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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sino American Oil Company (CE) | USOTC:OILY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
[X]
|
QUARTERLY REPORT UNDER 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
|
Large Accelerated Filer
|
[ ]
|
Accelerated Filer
|
[ ]
|
||
Non-accelerated Filer
|
[ ]
|
Smaller Reporting Company
|
[X]
|
||
(Do not check if smaller reporting company)
|
Page
|
|||
Financial Statements.
|
3
|
||
Financial Statements:
|
|||
F-1
|
|||
F-2
|
|||
F-3
|
|||
F-4
|
|||
F-5
|
|||
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
9
|
||
Quantitative and Qualitative Disclosures About Market Risk.
|
10
|
||
Controls and Procedures.
|
10
|
||
Risk Factors.
|
10
|
||
Exhibits.
|
10
|
||
12
|
|||
13
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June 30,
|
September 30,
|
||||
2011
|
2010
|
||||
$
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$
|
||||
ASSETS
|
|||||
Current Assets
|
|||||
Cash
|
1,129,795
|
171,145
|
|||
Restricted cash
|
-
|
856,387
|
|||
Prepaid expenses
|
-
|
47
|
|||
Total Current Assets
|
1,129,795
|
1,027,579
|
|||
Property and Equipment (Note 3)
|
5,135
|
1,477
|
|||
Website Development (Note 4)
|
2,390
|
-
|
|||
Total Assets
|
1,137,320
|
1,029,056
|
|||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||
Current Liabilities
|
|||||
Accounts payable and accrued liabilities
|
8
|
7,787
|
|||
Licensee fee payable
|
43,410
|
43,410
|
|||
Total Liabilities
|
43,418
|
51,197
|
|||
Going Concern (Note 1)
Commitments (Note 7)
|
|||||
Stockholders' Equity
|
|||||
Common stock: 100,000,000 shares authorized, $0.0001 par value
|
|||||
43,534,500 (19,023,000 shares in September 30, 2010) issued and
outstanding (Note 5)
|
4,353
|
1,902
|
|||
Additional Paid-in Capital
|
1,318,248
|
319,248
|
|||
Share Subscriptions
|
-
|
856,387
|
|||
Donated Capital (Note 4)
|
254,400
|
232,800
|
|||
Deficit Accumulated During the Development Stage
|
(483,099)
|
(432,478)
|
|||
Total Stockholders' Equity
|
1,093,902
|
977,859
|
|||
Total Liabilities and Stockholders’ Equity
|
1,137,320
|
1,029,056
|
Accumulated from
|
||||||
Three months
|
Three months
|
Nine months
|
Nine months
|
October 31, 2005
|
||
ended
|
ended
|
ended
|
ended
|
(Date of Inception)
|
||
June 30,
|
June 30,
|
June 30,
|
June 30,
|
to June 30,
|
||
2011
|
2010
|
2011
|
2010
|
2011
|
||
$
|
$
|
$
|
$
|
$
|
||
Revenue
|
-
|
-
|
-
|
-
|
205,242
|
|
Cost of sales
|
-
|
-
|
-
|
-
|
106,710
|
|
Gross Profit
|
-
|
-
|
-
|
-
|
98,532
|
|
Operating Expenses
|
||||||
Foreign currency (gain) loss
|
3,995
|
6,185
|
(29,010)
|
(1,756)
|
(5,267)
|
|
General and administrative
|
21,919
|
28,966
|
78,180
|
86,383
|
523,740
|
|
Option expense
|
-
|
-
|
-
|
-
|
60,000
|
|
Total Operating Expenses
|
25,914
|
35,151
|
49,170
|
84,627
|
578,473
|
|
Net loss before taxes
|
(25,914)
|
(35,151)
|
(49,170)
|
(84,627)
|
(479,941)
|
|
Income tax expense
|
-
|
-
|
-
|
-
|
1,707
|
|
Net loss and comprehensive loss
|
(25,914)
|
(35,151)
|
(49,170)
|
(84,627)
|
(481,648)
|
|
Loss per share – Basic and diluted
|
(0.00)
|
(0.00)
|
(0.00)
|
(0.00)
|
||
Weighted Average Shares Outstanding
|
43,534,500
|
28,534,500
|
41,892,164
|
28,534,500
|
Accumulated from
|
|||||
Nine months
|
Nine months
|
October 31, 2005
|
|||
Ended
|
ended
|
(Date of Inception)
|
|||
June 30,
|
June 30,
|
to June 30,
|
|||
2011
|
2010
|
2011
|
|||
$
|
$
|
$
|
|||
Operating Activities
|
|||||
Net loss
|
(49,170)
|
(84,627)
|
(481,648)
|
||
Adjustments to reconcile net loss of cash
|
|||||
Depreciation
|
1,559
|
773
|
26,627
|
||
Donated services
|
21,600
|
21,600
|
254,400
|
||
Option lapse
|
-
|
-
|
50,000
|
||
Change in operating assets and liabilities
|
|||||
Prepaid expenses
|
47
|
6
|
-
|
||
Accounts payable and accrued liabilities
|
(7,779)
|
14,029
|
8
|
||
License fee payable
|
-
|
-
|
43,410
|
||
Net Cash (Used In) Operating Activities
|
(33,743)
|
(48,219)
|
(107,203)
|
||
Investing Activities
