Message #1 From:
NewsBot Date: January 23, 2005 11:57:49 AM
AAPH American Petro-Hunter Inc,Stock Trading Message Board News
Form 10QSB for AMERICAN PETRO-HUNTER INC
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15-Nov-2004
Quarterly Report
Item 2 - Management Discussion and Analysis
(a) Liquidity
The Company is experiencing illiquidity and has been dependent upon shareholders and directors to provide funds to maintain its activities. At September 30, 2004, the balance of funds loaned by the shareholders amounted to $33,004, which is included in accounts payable. In addition, at September 30, 2004 two directors have advanced $14,647 to the Company, which is also included in accounts payable. There are no specific terms of repayment.
(b) Capital Resources
The Company had a working capital deficiency of $209,793 at September 30, 2004. As noted above, the Company is receiving funding from shareholders and directors.
(c) Results of Operations
For the nine-month period ended September 30, 2004, the Company incurred a net loss of $37,760.
Administration expenses for the nine-month period amounted to $19,099 compared to $13,495 in the same period of 2003, mainly due to increases resulting from revaluing Canadian dollar denominated accounts payable into U.S. dollars at rates which have increased in value compared to the U.S. dollar in the current year. Current expenses denominated in Canadian dollars while comparable in Canadian dollars in both periods, are likewise higher in U.S. dollars because of the increase in value of the Canadian dollar.
(d) Stock Options
During the 2004 nine-month period, 5,000 stock options to purchase shares of the Company were cancelled. The Company currently has 803,000 stock options outstanding, of which 3,000 are priced at $3.00 with an expiry date of March 20, 2005, and 800,000 are priced at $0.15 with an expiry date of October 31, 2006.
