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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/15/21 CW Petroleum Corp. 1-SA 6/30/21 1:208K M2 Compliance LLC/FA |
Document/Exhibit Description Pages Size 1: 1-SA Semi-Annual Report or Special Financial Report HTML 107K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 1-SA
[X] SEMIANNUAL REPORT PURSUANT TO REGULATION A
or
[_] SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A
For the fiscal semiannual period ended: June 30, 2021
CW PETROLEUM CORP
(Exact name of issuer as specified in its charter)
| Wyoming | 20-2765559 |
State of other jurisdiction of incorporation or organization |
(I.R.S. Employer Identification No.) |
23501 CINCO RANCH BLVD., SUITE 120-#325
(Full mailing address of principal executive offices)
(713) 857-8142
(Issuer’s telephone number, including area code)
C:
| Item 1. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
You should read the following discussion and analysis of our financial condition and results of our operations together with our financial statements and the notes thereto appearing elsewhere in this Semiannual Report on Form 1-SA. This discussion contains forward-looking statements reflecting our current expectations, whose actual outcomes involve risks and uncertainties. Actual results and the timing of events may differ materially from those stated in or implied by these forward-looking statements due to a number of factors, including those discussed in the section titled “Note Regarding Forward-Looking Statements” and elsewhere in this Semiannual Report on Form 1-SA.
CW Petroleum Corp, a Wyoming corporation (the “Company”), increased its first 6-months sales to $4.2 Million in 2021 vs $3.4 Million in 2020.
The Company is continuing its’ efforts to raise capital through a recently Qualified Reg-1A offering in order to expand its markets throughout the U.S. and qualify to be listed on the NASDAQ.
In addition, the Company is continuing to work with a Global Investment Bank to raise capital.
Under the Reg A rules for financial reporting, the Company is obligated to file unaudited semi-annual and audited annual financial statements.
Due to the high working capital requirements for the acquisition of inventory over the last few years, the company’s growth has been limited. With the potential of additional capital from the Reg 1-A and recent marketing efforts, management believes that the company will be on track to expand its’ sales of Biodiesel, Gasoline, Diesel Fuel, and Specialty Fuel Blends utilizing the company’s own trucking operation and the various Pipelines on which it is approved to ship refined products.
Note Regarding Forward-Looking Statements
Certain matters discussed herein are forward-looking statements. Such forward-looking statements contained in this annual report involve risks and uncertainties, including statements as to:
| ● | our future operating results; | |
| ● | our business prospects; | |
| ● | our contractual arrangements and relationships with third parties; | |
| ● | the dependence of our future success on the general economy and its impact on the industries in which we may be involved; | |
| ● | the adequacy of our cash resources and working capital, and | |
| ● | other factors identified in our filings with the SEC, press releases, if any and other public communications. |
These forward-looking statements can generally be identified as such because the context of the statement will include words such as we “believe,” “anticipate,” “expect,” “estimate” or words of similar meaning. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which are described in close proximity to such statements and which could cause actual results to differ materially from those anticipated as of the date of this Semiannual Report on Form 1-SA. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this Semiannual Report on Form 1-SA and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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The following discussion and analysis provide information which management believes to be relevant to an assessment and understanding of the results of operations and financial condition of CW Petroleum Corp, a Wyoming corporation (the “Company”). This discussion should be read together with the Company’s financial statements and the notes to financial statements, which are included in this Semiannual Report on Form 1-SA.
Results of Operations for the Six Months Ended June 30, 2021 and June 30, 2020
Our sales were $4.2 million for the six months ended June 30, 2021, vs. $3.4 million for the six months ended June 30, 2020.
We had profits of $20,949 and an EBITDA of $124,111 for the six months ended June 30, 2021.
Our revenue for the six months ended June 30, 2021, was $4,188,152 million, a 21% increase from the six months ended June 30, 2020, revenue of $3,462,230 million. We recognized $0 in bonuses or rebates, which we recorded as part of other income in the six months ended June 30, 2021, as opposed to $107,017 in the six months ended June 30, 2020.
Cost of revenue amounted to $3,537,610 for the six months ended June 30, 2021, a 26% increase from the prior six months ended June 30, 2020, total of $2,798,600 resulting, in part, from the increase in sales.
