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Document and Entity Information
9 Months Ended
Jul. 31, 2013
Sep. 23, 2013
Document and Entity Information
Entity Registrant Name American Liberty Petroleum Corp.
Document Type 10-Q
Document Period End Date Jul 31, 2013
Amendment Flag false
Entity Central Index Key 0001451929
Current Fiscal Year End Date --10-31
Entity Common Stock, Shares Outstanding 107,389,051
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2013
Document Fiscal Period Focus Q3
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CONSOLIDATED BALANCE SHEETS (USD $)
Jul. 31, 2013
Oct. 31, 2012
Current Assets
Cash $ 2,482 $ 274,244
Prepaid assets 9,721 21,554
Total current assets 12,203 295,798
Total assets 12,203 295,798
Current Liabilities
Accounts payable and accrued liabilities 6,883 16,789
Total current liabilities 6,883 16,789
Total liabilities 6,883 16,789
Commitments 0 0
SHAREHOLDERS' EQUITY
Common Stock, $0.00001 par value, 450,000,000 authorized; 107,389,051 and 105,912,580 issued and outstanding at July 31, 2013 and October 31, 2012, respectively 1,074 1,059
Additional paid in capital 3,110,113 3,105,597
Deficit accumulated during the exploration stage (3,105,867) (2,827,647)
Total shareholders' equity 5,320 279,009
Total liabilities and shareholders' equity $ 12,203 $ 295,798
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CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)
Jul. 31, 2013
Oct. 31, 2012
Parentheticals
Common Stock, par value $ 0.00001 $ 0.00001
Common Stock, shares authorized 450,000,000 450,000,000
Common Stock, shares issued 107,389,051 105,912,580
Common Stock, shares outstanding 107,389,051 105,912,580
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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
3 Months Ended 9 Months Ended 57 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Operating expenses
General and administrative $ 86,151 $ 152,847 $ 278,220 $ 463,958 $ 1,673,786
Loss on disposition of oil and gas properties 0 0 0 0 1,423,439
Loss from Operations (86,151) (152,847) (278,220) (463,958) (3,097,225)
Interest (expense)/ income, net 0 (267) 0 (643) (8,642)
Net loss $ (86,151) $ (152,580) $ (278,220) $ (463,315) $ (3,105,867)
Net loss per share:
Basic and diluted $ 0 $ 0 $ 0 $ 0 $ 0
Weighted average shares outstanding:
Basic and diluted 107,270,919 105,822,615 107,046,427 105,385,034 0
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
9 Months Ended 57 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (278,220) $ (463,315) $ (3,105,867)
Adjustment to reconcile net loss to net cash used in operating activities
Donated consulting services and expenses 0 0 6,500
Common stock issued for services 4,531 198,500 302,230
Impairment of oil and gas properties 0 0 1,423,439
Changes in:
Other receivables - related party, 0 0 0
Prepaid assets, 11,833 267,555 (10,699)
Accounts payables and accrued liabilities, (9,906) (6,013) (16,771)
NET CASH USED IN OPERATING ACTIVITIES (271,762) (3,273) (1,367,626)
CASH FLOWS FROM INVESTING ACTIVITIES:
Note receivable 0 (643) (19,900)
Capital expenditures 0 (287,226) (1,100,492)
NET CASH USED IN INVESTING ACTIVITIES 0 (287,869) (1,120,392)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the sale of common stock 0 600,000 1,905,500
Proceeds from notes payable - related party 0 0 585,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 0 600,000 2,490,500
NET CHANGE IN CASH (271,762) 308,858 2,482
Cash, beginning of period 274,244 37,259 0
Cash, end of period 2,482 346,117 2,482
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest 0 0 0
Cash paid for income taxes 0 0 0
Non cash transactions:
Common stock and warrants issued to convert notes payable and accrued interest 0 0 594,886
Common stock and warrants issued for oil and gas leases 0 0 302,069
Notes receivable applied to oil and gas properties $ 0 $ 0 $ 19,900
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Basis of Presentation
9 Months Ended
Jul. 31, 2013
Basis of Presentation
Basis of Presentation

Note 1 – Basis of Presentation

 

The accompanying unaudited interim financial statements of American Liberty Petroleum Corp., a Nevada corporation (“ALP” or the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting.  Accordingly, these financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of ope rations and cash flows as of July 31, 2013 and for all interim periods presented herein have been reflected in these financial statements and the notes thereto. Interim results for the three and nine months ended July 31, 2013 are not necessarily indicative of the results to be expected for the fiscal year as a whole. These financial statements should be read in conjunction with the audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2012.

 

As used in this Quarterly Report, the terms “we,” “us,” “our,” “ALP” and “the Company” shall mean American Liberty Petroleum Corp. unless otherwise indicated. All dollar amounts in this Quarterly Report are in U.S. Dollars unless otherwise stated.

