10-Q

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 2014

[ ] 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: 000-53157

AMERICAN MINERAL GROUP, INC.
(Exact name of registrant as specified in its charter)

Nevada	98-0546544
(State or other jurisdiction of incorporation organization)	(I.R.S. Employer Identification No.)

1530 Atwood Ave. #19652, Johnston, RI 02919
(Address of principal executive offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code:   401- 648-0805

_______________________________________________________________
(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 [X] 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 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	[ ]	(Do not check if a smaller reporting company)	Smaller reporting company	[X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [  ] No [ X ]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.                   Yes [ ] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

The number of shares of common stock outstanding as of October 7, 2014 was 15,135,231

The number of shares of preferred A stock outstanding as of October 7, 2014 was 3,000

The number of shares of preferred B stock outstanding as of October 7, 2014 was 87,500

PART I-FINANCIAL INFORMATION

Item 1. Financial Statements.

Forward Looking Statements

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risks and Uncertainties” beginning on page 18 and the risks set out below, any of which may cause our company’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks include, by way of example and not in limitation:

• the uncertainty that we will not be able to successfully identify and evaluate a suitable business opportunity;
• risks related to the large number of established and well-financed entities that are actively seeking suitable business opportunities;
• risks related to the failure to successfully manage or achieve growth of a new business opportunity; and
• other risks and uncertainties related to our business strategy.

This list is not an exhaustive list of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements.

Forward looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and we undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to the common shares in our capital stock.

As used in this quarterly report, the terms “we”, “us”, “our”, “our company” and “American Mineral” mean American Mineral Group, Inc., unless otherwise stated.

1

AMERICAN MINERAL GROUP, INC.
(An Exploration Stage Company)
BALANCE SHEETS
(Unaudited)
ASSETS
	August 31, 2014	November 30, 2013
CURRENT ASSETS:
Cash	$ 2	$ 2
Prepaid expenses	-	-
TOTAL CURRENT ASSETS	2	2
MINERAL RIGHTS and PROPERTIES
Working Interest in Grand Chenier oil & gas prospect	800,000	800,000
Oil field equipment	1,200,000	1,200,000
TOTAL MINERAL AND FIXED ASSETS	2,000,000	2,000,000
	$ 2,000,002	$ 2,000,002
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable	$ 107,956	$ 106,644
Accrued expenses	436,630	298,811
Accrued payroll	1,223,693	938,415
Convertible debentures (net of debt discount of $0 and $0)	241,925	241,925
Notes payable (net of debt discount of $0 and $0)	1,783,232	1,783,132
Due to former CEO	18,345	18,796
Due to officers	1,384	1,384
Derivative liability	192,123	192,123
TOTAL CURRENT LIABILITIES	4,005,288	3,581,230
STOCKHOLDERS' DEFICIT:
Preferred A stock, $.001 par value; authorized shares - 100,000 shares; 3,000 and 3,000 issued and outstanding	3	3
Preferred B stock, $.001 par value; authorized shares - 100,000 shares; 87,500 and 87,500 issued and outstanding	88	88
Preferred C Stock to be issued	250	250
Common stock, $.001 par value; authorized shares - 500,000,000 shares; 15,135,231 and 13,201,898 shares issued and outstanding	15,135	15,135
Additional paid-in capital	12,880,985	12,880,985
Deficit accumulated during the exploration stage	(14,901,747)	(14,477,689)
TOTAL STOCKHOLDERS' DEFICIT	(2,005,286)	(1,581,228)
	$ 2,000,002	$ 2,000,002
See notes to unaudited financial statements
2

AMERICAN MINERAL GROUP, INC.
(An Exploration Stage Company)
STATEMENTS OF OPERATIONS
Unaudited
	For the three months ended		For the Years ended		Cumulative amount from Inception (August 10, 2007) through
	August 31, 2014	August 31, 2013	August 31, 2014	August 31, 2013	August 31, 2014
OPERATING EXPENSES:
General and administrative	$ 95,502	$ 102,682	$ 286,289	$ 320,810	$ 10,695,718
Bank charges and interest	-	30	-	105	2,474
Foreign exchange (gain) loss	(100)	1,128	(888)	(1,689)	228
Mineral claim maintenance and geological costs	-	-	-	-	456,934
TOTAL OPERATING EXPENSES	$ 95,402	103,840	$ 285,401	319,226	11,155,354
OPERATING LOSS	(95,402)	(103,840)	(285,401)	(319,226)	(11,155,354)
INTEREST EXPENSE	46,627	46,715	138,657	111,023	564,645
CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY	-	-	-	(8,412)	(533,317)
AMORTIZATION OF DEBT DISCOUNT	-	-	-	-	877,515
LOSS OF MINERAL RIGHTS			-	-	2,837,550
NET LOSS	(142,029)	$ (150,555)	$ (424,058)	$ (421,837)	(14,901,747)
BASIC AND DILUTED - LOSS PER SHARE	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.03)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic and Diluted	15,135,231	15,135,231	15,135,231	14,990,046
See notes to unaudited financial statements
3

AMERICAN MINERAL GROUP, INC.
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
	For the nine months ended		Cumulative amount from Inception (August 10, 2007) through
	August 31, 2014	August 31, 2013	August 31, 2014
	(unaudited)	(unaudited)	(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (424,058)	$ (421,837)	$ (14,901,747)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	-	-	877,515
Stock issued for compensation	-	-	8,333,350
Penalty on debenture default	-	-	54,500
Change in fair value of derivative	-	(8,412)	(533,316)
Loss on mineral rights	-	-	2,837,550
Changes in assets and liabilities:
Prepaid expenses	-	3,500	-
Accounts payable and accrued expenses	423,958	404,062	1,932,154
NET CASH USED IN OPERATING ACTIVITIES	(100)	(22,687)	(1,399,994)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments on acquisition of Mineral Rights Agreement	-	-	(202,000)
Acquisition of additional claims	-	-	(35,550)
NET CASH USED IN INVESTING ACTIVITIES	-	-	(237,550)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from expenses paid by stockholder	-	-	14,996
Proceeds from notes payable	100	21,888	709,504
Payments of notes payable	-	-	(66,280)
Proceeds from private placement	-	-	290,000
Proceeds from convertible debentures	-	-	614,500
Proceeds from /(Payments) to officer and prior CEO	-	359	74,826
NET CASH PROVIDED BY FINANCING ACTIVITIES	100	22,247	1,637,546
NET INCREASE (DECREASE) IN CASH	-	(440)	2
CASH - BEGINNING OF PERIOD	2	470	-
CASH - END OF PERIOD	$ 2	$ 30	$ 2
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Preferred C Stock issued to acquire oil and gas interests	$ -	$ 500,000
Stock issued in connection with conversion of debentures	$ -	$ 11,525
Notes issued in connection with oil & gas acquisition	$ -	$ 1,500,000
See notes to unaudited financial statements
4

American Mineral Group, Inc.

(An Exploration Stage Company)

Notes to the Unaudited Financial Statements

 For the nine months ended August 31, 2014 and 2013

1.

Nature of Operations and Going Concern

American Mineral Group, Inc. (the “Company”) was incorporated in the State of Nevada on August 10, 2007. The Company is engaged in the exploration, development, and acquisition of mineral properties.

