0001471242-11-000297.txt : 20111121 0001471242-11-000297.hdr.sgml : 20111121 20111118135523 ACCESSION NUMBER: 0001471242-11-000297 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111118 DATE AS OF CHANGE: 20111118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AsherXino Corp CENTRAL INDEX KEY: 0000700890 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 930962072 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10965 FILM NUMBER: 111215559 BUSINESS ADDRESS: STREET 1: 90 NEW MONTGOMERY STREEY, 9TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: (415) 882-5300 MAIL ADDRESS: STREET 1: 90 NEW MONTGOMERY STREEY, 9TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: XINO CORP DATE OF NAME CHANGE: 20040330 FORMER COMPANY: FORMER CONFORMED NAME: CITA BIOMEDICAL INC DATE OF NAME CHANGE: 19990202 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHWESTERN ENVIRONMENTAL CORP DATE OF NAME CHANGE: 19930719 10-Q 1 AXNO10Q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

þ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: For the quarterly period ended June 30, 2011

 

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: For the transition period from _______ to _________

 

Commission file number: 000-10965

 

ASHERXINO CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware 93-0962072
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

 

 

5847 San Felipe Street, 17th Floor

Houston, TX 77002

(Address of principal executive offices, including zip code)

 

713-413-3345

(registrant's principal executive office telephone number)

 

 

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  þ   No 

 

 

 

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

 

Large accelerated filer                                                               Accelerated filer                        

 

Non-accelerated filer                                                                Smaller reporting company      þ

(Do not check if a smaller reporting company)

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)   YES    NOþ

 

APPLICABLE ONLY TO CORPORATE ISSUERS

As of September 15, 2011, 161,582,542 shares of common stock, $0.01 par value, were outstanding. 

 
 

EXPLANATORY NOTE

 

The accompanying financial statements and other information included in this Form 10-Q has not been reviewed by our Independent Registered Public Accounting Firm

 
 

 

 

 

Table of Contents

 

 

   

 

 

  
                                                                     Part I. Financial Information  
       Item 1.      Financial Statements  
   
Consolidated Balance Sheets at June 30, 2011 and December 31, 2010 (unaudited) F-1
Consolidated Statements of Expenses for the Three and Six Months Ended June 30, 2011 and 2010 and the Cumulative Period from January 1, 2009 through June 30, 2011 (unaudited)

 

F-2

   
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2011 and 2010 and the Cumulative Period from January 1, 2009 through June 30, 2011 (unaudited)

 

F-3

   
Notes to Consolidated Financial Statements (unaudited) F-4
   

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

Operations

 5
   
   
Item 4T.     Controls and Procedures 8
   
                                                                      Part II. Other Information  
   
Item 1.      Legal Proceedings 9
   
Item 1A.  Risk Factors 9
   
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds 9
   
Item 6.     Exhibits 9
   
Signatures 10
 
 

Part I Financial Information

Item 1. Financial Statements

 

ASHERXINO CORPORATION

(An Exploration Stage Company)

CONSOLIDATED BALANCE SHEETS

(Unaudited)

  September 30,   December 31,  
              2011   2010  
ASSETS        
                     
CURRENT ASSET              
Cash            $              7    $      37,289  
  Total current assets                                    7              37,289  
                     
OIL and GAS PROPERTIES (full cost method)              
Unevaluated                             53,750   53,750  
                     
TOTAL ASSETS            $      53,757    $      91,039  
                     
LIABILITIES AND STOCKHOLDERS' DEFICIT        
                     
CURRENT LIABILITIES                
Accounts payable and accrued liabilities                       67,321   251,507  
Related party payable                             1,795   71,924  
Advances payable                               2,500                      -    
Note payable - net of discount                           35,000   28,758  
  Total current liabilities                       376,616   352,189  
                     
STOCKHOLDERS' DEFICIT                
   Common stock, $0.001 par value, 300,000,000 shares authorized,          
   161,582, 542 and 160,082,542 shares issued and outstanding, respectively 1,602,700   1,600,825  
   Additional paid-in capital         10,148,196   10,131,321  
   Deficit accumulated during exploration stage       (9,420,587)   (9,420,587)  
 Deficit accumulated after entering the development stage   (2,674,079)   (2,572,709)  
                     
  Total stockholders' deficit            (343,770)   (261,150)  
                     
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)    $    32,846    $    91,039  