 

Certain amounts in the 2012 financial statements have been reclassified to conform to the 2013 financial presentation. These reclassifications have no impact on net loss.
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Related Party Transactions
9 Months Ended
Jul. 31, 2013
Related Party Transactions
Related Party Transactions

Note 2 – Related Party Transactions

 

Beginning in February 2010, the Company agreed to pay director fees of $8,500 per month to Diamante Services Ltd. in exchange for Mr. Vollmers’ services as director of the Company.  As of April 30, 2013, Mr. Vollmers was overpaid $21,124 in director’s fees. The overpayment was settled in May 2013 when he was awarded his director’s fee.

 

During the three and nine months ended July 31, 2013, Mr. Vollmers paid certain Company expenses in the amount of $0 and $24,018, respectively, which were reimbursed by the Company during the period ended July 31, 2013.

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Common Stock
9 Months Ended
Jul. 31, 2013
Common Stock
Common Stock

Note 3 – Common Stock

 

On June 28, 2012, the Company completed a private placement of 1,176,471 Units to New World consisting of one share of the Company’s Common Stock and a warrant to purchase one share of the Company’s Common Stock at a price of $0.27 per share for a period of three years from the date of issuance of the Units. Gross proceeds from the sale of the Units were $200,000.  The relative fair market value of the warrant on the date of issuance was $93,500.  These shares were issued December 2012.

 

On December 28, 2012, the Company issued 25,000 shares of Common Stock to each of James E. Melland and Alfred H. Pekarek for serving on the Company’s Advisory Board.  The fair market value of the shares on the grant date was $2,000.

 

On December 28, 2012, the Company issued 100,000 shares of Common Stock to Vincent R. Ramirez, as compensation for consulting services. The aggregate fair market value of those shares was $6,000 on the grant date. These shares were authorized for issuance during the year ended October 31, 2012.

 

On June 3, 2013, the Company issued 100,000 shares of Common Stock to Vincent R. Ramirez, as compensation for consulting services. The grant date of these shares were on April 12, 2013. The aggregate fair market value of those shares was $1,530 on the date of grant.

 

On June 3, 2013, the Company issued 25,000 shares of Common Stock to each of James E. Melland and Alfred H. Pekarek for serving on the Company’s Advisory Board.  The fair market value of the total shares on the grant date was $1,000.

 

None of the securities issued in the above referenced transactions are registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, accordingly, will be subject to all applicable restrictions on sale under such laws.

 

As of July 31, 2013, the Company had 16,351,551 warrants outstanding.  During the nine months ended July 31, 2013, 10,500,000 warrants expired.

 

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Commitments
9 Months Ended
Jul. 31, 2013
Commitments {1}
Commitments

Note 4 – Commitments

 

The Company entered into a Letter of Agreement with Andrew J. Barwicki dated July 15, 2011 (the “Barwicki Agreement”). The agreement was terminated in January 2013.

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Going Concern
9 Months Ended
Jul. 31, 2013
Going Concern
Going Concern

Note 5 – Going Concern

 

There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through private placements, public offerings and/or bank financings necessary to support the Company’s working capital requirements.  To the extent that funds generated from any private placements, public offerings and/or bank financings are insufficient to support the Company’s working capital requirements, the Company will have to raise additional working capital from alternative financing sources.  No assurance can be given that alternative financing will be available, or if available, will be available on terms acceptable to the Company.  If adequate working capital is no t available, then the Company may not be able to continue its operations.

 

These conditions 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 asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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Related Party Prepayments (Details) (USD $)
Apr. 30, 2013
Related Party Prepayments
Related Party Prepaid fees $ 21,124
Related Party director fees per month $ 8,500
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Related Party expenses (Details) (USD $)
3 Months Ended 9 Months Ended
Jul. 31, 2013
Jul. 31, 2013
Related Party expenses
Company expenses paid by related party $ 0 $ 24,018
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Common Stock Transactions (Details) (USD $)
Jun. 03, 2013
Dec. 28, 2012
Jun. 28, 2012
Common Stock Transactions
No of units issued through private placement to New World 1,176,471
Common Stock price per share $ 0.27
Gross proceeds from the sale of the Units $ 200,000
Relative fair market value of the warrant on the date of issuance 93,500
Shares of Common Stock issued to James 25,000 25,000
Shares of Common Stock issued to Vincent as compensation for consulting services 100,000 100,000
Fair market value of the shares on the grant date issued to James $ 1,000 $ 2,000
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Warrant Outstanding and Expired (Details)
9 Months Ended
Jul. 31, 2013
warrant Details
Company had outstanding warrants 16,351,551
Warrants Expired 10,500,000
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