Our gross margin on total costs of revenue amounted to approximately $650,542 in the six months ended June 30, 2021, a 2% decrease from the prior six months ended June 30, 2020, total of approximately $663,630.
For the six months ended June 30, 2021, we produced net income of $20,949, an 83% decrease from the six months ended June 30, 2020, net income of $122,073, resulting primarily from the increase in the cost of oil.
On March 30, 2021, we announced its REG A+ Tier 2 offering statement was qualified by the U.S. Securities and Exchange Commission. We will now be able to go ahead with our plan to offer as much as $50,000,000 of our common stock to qualified investors at a $0.75 per share. As of June 30, 2021, we have sold 43,333 shares for $31,900 related to this offering.
All proceeds of the offering will be used to continue with our business plan as follows:
First: introducing our Proprietary EPA-approved Reformulated “No Ethanol” Gasoline into the North Eastern U.S. and Midwest.
Second: the expansion of our Refined Products Trading across all USA Refined Products Pipelines we are currently approved to ship on and other trading platforms.
Third: the expansion of sales of Biodiesel, Renewable Diesel Fuel, and Renewable Gasoline as part of our “Green Renewable Fuels Program.”
Fourth: the rapid acquisition of Convenience Stores to become a fully-integrated oil company and capture all profits from the Refinery to the Retail Customer. We engaged a Real Estate Agency to search for possible locations to build our own Convenience stores.
Our long-term goal is be listed on the NASDAQ so we can provide greater market exposure for our shareholders.
We have engaged a global investment bank to raise capital to expand our nationwide growth.
Due to the high working capital requirements for the acquisition of inventory over the last few years, our growth has been limited. With the potential of additional capital from our offering and recent marketing efforts, our management believes that we will be on track to expand our sales of Biodiesel, Gasoline, Diesel Fuel, and Specialty Fuel Blends utilizing our own trucking operation and the various pipelines on which we are approved to ship refined products.
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Liquidity
We have no committed sources of funds and will be dependent on funds provided or obtained by the existing shareholders until other sources of funds are obtained. The existing shareholder’s ability to provide funds is limited. All funding to date has been provided by the shareholders, operations and equipment financing.
On June 30, 2021, our cash balance amounted to approximately $379,407 compared to approximately $552,844 as of June 30, 2020. Our net working capital has increased by approximately $397,203.
Cash Flow
Cash generated from operations for the six months ended June 30, 2021, amounted to $199,205, a 18% decrease from the six months ended June 30, 2020, total of $242,572. This decrease resulted primarily from a decrease in accounts receivable and net income.
During the six months ended June 30, 2021, our cash used in investing activities was $(400), a 78% increase from the six months ended June 30, 2020, total of $(1,844), due to cash paid for more fixed assets in 2020.
Cash used in financing activities for the six months ended June 30, 2021, was $(391,615) due to the deferred offering costs and debt payments on installment notes on transportation equipment offset by proceeds from the issuance of common stock. Cash used in financing activities for the six months ended June 30, 2020, was $304,369 due to debt proceeds from installment notes on transportation equipment.
Trends
Our only trend information relates to the price of oil. We have a limited capacity of inventory storage and containment facilities which limited our revenue capacity. Therefor increases and decreases in revenue are primarily attributable to the price of diesel fuel and oil.
Critical Accounting Policies
The following are deemed to be the most significant accounting estimates affecting us and our results of operations:
Inventories
Inventories are valued primarily using average cost and are stated at the lower of average cost or market. We utilize a variety of fuel indices and other indicators of market value. Sharp negative changes in these indices can result in reduction of our inventory valuation, which could have an adverse impact on our results of operations in the period in which we take the adjustment. Historically these adjustments have not had a significant impact on our consolidated statements of operations. Components of inventory include fuel purchase costs, the related transportation costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship.
Revenue Recognition
Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.
Fuel sales are generated as a fuel reseller as well as from on-hand inventory supply. When acting as a fuel reseller, the Company generally purchases fuel from the supplier, and contemporaneously resells the fuel to the customer, normally taking delivery for purchased fuel at the same place and time as the delivery is made to the customer. The Company records the gross sale of the fuel as we generally take inventory risk, have latitude in establishing the sales price, have discretion in the supplier selection, maintain credit risk and are the primary obligor in the sales arrangement.
