Sino American Oil (OILY) 10-Q 17 Sep 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2021	Sep. 06, 2021
Details
Registrant CIK	0001367408
Fiscal Year End	--09-30
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	000-52304
Entity Registrant Name	SINO AMERICAN OIL CO
Entity Incorporation, State or Country Code	WY
Entity Tax Identification Number	02-3717729
Entity Address, Address Line One	2123 Pioneer Ave
Entity Address, City or Town	Cheyenne
Entity Address, State or Province	WY
Entity Address, Postal Zip Code	82001
City Area Code	360
Local Phone Number	631-6022
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		114,669,500
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2021	Sep. 30, 2020
Current Assets:
Cash	$ 9,442	$ 0
Total Assets	9,442	0
Current Liabilities:
Accounts payable, current	9,429	0
Accrued interest, current	1,308	0
Accrued officer compensation, current	0	360,000
Accrued compensation - related party, current	90,000	0
Accrued compensation, current	90,000	0
Loans payable, current	53,541	0
Loans payable - related party, current	46,016	17,414
Total Current Liabilities	290,294	377,414
Total Liabilities	290,294	377,414
Shareholders' Deficit:
Preferred stock Series A value	246	0
Preferred stock Series B value	0	0
Common stock value	11,210	19,600
Stock-subscription receivable	0	(370,050)
Common stock to be issued	926,250
Additional paid-in capital	17,622,346	2,012,295
Accumulated deficit	(18,840,904)	(2,039,259)
Total Stockholders' Deficit	(280,852)	(377,414)
Total Liabilities and Stockholders' Deficit	$ 9,442	$ 0

BALANCE SHEETS - Parenthetical

BALANCE SHEETS - Parenthetical - $ / shares	Jun. 30, 2021	Sep. 30, 2020
Details
Preferred Stock, No Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Outstanding	246,320	0
Preferred stock Par Value, Series B	$ 0.001	$ 0.001
Preferred stock Authorized, Series B	10,000,000	10,000,000
Preferred stock Outstanding, Series B	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	2,000,000,000	2,000,000,000
Common Stock, Shares, Issued	112,107,000	196,001,500

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Expenses:
Officer compensation expense	$ 1,836,500	$ 24,000	$ 1,884,500	$ 72,000
Consulting expense	5,554,756	0	5,599,756	0
Consulting expense - related party	9,170,000	0	9,230,000	0
General and administrative expense	11,302	196	86,081	712
Total operating expenses	16,572,558	24,196	16,800,337	72,712
Loss from operations	(16,572,558)	(24,196)	(16,800,337)	(72,712)
Other Expense:
Interest expense	(778)	0	(1,308)	0
Total other expense	(778)	0	(1,308)	0
Net income (loss)	$ (16,573,336)	$ (24,196)	$ (16,801,645)	$ (72,712)
Net income (loss) per share	$ (0.16)	$ (0.01)	$ (0.34)	$ (0.04)
Weighted average shares outstanding, basic and diluted	103,215,857	3,795,385	49,809,204	1,808,272

