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 OCTOBER 31, 1996
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 October 31, 1996,
8,041,475 shares of common stock were issued and
outstanding.
PART 1 - ITEM 1
AMERICAN ENERGY & TECHNOLOGY INC.
Financial Statements
For the 6 months ended October 31, 1996
Expressed in U.S. Dollars
Balance Sheet October 31 April 30
1996 1996
Assets
Current
Cash $6,585 $ 3,669
--------- -------
Liabilities and Shareholders'
Equity (Deficiency)
Accounts & advances payable (Note 2) $ 104,117 $46,579
-------- --------
104,117 46,579
Shareholder's Equity
Share Capital (Note 3) 89,165 89,165
Deficit (186,697) (132,075)
---------- -------
(97,532) (42,910)
---------- -------
$ 6,585 $3,669
========== =========
Statement of Operations and Deficit
Expressed in U.S. Dollars
Quarter Ended Six Months
Ended
1996 1995 1996 1995
Revenue
Interest Income $ - $ - $ 7 $ -
----- ------ ----- ----
Administrative Expenses
General and administration 33,541 6,087 54,630 12,507
------- ----- ------ ------
Net loss for the period (33,541) (6,087) (54,623) (12,507)
Deficit, beginning of period (153,156)(17,731) (132,075) (11,312)
------- ------- ------- -------
Deficit, end of period $(186,697) $(23,818) $(186,698) $(23,819)
========= ======== ======== =======
Loss per Share* $(0.004) $(0.001) $(0.007) (0.002)
* Based on 8,041,475 common shares, (1995-8,041,475)
Statement of Changes in Financial Position
Expressed in U.S. Dollars
For the 6 months ended October 31 1996 1995
------- -------
Cash provided by (used in)
Operating Activities
Net loss $(54,623) $(12,507)
Amortization - 11,166
----------- ----------
(54,623) (1,341)
Changes in working capital accounts
Accounts & Advances payable 57,539 1,341
---------- ----------
Increase In Cash 2,916 -
Cash, beginning of period 3,669 -
--------- ----------
Cash, end of period $6,585 $ -
========= ==========
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 $65,000 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 $34,430.
3. Share Capital
Authorized
Seventy-five million (75,000,000) $.01 par value common stock.
1996 1995
-------- -------
Issued
8,041,475 common stock $.01 par value $89,165 $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 $54,623 for the
six 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"
Part II
OTHER INFORMATION
Item I. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to Vote of
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8 - K
None
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: December 12, 1996 Don Caron
Don Caron
President
Date: December 12, 1996 Richard Caron
Richard Caron
Director