Not a bad balance sheet, assets>liabilities
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
American Goldfields Inc.
(An Exploration Stage Company)
Consolidated Balance Sheets
(Unaudited)
October 31,
January 31,
2010
2010
Assets
CURRENT ASSETS
Cash and cash equivalents
$ 19,605 $ 811
Prepaid expenses
- -
Total current assets
19,605 811
Reclamation deposits
41,800 41,800
Total Assets
$ 61,405 $ 42,611
Liabilities
CURRENT LIABILITIES
Accounts payable and accrued liabilities
$ 39,500 $ 47,982
Total current liabilities
39,500 47,982
Stockholders' Equity
SHARE CAPITAL
Authorized:
600,000,000 (January 31, 2009 – 600,000,000) common
shares with a par value of $0.001 per share
100,000,000 preferred shares with a par value of $0.001
per share
Issued:
21,346,932 (January 31, 2010 – 21,292,878) common
issued and outstanding at October 31, 2010
21,347 21,293
Additional paid-in capital
4,007,517 3,967,571
DEFICIT ACCUMULATED DURING THE EXPLORATION STAGE
(4,006,959 ) (3,994,235 )
Total stockholders' equity
21,905 (5,371 )
Total Liabilities and Stockholders' Equity
$ 61,405 $ 42,611
