American Oil & Gas Inc. - (An Exploration Stage Company) - Statement of Operations (USD $)
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3 Months Ended | 6 Months Ended | 18 Months Ended | ||
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Jul. 31, 2013
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Jul. 31, 2012
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Jul. 31, 2013
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Jul. 31, 2012
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Jul. 31, 2013
|
|
Oil and Gas | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,951 |
Total Revenues | 0 | 0 | 0 | 0 | 2,951 |
Operating Expenses | 1,552 | 0 | 3,091 | 0 | 5,854 |
General and Administration | 14,999 | 1,416 | 15,189 | 5,337 | 23,770 |
Depletion | 928 | 0 | 1,855 | 0 | 3,710 |
Professional Fees | 5,660 | 1,900 | 9,196 | 5,200 | 18,196 |
Total Expenses | 23,139 | 3,316 | 29,331 | 10,537 | 51,530 |
Net Income (Loss) | $ (23,139) | $ (3,316) | $ (29,331) | $ (10,537) | $ (48,579) |
Net Loss Per Basic and Diluted share | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average number of common shares outstanding | 20,000,000 | 12,173,913 | 20,000,000 | 11,098,901 |
Note 1 - Basis of Presentation
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6 Months Ended |
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Jul. 31, 2013
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Notes | |
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 Form 10-K filed with the 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 2013 as reported in the Form 10-K have been omitted. |
Note 3 - Related Party Transactions
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6 Months Ended |
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Jul. 31, 2013
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Notes | |
Note 3 - Related Party Transactions | Note 3 - Related Party Transactions As of July 31, 2013, $25,000 is owed to Robert Gelfand, President, from funds loaned by him to the Company and is non-interest bearing with no specific repayment terms. |
Note 3 - Related Party Transactions (Details) (USD $)
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Jul. 31, 2013
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Jan. 31, 2013
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---|---|---|
Loan Payable - Related Party | $ 25,000 | $ 0 |
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end
American Oil & Gas Inc. - Statement of Financial Position - Parenthetical (USD $)
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Jul. 31, 2013
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Jan. 31, 2013
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---|---|---|
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 10,000,000 | 10,000,000 |
Common Stock, Shares Outstanding | 10,000,000 | 10,000,000 |
American Oil & Gas Inc. - (An Exploration Stage Company) - Balance Sheet (USD $)
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Jul. 31, 2013
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Jan. 31, 2013
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Current Assets | ||
Cash | $ 8,516 | $ 10,117 |
Accounts Receivable | 0 | 187 |
Total Current Assets | 8,516 | 10,304 |
Unproven | 37,102 | 37,102 |
Accumulated Depletion | (3,710) | (1,855) |
Total Assets | 41,908 | 45,551 |
Current Liabilities | ||
Accounts Payable | 5,487 | 4,800 |
Loan Payable - Related Party | 25,000 | 0 |
Total Current Liabilities | 30,487 | 4,800 |
Stockholders' Equity | ||
Common Stock | 20,000 | 20,000 |
Additional Paid in Capital | 40,000 | 40,000 |
Deficit Accumulated during Exploration Stage | (48,579) | (19,249) |
Total Stockholders' Equity | 11,421 | 40,751 |
Total Liabilities and Stockholders' Equity | $ 41,908 | $ 45,551 |
Note 2 - Going Concern
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6 Months Ended |
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Jul. 31, 2013
|
|
Notes | |
Note 2 - Going Concern | Note 2 - Going Concern As of July 31, 2013, the Company has generated limited revenue 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. |
Document and Entity Information (USD $)
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6 Months Ended |
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Jul. 31, 2013
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|
Document and Entity Information: | |
Entity Registrant Name | American Oil & Gas Inc. |
Document Type | 10-Q |
Document Period End Date | Jul. 31, 2013 |
Amendment Flag | false |
Entity Central Index Key | 0001544400 |
Current Fiscal Year End Date | --01-31 |
Entity Common Stock, Shares Outstanding | 10,000,000 |
Entity Public Float | $ 0 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | Yes |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | Q2 |