0001144204-12-030568.txt : 20120518 0001144204-12-030568.hdr.sgml : 20120518 20120518133804 ACCESSION NUMBER: 0001144204-12-030568 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120518 DATE AS OF CHANGE: 20120518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED AMERICAN STEEL CORP. CENTRAL INDEX KEY: 0001404212 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 208600068 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53485 FILM NUMBER: 12854812 BUSINESS ADDRESS: STREET 1: 600 GRANT STREET STREET 2: SUITE 600 CITY: PITTSBURGH, STATE: PA ZIP: 15219 BUSINESS PHONE: (412) 223-2663 MAIL ADDRESS: STREET 1: 600 GRANT STREET STREET 2: SUITE 600 CITY: PITTSBURGH, STATE: PA ZIP: 15219 FORMER COMPANY: FORMER CONFORMED NAME: ROYAL UNION HOLDINGS, CORP. DATE OF NAME CHANGE: 20091218 FORMER COMPANY: FORMER CONFORMED NAME: ZION NEVADA CORP. DATE OF NAME CHANGE: 20070622 10-Q 1 v313320_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2012

 

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to ________________

 

Commission file number: 333-143969

 

ALLIED AMERICAN STEEL CORP.
(Exact name of registrant as specified in its charter)

 

Nevada   20-8600068
(State or other jurisdiction of incorporation or organization)   (IRS Employer Identification No.)

 

600 Grant Street, Suite 660

Pittsburgh, PA 15219

(Address of principal executive offices)
 
(412) 223-2663
(Registrant’s telephone number, including area code)
 
 
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter 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    No  ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes  ¨    No  ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ¨   Accelerated filer ¨
Non-accelerated filer ¨   Smaller reporting company x
(Do not check if a smaller reporting company)    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ¨    No  x

 

As of May 14, 2012, there were 101,668,351 shares of the issuer’s common stock, par value $0.001, outstanding.

 

ALLIED AMERICAN STEEL CORP.

 

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2012

 

TABLE OF CONTENTS

 

    PAGE
     
  PART I - FINANCIAL INFORMATION 3
     
Item 1. Financial Statements  (Unaudited) 3
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 18
     
Item 4. Controls and Procedures 18
     
  PART II - OTHER INFORMATION 19
     
Item 1. Legal Proceedings 19
     
Item 1A. Risk Factors 20
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
     
Item 3. Defaults Upon Senior Securities 20
     
Item 4. Mine Safety Disclosures 20
     
Item 5. Other Information 20
     
Item 6. Exhibits 20
     
  SIGNATURES  22

 

2
 

PART I – FINANCIAL INFORMATION

 

ITEM 1.  FINANCIAL STATEMENTS

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-K for the fiscal year ended December 31, 2011 filed with the SEC on April 16, 2012. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.

 

TABLE OF CONTENTS

 

  PAGE
   
Condensed Balance Sheets as of March 31, 2012 (unaudited) and December 31, 2011 4
   

Condensed Statements of Operations for the three month periods ended

March 31, 2012 and 2011 (unaudited) and for the period from

March 7, 2007 (inception) to March 31, 2012 (unaudited)

5
   

Condensed Statements of Cash Flows for the three month periods ended

March 31, 2012 and 2011 (unaudited) and for the period from March 7, 2007

(inception) to March 31, 2012 (unaudited)

6
   
Notes to the Unaudited Condensed Financial Statements (unaudited) 7

 

 

3
 

ALLIED AMERICAN STEEL CORP

(An Exploration Stage Company)

 

Unaudited Interim Condensed Balance Sheets

 

   March 31,   December 31, 
ASSETS  2012   2011(1) 
Current assets:        
Cash and cash equivalents  $139,120   $225,036 
Prepaid expenses   9,737    10,499 
Total current assets   148,857    235,535 
           
Total Assets  $148,857   $235,535 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Current liabilities:          
Accounts payable and accrued expenses  $43,512   $28,893 
Total current liabilities   43,512    28,893 
           
STOCKHOLDERS' EQUITY          
          
Preferred stock; $.001 par value, 50,000,000 shares authorized, zero shares issued and outstanding   -    - 
Common stock; $.001 par value, 900,000,000 shares authorized; 101,668,351 and 101,543,351 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively   101,668    101,543 
Additional paid-in-capital   1,216,278    1,216,278 
Accumulated (deficit) during the exploration stage   (1,212,601)   (1,111,304)
Stock issuable   -    125 
Total stockholders' equity   105,345    206,642 
           
Total Liabilities and Stockholders' Equity  $148,857   $235,535 

 

 


(1) Derived from audited financial statements.

 

The accompanying notes are an integral part of these financial statements. 

 

4
 

ALLIED AMERICAN STEEL CORP

(An Exploration Stage Company)

 

Unaudited Interim Condensed Statements of Operations

 

           March 7, 2007 
   For the three   For the three   (date of inception) 
   months ended   months ended   through 
   March 31, 2012   March 31, 2011   March 31, 2012 
             
Revenues  $-   $-   $- 
                
Operating expenses               
Impairment of option for mineral rights   -    -    125,626 
General administrative   76,349    1,234    631,061 
General administrative - related-party   -    -    49,875 
Stock compensation bonus   -    212,000    212,000 
Exploration costs   -    -    87,742 
Officer payroll   22,750    7,404    98,000 
Payroll tax expense   2,198    861    8,297 
Total operating expenses   101,297    221,499    1,212,601 
                
Provision for income taxes   -    -    - 
                
Net loss  $(101,297)  $(221,499)  $(1,212,601)
                
Basic and diluted loss per common share  $(0.00)  $(0.00)     
                
Basic and diluted weighted average common shares outstanding   101,577,692    234,070,000      

 

The accompanying notes are an integral part of these financial statements. 

 

5
 

ALLIED AMERICAN STEEL CORP

(An Exploration Stage Company)

 

Unaudited Interim Condensed Statements of Cash Flows

 

 

           March 7, 2007 
   For the three   For the three   (date of inception) 
   months ended   months ended   through 
   March 31, 2012   March 31, 2011   March 31, 2012 
                
Operating activities:               
 Net loss  $(101,297)  $(221,499)  $(1,212,601)
 Adjustments to reconcile net loss to net cash used in operating activities:               
Impairment of option for mineral rights acquired with stock   -    -    125,626 
Stock issued for services   -    212,000    383,999 
 Changes in operating assets and liabilities:             - 
(Increase) decrease in prepaid expense   762    -    (9,737)
(Increase) decrease in prepaid officer salary and expense   -    7,000    - 
Expenses paid on company behalf by related parties   -    -    17,240 
Increase in accrued officer vacation pay   -    404    - 
Increase in accrued payroll taxes   -    861    - 
Increase in accounts payable and accrued expenses   14,619    (955)   43,512 
Net cash (used in) operating activities   (85,916)   (2,189)   (651,961)
                
Financing activities:               
Proceeds from issuance of units of common stock and warrants   -    -    669,885 
Net proceeds from issuance of common stock   -    -    66,950 
Advances from related parties   -    2,325    57,059 
Payments to related parties   -    (128)   (2,813)
Net cash provided by financing activities   -    2,197    791,081 
                
Net change in cash   (85,916)   8    139,120 
Cash, beginning of period   225,036    17    - 
Cash, ending of period  $139,120   $25   $139,120 
                
Non cash financing activities:               
Related party debt forgiven  $-   $69,314   $71,486 

 

The accompanying notes are an integral part of these financial statements.

 

6
 

 

ALLIED AMERICAN STEEL CORP.
(An Exploration Stage Company)
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
March 31, 2012

 

Note 1.  Nature of Business and Summary of Significant Accounting Policies

 

The summary of significant accounting policies is presented to assist in the understanding of the financial statements.  The financial statements and notes are representations of management.  These accounting policies conform to generally accepted accounting principles in the United States of America (“U.S. GAAP”) and have been consistently applied in the preparation of the financial statements.

 

In the opinion of management, the accompanying balance sheets and related interim statements of operations and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with U.S. GAAP for Allied American Steel Corp. (the “Company”). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.

 

Interim results are not necessarily indicative of results for a full year. The information included in these Notes should be read in conjunction with information included in the Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission on April 16, 2012.

 

Nature of business and organization

 

The Company’s principal business objective is as an exploration company focused on the discovery and production of significant iron ore resources and the titanium dioxide resources often associated with iron deposits. Prior to entering into the May 27, 2011 Assignment Agreement (see Note 4), we were a “shell company” (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended). We believe that as a result of such Assignment Agreement we have ceased to be a shell company. The Company’s planned principal operations have commenced, but there has been no significant revenue therefrom, operations have been limited to general administrative operations and exploration, and as a result the Company is considered an exploration stage company as defined by ASC Topic 915 and SEC Industry Guide 7.

 

Revenue recognition

 

The Company has no revenues to date from its operations. Once revenues are generated, management will establish a revenue recognition policy.

 

Mineral Properties

 

The Company accounts for its mining activities in accordance with FASB ASC 930 “Extractive Activities – Mining.” The Company capitalizes the costs to acquire mineral properties. Exploration costs are expensed as incurred and include geological and geophysical work on areas without identified reserves, together with drilling and other related costs. Capitalization of mine development costs that meet the definition of an asset begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body at open pit surface mines. All capitalized costs are amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use.  The Company had no mine development costs at March 31, 2012.

  

7
 

 

ALLIED AMERICAN STEEL CORP.
(An Exploration Stage Company)
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
March 31, 2012

 

Mining facilities and equipment are recorded at cost. Expenditures for facilities and equipment relating to new assets or improvements are capitalized if they extend useful lives or extend functionality. Fixed plant and machinery are amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be produced from estimated proven and probable mineral reserves. Repairs and maintenance costs are charged to expense as incurred, except when these repairs extend the life or functionality of the asset. In these instances, that portion of the expenditure is capitalized and amortized over the period benefited. Depreciation, depletion and amortization is allocated to product inventory cost and then included as a component of operating expense as inventory is sold. As of March 31, 2012, the Company had no facilities and equipment.

 

As of March 31, 2012, the Company had not established any proven or probable reserves.

 

Estimates

 

The preparation of these financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  The Company is subject to uncertainty of future events, economic, environmental and political factors and changes in the Company’s business environment; therefore, actual results could differ from these estimates.  Accordingly, accounting estimates used in the preparation of the Company’s financial statements will change as new events occur, more experience is acquired, as additional information is obtained and as the Company’s operating environment changes.  Changes are made in estimates as circumstances warrant.  Such changes in estimates and refinement of estimation methodologies are reflected in the statements.

 

Impairment of Long-lived Assets

 

The carrying value of intangible assets and other long-lived assets are reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. Impairment on interests in mineral reserves are evaluated by considering criteria such as estimates of future cash flows that are directly associated with the asset, future extractive activity plans for the properties, and the results of geographic and geologic data related to the properties. As of December 31, 2011, the Company had fully impaired its interest in mineral rights.

 

Basic and diluted net loss per share

 

The Company computes net loss per share in accordance with FASB ASC 260, “Earnings per Share,” which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period.

 

Diluted EPS excludes all potentially dilutive shares if their effect is anti-dilutive. Shares associated with stock warrants are not included because their inclusion would be antidilutive (i.e., reduce the net loss per share).

 

At March 31, 2012, the Company had outstanding potentially dilutive shares of 893,176.

 

Recent Accounting Pronouncements

 

The Company has analyzed all recent accounting pronouncements and believes that none will have a material impact on the financial statements.

 

8
 

 

ALLIED AMERICAN STEEL CORP.
(An Exploration Stage Company)
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
March 31, 2012

 

 

Note 2.  Going Concern

 

The Company’s financial statements are prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred a net operating loss of $1,212,601 from inception through March 31, 2012. The Company’s planned principal operations have commenced, but there has been no significant revenue.  Operations have been limited to general administrative operations and exploration, and the Company remains in the exploration stages, raising substantial doubt about the Company’s ability to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Note 3.  Prepaid Expense

 

At March 31, 2012, prepaid expenses consisted of $6,667 of consulting fees and $3,070 of directors and officers insurance.

 

Note 4.  Option to Purchase Mineral Interests

 

We do not own any property.  We have an option to acquire certain mineral rights.

 

On May 27, 2011, the Company entered into an Assignment and Sale Agreement (the “Assignment Agreement”) with North American Iron Ore, Inc., a Nevis corporation (“North American”), who became a related party on May 27, 2011, and Canamara Energy Corporation, a British Columbia corporation (“Canamara”).  The Assignment Agreement provides the Company with an option to acquire up to a 60% undivided interest in certain mineral claims (the “Mineral Claims” or the “Property”) located in Lyonne Township, Roberval County in the Province of Quebec, free and clear of all claims, liens, charges and encumbrances, save and except for those set forth in the Assignment Agreement, including a 2.5% royalty held by the underlying owner. The Mineral Claims presently represent 48 contiguous claims totaling approximately 2,741 hectares.

 

To exercise the option assigned to the Company in the Assignment Agreement, we are required to incur expenditures on the Property in the amount of CDN $1,548,346 (approximately US$1,599,000 based on the conversion rate in effect as of June 1, 2011) on or before May 7, 2012. The Assignment Agreement represents the assignment and sale of an option only and although we intend to exercise the option, subject to receipt of required financing, we are under no obligation to North American or Canamara to do so.

 

The option terminates if the Company fails to make required expenditures on the Property when due or if the Company voluntarily terminate the option. In addition, Canamara may terminate the option if the Company is in breach of any of its representations and warranties. In such event, Canamara must first provide the Company with a notice of default following which the Company will have 30 days to cure. As of May 15, 2011, the Company has not received a notice of default from Canamara.

 

The Company’s interest in the Mineral Claims consists of its contractual right to acquire an interest in the Mineral Claims. As of March 31, 2012, the Company has incurred $87,742 of exploration costs on the property on which such Mineral Claims are located.

  

9
 
ALLIED AMERICAN STEEL CORP.
(An Exploration Stage Company)
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
March 31, 2012

 

Under the Assignment Agreement, the Company issued 15,075,175 shares of its restricted common stock. The stock value was based on ASC 505-50-30-6, which evaluates the fair value of the equity instruments issued versus the fair value of goods or services received in share-based payment transactions with nonemployees, whichever is more reliably measurable. The Company determined that the fair value of the equity instruments issued were reliably measurable, and the Company valued the 15,075,175 shares at $0.00833 per share (rounded) for a total of $125,626 based on the per share value of a March 2011 stock transaction which was recorded on the Over-the-Counter Bulletin Board.

 

The Company evaluated the Assignment Agreement for impairment based on ASC 360-10-35-21 as a result of the Company’s current-period operating loss, history of operating losses, combined with the difficulty of accurately and reliably estimating future cash flows directly associated with the Property, given the stage of development of the Property. As a result, for the year ending December 31, 2011, the Company fully impaired the value of the Assignment Agreement in the amount of $125,626.

 

Summary

 

Mineral interests consisted of the following:

    March 31,  
    2012     2011  
Option on mineral rights   $ -     $ 125,626  
Impairment charge     -       (125,626)  
 Total   $ -     $ -  

 

Note 5.  Commitments and Contingencies

 

The Company is subject to certain commitments and contingencies related to the Assignment Agreement that is described in Note 4.

 

Note 6.  Stockholders’ Equity and Warrants

 

The Company’s articles of incorporation provide for the authorization of 50,000,000 shares of preferred stock and 900,000,000 shares of common stock with par values of $0.001.  Common stock holders have all the rights and obligations that normally pertain to stockholders of Nevada corporations.  The Company has not issued any shares of preferred stock.  As of March 31, 2012 and December 31, 2011, the Company had 101,668,351 and 101,543,351 shares of common stock issued and outstanding, respectively.  On April 27, 2011, the Company authorized an 18:1 forward split in the form of a dividend of its issued and outstanding common stock which became effective May 19, 2011.  The dividend shares were issued on June 1, 2011.  These unaudited condensed financial statements and notes retroactively reflect the forward split.

 

 

 

10
 

 

ALLIED AMERICAN STEEL CORP.
(An Exploration Stage Company)
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
March 31, 2012

 

Warrants

 

In April 2011, the Company entered into a Securities Purchase Agreement with North American, for the sale of 133,282 units of securities of the Company at $0.75 per unit, for aggregate gross proceeds of $99,962. Each unit consisted of the following: (1) one share of common stock; (2) one warrant, entitling the holder to purchase one share of common stock of the Company at an exercise price of $0.90 per share during a period of three years from issuance. No warrants have been exercised as of March 31, 2012.

 

The Company calculated the fair value of these warrants to be $700 using the Black Scholes model.  The Company used the following assumptions: stock price of $0.0083, an exercise price of $0.90, expected term of 36 months, volatility of 220.54%, and discount rate of 1.280%. The fair value of the warrants is treated as offering costs and it would be a debit and credit entry to additional paid in capital resulting in a null effect in net equity.

 

In June 2011, The Company entered into a Securities Purchase Agreement with North American, for the sale of 759,894 units of securities of the Company at $0.75 per unit, for aggregate gross proceeds of $569,923. Each unit consisted of the following: (1) one share of common stock; (2) one warrant, entitling the holder to purchase one share of common stock of the Company at an exercise price of $0.90 per share during a period of three years from issuance. No warrants have been exercised as of March 31, 2012.

 

The Company calculated the fair value of these warrants to be $1,247,800 using the Black Scholes model.  The Company used the following assumptions: stock price of $1.71, an exercise price of $0.90, expected term of 36 months, volatility of 220.54%, and discount rate of 0.765%. The fair value of the warrants is treated as offering costs and it would be a debit and credit entry to additional paid in capital resulting in a null effect in net equity.

 

The following is a summary of the status of all of the Company’s stock warrants as of March 31, 2012.

 

    Number
Of Warrants
   Weighted-Average
Exercise Price
 
Outstanding at January 1, 2012    893,176   $0.90 
Granted    -   $- 
Exercised    -   $- 
Cancelled    -   $- 
Outstanding at March 31, 2012    893,176   $0.90 
Warrants exercisable at March 31, 2012    893,176   $0.90 

  

11
 
ALLIED AMERICAN STEEL CORP.
(An Exploration Stage Company)
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
March 31, 2012

The following tables summarize information about stock warrants outstanding and exercisable at March 31, 2012:

 

      STOCK WARRANTS OUTSTANDING AND EXERCISABLE  
Exercise Price    

Number of

Warrants

Outstanding

   

Weighted-Average

Remaining

Contractual

Life in Years

   

Weighted-

Average

Exercise Price

 
$ 0.90       893,176       2.19     $ 0.90  
          893,176       2.19     $ 0.90  

 

Shares Issued Pursuant to Various Consulting Agreements

 

On June 1, 2011, the Company entered into a consulting agreement with Richard Tschauder to provide consulting services as the Company’s Senior Geologist. As compensation, Mr. Tschauder will receive $3,333 per month, payable each quarter in advance, plus $550 per day plus expenses for visits to the Company’s Property. The Company may require that Mr. Tschauder perform site visits three times per calendar year. In addition, Mr. Tschauder will receive 50,000 shares of the Company’s restricted common stock, 25,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 25,000 of which shares shall be payable as soon as practicable after December 1, 2011. The term of this agreement was for a twelve month period commencing June 1, 2011. 25,000 of these shares were issued in June 2011 and 25,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded cash-based compensation expense in the amount of $10,000.

 

On June 1, 2011, the Company entered into a consulting agreement with Erik Ostensoe to provide consulting services as the Company’s Senior Exploration Advisor. As compensation, Mr. Ostensoe will receive $2,500 per month, payable each month in advance, plus $550 per day plus expenses for visits to the Company’s Property. The Company may require that Mr. Ostensoe perform site visits three times per calendar year. In addition, Mr. Ostensoe will receive 50,000 shares of the Company’s restricted common stock, 25,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 25,000 of which shares shall be payable as soon as practicable after December 1, 2011. The term of this agreement was for a twelve month period commencing June 1, 2011. 25,000 of these shares were issued in June 2011 and 25,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded cash-based compensation expense in the amount of $7,500.

 

On June 22, 2011, the Company entered into a consulting agreement with David Dunn to provide consulting services as the Company’s Advisor. As compensation, Mr. Dunn will receive $550 per day plus expenses for visits to the Company’s Property. The Company may require that Mr. Dunn perform site visits three times per calendar year. In addition, Mr. Dunn will receive 50,000 shares of the Company’s restricted common stock, 25,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 25,000 of which shares shall be payable as soon as practicable after December 22, 2011. The term of this agreement was for a twelve month period commencing June 22, 2011. 25,000 of these shares were issued in June 2011 and 25,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded compensation expense in the amount of $0.