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The Company records the sale of fuel-related services on a gross basis as we generally have latitude in establishing the sales price, have discretion in supplier selection, maintain credit risk and are the primary obligor in the sales arrangement.
Seasonality
We do not expect a lot of seasonality affecting our business. However, December is likely to have somewhat lower sales than other months.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K, obligations under any guarantee contracts or contingent obligations. We also have no other commitments, other than the costs of being a public company that will increase our operating costs or cash requirements in the future.
| Item 2. | Other Information |
None.
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| Item 3. | Financial Statements |
CW PETROLEUM CORP
Index to Consolidated Financial Statements
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| F- C: 1 |
CW PETROLEUM CORP
(Unaudited)
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 379,407 | $ | 572,217 | ||||
| Accounts receivable | ||||||||
| Trade, net | 277,762 | 74,603 | ||||||
| Inventory | 127,607 | 127,607 | ||||||
| Deferred offering costs | 560,014 | 350,008 | ||||||
| Other current assets | 8,300 | 8,300 | ||||||
| Total current assets | 1,353,090 | 1,132,735 | ||||||
| Property and equipment, net | 443,951 | 449,136 | ||||||
| Other assets | 13,820 | 10,026 | ||||||
| Total assets | $ | 1,810,861 | $ | 1,591,897 | ||||
| LIABILITES AND SHAREHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 312,221 | $ | 220,396 | ||||
| Short term notes payable – related party | 295,000 | 295,000 | ||||||
| Current maturities of long-term debt | 67,539 | 125,744 | ||||||
| Total current liabilities | 674,760 | 641,140 | ||||||
| Long-term debt, net | 417,162 | 494,673 | ||||||
| Total liabilities | $ | 1,091,922 | $ | 1,135,813 | ||||
| Shareholders’ equity (deficit) | ||||||||
| Preferred stock –1,000,000 shares authorized, issued and outstanding with a par value of $.0001 per share | 100 | 100 | ||||||
| Common stock – 99,000,000 shares authorized, $0.0001 par value 13,347,398 and 13,304,065 issued and outstanding as of June 30, 2021, and December 31, 2020, respectively. | 1,335 | 1,331 | ||||||
| Stock payable | 300 | 300 | ||||||
| Additional Paid-in capital | 926,566 | 684,664 | ||||||
| Accumulated deficit | (205,862 | ) | (226,811 | ) | ||||
| Total shareholders’ equity (deficit) | 718,939 | 456,084 | ||||||
| Total liabilities and shareholders’ equity (deficit) | $ | 1,810,861 | $ | 1,591,897 | ||||
The accompanying notes are an integral part of these financial statements
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| F-2 |
CW PETROLEUM CORP
Consolidated Statements of Operations
(Unaudited)
| Six Months Ended | ||||||||
| Operations | ||||||||
| Revenue | ||||||||
| Fuel sales | $ | 4,188,152 | $ | 3,355,213 | ||||
| Bonuses and rebates | - | 107,017 | ||||||
| Total revenue | 4,188,152 | 3,462,230 | ||||||
| Cost of revenue | ||||||||
| Cost of fuel sold | 3,370,156 | 2,640,130 | ||||||
| Freight | 110,079 | 100,450 | ||||||
| Transport costs | 57,375 | 58,020 | ||||||
| Total cost of revenue | 3,537,610 | 2,798,600 | ||||||
| Margin on operations | 650,542 | 663,630 | ||||||
| Gain on sale of asset | - | 1,121 | ||||||
| Operating expenses | 598,106 | 509,810 | ||||||
| Earnings (loss) from operations | 52,436 | 154,941 | ||||||
| Other expense, net | 31,487 | 30,373 | ||||||
| Income before income taxes | 20,949 | 124,568 | ||||||
| Income tax recovery | ||||||||
| Current | - | 2,495 | ||||||
| Net income | $ | 20,949 | $ | 122,073 | ||||
| Earnings Per Share | ||||||||
| Weighted average shares outstanding | 13,323,306 | 12,973,500 | ||||||
| Basic and fully diluted loss per share | $ | 0.00 | $ | 0.01 | ||||
The accompanying notes are an integral part of these financial statements
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| F-3 |
CW PETROLEUM CORP
Consolidated Statements of Changes in Shareholders’ Equity
For the Six Months Ended June 30, 2021 and 2020
(Unaudited)
Six Months Ended June 30, 2021
| Common Stock | Preferred Stock | Treasury | Paid-In | Stock | Accumulated | |||||||||||||||||||||||||||||||
| Description | Shares | Amount | Shares | Amount | Stock | Capital | Payable | Deficit | Total | |||||||||||||||||||||||||||
| Balance December 31, 2020 | 13,304,065 | $ | 1,331 | 1,000,000 | $ | 100 | $ | (3,500 | ) | $ | 684,664 | $ | 300 | $ | (226,811 | ) | $ | 456,084 | ||||||||||||||||||