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

 
 

ASHERXINO CORPORATION

(An Exploration Stage Company)

CONSOLIDATED STATEMENTS OF EXPENSES

(Unaudited)

 

                      Cumulative Period
                        from
                        January 1, 2009
        Six Months   Six Months   Nine Months   Nine Months   (Inception)
        Ended   Ended   Ended   Ended   Through
        September 30, 2011   September 30, 2010   September 30, 2011   September 30, 2010   September 30, 2011
                         
OPERATING EXPENSES                      
Professional fees     17,850                                31,139                             35,081                                31,139            242,353
Consulting                                        -                                  13,500                             23,750                                13,500                              2,008,962
Travel       2,592                                  8,099                             10,698                                  8,099                                 111,729
General and administrative     2,226                                52,738                             22,622                                52,738                        257,423
TOTAL OPERATING EXPENSES                            22,668                              105,476                             92,151                              105,476                  2,620,467
                         
NET LOSS BEFORE OTHER EXPENSE   (22,668)                              (56,481)                           (92,151)                              (56,481)                            (2,620,467)
OTHER INCOME (EXPENSE)                    
Net realized loss from sale of trading securities                                    -                                            -                                     -                                            -                                   (1,958)
Loss on derivative warrant liability                                    -                                            -                                     -                                            -                                 (20,250)
Interest expense     (4,396)                                (3,743)                             (9,219)                                (3,743)                                 (31,404)
Total other expense     (4,396)                                (3,743)                             (9,219)                                (3,743)                                 (53,612)
                         
NET LOSS        $                    (15,003)    $                        (56,481)    $                   (101,370)    $                        (56,481)    $                      (2,674,079)
                         
                         
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING   160,082,542   122,618,005                    160,082,542   122,618,005    
                         
BASIC AND DILUTED NET LOSS PER COMMON SHARE    $                        (0.00)    $                            (0.00)    $                         (0.00)    $                            (0.00)    

 

 

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

 
 

ASHERXINO CORPORATION

(An Exploration Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

                January 1, 2009
                (Inception)
                Through
        September 30, 2011   September 30, 2010   September 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:                
   Net (loss)        $                   (101,370)    $                     (56,481)    $                 (2,674,079)
                 
Adjustments to reconcile net (loss)                
  to net cash used in operating activities:                
Depreciation and amortization                                         -                                       -     2,306
   Amortization of stock based compensation issued to consultant                               18,750                           171,500                         2,027,693
Note issued for services                                         -                                       -                                  5,000
Amortization of debt discount                                   6,242                             560.00                              12,000
Loss on derivative warrant liability                                         -                                       -                                20,250
Realized loss on trading securities                                         -                                       -                                  1,958
                 
Change in assets and liabilities                
Increase in accounts payable and accrued expenses                               15,814                               6,316                            267,321
          Net cash (used in) operating activities                               (60,564)                           121,895                          (337,551)
                 
CASH FLOWS USED IN INVESTING ACTIVITIES:                
Acquisition of oil and gas properties                                         -                                       -                                15,436
          Net cash provided by financing activities                                         -                                       -     15,436
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds from sale of common stock                                         -     12,000   182,500
Proceeds from advances payable                                   2,500                                     -     2,500
Proceeds from note payable                                         -     18,000   30,000
Proceeds from indebtedness to related party                                         -                                23,983                             142,801
Payments on indebtedess to related party                                     (129)                              (7,750)                             (60,342)
          Net cash provided by financing activities                                    2,371                              46,233                             297,459
                 
NET INCREASE IN CASH AND CASH EQUIVALENTS                             (58,193)                           168,128                            (24,656)
                 
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD                               37,289                             16,285                                3,752
                 
CASH AND CASH EQUIVALENTS - END OF PERIOD      $                     (20,904)    $                     184,413    $                      (20,904)
                 
SUPPLEMENTAL CASH FLOW INFORMATION:                
  Cash paid during the period for:                
     Interest        $                               -      $                                 -    $                               37
Taxes        $                               -      $                                 -    $                                  -
NON CASH INVESTING AND FINANCING TRANSCATIONS              
Common stock issued for oil and gas asset        $                               -      $                               -      $                        47,750
Forgiveness of debt by related party        $                               -      $                               -      $                          9,087
Discount on convertible note        $                               -      $                               -      $                        12,000

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

 
 

 

ASHERXINO CORPORATION

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

Note 1 – Description of Business and Summary of Significant Accounting Policies

Description of business

Current business operations
AsherXino Corporation ("AsherXino") is an exploration stage oil and gas company that holds an option to farm into a 40% leasehold interest in and operatorship of an offshore oil exploration and development block in Nigeria, Oil Prospecting License (OPL) 2012 ("OPL 2012").

