U.S. SECURITIES AND EXCHANGE
COMMISSION Washington, D.C. 20549
Form 10-QSB
(Mark One)
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR
THE QUARTERLY PERIOD ENDED JANUARY 31, 1997
TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE
TRANSITION PERIOD FROM TO
Commission file number ....0-8155....
American Energy & Technology Inc.
(Exact name of small business issuer as specified in its charter)
Delaware 73-0977756
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1500 Midland Walwyn Tower, Edmonton, Alberta T5J 2Z2
(Address of principal executive offices) (Zip Code)
(403) 496-9169
(Issuer's telephone number)
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) has filed all reports
required to be filed by Section 13 or 15(d) of the
Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to
file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes .X. No ....
Applicable only to corporate issuers
State the number of shares outstanding of each of
the issuer's classes of common equity, as of the
latest practicable date. As of January 31, 1997,
20,541,475 shares of common stock were issued and
outstanding.
Part 1 - Item 1
AMERICAN ENERGY & TECHNOLOGY INC.
Financial Statements
For the 9 months ended January 31, 1997
Expressed in U.S. Dollars
Balance Sheet January 31 April 30
1997 1996
Assets
Current
Cash $122,755 $ 3,669
--------- --------
122,755 3,669
Mineral Property (Note 2) 185,000 -
--------- --------
$307,755 $ 3,669
======== ========
Liabilities and Shareholders'
Equity (Deficiency)
Accounts & advances payable (Note 2) $ 312,238 $ -
---------- ------
312,238 46,579
Shareholder's Equity
Share Capital (Note 3) 214,165 89,165
Deficit (218,648) (132,075)
---------- --------
(4,483) (42,910)
---------- --------
$307,755 $3,669
========== =========
Statement of Operations and Deficit
Expressed in U.S. Dollars
Quarter Ended Nine Months Ended
1997 1996 1997 1996
Revenue
Interest Income $ - $ - $ 7 $ -
----- ------ ----- -----
Administrative Expenses
General and administration 31,951 6,205 86,581 18,712
------- ----- ------ ------
Net loss for the period (31,951) 6,205) (86,574) (18,712)
Deficit, beginning of period (186,698)(23,819) (132,075) (11,312)
-------- ------- ------- -------
Deficit, end of period $(218,649)$(30,024)$(218,649)$(30,024)
========= ======== ======== =======
Loss per Share* $(0.002) $(0.001) $(0.004) $(0.002)
* Based on 20,541,475common shares, (1996-8,041,475)
Statement of Changes in Financial Position
Expressed in U.S. Dollars
For the 9 months ended January 31 1997 1996
------- -------
Cash provided by (used in)
Operating Activities
Net loss $(86,574) $(18,712)
Amortization - 16,750
----------- ----------
(86,574) (1,962)
Changes in working capital accounts
Accounts & Advances payable 265,660 1,962
---------- ----------
179,086 -
Financing Activities
Capital stock issuance 125,000 -
--------- ----------
Investing Activities
Mineral property (185,000) -
---------- ----------
Increase In Cash 119,086 -
Cash, beginning of period 3,669 -
--------- ----------
Cash, end of period $122,755 $ -
========= ==========
1. Significant Accounting Policies
Significant accounting policies are as follows:
Incorporation American Energy & Technology, Inc. was incorporated under
the laws of the State of Delaware on April 25, 1975 and renewed on
March 18, 1994.
Net Income (loss) per common share:
The net income (loss) per common share is based on the number of $0.01 par
value common shares outstanding.
2. Related Party Transactions
The Corporation has entered into the following transactions with related
parties:
The Corporation owes $80,000 for professional fees and office sharing costs to
a company affiliated with Directors' of the Corporation.
A company affiliated with directors' of the Corporation provided the
Corporation unsecured advances of $34,201.
The company entered into a private placement agreement with a shareholder
to issue 12,500,000 shares for consideration of $125,000.
The company also entered into an agreement with a shareholder and paid
$185,000 to obtain property information and to negotiate for certain mineral
property in Chile.
3. Share Capital
Authorized
Seventy-five million (75,000,000) $.01 par value common stock.
1997 1996
-------- -------
Issued
20,541,475 common stock $.01 par value (1996-8,041,475) $214,165 $89,165
========== =========
ITEM 2
Management Discussion and Analysis of Financial Condition and Results of
Operations.
1. Material Changes in Results of Operation
The results of the statement of loss indicates a loss of $86,574 for the
nine month period which represents transfer agent, legal and consulting
fees necessary to maintain the Registrant current with its regulatory
filing requirements.
2. Material Changes in Financial Condition
The directors are working to establish the Registrant as a prominent mineral
exploration and development company seeking high tonnage, low to medium grade,
gold and copper ore bodies which would be economical to mine.
The registrant received on October 16, 1996 confirmation from NASD Regulation,
Inc. to submit a quote on the OTC Bulletin Board under the Symbol "AEYT"
During the period the registrant entered into a private placement agreement
to issue 12,500,000 shares for $125,000.
The registrant also entered into an agreement and paid $185,000 to obtain
property information and negotiate on certain mineral property in Chile.
Part II
OTHER INFORMATION
Item I. Legal Proceedings
None
Item 2. Changes in Securities
The registrant issued 12,500,000 $0.01 par value common shares
during the period
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to Vote of
The registrant called for an Annual Meeting of shareholders
for February 14, 1997 for shareholders of record on
February 3, 1997.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8 - K
As filed November 29, 1996 without financial statements
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
AMERICAN ENERGY & TECHNOLOGY, INC.
Date: March 17, 1997 Don Caron
Don Caron
President
Date: March 17, 1997 Richard Caron
Richard Caron
Director