The accompanying financial statements have been prepared on the basis of accounting principles applicable to a going concern; accordingly, they do not give effect to adjustment that would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and retire its liabilities in other than the normal course of business and at amounts different from those in the accompanying financial statements. As shown in the accompanying financial statements, the Company incurred a net loss of $424,058 for the nine months ended August 31, 2014, and has an accumulated deficit of $14,901,747.  Management plans to raise cash from public or private debt or equity financing, on an as needed basis and in the longer term, to generate revenues from the acquisition, exploration and development of mineral interests, if found. The Company's ability to continue as a going concern is dependent upon achieving profitable operations and/or upon obtaining additional financing. The outcome of these matters cannot be predicted at this time.    

2.

Basis of Presentation

These interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended August 31, 2014 are not necessarily indicative of the results that may be expected for any interim period or an entire year. The Company applies the same accounting policies and methods in its interim financial statements as those in the most recent annual financial statements.  The financial statements and notes included herein should be read in conjunction with the annual financial statements and notes for the year ended November 30, 2013 included in the Company’s filing of Form 10K.

3.

Summary of Significant Accounting Policies

a)   Exploration Stage Company

The Company is considered to be in the exploration stage. The Company is devoting substantially all of its present efforts to exploring and identifying mineral properties suitable for development.

b)   Accounting Principles

The accounting and reporting policies of the Company conform to United States generally accepted accounting principles applicable to exploration stage enterprises.

c)   Mineral Property Exploration

The Company is in the exploration stage and has not yet realized any revenue from its planned operations.  Mineral property acquisition costs are capitalized. Additionally, mine development costs incurred either to develop new ore deposits and constructing new facilities are capitalized until operations commence.  All such capitalized costs are amortized using a straight-line basis, based on the minimum original license term at acquisition, but do not exceed the useful life of the capitalized costs.  Upon commercial development of an ore body, the applicable capitalized costs would then be amortized using the units-of-production method.  Exploration costs, costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations.  Costs of abandoned projects are charged to operations upon abandonment.  The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded.  The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected cash flows and/or estimated salvage value in accordance with guidance issued by the FASB, "Accounting for Impairment or Disposal of Long-Lived Assets."

d)   Foreign Currency Translation

The Company's functional and reporting currency is the U.S. Dollar. All transactions initiated in foreign currencies are translated into U.S. dollars in accordance with guidelines issued by the FASB as follows:

i)      monetary assets and liabilities at the rate of exchange in effect at the balance sheet date;

ii)     non-monetary assets at historical rates; and

iii)    revenue and expense items at the average rate of exchange prevailing during the period.

Gains and losses from foreign currency transactions are included in the statement of operations.

As of August 31, 2014, the Company only operates in the United States.

e)   Cash and Cash Equivalents

For purposes of the statement of cash flows, cash includes demand deposits, saving accounts and money market accounts. The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents.

5

f)   Use of Estimates

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those reported.

g)   Accounts receivable and concentration of credit risk

The Company currently has no accounts receivable, no customers, and therefore, does not currently foresee a concentrated credit risk associated with trade receivables.  If and when the Company commences operations that generate revenue, the Company will evaluate the receivable in light of the collectability in the normal course of business.  

h)   Fair Value Measurements

Valuation Hierarchy

ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table provides the assets and liabilities carried at fair value measured on a recurring and non-recurring basis as of August 31, 2014:

		Fair Value Measurements at August 31, 2014
		Quoted prices	Significant
	Total Carrying	in active	other	Significant
	Value at	markets	observable	unobservable
	August 31, 2014	(Level 1)	inputs (Level 2)	inputs (Level 3)
Derivative liabilities	$ 192,123	$ -	$ -	$ 192,123

The derivative liabilities are measured at fair value using quoted market prices and estimated volatility factors based on historical quoted market prices for the Company’s common stock, and are classified within Level 3 of the valuation hierarchy.

The following is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

	August 31, 2014	November 30, 2013
Beginning balance	$ 192,123	$ 200,535
Derivative liabilities recorded	-	-
Derivative liabilities converted	-	-
Unrealized gain attributable to the change in liabilities still held	-	(8,412)
Ending balance	$ 192,123	$ 192,123

The fair value of the derivative liability at August 31, 2014 and November 30, 2013, totaling $192,123 and $192,123, respectively, was calculated using the Black-Scholes Option Pricing model under the assumptions detailed in Note 4.

Gains and losses (realized and unrealized) included in earnings (to change in fair value of derivative liability) for the nine months ended August 31, 2014 and 2013, are reported in other expenses as follows:

	August 31, 2014		August 31, 2013
(Gain) Loss on derivative liabilities recorded during the period	$ -	$ -
Debt discount attributable to derivative liabilities recorded	-	-
Derivative liabilities converted during the period	-	-
Unrealized gain attributable to the change in liabilities still held	-	8,412
Net unrealized (gain) loss included in earnings	$ -	$ 8,412

i)   Loss per Common Share

Net loss per common share is based on the weighted average number of shares outstanding. Potential common shares includable in the computation of fully diluted per share results are not presented in the financial statements as their effect would be anti-dilutive.

j)   Reclassifications

Certain prior year financial statement balances have been reclassified to conform to the current year presentation. These reclassifications had no effect on the recorded net loss.

6

k)   Recently Adopted Accounting Pronouncements

There are several new accounting pronouncement issued or proposed by the Financial Accounting Standards Board (“FASB”).  Each of these pronouncements, as applicable, has been or will be adopted by the Company.  Management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or operating results.  

4.

 Derivative Liabilities

In June 2008, the FASB finalized ASC 815, “Determining Whether an Instrument (or Embedded Feature) is indexed to an Entity’s Own Stock.” Under ASC 815, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. The Company has determined that it needs to account for 8 convertible debentures (see note 3h) issued for its shares of common stock, as derivative liabilities, and apply the provisions of ASC 815. The instruments have a ratchet provision that adjust either the exercise price and/or quantity of the shares as the conversion price equals to 60% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company.

As a result, the instruments need to be accounted for as derivative liabilities. In accordance with ASC 815, these convertible debentures have been re-characterized as derivative liabilities. ASC 815, “Accounting for Derivative Instruments and Hedging Activities” (“ASC 815”) requires that the fair value of these liabilities be re-measured at the end of every reporting period with the change in fair value reported in the consolidated statement of operations.

The fair value of the derivative liabilities was measured using the Black-Scholes option pricing model and the following assumptions:

	August 31,	November 30,	Date of
	2014	2013	issuance
$32,500 Debenture:
Discount Rate – Bond Equivalent Yield	0.30%	0.30%	0.30%
Annual rate of dividends	-	-	-
Volatility	116.06%	347.18%	319.58%
Weighted Average life (months)	0	0	9
$40,000 Debenture:
Discount Rate – Bond Equivalent Yield	0.30%	0.30%	0.30%
Annual rate of dividends	-	-	-
Volatility	116.06%	347.18%	319.58%
Weighted Average life (months)	0	0	9
$35,000 Debenture:
Discount Rate – Bond Equivalent Yield	0.30%	0.30%	0.30%
Annual rate of dividends	-	-	-
Volatility	116.06%	347.18%	262.42%
Weighted Average life (months)	0	0	9
$174,530 Debenture:
Discount Rate – Bond Equivalent Yield	0.30%	0.30%	0.30%
Annual rate of dividends	-	-	-
Volatility	116.06%	347.18%	262.42%
Weighted Average life (months)	0	0	6
Fair Value	$ 192,123	$ 192,123

The discount rate was based on rates established by the Federal Reserve. The Company based expected volatility on the historical volatility for its common stock. The expected life of the debentures was based on their full term. The expected dividend yield was based upon the fact that the Company has not historically paid dividends, and does not expect to pay dividends in the future.

