NFiniTi (NFTN) 10-K 18 May 15 2015 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Jan. 31, 2015	1-May-15	Jul. 31, 2014
Document And Entity Information [Abstract]
Entity Registrant Name	American Oil & Gas Inc.
Entity Central Index Key	1544400
Trading Symbol	aoix
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	-30
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		20,000,000
Entity Public Float			$0
Document Type	10-K
Document Period End Date	31-Jan-15
Amendment Flag	FALSE
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY

Balance_Sheet

Balance Sheet (USD $)	Jan. 31, 2015	Jan. 31, 2014
Current Assets
Cash	$540	$6,728
Note Receivable	6,000
Total Current Assets	6,540	6,728
Long Term Note Receivable	8,714
Oil and Gas Property (Successful Efforts Method)
Unproven		37,102
Accumulated Depletion		-5,565
Total Oil and Gas Property		31,537
Total Assets	15,254	38,265
Current Liabilities
Accounts Payable	10,105	14,845
Loan Payable - Related Party	37,000	25,000
Total Current Liabilities	47,105	39,845
Stockholders' Equity
Common stock, ($0.001 par value, 75,000,000 shares authorized; 20,000,000 shares issued and outstanding as of January 31, 2015 and January 31, 2014	20,000	20,000
Additional Paid-In Capital	40,000	40,000
Deficit accumulated during exploration stage	-91,852	-61,580
Total Stockholders' Equity	-31,852	-1,580
Total Liabilities & Stockholders' Equity	$15,254	$38,265

Balance_Sheet_Parentheticals

Balance Sheet (Parentheticals) (USD $)	Jan. 31, 2015	Jan. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	20,000,000	20,000,000
Common stock, shares outstanding	20,000,000	20,000,000

Statement_of_Operations

Statement of Operations (USD $)	12 Months Ended		36 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015
Revenues
Oil and Gas	$967		$3,918
Total Revenues	967		3,918
Expenses
Operating Expenses	12,222	7,212	22,197
General and Administration	5,858	17,183	31,622
Depletion	2,933	3,710	8,498
Professional Fees	14,615	14,227	37,841
Total Expenses	35,628	42,331	100,159
Net Ordinary Income	-34,661	-42,331	-96,241
Other Income
Gain on Disposal of Asset	4,389		4,389
Total Other Income	4,389		4,389
Net Other Income	4,389		4,389
Net Income (Loss)	($30,271)	($42,331)	($91,852)
Net Loss Per Basic and Diluted share (in dollars per share)	$0	$0
Weighted average number of Common Shares outstanding	20,000,000	20,000,000

Statement_of_Changes_in_Stockh

Statement of Changes in Stockholders' Equity (USD $)	Common Stock	Additional Paid-in Capital	Deficit Accumulated During Exploration Stage	Total
Balance at Jan. 23, 2012
Balance (in shares) at Jan. 23, 2012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for cash	10,000			10,000
Stock issued for cash (in shares)	10,000,000
Net loss			-565	-565
Balance at Jan. 31, 2012	10,000		-565	9,435
Balance (in shares) at Jan. 31, 2012	10,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for cash	10,000	40,000		50,000
Stock issued for cash (in shares)	10,000,000
Net loss			-18,684	-18,684
Balance at Jan. 31, 2013	20,000	40,000	-19,249	40,751
Balance (in shares) at Jan. 31, 2013	20,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			-42,331	-42,331
Balance at Jan. 31, 2014	20,000	40,000	-61,580	-1,580
Balance (in shares) at Jan. 31, 2014	20,000,000			20,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			-30,271	-30,271
Balance at Jan. 31, 2015	$20,000	$40,000	($91,852)	($31,852)
Balance (in shares) at Jan. 31, 2015	20,000,000			20,000,000

Statement_of_Changes_in_Stockh1

Statement of Changes in Stockholders' Equity (Parentheticals) (USD $)	0 Months Ended	12 Months Ended
	Jan. 31, 2012	Jan. 31, 2013
Statement of Stockholders' Equity [Abstract]
Stock issued for cash (in dollars per share)	$0.00	$0.01