Basis of Presentation

The unaudited consolidated financial statements of AsherXino Corporation have been prepared in accordance with accounting principles generally accepted in the United States and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in our Annual Report filed with the SEC on Form 10-K on May 23, 2011. 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 consolidated financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended December 31, 2010, as reported on Form 10-K, have been omitted.

 

Recent Accounting Pronouncements

Management does not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow

 

Note 2 – Going Concern

As reflected in the accompanying financial statements, we had a working capital deficit of $376,609 and an accumulated deficit of $12,073,755 at June 30, 2011, which raise substantial doubt about our ability to continue as a going concern. Management plans to raise funds through the issuance of debt or the sale of common stock.

Our ability to continue as a going concern is dependent on our ability to raise capital through the issuance of debt or the sale of common stock.  If we do not raise capital sufficient to fund our business plan, AsherXino may not survive. The financial statements do not include any adjustments that might be necessary if we were unable to continue as a going concern.  

 

Note 3 – Related Party Transactions

From time to time, our officers and directors advance funds to us for working capital and receive repayments of such funds. As of June 30, 2011 and December 31, 2010, respectively, the total amount due to related parties was $71,795 and $71,924. These amounts amounts are unsecured, bear no interest and are due on demand.

Note 4 – Equity

On January 14, 2011, 1,500,000 shares of common stock were granted to a consultant. The shares vest two years from the grant date, January 14, 2011. These shares were granted to a non-employee and management determined that the measurement date is the date the services are completed, which is at the end of the two year vesting period. Consequently, the fair value of these shares is remeasured as of the end of each reporting period. At June 30, 2011, the fair value of the shares was $75,000, which is based on the quoted market price of $0.05 per share. During the six months ending June 30, 2011, we recognized $18,750 in stock based compensation expense. As of June 30, 2011, the unvested portion of the award was $56,250.

 

 

 
 

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

The Company is including the following cautionary statement to make applicable and take advantage of the safe harbor provision of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. This quarterly report on Form 10-Q contains “forward looking statements” (as that term is defined in Section 27A(i)(1) of the Securities Act of 1933), including statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts.  Such forward looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward looking statements.  Some of the factors that could cause actual results to differ materially from those expressed in such forward looking statements are set forth in the section entitled “Risk Factors” and elsewhere throughout this Form 10-Q.  Our expectations, beliefs and projections are expressed in good faith and are believed by us to have a reasonable basis, but there can be no assurance that our expectations, beliefs or projections will result or be achieved or accomplished.  We have no obligation to update or revise forward looking statements to reflect the occurrence of future events or circumstances.

 

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

 

Since we had no business operations from 2003 until our recent acquisition of the Asher Assets, and therefore no income from operations, this discussion involves only the plan of operation.

 

In June 2009, our Board of Directors decided to enter into the business of owning and operating oil and gas assets by acquiring certain oil related assets.  Our immediate objective is to create value from the production and exploration opportunities in our significant working interest in OPL 2012 by embarking on a work program that will include drilling operations and the hiring of about fifty to one hundred full-time employees.  We intend to finance its operations through a combination of debt and equity financing.  In addition, management may decide to farm-out or sell some of our interest in OPL 2012 to finance the development of the block.  We also intend to acquire additional leaseholds in and operatorships of offshore blocks in Nigeria and Ghana.  In the long term, we aim to acquire and exploit the prolific oil and gas deposits across the Gulf of Guinea and worldwide.

 

We currently have few capital resources and we are unlikely to generate significant revenues for some time.  This raises substantial doubt about our ability to continue as a going concern.  See Note 2 to our Financial Statements in Item 1.  Without realization of additional capital, it would be unlikely that we could continue as a going concern.  However, management has been in discussions with several financial institutions (i.e. banks, private equity funds, sovereign funds, energy companies and other corporate entities) to procure funding for the development of OPL 2012 through the issuance of debt and/or equity.  Based on these discussions management anticipates obtaining sufficient funding to perform our obligations related to OPL 2012 over the next year.

