Black Rock Petroleum 10-K Summary & Financial Data

Company profile

Legal name: Black Rock Petroleum Company
Jurisdiction: Nevada corporation
Principal executive office: 108-2559 Parkview Lane, Port Coquitlam, British Columbia V3C 6M1, Canada
Telephone: 778-814-7729
Business type: Start-up focused on oil and gas exploration and distribution of oil field equipment
Ownership/structure: Single officer and director — Zoltan Nagy serves as President, CEO, CFO, Secretary, Treasurer and sole board member

Business model: Distributor of oil field equipment operating as a drop-shipping (fulfillment) business. When a customer places an order, Black Rock collects the full purchase price, pays the equipment manufacturer or wholesale supplier, and arranges delivery to the customer.
The company does not own oil and gas leases or properties.
Reported plan: raise capital via a private placement to acquire an oil and gas lease and drill one well. If capital is not raised, management may suspend or cease operations.
Hiring plans: intends to hire at least one experienced oil and gas lease operator when ready to proceed with leasing and drilling. The sole officer currently devotes approximately 4 hours per week (about 10% of time) to company matters.

Public trading: No public trading market exists for the common stock.
Dividends: No cash dividends declared or paid; the company does not anticipate paying dividends in the near term.
Equity structure (as of April 30, 2024):
- Preferred stock authorized: 100,000,000 shares; issued: 100,000,000; par value $0.00001; amount shown $1,001
- Common stock authorized: 200,000,000 shares; issued: 200,000,000; amount shown $2,000
- Stock subscriptions: $(891)
- Accumulated deficit: $(157,073)
- Total stockholders’ equity (deficit): $(154,963)
Shares outstanding (as of April 30, 2024): 200,000,000 common shares
Subsequent events (post-year filings): cancellation of 50,000,000 preferred shares on November 20, 2024; cancellation of 7,670,000 common shares on March 27, 2025

Employees: 0 employees other than the sole officer/director
Time commitment: Officer intends to devote roughly 4 hours per week (10% of time)
Board and committees: No audit committee, nominating committee, or compensation committee
Internal controls and audit: The company disclosed a going concern note and an assessment of internal controls identifying weaknesses related to the lack of an audit committee and segregation of duties

Revenues: $0 for 2024 and 2023
Net loss: $(1,000) for 2024; $(20,914) for 2023
Operating expenses: $(1,000) in 2024 (general and administrative)
Cash and liquidity: Cash and cash equivalents of $0 at April 30, 2024 and 2023
Assets: Total assets of $0 at April 30, 2024 and 2023
Liabilities (April 30, 2024):
- Current liabilities: $154,963
- Accounts payable: $13,363 (2024); $13,863 (2023)
- Loans payable: $32,125 (2024)
- Due to related party: $109,475 (2024); $107,975 (2023)
- Total liabilities: $154,963 (2024); $153,963 (2023)
Shareholders’ deficit: Preferred stock $1,001; Common stock $2,000; Stock subscriptions $(891); Accumulated deficit $(157,073); Total deficit $(154,963)
Earnings per share: $(0.00) basic and diluted
Weighted average shares outstanding: 200,000,000 (2024); 192,384,521 (2023)

Auditors expressed doubt about the company’s ability to continue as a going concern due to persistent losses and lack of revenue.
Management plans include seeking an acquisition in the mining sector and pursuing a private placement to fund operations and potential drilling.

Advances from CEO/director Zoltan Nagy for operating expenses since 2016; amount due as of April 30, 2024 was $109,475 (unsecured, non-interest bearing, due on demand).
Loan payable of $32,125 from Walter Weeks (unsecured, non-interest bearing, due on demand).

Cybersecurity: The company maintains a cybersecurity risk management program, board oversight, a formal incident response plan, periodic risk assessments and third-party testing; no material incidents reported as of the filing date.
Corrections and restatements: A correction related to prior issuance of preferred shares was noted for the year ended April 30, 2022, with the impact limited to balance sheet presentation; management did not restate prior periods in the filing.
Subsequent events through the date the financial statements were available: cancellation of 50,000,000 preferred shares (Nov 20, 2024) and cancellation of 7,670,000 common shares (Mar 27, 2025).

The company has not generated revenues and reported limited operations. Management will need additional capital to pursue lease acquisition, drilling and development.