The Company recorded a derivative liability associated with the convertible debts, as the conversion price of most debentures is variable with a conversion threshold of 60% of the market value of the Company’s common stock on the date of conversion except for debentures totaling $174,530 which has a conversion threshold of 70% of the market value of the Company’s common stock on the date of conversion. The initial measurement of this derivative liability is based on the value of the shares that could be issued upon entry into the convertible debt agreement. Such valuation is determined using a fair value valuation model of the potential shares that could be issued. The difference between the initial value of the derivative liability and the debt discount is charged as an expense on the change in fair value of derivative liabilities upon entry into the debt agreement. The derivative liability is adjusted at each reporting period date based on the conversion rate available at each reporting date, or until such time as the convertible debt is converted. During the nine months ended August 31, 2014, $-0- was charged to change in fair value of derivative liabilities. The value of the derivative is presented as the derivative liability in the accompanying balance sheet of the Company, less any adjustments to the value of the derivative.

At August 31, 2014, the Company reevaluated the derivative liability based on the fair value assumptions for the convertible debt that it had previously entered into as well as convertible debt entered into during the nine months then ended. As of August 31, 2014, the derivative liability recorded during the nine months then ended, remained the same as the prior quarter due to all notes having matured in the prior year.  

5.

Notes Payable

The Company raised $-0- and $359 in demand notes to from its CFO during the nine month periods ended August 31, 2014 and 2013 respectively.  

During the nine months ended August 31, 2014 and 2013, the Company borrowed $100 and $21,888 from an affiliated, accredited investor.  The notes are unsecured, carry interest at 15% per annum and are due on demand.

On February 27, 2013, the Company issued a secured note in the amount of $1.5 million in connection with the acquisition of a 28% Working Interest in the Grand Chenier oil and gas prospect. (see Note 9).

7

6.

Related party transactions

Our former CEO, Mal Bains lent money to the Company.  At August 31, 2014 the balance owed was $18,345.  The balance does not bear interest and is due on demand.  

During 2014 and 2013, our CEO and CFO have from time to time lent money to the Company.  These advances are non-interest bearing and payable upon demand.  At August 31, 2014 the balance owed was $1,384.

7.

Capital Stock

On April 24, 2013, the Company affected a reverse stock split of 1:125 of its common shares issued and outstanding.  Effective with the reverse, the Company reduced its authorized shares to 500,000,000 million shares.

a)

Authorized

Authorized capital stock consists of:

500,000,000 common shares with a par value of $0.001 per share; and

1,000,000 preferred shares with a par value of $0.001 per share

b)

Share Issuances

In February 2013, the Company in connection with the acquisition of a 28% working interest in the Grand Chenier oil and gas prospect recorded 250,000 shares of Preferred C Stock to be issued at $2.00 per share. (see Note 9)

8.

Commitments and Contingencies

In August, 2009, trading in the Company’s stock was temporarily suspended in British Columbia, Canada by the British Columbia Securities Commission (BCSC).  The temporary suspension was the result of what the BCSC termed “suspicious trading activity” due to a significant increase in the share price of the Company’s stock price.  Various shareholders, and the former CEO and President, Malkeet Bains have been interviewed.  To date, no charges of wrongdoing have been made against the Company; however, the BCSC has requested various documents and information as part of the investigation.  The Cease Trade Order is still in effect regarding trading in British Columbia, Canada, and the residents thereof.  The Company cannot be certain of the outcome of the proceedings; however, we do not believe they will impact the Company itself.  Accordingly, the Company has not reserved for any additional legal fees, which the Company believes will be nominal and expensed as incurred.  

In ongoing proceedings, the BCSC accepted plea agreements from several individuals in connection with its investigation into the above referenced matter.  The Company and current management are NOT involved in the proceedings and have no connection to any of the individuals under investigation.

Under a consulting agreement between American Mineral and Internet Marketing Solutions, Inc. (IMS) provides that IMS will receive a Consulting Fee of ten percent (10%) of the gross value of the project received by American Mineral including cash, stock and stock purchase warrants.

9.

Acquisition of Working Interest

On February 27, 2013, the Company acquired a 28% Working Interest in the Grand Chenier oil and gas prospect in Louisiana for $2.0 million in stock and notes as follows:

·

250,000 shares of Preferred C Stock at a price of $2.00 per share for a total value of $500,000.  The Preferred C Stock converts 1:100 into Common Shares of the Company; and

·

$1.5 million in secured notes carrying the following features:

o

Secured by the Working Interest;

o

Interest rate of 8% per annum;

o

To be repaid upon commencement of production at the lesser of (i) $40,552.79 per month, or (ii) 20% of the Net Income from any production

10.

Subsequent Events

Management evaluated subsequent events through the date of this filing to determine if such events would require adjustment to or disclosure in the financial statements.  

There were no subsequent events of any significance from August 31, 2014 to the date of this filing.

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The financial data presented below should be read in conjunction with the more detailed financial statements and related notes, which are included elsewhere in this report. Information discussed herein, as well as elsewhere in this quarterly report on Form 10-Q, includes forward-looking statements or opinions regarding future events or the future financial performance of the Company, and are subject to a number of risks and other factors which could cause the actual results to differ materially from those contained in forward-looking statements. Among such factors are general business and economic conditions, and risk factors as listed in its Annual Report on Form 10-K or listed from time to time in documents filed by the Company with the Securities and Exchange Commission.

Our Current Business

We are an exploration stage company. To date, our activities have been limited to organizational matters, the negotiation and acquisition of the Conglomerate Mesa Claims the Grand Cheniere oil and gas prospects, and the development of these claims. During the third quarter of 2012, the Company determined that the Conglomerate Mesa project had too long a time horizon versus the costs involved at this time.  The management made a strategic decision to allow all claims held at the Conglomerate Mesa project to expire by not renewing the annual lease payments to the Bureau of Land Management and the cancellation of payments to the prospectors with whom we had partnered.  Instead, the Company has determined that several very attractive alternative projects are available on the African continent, and to that end, representatives of the Company visited several countries in Africa in late May 2012.  Further information and developments will be forthcoming.  Our company has not generated revenues since inception and has accumulated losses of $14,901,747 since inception. We do not anticipate earning revenues until such time as we have entered into commercial production of any mineral or oil and gas properties we acquire. We can provide no assurance that we will discover commercially exploitable levels of mineral resources or oil and gas resources on properties we acquire, or if such resources are discovered, that we will enter into commercial production of properties we acquire.