| Shares issued for cash | 43,333 | 4 | - | - | - | 31,896 | - | - | 31,900 | |||||||||||||||||||||||||||
| Shares issued for services | - | - | - | - | - | 210,006 | - | - | 210,006 | |||||||||||||||||||||||||||
| Net income for the year ended June 30, 2021 | - | - | - | - | - | - | - | 20,949 | 20,949 | |||||||||||||||||||||||||||
| Balance June 30, 2021 | 11,698,500 | $ | 1,335 | 1,000,000 | $ | 100 | $ | (3,500 | ) | $ | 926,566 | $ | 300 | $ | (205,862 | ) | $ | 718,939 | ||||||||||||||||||
Six Months Ended June 30, 2020
| Common Stock | Preferred Stock | Treasury | Paid-In | Stock | Accumulated | |||||||||||||||||||||||||||||||
| Description | Shares | Amount | Shares | Amount | Stock | Capital | Payable | Deficit | Total | |||||||||||||||||||||||||||
| Balance December 31, 2019 | 12,973,500 | $ | 1,297 | 1,000,000 | $ | 100 | $ | - | $ | 404,690 | $ | 300 | $ | (333,650 | ) | $ | 72,737 | |||||||||||||||||||
| Repurchase of common stock | - | - | - | - | (3,500 | ) | - | - | - | (3,500 | ) | |||||||||||||||||||||||||
| Net income for the year ended June 30, 2020 | - | - | - | - | - | - | - | 122,073 | 122,073 | |||||||||||||||||||||||||||
| Balance June 30, 2020 | 12,973,500 | $ | 1,297 | 1,000,000 | $ | 100 | $ | (3,500 | ) | $ | 404,690 | $ | 300 | $ | (211,577 | ) | $ | 191,310 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements
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| F-4 |
CW PETROLEUM CORP
Consolidated Statements of Cash Flow
(Unaudited)
| For the Six Months Ended | ||||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 20,949 | $ | 122,073 | ||||
| Depreciation | 83,378 | 80,552 | ||||||
| Gain on sale of asset | - | (1,121 | ) | |||||
| Bade debt expense | 17,394 | - | ||||||
| Services paid for with shares | 210,006 | - | ||||||
| Changes in | ||||||||
| Accounts receivable | (220,553 | ) | (3,869 | ) | ||||
| Other current assets | - | (70,000 | ) | |||||
| Accounts payable and accrued expenses | 91,825 | 117,466 | ||||||
| Other assets | (3,794 | ) | (2,529 | |||||
| Net cash provided by operations | 199,205 | 242,572 | ||||||
| Cash flows from investing activities | ||||||||
| Acquisition of property and equipment | (400 | ) | (4,995 | ) | ||||
| Cash received from sale of fixed assets | - | 3,151 | ||||||
| Net cash used in investing activities | (400 | ) | (1,844 | ) | ||||
| Cash flows from financing activities | ||||||||
| Purchase of treasury stock | - | (3,500 | ) | |||||
| Proceeds from issuance of common stock | 31,900 | - | ||||||
| Deferred offering costs | (210,006 | ) | - | |||||
| Debt proceeds | - | 150,000 | ||||||
| Debt payments | (213,509 | ) | (82,859 | ) | ||||
| Cash flows used in financing activities | (391,615 | ) | 63,641 | |||||
| Net (decrease) increase in cash and cash equivalents | (192,810 | ) | 304,369 | |||||
| Cash and cash equivalents | ||||||||
| Beginning of year | 572,217 | 248,475 | ||||||
| End of year | $ | 379,407 | 552,844 | |||||
| Supplemental disclosures | ||||||||
| Cash paid for interest | $ | (19,784 | ) | (11,703 | ) | |||
| Non-cash financing and investing activities | ||||||||
| Installment notes issued for property acquisitions | $ | 77,793 | - | |||||
The accompanying notes are an integral part of these financial statements
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| F-5 |
CW PETROLEUM CORP
Notes to Consolidated Financial Statements
For the Six Months Ended June 30, 2021
(Unaudited)
Note 1 - Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying consolidated balance sheets as of June 30, 2021, and December 31, 2020, which was derived from audited financial statements, and the unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP for interim financial information, the instructions to Form 1-SA and Article 10 of Regulation S-X. In the opinion of management, the accompanying unaudited, consolidated financial statements contain all adjustments necessary to present fairly the financial position of the Company as of June 30, 2021, and the cash flows and results of operations for the six-month periods ended June 30, 2021, and 2020. Such adjustments consisted only of normal recurring items. The results of operations for the six-month periods ended June 30, 2021, and 2020 are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The accounting policies followed by the Company are set forth in Note 1 to the Company’s consolidated financial statements contained in the Company’s Offering Statement (Regulation A) on Form 1-K filed on April 30, 2021, and it is suggested that these interim consolidated financial statements be read in conjunction therewith.
