Sino American Oil (OILY) 10-Q 11 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2021	Apr. 07, 2022
Details
Registrant CIK	0001367408
Fiscal Year End	--09-30
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		131,524,500
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Current Assets
Cash	$ 5,644	$ 10
Total Assets	5,644	10
Current Liabilities
Accounts payable, current	42,120	43,958
Accrued interest, current	2,882	2,095
Accrued compensation - related party, current	180,000	135,000
Accrued compensation, current	180,000	135,000
Loans payable, current	189,492	167,644
Loans payable - related party, current	71,592	51,592
Total Current Liabilities	666,086	535,289
Total Liabilities	666,086	535,289
Shareholders' Deficit
Preferred stock Series A value	493	493
Preferred stock Series B value	0	0
Common stock value	11,402	11,394
Common stock to be issued	20,000	20,000
Additional paid-in capital	2,091,470	2,091,470
Accumulated deficit	(2,783,807)	(2,658,636)
Total Stockholders' Deficit	(660,442)	(535,279)
Total Liabilities and Stockholders' Deficit	$ 5,644	$ 10

BALANCE SHEETS - Parenthetical

BALANCE SHEETS - Parenthetical - $ / shares	Dec. 31, 2021	Sep. 30, 2021
Details
Preferred Stock, No Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Outstanding	492,640	0
Preferred stock Par Value, Series B	$ 0.001	$ 0.001
Preferred stock Authorized, Series B	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	114,024,500	113,944,500

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Expenses
Consulting expense	$ 45,000	$ 24,000
Consulting expense - related party	45,000	15,000
General and administrative expense	34,384	15,894
Total operating expenses	124,384	54,854
Loss from operations	(124,384)	(54,854)
Other Expense
Interest expense	(787)	0
Total other expense	(787)	0
Net income (loss)	$ (125,171)	$ (54,854)
Net income (loss) per share	$ 0	$ 0
Weighted average shares outstanding, basic and diluted	114,021,974	193,534,500

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Receivables from Stockholder	Retained Earnings	Total	Deferred Compensation, Share-based Payments
Equity Balance at Sep. 30, 2020	$ 0	$ 19,600	$ 2,012,295	$ (370,050)	$ (2,039,259)	$ (377,414)
Equity Balance, Shares at Sep. 30, 2020		196,001,500
Common stock sold for cash, value	0	$ (247)	(369,803)	370,050	0	0
Common stock sold for cash, shares		(2,467,000)
Equity Balance at Dec. 31, 2020	0	$ 19,353	1,642,492	0	(2,094,113)	(432,268)
Equity Balance, Shares at Dec. 31, 2020		193,534,500
Net loss	0	$ 0	0	$ 0	(54,854)	(54,854)
Equity Balance at Sep. 30, 2021	$ 493	$ 11,394	2,091,470		(2,658,636)	(535,279)	$ 20,000
Equity Balance, Shares at Sep. 30, 2021	492,640	113,944,500
Equity Balance at Dec. 31, 2021	$ 493	$ 11,402	2,091,470		(2,783,807)	(660,442)	20,000
Equity Balance, Shares at Dec. 31, 2021	492,640	114,024,500
Shares issued for services, value	$ 0	$ 8	0		0	8	0
Shares issued for services, shares		80,000
Net loss	$ 0	$ 0	$ 0		$ (125,171)	$ (125,171)	$ 0

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (125,171)	$ (54,854)
Adjustments to reconcile net loss to net cash used by operating activities
Shares issued for services rendered	8	0
Changes in operating assets and liabilities
Increase (decrease) accounts payable	(1,838)	0
Increase (decrease) accrued interest	787	0
Increase (decrease) accrued compensation	45,000	0
Increase (decrease) accrued compensation, related	45,000	0
Increase (decrease) accrued officer compensation	0	24,000
Net cash used by operating activities	(36,214)	(30,854)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans payable	21,848	0
Proceeds from loans payable, related	20,000	30,854
Net cash provided by financing activities	41,848	30,854
Net change in cash	5,634	0
Cash at beginning of period	10	0	$ 0
Cash at end of period	5,644	0	$ 10
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	0	0
Cash paid for taxes	$ 0	$ 0