On February 27, 2013, the Company acquired a 28% Working Interest in the Grand Chenier oil and gas prospect in Louisiana.  The property contains an estimate 9.0 million barrels of oil and was in production until approximately 2009 when the then operator failed to manage the interests and certain repairs were not made leading to the cessation of production.  The Company believes that with approximately $2.0 million in capital, the field can be returned to production and additional wells within the prospect can then be brought online increasing production to a profitable level.  

We are actively pursuing additional opportunities in the oil, gas, coal, and mining industries. Simultaneously, we are seeking business opportunities with established business entities for the merger of a target business with our company.  In certain instances, a target business may wish to become a subsidiary of our company or may wish to contribute assets to us rather than merge.  We anticipate that any new acquisition or business opportunities by our company will require additional financing. There can be no assurance, however, that we will be able to acquire the financing necessary to enable us to pursue our plan of operation. If our company requires additional financing and we are unable to acquire such funds, our business may fail.

As an exploration stage company, we are not able to fund our cash requirements through our current operations. Historically, we have been able to raise a limited amount of capital through private placements of our equity stock, but we are uncertain about our continued ability to raise funds privately. Further, we believe that our company may have difficulties raising capital until we either confirm the value of our various claims, or locate a prospective property through which we can pursue our plan of operation. If we are unable to secure adequate capital to continue our acquisition efforts, our shareholders may lose some or all of their investment and our business may fail.

Results of Operations

The following summary of our results of operations should be read in conjunction with our unaudited financial statements for the nine month periods ended August 31, 2014 and 2013 which is included herein.

Our operating results for the three and nine month periods ended August 31, 2014 and 2013 are summarized as follows:

	Three Months Ended August 31,		Nine Months Ended August 31,		Cumulative amount from Inception (August 10, 2007) through
	2014	2013	2014	2013	August 31, 2014
Operating expenses	$ 95,402	$ 103,840	$ 285,289	$ 319,226	$ 11,155,354
Net Loss	$ (142,029)	$ (150,555)	$ (424,058)	$ (421,837)	$ (14,901,747)

Revenues

We did not earn any revenues for the nine months ended August 31, 2014. We do not anticipate earning revenues until such time as we have entered into commercial production of any mineral or oil and gas properties we acquire. We are presently in the exploration stage of our business and we can provide no assurance that we will discover commercially exploitable levels of mineral resources or oil and gas resources on properties we acquire, or if such resources are discovered, that we will enter into commercial production of properties we acquire.

Expenses

Our expenses for the three and nine month periods ended August 31, 2014 and 2013 are outlined in the table below:

	Three months ended August 31,		Nine months ended August 31,		Cumulative amount from       Inception (August 10, 2007) through
	2014	2013	2014	2013	August 31, 2014
General and administrative	$ 95,502	$ 102,682	$ 286,289	$ 320,810	$ 10,695,718
Bank charges and interest	-	30	-	105	2,474
Foreign exchange loss (gain)	(100)	1,128	(888)	(1,689)	228
Mineral claim maintenance and geological costs	-	-	-	-	456,934
Total	$    95,402	$   103,840	$  285,401	$ 319,226	$    11,155,354

9

General and Administrative

The overall reduction in our general and administrative expenses for the nine month period ended August 31, 2014 compared to the same period ended August 31, 2013 was primarily due to reduced accruals for audit fees.    

Consulting and Professional Fees

Consulting fees include fees in connection with the acquisition of the Conglomerate Mesa claims, and structuring of future financings.  Professional fees include our accounting and auditing expenses incurred in connection with the preparation and audit of our financial statements and professional fees that we pay to our legal counsel. Our accounting and auditing expenses were incurred in connection with the preparation of our audited financial statements and unaudited interim financial statements.  Our legal expenses represent amounts paid to legal counsel in connection with our ongoing reporting requirements.  Consulting and legal expenses will be ongoing.

Liquidity and Capital Resources

Working Capital

	August 31, 2014	November 30, 2013	Percentage Increase (Decrease)
Current Assets	$ 2	$ 2	0.0%
Current Liabilities	4,005,288	3,581,230	11.8%
Working Capital (Deficiency)	$ (4,005,286)	$ (3,581,228)	-11.8%

Cash Flows

	Nine months ended		Percentage Increase
	August 31, 2014	August 31, 2013	(Decrease)
Cash Used in Operating Activities	$ (100)	$ (22,687)	99.6%
Cash Used in Investing Activities	-	-	0.0%
Cash Provided by Financing Activities	100	22,247	-99.6%
Net Increase (Decrease) in Cash	$ -	$ (440)	-100.0%

We anticipate that we will incur approximately $300,000 for operating expenses, including professional, legal and accounting expenses associated with our reporting requirements under the Securities Exchange Act of 1934 and our legal representation during the next twelve months. We do not have sufficient working capital to provide for the anticipated expenses over the next twelve months. Accordingly, we will need to obtain additional financing in order to complete our business plan.

Cash Used in Operating Activities

We used cash in operating activities in the amount of $100 during the nine month period ended August 31, 2014, and $22,687 during the nine month period ended August 31, 2013. Cash used in operating activities was funded by cash from financing activities.

Cash Used in Investing Activities

The Company used $0 and $0 in investing activities during the nine month period ended August 31, 2014 and 2013 respectively.   

Cash Provided by Financing Activities

During the nine month period ended August 31, 2014 and 2013:

The Company raised $100 and $22,247 respectively from short term Notes from an affiliated, accredited investor.  The Note carries interest at a rate of 15% per annum and is due on demand.

The Company also borrowed $-0- and $359 respectively from its officers on a demand basis.

Disclosure of Outstanding Share Data

As at the date of this quarterly report, we had:

·

15,135,231 shares of common stock issued and outstanding

·

3,000 shares of preferred A stock issued and outstanding

·

87,500 shares of preferred B stock issued and outstanding

·

250,000 shares of preferred C stock that was to be issued

Going Concern

The financial statements accompanying this report have been prepared on a going concern basis, which implies that our company will continue to realize its assets and discharge its liabilities and commitments in the normal course of business. Our company has not generated revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of our company as a going concern is dependent upon the continued financial support from our shareholders, the ability of our company to obtain necessary equity financing to achieve our operating objectives, and the attainment of profitable operations. As of August 31, 2014, our company has accumulated losses of $14,901,747 since inception. We do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.

Due to the uncertainty of our ability to meet our current operating expenses and the capital expenses noted above should be read in conjunction with our report on Form 10-K for the year ended November 30, 2013, we have included an explanatory paragraph regarding concerns about our ability to continue as a going concern. The continuation of our business is dependent upon us raising additional financial support. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current shareholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

10

Future Financings

We anticipate continuing to rely on equity sales of shares of our common stock in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing shareholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned activities.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to shareholders.

Risks and Uncertainties

We are an exploration stage company with a limited operating history that makes it impossible to reliably predict future growth and operating results.

We have not been able to achieve profitable operations and there are no assurances that we will be able to do so in the future. Potential investors should be aware of the difficulties normally encountered by a new enterprise and the high rate of failure of such enterprises. The potential for future success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the development of a business in general. There is no history upon which to base any assumption as to the likelihood that we will prove successful, and there can be no assurance that we will generate significant operating revenues in the future or ever achieve profitable operations.

Upon completion of a business opportunity or combination, there can be no assurance that we will be able to successfully manage or achieve growth of that business opportunity or combination.

