Message #2 From:
NewsBot Date: May 22, 2005 08:54:53 PM
AAPH Form 10QSB for AMERICAN PETRO-HUNTER INC
Form 10QSB for AMERICAN PETRO-HUNTER INC
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17-May-2005
Quarterly Report
Item 2 - Management Discussion and Analysis
(a) Liquidity
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The Company is experiencing illiquidity and has been dependent upon shareholders and directors to provide funds to maintain its activities. At March 31, 2005, the balance of funds loaned by the shareholders amounted to $33,004, which is included in accounts payable. In addition, two directors advanced $14,647 to the Company, of which $3,796 was repaid during the quarter ended March 31, 2005, leaving a balance owing to directors of $9,888, which is included in accounts payable. There are no specific terms of repayment.
(b) Capital Resources
The Company had a working capital deficiency of $332,822 at March 31, 2005. As noted above, the Company is receiving funding from shareholders and directors.
(c) Results of Operations
For the three-month period ended March 31, 2005, the Company incurred a net loss of $14,212.
Administration expenses for the three-month period amounted to $14,212 compared to $5,100 in the same period of 2004. mainly due to timing differences in completion of year-end financial statements, as the 2004 statements and 10KSB were filed in late April, 2004, so that accounting, legal and other expenses related thereto were primarily recorded in the second quarter of 2004. The Company also recorded larger foreign exchange gains and adjustments in the 2004 first quarter, due to fluctuations in exchange rates for expenses denominated in Canadian dollars.
(d) Stock Options
During the 2005 three-month period, 3,000 stock options to purchase shares of the Company were cancelled. The Company currently has 800,000 stock options outstanding priced at $0.15 with an expiry date of October 31, 2006.
