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Nature and Continuance of Operations
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American Petro-Hunter Inc. (the “Company”) was incorporated in the State of Nevada on January 24, 1996 as Wolf Exploration Inc. On March 17, 1997, Wolf Exploration Inc. changed its name to Wolf Industries Inc.; on November 21, 2000, they changed its name to Travelport Systems Inc., and on August 17, 2001, changed its name to American Petro-Hunter Inc.
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In the 1
st
quarter of 2014, the Company sold all of its mineral properties and will no longer have oil and gas revenue (see footnote 11 for further details). The Company intends to proceed with a new strategy, which is to build a holding company focused on energy and real estate investments. It will seek to develop, acquire and operate hard assets that it expect will provide attractive and tax efficient cash flow as well as future price appreciation. The Company is currently in negotiations to acquire an accommodation facility that services utility and oil service companies operating in the Eagleford region of Texas. In addition to real estate assets, the Company intends to acquire, explore for, develop and produce crude oil and natural gas properties located in the U.S. directly and through retail distribution network.
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Going Concern
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These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has an accumulated deficit of $16,444,841
as of December 31, 2013 and has current liabilities that are $2,069,498
which is $2,039,913
in excess of its current assets. The Company has limited assets and requires additional funds to maintain its operations. Management’s plan in this regard is to raise equity financing as required. There can be no assurance that sufficient funding will be obtained. The foregoing matters raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
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