AMERICAN POWER CORP.

CIK:0001436174|SEC Filings

Statements of Operations (USD $)	3 Months Ended		65 Months Ended
Statements of Operations (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012
REVENUES
Revenues	$ 0	$ 0	$ 0
Total revenues	0	0	0
EXPENSES
Office and general	12,181	40,255	654,247
Management fees	38,500	80,000	1,276,497
Professional fees	39,732	47,778	423,391
Gain on debt forgiveness	0	0	(8,000)
Exploration costs	5,688	214,985	895,192
Total expenses	(96,101)	(383,018)	(3,241,327)
OTHER INCOME (EXPENSE)
Interest expense	(102,094)	(78,813)	(987,967)
Loss on extinguishment of debt	0	0	(470,869)
Total other expenses	(102,094)	(78,813)	(1,458,836)
NET LOSS	$ (198,195)	$ (461,831)	$ (4,700,163)
BASIC LOSS PER COMMON SHARE	$ 0	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	102,471,632	93,670,217

Statements of Cash Flows (USD $)	3 Months Ended		65 Months Ended
Statements of Cash Flows (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (198,195)	$ (461,831)	$ (4,700,163)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation and amortization	2,771	2,744	28,134
Stock-based compensation	26,000	42,500	1,129,836
Accretion of debt discount	69,961	78,813	922,004
Gain on extinguishment of debt	0	0	(8,000)
Loss on extinguishment of debt	0	0	470,869
Change in current assets and liabilities:
(Increase) decrease in prepaid expenses	3,054	7,541	(5,966)
Decrease (increase) in accounts payable and accrued liabilities	(1,148)	(6,325)	255,808
NET CASH USED IN OPERATING ACTIVITIES	(97,557)	(336,558)	(1,907,478)
CASH FLOWS FROM INVESTING ACTIVITIES
Website	0	0	(38,945)
Equipment	(523)	0	(5,480)
Mineral property	0	0	(350,000)
Reclamation bond	0	(32,232)	(125,108)
NET CASH USED IN INVESTING ACTIVITIES	(523)	(32,232)	(519,533)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank overdraft	(423)	0	0
Proceeds from sale of common stock	100,000	0	2,812,310
Loans from related party	0	0	16,198
Proceeds from notes payable	0	0	200,000
Payment on promissory note	0	0	(600,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES	99,577	0	2,428,508
NET INCREASE ( DECREASE) IN CASH	1,497	(368,790)	1,497
CASH, BEGINNING OF PERIOD	0	629,857	0
CASH, END OF PERIOD	1,497	261,067	1,497
Supplemental information:
Interest paid in cash	31,250	0	62,500
Taxes paid in cash	0	0	0
Supplemental cash flow information and noncash financing activities:
Common stock payable for property	0	0	115,000
Promissory notes issued for property	0	0	2,405,500
Forgiveness of debt by former director	0	0	16,198
Common stock issued to satisfy common stock payable	0	867,500	1,973,910
Conversion of debt totalling $208,603, (including interest of $8,603) for common stock	$ 0	$ 0	$ 464,610

Balance Sheets (USD $)	Dec. 31, 2012	Sep. 30, 2012
ASSETS
Cash	$ 1,497	$ 0
Prepaids and deposit	5,966	9,020
TOTAL CURRENT ASSETS	7,463	9,020
LONG TERM ASSETS
Mineral property	2,670,500	2,670,500
Reclamation bond	125,108	125,108
Equipment - net	2,164	1,978
Website - net	14,128	16,562
TOTAL LONG TERM ASSETS	2,811,900	2,814,148
TOTAL ASSETS	2,819,363	2,823,168
LIABILITIES AND STOCKHOLDERS' EQUITY
Bank overdraft	0	423
Accounts payable and accrued liabilities	247,809	248,957
Promissory notes, current portion	2,200,000	1,600,000
TOTAL CURRENT LIABILITIES	2,447,809	1,849,380
LONG TERM LIABILITIES
Promissory notes, net of current portion, net of debt discount of $148,037 ($217,998 – September 30, 2012)	551,963	1,082,002
TOTAL LONG TERM LIABILITIES	551,963	1,082,002
TOTAL LIABILITIES	2,995,312	2,931,382
STOCKHOLDERS' EQUITY
Capital stock Authorized 500,000,000 shares of common stock, $0.001 par value, Issued and outstanding 102,512,909 shares of common stock (101,247,086 September 30, 2012)	102,513	101,247
Additional paid in capital	4,447,978	4,349,244
Stock payable	44,333	18,333
Accumulated deficit during exploration stage	(4,775,233)	(4,577,038)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(180,409)	(108,214)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 2,819,363	$ 2,823,168