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|||||
Deposit on database list option
|
-
|
-
|
(50,000)
|
||
Website development
|
(2,390)
|
-
|
(24,390)
|
||
Purchase of equipment
|
(5,217)
|
(2,075)
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(9,762)
|
||
Net Cash Flows (Used in) Investing Activities
|
(7,607)
|
(2,075)
|
(84,152)
|
||
Financing Activities
|
|||||
Share subscriptions received
|
(856,387)
|
-
|
-
|
||
Proceeds from issuance of common stock
|
1,000,000
|
-
|
1,321,150
|
||
Net Cash Flows Provided by Financing Activities
|
143,613
|
-
|
1,321,150
|
||
Increase (Decrease) in Cash
|
102,263
|
(50,294)
|
1,129,795
|
||
Restricted cash released
|
856,387
|
-
|
-
|
||
Cash – Beginning of Period
|
171,145
|
239,248
|
-
|
||
Cash – End of Period
|
1,129,795
|
188,954
|
1,129,795
|
||
Supplemental Disclosure
|
|||||
Interest paid
|
29
|
151
|
56
|
||
Foreign exchange (gain) loss
|
(29,010)
|
(1,756)
|
(5,267)
|
Additional
|
Share
|
Total
|
||||||
Common Stock
|
Paid-in
|
Subs
|
Stockholder’s
|
|||||
Shares
|
Amount
|
Capital
|
Received
|
Capital
|
Deficit
|
Equity
|
||
#
|
$
|
$
|
$
|
$
|
$
|
$
|
||
Balance on October 31, 2005 (Date of Inception)
|
-
|
-
|
-
|
-
|
-
|
-
|
||
October 31, 2005 - issue of common stock for
|
||||||||
cash at $1.00 per share
|
1
|
1
|
-
|
-
|
-
|
1
|
||
November 28, 2005 - cancellation of common
|
||||||||
stock
|
(1)
|
(1)
|
-
|
-
|
-
|
(1)
|
||
November 28, 2005 - issue of common stock
|
||||||||
for cash at $0.01 per share
|
1,000,000
|
100
|
4,900
|
-
|
-
|
5,000
|
||
April 30, 2006 - issue of common stock
|
||||||||
for cash at $0.01 per share
|
13,000,000
|
1,300
|
63,700
|
-
|
-
|
65,000
|
||
Donated services
|
-
|
-
|
-
|
52,800
|
-
|
52,800
|
||
Net loss and comprehensive loss
|
-
|
-
|
-
|
(22,650)
|
(22,650)
|
|||
Balance - September 30, 2006
|
14,000,000
|
1,400
|
68,600
|
52,800
|
(22,650)
|
100,150
|
||
April 30, 2007 - issue of common stock
|
||||||||
for cash at $0.10 per share
|
5,023,000
|
502
|
250,648
|
-
|
-
|
251,150
|
||
Donated services
|
-
|
-
|
-
|
57,600
|
-
|
57,600
|
||
Net loss and comprehensive loss
|
-
|
-
|
-
|
(148,789)
|
(148,789)
|
|||
Balance - September 30, 2007
|
19,023,000
|
1,902
|
319,248
|
110,400
|
(171,439)
|
260,111
|
||
Donated Services
|
-
|
-
|
-
|
57,600
|
-
|
57,600
|
||
Net loss and comprehensive loss
|
-
|
-
|
-
|
(93,376)
|
(93,376)
|
|||
Balance – September 30, 2008
|
19,023,000
|
1,902
|
319,248
|
168,000
|
(264,815)
|
224,335
|
||
Donated Services
|
-
|
-
|
-
|
36,000
|
-
|
36,000
|
||
Net loss and comprehensive loss
|
-
|
-
|
-
|
(69,354)
|
(69,354)
|
|||
Balance – September 30, 2009
|
19,023,000
|
1,902
|
319,248
|
204,000
|
(334,169)
|
190,981
|
||
Donated Services
|
-
|
-
|
-
|
28,800
|
-
|
28,800
|
||
Net loss and comprehensive loss
|
-
|
-
|
-
|
-
|
(49,476)
|
(49,476)
|
||
Balance – September 30, 2010
|
19,023,000
|
1,902
|
319,248
|
856,387
|
232,800
|
(432,478)
|
977,859
|
|
October 1, 2010 – issue of common stock
|
||||||||
For cash at $0.10 per share
|
10,000,000
|
1,000
|
999,000
|
(856,387)
|
-
|
-
|
143,613
|
|
Donated Services
|
-
|
-
|
-
|
-
|
21,600
|
-
|
21,600
|
|
Stock Dividend – March 1, 2011
|
14,511,500
|
1,451
|
-
|
-
|
-
|
(1,451)
|
-
|
|
Net loss and comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(49,170)
|
(49,170)
|
|
Balance – June 30, 2011
|
43,534,500
|
4,353
|
1318,248
|
-
|
254,400
|
(483,099)
|
1,093,902
|
March 31,
|
September 30,
|
|||
2011
|
2010
|
|||
Accumulated
|
Net Carrying
|
Net Carrying
|
||
Cost
|
amortization
|
Value
|
Value
|
|
$
|
$
|
$
|
$
|
|
Computer hardware
|
9,792
|
4,627
|
5,135
|
1,477
|
March 31,
|
September 30,
|
|||
2011
|
2010
|
|||
Accumulated
|
Net Carrying
|
Net Carrying
|
||
Cost
|
amortization
|
Value
|
Value
|
|
$
|
$
|
$
|
$
|
|
Website Development
|
24,390
|
22,000
|
2,390
|
-
|
Exhibit
|
Incorporated by reference
|
Filed
|
|||
Number
|
Description
|
Form
|
Date
|
Number
|
Herewith
|
3.1
|
Articles of Incorporation.
