x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended March 31, 2012
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _____ to _____
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Apolo Gold & Energy, Inc.
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(Excact name of registrant as specified in its Charter)
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Nevada
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98-0412805
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(State of Other Jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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#12 - 1900 Indian River Cr.
North Vancouver, BC V7G 2R1
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(Address of principal executive offices) (Zip Code)
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604 970 0901
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(Registrant's telephone number including area code)
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o
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Smaller reporting company x
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(Do not check if a smaller reporting company)
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March 31,
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June 30,
|
|||||||
ASSETS
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2012
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2011
|
||||||
CURRENT ASSETS
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||||||||
Cash
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$ | 367 | $ | 425 | ||||
Accounts receivable
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- | - | ||||||
Total Current Assets
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367 | 425 | ||||||
TOTAL ASSETS
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$ | 367 | $ | 425 | ||||
LIABILITIES & STOCKHOLDERS' DEFICIT
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||||||||
CURRENT LIABILITIES
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||||||||
Accounts payable and accrued expenses
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$ | 28,444 | $ | 30,710 | ||||
Loans payable, related party (Note 6)
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47,251 | 14,087 | ||||||
Total Current Liabilities
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75,695 | 44,797 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 5)
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- | - | ||||||
STOCKHOLDERS' DEFICIT
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||||||||
Common stock, 300,000,000 shares authorized, $0.001 | ||||||||
par value; 6,503,295 and 6,503,295 shares
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||||||||
issued and outstanding, respectively (Note 4)
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6,503 | 6,503 | ||||||
Additional paid-in capital
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7,558,884 | 7,558,884 | ||||||
Accumulated deficit prior to exploration stage
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(1,862,852 | ) | (1,862,852 | ) | ||||
Deficit accumulated during exploration stage
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(5,777,863 | ) | (5,746,907 | ) | ||||
TOTAL STOCKHOLDERS' DEFICIT
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(75,328 | ) | (44,372 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
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$ | 367 | $ | 425 |
Three Months
Ended |
Three Months
Ended |
Nine Months
Ended |
Nine Months
Ended |
Period from
April 16, 2002 |
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March 31,
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March 31,
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March 31,
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March 31,
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Through
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||||||||||||||||
2012
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2011
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2012
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2011
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March 31, 2012
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REVENUES
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$ | - | $ | - | $ | - | $ | - | ||||||||||||
EXPENSES
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||||||||||||||||||||
Consulting and professional fees
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5,182 | 6,909 | 22,214 | 32,403 | 1,891,186 | |||||||||||||||
Exploration costs
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- | - | - | - | 2,449,248 | |||||||||||||||
Stock compensation expense
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- | - | - | - | 381,340 | |||||||||||||||
General and administrative expenses
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3,247 | 5,847 | 8,742 | 16,301 | 1,022,524 | |||||||||||||||
TOTAL EXPENSES
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8,429 | 12,756 | 30,956 | 48,704 | 5,744,298 | |||||||||||||||
LOSS FROM OPERATIONS
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(8,429 | ) | (12,756 | ) | (30,956 | ) | (48,704 | ) | (5,744,298 | ) | ||||||||||
OTHER INCOME (EXPENSE)
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||||||||||||||||||||
Loss on sale of mining equipment
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- | - | - | - | (177,193 | ) | ||||||||||||||
Gain on settlement of debt
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- | - | - | - | 142,442 | |||||||||||||||
Other income
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- | - | - | - | 1,186 | |||||||||||||||
- | - | - | - | (33,565 | ) | |||||||||||||||
LOSS BEFORE INCOME TAXES
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(8,429 | ) | (12,756 | ) | (30,956 | ) | (48,704 | ) | (5,777,863 | ) | ||||||||||
INCOME TAXES
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- | - | - | - | - | |||||||||||||||
NET LOSS AND COMPREHENSIVE LOSS
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$ | (8,429 | ) | $ | (12,756 | ) | $ | (30,956 | ) | $ | (48,704 | ) | (5,777,863 | ) | ||||||
NET LOSS PER SHARE, BASIC AND DILUTED:
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||||||
WEIGHTED AVERAGE NUMBER OF
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||||||||||||||||||||
COMMON STOCK SHARES OUTSTANDING, BASIC AND DILUTED:
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6,503,295 | 6,503,275 | 6,503,295 | 5,462,313 |
Period from
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April 16, 2002
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(Inception of
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Nine Months Ended
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Exploration Stage)
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March 31,
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Through
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2012
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2011
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March 31, 2012
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net loss | $ | (30,956 | ) | $ | (48,704 | ) | $ | (5,777,863 | ) | |||
Adjustments to reconcile net loss
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||||||||||||
to net cash used by operating activities:
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||||||||||||
Depreciation
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- | - | 95,176 | |||||||||
Loss on sale of mining equipment
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- | - | 177,193 | |||||||||
Options exercised for services
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- | - | 276,691 | |||||||||
Gain on settlement of debt
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- | - | (142,442 | ) | ||||||||
Stock issued for current debt
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- | - | 470,041 | |||||||||
Stock issued for officer's wages and services
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- | - | 252,700 | |||||||||
Stock issued for professional services
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- | - | 272,060 | |||||||||
Stock issued for exploration costs
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- | - | 711,000 | |||||||||
Stock options granted
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- | - | 381,340 | |||||||||
Expenses paid on behalf of Company
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- | - | 42,610 | |||||||||
Decrease (increase) in:
|
||||||||||||
Loans and advance receivable
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- | - | - | |||||||||
Increase (decrease) in:
|
||||||||||||
Accounts payable
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(2,266 | ) | 7,567 | 270,926 | ||||||||
Accrued expenses
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- | - | (5,807 | ) | ||||||||
Accrued payables, related parties
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- | - | 387,663 | |||||||||
Net cash (used) by operating activities
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(33,222 | ) | (41,137 | ) | (2,588,712 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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||||||||||||
Purchase of fixed assets
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- | - | (95,174 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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||||||||||||
Net proceeds from related party loans
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33,164 | 41,301 | 174,985 | |||||||||
Proceeds from borrowings
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- | - | 84,937 | |||||||||
Proceed from subscription receivable
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- | - | 25,000 | |||||||||
Proceeds from sale of common stock
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- | - | 2,397,835 | |||||||||
Net cash provided by financing activities
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33,164 | 41,301 | 2,682,757 | |||||||||
NET INCREASE (DECREASE) IN CASH
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(58 | ) | 164 | (1,129 | ) | |||||||
Cash, beginning of year
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425 | 434 | 1,496 | |||||||||
Cash, end of year
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$ | 367 | $ | 598 | $ | 367 | ||||||
SUPPLEMENTAL CASH FLOWS INFORMATION
|
||||||||||||
Income taxes paid
|
$ | - | $ | - | $ | - | ||||||
Interest paid
|
$ | - | $ | - | $ | - | ||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||||||
Note receivable from sale of mining equipment
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$ | - | $ | - | $ | 45,000 | ||||||
Common stock issued on settlement of debt
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$ | - | $ | 162,059 | $ | 529,559 |
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COMMON STOCK
|
9 Months Ended |
---|---|
Mar. 31, 2012
|
|
COMMON STOCK [Abstract] | |
COMMON STOCK |
NOTE 4 - COMMON STOCK At a shareholder meeting held October 29, 2010, shareholders authorized an increase in authorized capital from 200,000,000 to 300,000,000 common shares with a par value of $0.001. In addition, shareholders also authorized a share consolidation of 20:1. These financial statements have been restated retroactively to reflect this share consolidation. There were no stock options, warrants or other potentially dilutive securities outstanding as at March 31, 2012, June 30, 2011 and March 31, 2011. |
PREFERRED STOCK
|
9 Months Ended |
---|---|
Mar. 31, 2012
|
|
PREFERRED STOCK [Abstract] | |
PREFERRED STOCK |
NOTE 3 - PREFERRED STOCK The Company's directors authorized 25,000,000 preferred shares with a par value of $0.001. The preferred shares will have rights and preferences set from time to time by the Board of Directors. As of March 31, 2012 and June 30, 2011, the Company has no preferred shares issued and outstanding. |
BALANCE SHEETS (USD $)
|
Mar. 31, 2012
|
Jun. 30, 2011
|
---|---|---|
CURRENT ASSETS | ||
Cash | $ 367 | $ 425 |
Accounts receivable | ||
Total Current Assets | 367 | 425 |
TOTAL ASSETS | 367 | 425 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 28,444 | 30,710 |
Loans payable, related party (Note 6) | 47,251 | 14,087 |
Total Current Liabilities | 75,695 | 44,797 |
COMMITMENTS AND CONTINGENCIES (Note 5) | ||
STOCKHOLDERS' DEFICIT | ||
Common stock, 300,000,000 shares authorized, $0.001 par value; 6,503,295 and 6,503,295 shares issued and outstanding, respectively (Note 4) | 6,503 | 6,503 |
Additional paid-in capital | 7,558,884 | 7,558,884 |
Accumulated deficit prior to exploration stage | (1,862,852) | (1,862,852) |
Deficit accumulated during exploration stage | (5,777,863) | (5,746,907) |