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Receivables from Stockholder	Deferred Compensation, Share-based Payments	Retained Earnings	Total
Equity Balance at Sep. 30, 2019	$ 0	$ 19,353	$ 1,641,595	$ 0	$ 0	$ (1,941,465)	$ (280,517)
Equity Balance, Shares at Sep. 30, 2019		193,534,500
Net loss	0	$ 0	0	0	0	(24,341)	(24,341)
Equity Balance, Shares at Dec. 31, 2019		193,534,500
Equity Balance at Dec. 31, 2019	0	$ 19,353	1,641,595	0	0	(1,965,806)	$ (304,858)
Common stock sold for cash, shares							2,467,000
Net loss	0	$ 0	0	0	0	(24,174)	$ (24,174)
Equity Balance, Shares at Mar. 31, 2020		193,534,500
Equity Balance at Mar. 31, 2020	0	$ 19,353	1,641,595	0	0	(1,989,980)	(329,032)
Common stock sold for cash, value	0	$ 247	369,803	(370,050)	0	0	0
Common stock sold for cash, shares		2,467,000
Net loss	0	$ 0	0	0	0	(24,197)	(24,197)
Equity Balance, Shares at Jun. 30, 2020		196,001,500
Equity Balance at Jun. 30, 2020	0	$ 19,600	2,011,398	(370,050)	0	(2,014,177)	(353,229)
Equity Balance at Sep. 30, 2020	0	$ 19,600	2,012,295	(370,050)	0	(2,039,259)	(377,414)
Equity Balance, Shares at Sep. 30, 2020		196,001,500
Net loss	0	$ 0	0	0	0	(54,854)	(54,854)
Equity Balance, Shares at Dec. 31, 2020		196,001,500
Equity Balance at Dec. 31, 2020	0	$ 19,600	2,012,295	(370,050)	0	(2,094,113)	(432,268)
Equity Balance at Sep. 30, 2020	$ 0	$ 19,600	2,012,295	(370,050)	0	(2,039,259)	(377,414)
Equity Balance, Shares at Sep. 30, 2020		196,001,500
Equity Balance, Shares at Jun. 30, 2021	246,320	112,107,000
Equity Balance at Jun. 30, 2021	$ 246	$ 11,210	17,622,346	0	926,250	(18,840,904)	(280,852)
Equity Balance at Dec. 31, 2020	0	$ 19,600	2,012,295	(370,050)	0	(2,094,113)	(432,268)
Equity Balance, Shares at Dec. 31, 2020		196,001,500
Net loss	0	$ 0	0	0	0	(228,309)	(173,455)
Equity Balance, Shares at Mar. 31, 2021		196,001,500
Equity Balance at Mar. 31, 2021	0	$ 19,600	2,012,295	(370,050)	0	(2,267,568)	(605,723)
Common stock sold for cash, value	0	$ (247)	(369,803)	370,050	0	0	0
Common stock sold for cash, shares		(2,467,000)
Shares issued for servies, related party, value	0	$ 401	10,030,849	0	906,250	0	10,937,500
Shares issued for servies, related party, shares		4,012,500
Shares issued for services, value	0	$ 220	5,499,780	0	0	0	5,500,000
Shares issued for services, shares		2,200,000
Shares issued for debt, value	0	$ 15,868	400,839	0	0	0	416,707
Shares issued for debt, shares		158,680,000
Shares sold for cash, equity	0	$ 0	0	0	20,000	0	20,000
Common converted to preferred, value	$ 246	$ (24,632)	24,386	0	0	0	0
Common converted to preferred, shares	246,320	(246,320,000)
Contributed services, adjustment to APIC	$ 0	$ 0	24,000	0	0	0	24,000
Net loss	$ 0	$ 0	0	0	0	(16,573,336)	(16,573,336)
Equity Balance, Shares at Jun. 30, 2021	246,320	112,107,000
Equity Balance at Jun. 30, 2021	$ 246	$ 11,210	$ 17,622,346	$ 0	$ 926,250	$ (18,840,904)	$ (280,852)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (16,801,645)	$ (72,712)
Adjustments to reconcile net loss to net cash used by operating activities:
Shares issued for services rendered	5,500,000	0
Shares issued for services rendered, related	10,937,500	0
Changes in operating assets and liabilities:
Increase (decrease) accounts payable	9,429	0
Increase (decrease) accrued interest	1,308	0
Increase (decrease) accrued compensation	90,000	0
Increase (decrease) accrued compensation, related	90,000	0
Increase (decrease) accrued officer compensation	72,000	72,000
Net cash used by operating activities	(101,408)	(712)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the sale of common stock	20,000	0
Proceeds from loans payable	53,541	0
Proceeds from loans payable, related	37,309	712
Net cash provided by financing activities	110,850	712
Net change in cash	9,442	0
Cash at beginning of period	0	0
Cash at end of period	9,442	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	0	0
Cash paid for taxes	0	0
Non-Cash Financing Activities:
Debt converted to common stock, noncash	8,707	0
Accrued salary converted to common stock, noncash	408,000	0
Contributed officer salary, noncash	24,000	0
Interest expense of beneficial conversion feature	$ 0	$ 897