 

On June 22, 2011, the Company entered into a consulting agreement with Stewart Jackson to provide consulting services as the Company’s Advisor. As compensation, Mr. Jackson will receive an upfront cash fee of $5,000 and $550 per day plus expenses for visits to the Company’s Property. The Company may require that Mr. Jackson perform site visits three times per calendar year. In addition, Mr. Jackson will receive 100,000 shares of the Company’s restricted common stock, 50,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 50,000 of which shares shall be payable as soon as practicable after December 22, 2011. The term of this agreement was for a twelve month period commencing June 22, 2011. 50,000 of these shares were issued in June 2011 and 50,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded compensation expense in the amount of $0.

 

12
 

 

Note 7. Subsequent Events

 

On May 7, 2012 the Company determined not to exercise its option under the May 27, 2011 Assignment and Sale Agreement among the Company, North American Iron Ore, Inc. and Canamara Energy Corporation which provided the Company with the right to acquire up to a 60% undivided interest in certain mineral claims located in Lyonne Township, Roberval County in the Province of Quebec. (the “Lake Touladi Property”). This determination was made on the basis of work performed on the Lake Touladi Property, review of diligence materials and internal discussions with members of the Company’s Advisory Board. The company does not believe the Lake Touladi Property to be a viable resource mine as significant portions of the iron and some of the titanium resources located on the Lake Touladi Property are locked in silicate materials where economic recovery is unlikely. Further, the Company believes that the Lake Touladi Property contains substantially lower grades of titanium compared to similar mining projects in the area. The company is actively seeking to locate alternate mining opportunities.

 

 

The Company has evaluated subsequent events through the date the financial statements were issued, and has determined there are no other subsequent events to be reported. 

  

13
 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Forward-Looking Statements

 

Except for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses. Such forward-looking statements include, among others, those statements including the words “expects,” “anticipates,” “intends,” “believes” and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed herein. You should carefully review the risks described herein and in other documents we file from time to time with the Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

 

Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

 

All references in this Form 10-Q to the “Company,” “we,” “us,” or “our” are to Allied American Steel Corp.

 

General Overview

 

We were incorporated in the State of Nevada on March 7, 2007 under the name Zion Nevada Corporation to acquire, develop and manage commercial and residential real estate properties. We were unsuccessful in this endeavor and never commenced material operations in this area. On May 21, 2009 we changed our name to Royal Union Holding Corporation. On April 28, 2011 we entered into an Agreement and Plan of Merger (the "Merger Agreement") pursuant to which we merged with our wholly owned subsidiary, Allied American Steel Corporation, a Nevada corporation with no material operations ("Merger Sub" and such merger transaction, the "Merger"). Upon the consummation of the Merger, the separate existence of Merger Sub ceased and our shareholders became shareholders of the surviving company named Allied American Steel Corporation. We changed our name to Allied American Steel Corporation to reflect a name which recognized our present business focused on the discovery and production of iron ore resources and titanium dioxide resources.

 

Assignment and Sale Agreement

 

 On May 27, 2011 we entered into an Assignment and Sale Agreement (the “Assignment Agreement”) with North American Iron Ore, Inc., a Nevis corporation (“North American”) and Canamara Energy Corporation, a British Columbia, Canada corporation (“Canamara”). The Assignment Agreement provided us with the right to acquire up to a 60% undivided interest in certain mineral claims (the “Mineral Claims”, the “Property” or the “Lake Touladi Property”) located in Lyonne Township, Roberval County in the Province of Quebec, free and clear of all claims, liens, charges and encumbrances, save and except for those set forth in the Assignment Agreement, including a 2.5% royalty held by the underlying owner. The Mineral Claims represent 48 contiguous claims totaling approximately 2,741 hectares of iron and titanium dioxide resources.

 

14
 

 

Pursuant to the Assignment Agreement, we were the assignee of North American which had entered into an agreement with Canamara on May 7, 2010 under which North American had the option to acquire the Mineral Claims by making cash payment to Canamara or making expenditures on the Property as follows:

 

    CDN $150,000 (for Canamara) on May 7, 2010;

 

    CDN $250,000 (for Property expenditures) on or prior to November 7, 2010; and

 

    CDN $1,750,000 (for Property expenditures) on or prior to May 7, 2012.

 

As of the May 27, 2011 date of the Assignment Agreement, North American had paid Canamara or made expenditures with respect to the Mineral Claims in the aggregate amount of CDN $601,654 (approximately US$603,007 at the times of payment). In connection with the foregoing, expenditures means the sum of all monies spent in prospecting, exploring, geological, geophysical and geochemical surveying, sampling, examining, diamond and other types of drilling, developing, dewatering, assaying, testing, constructing, maintaining and operating roads, trails and bridges upon or across the Property, buildings, equipment, plant and supplies, salaries and wages (including fringe benefits) of employees and contractors directly engaged therein, insurance premiums, and all other expenses ordinarily incurred in prospecting, exploring and developing mining lands.

 

Pursuant to the Assignment Agreement, we issued to North American 15,075,175 shares of our restricted common stock which were valued, for the purpose of the Assignment Agreement, at a price of $0.04 per share or an aggregate of US$603,007.

 

To exercise the option assigned to us in the Assignment Agreement, we were required to incur expenditures on the Property in the amount of CDN $1,548,346 (approximately US$1,599,000 based on the conversion rate in effect as of June 1, 2011) on or before May 7, 2012. Based upon work performed by us on the Lake Touladi Property, review of diligence materials and internal discussions with the members of our Advisory Board, in early May 2012 we determined not to make any further expenditures on the Property and not to exercise the option. On May 9, 2012 Canamara notified us that we were in default under the Assignment Agreement for not making the required expenditures and that they intended to terminate the Assignment Agreement. Under the Assignment Agreement, we have 30 days to cure such default but, for the reasons set forth above, we do not intend to do so.We continue to look at other ventures involving the discovery and production of iron ore resources and the titanium dioxide resources often associated with iron deposits.

  

Exploration and Prospecting Program

 

During July 2011 we completed Phase I of our initial Prospecting Program at a cost of approximately $31,500 under which we located mineral outcrops on the Lake Touladi Property, estimated the size of mineralized zones, identified prospect targets and hired clearers to establish access to the Property.

 

During August, 2011 we completed Part A of Phase II of our Exploration Program at a cost of approximately $30,400 and under which we cleared outcrops, prepared preliminary access to outcrops and conducted limited channel sampling

 

15
 

 

 

 In August 2011 we retained Multi-Resources Boreal, a Quebec corporation (“MRB”) providing mineral exploration services, to verify the presence of iron bearing rock on the Lake Touladi Property. A total of 43 one meter channel samples were taken at 18 separate outcrops and the samples were assayed at AGAT Laboratories in Mississauga, Ontario.

 

On October 21, 2011 we entered into a Services Agreement (the “Services Agreement”) with MRB. Under the Services Agreement, MRB provided us with prospecting, trenching, sampling and other exploration services and manpower with respect to the Lake Touladi Property. The Services Agreement expired on April 21, 2012.

 

Performance of services by MRB under the Services Agreement was contingent on the prior receipt by MRB on the first of each month of an expense advance sufficient to cover budgeted expenses for that month. The term of the Services Agreement principally related to Part B of Phase II of our work program which was dedicated to Prospect Exploration. Part A of our Phase II Program which involved the clearing of outcrops, preparing a preliminary map of outcrops and limited channel sampling has been completed. Part B of Phase II ran through March 2012 and involved costs of approximately US$189,000. Activities included geological mapping and sampling of outcrops. MRB was responsible for locating subcontractors including, but not limited to, heavy equipment operators, drilling companies, and assay labs.

 

Further to Part A of our Phase II Program, in August 2011 we retained MRB to verify the presence of iron-bearing rock on the Property. A number of outcrops were discovered in or near the southern portion of the property in an area that was approximately 250 meters wide (east to west) and 500 meters long (north to south). A total of 43 one meter channel samples were taken at 18 separate outcrops. The samples were assayed at AGAT Laboratories in Mississauga, Ontario using a lithium borate fusion and ICP-OES finish. The average of all samples taken was 30.11% Iron Oxide (Fe2O3) and 2.83% Titanium Dioxide (TiO2). The best sample assayed indicated 40.75% Fe2O3. Titanium Dioxide appeared to be highly variable with assays reported as high as 5.48% and as low as 0.149%. In addition, the samples contained an average of 0.42%, Phosphorous Pentoxide (P2O5), with a maximum of 5.48%. Additional exploration verified the presence of iron bearing rock in an area one kilometer to the north of the northern edge of the minerals detected in the previously tested area. Exploration was also done to investigate continuity of mineral between the two zones. No outcrops of iron-rich rock were found between the two zones. A total of 47 samples were taken during this phase and analyzed at the ALS Chemex Lad in Val d’Or, Quebec. Analysis of those samples indicated that the deposit was subtly zoned, being more iron-rich in the south and more titanium-rich in the north. Permits for trenching were applied for, but not granted due to wetlands issues. We were in the process of reapplying for trenching and drilling permits when the determination was made not to exercise the option.

 

In September 2011, Bueno de Oro, a Nevada Geological Services corporation, was hired to manage the program. After managing the fall field program described above, Bueno de Oro designed and implemented a number of activities in order to use the data obtained during the field program to advance understanding of the deposit and design a more efficient approach to project exploration. Work included more detailed petrographic analysis, magnetic susceptibility testing, preliminary density determinations, metallurgical testing, analysis of analog deposits, construction of cross sections, geochemical analysis, geologic modeling, estimates of geologic potential, drill proposals, creation of customized standards for a QA/QC program and geologic reports. As a result of the work performed and related diligence, we determined that a significant portion of the iron and possibly some of the titanium located on the Lake Touladi property was locked in silicate minerals where economic recovery is unlikely. This changed the economic focus on the Lake Touladi Property from iron potential to titanium potential.

 

16
 

 

Results of Operations for the Three Month Period Ended March 31, 2012 Compared to Three Month Period Ended March 31, 2011

 

During the three month period ended March 31, 2012, we generated no revenues, we had operating expenses of $101,297 and we incurred a net loss of $101,297. The principal components of our operating expenses and net loss was $24,948 allocated to officer salary and related expenses, and $76,349 of general administrative expenses. During the three month period ended March 31, 2011, we generated no revenues, we had operating expenses of $221,499, and we incurred a net loss of $221,499. The principal component of our net loss during the three month period ended March 31, 2011 was $212,000 allocated to a stock compensation bonus.

 

Liquidity and Capital Resources

 

We will need additional capital to implement our strategies. Given the currently unsettled state of the capital markets and credit markets, there is no assurance that we will be able to raise the amount of capital that we seek. Even if financing is available, it may not be available on terms that are acceptable to us. In addition, we do not have any determined sources for any future funding. If we are unable to raise the necessary capital at the times we require such funding, we may have to materially change our business plan, including delaying implementation of aspects of our business plan or curtailing or abandoning our business plan. We represent a speculative investment and investors may lose all of their investment.

 

Since inception, we have been financed primarily by way of loans and sales of our equity and debt securities. During 2011, these financings principally consisted of our April 15, 2011 and June 20, 2011 Securities Purchase Agreements with North American under which we received net proceeds of $669,885.

 

The report of our auditors on our audited financial statements for the fiscal year ended December 31, 2011 contains a going concern qualification as we have suffered losses since our inception. We have achieved no operating revenues since our inception. As of March 31, 2012 and December 31, 2011, we had cash and cash equivalents of $139,120 and $225,036, current assets of $148,857 and $235,535 and current liabilities of $43,512 and $28,893, respectively. Unless and until we achieve material revenues, we will remain dependent on loans and on financings to continue our operations.

 

We do not currently engage in any product research and development and have no plans to do so in the foreseeable future. We have no present plans to purchase or sell any plant or significant equipment. We also have no present plans to add employees although we may do so in the future if we engage in any merger or acquisition transactions. We have however engaged strategic advisors who are serving in consulting capacities.

 

Net Cash Used in Operating Activities

 

Net cash used in operating activities was ($85,916) for the three month period ended March 31, 2012, as compared to net cash used of ($2,189) for the three month period ended March 31, 2011.

 

17
 

 

Net Cash Provided by Financing Activities

 

During the three month period ended March 31, 2012, we received no cash from financing activities. During the three month period ended March 31, 2011 we received net proceeds of $2,197 from financing activities consisting principally of advances from related parties. During the period from March 7, 2007 (date of inception) through March 31, 2012, we received net cash of $791,081 from financing activities consisting primarily of proceeds from the issuance of common stock and warrants.

 

Off-Balance Sheet Arrangements

 

We have never entered into any off-balance sheet financing arrangements and have not formed any special purpose entities. We have not guaranteed any debt or commitments of other entities or entered into any options on non-financial assets.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Our Disclosure Controls

 

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, Jes Black, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this report (the “Evaluation Date”). Based on this evaluation, our chief executive officer and chief financial officer concluded as of the Evaluation Date that our disclosure controls and procedures were not effective to insure such that the information relating to us, required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Our chief executive officer and chief financial officer concluded, as of the Evaluation Date, that our disclosure controls and procedures were not effective because of the identification of what might be deemed a material weakness in our internal control over financial reporting which is identified below.

 

1.We do not have an audit committee. While we are not currently obligated to have an audit committee, including a member who is an “audit committee financial expert,” as defined in Item 407 of Regulation S-K, under applicable regulations or listing standards, it is management’s view that such a committee is an important internal control over financial reporting, the lack of which may result in ineffective oversight in the establishment and monitoring of internal controls and procedures.

 

2.We did not maintain proper segregation of duties for the preparation of our financial statements. We currently only have one officer overseeing all transactions. This has resulted in several deficiencies including the lack of control over preparation of financial statements, and proper application of accounting policies.

 

18
 

 

Management believes that the material weaknesses set forth in the two items above did not have an effect on our financial reporting. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our Board of Directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

 

Management’s Remediation Initiatives

 

In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we plan to initiate the following series of measures once we have the financial resources to do so:

 

We will create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to us. We also plan to appoint one or more outside directors to our Board of Directors who shall be appointed to an audit committee resulting in a fully functioning audit committee which will undertake the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made by management when funds are available to us.

 

Management believes that the appointment of one or more outside directors, who shall be appointed to a fully functioning audit committee, would remedy the lack of a functioning audit committee and a lack of a majority of outside directors on our Board.

 

Changes in Internal Control Over Financial Reporting

 

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2012 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

 

PART II – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

In December 2008, the Company was named as a defendant in an amended complaint filed in the District Court of Nevada, Clark County by Phyllis Wynn Family Trust, Plaintiff vs. Onecap Holding Corp, Onecap Properties, et al, defendant(s) [case number 08A578385]. The complaint names over eighty defendants including the Company and alleges multiple causes of actions including breach of contract and fraud against various other defendants and fraudulent conveyance. The substance of the Complaint involves a real estate transaction not involving the Company. We have answered with affirmative defenses including but not limited to the following: the injuries and damages complained of did not occur as the result of any action on the part of the Company but as the sole, direct and proximate result of actions by the Plaintiff and third parties not otherwise related to the Company. Since then one or more of the other defendants filed for bankruptcy and this case was removed to a federal bankruptcy court [case number: Nevada Federal Bankruptcy Court Case No.: BK-S 10-20833-BA].

 

19
 

 

In May 2010, the Company was named as an intervenor defendant in an amended complaint filed in the District Court of Nevada, Clark County by Anthony Puerner, Plaintiff vs. Onecap Mortgage, et al, defendant(s) [case number A-09-596875-C]. The complaint names more than 30 other individuals and/or entities as defendants. The Plaintiff’s claim as against these defendants, including the Company, is that they are the alter egos of a judgment debtor, not otherwise related to the Company. The Plaintiff in Intervention is an unsecured creditor with a judgment against an individual personally, who is not an officer, director or shareholder of the Company. We have answered with affirmative defenses including but not limited to the following: the injuries and damages complained of did not occur as the result of any action on the part of the Company and failure to state a claim. In February 2011, the case was moved to federal bankruptcy court [case number 10-18090-mkn United States Bankruptcy Court District of Nevada].

 

In the ordinary course of our business, we may from time to time become subject to routine litigation or administrative proceedings which are incidental to our business. Except as set forth above, we are not a party to nor are we aware of any existing, pending or threatened lawsuits or other legal actions involving us.

 

ITEM 1A. RISK FACTORS

 

Not applicable.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

In March 2012 we issued an aggregate of 125,000 shares of Common Stock for consultants pursuant to June 2011 Consulting Agreements. The Shares were issued in reliance on Section 4(2) under the Securities Act of 1933 as amended.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

As discussed in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, in May 2012 we determined not to exercise the option on the Lake Touladi Property which was the subject of the May 27, 2011 Assignment Agreement among us, North American Iron Ore, Inc., and Canamara Energy Corporation.

 

20
 

  

ITEM 6. EXHIBITS

 

In reviewing the agreements included as exhibits to this Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the parties to the applicable agreement and:

 

Ÿshould not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

 

Ÿhave been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

 

Ÿmay apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

 

Ÿwere made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

 

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this Form 10-Q and the Company’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

 

The following exhibits are included as part of this report:

 

Exhibit No.   Description
     
31.1 / 31.2   Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Executive and Financial Officer
     
32.1 / 32.2   Rule 1350 Certification of Chief Executive and Financial Officer

 

21
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    ALLIED AMERICAN STEEL CORP.  
         
Dated:  May 18, 2012   By:  /s/ Jes Black  
    Name: Jes Black  
    Title: President, Chief Executive and Financial Officer  

 

  

 

22

EX-31 2 v313320_ex31.htm EXHIBIT 31

EXHIBIT 31.1 / 31.2

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT AND RULE 13A-14(A)

OR 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

I, Jes Black, certify that:

 

1. I have reviewed this report on Form 10-Q of Allied American Steel Corp.

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  May 18, 2012 /s/ Jes Black  
  Jes Black  
  Principal Executive and Financial Officer  

 

 

 

 

 

EX-32 3 v313320_ex32.htm EXHIBIT 32

EXHIBIT 32.1 / 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Allied American Steel Corp. (the “Company”) on Form 10-Q for the quarter ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jes Black, Chief Executive and Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that;

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

  /s/ Jes Black  
  Name: Jes Black  
  Title: Chief Executive and Financial Officer  
  Date: May 18, 2012  

 

 

 

 

