CHINA YILI PETROLEUM CO

CIK:0001339854|SEC Filings

4 Summary of Significant Accounting Policies: Comprehensive Income (Policies)	3 Months Ended
Jun. 30, 2012
Comprehensive Income:
Comprehensive Income	Comprehensive income Comprehensive income is defined to include all changes in equity except those resulting from investments by shareholders and distributions to shareholders. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation gain, net of tax.

4 Summary of Significant Accounting Policies: Comprehensive Income (Policies)

3 Months Ended

Jun. 30, 2012

Comprehensive income

Comprehensive income is defined to include all changes in equity except those resulting from investments by shareholders and distributions to shareholders. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation gain, net of tax.

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		85 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Net loss from continuing operations	$ (118,799)	$ (127,262)	$ (9,118,866)
Income from discontinued operations			57,430
NET LOSS	(118,799)	(127,262)	(9,061,436)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Impairment of long-term assets			6,965,963
Depreciation	11,859	21,762	265,007
Imputed interest	11,607	9,943	71,890
Change in other current assets		(774)	(572)
Change in accounts payable			2,240,133
Change in accrued expenses	76,227	80,856	886,683
NET CASH PROVIDED (USED IN) BY OPERATING ACTIVITIES	(19,105)	(15,475)	1,367,668
INVESTING ACTIVITIES:
Acquisition of property and equipment			(9,793,995)
NET CASH USED IN INVESTING ACTIVITIES			(9,793,995)
FINANCING ACTIVITIES:
Loan received from a stockholder	19,105	16,348	476,839
Capital contribution			6,733,838
NET CASH PROVIDED BY FINANCING ACTIVITIES	19,105	16,348	7,210,677
EFFECT OF EXCHANGE RATE ON CASH		(847)	1,216,037
INCREASE IN CASH		1	386
CASH - BEGINNING OF PERIOD	386	692
CASH - END OF PERIOD	$ 386	$ 693	$ 386

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2012	Dec. 31, 2011
Cash	$ 386	$ 386
Other current assets	572	572
TOTAL CURRENT ASSETS	958	958
Property and equipment, net of accumulated depreciation	2,563,026	2,576,221
TOTAL ASSETS	2,563,984	2,577,179
Accounts payable	2,240,133	2,241,307
Due to shareholder	476,839	457,918
Accrued expenses	886,683	810,936
TOTAL CURRENT LIABILITIES	3,603,655	3,510,161
Common stock, $0.001 par value, 100,000,000 shares authorized, 29,748,348 shares issued and outstanding at June 30, 2012 and December 31, 2011	29,748	29,748
Additional paid-in capital	6,775,980	6,764,373
Deficit accumulated during development stage	(9,061,436)	(8,942,637)
Accumulated other comprehensive income	1,216,037	1,215,534
TOTAL STOCKHOLDERS' DEFICIENCY	(1,039,671)	(932,982)
TOTAL LIABILITIES AND STOCKHOLDERS' DECIFIENCY	$ 2,563,984	$ 2,577,179