Business Description and Histor

Business Description and History	9 Months Ended
	Jun. 30, 2021
Notes
Business Description and History	NOTE 1 - DESCRIPTION OF BUSINESS AND HISTORY Sino American Oil Company (the “Company”) was incorporated as Raphael Industries Ltd. on October 31, 2005 under the laws of the State of Nevada. On November 11, 2010 the Company changed its name to Sino American Oil Company in anticipation of the Company’s new business direction, the exploration for oil and gas. The company has re-domiciled its corporate status from Nevada to Wyoming in August 2018.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Jun. 30, 2021
Notes
Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT POLICIES Basis of presentation These unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements and the notes attached hereto should be read in conjunction with the financial statements and notes included in the Company’s financial statements for its fiscal year ended September 30, 2020. In the opinion of the Company, all adjustments, including normal recurring adjustments necessary to present fairly the financial position of the Company, as of June 30, 2021 and the results of its operations and cash flows for the nine months then ended have been included. The results of operations for the interim period are not necessarily indicative of the results for the full year ending September 30, 2021. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Going Concern Disclosure

Going Concern Disclosure	9 Months Ended
	Jun. 30, 2021
Notes
Going Concern Disclosure	NOTE 3 - GOING CONCERN The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has no source of revenue, has suffered recurring losses since inception and has no assurance of future profitability. The Company will continue to require financing from external sources to finance its operating and investing activities until sufficient positive cash flows from operations can be generated. There is no assurance that financing or profitability will be achieved, accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties.

Loan Payable Disclosure

Loan Payable Disclosure	9 Months Ended
	Jun. 30, 2021
Notes
Loan Payable Disclosure	NOTE 4 - LOAN PAYABLE During the nine months send June 30, 2021, White Sands Securities loaned the Company $53,541 through a note payable and cash advances. A portion of the loan is accruing interest at 8% per year. As of June 30, 2021, total accrued interest is $1,308.

Common Stock Disclosure

Common Stock Disclosure	9 Months Ended
	Jun. 30, 2021
Notes
Common Stock Disclosure	NOTE 5 - COMMON STOCK On May 13, 2020, the Company sold 2,467,000 shares of common stock at $0.15 per share for total proceeds of $370,050. As of September 30, 2020, the funds had not been received and have been disclosed as a stock subscription receivable in the Statement of Stockholders’ Deficit. On December 10, 2020, the Company cancelled the 2,467,000 shares of common stock sold for cash as the cash was never received from the purchasing parties. During the nine months ended June 30, 2021, the Company granted 750,000 shares of common stock for services. The shares were valued $2.50, the share price of recently sold shares to unrelated third parties, for total non-cash stock compensation expense of $1,875,000. During the nine months ended June 30, 2021, the Company sold 8,000 shares of common stock for total cash proceeds of $20,000. As of June 30, 2021, the shares have not yet been issued by the transfer agent and are disclosed as common stock to be issued. During the nine months ended June 30, 2021, the Company granted 1,450,000 shares of common stock for services to White Sands Securities. The shares were valued $2.50, the share price of recently sold shares to unrelated third parties, for total non-cash stock compensation expense of $3,625,000.

Preferred stock Disclosure

Preferred stock Disclosure	9 Months Ended
	Jun. 30, 2021
Notes
Preferred stock Disclosure	NOTE 6 - PREFERRED STOCK Effective June 3, 2019, the Company amended its article of incorporation and authorized 10,000,000 shares of Series A preferred stock, par value $0.001 and 10,000,000 shares of Series B preferred stock, par value $0.001. Each share of Series A is convertible into 1,000 shares of common. During the nine months ended June 30, 2021, holders of 246,320,000 shares of common stock converted those shares into 246,320 shares of Series A preferred stock.

