Note 4 - Related Party Transactions
|
6 Months Ended |
---|---|
Jul. 31, 2012
|
|
Note 4 - Related Party Transactions: | |
Note 4 - Related Party Transactions | Note 4 - Related Party Transactions
As of July 31, 2012 the funds loaned by Robert Gelfand, President, have been repaid in full. |
Note 3 - Investments in Oil and Gas Properties
|
6 Months Ended |
---|---|
Jul. 31, 2012
|
|
Note 3 - Investments in Oil and Gas Properties: | |
Note 3 - Investments in Oil and Gas Properties | Note 3 - Investments in Oil and Gas Properties
Cecil Barlow
On July 18, 2012, the Company spent $26,437 to upgrade the well on the Cecil Barlow lease in Caddo Parish, Louisiana. |
American Oil & Gas Inc. - (An Exploration Stage Company) - Balance Sheet (USD $)
|
Jul. 31, 2012
|
Jan. 31, 2012
|
---|---|---|
Current Assets | ||
Cash | $ 15,101 | $ 25,000 |
Total Current Assets | 15,101 | 25,000 |
Unproven | 37,102 | |
Total Assets | 52,204 | 25,000 |
Current Liabilities | ||
Accounts Payable | 3,305 | 565 |
Loan Payable - Related Party | 0 | 15,000 |
Total Current Liabilities | 3,305 | 15,565 |
Stockholders' Equity | ||
Common Stock | 20,000 | 10,000 |
Additional Paid in Capital | 40,000 | |
Deficit Accumulated during Exploration Stage | (11,102) | (565) |
Total Stockholders' Equity | 48,898 | 9,435 |
Total Liabilities and Stockholders' Equity | $ 52,204 | $ 25,000 |
Note 1 - Basis of Presentation
|
6 Months Ended |
---|---|
Jul. 31, 2012
|
|
Note 1 - Basis of Presentation: | |
Note 1 - Basis of Presentation | Note 1 - Basis of Presentation
The accompanying unaudited interim financial statements of American Oil & Gas Inc. (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys S-1 Registration Statement filed with SEC. 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 interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2012 as reported in the S-1 Registration Statement have been omitted. |
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end
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Note 2 - Going Concern
|
6 Months Ended |
---|---|
Jul. 31, 2012
|
|
Note 2 - Going Concern: | |
Note 2 - Going Concern | Note 2 - Going Concern
As of July 31, 2012, the Company has not generated revenues and has accumulated losses since inception. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, its ability to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. |
American Oil & Gas Inc. - Statement of Financial Position - Parenthetical (USD $)
|
Jul. 31, 2012
|
Jan. 31, 2012
|
---|---|---|
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 20,000,000 | 10,000,000 |
Common Stock, Shares Outstanding | 20,000,000 | 10,000,000 |
Document and Entity Information (USD $)
|
6 Months Ended |
---|---|
Jul. 31, 2012
|
|
Document and Entity Information: | |
Entity Registrant Name | American Oil & Gas Inc. |
Document Type | 10-Q |
Document Period End Date | Jul. 31, 2012 |
Amendment Flag | false |
Entity Central Index Key | 0001544400 |
Current Fiscal Year End Date | --01-31 |
Entity Common Stock, Shares Outstanding | 20,000,000 |
Entity Public Float | $ 0 |
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 | 2013 |
Document Fiscal Period Focus | Q2 |
American Oil & Gas Inc. - (An Exploration Stage Company) - Statement of Operations (USD $)
|
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jul. 31, 2012
|
Jul. 31, 2012
|
Jul. 31, 2012
|
|
Revenues | $ 0 | $ 0 | $ 0 |
Total Revenues | 0 | 0 | 0 |
General and Administration | 1,416 | 5,337 | 5,902 |
Professional Fees | 1,900 | 5,200 | 5,200 |
Total Expenses | 3,316 | 10,537 | 11,102 |
Net Income (Loss) | $ (3,316) | $ (10,537) | $ (11,102) |
Net Loss Per Basic and Diluted share | $ 0 | $ 0 | |
Weighted average number of common shares outstanding | 12,173,913 | 11,098,901 |
Note 5 - Stockholders' Equity (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jul. 31, 2012
|
Jul. 31, 2012
|
Jan. 31, 2012
|
|
Issuance of common stock | $ 50,000 | $ 50,000 | $ 60,000 | |
Common Stock, Shares Issued | 20,000,000 | 20,000,000 | 10,000,000 | |
Common Stock, Par Value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares Outstanding | 20,000,000 | 20,000,000 | 10,000,000 |
Note 3 - Investments in Oil and Gas Properties (Details) (USD $)
|
3 Months Ended |
---|---|
Jul. 31, 2012
|
|
Equipment Expense | $ 26,437 |
American Oil & Gas Inc. - (An Exploration Stage Company) - Statement of Cash Flows (USD $)
|
6 Months Ended | |
---|---|---|
Jul. 31, 2012
|
Jul. 31, 2012
|
|
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ (10,537) | $ (11,102) |
Changes in operating assets and liabilities: | ||
Increase (decrease) in Accounts Payable | 2,740 | 3,305 |
Net cash provided by (used in) operating activities | (7,796) | (7,796) |
Cash Flows From Investing Activities | ||
Oil and Gas Property | (37,102) | (37,102) |
Net cash provided by (used in) investing activities | (37,102) | (37,102) |
Cash Flows from Financing Activities | ||
Loan Payable - Related Party | (15,000) | 0 |
Issuance of common stock | 50,000 | 60,000 |
Net Cash provided by (used in) financing activities | 35,000 | 60,000 |
Net increase (decrease) in cash | (9,899) | 15,101 |
Cash at beginning of period | 25,000 | 0 |
Cash at end of period | 15,101 | 15,101 |
Supplemental Disclosures of Cash Flow Information | ||
Cash Paid During Year for Interest | 0 | 0 |
Cash Paid During Year for Income Taxes | $ 0 | $ 0 |
Note 5 - Stockholders' Equity
|
6 Months Ended |
---|---|
Jul. 31, 2012
|
|
Note 5 - Stockholders' Equity: | |
Note 5 - Stockholders' Equity | Note 5 - Stockholders Equity
On July 12, 2012, the Company completed its registered offering raising $50,000 from the sale of 10,000,000 shares of common stock, par value $.001.
As of July 31, 2012 the Company had 20,000,000 shares of common stock issued and outstanding. |