TOTAL STOCKHOLDERS' DEFICIT | (75,328) | (44,372) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 367 | $ 425 |
BASIS OF PRESENTATION
|
9 Months Ended |
---|---|
Mar. 31, 2012
|
|
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION |
NOTE 1 - BASIS OF PRESENTATION These financial statements have been prepared in accordance with generally accepted accounting principles for the interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Company's management, all adjustments (consisting of only normal accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending June 30, 2012. For further information, refer to the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2011. The Company's fiscal year-end is June 30. |
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ACCOUNTING POLICIES
|
9 Months Ended |
---|---|
Mar. 31, 2012
|
|
ACCOUNTING POLICIES [Abstract] | |
ACCOUNTING POLICIES |
NOTE 2 - ACCOUNTING POLICIES This summary of significant accounting policies of Apolo Gold & Energy Inc. is presented to assist in understanding the Company's financial statements. The financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. There have been no changes in accounting policies from those disclosed in the notes to the audited financial statements June 30, 2011. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company applies the provisions of accounting guidance, FASB Topic ASC 825 that requires all entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value, and defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts for cash, accounts payable and accrued liabilities and loans payable to a related party approximate their fair value due to their short term nature. Going Concern As shown in the financial statements, the Company incurred a net loss of $30,956 for the period ended March 31, 2012 and has an accumulated deficit of $7,640,715, no revenues, and limited cash resources as at March 31, 2012. These factors indicate that the Company may be unable to continue in existence. The financial statements do not include any adjustments related to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue existence. The Company's management is actively seeking additional capital and management believes that new properties can ultimately be developed to enable the Company to continue its operations. However, there are inherent uncertainties in mining operations and management cannot provide assurances that it will be successful in its endeavors. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company's management believes that it will be able to generate sufficient cash from public or private debt or equity financing for the Company to continue to operate based on current expense projections. Accounting Pronouncements Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not, or are not believed by management to, have a material impact on our present or future financial statements. |
BALANCE SHEETS (Paranthetical) (USD $)
|
Mar. 31, 2012
|
Jun. 30, 2011
|
---|---|---|
BALANCE SHEETS [Abstract] | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 6,503,295 | 6,503,295 |
Common stock, shares outstanding | 6,503,295 | 6,503,295 |
Document and Entity Information
|
9 Months Ended | |
---|---|---|
Mar. 31, 2012
|
May 15, 2012
|
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2012 | |
Entity Registrant Name | Apolo Gold & Energy Inc. | |
Entity Central Index Key | 0001040721 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2012 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,503,295 |
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)
|
3 Months Ended | 9 Months Ended | 119 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
|
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract] | |||||
REVENUES | |||||
EXPENSES | |||||
Consulting and professional fees | 5,182 | 6,909 | 22,214 | 32,403 | 1,891,186 |
Exploration costs | 2,449,248 | ||||
Stock compensation expense | 381,340 | ||||
General and administrative expenses | 3,247 | 5,847 | 8,742 | 16,301 | 1,022,524 |
TOTAL EXPENSES | 8,429 | 12,756 | 30,956 | 48,704 | 5,744,298 |
LOSS FROM OPERATIONS | (8,429) | (12,756) | (30,956) | (48,704) | (5,744,298) |
OTHER INCOME (EXPENSE) | |||||
Loss on sale of mining equipment | (177,193) | ||||
Gain on settlement of debt | 142,442 | ||||
Other income | 1,186 | ||||
TOTAL OTHER INCOME (EXPENSE) | (33,565) | ||||
LOSS BEFORE INCOME TAXES | (8,429) | (12,756) | (30,956) | (48,704) | (5,777,863) |
INCOME TAXES | |||||
NET LOSS AND COMPREHENSIVE LOSS | $ (8,429) | $ (12,756) | $ (30,956) | $ (48,704) | $ (5,777,863) |
NET LOSS PER SHARE, BASIC AND DILUTED: | $ 0.0 | $ 0.0 | $ 0.0 | $ (0.01) | |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK SHARES OUTSTANDING, BASIC AND DILUTED: | 6,503,295 | 6,503,275 | 6,503,295 | 5,462,313 |
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
---|---|
Mar. 31, 2012
|
|
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS |
NOTE 6- RELATED PARTY TRANSACTIONS The Company incurred administrative fees to its Chief Executive Officer in the amount of $12,000 during the 9 months ended March 31, 2012 (9 months ended March 31, 2011 - $17,000). During the quarter ended March 31, 2012, administrative fees amounted to $4,500 (2010 - $4,500). During the nine month period ending March 31, 2011, an officer advanced loans in the amount of $33,164 to retire current and outstanding debts (9 months ended March 31, 2011 - $41,301). The Company's loans payable to a related party as at March 31, 2012 and June 30, 2011 are due to one of its Directors, and are unsecured, non-interest bearing and have no stated terms of repayment. |
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
---|---|
Mar. 31, 2012
|
|
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES |
NOTE 5 - COMMITMENTS AND CONTINGENCIES Foreign Operations The accompanying balance sheet at March 31, 2012 includes $367 of cash in Canada. Although Canada is considered economically stable, it is always possible that unanticipated events in foreign countries could disrupt the Company's operations. Compliance with Environmental Regulations The Company's mining activities are subject to laws and regulations controlling not only the exploration and mining of mineral properties, but also the effect of such activities on the environment. Compliance with such laws and regulations may necessitate additional capital outlays, affect the economics of a project, and cause changes or delays in the Company's activities. |