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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% | 0.00001 | 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 MARCH 31, 2011
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OR
|
|
[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Large Accelerated Filer
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[ ]
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Accelerated Filer
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[ ]
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||
Non-accelerated Filer
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[ ]
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Smaller Reporting Company
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[X]
|
||
(Do not check if smaller reporting company)
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Page
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|||
Financial Statements.
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3
|
||
Financial Statements:
|
|||
F-1
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|||
F-2
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|||
F-3
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|||
F-4
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|||
F-5
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|||
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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9
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||
Quantitative and Qualitative Disclosures About Market Risk.
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10
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||
Controls and Procedures.
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10
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||
Risk Factors.
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10
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||
Exhibits.
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10
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12
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|||
13
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March 31,
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September 30,
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2011
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2010
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||
$
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$
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||
ASSETS
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|||
Current Assets
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|||
Cash
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1,163,498
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171,145
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Restricted cash
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-
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856,387
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Prepaid expenses
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-
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47
|
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Total Current Assets
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1,163,498
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1,027,579
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Property and Equipment (Note 3)
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5,047
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1,477
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Website Development (Note 4)
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2,390
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-
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Total Assets
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1,170,935
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1,2029,056
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LIABILITIES AND STOCKHOLDERS' EQUITY
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|||
Current Liabilities
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|||
Accounts payable and accrued liabilities
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14,909
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7,787
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Licensee fee payable
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43,410
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43,410
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Total Liabilities
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58,319
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51,197
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Going Concern (Note 1)
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|||
Commitments (Note 7)
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Stockholders' Equity
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|||
Common stock: 100,000,000 shares authorized, $0.0001 par value
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|||
43,534,500 (19,023,000 shares in September 30, 2010) issued and
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|||
outstanding (Note 5)
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4,353
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1,902
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Additional Paid-in Capital
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1,318,248
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319,248
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Share Subscriptions
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-
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856,387
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Donated Capital (Note 4)
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247,200
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232,800
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Deficit Accumulated During the Development Stage
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(457,185)
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(432,478)
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Total Stockholders' Equity
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1,112,616
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977,859
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Total Liabilities and Stockholders’ Equity
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1,170,935
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1,029,056
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Accumulated from
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||||||
Three months
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Three months
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Six months
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Six months
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October 31, 2005
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||
ended
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ended
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ended
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ended
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(Date of Inception)
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||
March 31,
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March 31,
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March 31,
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March 31,
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to March 31,
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||
2011
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2010
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2011
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2010
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2011
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$
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$
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$
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$
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$
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||
Revenue
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-
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-
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-
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-
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205,242
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Cost of sales
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-
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-
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-
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-
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106,710
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Gross Profit
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-
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-
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-
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-
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98,532
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Operating Expenses
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||||||
Foreign currency (gain) loss
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(23,290)
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(4,548)
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(33,005)
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(7,941)
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(9,262)
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General and administrative
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25,025
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33,255
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56,261
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57,417
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501,821
|
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Option expense
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-
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-
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-
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-
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60,000
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Total Operating Expenses
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1,735
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28,707
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23,256
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49,476
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552,559
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Net income (loss) before taxes
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(1,735)
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(28,707)
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(23,256)
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(49,476)
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(454,027)
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Income tax expense
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-
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-
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-
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-
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1,707
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Net income (loss)
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(1,735)
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(28,707)
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(23,256)
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(67,646)
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(455,734)
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Loss per share – Basic and diluted
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(0.00)
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(0.00)
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(0.00)
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(0.00)
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Weighted Average Shares Outstanding
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33,860,167
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19,023,000
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31,305,115
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19,023,000
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Accumulated from
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|||||
Six months
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Six months
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October 31, 2005
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ended
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ended
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(Date of Inception)
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March 31,
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March 31,
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to March 31,
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2011
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2010
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2011
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$
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$
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$
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Operating Activities
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|||||
Net income (loss)
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(23,256)
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(49,476)
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(455,734)
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Adjustments to reconcile net loss of cash
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|||||
Depreciation
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745
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492
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25,813
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Donated services
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14,400
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14400
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247,200
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Option lapse
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-
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-
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50,000
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Change in operating assets and liabilities
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|||||
Prepaid expenses
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47
