AMERICAN PETRO-HUNTER INC

CIK:0001040482|SEC Filings

Condensed Statements of Operations (USD $)	12 Months Ended
Condensed Statements of Operations (USD $)	Dec. 31, 2013	Dec. 31, 2012
Revenue	$ 141,221	$ 308,770
Cost of Goods Sold
Production and amortization	122,529	193,674
Gross profit	18,692	115,096
General and administrative	570,759	575,783
Executive compensation	204,000	481,000
Impairment expense	1,172,547	565,737
Total expenses	1,947,306	1,622,520
Net loss before other income (expense)	(1,928,614)	(1,507,424)
Other income (expense):
Gain (loss) on sale of mineral properties	0	2,621
Gain on forgiveness of debt	0	322,731
Gain (loss) on derivative liability	0	(5,265)
Interest expense	(738,621)	(2,115,799)
Total other income (expense)	(738,621)	(1,795,712)
Net loss before income taxes	(2,667,235)	(3,303,136)
Provision for income taxes	0	0
Net loss	(2,667,235)	(3,303,136)
Other comprehensive income (expense)	(4,706)	8,114
Comprehensive loss	$ (2,671,941)	$ (3,295,022)
Weighted average common shares outstanding - basic and fully diluted	63,202,455	44,476,603
Net loss per common share basic and fully diluted	$ (0.04)	$ (0.07)

Condensed Statement of Cash Flows (USD $)	12 Months Ended
Condensed Statement of Cash Flows (USD $)	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net (loss)	$ (2,667,235)	$ (3,303,136)
Adjustments to reconcile net (loss) to net cash used in operating activities:
Shares issued for compensation	0	189,000
Amortization of discount	367,127	243,590
Impairment expense	1,172,547	565,737
Amortization of mineral properties	52,957	105,880
Amortization of prepaid financing costs	56,477	6,737
Recognized (gain) loss on fair value of derivative liability	0	5,265
Stock and warrants issued for financing	95,050	1,424,394
Gain on forgiveness of debt	0	(322,731)
Gain on sale of mineral properties	0	(2,621)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(58)	32,682
(Increase) decrease in prepaid expenses	0	48,518
Increase (decrease) in accounts payable and accrued liabilities	354,637	395,313
Increase (decrease) in accrued interest	130,411	183,521
Net cash used by operating activities	(438,087)	(427,851)
Cash flows from investing activities
Proceeds from sale of mineral properties	0	69,500
Acquisition of mineral properties	(43,180)	(355,242)
Net cash used by investing activities	(43,180)	(285,742)
Cash flows from financing activities
Short-term note from officer	0	39,200
Proceeds from sale of common stock	60,278	0
Proceeds from notes payable	420,566	688,000
Net cash provided by financing activities	480,844	727,200
Net increase (decrease) in cash	(423)	13,607
Cash - beginning	16,216	2,609
Cash - ending	15,793	16,216
Supplemental disclosures:
Interest paid	77,973	117,391
Income taxes paid	0	0
Non-cash transactions:
Shares issued for compensation	0	189,000
Shares issued for capitalized financing costs	150,000	0
Accounts payable converted to stock	41,548	239,469
Note payable and accrued interest converted to stock	$ 339,294	$ 3,375,846

Condensed Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash	$ 15,793	$ 16,216
Accounts receivable	13,792	13,735
Total current assets	29,585	29,951
Investments in mineral properties, net of accumulated amortization of $185,457 and $132,499, respectively	400,000	1,582,324
Capitalized financing costs, net of amortization of $63,215 and $6,737, respectively	146,861	41,263
Total assets	576,446	1,653,538
Current liabilities:
Accounts payable and other liabilities	885,746	568,188
Short term note from officer	0	39,200
Notes payable, net of discount of $291,586 and $0 as of December 31, 2013 and 2012, respectively	1,014,722	0
Accrued interest	169,030	41,073
Total current liabilities	2,069,498	648,461
Long term liabilities:
Note payable, net of discount of $0 and $178,471 as of December 31, 2013 and 2012, respectively	0	992,835
Total long term liabilities	0	992,835
Total liabilities	2,069,498	1,641,296
Stockholders' equity (deficit):
Common stock, $0.001 par value, 200,000,000 shares authorized, 101,325,435 and 47,620,406 shares issued and outstanding as of December 31, 2013 and 2012, respectively	101,326	47,621
Common stock to be issued; 14,480,278 and 6,423,708 shares as of December 31, 2013 and 2012, respectively	14,480	6,424
Additional paid-in capital	14,835,983	13,731,097
Accumulated comprehensive gain (loss)	0	4,706
Accumulated deficit	(16,444,841)	(13,777,606)
Total stockholders' equity (deficit)	(1,493,052)	12,242
Total liabilities and stockholders' equity (deficit)	$ 576,446	$ 1,653,538