EX-101.INS 4 aast-20120331.xml XBRL INSTANCE DOCUMENT 101668351 25 43512 148857 101668 101668351 50000000 148857 1212601 0 9737 139120 0.001 1216278 43512 148857 0 105345 101668351 0.001 900000000 17 28893 235535 101543 101543351 50000000 235535 1111304 0 10499 225036 0.001 1216278 28893 235535 0 206642 101543351 0.001 900000000 125 57059 -651961 383999 125626 9737 43512 -1212601 212000 98000 8297 66950 139120 2813 87742 1212601 631061 17240 791081 669885 49875 71486 2325 -2189 212000 -955 -221499 212000 7404 861 404 8 128 221499 861 1234 2197 0.00 69314 234070000 -7000 Q1 AAST ALLIED AMERICAN STEEL CORP. false Smaller Reporting Company 2012 10-Q 2012-03-31 0001404212 --12-31 <div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Note 6.&#xA0; Stockholders&#x2019; Equity and Warrants</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#x2019;s articles of incorporation provide for the authorization of 50,000,000 shares of preferred stock and 900,000,000 shares of common stock with par values of $0.001.&#xA0; Common stock holders have all the rights and obligations that normally pertain to stockholders of Nevada corporations.&#xA0; The Company has not issued any shares of preferred stock.&#xA0; As of March 31, 2012 and December 31, 2011, the Company had 101,668,351 and 101,543,351 shares of common stock issued and outstanding, respectively.&#xA0; On April 27, 2011, the Company authorized an 18:1 forward split in the form of a dividend of its issued and outstanding common stock which became effective May 19, 2011.&#xA0; The dividend shares were issued on June 1, 2011.&#xA0; These unaudited condensed financial statements and notes retroactively reflect the forward split.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: right; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Warrants</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In April 2011, the Company entered into a Securities Purchase Agreement with North American, for the sale of 133,282 units of securities of the Company at $0.75 per unit, for aggregate gross proceeds of $99,962. Each unit consisted of the following: (1) one share of common stock; (2) one warrant, entitling the holder to purchase one share of common stock of the Company at an exercise price of $0.90 per share during a period of three years from issuance. No warrants have been exercised as of March 31, 2012.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company calculated the fair value of these warrants to be $700 using the Black Scholes model.&#xA0; The Company used the following assumptions: stock price of $0.0083, an exercise price of $0.90, expected term of 36 months, volatility of 220.54%, and discount rate of 1.280%. The fair value of the warrants is treated as offering costs and it would be a debit and credit entry to additional paid in capital resulting in a null effect in net equity.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, The Company entered into a Securities Purchase Agreement with North American, for the sale of 759,894 units of securities of the Company at $0.75 per unit, for aggregate gross proceeds of $569,923. Each unit consisted of the following: (1) one share of common stock; (2) one warrant, entitling the holder to purchase one share of common stock of the Company at an exercise price of $0.90 per share during a period of three years from issuance. No warrants have been exercised as of March 31, 2012.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company calculated the fair value of these warrants to be $1,247,800 using the Black Scholes model.&#xA0; The Company used the following assumptions: stock price of $1.71, an exercise price of $0.90, expected term of 36 months, volatility of 220.54%, and discount rate of 0.765%. The fair value of the warrants is treated as offering costs and it would be a debit and credit entry to additional paid in capital resulting in a null effect in net equity.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of the status of all of the Company&#x2019;s stock warrants as of March 31, 2012.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt" colspan="2"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif" colspan="2">Number<br /> Of Warrants</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif" colspan="2">Weighted-Average<br /> Exercise Price</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 64%; FONT-SIZE: 10pt"> Outstanding at January 1, 2012</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"> &#xA0;</td> <td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"> &#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 13%; FONT-SIZE: 10pt"> 893,176</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"> &#xA0;</td> <td style="WIDTH: 2%; FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td> <td style="TEXT-ALIGN: right; WIDTH: 13%; FONT-SIZE: 10pt"> 0.90</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: 0.24in; FONT-SIZE: 10pt"> Granted</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> <td style="FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> <td style="FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: 0.24in; FONT-SIZE: 10pt"> Exercised</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> <td style="FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> <td style="FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 0.24in; FONT-SIZE: 10pt"> Cancelled</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> &#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"> -</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 10pt"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"> -</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt"> &#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Outstanding at March 31, 2012</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> <td style="FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">893,176</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> <td style="FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">$</td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">0.90</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">Warrants exercisable at March 31, 2012</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"> &#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"> 893,176</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 10pt"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt"> 0.90</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt"> &#xA0;</td> </tr> </table> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following tables summarize information about stock warrants outstanding and exercisable at March 31, 2012:</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1.1pt" colspan="2">&#xA0;</td> <td style="PADDING-BOTTOM: 1.1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1.1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">STOCK WARRANTS OUTSTANDING AND EXERCISABLE</td> <td style="PADDING-BOTTOM: 1.1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Exercise Price</td> <td style="PADDING-BOTTOM: 1.1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1.1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid" colspan="2"> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Number of</p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Warrants</p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Outstanding</p> </td> <td style="PADDING-BOTTOM: 1.1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1.1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid" colspan="2"> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Weighted-Average</p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Remaining</p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Contractual</p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Life in Years</p> </td> <td style="PADDING-BOTTOM: 1.1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1.1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid" colspan="2"> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Weighted-</p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Average</p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Exercise Price</p> </td> <td style="PADDING-BOTTOM: 1.1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: bottom"> <td style="WIDTH: 6%">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1.1pt; WIDTH: 14%"> 0.90</td> <td style="PADDING-BOTTOM: 1.1pt; WIDTH: 2%">&#xA0;</td> <td style="PADDING-BOTTOM: 1.1pt; WIDTH: 2%">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; WIDTH: 6%">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 10%"> 893,176</td> <td style="PADDING-BOTTOM: 1.1pt; WIDTH: 6%">&#xA0;</td> <td style="PADDING-BOTTOM: 1.1pt; WIDTH: 6%">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; WIDTH: 8%">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 10%"> 2.19</td> <td style="PADDING-BOTTOM: 1.1pt; WIDTH: 6%">&#xA0;</td> <td style="PADDING-BOTTOM: 1.1pt; WIDTH: 6%">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; WIDTH: 6%">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 10%"> 0.90</td> <td style="PADDING-BOTTOM: 1.1pt; WIDTH: 2%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 3.3pt">&#xA0;</td> <td style="PADDING-BOTTOM: 3.3pt">&#xA0;</td> <td style="PADDING-BOTTOM: 3.3pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.25pt double">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"> 893,176</td> <td style="PADDING-BOTTOM: 3.3pt">&#xA0;</td> <td style="PADDING-BOTTOM: 3.3pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.25pt double">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"> 2.19</td> <td style="PADDING-BOTTOM: 3.3pt">&#xA0;</td> <td style="PADDING-BOTTOM: 3.3pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.25pt double">$</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"> 0.90</td> <td style="PADDING-BOTTOM: 3.3pt">&#xA0;</td> </tr> </table> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Shares Issued Pursuant to Various Consulting Agreements</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 1, 2011, the Company entered into a consulting agreement with Richard Tschauder to provide consulting services as the Company&#x2019;s Senior Geologist. As compensation, Mr. Tschauder will receive $3,333 per month, payable each quarter in advance, plus $550 per day plus expenses for visits to the Company&#x2019;s Property. The Company may require that Mr. Tschauder perform site visits three times per calendar year. In addition, Mr. Tschauder will receive 50,000 shares of the Company&#x2019;s restricted common stock, 25,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 25,000 of which shares shall be payable as soon as practicable after December 1, 2011. The term of this agreement was for a twelve month period commencing June 1, 2011. 25,000 of these shares were issued in June 2011 and 25,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded cash-based compensation expense in the amount of $10,000.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 1, 2011, the Company entered into a consulting agreement with Erik Ostensoe to provide consulting services as the Company&#x2019;s Senior Exploration Advisor. As compensation, Mr. Ostensoe will receive $2,500 per month, payable each month in advance, plus $550 per day plus expenses for visits to the Company&#x2019;s Property. The Company may require that Mr. Ostensoe perform site visits three times per calendar year. In addition, Mr. Ostensoe will receive 50,000 shares of the Company&#x2019;s restricted common stock, 25,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 25,000 of which shares shall be payable as soon as practicable after December 1, 2011. The term of this agreement was for a twelve month period commencing June 1, 2011. 25,000 of these shares were issued in June 2011 and 25,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded cash-based compensation expense in the amount of $7,500.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 22, 2011, the Company entered into a consulting agreement with David Dunn to provide consulting services as the Company&#x2019;s Advisor. As compensation, Mr. Dunn will receive $550 per day plus expenses for visits to the Company&#x2019;s Property. The Company may require that Mr. Dunn perform site visits three times per calendar year. In addition, Mr. Dunn will receive 50,000 shares of the Company&#x2019;s restricted common stock, 25,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 25,000 of which shares shall be payable as soon as practicable after December 22, 2011. The term of this agreement was for a twelve month period commencing June 22, 2011. 25,000 of these shares were issued in June 2011 and 25,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded compensation expense in the amount of $0.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 22, 2011, the Company entered into a consulting agreement with Stewart Jackson to provide consulting services as the Company&#x2019;s Advisor. As compensation, Mr. Jackson will receive an upfront cash fee of $5,000 and $550 per day plus expenses for visits to the Company&#x2019;s Property. The Company may require that Mr. Jackson perform site visits three times per calendar year. In addition, Mr. Jackson will receive 100,000 shares of the Company&#x2019;s restricted common stock, 50,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 50,000 of which shares shall be payable as soon as practicable after December 22, 2011. The term of this agreement was for a twelve month period commencing June 22, 2011. 50,000 of these shares were issued in June 2011 and 50,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded compensation expense in the amount of $0.</p> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Note 5.&#xA0; Commitments and Contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company is subject to certain commitments and contingencies related to the Assignment Agreement that is described in Note 4.</p> </div> -85916 -762 14619 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Note 7. Subsequent Events</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> On May 7, 2012 the Company determined not to exercise its option under the May 27, 2011 Assignment and Sale Agreement among the Company, North American Iron Ore, Inc. and Canamara Energy Corporation which provided the Company with the right to acquire up to a 60% undivided interest in certain mineral claims located in Lyonne Township, Roberval County in the Province of Quebec. (the &#x201C;Lake Touladi Property&#x201D;). This determination was made on the basis of work performed on the Lake Touladi Property, review of diligence materials and internal discussions with members of the Company&#x2019;s Advisory Board. The company does not believe the Lake Touladi Property to be a viable resource mine as significant portions of the iron and some of the titanium resources located on the Lake Touladi Property are locked in silicate materials where economic recovery is unlikely. Further, the Company believes that the Lake Touladi Property contains substantially lower grades of titanium compared to similar mining projects in the area. The company is actively seeking to locate alternate mining opportunities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The Company has evaluated subsequent events through the date the financial statements were issued, and has determined there are no other subsequent events to be reported.</p> </div> -101297 22750 2198 -85916 101297 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Note 1.&#xA0; Nature of Business and Summary of Significant Accounting Policies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The summary of significant accounting policies is presented to assist in the understanding of the financial statements.&#xA0; The financial statements and notes are representations of management.&#xA0; These accounting policies conform to generally accepted accounting principles in the United States of America (&#x201C;U.S. GAAP&#x201D;) and have been consistently applied in the preparation of the financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In the opinion of management, the accompanying balance sheets and related interim statements of operations and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with U.S. GAAP for Allied American Steel Corp. (the &#x201C;Company&#x201D;). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management&#x2019;s estimates and assumptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Interim results are not necessarily indicative of results for a full year. The information included in these Notes should be read in conjunction with information included in the Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission on April 16, 2012.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Nature of business and organization</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company&#x2019;s principal business objective is as an exploration company focused on the discovery and production of significant iron ore resources and the titanium dioxide resources often associated with iron deposits. Prior to entering into the May 27, 2011 Assignment Agreement (see Note 4), we were a &#x201C;shell company&#x201D; (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended). We believe that as a result of such Assignment Agreement we have ceased to be a shell company. The Company&#x2019;s planned principal operations have commenced, but there has been no significant revenue therefrom, operations have been limited to general administrative operations and exploration, and as a result the Company is considered an exploration stage company as defined by ASC Topic 915 and SEC Industry Guide 7.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Revenue recognition</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company has no revenues to date from its operations. Once revenues are generated, management will establish a revenue recognition policy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Mineral Properties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company accounts for its mining activities in accordance with FASB ASC 930 &#x201C;Extractive Activities &#x2013; Mining.&#x201D; The Company capitalizes the costs to acquire mineral properties. Exploration costs are expensed as incurred and include geological and geophysical work on areas without identified reserves, together with drilling and other related costs. Capitalization of mine development costs that meet the definition of an asset begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body at open pit surface mines. All capitalized costs are amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use.&#xA0; The Company had no mine development costs at March 31, 2012.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Mining facilities and equipment are recorded at cost. Expenditures for facilities and equipment relating to new assets or improvements are capitalized if they extend useful lives or extend functionality. Fixed plant and machinery are amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be produced from estimated proven and probable mineral reserves. Repairs and maintenance costs are charged to expense as incurred, except when these repairs extend the life or functionality of the asset. In these instances, that portion of the expenditure is capitalized and amortized over the period benefited. Depreciation, depletion and amortization is allocated to product inventory cost and then included as a component of operating expense as inventory is sold. As of March 31, 2012, the Company had no facilities and equipment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of March 31, 2012, the Company had not established any proven or probable reserves.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Estimates</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The preparation of these financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.&#xA0; The Company is subject to uncertainty of future events, economic, environmental and political factors and changes in the Company&#x2019;s business environment; therefore, actual results could differ from these estimates.&#xA0; Accordingly, accounting estimates used in the preparation of the Company&#x2019;s financial statements will change as new events occur, more experience is acquired, as additional information is obtained and as the Company&#x2019;s operating environment changes.&#xA0; Changes are made in estimates as circumstances warrant.&#xA0; Such changes in estimates and refinement of estimation methodologies are reflected in the statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Impairment of Long-lived Assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The carrying value of intangible assets and other long-lived assets are reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. Impairment on interests in mineral reserves are evaluated by considering criteria such as estimates of future cash flows that are directly associated with the asset, future extractive activity plans for the properties, and the results of geographic and geologic data related to the properties. As of December 31, 2011, the Company had fully impaired its interest in mineral rights.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>&#xA0;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Basic and diluted net loss per share</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company computes net loss per share in accordance with FASB ASC 260, &#x201C;Earnings per Share,&#x201D; which requires presentation of both basic and diluted earnings per share (&#x201C;EPS&#x201D;) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Diluted EPS excludes all potentially dilutive shares if their effect is anti-dilutive. Shares associated with stock warrants are not included because their inclusion would be antidilutive (i.e., reduce the net loss per share).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> At March 31, 2012, the Company had outstanding potentially dilutive shares of 893,176.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Recent Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company has analyzed all recent accounting pronouncements and believes that none will have a material impact on the financial statements.</p> </div> 76349 0.00 101577692 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Note 4.&#xA0; Option to Purchase Mineral Interests</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We do not own any property.&#xA0; We have an option to acquire certain mineral rights.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On May 27, 2011, the Company entered into an Assignment and Sale Agreement (the &#x201C;Assignment Agreement&#x201D;) with North American Iron Ore, Inc., a Nevis corporation (&#x201C;North American&#x201D;), who became a related party on May 27, 2011, and Canamara Energy Corporation, a British Columbia corporation (&#x201C;Canamara&#x201D;).&#xA0; The Assignment Agreement provides the Company with an option to acquire up to a 60% undivided interest in certain mineral claims (the &#x201C;Mineral Claims&#x201D; or the &#x201C;Property&#x201D;) located in Lyonne Township, Roberval County in the Province of Quebec, free and clear of all claims, liens, charges and encumbrances, save and except for those set forth in the Assignment Agreement, including a 2.5% royalty held by the underlying owner. The Mineral Claims presently represent 48 contiguous claims totaling approximately 2,741 hectares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> To exercise the option assigned to the Company in the Assignment Agreement, we are required to incur expenditures on the Property in the amount of CDN $1,548,346 (approximately US$1,599,000 based on the conversion rate in effect as of June 1, 2011) on or before May 7, 2012. The Assignment Agreement represents the assignment and sale of an option only and although we intend to exercise the option, subject to receipt of required financing, we are under no obligation to North American or Canamara to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The option terminates if the Company fails to make required expenditures on the Property when due or if the Company voluntarily terminate the option. In addition, Canamara may terminate the option if the Company is in breach of any of its representations and warranties. In such event, Canamara must first provide the Company with a notice of default following which the Company will have 30 days to cure. As of May 15, 2011, the Company has not received a notice of default from Canamara.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company&#x2019;s interest in the Mineral Claims consists of its contractual right to acquire an interest in the Mineral Claims. As of March 31, 2012, the Company has incurred $87,742 of exploration costs on the property on which such Mineral Claims are located.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Under the Assignment Agreement, the Company issued 15,075,175 shares of its restricted common stock. The stock value was based on ASC 505-50-30-6, which evaluates the fair value of the equity instruments issued versus the fair value of goods or services received in share-based payment transactions with nonemployees, whichever is more reliably measurable. The Company determined that the fair value of the equity instruments issued were reliably measurable, and the Company valued the 15,075,175 shares at $0.00833 per share (rounded) for a total of $125,626 based on the per share value of a March 2011 stock transaction which was recorded on the Over-the-Counter Bulletin Board.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company evaluated the Assignment Agreement for impairment based on ASC 360-10-35-21 as a result of the Company&#x2019;s current-period operating loss, history of operating losses, combined with the difficulty of accurately and reliably estimating future cash flows directly associated with the Property, given the stage of development of the Property. As a result, for the year ending December 31, 2011, the Company fully impaired the value of the Assignment Agreement in the amount of $125,626.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>Summary</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Mineral interests consisted of the following:</p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#xA0;</td> <td style="font-weight: bold">&#xA0;</td> <td colspan="6" style="font-weight: bold; text-align: center">March 31,</td> <td style="font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.1pt">&#xA0;</td> <td style="padding-bottom: 1.1pt; font-weight: bold">&#xA0;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"> 2012</td> <td style="padding-bottom: 1.1pt; font-weight: bold">&#xA0;</td> <td style="padding-bottom: 1.1pt; font-weight: bold">&#xA0;</td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"> 2011</td> <td style="padding-bottom: 1.1pt; font-weight: bold">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 74%">Option on mineral rights</td> <td style="width: 1%">&#xA0;</td> <td style="width: 2%">$</td> <td style="width: 9%; text-align: right">-</td> <td style="width: 1%">&#xA0;</td> <td style="width: 1%">&#xA0;</td> <td style="width: 2%">$</td> <td style="width: 9%; text-align: right">125,626</td> <td style="width: 1%">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.1pt">Impairment charge</td> <td style="padding-bottom: 1.1pt">&#xA0;</td> <td style="border-bottom: black 1pt solid">&#xA0;</td> <td style="border-bottom: black 1pt solid; text-align: right"> -</td> <td style="padding-bottom: 1.1pt">&#xA0;</td> <td style="padding-bottom: 1.1pt">&#xA0;</td> <td style="border-bottom: black 1pt solid">&#xA0;</td> <td style="border-bottom: black 1pt solid; text-align: right"> (125,626)</td> <td style="padding-bottom: 1.1pt">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-bottom: 3.3pt">&#xA0;Total</td> <td style="padding-bottom: 3.3pt">&#xA0;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right"> -</td> <td style="padding-bottom: 3.3pt">&#xA0;</td> <td style="padding-bottom: 3.3pt">&#xA0;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right"> -</td> <td style="padding-bottom: 3.3pt">&#xA0;</td> </tr> </table> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Note 3.&#xA0; Prepaid Expense</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> At March 31, 2012, prepaid expenses consisted of $6,667 of consulting fees and $3,070 of directors and officers insurance.</p> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Note 2.&#xA0; Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company&#x2019;s financial statements are prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred a net operating loss of $1,212,601 from inception through March 31, 2012. The Company&#x2019;s planned principal operations have commenced, but there has been no significant revenue.&#xA0; Operations have been limited to general administrative operations and exploration, and the Company remains in the exploration stages, raising substantial doubt about the Company&#x2019;s ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management&#x2019;s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p> </div> 0001404212 2012-01-01 2012-03-31 0001404212 2011-01-01 2011-03-31 0001404212 2007-03-07 2012-03-31 0001404212 2011-12-31 0001404212 2010-12-31 0001404212 2012-03-31 0001404212 2011-03-31 0001404212 2012-05-14 shares iso4217:USD iso4217:USD shares Derived from audited financial statements. EX-101.SCH 5 aast-20120331.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Interim Condensed Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Interim Condensed Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Interim Condensed Statements of Operations link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Interim Condensed Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 107 - Disclosure - Nature of Business and Summary of Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 108 - Disclosure - Going Concern link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Prepaid Expense link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Option to Purchase Mineral Interests link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Commitments and Contingencies link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Stockholders' Equity and Warrants link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Subsequent Events link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 6 aast-20120331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 7 aast-20120331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 8 aast-20120331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 9 aast-20120331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 11 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Option to Purchase Mineral Interests
3 Months Ended
Mar. 31, 2012
Option to Purchase Mineral Interests

Note 4.  Option to Purchase Mineral Interests

 

We do not own any property.  We have an option to acquire certain mineral rights.

 

On May 27, 2011, the Company entered into an Assignment and Sale Agreement (the “Assignment Agreement”) with North American Iron Ore, Inc., a Nevis corporation (“North American”), who became a related party on May 27, 2011, and Canamara Energy Corporation, a British Columbia corporation (“Canamara”).  The Assignment Agreement provides the Company with an option to acquire up to a 60% undivided interest in certain mineral claims (the “Mineral Claims” or the “Property”) located in Lyonne Township, Roberval County in the Province of Quebec, free and clear of all claims, liens, charges and encumbrances, save and except for those set forth in the Assignment Agreement, including a 2.5% royalty held by the underlying owner. The Mineral Claims presently represent 48 contiguous claims totaling approximately 2,741 hectares.

 

To exercise the option assigned to the Company in the Assignment Agreement, we are required to incur expenditures on the Property in the amount of CDN $1,548,346 (approximately US$1,599,000 based on the conversion rate in effect as of June 1, 2011) on or before May 7, 2012. The Assignment Agreement represents the assignment and sale of an option only and although we intend to exercise the option, subject to receipt of required financing, we are under no obligation to North American or Canamara to do so.

 

The option terminates if the Company fails to make required expenditures on the Property when due or if the Company voluntarily terminate the option. In addition, Canamara may terminate the option if the Company is in breach of any of its representations and warranties. In such event, Canamara must first provide the Company with a notice of default following which the Company will have 30 days to cure. As of May 15, 2011, the Company has not received a notice of default from Canamara.

 

The Company’s interest in the Mineral Claims consists of its contractual right to acquire an interest in the Mineral Claims. As of March 31, 2012, the Company has incurred $87,742 of exploration costs on the property on which such Mineral Claims are located.

  

 

Under the Assignment Agreement, the Company issued 15,075,175 shares of its restricted common stock. The stock value was based on ASC 505-50-30-6, which evaluates the fair value of the equity instruments issued versus the fair value of goods or services received in share-based payment transactions with nonemployees, whichever is more reliably measurable. The Company determined that the fair value of the equity instruments issued were reliably measurable, and the Company valued the 15,075,175 shares at $0.00833 per share (rounded) for a total of $125,626 based on the per share value of a March 2011 stock transaction which was recorded on the Over-the-Counter Bulletin Board.