 

Management is in the process of concluding financing arrangements with financial institutions in Nigeria and a few multi-national oil and gas companies in the U.S and the Middle East who are finalizing their due diligence and economic modeling for the project.  Management anticipates raising sufficient funds to pay the $12,500,000 signature bonus to the Nigerian government and the $10,000,000 farm-in fee to our local partner, Sigmund Oilfield Limited (“Sigmund”), in the near future.

 

As discussed in our Form 10-K filed on May, 23 2011, if we are unable to fund the development costs related to OPL 2012, Sigmund could terminate its agreements with us and potentially terminate our interest in OPL 2012 in the event of our failure to fund any of the development costs related to OPL 2012.  However, the OPL 2012 agreements were drafted in such a manner that we do not suffer immediate repercussions or sanctions in the event we are unable to fund any of the development costs.  The agreements contemplate discussion and negotiation among the parties in the event of our inability to perform.  For example, the signature bonus and farm-in fee were deemed payable on May 15, 2009, but we have regularly updated Sigmund Oilfield Limited on the status of the payments and Sigmund Oilfield limited has continued to grant informal extensions of time for us to make such payments.

 

Upon the payment of the signature bonus, the development of OPL 2012 will take place in two phases over a three year period, as discussed in our Form 10-K filed on May 23, 2011.  

 

 
 
 
 

 

 

CRITICAL ACCOUNTING POLICIES

We prepare our consolidated and combined financial statements in this report using accounting principles that are generally accepted in the United States (“GAAP”). GAAP represents a comprehensive set of accounting and disclosure rules and requirements. We must make judgments, estimates, and in certain circumstances, choices between acceptable GAAP alternatives as we apply these rules and requirements. The most critical estimate we make is the engineering estimate of proved oil and gas reserves. This estimate affects the application of the successful efforts method of accounting, the calculation of depreciation, depletion, and amortization of oil and gas properties and the estimate of the impairment of our oil and gas properties. It also affects the estimated lives used to determine asset retirement obligations. In addition, the estimates of proved oil and gas reserves are the basis for the related standardized measure of discounted future net cash flows.

 

Revenue Recognition

We recognize oil and gas revenue from interests in producing wells as the oil and gas is sold. Revenue from the purchase, transportation, and sale of natural gas is recognized upon completion of the sale and when transported volumes are delivered. We recognize revenue related to gas balancing agreements based on the entitlement method.

 

Oil and Gas Exploration and Development

Oil and gas exploration and development costs are accounted for using the full cost method of accounting.

 

Oil and Natural Gas Properties

We account for our oil and natural gas producing activities using the full cost method of accounting as prescribed by the United States Securities and Exchange Commission (SEC). Under this method, subject to a limitation based on estimated value, all costs incurred in the acquisition, exploration, and development of proved oil and natural gas properties, including internal costs directly associated with acquisition, exploration, and development activities, the costs of abandoned properties, dry holes, geophysical costs, and annual lease rentals are capitalized within a cost center on a country by country basis.  Costs of production and general and administrative corporate costs unrelated to acquisition, exploration, and development activities are expensed as incurred.

Costs associated with unevaluated properties are capitalized as oil and natural gas properties but are excluded from the amortization base during the evaluation period. When we determine whether the property has proved recoverable reserves or not, or if there is an impairment, the costs are transferred into the amortization base and thereby become subject to amortization.  We evaluate unevaluated properties for impairment at least annually.

 

Capitalized costs included in the amortization base are depleted using the units of production method based on proved reserves.  Depletion is calculated using the capitalized costs included in the amortization base, including estimated asset retirement costs, plus the estimated future expenditures to be incurred in developing proved reserves, net of estimated salvage values.

 

The net book value of all capitalized oil and natural gas properties within a cost center, less related deferred income taxes, is subject to a full cost ceiling limitation which is calculated quarterly.  Under the ceiling limitation, costs may not exceed an aggregate of the present value of future net revenues attributable to proved oil and natural gas reserves discounted at 10 percent using current prices, plus the lower of cost or market value of unproved properties included in the amortization base, plus the cost of unevaluated properties, less any associated tax effects.  Any excess of the net book value, less related deferred tax benefits, over the ceiling is written off as expense. Impairment expense recorded in one period may not be reversed in a subsequent period even though higher oil and gas prices may have increased the ceiling applicable to the subsequent period.