Business Description and Histor

Business Description and History	3 Months Ended
	Dec. 31, 2021
Notes
Business Description and History	NOTE 1 - DESCRIPTION OF BUSINESS AND HISTORY Sino American Energy 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	3 Months Ended
	Dec. 31, 2021
Notes
Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT POLICIES Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending September 30, 2022. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes for the full year ended 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 We account for equity-based transactions with employees and non-employees under the provisions of FASB ASC Topic 718, “Compensation - Stock Compensation” (Topic 718), which establishes that equity-based payments to employees and non-employees are recorded at the grant date the fair value of the equity instruments the entity is obligated to issue when the employees and non-employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. Topic 718 also states that observable market prices of identical or similar equity or liability instruments in active markets are the best evidence of fair value and, if available, should be used as the basis for the measurement for equity and liability instruments awarded in these share-based payment transactions. However, if observable market prices of identical or similar equity or liability instruments are not available, the fair value shall be estimated by using a valuation technique or model that complies with the measurement objective, as described in FASB ASC Topic 718. 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	3 Months Ended
	Dec. 31, 2021
Notes
Going Concern Disclosure	NOTE 3 - GOING CONCERN The accompanying 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	3 Months Ended
	Dec. 31, 2021
Notes
Loan Payable Disclosure	NOTE 4 - LOAN PAYABLE As of December 31, 2021, White Sands Securities has loaned the Company $75,389 through a note payable and cash advances. A portion of the loan is accruing interest at 8% per year. As of December 31, 2021 and September 30, 2021, there is $2,882 and $2,095 of accrued interest, respectively. On September 1, 2021, the Company entered into a loan agreement with Home Run Oil and Gas, Inc. (“Home Run”). Home Run loaned the company $114,103 ($150,000 CAD). The loan in non-interest bearing and is due on or before November 30, 2021. This loan is currently past due.

Common Stock Disclosure

Common Stock Disclosure	3 Months Ended
	Dec. 31, 2021
Notes
Common Stock Disclosure	NOTE 5 - COMMON STOCK On November 15, 2021, the Company issued 80,000 shares of common stock to Dennis Eubanks per the terms of a MOU between the Company and Estacado Energy, LLC. The shares were valued at $0.0001, for total expense of $8.

Preferred stock Disclosure

Preferred stock Disclosure	3 Months Ended
	Dec. 31, 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. Series A Preferred Stock Each share of Series A is convertible into 1,000 shares of common. Series B Preferred Stock Effective July 14, 2021, the Company, designated its Series B Preferred Stock as voting only shares at 1,000 votes per share.

Related Party Transactions Disc

Related Party Transactions Disclosure	3 Months Ended
	Dec. 31, 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, CEO. 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. During the year ended September 30, 2021, Ms. Halvorson and Triage MicroCap Advisors LLC (“Triage”) (a company owned by Ms. Halvorson) loaned the Company an additional $33,684 and converted $8,707 into 8,680,000 shares of common stock. During the three months ended December 31, 2021, Ms. Halvorson loaned the Company an additional $10,000. As of December 31, 2021 and September 30, 2021, the balance due to Ms. Halvorson is $61,097 and $51,097, respectively. During the year ended September 30, 2021, Mr. Tang, advance the Company $494 to pay general operating expenses. The advance is non-interest bearing and due on demand. During the three months ended December 31, 2021, Mr. Tang loaned the Company an additional $10,000. As of December 31, 2021 and September 30, 2021, the balance due to Ms. Tang is $10,494 and $494, respectively.

