x |
Quarterly
Report under Section 13 or 15(d) of the Securities Exchange Act of
1934
|
o |
Transition
report under Section 13 or 15(d) of the Exchange
Act
|
Nevada
|
20-1740044
|
|
(State
or other jurisdiction
|
(I.R.S.
Employer
|
|
of
incorporation or organization
|
Identification
No.)
|
SUITE
328, 369 ROCKY VISTA PARK DRIVE
|
||
CALGARY,
ALBERTA T3G 5K7
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||
CANADA
|
Telephone:
(403) 399-2836
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|
(Address
of principal executive offices)
|
(Registrant's
telephone number, including area
code)
|
Blacksands
Petroleum, Inc.
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|||||||||
(Formerly
known as Lam Liang Corp.)
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|||||||||
(A
Development Stage Enterprise)
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|||||||||
Balance
Sheets
|
Unaudited
|
Audited
|
||||||
As
of
|
As
of
|
||||||
April
30, 2006
|
October
31, 2005
|
||||||
A S S E T S | |||||||
Current Assets |
|
|
|||||
Cash
at bank
|
$
|
40,081
|
$
|
41,048
|
|||
Petty
Cash
|
43
|
—
|
|||||
Total
Current Assets
|
40,124
|
41,048
|
|||||
Fixed
Assets
|
|||||||
Furniture,
net of depreciation
|
776
|
779
|
|||||
Office
Equipment, net of depreciation
|
720
|
757
|
|||||
Total
Fixed Assets
|
1,496
|
1,536
|
|||||
Other
Assets
|
|||||||
Rent
Deposit
|
933
|
859
|
|||||
Total
Other Assets
|
933
|
859
|
|||||
Total
Assets
|
$
|
42,553
|
$
|
43,443
|
|||
L
I A B I L I T I E S
|
|||||||
Current
Liabilities
|
|||||||
Payroll
Witholding Taxes Payable
|
$
|
2,080
|
$
|
15
|
|||
Total
Current Liabilities
|
2,080
|
15
|
|||||
Total
Liabilities
|
2,080
|
15
|
|||||
S
T O C K H O L D E R S ' E Q U I T Y
|
|||||||
Common
Stock
|
|||||||
Additional
Paid-in-Capital
|
57,900
|
57,900
|
|||||
Accumulated
Comprehensive Loss
|
(969
|
)
|
(2,792
|
)
|
|||
Deficit
accumulated during the development stage
|
(18,558
|
)
|
(13,780
|
)
|
|||
Total
Stockholders' Equity
|
40,473
|
43,428
|
|||||
Total
Liabilities and Stockholders' Equity
|
$
|
42,553
|
$
|
43,443
|
|||
Blacksands
Petroleum, Inc.
|
|||||||||||||
(Formerly
known as Lam Liang Corp.)
|
|||||||||||||
(A
Development Stage Enterprise)
|
|||||||||||||
Statements
of Operations
|
Unaudited
|
||||||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
From
Inception
|
||||||||||||
For
the Six Months
|
For
the Six Months
|
For
the Three
|
For
the Three
|
(October
12, 2004)
|
||||||||||||
Ended
|
Ended
|
Months
Ended
|
Months
Ended
|
through
|
||||||||||||
April
30, 2006
|
April
30, 2005
|
April
30, 2006
|
April
30, 2005
|
April
30, 2006
|
||||||||||||
Revenues:
|
||||||||||||||||
Revenue
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Total
Revenues
|
—
|
—
|
—
|
—
|
—
|
|||||||||||
Expenses:
|
||||||||||||||||
Professional
Fees
|
625
|
—
|
625
|
5,823
|
||||||||||||
Depreciation
|
42
|
21
|
442
|
|||||||||||||
Office
and Administration
|
4,111
|
5,932
|
2,503
|
4,606
|
12,310
|
|||||||||||
Total
Expenses
|
4,778
|
5,932
|
3,149
|
4,606
|
18,575
|
|||||||||||
Net
loss from Operations
|
(4,778
|
)
|
(5,932
|
)
|
(3,149
|
)
|
(4,606
|
)
|
(18,575
|
)
|
||||||
Other
Income and Expenses:
|
||||||||||||||||
Interest
Income
|
—
|
— |
—
|
— |
17
|
|||||||||||
Gain
(Loss) from Currency Transaction
|
—
|
—
|
|
—
|
—
|
|
—
|
|||||||||
Net
Loss before Taxes
|
(4,778
|
)
|
(5,932
|
)
|
(3,149
|
)
|
(4,606
|
)
|
(18,558
|
)
|
||||||
Provision
for Income Taxes:
|
||||||||||||||||
Income
Tax Benefit
|
||||||||||||||||
Net
Loss
|
$
|
(4,778
|
)
|
$
|
(5,932
|
)
|
$
|
(3,149
|
)
|
$
|
(4,606
|
)
|
$
|
(18,558
|
)
|
|
Other
Comprehensive Income (Loss)
|
$
|
1,823
|
$
|
(1,181
|
)
|
$
|
—
|
$
|
(1,422
|
)
|
$
|
(969
|
)
|
|||
Total Comprehensive Loss |
$
|
(2,955 |
)
|
$
|
(7,133
|
)
|
$
|
(3,419
|
)
|
$
|
(6,028
|
)
|
$
|
(19,527
|
)
|
|
Basic
and Diluted Loss Per Common Share
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
|
Weighted
Average number of Common Shares
|
2,100,000
|
1,266,667
|
2,100,000
|
1,550,000
|
1,770,231
|
|||||||||||
used
in per share calculations
|
||||||||||||||||
Blacksands
Petroleum, Inc.