Our ability to achieve growth upon the acquisition of a suitable business opportunity or business combination will be dependent upon a number of factors including our ability to hire and train management and other employees and the adequacy of our financial resources. There can be no assurance that we will be able to successfully manage any business opportunity or business combination. Failure to manage anticipated growth effectively and efficiently could have a material adverse effect on our company.

If we complete a business opportunity or combination, management of our company may be required to sell or transfer shares of our common stock and resign as members of our board of directors.

A business combination or acquisition of a business opportunity involving the issuance of shares of our common stock may result in new shareholders obtaining a controlling interest in our company. Any such business combination or acquisition of a business opportunity may require management of our company to sell or transfer all or a portion of the shares they hold in our company and require such individuals to resign as members of our board of directors. The resulting change in control of our company could result in the removal of one or more of our present officers and directors and a corresponding reduction in or elimination of their participation in the future affairs of our company.

If we complete a business opportunity or combination, we may be required to issue a substantial number of shares of our common stock which would dilute the shareholdings of our current shareholders and result in a change of control of our company.

We may pursue the acquisition of a business opportunity or a business combination with a private company. The likely result of such a transaction would result in our company issuing shares of our common stock to shareholders of such private company. Issuing previously authorized and unissued shares of our common stock will reduce the percentage of shares of our common stock owned by existing shareholders and may result in a change in the control of our company and our management.

Our common stock is illiquid and shareholders may be unable to sell their shares.

There is currently a limited market for our common stock and we can provide no assurance to investors that a market will develop. If a market for our common stock does not develop, our shareholders may not be able to re-sell the shares of our common stock that they have purchased and they may lose all of their investment in the company. Public announcements regarding our company, changes in government regulations, conditions in our market segment or changes in earnings estimates by analysts may cause the price of shares of our common stock to fluctuate substantially. These fluctuations may adversely affect the trading price of shares of our common stock.

We may be unsuccessful at identifying, acquiring and operating suitable business opportunities and if we are unable to find, acquire or operate a suitable opportunity for our company, we may never achieve profitable operations.

We may not be able to find the right business opportunity for our company to become engaged in or we may not succeed in becoming engaged in the business opportunity we choose because we may not act fast enough or have enough money or other attributes to attract the new business opportunity. Before we begin to have any significant operations, we will have to become involved in a viable business opportunity. In addition, in order to be profitable, we will have to, among other things, hire consultants and employees, develop products and/or services, market our products/services, ensure supply and develop a customer base. There is no assurance that we will be able to identify, negotiate, acquire and develop a business opportunity and we may never be profitable.

We have not paid any dividends and do not foresee paying dividends in the future.

Payment of dividends on our common stock is within the discretion of the board of directors and will depend upon our future earnings, our capital requirements, financial condition and other relevant factors. We have no plan to declare any dividends in the foreseeable future.

Our stock is a penny stock. Trading of our stock may be restricted by the SEC’s penny stock regulations and FINRA’s sales practice requirements, which may limit a shareholder’s ability to buy and sell our stock.

Our stock is a penny stock. The Securities and Exchange Commission (“SEC”) has adopted Rule 15g-9 which generally defines “penny stock” to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and “accredited investors”. The term “accredited investor” refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer’s account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer’s confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in, and limit the marketability of, our common stock.

In addition to the “penny stock” rules promulgated by the SEC, the Financial Industry Regulatory Authority (“FINRA) has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, the FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock.

11 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 of the Securities Exchange Act of 1934, our Principal Executive Officer and Principal Financial Officer evaluated our company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. The Company's disclosure controls and procedures are designed to provide a reasonable level of assurance of achieving the Company's disclosure control objectives.  The Company's Principal Executive Officer and Principal Financial Officer have concluded that the Company's disclosure controls and procedures are, in fact, effective at this reasonable assurance level.  In addition, the Company reviewed its internal controls, and there have been no significant changes in its internal controls or in other factors that could significantly affect those controls subsequent to the date of their last valuation or from the end of the reporting period to the date of this Form 10-Q.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake.

Changes in Internal Control Over Financial Reporting

In connection with the evaluation of the Company’s internal controls during the quarter ended August 31, 2014, the Company’s Principal Executive Officer and Principal Financial Officer have determined that there are no changes to the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially effect, the Company’s internal controls over financial reporting.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by our company in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Securities and Exchange Commission. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer to allow timely decisions regarding required disclosure.

PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

In August, 2009, trading in the Company’s stock was temporarily suspended in British Columbia, Canada by the British Columbia Securities Commission (BCSC).  The temporary suspension was the result of what the BCSC termed “suspicious trading activity” due to a significant increase in the share price of the Company’s stock price.  Various shareholders, and the former CEO and President, Malkeet Bains have been interviewed.  To date, no charges of wrongdoing have been made against the Company; however, the BCSC has requested various documents and information as part of the investigation.  The Cease Trade Order is still in effect regarding trading in British Columbia, Canada, and the residents thereof.  The Company cannot be certain of the outcome of the proceedings; however, we do not believe they will impact the Company itself.  Accordingly, the Company has not reserved for any additional legal fees, which the Company believes will be nominal and expensed as incurred.  

In ongoing proceedings, the BCSC accepted plea agreements from several individuals in connection with its investigation into the above referenced matter.  The Company and current management are NOT involved in the proceedings and have no connection to any of the individuals under investigation.

Item 1A. Risk Factors.

Not Applicable.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. (Removed and Reserved)

None.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit No.	Description of Exhibit
3.1	Articles of Incorporation (attached as an exhibit to our registration statement on Form S-1 filed on February 22, 2008)
3.2	Bylaws (attached as an exhibit to our registration statement on Form S-1 filed on February 22, 2008)
31.1*	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 *	Certification of Chief Executive Officer pursuant Section 906 Certifications under Sarbanes-Oxley Act of 2002
32.2*	Certification of Chief Financial Officer pursuant Section 906 Certifications under Sarbanes-Oxley Act of 2002

* Filed herewith.

12

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.

AMERICAN MINERAL GROUP, INC.

By

/s/ Frederic J. Pucillo, Jr.		/s/ Erwin Vahlsing, Jr.
Frederick Pucillo, Jr.		Erwin Vahlsing, Jr.
Chief Executive Officer, President, and  Director		Chief Financial Officer and Treasurer
(Principal Executive Officer)		(Principal Financial Executive and Principal Accounting Officer)
Date:	October 9, 2014	Date:	October 9, 2014

13

EX-31

Exhibit 31.2

Certification of Chief Financial Officer pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Erwin Vahlsing, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Mineral Group, Inc.;

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. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have [Language omitted in accordance with SEC Release Nos. 34-47986 and 34-54942]:

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

b) [Paragraph omitted in accordance with SEC transition instructions contained in SEC Release Nos. 34-47986 and 34-54942];

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our 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 (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the 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: October 9, 2014

/s/    Erwin Vahlsing, Jr.        

Erwin Vahlsing, Jr.

Chief Financial Officer, Secretary, Treasurer

and Director

EX-31

Exhibit 31.1

Certification of Chief Executive Officer pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Frederick Pucillo, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Mineral Group, Inc.;

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. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have [Language omitted in accordance with SEC Release Nos. 34-47986 and 34-54942]:

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

b) [Paragraph omitted in accordance with SEC transition instructions contained in SEC Release Nos. 34-47986 and 34-54942];

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our 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 (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the 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: October 9, 2014

/s/    Frederick Pucillo, Jr.     