 

The Company evaluated the Assignment Agreement for impairment based on ASC 360-10-35-21 as a result of the Company’s current-period operating loss, history of operating losses, combined with the difficulty of accurately and reliably estimating future cash flows directly associated with the Property, given the stage of development of the Property. As a result, for the year ending December 31, 2011, the Company fully impaired the value of the Assignment Agreement in the amount of $125,626.

 

Summary

 

Mineral interests consisted of the following:

    March 31,  
    2012     2011  
Option on mineral rights   $ -     $ 125,626  
Impairment charge     -       (125,626)  
 Total   $ -     $ -  
EXCEL 12 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\Q,C(X9&)A-U]E9#4S7S1D-C5?.6$X95]F83EC M8F1B,C'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN=&5R:6U?0V]N9&5N#I7;W)K#I7 M;W)K#I%>&-E;%=O'!E;G-E/"]X M.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I%>&-E;%=O#I7;W)K M#I.86UE/@T* M("`@(#QX.E=O#I% M>&-E;%=O6QE#I! M8W1I=F53:&5E=#X-"B`@/'@Z4')O=&5C=%-T#I0 M#I0#I0&UL M/CPA6V5N9&EF72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@ M<&%G92!S:&]U;&0@8F4@;W!E;F5D('=I=&@@36EC'1087)T7S$R,CAD8F$W7V5D-3-?-&0V-5\Y83AE7V9A.6-B9&(R-S9D M,0T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Q,C(X9&)A-U]E9#4S M7S1D-C5?.6$X95]F83EC8F1B,C'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^9F%L'0^36%R(#,Q M+`T*"0DR,#$R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^,C`Q,CQS<&%N/CPO'0^ M43$\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$2!#96YT3PO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^,#`P,30P-#(Q,CQS<&%N/CPO'0^+2TQ M,BTS,3QS<&%N/CPO'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Q,C(X9&)A-U]E9#4S7S1D M-C5?.6$X95]F83EC8F1B,C'0O:'1M M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%SF5R M;R!S:&%R97,@:7-S=65D(&%N9"!O=71S=&%N9&EN9SPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^)FYB'0^)FYB'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S3PO=&0^#0H@("`@("`@(#QT9"!C M;&%S3PO=&0^#0H@("`@("`@(#QT9"!C M;&%S7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAAF5D/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$;G5M<#XY,#`L,#`P+#`P,#QS<&%N/CPO'1087)T7S$R,CAD8F$W7V5D-3-?-&0V-5\Y83AE M7V9A.6-B9&(R-S9D,0T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Q M,C(X9&)A-U]E9#4S7S1D-C5?.6$X95]F83EC8F1B,C'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M7)O;&P@=&%X(&5X<&5N'0^)FYB'0^)FYB'0^)FYB'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Q,C(X9&)A-U]E9#4S7S1D-C5? M.6$X95]F83EC8F1B,C'0O:'1M;#L@ M8VAA'!E;G-E/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$;G5M<#XW-C(\2!A;F0@97AP96YS93PO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S2!B96AA;&8@8GD@&5S/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\6%B M;&4@86YD(&%C8W)U960@97AP96YS97,\+W1D/@T*("`@("`@("`\=&0@8VQA M2!F:6YA;F-I;F<@ M86-T:79I=&EE'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA'0^/&1I=B!S='EL93TS1"=F M;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU$$P.R!.871U$$P.R!4:&4-"F9I;F%N M8VEA;"!S=&%T96UE;G1S(&%N9"!N;W1E$$P.R!4:&5S92!A8V-O=6YT:6YG('!O;&EC M:65S(&-O;F9O#(P,4,[52Y3+B!'04%0)B-X,C`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`T*8V]S=',@870@36%R8V@@,S$L(#(P,3(N M/"]P/@T*/'`@$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE'0M86QI9VXZ M(&IU'!E;G-E(&%S M(&EN8W5R&-E<'0@=VAE;B!T:&5S92!R97!A:7)S#0IE>'1E;F0@ M=&AE(&QI9F4@;W(@9G5N8W1I;VYA;&ET>2!O9B!T:&4@87-S970N($EN('1H M97-E(&EN'!E;G-E(&%S(&EN=F5N=&]R>2!I2!H860@;F]T(&5S=&%B;&ES:&5D(&%N>2!P6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE2<^#0H\8CX\:3Y%6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2<^#0I4:&4@<')E M<&%R871I;VX@;V8@=&AE2!W:71H#0I5+E,N($=!05`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`@("`\=&%B;&4@8VQA6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE2<^#0H\8CY.;W1E(#(N)B-X03`[($=O:6YG($-O;F-E MF%T:6]N(&]F(&%S2!H87,@:6YC=7)R960@82!N970@;W!E'!L;W)A=&EO;BP@86YD#0IT:&4@0V]M<&%N>2!R M96UA:6YS(&EN('1H92!E>'!L;W)A=&EO;B!S=&%G97,L(')A:7-I;F<@$$P.SPO<#X-"CQP('-T>6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!W:6QL(&YE960L#0IA;6]N9R!O=&AE0T* M8GD@;V)T86EN:6YG(&-A<&ET86P@9G)O;2!M86YA9V5M96YT(&%N9"!S:6=N M:69I8V%N="!S:&%R96AO;&1E2!A;F0O;W(@9&5B="!F:6YA;F-I;F2!A2!O M9B!I=',@<&QA;G,N/"]P/@T*/'`@'1087)T7S$R,CAD8F$W7V5D-3-?-&0V-5\Y83AE7V9A.6-B M9&(R-S9D,0T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Q,C(X9&)A M-U]E9#4S7S1D-C5?.6$X95]F83EC8F1B,C'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'!E;G-E/&)R/CPO'0^/&1I=B!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE M=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU$$P.R!0 M7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE2<^#0H\8CY.;W1E(#0N)B-X03`[($]P=&EO M;B!T;R!0=7)C:&%S92!-:6YE$$P.SPO<#X-"CQP('-T>6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2`R-RP@ M,C`Q,2P@=&AE($-O;7!A;GD@96YT97)E9"!I;G1O(&%N($%S#(P,4,[07-S:6=N;65N="!! M9W)E96UE;G0F(W@R,#%$.RD@=VET:"!.;W)T:`T*06UE#(P,4,[3F]R=&@- M"D%M97)I8V%N)B-X,C`Q1#LI+"!W:&\@8F5C86UE(&$@2!O;B!-87D@,C$$P.R!4:&4@07-S:6=N;65N="!! M9W)E96UE;G0@<')O=FED97,-"G1H92!#;VUP86YY('=I=&@@86X@;W!T:6]N M('1O(&%C<75I28C>#(P M,40[*2!L;V-A=&5D(&EN($QY;VYN90T*5&]W;G-H:7`L(%)O8F5R=F%L($-O M=6YT>2!I;B!T:&4@4')O=FEN8V4@;V8@475E8F5C+"!F2`R+#&EM871E M;'D@55,D,2PU.3DL,#`P(&)A2!F86EL'!E M;F1I='5R97,@;VX@=&AE(%!R;W!E2!T97)M:6YA=&4@=&AE#0IO<'1I;VX@ M:68@=&AE($-O;7!A;GD@:7,@:6X@8G)E86-H(&]F(&%N>2!O9B!I=',@2!W:71H M(&$@;F]T:6-E(&]F(&1E9F%U;'0@9F]L;&]W:6YG('=H:6-H('1H92!#;VUP M86YY('=I;&P-"FAA=F4@,S`@9&%Y$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!O;B!W:&EC:"!S=6-H($UI M;F5R86P@0VQA:6US(&%R92!L;V-A=&5D+CPO<#X-"CQP('-T>6QE/3-$)V9O M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6UE;G0@ M=')A;G-A8W1I;VYS('=I=&@@;F]N96UP;&]Y965S+`T*=VAI8VAE=F5R(&ES M(&UO$$P.SPO<#X-"CQP('-T M>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU2!A;F0@2P@9VEV96X@ M=&AE#0IS=&%G92!O9B!D979E;&]P;65N="!O9B!T:&4@4')O<&5R='DN($%S M(&$@$$P M.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE3PO M8CX\+W`^#0H\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E$$P.SPO<#X- M"CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)W9E M$$P.SPO=&0^#0H\=&0@ M$$P.SPO=&0^#0H\=&0@ M8V]L'0M M86QI9VXZ(&-E;G1E6QE/3-$)V)O'0M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F$$P.SPO=&0^#0H\=&0@8V]L6QE/3-$)W!A9&1I;F6QE/3-$)W=I9'1H.B`W-"4G/D]P=&EO M;B!O;B!M:6YE6QE/3-$)W=I9'1H.B`R)2<^)#PO M=&0^#0H\=&0@6QE/3-$)W=I9'1H M.B`Y)3L@=&5X="UA;&EG;CH@6QE/3-$)W=I9'1H.B`Q)2<^)B-X03`[/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I M;F$$P.SPO=&0^#0H\ M=&0@$$P.SPO=&0^#0H\=&0@6QE M/3-$)V)O'0M86QI9VXZ(')I9VAT)SX-"B@Q,C4L-C(V*3PO=&0^#0H\=&0@ M$$P.U1O=&%L/"]T9#X-"CQT9"!S='EL M93TS1"=P861D:6YG+6)O='1O;3H@,RXS<'0G/B8C>$$P.SPO=&0^#0H\=&0@ M6QE/3-$)W!A9&1I;F$$P M.SPO=&0^#0H\+W1R/@T*/"]T86)L93X-"CPO9&EV/CQS<&%N/CPO7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA'0^/&1I=B!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA M;BP@5&EM97,L(%-E6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU$$P.R!#;VUM:71M M96YT$$P.SPO<#X-"CQP('-T>6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA2!A;F0@5V%R6QE/3-$)T9/3E0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE3L@34%21TE..B`P<'0@,'!X.R!&3TY4.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E3L@34%21TE. M.B`P<'0@,'!X.R!&3TY4.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L M(%-EF%T:6]N(&]F M(#4P+#`P,"PP,#`@2!H87,@;F]T(&ES$$P.R!/;B!!<')I;"`R-RP@,C`Q,2P@=&AE($-O;7!A;GD@875T M:&]R:7IE9"!A;@T*,3@Z,2!F;W)W87)D('-P;&ET(&EN('1H92!F;W)M(&]F M(&$@9&EV:61E;F0@;V8@:71S(&ES2`Q.2P@,C`Q M,2XF(WA!,#L-"E1H92!D:79I9&5N9"!S:&%R97,@=V5R92!I$$P.R!4:&5S90T*=6YA=61I=&5D(&-O;F1E;G-E M9"!F:6YA;F-I86P@0T*$$P.SPO<#X-"CQP('-T>6QE/3-$)TU!4D=)3CH@ M,'!T(#!P>#L@1D].5#H@,3!P="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$ M)U1%6%0M04Q)1TXZ(&IU#L@1D].5#H@ M,3!P="!4:6UE$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&IU#L@1D].5#H@,3!P="!4:6UE M2!E;G1E6QE/3-$)TU!4D=)3CH@,'!T(#!P>#L@1D]. M5#H@,3!P="!4:6UE'!E8W1E9"!T M97)M(&]F(#,V(&UO;G1H2!O9B`R,C`N-30E+"!A;F0@ M9&ES8V]U;G0-"G)A=&4@;V8@,2XR.#`E+B!4:&4@9F%I2!T;PT*861D M:71I;VYA;"!P86ED(&EN(&-A<&ET86P@$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&IU#L@1D].5#H@,3!P="!4:6UE2!A M="`D,"XW-2!P97(@=6YI="P@9F]R(&%G9W)E9V%T92!G6QE/3-$)TU!4D=)3CH@,'!T(#!P>#L@1D].5#H@ M,3!P="!4:6UE6QE/3-$)TU!4D=) M3CH@,'!T(#!P>#L@1D].5#H@,3!P="!4:6UE6QE/3-$)TU!4D=)3CH@,'!T(#!P>#L@1D].5#H@,3!P M="!4:6UE$$P.SPO=&0^#0H\=&0@6QE/3-$)U!!1$1)3D$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@ M6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M.R!724142#H@,3,E.R!&3TY4+5-)6D4Z(#$P<'0G/@T*.#DS+#$W-CPO=&0^ M#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4TE: M13H@,3!P="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5-)6D4Z M(#$P<'0G/B8C>$$P.SPO=&0^#0H\=&0@6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT.R!&3TY4+5-)6D4Z(#$P<'0G/BT\+W1D M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4TE:13H@ M,3!P="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5-)6D4Z(#$P M<'0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T], M3U(Z(')G8B@R,#0L,C4U+#(P-"D[(%9%4E1)0T%,+4%,24=..B!B;W1T;VTG M/@T*/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%1%6%0M24Y$14Y4 M.B`P+C(T:6X[($9/3E0M4TE:13H@,3!P="<^#0I%>&5R8VES960\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4TE:13H@,3!P M="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5-)6D4Z(#$P<'0G M/B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT.R!&3TY4+5-)6D4Z(#$P<'0G/BT\+W1D/@T*/'1D M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4TE:13H@,3!P="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5-)6D4Z(#$P<'0G/B8C M>$$P.SPO=&0^#0H\=&0@$$P.SPO M=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T],3U(Z('=H M:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL93TS1"=4 M15A4+4%,24=..B!L969T.R!0041$24Y'+4)/5%1/33H@,7!T.R!415A4+4E. M1$5.5#H@,"XR-&EN.R!&3TY4+5-)6D4Z(#$P<'0G/@T*0V%N8V5L;&5D/"]T M9#X-"CQT9"!S='EL93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y'+4)/ M5%1/33H@,7!T.R!&3TY4+5-)6D4Z(#$P<'0G/@T*)B-X03`[/"]T9#X-"CQT M9"!S='EL93TS1"=0041$24Y'+4)/5%1/33H@,7!T.R!&3TY4+5-)6D4Z(#$P M<'0G/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K M(#%P="!S;VQI9#L@5$585"U!3$E'3CH@;&5F=#L@1D].5"U325I%.B`Q,'!T M)SX-"B8C>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4TE:13H@,3!P="<^ M)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5-)6D4Z(#$P<'0G/B8C M>$$P.SPO=&0^#0H\=&0@6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT.R!&3TY4+5-)6D4Z(#$P<'0G/C@Y,RPQ-S8\+W1D/@T* M/'1D('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($9/3E0M4TE:13H@,3!P M="<^)B-X03`[/"]T9#X-"CQT9"!S='EL93TS1"=&3TY4+5-)6D4Z(#$P<'0G M/B8C>$$P.SPO=&0^#0H\=&0@$$P.SPO=&0^#0H\+W1R/@T*/'1R('-T>6QE/3-$)T)!0TM'4D]53D0M0T], M3U(Z('=H:71E.R!615)424-!3"U!3$E'3CH@8F]T=&]M)SX-"CQT9"!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y'+4)/5%1/33H@,BXU<'0[ M($9/3E0M4TE:13H@,3!P="<^5V%R6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D$$P.SPO=&0^#0H\=&0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#(N-7!T(&1O=6)L93L@ M5$585"U!3$E'3CH@;&5F=#L@1D].5"U325I%.B`Q,'!T)SX-"B8C>$$P.SPO M=&0^#0H\=&0@$$P.R8C>$$P.SPO<#X-"CQP('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&IU#L@1D].5#H@,3!P M="!4:6UEF4@:6YF;W)M871I;VX@86)O=70@&5R8VES86)L92!A="!-87)C M:"`S,2P@,C`Q,CH\+W`^#0H\<"!S='EL93TS1"=-05)'24XZ(#!P="`P<'@[ M($9/3E0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)U=)1%1(.B`Q,#`E.R!"3U)$ M15(M0T],3$%04T4Z(&-O;&QA<'-E.R!&3TY4.B`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`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`N.3`\ M+W1D/@T*/'1D('-T>6QE/3-$)U!!1$1)3D$$P.SPO<#X-"CQP('-T>6QE/3-$)U1%6%0M04Q)1TXZ M(&IU#L@1D].5#H@,3!P="!4:6UE6QE/3-$)TU!4D=)3CH@,'!T(#!P>#L@1D].5#H@,3!P="!4 M:6UE2!E;G1E6%B;&4@96%C:"!Q=6%R=&5R(&EN(&%D=F%N8V4L#0IP;'5S("0U M-3`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`N/"]P/@T*/"]D:78^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\Q,C(X9&)A-U]E9#4S7S1D-C5?.6$X95]F83EC8F1B,C'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W M(%)O;6%N+"!4:6UE2<^#0H\8CY.;W1E(#6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&IU6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2`R-RP@,C`Q,2!!#(P,4,[3&%K92!4;W5L861I(%!R;W!E2!I2X@1G5R=&AE2!C;VYT86EN2!I2!S965K:6YG('1O(&QO8V%T92!A;'1E M6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'1087)T M7S$R,CAD8F$W7V5D-3-?-&0V-5\Y83AE7V9A.6-B9&(R-S9D,0T*0V]N=&5N M="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Q,C(X9&)A-U]E9#4S7S1D-C5?.6$X M95]F83EC8F1B,C XML 13 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Prepaid Expense
3 Months Ended
Mar. 31, 2012
Prepaid Expense

Note 3.  Prepaid Expense

 

At March 31, 2012, prepaid expenses consisted of $6,667 of consulting fees and $3,070 of directors and officers insurance.

XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interim Condensed Balance Sheets (USD $)
Mar. 31, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 139,120 $ 225,036 [1]
Prepaid expenses 9,737 10,499 [1]
Total current assets 148,857 235,535 [1]
Total Assets 148,857 235,535 [1]
Current liabilities:    
Accounts payable and accrued expenses 43,512 28,893 [1]
Total current liabilities 43,512 28,893 [1]
STOCKHOLDERS' EQUITY    
Preferred stock; $.001 par value, 50,000,000 shares authorized, zero shares issued and outstanding       [1]
Common stock; $.001 par value, 900,000,000 shares authorized; 101,668,351 and 101,543,351 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively 101,668 101,543 [1]
Additional paid-in-capital 1,216,278 1,216,278 [1]
Accumulated (deficit) during the exploration stage (1,212,601) (1,111,304) [1]
Stock issuable   125 [1]
Total stockholders' equity 105,345 206,642 [1]
Total Liabilities and Stockholders' Equity $ 148,857 $ 235,535 [1]
[1] Derived from audited financial statements.
XML 15 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Business and Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2012
Nature of Business and Summary of Significant Accounting Policies

Note 1.  Nature of Business and Summary of Significant Accounting Policies

 

The summary of significant accounting policies is presented to assist in the understanding of the financial statements.  The financial statements and notes are representations of management.  These accounting policies conform to generally accepted accounting principles in the United States of America (“U.S. GAAP”) and have been consistently applied in the preparation of the financial statements.

 

In the opinion of management, the accompanying balance sheets and related interim statements of operations and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with U.S. GAAP for Allied American Steel Corp. (the “Company”). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.

 

Interim results are not necessarily indicative of results for a full year. The information included in these Notes should be read in conjunction with information included in the Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission on April 16, 2012.

 

Nature of business and organization

 

The Company’s principal business objective is as an exploration company focused on the discovery and production of significant iron ore resources and the titanium dioxide resources often associated with iron deposits. Prior to entering into the May 27, 2011 Assignment Agreement (see Note 4), we were a “shell company” (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended). We believe that as a result of such Assignment Agreement we have ceased to be a shell company. The Company’s planned principal operations have commenced, but there has been no significant revenue therefrom, operations have been limited to general administrative operations and exploration, and as a result the Company is considered an exploration stage company as defined by ASC Topic 915 and SEC Industry Guide 7.

 

Revenue recognition

 

The Company has no revenues to date from its operations. Once revenues are generated, management will establish a revenue recognition policy.

 

Mineral Properties

 

The Company accounts for its mining activities in accordance with FASB ASC 930 “Extractive Activities – Mining.” The Company capitalizes the costs to acquire mineral properties. Exploration costs are expensed as incurred and include geological and geophysical work on areas without identified reserves, together with drilling and other related costs. Capitalization of mine development costs that meet the definition of an asset begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body at open pit surface mines. All capitalized costs are amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use.  The Company had no mine development costs at March 31, 2012.

  

 

 

Mining facilities and equipment are recorded at cost. Expenditures for facilities and equipment relating to new assets or improvements are capitalized if they extend useful lives or extend functionality. Fixed plant and machinery are amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be produced from estimated proven and probable mineral reserves. Repairs and maintenance costs are charged to expense as incurred, except when these repairs extend the life or functionality of the asset. In these instances, that portion of the expenditure is capitalized and amortized over the period benefited. Depreciation, depletion and amortization is allocated to product inventory cost and then included as a component of operating expense as inventory is sold. As of March 31, 2012, the Company had no facilities and equipment.

 

As of March 31, 2012, the Company had not established any proven or probable reserves.

 

Estimates

 

The preparation of these financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  The Company is subject to uncertainty of future events, economic, environmental and political factors and changes in the Company’s business environment; therefore, actual results could differ from these estimates.  Accordingly, accounting estimates used in the preparation of the Company’s financial statements will change as new events occur, more experience is acquired, as additional information is obtained and as the Company’s operating environment changes.  Changes are made in estimates as circumstances warrant.  Such changes in estimates and refinement of estimation methodologies are reflected in the statements.