Related Party Transactions Disc

Related Party Transactions Disclosure	9 Months Ended
	Jun. 30, 2021
Notes
Related Party Transactions Disclosure	NOTE 7 - RELATED PARTY TRANSACTIONS On April 18, 2017, the Company entered into a Convertible Loan Agreement with Kim Halvorson, COO. The loan agreement was entered into pursuant to Ms. Halvorson’s agreement to fund the initial expenses of the Company. Per the terms of the agreement any funds loaned to the company or paid out on behalf of the Company will be convertible into shares of common stock at $0.0001 per share. The loans are due on demand and non-interest bearing. The Company accounted for the initial conversion feature as a beneficial conversion feature. A beneficial conversion feature arises when the conversion price of a convertible instrument is below the per share fair value of the underlying stock into which it is convertible, with the resulting expense not to exceed the loan amount. The Company accounted for an additional beneficial conversion feature expense of $897 and $9,566 for the years ended September 30, 2020, and 2019, respectively. The amount was immediately expensed to interest expense with a credit to additional paid in capital. During the nine months send June 30, 2021, Ms. Halvorson and Triage MicroCap Advisors LLC (“Triage”) (a company owned by Ms. Halvorson) loaned the Company an additional $31,815 and converted $8,707 into 8,680,000 shares of common stock. As of June 30, 2021, and September 30, 2020, the balance due to Ms. Halvorson is $45,522 and $17,414, respectively. During the nine months ended June 30, 2021, the Company granted 750,000 shares of common stock for services to Triage. The shares were valued $2.50, the share price of recently sold shares to unrelated third parties, for total non-cash stock compensation expense of $1,875,000. During the nine months ended June 30, 2021, the Company granted 1,450,000 shares of common stock for services to Maximum Ventures Holdings LLC. The shares were valued $2.50, the share price of recently sold shares to unrelated third parties, for total non-cash stock compensation expense of $3,625,000. Mr. Tang is a member of Maximum Ventures Holdings LLC. During the nine months ended June 30, 2021, the Company granted 1,450,000 shares of common stock for services to Avatele Group LLC. The shares were valued $2.50, the share price of recently sold shares to unrelated third parties, for total non-cash stock compensation expense of $3,625,000. Mr. Tang is a member of Avatele Group LLC. During the nine months ended June 30, 2021, the Company granted 725,000 shares of common stock for services to the CEO per his employment agreement. The shares were valued $2.50, the share price of recently sold shares to unrelated third parties, for total non-cash stock compensation expense of $1,812,500. As of June 30, 2021, 362,500 were issued by the transfer agent but are being held in reserve per his employment agreement. During the nine months send June 30, 2021, Richard Tang, CEO, advance the Company $494 to pay general operating expenses. The advance is non-interest bearing and due on demand. During the nine months ended June 30, 2021, the Mr. Tang converted $408,000 of accrued compensation into 150,000,000 shares of common stock. On June 30, 2021, Mr. Tang, forgave of $24,000 of accrued compensation due to him. The $24,000 was credited to additional paid in capital.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2021
Notes
Subsequent Events	NOTE 8 - SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, Subsequent Events, from the balance sheet date through the date the financial statements were issued and has determined that no additional material subsequent events exist other than the following. On August 9, 2021, pursuant to the terms of a consulting agreement, the Company granted 1,200,000 shares of common stock for services to be rendered. On August 14, 2021, pursuant to the terms of a consulting agreement, the Company granted 1,000,000 shares of common stock for services to be rendered. Subsequent to June 30, 2021, the Company issued the 362,500 that were granted to the CEO prior to June 30, 2021. The shares are being held in reserve.

Significant Accounting Polici_2

Significant Accounting Policies: Basis of Accounting, Policy (Policies)	9 Months Ended
	Jun. 30, 2021
Policies
Basis of Accounting, Policy	Basis of presentation These unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements and the notes attached hereto should be read in conjunction with the financial statements and notes included in the Company’s financial statements for its fiscal year ended September 30, 2020. In the opinion of the Company, all adjustments, including normal recurring adjustments necessary to present fairly the financial position of the Company, as of June 30, 2021 and the results of its operations and cash flows for the nine months then ended have been included. The results of operations for the interim period are not necessarily indicative of the results for the full year ending September 30, 2021.