Income Tax Disclosure

Income Tax Disclosure	3 Months Ended
	Dec. 31, 2021
Notes
Income Tax Disclosure	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. Subsequent to December 31, 2021, Richard Tang loaned the Company $10,000. The loan is intended to be short term and is non-interest bearing. Subsequent to December 31, 2021, Ms. Halvorson loaned the Company $10,000. The loan is intended to be short term and is non-interest bearing. Subsequent to December 31, 2021, White Sands loaned the Company $10,000. The loan is intended to be short term and is non-interest bearing. Effective March 7, 2022, Mr. Richard Tang has resigned as Treasurer and officer, and all roles relating to Sino American Oil Company. Effective March 14, 2022, the Company appointed Boriss Aleksandrov as Treasurer and Director of the Company. Mr. Aleksandrov was issued 17,500,000 shares of common stock as incentive to serve in these positions. Subsequent to December 31, 2021, the Company paid $25,000 to Estacado Energy, LLC per the terms of a MOU between the Company and Estacado Energy, LLC.

Significant Accounting Polici_2

Significant Accounting Policies: Basis of Accounting, Policy (Policies)	3 Months Ended
	Dec. 31, 2021
Policies
Basis of Accounting, Policy	Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending September 30, 2022. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes for the full year ended September 30, 2021.

Significant Accounting Polici_3

Significant Accounting Policies: Use of Estimates (Policies)	3 Months Ended
	Dec. 31, 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)	3 Months Ended
	Dec. 31, 2021
Policies
Stock-based Compensation Policy	Stock-based Compensation We account for equity-based transactions with employees and non-employees under the provisions of FASB ASC Topic 718, “Compensation - Stock Compensation” (Topic 718), which establishes that equity-based payments to employees and non-employees are recorded at the grant date the fair value of the equity instruments the entity is obligated to issue when the employees and non-employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. Topic 718 also states that observable market prices of identical or similar equity or liability instruments in active markets are the best evidence of fair value and, if available, should be used as the basis for the measurement for equity and liability instruments awarded in these share-based payment transactions. However, if observable market prices of identical or similar equity or liability instruments are not available, the fair value shall be estimated by using a valuation technique or model that complies with the measurement objective, as described in FASB ASC Topic 718.

Significant Accounting Polici_5

Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	3 Months Ended
	Dec. 31, 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 ($)	Dec. 31, 2021	Sep. 30, 2021
Loans payable, current	$ 189,492	$ 167,644
Accrued interest, current	2,882	2,095
White Sands Securities
Loans payable, current	$ 75,389
Loans payable, interest rate	8.00%
Accrued interest, current	$ 2,882	$ 2,095
Home Run Oil and Gas
Loans payable, current	$ 114,103

Common Stock Disclosure (Detail

Common Stock Disclosure (Details)	3 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Shares issued for services, value	$ 8
MOU with Estacado Energy LLC
Common stock issued for acquisitions, shares | shares	80,000
Per share issued value | $ / shares	$ 0.0001
Shares issued for services, value	$ 8

Preferred stock Disclosure (Det

Preferred stock Disclosure (Details) - $ / shares	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
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
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

Related Party Transactions Di_2

Related Party Transactions Disclosure (Details) - USD ($)	3 Months Ended			12 Months Ended
	Apr. 11, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Proceeds from loans payable, related		$ 20,000	$ 30,854
Loans payable - related party, current		71,592		$ 51,592
Triage MicroCap Advisors LLC
Proceeds from loans payable, related	$ 10,000	10,000		33,684
Debt converted to common stock, noncash				$ 8,707
Shares issued for debt, shares				8,680,000
Loans payable - related party, current		61,097		$ 51,097
Richard Tang
Proceeds from loans payable, related	$ 10,000
Loans payable - related party, current		10,494		494
Advance from officer		$ 10,000		$ 494

Income Tax Disclosure (Details)

Income Tax Disclosure (Details) - USD ($)	3 Months Ended			12 Months Ended
	Apr. 11, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Proceeds from loans payable, related		$ 20,000	$ 30,854
Proceeds from loans payable		21,848	$ 0
Payments for acquisitions	$ 25,000
Incentive for Treasurer and Director
Shares issued for compensation, shares	17,500,000
White Sands Securities
Proceeds from loans payable	$ 10,000
Richard Tang
Proceeds from loans payable, related	10,000
Triage MicroCap Advisors LLC
Proceeds from loans payable, related	$ 10,000	$ 10,000		$ 33,684