Fellows Energy Ltd - 352,643 448,978...

Fellows Energy Ltd - Recent Material Event

Item 2. Management Discussion and Analysis

Item 3. Controls and Procedures

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 3. Defaults Upon Senior Securities

Item 4. Submission of Matters to a Vote of Security Holders

Item 5. Other Information

Item 6. Exhibits

Signatures

Part I: Financial Information

Item 1. Financial Statements

Fellows Energy Ltd.

Balance Sheets

	Three Months Ended			Year Ended
	March 31,			December 31,

Assets	(Unaudited)
Cash and cash equivalents	$			$	3,654
Accounts receivable		202,220			202,220
Settlement receivable		150,000			243,104
Total current assets		352,643			448,978

Unproved oil & gas property		951,140			951,140
Equipment, net of $49,112 and $44,387 accumulated depreciation respectively		38,147			42,871
Restricted cash		160,000			160,000

Total assets	$	1,501,930		$	1,602,989

Liabilities And Stockholders’ Equity
Accounts payable	$	395,065		$	395,147
Other accrued liabilities		297,517			230,838
Taxes payable		—			3,564
Interest payable		309,025			291,100
Notes payable		282,556			393,381
Convertible debenture		2,053,139			2,253,139

Total current liabilities		3,337,302			3,567,169

Interest payable – related party		454,861			358,234
Notes payable – related party		3,085,376			2,753,573

Stockholders’ equity
Preferred stock, $.001 par value; 25,000,000 shares authorized; none outstanding		—			—
Common stock, $.001 par value; 100,000,000 shares authorized; 100,000,000 and 100,000,000 shares issued and outstanding		100,000			100,000
Additional paid-in capital		20,328,962			20,328,962
Stock pledged as collateral		(53,053	)		(53,053	)
Accumulated deficit		(25,751,518	)		(25,451,896	)

Total stockholders’ equity		(5,375,609	)		(5,075,987	)

Total liabilities and stockholders’ equity	$	1,501,930		$	1,602,989

See accompanying notes to unaudited financial statements

Statements of Operations

(Unaudited)

	Three Months Ended
	March 31,


Revenue	$	—		$	—

Operating expense
General and administrative		172,248			1,557,573

Gross margin		(172,248	)		(1,557,573	)

Other income (expense)
Interest expense, net		(127,374	)		(662,995	)
Miscellaneous income		—			12,691
Total other expense		(127,374	)		(650,304	)

Loss from continuing operations before income tax		(299,622	)		(2,207,877	)

Income tax expense		—			—
Deferred tax benefit		—			—

Loss from continuing operations	$	(299,622	)	$	(2,207,877	)

Revenue from discontinued operations		—			111,410
Expenses from discontinued operations		—			94,547

Gain from discontinued operations		—			16,863

Net loss	$	(299,622	)	$	(2,191,014	)

Basic and diluted loss per share	$	—