 

Sales or other dispositions of oil and natural gas properties are accounted for as adjustments to capitalized costs, with no gain or loss recorded unless the ratio of cost to proved reserves would significantly change. 

 

Asset Retirement Obligations and Environmental Costs

We record the fair value of legal obligations to retire and remove long-lived assets in the period in which the obligation is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related properties, plants and equipment. Over time the liability is increased for the change in its present value, and the capitalized cost in properties, plants and equipment is depreciated over the useful life of the related asset.

Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and do not have a future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable.

 
 

Results of Operations

 

Our net loss decreased $153,458, from $233,917 for the year ended June 30, 2010 to $80,459 for the year ended June 30, 2011. Our expenses for the six months ended June 30, 2011 consisted mainly of accounting, legal and consulting fees. The decrease was mainly attributable to decreased consulting fees.

 

Liquidity and Capital Resources

As a new company with plans for major development activity, we will be reliant upon funding to fully implement our business plans and expand our business.  There can be no assurance that we will be able to obtain the necessary funding on commercially reasonable terms in a timely fashion, especially given the current global economy.  Failure to receive the funding could have a material adverse effect on our business, prospects, and financial condition.

 

We intend to raise financing in the form of floating rate indebtedness and/or equity to pay the $12,500,000 signature bonus and $10,000,000 farm-in fee for our leasehold interest in Oil Prospecting License (OPL) 2012, and we expect to require further debt and/or equity financing in the amount of $218,000,000 to $262,500,000 to exploit OPL 2012.  Accordingly, if market interest rates (principally LIBOR) rise, our financing expenses could increase which could have an adverse effect on our results of operations and financial condition.  The size of our indebtedness may restrict our growth.  We will need to use a portion of our cash flow to pay principal and interest on such indebtedness, which may delay or even prevent us from pursuing certain new business opportunities.  Some loan agreements may contain restrictive covenants which may impair our operating flexibility.  Failure to meet certain financial covenants could cause us to violate the terms of loan agreements obtained in the future, if any, and thereby result in acceleration of our indebtedness, impair our liquidity and limit our ability to raise additional capital.  Our failure to make required debt payments could result in an acceleration of our indebtedness, and, if unpaid, a judgment in favor of such lender would be senior to the rights of holders of our common stock.  A judgment creditor would have the right to foreclose on any of our assets resulting in a material adverse effect on our business, operating results or financial condition and the possible loss of all value in our common stock.

 

In July 6, 2010 we entered into an equity line of credit agreement with an investor, Dutchess Opportunity Fund II, LP.  Under the terms of the agreement, Dutchess must purchase, when we furnish a put notice to them, shares of our common stock at 95% of the volume weighted average price for the five days prior to the put date.  The number of shares puttable at any given time is 200% of average daily volume for 3 prior trading days times average three day closing price of common stock prior to the notice date or shares resulting in proceeds of $500,000.   We are obligated to register 35,000,000 shares under the agreement and we may not put shares to Dutchess until the registration statement is effective.  The investment agreement provides for proceeds of up to $35,000,000, however, at current stock prices, if all of the shares required to be registered under the agreement were sold, we would receive proceeds of approximately $1.3 million.  Because none of the shares underlying the line of credit are registered, we are not eligible to use the equity line of credit at this time.  We do not anticipate that the line of credit will be available to fulfill our obligations to pay the signing bonus and farm-in fee.  We are seeking other financing mechanisms to pay these obligations.

 

As reflected in the accompanying financial statements, we had a working capital deficit and an accumulated deficit at June 30, 2011, which raise substantial doubt about our ability to continue as a going concern.  Management plans to raise funds through the issuance of debt or the sale of common stock.

 

Our ability to continue as a going concern is dependent on our ability to raise capital through the issuance of debt or the sale of common stock.  If we do not raise capital sufficient to fund our business plan, AsherXino may not survive.  The financial statements do not include any adjustments that might be necessary if we were unable to continue as a going concern.  

