AXIOM OIL & GAS CORP.

CIK:0001399095|SEC Filings

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended		57 Months Ended
Statements of Operations - USD ($)	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	May. 31, 2015
Income Statement
Revenues - gas sales	$ 1,857		$ 7,376		$ 7,376
Cost of goods sold	2,922		8,076		8,076
Gross profit	(1,065)		(700)		(700)
Expenses
Compensation	67,738	$ 69,175	300,401	$ 225,448	5,943,210
General and administrative	81,967	46,330	452,010	459,603	2,665,937
Exploration	3,568		3,568		355,251
Impairment of goodwill			2,825,276		3,350,753
Total expenses	153,273	115,505	3,581,255	685,051	12,315,151
Operating loss	(154,338)	(115,505)	(3,581,955)	(685,051)	(12,315,851)
Other income (expenses)
Interest expense	(29,843)	(7,912)	(74,120)	(19,604)	(110,060)
Amortization of debt discount	12,024		(19,724)		(19,724)
Forgiveness of debt income				77,480	32,480
Loss on expiration of lease	2,492		(10,300)		(10,300)
Gain on sale of subsidiary					160,681
Finance costs, share-based					(6,154,322)
Foreign currency gain (loss)					(80,958)
Net other income (expense)	(44,359)	(7,912)	(104,144)	57,876	(6,182,203)
Net Loss	$ (198,697)	$ (123,417)	$ (3,686,099)	$ (627,175)	$ (18,498,054)
Basic and diluted loss per share	$ (0.01)	$ (0.01)	$ (0.21)	$ (0.06)
Weighted average number of common shares outstanding - basic and diluted	19,030,650	11,252,774	17,718,978	10,822,442

Statements of Cash Flows - USD ($)	9 Months Ended		57 Months Ended
Statements of Cash Flows - USD ($)	May. 31, 2015	May. 31, 2014	May. 31, 2015
Cash flows from operating activities
Net Loss	$ (3,686,099)	$ (627,175)	$ (18,498,054)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	339,175	430,748	5,867,457
Impairment of goodwill	2,825,276		3,350,753
Amortization of debt discount	19,724		19,724
Forgiveness of debt income		(77,480)	(32,480)
Stock-based finance costs			6,154,322
Depreciation expense			3,937
Foreign currency loss			80,958
Loss on expiration of lease	10,300		10,300
Gain on sale of subsidiary			(160,681)
Related party rent expense			3,000
Changes in assets and liabilities:
Net VAT receivable			(87,751)
Prepaid and other current assets			981
Other			(1,254)
Accounts payable	187,558	133,074	1,293,914
Accrued expenses	35,279	40,855	248,059
Accrued interest	64,366	19,604	100,306
Net cash used in operating activities	(204,421)	(80,374)	(1,646,509)
Cash flows from investing activities
Acquisition of equipment			7,454
Cash received in acquisition			3,435
Net cash used in investing activities			(4,019)
Cash flows from financing activities
Proceeds from issuance of convertible debentures	200,000	75,000	305,000
Proceeds from issuance of common stock	200	200	1,411,054
Offering costs			101,225
Proceeds from notes payable	18,000		60,000
Payments of notes payable	18,000		18,000
Proceeds from notes payable, related party		5,000	5,000
Proceeds from loans payable, related parties	4,268		(14,412)
Net cash provided by financing activities	204,468	80,200	1,647,417
Adjustment for change in exchange rate			3,081
Net increase (decrease) in cash	47	(174)	(30)
Cash balance, beginning of periods	76	362	153
Cash balance, end of periods	123	$ 188	123
Supplementary information:
Interest	$ 2,000		$ 2,000
Income taxes
Non-cash investing activities:
Leases, Toole County, Montana	$ 240,495		$ 240,495
Investment in working interest in wells, Toole County, Montana	301,000		301,000
Secured debenture, Toole County, Montana	(1,264,972)		(1,264,972)
Accrued interest, Toole County, Montana	(107,643)		(107,643)
Loan payable related party, Toole County, Montana	(340,000)		(340,000)
Net liabilities acquired, Toole County, Montana	(1,171,120)		(1,171,120)
Acquisition of Axiom Mexico - Cash	0	$ 0	3,435
Acquisition of Axiom Mexico - Net VAT receivable	0	0	9,667
Acquisition of Axiom Mexico - Prepaid expenses and other current assets	0	0	1,169
Acquisition of Axiom Mexico - Security deposit	0	0	990
Acquisition of Axiom Mexico - Furniture and equipment	0	0	7,476
Acquisition of Axiom Mexico - Accounts payable and accrued expenses	0	0	(625)
Acquisition of Axiom Mexico - Related party payables	0	0	(47,589)
Acquisition of Axiom Mexico - Net liabilities acquired	0	0	(25,477)
Sale of investment in Axiom Mexico - Other current assets	0	0	188
Sale of investment in Axiom Mexico - Net VAT receivable	0	0	97,488
Sale of investment in Axiom Mexico - Property and equipment	0	0	9,548
Sale of investment in Axiom Mexico - Other	0	0	844
Sale of investment in Axiom Mexico - Accounts payable and accrued expenses	0	0	(157,246)
Sale of investment in Axiom Mexico - Related party payables	0	0	(28,909)
Sale of investment in Axiom Mexico - Accumulated other comprehensive income	0	0	(82,594)
Gain on sale of Axiom Mexico	0	0	(160,681)
Non-cash financing activities:
Common stock issued for debt	0	75,000	120,000
Note payable issued for debt	0	70,000	70,000
Stock option issued for debt	0	3,462	3,462
Forgiveness related party payables	0	0	2,250
Common stock and note payable issued for accrued compensation and expenses	0	$ 0	369,718
Note payable to related party, acquisitionof Toole County, MT leases	40,010		40,010
Discounted originated upon issuance of convertible debenture with common stock warrants	$ 41,258		$ 41,258

Balance Sheets - USD ($)	May. 31, 2015	Aug. 31, 2014
Current assets
Cash	$ 123	$ 76
Total current assets	123	76
Property and equipment - Successful efforts method
Leases - Toole County, Montana	230,195
Investment in working interest in wells	301,000
Total	531,195
Other	1,400	1,400
Total assets	532,718	1,476
Current liabilities
Accounts payable	545,480	357,921
Accrued expenses	248,059	212,780
Accrued interest	201,565	35,940
Loans payable, related party	344,268
Notes payable, related party	45,145	5,000
Notes payable	137,000	137,000
Convertible debentures	186,442	105,000
Convertible debentures, related party	89,324
Total current liabilities	1,797,283	853,641
Long-term liabilities
Secured debenture	1,137,482
Total long-term liabilities	1,137,482
Total liabilities	$ 2,934,765	$ 853,641
Commitments and contingencies
Stockholders' deficiency
Preferred stock value
Common stock value	$ 19,031	$ 11,353
Additional paid-in capital	16,060,465	14,070,299
Accumulated other comprehensive income	138,373
Deficit accumulated from prior operations	(121,862)	(121,862)
Deficit accumulated during the exploration stage	(18,498,054)	(14,811,955)
Total stockholders' deficiency	(2,402,047)	(852,165)
Total liabilities and stockholders' deficiency	$ 532,718	$ 1,476