Significant Accounting Polici_3

Significant Accounting Policies: Use of Estimates (Policies)	9 Months Ended
	Jun. 30, 2021
Policies
Use of Estimates	Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Significant Accounting Polici_4

Significant Accounting Policies: Stock-based Compensation Policy (Policies)	9 Months Ended
	Jun. 30, 2021
Policies
Stock-based Compensation Policy	Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

Significant Accounting Polici_5

Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	9 Months Ended
	Jun. 30, 2021
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Loan Payable Disclosure (Detail

Loan Payable Disclosure (Details) - USD ($)	Jun. 30, 2021	Sep. 30, 2020
Details
Loans payable, current	$ 53,541	$ 0
Loans payable, interest rate	8.00%
Accrued interest, current	$ 1,308	$ 0

Common Stock Disclosure (Detail

Common Stock Disclosure (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2020	Sep. 30, 2020
Common stock sold for cash, shares		2,467,000
Common stock sold for cash, shares cancelled	2,467,000
Shares issued for services, value	$ 5,500,000
Common stock to be issued, shares	8,000
Shares sold for cash, equity	$ 20,000
Issued for cash
Per share issued value			$ 0.15
Services, other
Per share issued value	$ 2.50
Shares issued for services, shares	750,000
Shares issued for services, value	$ 1,875,000
Services, White Sands Securitiies
Per share issued value	$ 2.50
Shares issued for services, shares	1,450,000
Shares issued for services, value	$ 3,625,000

Preferred stock Disclosure (Det

Preferred stock Disclosure (Details) - $ / shares	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2020
Details
Preferred A authorized	10,000,000	10,000,000
Preferred A par value	$ 0.001	$ 0.001
Preferred stock Authorized, Series B	10,000,000	10,000,000
Preferred stock Par Value, Series B	$ 0.001	$ 0.001
Preferred stock Authorized, Series A	Series A is convertible into 1,000 shares of common
Common converted to preferred, common shares	246,320,000
Common converted to preferred, preferred A shares	246,320

Related Party Transactions Di_2

Related Party Transactions Disclosure (Details) - USD ($)	2 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 06, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Beneficial conversion feature expense					$ 897	$ 9,566
Proceeds from loans payable, related			$ 37,309	$ 712
Debt converted to common stock, noncash			8,707	0
Loans payable - related party, current		$ 46,016	46,016		17,414
Shares issued for servies, related party, value		10,937,500
Accrued salary converted to common stock, noncash			408,000	0
Contributed officer salary, noncash			24,000	$ 0
Triage MicroCap Advisors LLC
Proceeds from loans payable, related			31,815
Debt converted to common stock, noncash			$ 8,707
Shares issued for debt, shares			8,680,000
Loans payable - related party, current		$ 45,522	$ 45,522		$ 17,414
Shares issued for servies, related party, shares		750,000
Per share issued value		$ 2.50	$ 2.50
Shares issued for servies, related party, value		$ 1,875,000
Maximum Ventures Holdings LLC
Shares issued for servies, related party, shares		1,450,000
Per share issued value		$ 2.50	2.50
Shares issued for servies, related party, value		$ 3,625,000
Avatele Group LLC
Shares issued for servies, related party, shares		1,450,000
Per share issued value		$ 2.50	$ 2.50
Shares issued for servies, related party, value		$ 3,625,000
Chief Executive Officer
Shares issued for debt, shares			150,000,000
Shares issued for servies, related party, shares	362,500	362,500
Per share issued value		$ 2.50	$ 2.50
Shares issued for servies, related party, value		$ 1,812,500
Advance from officer			$ 494
Accrued salary converted to common stock, noncash			408,000
Contributed officer salary, noncash			$ 24,000

Subsequent Events (Details)

Subsequent Events (Details) - shares	2 Months Ended	3 Months Ended
	Sep. 06, 2021	Jun. 30, 2021
Chief Executive Officer
Shares issued for servies, related party, shares	362,500	362,500
Services to be rendered, Aug 9, 2021
Shares issued for servies, related party, shares	1,200,000
Services to be rendered, Aug 14, 2021
Shares issued for servies, related party, shares	1,000,000