|
||||||||||
(Formerly
known as Lam Liang Corp.)
|
||||||||||
(A
Development Stage Enterprise)
|
||||||||||
Statements
of Cash Flows
|
Unaudited
|
|||||||
From
Inception
|
|||||||
For
the Six Months
|
(October
12, 2004)
|
||||||
Ended
|
through
|
||||||
April
30, 2006
|
April
30, 2006
|
||||||
Cash
Flows from Operating Activities:
|
|||||||
Net
Loss
|
$
|
(4,778
|
)
|
$
|
(18,558
|
)
|
|
Foreign
Currency Income (Loss)
|
1,823
|
(969
|
)
|
||||
Adjustments
to reconcile net loss to
|
|||||||
net
cash used by operating activites:
|
|||||||
Other
Comprehensive Income
|
—
|
—
|
|||||
Changes
in Operating assets and liabilities
|
|||||||
Increase
in accounts payable
|
15
|
||||||
Increase
in related party loans
|
802
|
||||||
Changes
in deposits
|
(904
|
)
|
|||||
Payroll
and Withholding Taxes Payable
|
2,065
|
2,102
|
|||||
Office
Equipment and Furniture: Depreciation
|
42
|
442
|
|||||
Net
Cash Used by Operating Activities
|
(850
|
)
|
(17,070
|
)
|
|||
Cash
Flows from Investing Activities:
|
|||||||
Office
Equipment and Furniture: Cost
|
—
|
(1,910
|
)
|
||||
Rent
Deposit
|
(74
|
)
|
(896
|
)
|
|||
Net
Cash Used in Investing Activities
|
(74
|
)
|
(2,806
|
)
|
|||
Cash
Flows from Financing Activities:
|
|||||||
Sales
of Common Stock
|
—
|
60,000
|
|||||
Net
Cash Provided from Financing Activities
|
—
|
60,000
|
|||||
Net
Increase (decrease) in Cash
|
(924
|
)
|
40,124
|
||||
Cash
Balance, Begin Period
|
41,048
|
—
|
|||||
Cash
Balance, End Period
|
$
|
40,124
|
$
|
40,124
|
|||
Supplemental
Disclosures:
|
|||||||
Cash
Paid for interest
|
$
|
—
|
$
|
—
|
|||
Cash
Paid for income taxes
|
$
|
—
|
$
|
—
|
|||
1. |
DESCRIPTION
OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT
POLICIES
|
1. |
DESCRIPTION
OF BUSINESS AND SUMMARY OF SIGNIFICANT POLICIES
(continued)
|
2006
|
||||
Net
loss, as reported
|
$
|
(2,955
|
)
|
|
Other
comprehensive income
|
1,823
|
|
||
Add:
Stock-based employee compensation expense included in reported
loss, net
of related tax effects
|
—
|
|||
Deduct:
Total stock-based employee compensation expense determined under
fair
value based methods for all awards, net of related tax
effects
|
—
|
|||
Pro
forma net loss
|
$
|
(1,132
|
)
|
|
Net
loss per common share:
|
||||
Basic
and fully diluted loss per share, as reported
|
$
|
(0.00
|
)
|
|
Basic
and fully diluted loss per share, pro forma
|
$
|
(0.00
|
)
|
2. |
PROPERTY
AND EQUIPMENT
|
3. |
STOCKHOLDER’S
EQUITY
|
4. |
LOAN
FROM OFFICERS AND DIRECTORS
|
5. |
RELATED
PARTY TRANSACTIONS
|
6. |
STOCK
OPTIONS
|
7. |
COMPREHENSIVE
INCOME
|
8. |
LITIGATION
|
9. |
SUBSEQUENT
EVENTS
|
Exhibit
No.
|
Description
|
31.1
|
Sec.
302 Certification of Principal Executive Officer
|
31.2
|
Sec.
302 Certification of Principal Financial Officer (1)
|
32.1
|
Sec.
906 Certification of Principal Executive Officer
|
32.2
|
Sec.
906 Certification of Principal Financial Officer (2)
|
(1) |
Included
in Exhibit 31.1 filed herewith
|
(2) |
Included
in Exhibit 32.1 filed herewith
|
BLACKSANDS PETROLEUM, INC. | ||
|
|
|
Date: June 16, 2006 | By: | /s/ Darren Stevenson |
|
||
Name:
Darren Stevenson
Title:
President and Chief Executive
Officer
|