 
 
 
 

 

Item 4T. Controls and procedures

 

Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of certain members of our management, including our Chief Executive Officer and interim Chief Financial Officer, we completed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) to the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).  In light of the material weaknesses discussed below, which have not been fully remediated as of the end of the period covered by this Quarterly Report, our Chief Executive Officer and interim Chief Financial Officer concluded, after the evaluation described above, that our disclosure controls were not effective. As a result of this conclusion, the consolidated financial statements for the period covered by this report were prepared with particular attention to the material weaknesses previously disclosed. Accordingly, management believes that the consolidated financial statements included in this Quarterly Report fairly present, in all material respects, our financial condition, results of operations and cash flows as of and for the periods presented.

 

Internal Control over Financial Reporting

 

In connection with our evaluation of our disclosure controls and procedures that occurred during our last fiscal quarter, we identified no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 
 
 
 

Part II Other Information

 

Item 1. Legal Proceedings

For information regarding our legal proceedings see Item 3 of our Annual Report on Form 10-K filed on May 23, 2011. There have been no material changes from the risk factors previously disclosed in such Annual Report.

 

Item 1A. Risk Factors

For information regarding our risk factors see the risk factors disclosed in Item 1A of our registration Annual Report on Form 10-K filed on May 23, 2011. There have been no material changes from the risk factors previously disclosed in such Annual Report.

 

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

We have not sold any of our equity securities during the period covered by this Quarterly Report.

 

Item 6. Exhibits

 

Exhibit 31.1 - Certification of Chief Executive Officer of AsherXino Corporation required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

Exhibit 31.2 - Certification of Chief Financial Officer of AsherXino Corporation required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

Exhibit 32.1 - Certification of Chief Executive Officer of AsherXino Corporation pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63.

 

Exhibit 32.2 - Certification of Chief Financial Officer of AsherXino Corporation pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63.

 

 

 
 

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.

 

 

AsherXino Corporation
   
By: /s/ Bayo O. Odunuga                     
 

Name:  Bayo O. Odunuga

Title:  Chief Executive Officer

             Principal Executive Officer

 

Dated: November

 

 

By: /s/ Bayo O. Odunuga                     
 

Name:  Bayo O. Odunuga

Title:  Interim Chief Financial Officer

             Interim Principal Financial and Accounting Officer

 

Dated:

November

 
 

 

 EX-31 2 AXNO10QExhibit31-1.htm

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

-----------------------------------------------------------------------

I, Bayo O. Odunuga, certify that:

1. I have reviewed this 10-Q of AsherXino Corporation;

 

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 consolidated 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(s) 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)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report 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(s) 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: November

 

 

By: /s/ Bayo O. Odunuga

Bayo O. Odunuga

Chief Executive Officer

Principal Executive Officer

 EX-31 3 AXNO10QExhibit31-2.htm

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

-----------------------------------------------------------------------

I, Bayo O. Odunuga, certify that:

1. I have reviewed this 10-Q of AsherXino Corporation;

 

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 consolidated 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(s) 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)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report 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(s) 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: November

 

 

By: /s/ Bayo O. Odunuga

Bayo O. Odunuga

Interim Chief Financial Officer

Interim Principal Financial and Accounting Officer

 EX-32 4 AXNO10QExhibit32-1.htm

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

In connection with the Quarterly Report of AsherXino Corporation on Form 10-Q for the quarter ended June 30, 2011, as filed with the Securities and Exchange Commission (the "Report"), Bayo O. Odunuga, Chief Executive Officer of AsherXino Corporation, does hereby certify, pursuant to 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), that to his knowledge:

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

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

 

Date: November

 

 

By: /s/ Bayo O. Odunuga

 

Bayo O. Odunuga

Chief Executive Officer

Principal Executive Officer


 

 EX-32 5 AXNO10QExhibit32-2.htm

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

In connection with the Quarterly Report of AsherXino Corporation on Form 10-Q for the quarter ended June 30, 2011, as filed with the Securities and Exchange Commission (the "Report"), Bayo O. Odunuga, interim Chief Financial Officer of AsherXino Corporation, does hereby certify, pursuant to 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), that to his knowledge:

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

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

 

Date: November

 

By: /s/ Bayo O. Odunuga

 

Bayo O. Odunaga

Interim Chief Financial Officer

Interim Principal Financial and Accounting Officer

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Description of business

Current business operations
AsherXino Corporation ("AsherXino") is an exploration stage oil and gas company that holds an option to farm into a 40% leasehold interest in and operatorship of an offshore oil exploration and development block in Nigeria, Oil Prospecting License (OPL) 2012 ("OPL 2012").