 

Impairment of Long-lived Assets

 

The carrying value of intangible assets and other long-lived assets are reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. Impairment on interests in mineral reserves are evaluated by considering criteria such as estimates of future cash flows that are directly associated with the asset, future extractive activity plans for the properties, and the results of geographic and geologic data related to the properties. As of December 31, 2011, the Company had fully impaired its interest in mineral rights.

 

Basic and diluted net loss per share

 

The Company computes net loss per share in accordance with FASB ASC 260, “Earnings per Share,” which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period.

 

Diluted EPS excludes all potentially dilutive shares if their effect is anti-dilutive. Shares associated with stock warrants are not included because their inclusion would be antidilutive (i.e., reduce the net loss per share).

 

At March 31, 2012, the Company had outstanding potentially dilutive shares of 893,176.

 

Recent Accounting Pronouncements

 

The Company has analyzed all recent accounting pronouncements and believes that none will have a material impact on the financial statements.

XML 16 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 17 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Going Concern
3 Months Ended
Mar. 31, 2012
Going Concern

Note 2.  Going Concern

 

The Company’s financial statements are prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred a net operating loss of $1,212,601 from inception through March 31, 2012. The Company’s planned principal operations have commenced, but there has been no significant revenue.  Operations have been limited to general administrative operations and exploration, and the Company remains in the exploration stages, raising substantial doubt about the Company’s ability to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

XML 18 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interim Condensed Balance Sheets (Parenthetical) (USD $)
Mar. 31, 2012
Dec. 31, 2011
Preferred stock, par value $ 0.001 $ 0.001 [1]
Preferred stock, shares authorized 50,000,000 50,000,000 [1]
Preferred stock, shares issued 0 0 [1]
Preferred stock, shares outstanding 0 0 [1]
Common stock, par value $ 0.001 $ 0.001 [1]
Common stock, shares authorized 900,000,000 900,000,000 [1]
Common stock, shares issued 101,668,351 101,543,351 [1]
Common stock, shares outstanding 101,668,351 101,543,351 [1]
[1] Derived from audited financial statements.
XML 19 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Mar. 31, 2012
May 14, 2012
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
Trading Symbol AAST  
Entity Registrant Name ALLIED AMERICAN STEEL CORP.  
Entity Central Index Key 0001404212  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   101,668,351
XML 20 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interim Condensed Statements of Operations (USD $)
3 Months Ended 61 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Revenues         
Operating expenses      
Impairment of option for mineral rights     125,626
General administrative 76,349 1,234 631,061
General administrative - related-party     49,875
Stock compensation bonus   212,000 212,000
Exploration costs     87,742
Officer payroll 22,750 7,404 98,000
Payroll tax expense 2,198 861 8,297
Total operating expenses 101,297 221,499 1,212,601
Provision for income taxes         
Net loss $ (101,297) $ (221,499) $ (1,212,601)
Basic and diluted loss per common share $ 0.00 $ 0.00  
Basic and diluted weighted average common shares outstanding 101,577,692 234,070,000  
XML 21 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events

Note 7. Subsequent Events

 

On May 7, 2012 the Company determined not to exercise its option under the May 27, 2011 Assignment and Sale Agreement among the Company, North American Iron Ore, Inc. and Canamara Energy Corporation which provided the Company with the right to acquire up to a 60% undivided interest in certain mineral claims located in Lyonne Township, Roberval County in the Province of Quebec. (the “Lake Touladi Property”). This determination was made on the basis of work performed on the Lake Touladi Property, review of diligence materials and internal discussions with members of the Company’s Advisory Board. The company does not believe the Lake Touladi Property to be a viable resource mine as significant portions of the iron and some of the titanium resources located on the Lake Touladi Property are locked in silicate materials where economic recovery is unlikely. Further, the Company believes that the Lake Touladi Property contains substantially lower grades of titanium compared to similar mining projects in the area. The company is actively seeking to locate alternate mining opportunities.

 

 

The Company has evaluated subsequent events through the date the financial statements were issued, and has determined there are no other subsequent events to be reported.

XML 22 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity and Warrants
3 Months Ended
Mar. 31, 2012
Stockholders' Equity and Warrants

Note 6.  Stockholders’ Equity and Warrants

 

The Company’s articles of incorporation provide for the authorization of 50,000,000 shares of preferred stock and 900,000,000 shares of common stock with par values of $0.001.  Common stock holders have all the rights and obligations that normally pertain to stockholders of Nevada corporations.  The Company has not issued any shares of preferred stock.  As of March 31, 2012 and December 31, 2011, the Company had 101,668,351 and 101,543,351 shares of common stock issued and outstanding, respectively.  On April 27, 2011, the Company authorized an 18:1 forward split in the form of a dividend of its issued and outstanding common stock which became effective May 19, 2011.  The dividend shares were issued on June 1, 2011.  These unaudited condensed financial statements and notes retroactively reflect the forward split.

 

 

 

 

 

Warrants

 

In April 2011, the Company entered into a Securities Purchase Agreement with North American, for the sale of 133,282 units of securities of the Company at $0.75 per unit, for aggregate gross proceeds of $99,962. Each unit consisted of the following: (1) one share of common stock; (2) one warrant, entitling the holder to purchase one share of common stock of the Company at an exercise price of $0.90 per share during a period of three years from issuance. No warrants have been exercised as of March 31, 2012.

 

The Company calculated the fair value of these warrants to be $700 using the Black Scholes model.  The Company used the following assumptions: stock price of $0.0083, an exercise price of $0.90, expected term of 36 months, volatility of 220.54%, and discount rate of 1.280%. The fair value of the warrants is treated as offering costs and it would be a debit and credit entry to additional paid in capital resulting in a null effect in net equity.

 

In June 2011, The Company entered into a Securities Purchase Agreement with North American, for the sale of 759,894 units of securities of the Company at $0.75 per unit, for aggregate gross proceeds of $569,923. Each unit consisted of the following: (1) one share of common stock; (2) one warrant, entitling the holder to purchase one share of common stock of the Company at an exercise price of $0.90 per share during a period of three years from issuance. No warrants have been exercised as of March 31, 2012.

 

The Company calculated the fair value of these warrants to be $1,247,800 using the Black Scholes model.  The Company used the following assumptions: stock price of $1.71, an exercise price of $0.90, expected term of 36 months, volatility of 220.54%, and discount rate of 0.765%. The fair value of the warrants is treated as offering costs and it would be a debit and credit entry to additional paid in capital resulting in a null effect in net equity.

 

The following is a summary of the status of all of the Company’s stock warrants as of March 31, 2012.

 

      Number
Of Warrants
    Weighted-Average
Exercise Price
 
Outstanding at January 1, 2012       893,176     $ 0.90  
Granted       -     $ -  
Exercised       -     $ -  
Cancelled       -     $ -  
Outstanding at March 31, 2012       893,176     $ 0.90  
Warrants exercisable at March 31, 2012       893,176     $ 0.90  

  

The following tables summarize information about stock warrants outstanding and exercisable at March 31, 2012:

 

      STOCK WARRANTS OUTSTANDING AND EXERCISABLE  
Exercise Price    

Number of

Warrants

Outstanding

   

Weighted-Average

Remaining

Contractual

Life in Years

   

Weighted-

Average

Exercise Price

 
$ 0.90       893,176       2.19     $ 0.90  
          893,176       2.19     $ 0.90  

 

Shares Issued Pursuant to Various Consulting Agreements

 

On June 1, 2011, the Company entered into a consulting agreement with Richard Tschauder to provide consulting services as the Company’s Senior Geologist. As compensation, Mr. Tschauder will receive $3,333 per month, payable each quarter in advance, plus $550 per day plus expenses for visits to the Company’s Property. The Company may require that Mr. Tschauder perform site visits three times per calendar year. In addition, Mr. Tschauder will receive 50,000 shares of the Company’s restricted common stock, 25,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 25,000 of which shares shall be payable as soon as practicable after December 1, 2011. The term of this agreement was for a twelve month period commencing June 1, 2011. 25,000 of these shares were issued in June 2011 and 25,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded cash-based compensation expense in the amount of $10,000.

 

On June 1, 2011, the Company entered into a consulting agreement with Erik Ostensoe to provide consulting services as the Company’s Senior Exploration Advisor. As compensation, Mr. Ostensoe will receive $2,500 per month, payable each month in advance, plus $550 per day plus expenses for visits to the Company’s Property. The Company may require that Mr. Ostensoe perform site visits three times per calendar year. In addition, Mr. Ostensoe will receive 50,000 shares of the Company’s restricted common stock, 25,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 25,000 of which shares shall be payable as soon as practicable after December 1, 2011. The term of this agreement was for a twelve month period commencing June 1, 2011. 25,000 of these shares were issued in June 2011 and 25,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded cash-based compensation expense in the amount of $7,500.

 

On June 22, 2011, the Company entered into a consulting agreement with David Dunn to provide consulting services as the Company’s Advisor. As compensation, Mr. Dunn will receive $550 per day plus expenses for visits to the Company’s Property. The Company may require that Mr. Dunn perform site visits three times per calendar year. In addition, Mr. Dunn will receive 50,000 shares of the Company’s restricted common stock, 25,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 25,000 of which shares shall be payable as soon as practicable after December 22, 2011. The term of this agreement was for a twelve month period commencing June 22, 2011. 25,000 of these shares were issued in June 2011 and 25,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded compensation expense in the amount of $0.

 

On June 22, 2011, the Company entered into a consulting agreement with Stewart Jackson to provide consulting services as the Company’s Advisor. As compensation, Mr. Jackson will receive an upfront cash fee of $5,000 and $550 per day plus expenses for visits to the Company’s Property. The Company may require that Mr. Jackson perform site visits three times per calendar year. In addition, Mr. Jackson will receive 100,000 shares of the Company’s restricted common stock, 50,000 of which shares shall be payable as soon as practicable following the execution of the consulting agreement and 50,000 of which shares shall be payable as soon as practicable after December 22, 2011. The term of this agreement was for a twelve month period commencing June 22, 2011. 50,000 of these shares were issued in June 2011 and 50,000 of these shares were issued in March 2012. The valuation of the stock was determined by recent sales of stock that provided the most reliable measure of fair value in accordance with ASC 505-50-30-6. For the three months ended March 31, 2012, the Company recorded compensation expense in the amount of $0.

XML 23 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interim Condensed Statements of Cash Flows (USD $)
3 Months Ended 61 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Operating activities:      
Net loss $ (101,297) $ (221,499) $ (1,212,601)
Adjustments to reconcile net loss to net cash used in operating activities:      
Impairment of option for mineral rights acquired with stock     125,626
Stock issued for services   212,000 383,999
Changes in operating assets and liabilities:      
(Increase) decrease in prepaid expense 762   (9,737)
(Increase) decrease in prepaid officer salary and expense   7,000  
Expenses paid on company behalf by related parties     17,240
Increase in accrued officer vacation pay   404  
Increase in accrued payroll taxes   861  
Increase in accounts payable and accrued expenses 14,619 (955) 43,512
Net cash (used in) operating activities (85,916) (2,189) (651,961)
Financing activities:      
Proceeds from issuance of units of common stock and warrants     669,885
Net proceeds from issuance of common stock     66,950
Advances from related parties   2,325 57,059
Payments to related parties   (128) (2,813)
Net cash provided by financing activities   2,197 791,081
Net change in cash (85,916) 8 139,120
Cash, beginning of period 225,036 [1] 17  
Cash, ending of period 139,120 25 139,120
Non cash financing activities:      
Related party debt forgiven   $ 69,314 $ 71,486
[1] Derived from audited financial statements.
XML 24 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
3 Months Ended
Mar. 31, 2012
Commitments and Contingencies

Note 5.  Commitments and Contingencies

 

The Company is subject to certain commitments and contingencies related to the Assignment Agreement that is described in Note 4.

ZIP 25 0001144204-12-030568-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-12-030568-xbrl.zip M4$L#!!0````(`,ILLD!KB\OZJ#,```Q?`0`1`!P`86%S="TR,#$R,#,S,2YX M;6Q55`D``PN)MD\+B;9/=7@+``$$)0X```0Y`0``[%WI<^+&MO].%?]#/^Y, M*JE"6`MB\61RB\USG7AL!\CR[A=7(S6V7H3$E81M[E__SFE)(($`B)29Z9XQJV];$D5<02899FZX;U^+$T/ M+.RJ,=*UM=F$65Z9C*C+=&);Y,]V_X;(%8F0)\^;7EY^P$:0TOH(<48+`,[6H6T3)/TL:E+^LQE MSC/3*\%(KR/')"!2R_U8BC"%CRNV\W@!XRH71B"3DM_R$M^:6]K#U'^AT!;M M\4&L_8O"6TO-9O."OPV;&JY=E:7Z-F+\%HNQ72-I9&@J7?SY^6:@/;$)%58Y MH-3U8MVH:1I,IQ/F&!J%QHR97)FH!%%1I+"C!FKSG/FB+Z?-95KET7Z^"%YB M)TD0)6'936=&/,INX!&`K1" M-A?]=G>*=X!5]DCI=-%I3-T1[Q"\2*`-WN!(;F(?_B:A$Q*BK\@MT&WMPG\9 M:^HE-E7]IEX)S)T0;O#FI0:DZF)-L*?44=S;).ELW/> MX\EAXX\EM"TAM)O*JZOOL0S2K[`+GRVPH\N>Y1G>O&-/)K8U\&SMK\$3=9A[ M-_,X&@)"$LVV//;J]9%.9IL/][UZM:$H=4&09$D4?A5%47X8#+L/X@/G0)6J M#X"P,\OP^[A\Q!+1F69,J`GZO+Z]*A%#_U@R]`=9J=;5!ZFK]GH-M2>HM:N: M4&TU>T*C)BF"V`(VZPWU2FUT'N0'%>82U=)/DBC5:@U%E7Z\2,>$SW!@:Y<= MZCZU+!U_]/XS,YZI"9CMMKP.=9PYM/Z=FC.6D6\)-1?C.P"=A]\&W2CSX@KK MS7:]71?KHM"M25VA*K9EH:TVKH1N76U?J6U5D3O*@X1SR5+I)UG]\2(3&W'. M;PPZ,DS#,YC;F3D.M,^LWCW95-JU=JVKB$+GJJL*U88J"0U5K`MBIRTV>F*G MVI%:#])#L_13%?0J+[E<)SG.4LMU&3BI?+&!-EIM--3ZD@^?SA5#7)KL/C9W M:BZD6KC4(D:W0O)&A@X'DE7FT@!)2LYD,08B:[(= MX[\0^.6(54DI_<1Q$_XL.=U.?](*RR=>5#%<[K;UG*YK M"8!WAY5O6])3:NB]URFS7)9/UW*PK]1B'ZT2?/MHYN5V#62M-F.:@:"<" MY_?4N7/`ML'D><-[YG!S.";?#U/F/*P;L[*G*=?!E"NBF.R>-O&S@MRZ;F!U M@)KW8"375H=.#8^:>5.VQ$&L)M-D8TT,G;AU/MJDSQ\5UXLUSQKF<$!OO8F&W/[IVW5G.XJ[J3E?D M$[V-N1-@\ZMK7%J&^;'D@7'MR9JTJ"&$9.??[#!2%%6E&DF@=QG:6CJ00RMK MIDMD=IO:%^@AY34/F8ZE'5K.:1X'+J,IKB5R6Z@_?1@(+)^PZ*6`:OU,O?ZV M12]I7S93J5;&HI?<:#25$Q>]3LT&.'99455%/6G1Z]1]CQO1RCJI>)U=V#JM>I^:YL1;H MYJ7J=7)M)P3';U3U.JTO>JNJUPX%'ESUDD]2]3JYV6&H*-9J5?G<5:_36EDS M729SMJK7.3UDWJI>I]7TGE4OW%`7;866@`[&;YW+X`_#7-S>E8+T58NV-<9T M]\JQ)WW&,QRP`6_>9:,,`8#44.6#"O'I:GJ\OJ+61346SF]F(,YJ'W(V:\8R M5+Y2LK7-/S3D7J/659M"O5IK"E6EVA;:]4Y;N.K)HEJ[JK>;]2XP)JZYAUOF M8>`.[#T;.M/;\]]?*``Z8:3QG0>&#Q9#2P/E>([4F1]+3E+RL M",#2'$:Q,./_O+;B^7S^#*"VNNUF%PN[&$Z3]N1/#!`!K^Y:V(^U-9B$8>P) MN['=`S@Y[C1AOECM@Y+NA'C-8GN%)1G.(2F"WM5I3%9,#RD0NUO`9%O*0O@8R:3.+C8WC MQ\Y'"#*E]2@SN40,69]AZZOPG$/M-=-N]4SF:#4_F-(YAB/NW?@+2(7J6`^5 M(N70;?3'.053-6TGBL*?(=[*\F$J,Y?K27Q*HX7PJ5&O1VM0FZA?P=LPK\@O MSC83]M^OD1WGZA.@BT--#(ST"7#M>MCZF>4V+E``7Q5)C":".WC8%?YV9VQH M1^P[E]%N`S<>R55Q6[";P$BJ$@#D1N"3\EX"``G4FY+8V%T!2.`G4H?;Z8XC MZ3-,D$-)5'F(T6B$Y;F,'$5D$47U+PX)0`S59J,>2B$#+Q$)#&;3JH9'%7'!XZ.3:\^B@^;,$K-+6I6JC%H@@`S.G*-HVSW#VV-\2)RO1H\>G MK-BFXNG@4%H^4[WV3!K":JTL-9JYK=6>1P[5]1+&(97:$]?MSF0;6+]JJFHN MBG8'LIQR:7.695F*;1H[8\7N/%SFHEYW'E8A4:Y7H]L]SU*L.P]O6*J+YE8I M*W7KBYAW[$T@LYXS%O3-,2[A51]1E69FZ,A%O'/%'6&_FIW9V) MZ3K6?1K[%.X.*&J=!X_P--**Z]Q1T5I?N5\."L%JC,-O%F9.5-@[CY[Y?B.E MNF=1[Q2%K3-I''EAT<*1C? ML(E0WM,'!9L((Q7Y[;R2SOEDZR&,Z1*)6`TIN;ZUZ7M#[W^M>=UBT9 M#'N]&]*YZ]]7HA=.QBE=\M$"5>A<'2;-LO0/-PF@?0S+@OE4QNA8%?.583*G M`_#V:#M96O.HC&-D;EJ!_\NH<_[UAT`J MXEZX+02M4SR<3X]DU"G)Y(>^A5_C9"(5Z[3YP-$#IX^W6I^32-F7I2`J@K*" M:3&BUBZNA080LEY;.GO]A;V!'6,6H\LY" M.Q@PCKV0^";*=IUYNK4]UH5.INW.'#8$'MIFIIUBVQB2Q:98Z[0DH:-V%*': MD15@J"H*>%EW2^IUJ[5:8.7?F=X'W7@FKC?'&YBO[FZ'ET02IQX9&A-(0V[9 M"^G;$VJ5_0=E,@#3&I>^>_0^%`O8>QKV'?;^'`JMF^M/MY?D_V:N9XSG'\CG M5O_3-3S`$<7IZP>RQPPC_"O*B]0JW]')],,_7EOB!Q*5:?`8!-+\0()#91!T MD?"K!0YSP%_Q`^B\>$T/#$%_*"I@H"+A::8 MU%3C'_6#=B^&]T2FU"'/>`R'OW_'#V-%M%DL=*)=`K62)_K,"'@\)),X_LWZ MJ%=[9!J/G%H77E&O6+!L!UWCG$#*YU'#(I[MCQ4.!;/>LF>J4Q(1A1LUJ"&* M(A`ES.P2R_:(X9_CPT<;)1$=I(4-BH7/U-&>B"*5^6\7X#1#G,PP1PB?PO^] MI>Y@0AV4+I5KM4994250BN4_4*L*/M@DW06!()5EKE$N%J#QE&$2SLQYE,([ MB[2FCF$2N9Y$!UT>::-6L2`U+B4TE!?J`+=3TP"16+P#/)P@-90`@(`Y(0%@ M::"A)4G%@AU+Z*)6\62`A$9,PX"5C<<^J>0SG1.IZ1,6LP^T\\5$@2Q>F,/" MV6#@GV<6(]):7U2L"ZJ=672F&T&-04-G^3=P>]<+%%M# M,(:WV,#:-BSP`11Z:3/'+ZK>SP"5*6)!Z]%A?+7[WND6DJDGT@I^*TDY](S$ MI29#5),4I2PW9%Y9\0'>78X*[V,`ZJ%[JZOHB7@'?SCZ"%,^8LSZZ-BN6RQ, M@^U`W!\VF^5F3:Z0'@50Q$Z(42YDRDP/QQ_;IFF_`(Y>DN^E'P#O@`V.@ZLN MX0/Y7N;OR8MO!V44B>&9B,$XDN\2P4,"$8%$>//$T1+8HQ9AK\S1#)0D*$%C M@4]OBIQI?QR=7Q@$"ICR9,0?!Z1.YA`ENV3LV)-BP0@VFE1`!2&Y@=L?,;:< M![P)%U3)UT&QA#5MB@VE'+4&$C< M%B`&8:\8@N#(S`\6E!J087E/P/:S#;SA-Z$YOI!EL:)6WY>Y\]4A,<*M->!Q M<<'@`JS(#?%]A9.\)HBE&`R0!/YR)VXO$'Q`6.'XD8<;^'5862_VS-117!"Y ML)'A\><:(`;\%1/0.5\9='&K#,%Z)D8]6G`G#H0>,Y,77^`A)=8,`E0_@L$' M%@.Z&<]!OC[[O`ZB+!]UAZ=%W;K:+#>:U=.AKEH#V)65;[#[#78/@-UBX9U4 MEJOU<@-RX+W!MUB(61O9"KY2I2XE0"\B7H"]9#_H+19"["4A],*JJJE9H!<= M!_D&O:>PT:5Y@+@I`0N94&<>Z@)3V!E?KU@R\1\N*AKQXE"0@X?*R\LJ]W`C M;3C-']?=X;]P6/']!]*^ZW=[?:%S=W/3NA_T+L&N3)-.799A=J(QTW2G5.._ MPU+T_SU%:_/_':'#"8GXO=M_J=J]O/PGMN^'P M[C-0-/5\XH3!];][/H4EI!M(L'`70J(T/'WOL7FB=]!H^RLQ>:)`:^$\(PZ) M,!MQ;=/0`00C"T7C$40F=<9%Z7^"YTFP0RY\'6$&R2$ M8(=$7#&]T''=H^/*A9PN/"<)`=JMSB^?^G>_W781?>[ZE\1Y''TOB]6RK*IE M^/G#!Y(!):(R-MD8%EZ`<[7J^^0E#58<*:)"(/@SM68(^P%0;Q'>QLFDC7.E M,J1@%'G#**G&.!5M"87$<&!EX\B-IE*6ZK6_BRC?'5M^&'.>37BI%^K+D^&Q M`UDPA=R0=YW:Y84/;)!_/J M2H[I7/=)[O(JER.XV,RYVI?D9>6*NLF#A(5`_"S-XU!>;`[7#]EK^628?D^' MNV7$([G" MW^5&YK[6CWZ$FL:C];'D?^\X^C?`BI3PT6^_S(L/=5CW8)W]T;O^]*\A,F+J MZ4?<]^M1?+JE+"3_B^M@>-?YA?S1ZO=;M\,!N?MM.!BV;I%V`C]([\]>OW,] M:+5O>F?@=D/LDL$"LDMIS3Q2?QL[A8DVA._39U-?GTTHO[SYK+-V;#Q?J7DS:IYUWAMC MC)$*P?.1:\ODF[EF,]>S:NXMUD:"^SN1N:2N5/Q#T\9C3$4IR=]UANPBRT'N\D5(* MLW%F84N>5GO.N98 M">:S-X#]/>64$9MR*:0]*KVI9),1=E(Q=_9"[5G+LSC#B)>Q_"L)@M_[?#]S M\(25AR>$?J>.8<]<`ME7>'AE<1#N:SZB?1>_D6'K(6UM*1L:RJ98X*<$^X;V MA!V*%%+L0N MD\].93D9$F'BN2.-X?44[Y2RHBC\N!T_3%4F4__V=\+P".%_9M0!OOCA)/T9 M-_"4BX6I".C9>;S"NQ MLV,3&,_!,T\.XU>AQ,G'*?E%'3`\B"2"!(/!#YAHQ!;R M!:VZ-G[DX('*"<_<>4]X3FMYZI7ZVJ;$>V'F,PS"C2@\JHF28?SRU/A5)A$9^>?^&$7[@BY..I_MH5(+A]R27Z`SY,BSH.9IS M(P">\+!N<#B7-^0V&"Q/_P3EQ'8]:&T:7)P31O'&*QP]6?+@4.178D4[X"4A^TI*;^-=WFO!(X-QSC+_(G>N!^&QV#&"._)([TM(! MKVPG&:*!A7#:.$++9544-R*TO^"XN04`33+C\P8.,N!S2#I`602?R7[PO$D2 MJ=&9WQ45AV>2&9UA_:^C9'IT!GU$X?E@M[`?.A<+47@F>Z%S<#W`&M*F1N: M>X:X2XP!<]ACXA4,!3[D/6+<&(@6"ZLHNAPS5;Q:+.P=Y"Y1%/*@/8/<"(KR MJV2R!KFK*%HL9`YRXRBZO+!R":/)D>TJ='Z#S8VP.?#8"^3QY&>J_>7:I\3. M<(8XYE"+S*9C!U3/?2(9,__6%]_6T>RW`^PRS]^,L+NC583/`&%#,K,'J_S& MJ#C()O&,^_W6<7:#2#<&JP%6K^`LC\=2X=UFG/73PHU`FSSQ`F M<\\]^_)01KM%785KM@.CW5174;G=D=%NJ*NG)[LQV@UUE439US':,S^\P9_, M()D']P??>TYLL6OX$\UK:U7,B<7^SN&*?-XXZ@PV#+2)%!ID3]8'O7/9[H[Z M5Y?U40_>Z8S.V_7!E3NN#Z^NQN-VUQUUQ[W*/NC7\/4=@P#+7=]]!\PVG86Q MR+MW#L);IVQD+1/+00;J@MZUVXA9:*6+6D#L`X(+7[G;ATOZ)T"'+;!"3(:? M_)NZ,B?.5)I_3TM8F=I8(?;!_=U8/IYG&7R%F*KI4$BL)T0VE4W3<,+\#?%_ M>M)YP(W>C=P/,%+Y(1=_SQ%!+1ZI/.@.6[U'F*F\,5_HJ\^.AIUZ9^"V0$X,+^L7PU:S-1Y>=7N]T3B(\:%\E>?&4 MHNE33+,$^C*!P5;A+,T31SR`%-!M-*G1[)+=CGE,P>8Y#R50TQ)L:8&BY3,V MJS5B`Q0_MA^T\5(K];EU?@++SOF4!C4'KD:#I;87>P"$YUS&03I;X[MF7`?; M%`4M6$%"JJV>C8&0>%/VCN5+T-31SNTUOX/+SI,3R/@-T'ZBGIHB+!$3J18FY/^;QY, M`H#K#2'!F&ZC=Q^]OW"M//+\4-N?YH'QN^_1:@B-:2#P@[&P\'SL;LI?FWA9 M2$;";9+^I8Q2'@&!?Z[\3`T4]YLPN*46J3XP&13&H/8#J&D('(\[E")VL.TH M-D'-X9QQO@CA>$&6V3V&J=CZ:^(VTA%XHG`.&^Q0+*T3J0F"R9*&[M*["E1>' M^4*O98XYD9AG]5:PHS#R659_,L`;OF6A[79.$0LPBN)D$4[)/+H)4E+,\C@* M_\+I(\Y5GN)LP*(E)9A0$URV;P)Y/!`J:7I8]+(*:=(+V.IP/V_:PWI MK=IU"2XDBH_>)$EE>.U73!D_"'`\A-F:H+YUYQNV!1SH;]X7^?-%$`?7X2X# MX@_D-FI5^(W`=D0+&OX//6,WZ%Y>93S@L&Q:/#MK:+AI#N\"3XE,RP/EGQMY M#G%J9I&;;.RY!%(Z`XG-<^