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(41)
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-
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Accounts payable and accrued liabilities
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7,122
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8142)
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14,909
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License fee payable
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-
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-
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43,410
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Net Cash (Used In) Operating Activities
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(942)
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(16,700)
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(74,402)
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Investing Activities
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Deposit on database list option
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-
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-
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(50,000)
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Website development
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(2,390)
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-
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(24,390)
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Purchase of equipment
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(4,315)
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(2,075)
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(8,860)
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Net Cash Flows (Used in) Investing Activities
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(6,705)
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(2,075)
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(83,250)
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Financing Activities
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Share subscriptions received
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(856,387)
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-
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-
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Proceeds from issuance of common stock
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1,000,000
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-
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1,321,150
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Net Cash Flows Provided by Financing Activities
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143,613
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-
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1,321,150
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Increase (Decrease) in Cash
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135,966
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(28,558)
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1,163,498
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Restricted cash released
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856,387
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-
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-
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Cash – Beginning of Period
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171,145
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239,248
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-
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Cash – End of Period
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1,163,498
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210,690
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1,163,498
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Supplemental Disclosure
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|||||
Interest paid
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-
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-
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56
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Foreign exchange (gain) loss
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(33,005)
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(7,941)
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(9,262)
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Additional
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Share
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Total
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||||||
Common Stock
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Paid-in
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Subs
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Stockholder’s
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|||||
Shares
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Amount
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Capital
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Received
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Capital
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Deficit
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Equity
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#
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$
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$
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$
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$
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$
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$
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Balance on October 31, 2005 (Date of Inception)
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-
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-
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-
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-
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-
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-
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||
October 31, 2005 - issue of common stock for
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||||||||
cash at $1.00 per share
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1
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1
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-
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-
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-
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1
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November 28, 2005 - cancellation of common
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||||||||
Stock
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(1)
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(1)
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-
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-
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-
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(1)
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November 28, 2005 - issue of common stock
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||||||||
for cash at $0.01 per share
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1,000,000
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100
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4,900
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-
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-
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5,000
|
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April 30, 2006 - issue of common stock
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||||||||
for cash at $0.01 per share
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13,000,000
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1,300
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63,700
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-
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-
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65,000
|
||
Donated services
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-
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-
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-
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52,800
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-
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52,800
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Net loss and comprehensive loss
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-
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-
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-
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(22,650)
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(22,650)
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Balance - September 30, 2006
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14,000,000
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1,400
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68,600
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52,800
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(22,650)
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100,150
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April 30, 2007 - issue of common stock
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||||||||
for cash at $0.10 per share
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5,023,000
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502
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250,648
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-
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-
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251,150
|
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Donated services
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-
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-
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-
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57,600
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-
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57,600
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Net loss and comprehensive loss
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-
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-
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-
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(148,789)
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(148,789)
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Balance - September 30, 2007
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19,023,000
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1,902
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319,248
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110,400
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(171,439)
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260,111
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Donated Services
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-
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-
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-
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57,600
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-
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57,600
|
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Net loss and comprehensive loss
|
-
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-
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-
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(93,376)
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(93,376)
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Balance – September 30, 2008
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19,023,000
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1,902
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319,248
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168,000
|
(264,815)
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224,335
|
||
Donated Services
|
-
|
-
|
-
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36,000
|
-
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36,000
|
||
Net loss and comprehensive loss
|
-
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-
|
-
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(69,354)
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(69,354)
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Balance – September 30, 2009
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19,023,000
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1,902
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319,248
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204,000
|
(334,169)
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190,981
|
||
Donated Services
|
-
|
-
|
-
|
28,800
|
-
|
28,800
|
||
Net loss and comprehensive loss
|
-
|
-
|
-
|
-
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(49,476)
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(49,476)
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||
Balance – September 30, 2010
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19,023,000
|
1,902
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319,248
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856,387
|
232,800
|
(432,478)
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977,859
|
|
October 1, 2010 – issue of common stock
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||||||||
for cash at $0.10 per share
|
10,000,000
|
1,000
|
999,000
|
(856,387)
|
-
|
-
|
143,613
|
|
Donated Services
|
-
|
-
|
-
|
-
|
14,400
|
-
|
14,400
|
|
Stock Dividend – March 1, 2011
|
14,511,500
|
1,451
|
-
|
-
|
-
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(1,451)
|
-
|
|
Net loss and comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(23,256)
|
(23,256)
|
|
Balance – March 31, 2011
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43,534,500
|
4,353
|
1318,248
|
-
|
247,200
|
(457,185)
|
1,112,616
|
March 31,
|
September 30,
|
|||
2011
|
2010
|
|||
Accumulated
|
Net Carrying
|
Net Carrying
|
||
Cost
|
amortization
|
Value
|
Value
|
|
$
|
$
|
$
|
$
|
|
Computer hardware
|
8,860
|
3,813
|
5,047
|
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
|
|
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
|
|||
99.1
|
Subscription Agreement.
|
POS AM
|
6/03/10
|
99.1
|
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
|
|
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
|
|||
99.1
|
Subscription Agreement.
|
POS AM
|
6/03/10
|
99.1
|
1 Year Sino American Oil (CE) Chart |
1 Month Sino American Oil (CE) Chart |
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