Basis of Presentation

The unaudited consolidated financial statements of AsherXino Corporation have been prepared in accordance with accounting principles generally accepted in the United States and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in our Annual Report filed with the SEC on Form 10-K on May 23, 2011. 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 consolidated financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended December 31, 2010, as reported on Form 10-K, have been omitted.

 

Recent Accounting Pronouncements

Management does not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow

 

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Equity
4 Months Ended
Jun. 30, 2011
Notes to Financial Statements 
Equity

On January 14, 2011, 1,500,000 shares of common stock were granted to a consultant. The shares vest two years from the grant date, January 14, 2011. These shares were granted to a non-employee and management determined that the measurement date is the date the services are completed, which is at the end of the two year vesting period. Consequently, the fair value of these shares is remeasured as of the end of each reporting period. At June 30, 2011, the fair value of the shares was $75,000, which is based on the quoted market price of $0.05 per share. During the six months ending June 30, 2011, we recognized $18,750 in stock based compensation expense. As of June 30, 2011, the unvested portion of the award was $56,250.

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Statements of Cash Flows (USD $)
3 Months Ended33 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Net (loss)$ (101,370)$ (56,481)$ (2,674,079)
Depreciation and amortization  2,306
Amortization of stock based compensation issued to consultant18,750171,5002,027,693
Note issued for services  5,000
Amortization of debt discount6,24256012,000
Loss on derivative warrant liability  20,250
Realized loss on trading securities  1,958
Change in assets and liabilities   
Increase in accounts payable and accrued expenses15,8146,316267,321
Net cash (used in) operating activities(60,564)121,895(337,551)
Acquisition of oil and gas properties  15,436
Net cash provided by investing activities  15,436
Proceeds from sale of common stock 12,000182,500
Proceeds from advances payable2,500 2,500
Proceeds from note payable 18,00030,000
Proceeds from indebtedness to related party 23,983142,801
Payments on indebtedess to related party(129)(7,750)(60,342)
NET INCREASE IN CASH AND CASH EQUIVALENTS(58,193)168,128(24,656)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD37,28916,2853,752
CASH AND CASH EQUIVALENTS - END OF PERIOD(20,904)184,413(20,904)
Interest  37
Taxes   
Common stock issued for oil and gas asset  47,750
Forgiveness of debt by related party  9,087
Discount on convertible note  $ 12,000

 XML 21 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
Going Concern
4 Months Ended
Jun. 30, 2011
Notes to Financial Statements 
Going Concern

As reflected in the accompanying financial statements, we had a working capital deficit of $376,609 and an accumulated deficit of $12,073,755 at June 30, 2011, which raise substantial doubt about our ability to continue as a going concern. Management plans to raise funds through the issuance of debt or the sale of common stock.

Our ability to continue as a going concern is dependent on our ability to raise capital through the issuance of debt or the sale of common stock. If we do not raise capital sufficient to fund our business plan, AsherXino may not survive. The financial statements do not include any adjustments that might be necessary if we were unable to continue as a going concern.

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Balance Sheets (USD $)
Sep. 30, 2011
Dec. 31, 2010
Statement of Financial Position [Abstract]  
Cash$ 7$ 37,289
Total current assets737,289
Unevaluated53,75053,750
TOTAL ASSETS53,75791,039
CURRENT LIABILITIES  
Accounts payable and accrued liabilities267,321251,507
Related party payable71,79571,924
Advances payable2,500 
Note payable - net of discount35,00028,758
Total current liabilities376,616352,189
Common stock, $0.001 par value, 300,000,000 shares authorized, 161,582, 542 and 160,082,542 shares issued and outstanding, respectively1,602,7001,600,825
Additional paid-in capital10,148,19610,131,321
Deficit accumulated during exploration stage(9,420,587)(9,420,587)
Deficit accumulated after entering the development stage(2,674,079)(2,572,709)
Total stockholders' deficit(343,770)(261,150)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)$ 32,846$ 91,039
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The shares vest two years from the grant date, January 14, 2011. These shares were granted to a non-employee and management determined that the measurement date is the date the services are completed, which is at the end of the two year vesting period. Consequently, the fair value of these shares is remeasured as of the end of each reporting period. At June 30, 2011, the fair value of the shares was $75,000, which is based on the quoted market price of $0.05 per share. During the six months ending June 30, 2011, we recognized $18,750 in stock based compensation expense. 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