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 |