
  Issuance of      stock for cash 
850 
 
850,000 
 
 
 
7,650 
 
  Currency      Translation 
 
 
 
 
 
 
100 
 
  
Net Loss for the Year 
 
 
 
 
 
 
 
 
(23,954)  
 
 
 
 
 
 
 
 
       Balance as of December 31, 2001 
2,050 
 
2,050,000 
 
- 
 
18,550 
 
(24,922)  
 
 
 
 
 
 
 
 
  Expiration      of recission offer for 
 
 
 
 
 
 
 
 
  sale of      stock 
64 
 
63,536 
 
 
 
6,290 
 
  
Net Loss for the Year 
 
 
 
 
 
 
 
 
(26,047)  
 
 
 
 
 
 
 
 
       Balance as of December 31, 2002 
2,114 
 
2,113,536 
 
- 
 
24,840 
 
(50,969)  
 
 
 
 
 
 
 
 
  
Stock split 5:1 
8,454 
 
8,454,144 
 
 
 
(8,454)
 
  
Shares issued for services rendered 
200 
 
200,000 
 
 
 
79,800 
 
  
Net Loss for the Year 
 
 
 
 
 
 
 
 
(107,245)  
 
 
 
 
 
 
 
 
       Balance as of December 31, 2003 
10,768 
 
10,767,680 
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