Statement_of_Cash_Flows

Statement of Cash Flows (USD $)	12 Months Ended		36 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	($30,271)	($42,331)	($91,852)
Changes in operating assets and liabilities:
Depletion	2,933	3,710	8,498
Note Receivable	-6,000		-6,000
Accounts Receivable		187
Accounts Payable	-4,740	10,045	10,105
Net cash provided by (used in) operating activities	-46,577	-28,389	-87,746
CASH FLOWS FROM INVESTING ACTIVITIES
Oil and Gas Property	37,102
Long Term Note Receivable	-8,714		-8,714
Net cash provided by (used in) investing activities	28,388		-8,714
CASH FLOWS FROM FINANCING ACTIVITIES
Loan Payable - Related Party	12,000	25,000	37,000
Issuance of common stock			60,000
Net cash provided by (used in) financing activities	12,000	25,000	97,000
Net increase (decrease) in cash	-6,188	-3,389	540
Cash at beginning of period	6,728	10,117
Cash at end of period	540	6,728	540
Cash paid during year for :
Interest
Income Taxes

ORGANIZATION_AND_DESCRIPTION_O

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Jan. 31, 2015
Organization And Description Of Business [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1.   ORGANIZATION AND DESCRIPTION OF BUSINESS
	American Oil and Gas Inc. (the Company) was incorporated under the laws of the State of Nevada on January 23, 2012.  The Company was formed to engage in the acquisition, exploration and development of oil and gas properties.
	The Company is in the exploration stage. The Company currently does not operate any properties.  The Company has not commenced any exploration activities.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jan. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Accounting
	The Company's financial statements are prepared using the accrual method of accounting.  The Company has elected a January 31, year-end.
	Basic Earnings (loss) Per Share
	ASC No. 260, "Earnings Per Share", specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.   The Company has adopted the provisions of ASC No. 260.
	Basic net earnings (loss) per share amounts is computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding.  Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.
	Cash Equivalents
	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
	Use of Estimates and Assumptions
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In accordance with ASC No. 250 all adjustments are normal and recurring.
	Income Taxes
	Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes.  A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards.  Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.
	Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
	Revenue
	The Company records revenue on the accrual basis when all goods and services have been performed and delivered, the amounts are readily determinable, and collection is reasonably assured.  The Company has not generated any revenue since its inception.
	Advertising
	The Company will expense its advertising when incurred. There has been no advertising since inception.
	Oil and Gas Properties
	Oil and gas investments are accounted for by the successful efforts method of accounting.  Accordingly, the costs incurred to acquire property (proved and unproved), all development costs, and successful exploratory costs are capitalized, whereas the costs of unsuccessful exploratory wells are expensed.
	Depletion of capitalized oil and gas well costs is provided using the units of production method based on estimated proved developed oil and gas reserves of the respective oil and gas properties.

RECENT_ACCOUNTING_PRONOUCEMENT

RECENT ACCOUNTING PRONOUCEMENTS	12 Months Ended
	Jan. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUCEMENTS	NOTE 3.   RECENT ACCOUNTING PRONOUCEMENTS
	The Company has evaluated all the recent accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission and believe that none of them will have a material effect on the Company's financial statements.

GOING_CONCERN

GOING CONCERN	12 Months Ended
	Jan. 31, 2015
Going Concern [Abstract]
GOING CONCERN	NOTE 4.   GOING CONCERN
	The accompanying financial statements are presented on a going concern basis.  The Company has had limited operations during the period from January 23, 2012 (date of inception) to January 31, 2015 and generated a net loss of $91,852.  This condition raises substantial doubt about the Company's ability to continue as a going concern.  The Company is currently in the exploration stage  with no operations and has minimal expenses, however, management believes that the Company's current cash of $540 is insufficient to cover the expenses they will incur during the next twelve months in a limited operations scenario or until it raises additional funding.

WARRANTS_AND_OPTIONS

WARRANTS AND OPTIONS	12 Months Ended
	Jan. 31, 2015
Warrants And Options [Abstract]
WARRANTS AND OPTIONS	NOTE 5.   WARRANTS AND OPTIONS
	There are no warrants or options outstanding to acquire any additional shares of common stock.