Frederick Pucillo, Jr.

Chief Executive Officer, President

and Director

EX-32

Exhibit 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 on Form 10-Q of American Mineral Group, Inc. (the “Registrant”) for the quarter ended August 31, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Erwin Vahlsing, Jr., the Chief Financial Officer, Secretary, Treasurer, and Director of the Registrant, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:

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 Registrant.

Date: October 9, 2014

/s/    Erwin Vahlsing, Jr.        

Erwin Vahlsing, Jr.

Chief Financial Officer, Secretary, Treasurer,

and Director

EX-32

Exhibit 32.1

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 on Form 10-Q of American Mineral Group, Inc. (the “Registrant”) for the quarter ended August 31, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Frederick Pucillo, Jr., Chief Executive Officer, President, and Director of the Registrant, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:

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 Registrant.

Date: October 9, 2014

/s/    Frederick Pucillo, Jr.        

Frederick Pucillo, Jr.

Chief Executive Officer, President,

 and Director

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Derivative Liabilities

9 Months Ended

Aug. 31, 2014

Notes

Derivative Liabilities

1.          Derivative Liabilities

In June 2008, the FASB finalized ASC 815, “Determining Whether an Instrument (or Embedded Feature) is indexed to an Entity’s Own Stock.” Under ASC 815, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. The Company has determined that it needs to account for 8 convertible debentures (see note 3h) issued for its shares of common stock, as derivative liabilities, and apply the provisions of ASC 815. The instruments have a ratchet provision that adjust either the exercise price and/or quantity of the shares as the conversion price equals to 60% of the "market price" at the time of conversion, which "market price" will be calculated as the average of the three lowest "trading prices" for the Company's common stock during the ten day trading period prior to the date the conversion note is sent to the Company.

As a result, the instruments need to be accounted for as derivative liabilities. In accordance with ASC 815, these convertible debentures have been re-characterized as derivative liabilities. ASC 815, “Accounting for Derivative Instruments and Hedging Activities” (“ASC 815”) requires that the fair value of these liabilities be re-measured at the end of every reporting period with the change in fair value reported in the consolidated statement of operations.

The fair value of the derivative liabilities was measured using the Black-Scholes option pricing model and the following assumptions:

	August 31,	November 30,	Date of
	2014	2013	issuance
$32,500 Debenture:
Discount Rate – Bond Equivalent Yield	0.30%	0.30%	0.30%
Annual rate of dividends	-	-	-
Volatility	116.06%	347.18%	319.58%
Weighted Average life (months)	0	0	9
$40,000 Debenture:
Discount Rate – Bond Equivalent Yield	0.30%	0.30%	0.30%
Annual rate of dividends	-	-	-
Volatility	116.06%	347.18%	319.58%
Weighted Average life (months)	0	0	9
$35,000 Debenture:
Discount Rate – Bond Equivalent Yield	0.30%	0.30%	0.30%
Annual rate of dividends	-	-	-
Volatility	116.06%	347.18%	262.42%
Weighted Average life (months)	0	0	9
$174,530 Debenture:
Discount Rate – Bond Equivalent Yield	0.30%	0.30%	0.30%
Annual rate of dividends	-	-	-
Volatility	116.06%	347.18%	262.42%
Weighted Average life (months)	0	0	6
Fair Value	$  192,123	$  192,123

The discount rate was based on rates established by the Federal Reserve. The Company based expected volatility on the historical volatility for its common stock. The expected life of the debentures was based on their full term. The expected dividend yield was based upon the fact that the Company has not historically paid dividends, and does not expect to pay dividends in the future.

The Company recorded a derivative liability associated with the convertible debts, as the conversion price of most debentures is variable with a conversion threshold of 60% of the market value of the Company’s common stock on the date of conversion except for debentures totaling $174,530 which has a conversion threshold of 70% of the market value of the Company’s common stock on the date of conversion. The initial measurement of this derivative liability is based on the value of the shares that could be issued upon entry into the convertible debt agreement. Such valuation is determined using a fair value valuation model of the potential shares that could be issued. The difference between the initial value of the derivative liability and the debt discount is charged as an expense on the change in fair value of derivative liabilities upon entry into the debt agreement. The derivative liability is adjusted at each reporting period date based on the conversion rate available at each reporting date, or until such time as the convertible debt is converted. During the nine months ended August 31, 2014, $-0- was charged to change in fair value of derivative liabilities. The value of the derivative is presented as the derivative liability in the accompanying balance sheet of the Company, less any adjustments to the value of the derivative.

At August 31, 2014, the Company reevaluated the derivative liability based on the fair value assumptions for the convertible debt that it had previously entered into as well as convertible debt entered into during the nine months then ended. As of August 31, 2014, the derivative liability recorded during the nine months then ended, remained the same as the prior quarter due to all notes having matured in the prior year. 

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Fair Value Measurements

9 Months Ended

Aug. 31, 2014

Notes

Fair Value Measurements

Fair Value Measurements

Valuation Hierarchy

ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table provides the assets and liabilities carried at fair value measured on a recurring and non-recurring basis as of August 31, 2014:

				Fair Value Measurements at August 31, 2014
				Quoted prices		Significant
		Total Carrying		in active		other		Significant
		Value at		markets		observable		unobservable
		August 31, 2014		(Level 1)		inputs (Level 2)		inputs (Level 3)
Derivative liabilities	$	192,123	$	-	$	-	$	192,123

The derivative liabilities are measured at fair value using quoted market prices and estimated volatility factors based on historical quoted market prices for the Company’s common stock, and are classified within Level 3 of the valuation hierarchy.

The following is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

	August 31, 2014		November 30, 2013
Beginning balance	$	192,123	$	200,535
Derivative liabilities recorded		-		-
Derivative liabilities converted		-		-
Unrealized gain attributable to the change in liabilities still held		-		(8,412)
Ending balance	$	192,123	$	192,123

The fair value of the derivative liability at August 31, 2014 and November 30, 2013, totaling $192,123 and $192,123, respectively, was calculated using the Black-Scholes Option Pricing model under the assumptions detailed in Note 4.