#4;,_J+L=]Z+>.;_JU"_.NZ-Z:]`=#[KM M4:?7Z;P\V[`P'^T7;R4^=(5CMFQ,=_G/ML9I4.XHG!^QH]'JL6_IW11?$"0L M!0FH."Z98$GUI`$Z8:8'YI$]J5MQJ/$B%3K-QE#">Z;4H7(#JHMU5U@?!M"] M&3V],0VON5%*R]<(FQ&@'N]Y@FZWW& M_9$M(N;NZP3O4U-'U$S6.(5:.#><@EF@B_?P:A[ M`+I](:A4C<-C(L2?&,G)$DP.AMN<+1M5>#BD6^/Q3+R((E_9/`B84HS/FVS< M<&%3$BR7,)]&RB%_.86=P<#"\YU&N4]3.#%G$O=%;]74,1$QQQ'=$)["B49@ MGM+T#R"*!3P:!V!R9G"-.,$.-ARF'+"SJ9:<$DR#.)J$#&]-,!3K/(^0%H`% M*5_*YU40H#,B7;+#P;&);<-()P\#.6%3LMPJ[Y6$OS,+Q7@C%FB:!@#N@BB< M<&K-:.%X@<>C2,@C([:$A`)Y+$>6P7G43D\BX^@DQP1&\6K2G8?E9,,YISI] MF7B2J0&?J,CAUM8XJ05GK-!$'VNO19=$88+8!'(5ZDB+H0`DX2(:SPI#IVUV5Y`(H#@2\\Q?BNME<#;,!70V(@8GW MWWD\9:]52'G&6]?!1)\%8*'^3S.'%S<@(>B-:;'`Y2+XO?;X60.V\&@OOTSG M7CQCU]0B)-\5.L1X2&*K=]],EY=XZL:M#/\(2;?1FLS$UF022\VD#89:53E. MI:72/2E"&WB*1DY"D5.\$B'E,7F<;:LS\)5+[#J9TH!`\;#2C"CR\B%VEVGB MYU.=*6-K2>2,3-+`\COB&P67I!\F7S"U2C^"+EH0_LBM$F#.*T7UM)@/;!7S MCI"/8[T`.N_I\M-(*`GH_HSLL$B ME*"\:)^.YZ./-5NEPK;U:SP=VZ+4FL@W@%209'N:PXR5%9\2`,M$#K)_9ASU MGCG+R9K2AGX#M6OJ#%M=MHHN1RAO?+AS0/\_YDBZ_4?GJW>RO6?";"7[B%S^ MLSC\UIBKC(A7!$X^9/)5DT+&@41%KPWG4XSC^?2SJ*`PE:_P&EFJ)J5%@MKF M3:(0E'!/K4\5'0K/;+/=,>3N)>)VD\)^ELBD1(*4H^%;(3`QN%E)18*2&)9G M\G^J4LJOSC]?$.,:MIL%>7;YA;I_(2NU4HC,$^UWSL_TA88MZ\K3,6D08_A? MBML%,M[1"CRK:/)2GUD#6SK9.D4F&KK8.L2W0=B`R4CQ`P? M?E[.UQG^@F._&.I$3RE!CLU/@1O'@$UT&*!AF=[@&:R268#B1]*[?="((]4- ME0-"RCBFO362B.'Z\EUW2BWIR<`\!PGZMY(6H@RKGW07:YUK%WOADO9X.@D)L[% M//_!MA!\\U@WXS`E"8V[3A3+E3AWPQ3$`1X2SB`7Q1>!PGW(*2(T)NXMUY%= M%Y@L"8)IE0)P8";?.H`LE5.&ZI*%*?3Y1>*[$%^CYQ<\.>A3(JL5C(1M,V[G M'KHK.8?!(C)%$QN=B`\@VP[$X.T&*R\XC'^7U&*Q8=,0Z><@$9B3,-5(@9+' MG*7A4$S(#]%DE\K;K0L0!Y%$#*16H4:4BPNZ->2[`^X*'[)I-Z0[B-,Y#7_`'%,O0:W(]6IE[*&ELN,B_,`4US00NNKFD.]`U%`3.X=S9 M$M.L9071$:X&$8X4QNW"F@Z/ZK`Y`5`/JYP&^@< MY:(/3FM2SP>&5,KLB22=/A+$&^<222',A&/=*.#&&"-!CP(9C'Z`@B^4;"E9 MP*`"T",L"\@4RV$">Q)Y%.! MF)K!O*V1A?#0;;?DN,R!\XJ9U%7H6!EKB:AAK<0H%L)MBM&CPM&FR72I'/[? MA*6T&0S,JL.!%:&ETQ,36[HKYJ/29'>(_:B0CXX!BZ4DR!8$'=E@BIFH:4LHP MI8<2N?CLM)7J5EBW$.[!%29X,DI&9=L1:LD(@U&0(WP6A7HO.1Z4TY@4[10I M$U`=IM-\(=(4*RVI.;V]Q&?T'5O'7(P1IN3\7+#P`H'.?S3J#%GD.NG@.@JF M%H$?:_Q]D\_^M$"-1]#D?$SB61VU2A^=\L'JV^"^4Z`M8EA<=0MX`#8$9!5R MJ7,6J+`U.0$B@R/^&RN;G);/>B\Z.V!&-&U,);.N]^K.G)U$"OX,3"-%CA`POU67-FFF@QIWI M%/_2VE32H!=G..!')J8C.>L\IEH*2PJCT1/P^*QQ-\Y5XA=/S*1VVQNF??(I^6&4X[G$0-%X M0ZBW!#4=^"98JW:WP__G>*$V\5#5Y4"Y_D]/W%ZS5G3^>RGZ:'@!:E9;*T2T MNTACQ;KPP4EY0U1$$=R(-%9PW<;Y`_2I)O\)LF7#BQFAVD>Y!8<]/>^`'JT3&OX>>.#JDS?OY_7&=V'G90;\I!FWZK:9WT]Y'NM4?%XZJB MDOXU7:D4_[U8=^K]VQ6CO< M`T`16J6`_!JDQ*5)Q,.K2A0\)K1_`A?^DYF-#;C[E55I[JL/S4;3JBF\!Q8& MW/.RU5LUMDL&:?&$0GI!8]PW2P\;121E MZ$E_*#57<:S>*KB9"\S*SN;PZPAX6>C9^RI5KZF5BA5%I4!-95:V=&_)V&@L MM&^I(E8G7SJ;W5O01W=O^Y:-4Q,6`7B@!PI&OWC0[,G,^!N<[,<9_[(H:P2S%;`;RZ!$KZ0DQ0,([?6 M[[1.3^9@RZ+,/"Y6])O55HF+%SG9@D[%--_3<`.=L4-V,GA$?VK#T2`)U<>+4F%`SE:A3I0]78SB(T"67*F6\Q9S!BL,\4 M9Y4*)JGHDB*+$2:_SN:()4[%*_2T(G\7OU.SFR52[]WEBJOA!*]B-<4SC7(N M8:'>*1,X9D]QJE)3*P!7\UG,[TR<+#DR>C8TK+I3:9^4IN)K+XPRG3J@T"H9 MF]O(E")/?D[94J7U;D`H@;&)!8Q`A^JSUGTJ=;'79X"!L,+SB@3*7P@I!CQ) M:3H*T1Y!ZJ\E9D'MD:QVA1Q4N.="4F@QUJ/$-]L.N?%]ZR')T5"_VY7HE4. M\'K0!R'IXO>MFBV5-9RH%!"Y2;I;'I%E"1;I9>95-7AZ0+3 MZ@:N8OG45QMU:,QZEZPPWB)*]KSJO5F2^)0HK)K]6QPDE+B-C*Q9>FM.&P/N MF'G3E>D=B![+!9#N.J#T5MIM0$'ZC).+I)OY6L+^&,HJ9BP4VIFI7GG;('0J M`*3B5O49+&10WS$E%UKBX(K\*W-R*@*#WWZ-KK"!#$&4B%^:Y%2XJAK2H[K+ MX]/<;JWG]DPM!`?9]9MZ_Y[I'=]2S=\-)N6(:4*3SB.7R_\)4%F'?]3)^H"5 M+_(($WMC:<-X5/?/I@J3F+'M/G+AF$GXH%.@-IIXA]J]9KT%=ZA;=UN%TMD[ M1X417XY7=4FO-IEK&/VJ.7.0%@FWRRG^B6@?KOF$R%BW,<"OBG(LF%T-EH5'3CHV\DFWI)`4MJT9A62%`+ODUA3(JC\M^@;0*A9.:SC99 MD]T:L*OVGMR08EX(_4D1/-_ARD/;'"$@M^CED?+&D%QNIO2"G92FX(54"YT_ MI9L6^;HKD=)EWY;W0#.0G6D01=G20V.+'/3X\Q(U>?E9]GD;^JLY;K3YW3OG MX9N>((],ZU/8A+?,@K>.^I=U)&;P^PVF/$V]2#&=?>:[XQ[KG%Z!"T7^`Z9? MP^8`%?$/KWJOMBY39(M35Z-7Z$,MSE/"X0,.!3PK/K,5_3P\]C"`O$34M`X`R$[$"LP!()J1 MSH8,(DG?.O\8C:ZN1J-*.A8.U.]\1W_^I+Q/I4#*'6`J'O;=PX]87G'YE;OF MW^BNZ>0#2\',V^$BK]_;!"?E`^6=]1NM#=V]!M:OCM`5;7&K@AW&VX7 M<.XG.:B5]W*8^Y=X'(K>$;+_1\QV0CXC@\'Z62>M;4^JL9)NBE.']<7WHCIOUD=L<-L>7[JAUU7YY-\&U;P+AT1%$'ND]V!I)JV[2G:H"9=TN M!*O.3T^H[)QZ6^L&/IXS2R3_$_$G/F^BO<4R4I$-=(`76E-9A991")+`UW^Q MN@PKIR(W:,8;F:=9H5%JH]2MQV[)1=4-17MVHN,()>LR5-[V),RJ$( MN0QP*?7TX7;F7]=W4HVTE;:34FY^7]_)8O[D9MM)[,7\\+Z3JD5SH>UD,:R%1@C7.Z/0$58R5XTV2?+75^^[P>:ZYT`E3S/.`/?=$ M.<1HD71>GJ/XGN;GI)IM@5K=EZ+KG2H$X@"(Y?2$9[)Q%?)JCGG;-;MJ7YK) MF`:T<#U_WM)/&ZD4XW:P%2[NYTBS:6^KP@2RC].3R5J>I*W*ITH]NWE>ET6\ M=OG:Z4F6HTP,55,*[#:GN@$NO&BSP0R3J8RN.CV1L"#\[@PVYP>3E4GS:3C_ MD]QB,++0@Q+V@*FVDKN!>1\46V%Q+'48&\B>8.7T%.N4L<62%"<"XPJS.6W# M2BRA^MWC(E)DGNIV%N-G]Y`M-8KP`TP/0M3G2TS1616NND%KM+:PRJD/B$I< MP)I2*UTQ@%-228V7>E3_S,P+4W5R*LOB3H-\+X#(A("Q7K8C.@1BN M0XYBG?[[Z`"NW.LT."-?W9^8UM?!98>7W'(DUWP&TIZLQ MH/X#;JK>;,'_WI^9W^H'@>2LQ]KU=@N7]JV'WI]9B[\_$X3LBITF8J?U'+'3 M>AAV6D^(G=:@ZSY7ZFGV$?!F_^^D'B:>EOLLD,-MZE9,$P`VPJQ^]]@P-Y\? MS,VGAOFY7`(+9DW;3P7S5XPPSEWZZW.+C!CP24!+`67 MZA7IWO.!?_W^3/W,2^!;I??M.MWR(O*WM_"WW5:R:V#5HEQ(9.#']WY1S3'T MKQ_R=<9-]?NT[-ATS*A:N`HW9LW-E]^?67NW0?\R2:/H[762K+!MWL^B-VXWZZ.K<;?>&71;]4$7!>?HHCFX;(XZH];YGR[.6I4%(F\2 M1/:`P5T7X(U2)G.2OCI[[(VZ^V[4/=!&V_MNM'V@C7;VW6CG0!OM[KO1[H$V MVMMWH[T#;;2_[T;[!]KH8-^-#@ZTT>&^&QT>9J/[LM$#<5&WN>\^FP?:Z+X" MU#V0`'7W/OE#'?V^`M0]D`!U]Q6@[H$$J+NO`'4/)$#W/?D#'?R^YWZ@8]_W MU`]TZ/N*^`-)^'T%_,/DNS(8B]]2O_VSVVNWA\..UKX>8DRJEXO?5Z%!^.T" ML.-A=4<0UW___.K#.$BIDI"B@5[N4QBZ.GT'G3($V?8JKENT$)1W!]>M1HEE0$>WW8\>X/D'A]([>,#J7-\('6/#Z3> M\8'4/SZ0!L<'TO#H0#H^L63Y`8X&I./3A]PC)+SCTX?[=]W^GU:K__]OUW[__CNLYU]V.[[]QR1CDX M/?<3:$DGSAM1ZW&HWGY^?G>O-=_2+Q35^$ MW&\YYXE''0FSD7W$U').3YJG[LFYV_SEX?2T=7[>.CO[7U):C*>2CAZU\U_O M1Q1&26S17.+ZD]/C7MUI,^;TC:AR^J!`/H%?G_?$YB0=5"A7E[4$K\E`LKJ0 MHP;V?=98"-:^_\Z9";#Y;B#<;7S[=W'N/$!"7Y0PO*P1HK11]^G)V:S]#UWAA0%PO?A-N'_--=73 M'A\*&43H:X[I_W._MT2#,$;!)P%(ZA%4%@"+EI&>+\J&:=3(U']C5Q9];/GU M7N/Z,V/<#C]0CG-'";L3BIHA.HPH18<(>!(VUT$T&8:),A0CNM5!>4)^G8 M/&ISO^UYZ!XT>K,[;.Q1'`@F^HH)[^]=M%(4Y$,K_*/`81&VAZNS2Y7'A`HE M'%AEFP8]-&F3GQ'!HE=QK'.51,!]C[VN< M$STULF^FC>S#'UP1X4#!MQ#_O'XRGP]-W#K3.,&8/?"`\B0@TNH6`F%1)R>6W,043YSI"H093TA,H=$3)N MF+2P`4RKQ9,H471/FO/4.-NO6UC8[:'C(O21,-.XY%=#&0O;C/)7$-V$. M-00B'?K-`RM[OD)6N6)PV-%\&[ZN@AV[2G!@0QWY^/C>]JXA"3_>78 MR%HK$3'G7X^-\SZRK5@]%TGUN%763Z;?7@NX@: M&XLZ1T=@%L25N8V$J\5$@I$:YD&AK?B6K7$1F1B.S81,POA$.>YZ"Q.K>!'8 M/P('29@)3OP`82@MH_6Q?C(VM2J"22_`S$(NEKLF?$1-U!5E)+ACT:@Q1.A; M&&5M70BS:/,^D,EH_2&U52ALTD4@_P/T#,Z-4+:B_[),$2AOA^BUT:,E M[8D%;*IH(9C'YLHG6HW%704;X!6Y0M":6Q0W9"!D'Z*P:!-JJ_Q>SB?FG:*S MUM-\!C!W\R*TW<=HDX=6Y;Y\76@HF6H:DE%VS**2I;"-_%)V<#63@HU,K?[+ MD@N4G*_5]"YQSAJ-5++TF4D%&RUK)>O[:ZGG]RZ5K/MEFOZLV5XER]^9-&#/ M"RM9_V2[6P6T%&6CU7\Z*,VEISLD(7P,+2004WB=_`8&?D]$-W4SUZ*&Y9AEV]>I)4ULC4LQXRL99.Y62%Y!.&3^I6=ABA@75EY>JCH,*O<;9W4CQ1C$BNII\Q M_._Q^HES4[N]6.*-PR0V+BHSS2;G[:+H64C6/KHPL-^B7=.DF)+YF$QG_T(\S,AA M;9-"$]=M$J9D3IO'N.UVG>.X%)3JW6(%5:B\E=]]OU0_K!\`X:..YS MQ1UUDR^UKN3QXXX:VEA(L9Q''J55R5,NLYQ2'J5>]?*VTP+=]45II":6_]JRT M<'.^JZRT/+*_9:R\%*SO"[-"?O_REE_\\']02P,$%`````@`RFRR0!K#R%H$ M#@``0N0``!4`'`!A87-T+3(P,3(P,S,Q7V1E9BYX;6Q55`D``PN)MD\+B;9/ M=7@+``$$)0X```0Y`0``[5U;<^(X%G[?JOD/7N9EMVJ`D$QFME.=F2(AZ:(V MTTDEFP!=&.L6C)IL/\^CVR`6.PL.S82*8]#]/!Z'*^(^G<9=[__#IU MK3EFG%#OLM7KG+0L[-G4(=[DLO7K4[O_=#TMH;M7[#/R*OUAXU=S)"/K6?T2CTZ75@#/"8>\6%4ZXYX?XX0Q]]9XO^. M!8_^N'J\LTX[/G%^?G%V]M_- MUG2V8&3RXEO_L/\)C:$E].@EH'YG#3V[8_5=UWH43;GUB#EF<^QTEB.Y2Y`6 M\-/CEZT-7*\CYG8HFW1A[+/NJF'KF[]94>.+5TX2';Z^_>O>N&WVZV!CH4?MD)$* M<"QI"_&IO6K6%H_:L!YGOV%X?-E"B/MB<4Y/SJ+^WPZH'4RQYZ_^19YSX_G$7PR],673D/J6)<;_]7&8 M@(%X#Y>$9NG81YV0,!+\%C.(,AX3S@!A^TP+EF,9_P3X,Y98/$(0#G>*^ZV/F MP9:8XY(0[8Y;.NG7B+_S9! M'ODK/)+7U./4)4[XX0IQPN_'#PQ$-IS@\%'`0:IS/L#<9F0F'O4]IV_;H$Q\ M4'T/T-DF,!%^]:]<:O_Y%J[H(KEJAG^@,"V0;J M&N`UG4Z)'Q'@.;`=Q0D$NQG.W\$6/R<-5;/DR8=97JCK@*5^`VOB+T3;@W%# M??K*&1&,./X5E(8S MM*=X.L(L)YF)KA72^`)#,#L8X?::,_DH31M@2:^SCF&($$:"9CADV'.$.Q8] M%4-5Y5Z&Q``Y<*@3-+C".Z-L'O9VOV^6SD]2_OE%H0W*1&9=SR<#1N;'LX[G#T/<.P>\@*OZZ>FE"@"<<4C=PTQ34P@"%W"$+\]=]X M(:-KI]W!Z`/KGGJA5?OT@ACF]X$OXK\B,"\G=E^G0U$^6%HU$AH'FV9+]=3< M$A<<8CAW$\KDJYQL=2C:'O&$<-A=GO\1#`4I<5O-JJ?N#D^0&\W=?R5I`GB[ M1?4T/3,D=O'38CJB;@I%R>_7],0F7)\E*0/[;S7,TA14\V*6?<:,3A64T6I* MFB;K+,K`7;UL]4Y..B?P'[0.K=L+X;-BY[+ELP#'#\'#![/SQ@W]/C";\43\ MT;)FH%T8K,1EZ[1E!1QPT#`\B"KCPY9C\!:.)'75BB&=DYY@1ZV1;5G5,;33 MVD.3&$`QQ+.C@;AC-<<@OS\RD`D7)H9Y7GN86[HCAO9#[:&E&Q(QPA^/!.&. MN1Y#_%?M()/J6L.=B/HV((E'DURYE>.:%\_[;C)0?*C@L6(Y3V'7;(SX*.1WP-L3A&:1 M?X9=GZ^>;#MJR\>?EE4)_`$MQ`Z*ZA3`EW'N"!H1-]Q;2Z&WYC/WY`;;,?)\O7-AVHW M]R^>?-I0\4/.