INVESTMENTS_IN_OIL_AND_GAS_PRO

INVESTMENTS IN OIL AND GAS PROPERTIES	12 Months Ended
	Jan. 31, 2015
Investments In Oil And Gas Properties [Abstract]
INVESTMENTS IN OIL AND GAS PROPERTIES	NOTE 6. INVESTMENTS IN OIL AND GAS PROPERTIES
	Cecil Barlow
	On February 2, 2012 the Company acquired the Cecil Barlow lease in Caddo Parish, Louisiana for $10,000.  Subsequently, the Company has spent an additional $27,102 in upgrades to the well.
	On October 31, 2014 the Company sold the Cecil Barlow lease in Caddo Parish, Louisiana for $36,000.  The purchase price was to be paid with an initial deposit of $6,000 minus outstanding taxes and invoices due to the operator.  The balance being paid over several installments of $6,000 every 6 months with a balloon payment of $12,000 on the eighteenth month.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jan. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 7.   RELATED PARTY TRANSACTIONS
	The sole officer and director of the Company may, in the future, become involved in other business opportunities as they become available, he may face a conflict in selecting between the Company and his other business opportunities.  The Company has not formulated a policy for the resolution of such conflicts.
	As of January 31, 2015, $37,000 is owed to Robert Gelfand, past President, from funds loaned by him to the Company and is non-interest bearing with no specific repayment terms.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Jan. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8.  INCOME TAXES
		As of January 31, 2015
	Deferred tax assets:
	Net operating tax carryforwards	$	91,852
	Tax rate		34	%
	Gross deferred tax assets		31,230
	Valuation allowance		(31,230	)
	Net deferred tax assets	$	-
	Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income.  As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance.

NET_OPERATING_LOSSES

NET OPERATING LOSSES	12 Months Ended
	Jan. 31, 2015
Net Operating Losses [Abstract]
NET OPERATING LOSSES	NOTE 9.  NET OPERATING LOSSES
	As of January 31, 2015, the Company has a net operating loss carryforward of approximately $91,852.  Net operating loss carryforwards expire twenty years from the date the loss was incurred.

STOCK_TRANSACTIONS

STOCK TRANSACTIONS	12 Months Ended
	Jan. 31, 2015
Stock Transactions [Abstract]
STOCK TRANSACTIONS	NOTE 10.  STOCK TRANSACTIONS
	Transactions, other than employees' stock issuance, are in accordance with ASC No. 505. Thus issuances shall be accounted for based on the fair value of the consideration received.  Transactions with employees' stock issuance are in accordance with ASC No. 718. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable.
	On January 23, 2012, the Company issued a total of 10,000,000 shares of common stock to its sole officer/director for cash in the amount of $0.001 per share for a total of $10,000.
	On July 12, 2012, the Company completed its registered offering raising $50,000 from the sale of 10,000,000 shares of common stock, par value $.001.
	As of January 31, 2015 the Company had 20,000,000 shares of common stock issued and outstanding.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Jan. 31, 2015
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 11.  STOCKHOLDERS' EQUITY
	The stockholders' equity section of the Company contains the following classes of capital stock as of January 31, 2015:
	Common stock, $ 0.001 par value: 75,000,000 shares authorized; 20,000,000 shares issued and outstanding.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jan. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12.  SUBSEQUENT EVENTS
	The Company evaluated all events or transactions that occurred after January 31, 2015 up through the date the Company issued these financial statements.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jan. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting
	The Company's financial statements are prepared using the accrual method of accounting.  The Company has elected a January 31, year-end.
Basic Earnings (loss) Per Share	Basic Earnings (loss) Per Share
	ASC No. 260, "Earnings Per Share", specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.   The Company has adopted the provisions of ASC No. 260.
	Basic net earnings (loss) per share amounts is computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding.  Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.
Cash Equivalents	Cash Equivalents
	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Use of Estimates and Assumptions	Use of Estimates and Assumptions
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In accordance with ASC No. 250 all adjustments are normal and recurring.
Income Taxes	Income Taxes
	Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes.  A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards.  Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.
	Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Revenue	Revenue
	The Company records revenue on the accrual basis when all goods and services have been performed and delivered, the amounts are readily determinable, and collection is reasonably assured.  The Company has not generated any revenue since its inception.
Advertising	Advertising
	The Company will expense its advertising when incurred. There has been no advertising since inception.
Oil and Gas Properties	Oil and Gas Properties
	Oil and gas investments are accounted for by the successful efforts method of accounting.  Accordingly, the costs incurred to acquire property (proved and unproved), all development costs, and successful exploratory costs are capitalized, whereas the costs of unsuccessful exploratory wells are expensed.
	Depletion of capitalized oil and gas well costs is provided using the units of production method based on estimated proved developed oil and gas reserves of the respective oil and gas properties.