Earnings per Common Share
Basic earnings per common share is computed by dividing net income attributable to CW Petroleum Corp and available to common shareholders by the sum of the weighted average number of shares of common stock. Diluted earnings per common share is computed by dividing net income attributable to us and available to common shareholders by the sum of the weighted average number of shares of common stock and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. We currently have no common stock equivalents.
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| F-6 |
CW PETROLEUM CORP
Notes to Consolidated Financial Statements
For the Six Months Ended June 30, 2021
(Unaudited)
Note 2 - Accounts Receivable
CW has accounts receivable of $277,762 and $74,603, net of an allowance for bad debt of $23,118 and $8,118, as of June 30, 2021, and December 31, 2020, respectively. Accounts receivables are written-off when it becomes apparent based upon age or customer circumstances that such amounts will not be collected.
The following table sets forth activities in our allowance for bad debt:
| Description | 2021 | |||||||
| Balance as of beginning of period | $ | 8,118 | $ | 23,118 | ||||
| Charges to provision for bad debt | 17,394 | (15,000 | ) | |||||
| Balance as of end of period | $ | 25,512 | $ | 8,118 | ||||
Note 3 – Inventories
Inventories as of June 30, 2021, and December 31, 2020, consists of the following:
| Description | 2021 | |||||||
| Tank Heel Inventory | $ | 127,607 | $ | 127,607 | ||||
| Total | $ | 127,607 | $ | 127,607 | ||||
Tank heel inventory represents the cost of fuel maintained in storage tanks owned by other parties to assure maintenance of capacity.
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| F-7 |
CW PETROLEUM CORP
Notes to Consolidated Financial Statements
For the Six Months Ended June 30, 2021
(Unaudited)
Note 4 - Property and Equipment
The amount of property and equipment as of June 30, 2021, and December 31, 2020, consist of the following:
| Description | 2021 | |||||||
| Furniture, fixtures and equipment | $ | 17,932 | $ | 17,932 | ||||
| Transportation equipment | 1,097,523 | 1,019,330 | ||||||
| Total property cost | $ | 1,115,455 | $ | 1,037,262 | ||||
| Accumulated depreciation | 671,504 | 588,126 | ||||||
| Property and equipment, net | $ | 443,951 | $ | 449,136 | ||||
For the six months ended June 30, 2021, and 2020, CW recorded depreciation expense of $83,378 and $80,552, respectively. We acquired equipment of $78,193 and $4,995 during the six months ended June 30, 2021, and 2020, respectively.
Note 5 - Debt
CW has installment notes payable secured by our transportation equipment. Interest rates range from 2% to 18% per annum and averaged 7.98% and 6.98% as of June 30, 2021, and December 31, 2020, respectively. The terms of these notes range from 36 to 72 months and average 59. Total monthly payments under these notes amounted to $8,191 and $12,956 as of June 30, 2021, and December 31, 2020, respectively.
During the six months ended June 30, 2021, CW acquired notes of $77,793 for property and equipment and made repayments of $213,508 and acquired notes of $0 for property and equipment and made repayments of $82,859 during the six months ended June 30, 2020.