`R&@(E6?1I]*#RV\CDG:R];M9CIH'>`Y=NE,Z#I0>A,,^AHS MT,L[B%!5\+`7UM8_9#!X>([9L-,`*&P6QPD MV0^9W4S$DB'>E;MKQK9?I1IB]^V2HDEC?30J2C)#9'=N:6UBGP^6`1LOV\FHB<9 M_D8<[C(OBY`7W"8:\Q('2H[?)BA%7RO&;%XJ(3=FB2Z),9J72\B-<2L^$6/3 ME4'0&YS5L59Y#?;-Y=MG8)I<0E`&]GVM3:XM*'G=)0ZKR84'ZNY10E3E21.8 M7)!0#/Y^E)I,C)T2MVR/)GF$DW[$$5:XY6/(MG5IG#'05(=GH8@4`<=W7JEZV-H%Q^Q4VIR]>6B<]!S:?3IC(@ MU<+-*<84.^O'I2C,,CJ9@F.O2-O3P13ZLP5;5J\FAUUQ#KNRI,?J?30USWJ4 MF<4!;:0?41/H+#<)5W60@F<144.^MP=6X0\V#'\Y6P%N^+MON>,R!NX$L] MY:Q>1H6L]/#U=>92MKF\OQ!/[K5+F^N@_0/V,$.NJ*)QID"&R)2(<[=_DV?U MTH%D.)TAPE9B!*3[A(CRH+"2XE9(,.P"A;)=KMI;"[)0*#ZCUR5[KX#[8R*K M!9>U;D*Y$7\^8C]BT1WELMA4LHT.*N_'8V)CQC=UAX38U*9::)Z)G_,!2;9Z MM;R,X)UV1E";<<="WEX+]>*5_7=H1-DC#BL4LG@N;5_*Y>;EH.`6^HM\*B5W M=QWPOR;X8R#XZ5&7F@IKN#=2A&C,?3+E1F[MFU3GGM^ZU?)&TO\% M//HYR&?ZB$$)V\3%"=GP3`6E#XS.">"_6OP*NGOHK=5`WP;W*KK/F?'"R"JF M:MXW62VJZ.W^L$(,(W$O+OHW%SC)$$W:^*@3EHG%'GHJ+VV0YS.+#&8&[D&` MA;!;QZ?RP$SK:P:JF^G,I0N,E\056<,]0YB!<:UUEC>@,[1;C@$,P2=B+24L M9-8XI:1N)-,FW\R5EJU1ZVC&BNQ%H]Q-"Q9Q5]RS\?TXK+$$@?P[V#,(1/0M M94^8S8D-C@B[=A&19B?SC=$4LZR]^#23>7D=?--DEE>ZJ`Y@-KX,^5Q@((/P MIKA`^7"F#6`VOF+K:9JO6'6QF41??@3G6H07E(^):B\]=V.IC;'#;QF=QEIB MHZ9?PM?L?J7P.G.:#54&2YW&^+Q#Z%Z%S83[`(_D+];>TT5/&=<,+<((U/U8 M$+DVYE\'E7D_!;!8E$Y$+)N2$S+&'.2RC6+JKQ>9BIIW)/-TUON"WPOCM MVVJI3'[;]:&8EL\MJL5+LP_%NASQF#J\B#M_?&D_-[9C!76H+RC&@SSQGSH4 M()2]$U(CS'4H4RB;$9D!S3J4.)3-%#5^F*NJR^:'6AY*>YG$5UC:7SS2M]82 MN3WQ.A3^OXTO.6(H=;@34#XS=L,`=;@@4`X?]H=#ZG!?H!P^Y$FBU.%J0?$@ MNTJ!J,&7#UPPX;>Y\',6= MCR)G2/_/K56,?N_QB8^`N0:7XGO&@EO^JY"GYMI."A39!'_@KOT%Y3CU.7..$'<7<&M/0#PUSH M[O!1P(G0W0/,;49"9%'(2`218.D?H+,-"_\,5%^YPHT^DJKVXZJ2JW;)TU/: MU<[95![4]'&VM$9HU\H"*5!18E9MZ`<+'C`X:/ MPIZ0U&5E(4[2H-2EL7,:#=UHZ$9#5^7Q9XJL1L$:JV"3-6+B1Z?#0J'5+ZV' M%:Q'IGA-5'#2RQ/%5B?%2"@Z5*.H&T7=*.KC4-2%Q4FCP(U5X'W[7*)_TD5-42WK#8WF#C2DF0J-:&]7:J%935:M$6#:*TUC%*:J[253'*(HS M:)@=P)[(#93J\+[AG7/Y*$R7C3D':;1VH[4;K=UH[:/7VD6%;*/1C=7HX4VM M%^H"#BX*+?V%:-M$KQLE9YZ2.RB=JL="!D&U?Z/"&Q6N087GV."-]C97>PT;;=QH8QW:6+Z!&^TKU[[ONV**$>(8 M/OP?4$L#!!0````(`,ILLD"7LKMFTAH``*$Z`0`5`!P`86%S="TR,#$R,#,S M,5]L86(N>&UL550)``,+B;9/"XFV3W5X"P`!!"4.```$.0$``-5=ZW.C2)+_ MOA'[/]3Y-F)G(OP0Z.F>Z=V0'SVG6$_;UW;/S%['10>"DLTN`@T@MS5__=43 M`:*@0%#%?9AI6:*R,I/\9=8C*^O'O[^M/?`*P\@-_/N=!^'R!:`\O M^(,G?_X3H`^_>XO<3(-O0_ZX/]@M<6V>N'\66;V<:8F)%38W+R\L+ M\BM].G+?183*76`3U4@P"(1/X+_.^&-G^*LSI.&A_`17 M@/#P+MYMX/N3R%UO/'C"OGL)X:J8"R\,+W#["Q\^HQ?HX!YF9Z@3VL-_LJ]/ M`'[H\Z=%0H50V$87V^CLV;(VE(B'C9"3.KF@[)$OL5UF&(1O,?0=3)E^B]N7 M*(J2QSHF1#'9P,X0]+"V@[!09$)K945+0I"SC"WO`GIQ(@2QQ;.!P85G7W^= MVS8R_#AZL';6TH-SWT'?A%OHW+G6TO7'EI+J0,:3HVAI.O0VQ(."0Y6V1`P0I8`-D-'BN`-7*QH6MY8+F-4-",(H"B M^-+U63#>AOBA^`6B!J$;..>=X*O(M[0B.',A>R+@"R8#")W_5>LK6A&(N(3[ M#7DY<0`>$'OAN*3`[#F'%\AXL MUUGXU];&C2VALQ<\K3+@%K,@%UL&QFS&D)&0`9@.LA[`*&D*HT>+9>;$VB`Z M:!1^9HO%4A8GRXTL$Q-+]*`''__:1C$.4=%3\`EB85T/?H0QFF$%:W@71.C[ M:RMZ>0B#5Q>-QJ]VG]&L<>'?;_#T$H60N1V[KR26SY=1'%JV<(3;15=*D=D^ M_W+V/QF9EQS6"0_@*0`)%P"Q`2@?`#."?\2L`,X+N-H!S`UV!`D_8,\0^,)9 M4AP[>Z)=,Z]=%(+#1+L^TJZ'U8J^Q9]MK-HM5J?K@R!1IY5P\$ZO.^H.TUE? MUM$KT^((/4(<.H\O5@BO\-+8=;#&(S1"!9/GO92+@-_JW=J7LM<,ZB5UU%S M'$;0/G\.7B\GO0H][;'AC%D MIDI:=6.B`9K4E'KJNAQ/,,=/F"P0\ZW,^V9>?\:[[N729Y=5$['L0\KMM-[P M?#`<9NQ5_TREJ1#4Q3X^WCX]ZC?>TH']H83ZC+EBVRSSC')3KK/S,YI.!^., M)7>ZL27G@>L+D'+$-FT,K)XXY+*]J`-IM5NTE)?./ZO+PFNYN]%L-#6*++TG MOKNY3,2%7V?,7N]23YE!">U?NV?'BT)SW\'_W/Z^=5\M#R\BS>-K*PQWKO_\ MB^5M16LM25CK&MF4T$R/&22UD MO1SNZ>ITF;5\3]J%RJNH/R[U@9C4PK=#:$7P!M)_:]F`@(1V!UO,EV0.UFPR MK?*SE#[@'0#>@Y[1>D1>TR0MIR1^5PE2212NA`5]AF;#U8X7V(IHXQ=`A/:(!!."P)!%4M%0?H M"G8D)WN7TU$!EA!1+V1#93(D>8YBG8()E?13Y#9>25 MM-!\N)51CF;041\PW\8O0>C^L3\:)G[5!RWT@"S/AMP4;33C>9\9<+'XM*>F M'5!'B%<`I(C*9Y7*IP%0(NL3`*E0*;T`$`ZI\N!A3^L$#F5!SJJ&X]%`#!I* MJ2>`J2V6&"RN4"YM0,E:62E(4HKH!4#NMS$^W8VW(&3?9;J)3JBD^)##@;&?P9R"R\'@=$#_.QR/_0",@7$ZFC M(?D[$Y'(KRF(`2L&/R-8O("A<4IJ@9`G;J`-UTLT063?HO\C&AN(SX=`;]<3 M8(JW!HM>1O?9\RR=XX,;V9;W3VB%M[YS@R9N.9,I?5113KVH?\D,]>F(Y8#R MW!M*"&!*X!8;$**E/MF^!:G,)E*IR,*O,BZ>D%^J`QU!Z`8BEQ%L\"KY8VP] MPUM\<'X3NGC;;^7:;CRW[>UZZ^$5CAM2!2'?0N!R6R"L,-`=SZUD7MQ@Q!8I M4NT!(0#V?0+6*4CU"FBWX*#=<4"6J#O4`XW-6`681!G?.;23[].E.>#;Q@M" M>N8L$JE&521L#UCIV-F2UEO9_;MANVO\7S0T0>RX\6[AKX)P3=Z#(&VW?GO5 M.X-UF),QY/%H8@Y,ND_(:8(SD'S$XSK:`4CUT'4*L'#GL"/QC8SX*>(:9"_? M5^Q(`6:K[U_)9F03F"=;D[75V/T\@+-"QV`TU>D#^BY_0+'\644S`2$#LH=5 MCR M$T=^A#=O+&3FV`L$-!&IT/[+15)O_0=&56S[6?G567XJ"MVY/ES$<%UF_H6/ M*\9`$0^R7G.2!T)FJ'%':B)C>HH'7"V*9S863R4VRLPN#Q"A0M2AY($?;Q(L MEQ8_IQ@7F*XY95QR5=E]H2'F#/Y1'`HH2)+W5VC*!1:WL)WX-L_ MX$ZD_8/G5%INOG/9X0"O6<^6Q!D50,@`1$>3)1\ACEE7'&66+3*DC(472J[, MTN533B4;J<7`T5F9@\G(S`*B3]FGK4MJ"B0]E115(70D$U%KJ$@5J&Z"M>7F M][X/?E8*%-JGK%,=7&8@\86VUC7(J<^\*9)]2:J^9KF7]V^4P8[:$!N!$=!EO4TG,6I*HL^1"T\D:]*'(JNSZ M$WQV<+.NLN-J"L M>1=(K66E)`\>G@Y9F?\4W3X10^`4M*T%'F\ M7&9>+CO0=,>:K'UEEAG+%*`#'#]!7>Y-JHCJ9O((?N2I%DYDQH/GCA!Q@])26<"OR!2U+:.B5L#PKO#TQS0,Q MM25X2P(LR>F648*.:+I8;RPWQ$"\7RUPJOFSBR]2)K6\/R`/%4,/^2?1YKAL M:X7159(EN1G-:#I@X-J3!?)I!"**3K!@Q2CH!C1*:/#=,'SD6UF#X@18=N5!\!C1SHFRJW'S[A9@OQ5>.D M&,2#%=9R`45MM2*^@"')==>A,2H!.*(+G@+`*`-&NB]P/DYJOEU#0(D0ZSJ` M[-F@^9&_`TOX8GDKL-R!D`F_$0NO#[XE5ER.5I'N^@'.V_7&"W80,@:;A.D2 M$EJA*N9+MM3Q:%R"6$X^P6P/PW`K*B@*OB3.HMB+&/-Z,82N;=;EH*U07#^P M>[^!>+/+?[ZV-FYL>=4K.+($M.)6Q)5DI?_II5&"VH0X8-3[L/K3O@)HA4)R M/UB$(1LD8M,+4,EXV=M;M=8+4>M;=CEX2_77$^C&+S!L(?96T=$+Y'+FY$*0 M,;V&N!ZP3?.B4(3N&;#E[+X"WQ*:;"7G0]#U M0PCQ)*8X/:I&0]7Y'U)<2=GA;&9,617![SC5[X$#]R:YH403DXPLSPIW).RP MY9ESM:DA;0M?Y9(8X78RQFJ71^U$Y-E1[UM;8DDM%"?I)?+*Z\>(HM0I23?3 M.EYH8)BC\>6L;%E-+PH[$%4&@QH!5]<^RP-]7\"&;S-$(M^OR'G)N>_\:H7X M2$/T(0@?8?B*/%YT'UY[EGM0MZT9#94PK,.89-;/:,H.EW'B.,.+'A+&^U:\ M`X!Z`+P+?/4@[433@+TC/>0N]$2C=+SY'#&"6C':Q*PS@*VMLNZ/MMTA1^S1 MHT?S-[>HBF+^"44'VG+=2A]N9"--TIR79OZ"*6@X8=Q_H]O='0%#T23-(4 M`279#3""V/+*`DB+@DZPH$^XP_1"%IE,I>G^M41>54%$UD+3<4-*4WV$6\4& MBW3S'L&OWM[">#882<-0^\Y*![+3.+:87RWN%D^+VT?'A$F__OSXNF??<9DV6Y*+9UIQBB[Q:KZ[?,']>".]2YG9:8Y*PATC(3V MP%9?E%0HL]F%:5[YWHP&E.0,28"'M/#]L'SY>)1OH!4)M?SN>#@9#H2(Z%., M:2Y=YC[!ONS*5YM;.4ZT1XJ/,+ZVHA>2]>]`YVKW.8+.PO_@^I9ON_[S'%]4 M6K;=7H.`0CS)L?+SB#+`I`&G#:YV`%/'*^D)?;#O0$\\ZD0!$ZX` M&RM@PQ6PW(%5(KA5*K@J7-8WZS1.:RJOW[BMB'\-"/42Q_7F*88Y;HIG[=&T M4YV0*/NA`,U:PVQS:V\&Z[Z&Y21IKVE8+B*@'\X%7$EN'AE#&1CO\UE[&I:/ M4T`V+'^WQ5*[_O?I?-8^!^42HY9`KTAU_49MLZ!<1JB7**XWS1M/!T9#-/C$Q*4[PO0W,>@+&'MS6#=AZ!,#Y??!5%)W$T]HQ:4^XXEKVL?\A04C#=6 MSP`WUP:A1A*87`*O,]8EPGHCUB=5K"O$\J%IYV":D["5Y/&/B#6$?OEIJVPK MU6GCU2S)^?NI,9C0G'%&4O+\I+21Q4^HK*5>A]1Q9*T09G<1R"*(`Y`0G-?V4JG MDVA13F,OYY,>.:N\1(O"FL>^5$7^0A:0*7\AI24=H_I[>A@GN@[6.(.^"+VE MCRH>6RR_6%.`Z2)Z!GP'RF.F1*'EUG0.88N,Z3T4%HHMA;KY_-L M7GI&]*X.GE-I]_G.)0MSF#,VR-ROG=R6E+WJ?IYXC""I)*']PFX?JG@)32AC M](62]\+B*]9BQ<_K1$#-^J=C4X@$[4NG;;-B?/=%L-IKD9Q(V:[7^*@_^O[1??9=-`+$UY,5*%2KRU*! M^8S;Z_S5:7&=N`8"LM@@9'57JL;6PN=5NBP1$W((&(SXE16TL@>AE%0:ZG;4 M7>D@6A"-UL;>U_+K0_V`2CO+0*U4"3I@@L"]@F$(Z0&:!RN\#\FRD/.+Y6WA M`PS)GBJ!-R]6PVC;\:6M(/1GK;^7P;OP2A^X>P9$M%(VW@RW,B M-Y&C83?9[@GT`VA%"%@,LHE):I5+J`9K('L4`*]1.7X"U(#5.:KQE MUD`SH"@7LA>*\$KN`C!18OT!4FWA2D'D"J73":"LW56!)Z61O@#G?AM',9I/ MBR^EKFJE&4(I5B33Q$;&I!1'*8K]`5,S,4L1%93+J1-6!599A:V\@O0#C`Q# MI5XQ?5(;D$CWLGZ:[WKGP?.+:"*A&B]UI2G"R`_@+^>#@;&?(9V"\>!T,"#_ M'0[K3L$?,`RRD8HL4O828AF[%,-JKT=-4$K58"PON5'\K%HX'3(@F78:D]Y4`@D+R5U,LL>5SLABPC\N(%Y)8$R7O> MFY)2G:39D$^YZ\3'YN649FX^O4#@[.]*=\BFQA+G_:$?KNFM3W^-DFJUQ#V3 MA75>((9>4:&X/GCWRBER+K1X%MU7X`5`V/W7_;ENOGO5F`6JT98#>J1G2!)# MCU&;GD@?V!`ZT0>DBGUI5P38=>"3@8@P1%6U4SH"J&!&M@RC<+'+K4="_5"B%G]R=C@;3T;[(00Y3>3Z*R_X1DT1#Q\LQW$Q3[B< M'+N_"QE,C,876Y+*$P?D,4AK#+N^[6T=>@P3::+8(?&3Z MV,9QKVBVB+N-Z#W1'`%V$*'&_))*UE.,2$;XI%/@*Q^P=/4*:OB];#UWU(V6 MX4E7BC`SBCCPAUO?14+G'",9SW)3TSB&:>2"4F.7^CK5/69)W;&ZNX%+\2)% M21--(Y4\'Y)5C8;[!?0T6-.7".\`IJ=_>'*$A`2%<^<5VR!#88]N"I:Q0-$X MI%`IK0Q!TI1_@CX,+0]G%#IKUW=Q]G7LOL*2^\OJ-%<]]*C!FY2138S9=$"' M'5G@,.(T/3A#OIWKA.H&_&X$-WHC>'F4[T9ZXENXO%96UC/N9LZPF]%29;\I MEI,X7E=K.F+X)[BQ=N3`[/U*,H:7-E$8P\OXD*S_.QI<<@QR6GB0W78,;WQW M64LBSEB2,14039YZ%,)E##`=PBM5H@=%K]#?"A/QDY^5HH/V*3?6&PY'"1)H M.SVCU@9%"AU1[V+GG=P>6( M[?$D%,`73`,0(II.D!TEC5E/&E56+C:DM+T+)-=J^?&GE.3M?1$6;:YAW0@C/0L>9!H.#8/1G*DO6[(U!4B/X`3"Z$<`QES*;3V MO;!Z[%KRLE6]UZLVO6<46<>8VWA/+E`]2I14":DH"7I(4NX)FAU\GC]]EK1 M)&!*-.4.-+;DT*`4NH#S%H0SBP43BN,JNPL`YM2 M%;22#?2XW6P\,J>RO`]((!=U!*/H?H5W+*]VZ3W,HM2+.LU59P/5X$TN+61B M3&;#M2-Y$9_)"_/!^I&?#.=#472?H"#!5ZQ M'K0E`36`<)($5%=5S4-S!.WSY^#UPH$NC="H7?P837HF4-0:TM5H\',.\*<=\US8N-`ILQ,7RM1(9?X7N\PLR M_ODK#*UG^'&[7L(05^BT;UQOBWZH*L[2E(KJ.%F?14FO.1ZRY%G>`V!=`-H' MJ0M[4,\%?'N!:)Y'&""S'\8%.8J#S]5$UAJ2'T*X"4+R2P0L$*&V'@1(/,7) MMYWJSRC3']41UX_NTCC=*X-XI+UA.