Gains and losses (realized and unrealized) included in earnings (to change in fair value of derivative liability) for the nine months ended August 31, 2014 and 2013, are reported in other expenses as follows:

	August 31, 2014		August 31, 2013
(Gain) Loss on derivative liabilities recorded during the period	$	-	$	-
Debt discount attributable to derivative liabilities recorded		-		-
Derivative liabilities converted during the period		-		-
Unrealized gain attributable to the change in liabilities still held		-		8,412
Net unrealized (gain) loss included in earnings	$	-	$	8,412

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BALANCE SHEETS (USD $)	Aug. 31, 2014	Nov. 30, 2013
CURRENT ASSETS:
Cash	$ 2	$ 2
TOTAL CURRENT ASSETS	2	2
MINERAL RIGHTS AND PROPERTIES
Working Interest in oil & gas property	800,000	800,000
Oil field equipment	1,200,000	1,200,000
TOTAL MINERAL AND FIXED ASSETS	2,000,000	2,000,000
TOTAL ASSETS	2,000,002	2,000,002
CURRENT LIABILITIES:
Accounts Payable, Current	107,956	106,644
Accrued Liabilities, Current	436,630	298,811
Accrued payroll	1,223,693	938,415
Convertible debentures	241,925	241,925
Notes payable	1,783,232	1,783,132
Due to former CEO	18,345	18,796
Due to Related Parties, Noncurrent	1,384	1,384
Derivative liability	192,123	192,123
TOTAL CURRENT LIABILITIES	4,005,288	3,581,230
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred A Stock	3	3
Preferred B Stock	88	88
Preferred C Stock to be issued	250	250
Common Stock	15,135	15,135
Additional paid-in capital	12,880,985	12,880,985
Deficit accumulated during the exploration stage	(14,901,747)	(14,477,689)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(2,005,286)	(1,581,228)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 2,000,002	$ 2,000,002

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Nature of Operations and Going Concern

9 Months Ended

Aug. 31, 2014

Notes

Nature of Operations and Going Concern

1.          Nature of Operations and Going Concern

American Mineral Group, Inc. (the “Company”) was incorporated in the State of Nevada on August 10, 2007. The Company is engaged in the exploration, development, and acquisition of mineral properties.

The accompanying financial statements have been prepared on the basis of accounting principles applicable to a going concern; accordingly, they do not give effect to adjustment that would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and retire its liabilities in other than the normal course of business and at amounts different from those in the accompanying financial statements. As shown in the accompanying financial statements, the Company incurred a net loss of $424,058 for the nine months ended August 31, 2014, and has an accumulated deficit of $14,901,747.  Management plans to raise cash from public or private debt or equity financing, on an as needed basis and in the longer term, to generate revenues from the acquisition, exploration and development of mineral interests, if found. The Company's ability to continue as a going concern is dependent upon achieving profitable operations and/or upon obtaining additional financing. The outcome of these matters cannot be predicted at this time.            

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Accounting Principles

9 Months Ended

Aug. 31, 2014

Notes

Accounting Principles

1.          Basis of Presentation

    These interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended August 31, 2014 are not necessarily indicative of the results that may be expected for any interim period or an entire year. The Company applies the same accounting policies and methods in its interim financial statements as those in the most recent annual financial statements.  The financial statements and notes included herein should be read in conjunction with the annual financial statements and notes for the year ended November 30, 2013 included in the Company’s filing of Form 10K.

Summary of Significant Accounting Policies

a)   Exploration Stage Company

The Company is considered to be in the exploration stage. The Company is devoting substantially all of its present efforts to exploring and identifying mineral properties suitable for development.

b)   Accounting Principles

The accounting and reporting policies of the Company conform to United States generally accepted accounting principles applicable to exploration stage enterprises.

c)   Mineral Property Exploration

The Company is in the exploration stage and has not yet realized any revenue from its planned operations.  Mineral property acquisition costs are capitalized. Additionally, mine development costs incurred either to develop new ore deposits and constructing new facilities are capitalized until operations commence.  All such capitalized costs are amortized using a straight-line basis, based on the minimum original license term at acquisition, but do not exceed the useful life of the capitalized costs.  Upon commercial development of an ore body, the applicable capitalized costs would then be amortized using the units-of-production method.  Exploration costs, costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations.  Costs of abandoned projects are charged to operations upon abandonment.  The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded.  The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected cash flows and/or estimated salvage value in accordance with guidance issued by the FASB, "Accounting for Impairment or Disposal of Long-Lived Assets."

d)   Foreign Currency Translation

The Company's functional and reporting currency is the U.S. Dollar. All transactions initiated in foreign currencies are translated into U.S. dollars in accordance with guidelines issued by the FASB as follows:

i)      monetary assets and liabilities at the rate of exchange in effect at the balance sheet date;

ii)     non-monetary assets at historical rates; and

iii)    revenue and expense items at the average rate of exchange prevailing during the period.

Gains and losses from foreign currency transactions are included in the statement of operations.

As of August 31, 2014, the Company only operates in the United States.

e)   Cash and Cash Equivalents

For purposes of the statement of cash flows, cash includes demand deposits, saving accounts and money market accounts. The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents.

f)   Use of Estimates

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those reported.

g)   Accounts receivable and concentration of credit risk

The Company currently has no accounts receivable, no customers, and therefore, does not currently foresee a concentrated credit risk associated with trade receivables.  If and when the Company commences operations that generate revenue, the Company will evaluate the receivable in light of the collectability in the normal course of business. 

h)   Loss per Common Share

Net loss per common share is based on the weighted average number of shares outstanding. Potential common shares includable in the computation of fully diluted per share results are not presented in the financial statements as their effect would be anti-dilutive.

i)   Reclassifications

Certain prior year financial statement balances have been reclassified to conform to the current year presentation. These reclassifications had no effect on the recorded net loss.

j)   Recently Adopted Accounting Pronouncements

There are several new accounting pronouncement issued or proposed by the Financial Accounting Standards Board (“FASB”).  Each of these pronouncements, as applicable, has been or will be adopted by the Company.  Management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or operating results. 

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) (USD $)	Aug. 31, 2014	Nov. 30, 2013
Balance Sheet (Parenthetical)
Working Interest in oil & gas property	$ 800,000	$ 800,000
Oil field equipment	1,200,000	1,200,000
Convertible debentures	241,925	241,925
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, authorized	500,000,000	500,000,000
Common Stock, issued	15,135,231	15,135,231
Common Stock, outstanding	15,135,231	15,135,231
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, authorized	1,000,000	1,000,000
Preferred A Stock, authorized	100,000	100,000
Preferred A Stock, issued	3,000	3,000
Preferred A Stock, outstanding	3,000	3,000
Preferred B Stock, authorized	100,000	100,000
Preferred B Stock, issued	87,500	87,500
Preferred B Stock, outstanding	87,500	87,500
Preferred C Stock, issued	250,000	250,000

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Fair Value Measurements: Fair Value, (Gains) Losses on Derivative Liabilities included in Earnings (Tables)

9 Months Ended

Aug. 31, 2014

Tables/Schedules

Fair Value, (Gains) Losses on Derivative Liabilities included in Earnings

	August 31, 2014		August 31, 2013
(Gain) Loss on derivative liabilities recorded during the period	$	-	$	-
Debt discount attributable to derivative liabilities recorded		-		-
Derivative liabilities converted during the period		-		-
Unrealized gain attributable to the change in liabilities still held		-		8,412
Net unrealized (gain) loss included in earnings	$	-	$	8,412

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Document and Entity Information (USD $)	9 Months Ended
	Aug. 31, 2014	Oct. 01, 2014	May 31, 2014
Document and Entity Information:
Entity Registrant Name	American Mineral Group, Inc.
Document Type	10-Q
Document Period End Date	Aug. 31, 2014
Amendment Flag	false
Entity Central Index Key	0001427644
Current Fiscal Year End Date	--11-30
Entity Common Stock, Shares Outstanding		15,135,231
Entity Public Float			$ 121,082
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