Economic Injury Disaster Loan
On May 31, 2020, The Company executed the standard loan documents required for securing a loan (the “EIDL Loan”) from the SBA under its Economic Injury Disaster Loan (“EIDL”) assistance program considering the impact of the COVID-19 pandemic on the Company’s business.
Pursuant to that certain Loan Authorization and Agreement (the “SBA Loan Agreement”), the principal amount of the EIDL Loan is up to $150,000, with proceeds to be used for working capital purposes. The Company has secured an EIDL loan in the amount of $150,000. Interest accrues at the rate of 3.75% per annum and will accrue only on funds actually advanced from the date of each advance. Installment payments, including principal and interest, are due monthly beginning May 31, 2021 (twelve months from the date of the SBA Note (defined below)) in the amount of $731. The balance of principal and interest is payable thirty years from the date of the SBA Note. In connection therewith, the Company received a $2,000 advance, which does not have to be repaid. This loan has been fully repaid as of June 30, 2021.
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| F-8 |
CW PETROLEUM CORP
Notes to Consolidated Financial Statements
For the Six Months Ended June 30, 2021
(Unaudited)
As of June 30, 2021, the aggregate annual maturities of debt are as follows:
| Six Months Ended June 30, 2021 | Amount | |||
| 2021 | $ | 67,539 | ||
| 2022 | 129,549 | |||
| 2023 | 100,525 | |||
| 2024 | 88,768 | |||
| 2025 | 61,935 | |||
| Thereafter | 36,386 | |||
| Total | $ | 484,701 | ||
Note 6 – Related Party Transactions
Short term notes payable includes $295,000 and $295,000 as of June 30, 2021, and 2020, respectively of noninterest-bearing loans from related parties. Interest expense of $11,703 and $11,703 was accrued for the six months ended June 30, 2021, and 2020.
The Company leases land for storage of transportation equipment on a month-to-month lease from its President for $1,500 per month.
Note 7 – Concentrations
Accounts receivable as of June 30, 2021, are concentrated among three customers representing 58%, 10% and 10% of accounts receivable. As of December 31, 2020, three customers make up 75%, 14% and 11% of accounts receivable.
Revenue includes a significant concentration among customers for the six-month ended June 30, 2021, in which one customer represent 86% of revenue.
Revenue includes a significant concentration among customers for the year ended December 31, 2020, in which one customer represent 80% of revenue.
Note 8 – Subsequent Events
Subsequent events have been evaluated through September 15, 2021, the date these financial statements were available to be released and noted no other events requiring disclosure.
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| F-9 |
| Item 4. | Exhibits |
Index to Exhibits
| Exhibit Number | Exhibit Description | |
| 2.1** | Articles of Incorporation | |
| 2.2** | Amendment to Articles of Incorporation | |
| 2.3* | By-Laws | |
| 4.1** | Subscription Agreement | |
| 14.1* | Code of Ethics |
* Previously filed on Post-Qualification Amendment No. 1 filed on September 30, 2019.
** Previously filed on Form 1-A filed on February 9, 2021.
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SIGNATURES
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CW Petroleum Corp | |||
| Date: | September 15, 2021 | By: | /s/ Christopher Williams |
| Christopher Williams, Chief Executive Officer and President (Principal Executive Officer). | |||
Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.
| Signature | Title | Date | ||
| /s/ Christopher Williams | President, CEO, Secretary, Director | September 15, 2021 | ||
| Christopher Williams | (Principal Executive Officer) |
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| This ‘1-SA’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 9/15/21 | |||
| For Period end: | 6/30/21 | |||
| 5/31/21 | ||||
| 4/30/21 | 1-K | |||
| 3/30/21 | ||||
| 2/9/21 | 1-A | |||
| 12/31/20 | 1-K | |||
| 6/30/20 | 1-SA | |||
| 5/31/20 | ||||
| 12/31/19 | 1-K | |||
| 9/30/19 | 1-A POS | |||
| 1/1/18 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/09/21 CW Petroleum Corp. 1-A 7:2M M2 Compliance LLC/FA 9/30/19 CW Petroleum Corp. 1-A POS 9/27/19 8:5.2M M2 Compliance LLC/FA |