UNITEDSTATES

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 **June 30, 2007**

 

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) 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 **June 30, 2007**, there were 76,277,260 shares issued andoutstanding of the issuer's common stock.

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PART I: FINANCIAL INFORMATION

Item 1. Financial Statements:

 

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| **FIRST NATIONAL POWER CORPORATION**(A Development Stage Company)**INTERIM FINANCIAL STATEMENTS**June 30, 2007**(Amounts expressed in US Dollars)**(Unaudited)
 

 
**FIRST NATIONAL POWER CORPORATION**(A Development Stage Company)**INTERIM FINANCIAL STATEMENTS**June 30, 2007**(Amounts expressed in US Dollars)**(Unaudited)**TABLE OF CONTENTS      Interim Balance Sheets as of June 30, 2007 and December 31, 2006
1      Interim Statements of Operations for the six month period ended      June 30, 2007 and June 30, 2006
2      Interim Statements of Operations for the three month period ended      June 30, 2007 and June 30, 2006
3      Interim Statements of Cash Flows for the six month period ended      June 30, 2007 and June 30, 2006
4      Interim Statements of Changes in Stockholders' Deficiency for thesix month period ended June 30, 2007 and the      year ended December 31, 2006
5      Condensed Notes to Interim Financial Statements
6
 

Item 2: Management's Discussion and Analysis:

The Company continues to work at the fringes of the Durham Strategic EnergyPark in Clarington Ontario. A number of power generation projects are beingconsidered for that site and Company continues to maintain a relationship withthe owners of the property. If an economically viable power generation projectcan be designed and agreed upon with the various regulatory bodies, the Companyis confident that understandings for access to the property can be solidifiedand contracted. 

The Company is also dealing with a Canadian inventor for the rights to adevice that will generate power from wind. Marketing concepts have beendiscussed and researched so that as soon as the patent is granted to theinventor, the Company will be able to market this generating system to allexisting wind farms. This generation system will be usable on existing windtowers, without further environmental or regulatory approval and is designed sothat there will be a minimum of additional maintenance support. 

Finally, the Company is evaluating a series of bio-mass projects. Some of theprojects are in their final stages of due diligence and others are still in theeconomic modeling stage. 

Last year, the company secured a loan from York Truck. These funds will seethe Company thru the due diligence and initialization of at least 1 of theseprojects. 

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

Within the 90-day period prior to the filing of this report, the Companycarried out an evaluation of the effectiveness of the Company's disclosurecontrols and procedures (as defined by Rule 13a-14(c) under the SecuritiesExchange Act of 1934) under the supervision and with the participation of theCompany's chief executive officer and chief financial officer. Based on and asof the date of such evaluation, the aforementioned officers have concluded thatthe Company's disclosure controls and 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 thethird 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

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

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: August 6, 2007

 

 

***/s/ Peter Wanner                                       ***

Peter Wanner

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