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STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		85 Months Ended
	Aug. 31, 2014	Aug. 31, 2013	Aug. 31, 2014	Aug. 31, 2013	Aug. 31, 2014
OPERATING EXPENSES:
General and administrative	$ 95,502	$ 102,682	$ 286,289	$ 320,810	$ 10,695,718
Bank charges and interest		30		105	2,474
Foreign exchange (gain) loss	(100)	1,128	(888)	(1,689)	228
Mineral claim maintenance and geological costs					456,934
TOTAL OPERATING EXPENSES	95,402	103,840	285,401	319,226	11,155,354
OPERATING LOSS	(95,402)	(103,840)	(285,401)	(319,226)	(11,155,354)
INTEREST EXPENSE	46,627	46,715	138,657	111,023	564,645
CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY				(8,412)	(533,317)
AMORTIZATION OF DEBT DISCOUNT					877,515
LOSS OF MINERAL RIGHTS					2,837,550
NET LOSS	$ (142,029)	$ (150,555)	$ (424,058)	$ (421,837)	$ (14,901,747)
BASIC AND DILUTED - LOSS PER SHARE	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.03)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic and Diluted	15,135,231	15,135,231	15,135,231	14,990,046

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Capital Stock

9 Months Ended

Aug. 31, 2014

Notes

Capital Stock

1.          Capital Stock

On April 24, 2013, the Company affected a reverse stock split of 1:125 of its common shares issued and outstanding.  Effective with the reverse, the Company reduced its authorized shares to 500,000,000 million shares.

        a)     Authorized

                Authorized capital stock consists of:

·         500,000,000 common shares with a par value of $0.001 per share; and

·         1,000,000 preferred shares with a par value of $0.001 per share

        b)     Share Issuances

In February 2013, the Company in connection with the acquisition of a 28% working interest in the Grand Chenier oil and gas prospect recorded 250,000 shares of Preferred C Stock to be issued at $2.00 per share.

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Related Party Transactions

9 Months Ended

Aug. 31, 2014

Notes

Related Party Transactions

1.          Related party transactions

Our former CEO, Mal Bains lent money to the Company.  At August 31, 2014 the balance owed was $18,345.  The balance does not bear interest and is due on demand.     

During 2014 and 2013, our CEO and CFO have from time to time lent money to the Company.  These advances are non-interest bearing and payable upon demand.  At August 31, 2014 the balance owed was $1,384.

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Acquisition of Working Interest

9 Months Ended

Aug. 31, 2014

Notes

Acquisition of Working Interest

1.          Acquisition of Working Interest

On February 27, 2013, the Company acquired a 28% Working Interest in the Grand Chenier oil and gas prospect in Louisiana for $2.0 million in stock and notes as follows:

·         250,000 shares of Preferred C Stock at a price of $2.00 per share for a total value of $500,000.  The Preferred C Stock converts 1:100 into Common Shares of the Company; and

·         $1.5 million in secured notes carrying the following features:

o   Secured by the Working Interest;

o   Interest rate of 8% per annum;

o   To be repaid upon commencement of production at the lesser of (i) $40,552.79 per month, or (ii) 20% of the Net Income from any production

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Commitments and Contingencies

9 Months Ended

Aug. 31, 2014

Notes

Commitments and Contingencies

1.          Commitments and Contingencies

In August, 2009, trading in the Company’s stock was temporarily suspended in British Columbia, Canada by the British Columbia Securities Commission (BCSC).  The temporary suspension was the result of what the BCSC termed “suspicious trading activity” due to a significant increase in the share price of the Company’s stock price.  Various shareholders, and the former CEO and President, Malkeet Bains have been interviewed.  To date, no charges of wrongdoing have been made against the Company; however, the BCSC has requested various documents and information as part of the investigation.  The Cease Trade Order is still in effect regarding trading in British Columbia, Canada, and the residents thereof.  The Company cannot be certain of the outcome of the proceedings; however, we do not believe they will impact the Company itself.  Accordingly, the Company has not reserved for any additional legal fees, which the Company believes will be nominal and expensed as incurred. 

In ongoing proceedings, the BCSC accepted plea agreements from several individuals in connection with its investigation into the above referenced matter.  The Company and current management are NOT involved in the proceedings and have no connection to any of the individuals under investigation.

Under a consulting agreement between American Mineral and Internet Marketing Solutions, Inc. (IMS) provides that IMS will receive a Consulting Fee of ten percent (10%) of the gross value of the project received by American Mineral including cash, stock and stock purchase warrants.

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Subsequent Events

9 Months Ended

Aug. 31, 2014

Notes

Subsequent Events

1.          Subsequent Events

Management evaluated subsequent events through the date of this filing to determine if such events would require adjustment to or disclosure in the financial statements. 

There were no subsequent events of any significance from August 31, 2014 to the date of this filing.

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Fair Value Measurements: Reconciliation Schedule of Derivative Liabilities at Fair Value (Tables)

9 Months Ended

Aug. 31, 2014

Tables/Schedules

Reconciliation Schedule of Derivative Liabilities at Fair Value

	August 31, 2014		November 30, 2013
Beginning balance	$	192,123	$	200,535
Derivative liabilities recorded		-		-
Derivative liabilities converted		-		-
Unrealized gain attributable to the change in liabilities still held		-		(8,412)
Ending balance	$	192,123	$	192,123

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		85 Months Ended
	Aug. 31, 2014	Aug. 31, 2013	Aug. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (424,058)	$ (421,837)	$ (14,901,747)
Amortization of debt discount			877,515
Stock issued for compensation			8,333,350
Penalty on debenture default	54,500		54,500
Change in fair value of derivative liability		(8,412)	(533,317)
Loss of mineral rights			2,837,550
Increase Decrease in Prepaid expenses		3,500
Accounts payable and accrued expenses	423,958	404,062	1,932,155
Net cash used in operating activities	(100)	(22,687)	(1,399,994)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments on acquistion of Mineral Rights Agreement			(202,000)
Acquistion of additional claims			(35,550)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES			(237,550)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from expenses paid by stockholder			14,996
Proceeds from notes payable	100	21,888	709,504
Payments of notes payable			(66,280)
Proceeds from private placement			290,000
Proceeds from convertible debentures			614,500
Proceeds from /(Payments) to officer and prior CEO		359	74,826
NET CASH PROVIDED BY FINANCING ACTIVITIES	100	22,247	1,637,546
NET INCREASE (DECREASE) IN CASH		(440)	2
CASH - BEGINNING OF PERIOD	2	470
CASH - END OF PERIOD	2	30	2
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest		5,400
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Stock issued in connection with conversion of debentures		11,525
Preferred stock to be issued - value		500,000
Notes issued in connection with oil & gas acquistion		$ 1,500,000

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Notes Payable

9 Months Ended

Aug. 31, 2014

Notes

Notes Payable

1.          Notes Payable

The Company raised $-0- and $359 in demand notes to from its CFO during the nine month periods ended August 31, 2014 and 2013 respectively. 

During the nine months ended August 31, 2014 and 2013, the Company borrowed $100 and $21,888 from an affiliated, accredited investor.  The notes are unsecured, carry interest at 15% per annum and are due on demand.

On February 27, 2013, the Company issued a secured note in the amount of $1.5 million in connection with the acquisition of a 28% Working Interest in the Grand Chenier oil and gas prospect.