|
SB-2
|
6/26/06
|
3.1
|
|
|
|||||
3.2
|
By-Laws.
|
SB-2
|
6/26/06
|
3.2
|
|
|
|||||
4.1
|
Specimen Stock Certificate.
|
SB-2
|
6/26/06
|
4.1
|
|
|
|||||
10.1
|
License agreement with Free Enterprise Press.
|
SB-2
|
6/26/06
|
10.1
|
|
|
|||||
10.2
|
License agreement with Global Commodity Press.
|
SB-2
|
6/26/06
|
10.2
|
|
|
|||||
10.3
|
Agreement with Kroll Direct Marketing.
|
SB-2
|
6/26/06
|
10.3
|
|
|
|||||
10.4
|
Agreement with Infomat Inc.
|
SB-2
|
6/26/06
|
10.4
|
|
|
|||||
10.5
|
Agreement with Marketing Software Company.
|
SB-2
|
6/26/06
|
10.5
|
|
|
|||||
10.6
|
Agreement with List Fusion.
|
SB-2
|
6/26/06
|
10.6
|
|
|
|||||
10.7
|
Option Agreement with Sentry Petroleum (Australia) Pty. Ltd.
|
8-K
|
3/16/11
|
10.1
|
|
|
|||||
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||
|
|||||
32.1
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||
101.INS
|
XBRL Instance Document.
|
X
|
|||
101.SCH
|
XBRL Taxonomy Extension – Schema.
|
X
|
|||
101.CAL
|
XBRL Taxonomy Extension – Calculations.
|
X
|
|||
101.DEF
|
XBRL Taxonomy Extension – Definitions.
|
X
|
|||
101.LAB
|
XBRL Taxonomy Extension – Labels.
|
X
|
|||
101.PRE
|
XBRL Taxonomy Extension – Presentation.
|
X
|
SINO AMERICAN OIL COMPANY
|
||
(the "
Registrant
")
|
||
BY:
|
RONALD HUGHES
|
|
Ronald Hughes
|
||
President, Principal Executive Officer, Principal Accounting Officer, Principal Financial Officer, Secretary, Treasurer and sole member of the Board of Directors
|
Exhibit
|
Incorporated by reference
|
Filed
|
|||
Number
|
Description
|
Form
|
Date
|
Number
|
Herewith
|
3.1
|
Articles of Incorporation.
|
SB-2
|
6/26/06
|
3.1
|
|
|
|||||
3.2
|
By-Laws.
|
SB-2
|
6/26/06
|
3.2
|
|
|
|||||
4.1
|
Specimen Stock Certificate.
|
SB-2
|
6/26/06
|
4.1
|
|
|
|||||
10.1
|
License agreement with Free Enterprise Press.
|
SB-2
|
6/26/06
|
10.1
|
|
|
|||||
10.2
|
License agreement with Global Commodity Press.
|
SB-2
|
6/26/06
|
10.2
|
|
|
|||||
10.3
|
Agreement with Kroll Direct Marketing.
|
SB-2
|
6/26/06
|
10.3
|
|
|
|||||
10.4
|
Agreement with Infomat Inc.
|
SB-2
|
6/26/06
|
10.4
|
|
|
|||||
10.5
|
Agreement with Marketing Software Company.
|
SB-2
|
6/26/06
|
10.5
|
|
|
|||||
10.6
|
Agreement with List Fusion.
|
SB-2
|
6/26/06
|
10.6
|
|
|
|||||
10.7
|
Option Agreement with Sentry Petroleum (Australia) Pty. Ltd.
|
8-K
|
3/16/11
|
10.1
|
|
|
|||||
31.1
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||
|
|||||
32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||
101.INS
|
XBRL Instance Document.
|
X
|
|||
101.SCH
|
XBRL Taxonomy Extension – Schema.
|
X
|
|||
101.CAL
|
XBRL Taxonomy Extension – Calculations.
|
X
|
|||
101.DEF
|
XBRL Taxonomy Extension – Definitions.
|
X
|
|||
101.LAB
|
XBRL Taxonomy Extension – Labels.
|
X
|
|||
101.PRE
|
XBRL Taxonomy Extension – Presentation.
|
X
|
1 Year Sino American Oil (CE) Chart |
1 Month Sino American Oil (CE) Chart |
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