$SP;UP]%E,//W33BQHZ1SJ3)%0WU"SU M)DSP.T01_8W^0A^65@31'_\'4$L#!!0````(`,ILLD#CF5U*=PX``(X0`0`5 M`!P`86%S="TR,#$R,#,S,5]P&UL550)``,+B;9/"XFV3W5X"P`!!"4. M```$.0$``.U=VW+C-A)]WZK\`U=YV:V*+%\RR8YKG)1LV5.J=<8JV[GLODQ! M)"1C`Q$:@-18^?IMD+J+($&*$FD(>:",/^J M<79RVG"P[S*/^,.KQJ]/S?;33;?;^/FG;_[VX>_-IG/;^=A^=!Y\2GSL=)N_ MX("35^$/$FBUH_<=FHY32;\YY_BV6\='XX.?O^Y/W* M+X\L]+U+Y]W*5S</#%K1]T9H7;'SS-RM/WZY?W)?\`@UB2\" MY+MK%65C257/WK]_WXI^C4L+?%FO*K)B!\<7;R M*KS&3[+##YQ1_(@'3B3#93`=XZN&(*,QQ8W9=R\<#ZX:"(E`PGU^>A'7_[;# MW'`$H>;G)W@`L.SC87!'?!@[@FB/"2*[N*%("#(`@7=11K.' M0ZK30QSO-$`YN@E><`!-T?(5A,>=C7";!IC[,"4FN"2-MMLM7?0;)%[N*/LJ MNKY'.':#DD3?;K<8%WA-R&7*TQ; M"!R(@X%15)A]@]1VOX0D7H/W_0@E=[5O!6_8:$2"6`#?@^DHGT#@PO#\'6SP M<\JP;TB>`NCEA5$/N/QL7S0Y$@<$`N'69*#2RV!\'?:9")$K(;![,F23 MEH=)2SI;\H_(ZVJ>GLT=E\$'$G^MR9<_OK[QW4N1HQ6 M#Z8F\^[@.Y$`K+KLH>64HZHGY;+DX61<&4E8)'`75I!S5CU-R MNQ?R(3SR](#">#V$@8VDRS*D6-JW2H23OL!$BOE+&V<^'DN:.4'!%X+D; M,JX>Y?52AY+M$0^)-%=^\`FHC5*XC6+[E^X>#Q&-^VZ_DJ0%>+/$_F5ZYDC. MXJ?IJ,]H@D3KOR_D6:6=;;XN&^+NO"'X/9R5:XRB&UW1?"%W0U0%G MHR(<92X-2UH('<;!BX@V.."_A@.:###0,^\^5EHI:21F``X(CDK*FH1Q$.&J M<=YP0@%:LBAP@ZK!2=?>SV%9MV9+5,Z.&I4-+V,)R_E1PZ*@9DMX+BP\2;[` M$J#O+4#)3MT2HG='#=&&)5["\L-1PY),Z9;H_&C1V7:ZEO#\ZZCA4K,F.52H2Z5-J#LOIJ8G`*&(: MZT_0/'1UN!GRH;6Y,7:X[3+-1*S"H9T!$OT(FU`TAPB-X_@.IH&8?[,9Z)E] M_7F63R)Z:"KG<9QAPD,8`(+ZA$8S?&8R-T)!15HH'KS:04//(_%$Z"'B=?T; M-"8!V@QL996N1/(HGT,E:/QC=7(I]@\5A:J3,V/VKI6I7$HM4#?+5B&U3/>3 M62CPC\R^F"`:Y:4$-XCS*;"@WQ`--^/L^>J6LA&^0M2Z0H1R@8H)6Y)\.C4J MP7HI4BJLF\6JD+6#)YBRL;1U8/2&&*P]YF";!>[@`7%)`,8A'(44[*'7"3F, M]F8-A78E-'QLVW*'W%PJ/F-6:`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`GOER+Z"EC#_B*!\J"W-E^5(NTYDUVD,\F.8SAKFK5X'V(YY@/U2" MN_C9[MO5X4"_8H[^CN4+>+'7GL#\&N)/X:B/><3#9R0\:_>V:"M5^LP9K.<8 MHRMV\W)CCF1:PM59HNT@F![HS85:IDTT/>2KA59^*F'Z,8-OHK>,]=?T%! MVFY`)O%5-!GO8=A'5_8U#F]&J\_G-=(K?G4FS#R.D;Q$(?XWEWJ*)FR^DM&9 M,FN#W?5U+KU3IZ,4::P>>G="+!?Q14`ZCYI)=>NAU>UH3-D4XYEP1<8PI8EZ MZ+BPIK.K=K+3O70;J(E^,MA8PD!FM5/*SKNBV_7KHY,VV_4JUF-$4K71KE:) M+O)N(-_%#X/H0`HLR+\#HT&P1-\Q_H3YA+C@[/(;BH@RN21?&S87<1&A2G(% M9H=B5ET!=:*B;@/UUB]C?2[04(WT37#M\NF9U$"]]2LVGG7S@?>=*ZRPEY^8 M[\JPB?9CHENKFAM2F(NQ)^XX&RVMQ,H!2`6NV?5*P3JSFQ53!D.=!'S>)JH> MA=4,FP[NJ]_#E5*EFBS<,9I&D;6'@:8.J55LMFZN6W86D5S]VW6VJQQ5QO%3 M.![3J%%$@08/R03[6,!4E-/O>KHZ(9/6E3S5*WT?SAZCZ[NEGA9YH=4$\SZK M^_;3P2#/YQH:_V:L0\&>(YYE^MNV\L?VTI'J3#^`MQNF.<*3II_-*Q_([>BDG"4N;L-K[\*:>/'`TD'T^7P6M`"F,0;OUO;<,F;;!74)E)H?3R1DYQHO'TO-1[%%: M>Y0VX2CM)Q9@^!#YY*^H]QOF"T:)%WV0)]6!K_=6I+L.!9$L MOH.%RTFD7;PE(3?[ZG)>0)GIJQK=]$S?S%J5 MW$F[UPFYCL-A^K09HO:=A<;9W9P+CV5J63[2GM>]H[D,S-)A2X>+T^&/3.;J M@/N-N=\APJ5,A!P;06@5Y#%+XP3FF%7%$NVW0+0M1;04T5+$FIEK=4PX^K$3`7Y3=`3@)N02\?@Z%?PBN>4$]I!`L``00E#@`` M!#D!``#M6EMOX[82?B_0_\"CE[;`RHKC9GMBQ%LXMX6!;!S8:;LX+PM:&MM$ M*5)+4DG<7W^&E!3+MJ)8\6Z;1?V22.1\PYGYAA=Y>/+K0\S)'2C-I.AY[=:! M1T"$,F)BUO-^&_O]\=E@X/WZ[OOO3O[C^^3B_'U_1(:",P%DX'\`H]@#^1@" M!T4-D%OZ((6,%V0B*'+;:A,R-2;I!<']_WX)H1I4O MG;I6*..`^'XQU.^945WRMM7^N75'74[G?^5I66R4&PV-^3'\"<41DE$M%>\>T,&(FR1/N=D9$4U M&8$&=0=1*]>DG8L$`RATSRMY==]I234+4&\[^/CA*@N%]_UW))/M/DP49RL( MVU)@.@$3VE`10@F"%OU9@[#=-M+E038@N5GMX^/CP/66I%/MSRA-'N6G5$^< M=-X1V/CX!VV_TUY%F44"NA+F>JIQE&JS8AKEG$%$8U`LI.@]`'?I8'D\Z*Q@ MA10BC:MC$1D5V&$#%/)1RJHK0Y_';6"L3+0TMASVHR#K+$F'F)E&+5;%-82M MF;P+\L[JD$3`JE'848U@X@ZTJ09E?>LX0]4,S#6&62)S MF-*4X_"?4\K9%+$>H097@TEJ8$4@%4N1=U;+"15"&C==W;MM21(FIC)_Q0:; MGETE.=PB+<0^_#8:;&6PR5>@P(*"6C#UY0DC9WE\[-5$3LDPL8=4Q.[G:U,&SZB>7W)YKP1 MUN>@0\42V]0743]T!UK\4+Q!<,AP('@PIUR&?Y:2XY^RH#[O?K'',Z9#+G6J M`%^NJ;$/F&+%4.[4-D[CF*J%;1^SF<`=!H-MR')@4HR\S\?=\O&]Q&AB&H2X M]B^9:991S^FHSXG_KN>$4T=R?7M^=^,79W-"673QD-AU7>/L'>)Y2IVERIZL M^EKC.>NEO+]4=WT^'*_G0SX,R78*`;W_K-N5XC,9Q\QDG(D(5U*[98*P^^5+YWI# ME?5)T5Y/BI)VM_^OZ-]GPV[9,#;(R%SR")2^P!EL%E;VI8FPO;;Z'#AY\X&SX^*2*;I7\"K M_6/K1".8$E<"ZMJR1\_3+$XX>'D;5:'%UQ>/@D3)!)3!A7%9?LH5;*!7JU4N M/];BEUM5:)@KF/8\6R?RBPK$)T2T'F)>B!AF["AG2SW$*M)O"":H%[Q>SU=I MW,)Q!%0X?OZHYAOQF],)\"U=1MD*EZ^LAF_$V_5IOH73"*EPNOP[2)7O)T&Y M>H9OJ]6U$W1=*D-$9=GOB<(SR6K;5S)TBFH@]LTO<+YM\MN'?J?=>M!1;F(3 M"Y:1;F9!@6MJ064]=]NQ"X`=]&BKX6KKXT\-ZX:L+,@'P(U^U.4O=36/_D8) M?*L@K*-L)(YM^-MO=S&A5+UO:(84UR^SI.["PP[$V):FO#QW::#6G"I<\;*3 M(6OW$+8RHL#8AYT&W[S/L-7X)5C^_(05^<4&9T;/J_EEPB[8GY[HS[::['Y* MUQ3M`SRWVI.81^A$&T5#T_.FE+O-Q-X#ZN(FPV1TZ\!1JO(K"8)QW`/M^F]4 M:I=#/*WBAI#:WO=*IDG/R^`,]5>[83]FI7"?,P.M4ZMM/*>XF_Q.>0HE?YX3 MS!S+AD-!,%0M&KF5[0^FZ)IDU=6>%RJ(F/DBSFYS?:.?6UIRO1FL'`AL8V)6 M%8;,AZ],[E:_ESL7GY5\;7D[$)@7N)>?0_9_(-S/N:N_\I8.OGU MTO@:>;(UU.R[5\SZH6%WS!Y"*Y)W&^%7E+(U/^A6^?:\\"OR;:?RAG/XQ1I> MV_2]43($B/2EDK';3G".#*>E/09=*WY*NP:S$H*&R*\WI2.8?*$9/0*.F6OO M)9G%>W`%!ENZCF+\>+?VV7LNFVM:(]2W$(9QFB19`^67>%Q&^VV5?3@]AXDY M793]+86A$>J;6.#_`'N9'*+^'7(Z`_Q:F8"R-Q["<\93[,A.7L/4V".3O89? M"L=+P"N+I.O^VY:&DR`[I./C_P%02P$"'@,4````"`#*;+)`:XO+^J@S```, M7P$`$0`8```````!````I($`````86%S="TR,#$R,#,S,2YX;6Q55`4``PN) MMD]U>`L``00E#@``!#D!``!02P$"'@,4````"`#*;+)`N?9QX?8'```%6@`` M%0`8```````!````I('S,P``86%S="TR,#$R,#,S,5]C86PN>&UL550%``,+ MB;9/=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`RFRR0!K#R%H$#@``0N0` M`!4`&````````0```*2!.#P``&%A`Q0````(`,ILLD"7LKMFTAH``*$Z M`0`5`!@```````$```"D@8M*``!A87-T+3(P,3(P,S,Q7VQA8BYX;6Q55`4` M`PN)MD]U>`L``00E#@``!#D!``!02P$"'@,4````"`#*;+)`XYE=2G<.``". M$`$`%0`8```````!````I(&L90``86%S="TR,#$R,#,S,5]P&UL550% M``,+B;9/=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`RFRR0.B]`RM$!P`` M:#```!$`&````````0```*2!'-D550%``,+ HB;9/=7@+``$$)0X```0Y`0``4$L%!@`````&``8`&@(```%\```````` ` end XML 26 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 8 67 1 true 0 0 false 3 false false R1.htm 101 - Document - Document and Entity Information Sheet http://www.alliedamericansteel.com/taxonomy/role/DocumentDocumentandEntityInformation Document and Entity Information true false R2.htm 103 - Statement - Interim Condensed Balance Sheets Sheet http://www.alliedamericansteel.com/taxonomy/role/StatementOfFinancialPositionClassified Interim Condensed Balance Sheets false false R3.htm 104 - Statement - Interim Condensed Balance Sheets (Parenthetical) Sheet http://www.alliedamericansteel.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical Interim Condensed Balance Sheets (Parenthetical) false false R4.htm 105 - Statement - Interim Condensed Statements of Operations Sheet http://www.alliedamericansteel.com/taxonomy/role/StatementOfIncomeAlternative Interim Condensed Statements of Operations false false R5.htm 106 - Statement - Interim Condensed Statements of Cash Flows Sheet http://www.alliedamericansteel.com/taxonomy/role/StatementOfCashFlowsIndirect Interim Condensed Statements of Cash Flows false false R6.htm 107 - Disclosure - Nature of Business and Summary of Significant Accounting Policies Sheet http://www.alliedamericansteel.com/taxonomy/role/NotesToFinancialStatementsOrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock Nature of Business and Summary of Significant Accounting Policies false false R7.htm 108 - Disclosure - Going Concern Sheet http://www.alliedamericansteel.com/taxonomy/role/NotesToFinancialStatementsGoingConcernDisclosureTextBlock Going Concern false false R8.htm 109 - Disclosure - Prepaid Expense Sheet http://www.alliedamericansteel.com/taxonomy/role/NotesToFinancialStatementsPrepaidExpensesAndOtherCurrentAssetsDisclosureTextBlock Prepaid Expense false false R9.htm 110 - Disclosure - Option to Purchase Mineral Interests Sheet http://www.alliedamericansteel.com/taxonomy/role/NotesToFinancialStatementsAcquisitionsTextBlock Option to Purchase Mineral Interests false false R10.htm 111 - Disclosure - Commitments and Contingencies Sheet http://www.alliedamericansteel.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock Commitments and Contingencies false false R11.htm 112 - Disclosure - Stockholders' Equity and Warrants Sheet http://www.alliedamericansteel.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock Stockholders' Equity and Warrants false false R12.htm 113 - Disclosure - Subsequent Events Sheet http://www.alliedamericansteel.com/taxonomy/role/NotesToFinancialStatementsSubsequentEventsTextBlock Subsequent Events false false All Reports Book All Reports Process Flow-Through: 103 - Statement - Interim Condensed Balance Sheets Process Flow-Through: Removing column 'Mar. 31, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: 104 - Statement - Interim Condensed Balance Sheets (Parenthetical) Process Flow-Through: 105 - Statement - Interim Condensed Statements of Operations Process Flow-Through: 106 - Statement - Interim Condensed Statements of Cash Flows aast-20120331.xml aast-20120331.xsd aast-20120331_cal.xml aast-20120331_def.xml aast-20120331_lab.xml aast-20120331_pre.xml true true