UNITED STATES

SECURITIES ANDEXCHANGE COMMISSION

Washington, DC 20549

FORM 10-QSB

 

QUARTERLY REPORT UNDERSECTION 13 OR 15(f) OF THE SECURITIES EXCHANGE ACT OF 1934 

FOR THE QUARTERLYPERIOD ENDED MARCH 31, 2006

 

Commission file number333-62588

 

First National PowerCorporation

#219, 227 Bellevue WayNE

Bellevue, WA 98004

416-918-6987

 

IRS TAX ID #76-0819545

State ofIncorporation: Delaware

 

Check whether the issuer (1) filedall reports required to be filed by Section 13 or 15(d) of the Exchange Actduring the past 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes [X] [ ]

 

Indicate by check mark whether theregistrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes [X] No [ ]

 

As of March 31, 2006, there were76,277,260 shares issued and outstanding of the issuer's common stock.

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PART I: FINANCIAL INFORMATION

Item 1. Financial Statements:

| **FIRST NATIONAL POWER CORPORATION**(A Development Stage Company)**INTERIM FINANCIAL STATEMENTS**March 31, 2006**(Amounts expressed in US Dollars)**(Unaudited)
 

 

 
**FIRST NATIONAL POWER CORPORATION**(A Development Stage Company)**INTERIM FINANCIAL STATEMENTS**March 31, 2006**(Amounts expressed in US Dollars)**(Unaudited)**TABLE OF CONTENTS      Interim Balance Sheets as of March 31, 2006 and December 31, 2005
1      Interim Statements of Operations for the three month period ended      March 31, 2006 and March 31, 2005
2      Interim Statements of Cash Flows for the three month period ended      March 31, 2006 and March 31, 2005
3      Interim Statements of Changes in Stockholders' Deficiency for thethree month period ended March 31, 2006 and      the year ended December 31, 2005
4      Condensed Notes to Interim Financial Statements
5
 

 

 

 

 

Item 2: Management's Discussion and Analysis:

The company is continuing its review and exploration of opportunities in thepower generation and utilities industry. As previously announced, First Nationalhas a number of projects in various stages of development: the Prop-less WindPowered Generator currently under development by way of a proprietary contractwith world-renown inventor Alvin Snaper and his team at Impactive Technology ofLas Vegas Nevada; the Green Oasis Project with inventor Chaz Haba of LithiumHouse in California; and several biomass power generation projects, one in theNorth Eastern United States and one in the Caribbean area.  While theCompany is still dealing with both Mr. Snaper and Mr. Haba, the focus of theCompany at the emergence of its development stage is going to be as a financingtool for various power development projects.  It is still the intention ofthe Company to roll the technology related ventures into a wholly ownedsubsidiary and while the deal announced in the summer of 2005 to sell 15% ofthat subsidiary is not likely going to close, we believe that as the technologynears commercial viability, we will be able to revive the sale.

In the 3rd quarter of 2005 the Company reached an agreement with aNorthern Canadian group to purchase a model of the Green Oasis. The agreement todate is a letter of intent, with the company being responsible for outlining thepower capabilities of the unit as they have requested before we can reach adefinitive sales agreement. It is expected that the details of the unit and theactual sales agreement will be in place in the very near future.

Item 3. Effectiveness of the registrant's disclosure controls and procedures

As of March 31, 2006, the Company carried out an evaluation of theeffectiveness of the Company's disclosure controls and procedures (as defined byRule 13a-14(c) under the Securities Exchange Act of 1934) under the supervisionand with the participation of the Company's chief executive officer and chieffinancial officer. Based on and as of the date of such evaluation, theaforementioned officers have concluded that the Company's disclosure controlsand procedures were effective.

The Company also maintains a system of internal accounting controls that isdesigned to provide assurance that assets are safeguarded and that transactionsare executed in accordance with management's authorization and properlyrecorded. This system is continually reviewed and is augmented by writtenpolicies and procedures, the careful selection and training of qualifiedpersonnel and an internal audit program to monitor its effectiveness. During thefirst quarter of fiscal year 2006, there were no significant changes to thissystem of internal controls or in other factors that could significantly affectthose controls.

 

PART II - OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

Exhibits:
Exhibit No.DocumentLocation3.1Articles of    IncorporationPreviously Filed3.2BylawsPreviously Filed31Rule    13a-41(a)/15d-14(a) CertificatesIncluded32Section 1350    CertificationsIncluded
Reports on Form 8-K

None.

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrantcaused this report to be signed on its behalf by the undersigned, thereunto dulyauthorized.

FIRST NATIONAL POWER CORPORATION

DATE: May 9, 2006

 

 

***/s/ Peter Wanner                                       ***

Peter Wanner

Chief Financial Officer************************** |
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