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Jan. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of deferred tax assets		As of January 31, 2015
	Deferred tax assets:
	Net operating tax carryforwards	$	91,852
	Tax rate		34	%
	Gross deferred tax assets		31,230
	Valuation allowance		(31,230	)
	Net deferred tax assets	$	-

GOING_CONCERN_Detail_Textuals

GOING CONCERN (Detail Textuals) (USD $)	0 Months Ended	12 Months Ended			36 Months Ended
	Jan. 31, 2012	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2015
Going Concern [Abstract]
Net loss	($565)	($30,271)	($42,331)	($18,684)	($91,852)
Cash		$540	$6,728	$10,117	$540

INVESTMENTS_IN_OIL_AND_GAS_PRO1

INVESTMENTS IN OIL AND GAS PROPERTIES (Detail Textuals) (USD $)	0 Months Ended	1 Months Ended
	Feb. 02, 2012	Oct. 31, 2014
Investments In Oil And Gas Properties [Abstract]
Acquisition cost of Cecil Barlow lease	$10,000
Additional cost related to Cecil Barlow lease	27,102
Sale of Cecil Barlow lease		36,000
Initial deposits		6,000
Installments paid for every 6 months		6,000
Balloon payment on eighteenth month		$12,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Detail Textuals) (USD $)	Jan. 31, 2015	Jan. 31, 2014
Related Party Transaction [Line Items]
Loan Payable - Related Party	$37,000	$25,000
Robert Gelfand, President
Related Party Transaction [Line Items]
Loan Payable - Related Party	$37,000

INCOME_TAXES_Summary_of_deferr

INCOME TAXES - Summary of deferred tax asset (Details) (USD $)	12 Months Ended
	Jan. 31, 2015
Deferred tax assets:
net operating loss carryforward	$91,852
Tax rate	34.00%
Gross deferred tax assets	31,230
Valuation allowance	-31,230
Net deferred tax assets

NET_OPERATING_LOSSES_Detail_Te

NET OPERATING LOSSES (Detail Textuals) (USD $)	12 Months Ended
	Jan. 31, 2015
Net Operating Losses [Abstract]
net operating loss carryforward	$91,852
Net operating loss carryforwards expiration period	20 years

STOCK_TRANSACTIONS_Detail_Text

STOCK TRANSACTIONS (Detail Textuals) (USD $)	0 Months Ended	12 Months Ended	0 Months Ended	1 Months Ended
	Jan. 31, 2012	Jan. 31, 2013	Jul. 12, 2012	Jan. 23, 2012	Jan. 31, 2015	Jan. 31, 2014
Stock Transactions [Line Items]
Stock issued for cash (in dollars per share)	$0.00	$0.01
Proceed from issuance of stock	$10,000	$50,000
Common stock, par value (in dollars per share)					$0.00	$0.00
Common stock, shares issued					20,000,000	20,000,000
Common stock, shares outstanding					20,000,000	20,000,000
Common Stock
Stock Transactions [Line Items]
Number of shares issued for cash	10,000,000	10,000,000
Proceed from issuance of stock	10,000	10,000
Value of stock issued from registered offering			50,000
Stock issued from registered offering			10,000,000
Common stock, par value (in dollars per share)			$0.00
Common stock, shares outstanding	10,000,000	20,000,000			20,000,000	20,000,000
Common Stock | Sole officer/director
Stock Transactions [Line Items]
Number of shares issued for cash				10,000,000
Stock issued for cash (in dollars per share)				$0.00
Proceed from issuance of stock				$10,000

STOCKHOLDERS_EQUITY_Detail_Tex

STOCKHOLDERS' EQUITY (Detail Textuals) (USD $)	Jan. 31, 2015	Jan. 31, 2014
Stockholders' Equity Note [Abstract]
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	20,000,000	20,000,000
Common stock, shares outstanding	20,000,000	20,000,000