UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, DC 20549





Form 10-Q





QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





For the quarterly period ended March 31, 2009





Commission file number: 0-12809








AMERICAN RESOURCE TECHNOLOGIES, INC.


(Formerly Golden Chief Resources, Inc.)


(Name of small business issuer in its charter)





State of Kansas
48-0846635(State or other jurisdiction of
(I.R.S. Employerincorporation or organization)
Identification #)





2351 W. Northwest Highway, Suite 1203, Dallas, Texas 75220


(Address of principal executive offices)(Zip code)





Issuer's telephone number: (214) 705-3781







Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [X] ‪   No  [   ]





Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.





Large accelerated filer
Accelerated filer  ‪Non-accelerated filer
Smaller reporting company  [X]





Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act)  Yes [   ]   No [X]





There were 63,041,273 shares of common stock, No Par Value,


outstanding as of September 30, 2010.














American Resource Technologies, Inc.


Balance Sheets








(Unaudited)March 31


September 302008


2008A S S E T SCurrent assets:Cash

$
35


$
1,762Total current assets


35



1,762Property & equipmentProducing oil & gas properties, net of accumulateddepletion of $33,370 and $24,458 respectively


242,184



251,096Furniture & fixtures, net of accumulated depreciationof $9,250 and $7,750 respectively


15,750



17,250257,934



268,346Other assetsUnproved oil & gas properties (Note 4)


-



42,000Consulting receivables, relatedparties, net of $750,000 reservefor uncollectibility (Note 5)


-



-Investment in Ameribras


40,000Total


-



42,000Total assets

$
297,969


$
312,108L I A B I L I T I E S and S T O C K H O L D E R S' E Q U I T YCurrent liabilitiesAccounts payable

$
64,044


$
52,955Advances from related party


41,803



36,839Total current liabilities


105,847



89,794Long-term liabilitiesLong-term notes payable


60,000



60,000Total long-term liabilities


60,000



60,000Stockholders' equityCommon stock, no par value, authorized 500,000,000 shares;  22,598,559 and 15,598,559 issued and outstanding,      respectively


-



-Additional paid-in capital


5,457,806



5,157,806Accumulated deficit


(5,325,684
)


(4,995,492
)Total stockholders' equity


132,122



162,314Total liabilities and stockholders' equity

$
297,969


$
312,108


The accompanying notes are an integral part of the financial statements.


2





American Resource Technologies, Inc.


Statements of Operations


For Three and Six Months Ended March 31, 2009 and 2008


(Unaudited)







Three Months Ended March 31


Six Months Ended March 312009


2008


2009


2008RevenueOil and gas

$
1,224


$
4,116


$
11,370


$
21,205Cost of RevenuesLease operating expenses


2,907



3,136



13,111



11,237Depletion

$
1,996


$
3,243


$
8,912


$
8,700Total cost of revenues


4,903



6,379



22,023



19,937Interest expense


1,250



-



2,750



-Stock based compensation


-







180,000



-Shares issued for consulting


-







70,000



-Asset impairment (Note 4)


42,000







42,000General & administrative Expense

$
10,110


$
102,182


$
24,789


$
229,974Total operating expenses


53,360



108,561



319,539



249,911Non-operating revenue, related party (Note 5)


750,000



-



750,000



-Reserve for potentially uncollectible revenue


(750,000
)


-



(750,000
)


-Net Loss

$
(57,039
)

$
(104,445
)

$
(330,192
)

$
(228,706
)Loss per share

$
-


$
(0.01
)

$
(0.02
)

$
(0.02
)Weighted Average Shares Outstanding

$
22,120,435


$
12,397,738


$
19,852,509


$
11,898,755





The accompanying notes are an integral part of the financial statements.


3





American Resource Technologies, Inc.


Statement of Changes in Stockholders' Equity


For the Six Months Ended March 31, 2009


(Unaudited)





Common Stock


Additional





TotalShares


Paid in


Accumulated


Stockholders'No par value


Capital


Deficit


EquityBalances September 30, 2008


15,598,559


$
5,157,806


$
(4,995,492
)

$
162,314Shares issued for:Cash


250,000



10,000







10,000Services


1,750,000



70,000







70,000Compensation


4,500,000



180,000







180,000-Net loss










(273,153
)


(273,153
)December 31, 2008


22,098,559



5,417,806



(5,268,645
)

$
149,161Shares issued for investment


500,000



40,000







40,000Net Loss










(57,039
)


(57,039
)Balances March 31, 2009


22,598,559


$
5,457,806


$
(5,325,684
)

$
132,122








The accompanying notes are an integral part of the financial statements.


4





American Resource Technologies, Inc.


Statements of Cash Flows


For the Six Months Ended March 31, 2009 & 2008


(Unaudited)







Cash Flows from Operating Activities:

2009


2008Net Loss

$
(330,192
)

$
(228,706
)Adjustments to reconcile net loss to net cashused in operating activities:Depletion


8,912



8,700Depreciation


1,500



1500Stock Issued for Services


70,000



105,770Stock Issued for Compensation


180,000



-Asset impairment


42,000



-Change in assets and liabilities:Increase(Decrease) in:Accounts Payable


11,089



38,344Net Cash Used in  Operating Activities


(16,691
)


(74,392
)Cash Flows from Investing ActivitiesAdvances from related parties


4,964



16,003Net Cash Provided by Investing Activities


4,964



16,003Cash Flows from Financing Activities:Long-term debt


-



10,000Proceeds of stock sales


10,000



25,000Net Cash Provided by Financing Activities


10,000



35,000Net Decrease in Cash


(1,727
)


(23,389
)Cash -Beginning of period


1,762



25,280Cash -End of period

$
35


$
1,891Supplementary Disclosure:Cash Paid for Interest

$
2,750


$
1,500Supplementary Non-cash investing activities:Stock issued for Investment in Ameribras

$
40,000



-


The accompanying notes are an integral part of the financial statements.


5


American Resource Technologies, Inc.


Notes to Financial Statements





NOTE 1 – BASIS OF PRESENTATION





The accompanying unaudited financial statements of American Resource Technologies, Inc. (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q for the three and six month periods ended March 31, 2009 and 2008 and reflect, in the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. The foregoing financial statements do not include all information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to financial statements for the year ended September 30, 2008 included in American Resource Technologies’ Annual Report on Form 10-K filed with the Securities and Exchange Commission. The interim unaudited financial statements should be read in conjunction with the annual financial statements and accompanying notes. Operating results for the three months ended March 31, 2009 are not necessarily indicative of the results that may be expected for the year ending September 30, 2009.





NOTE 2 – ACCOUNTING POLICIES





Property and equipment are carried at cost.   Depreciation of property and equipment is provided using the straight-line method at rates based on the following estimated useful lives:





EstimatedClassification
Useful LifeFurniture and fixtures
10 YearsComputer equipment
5 Years





The cost of asset additions and improvements that extend the useful lives of property and equipment are capitalized. Routine maintenance and repair items are charged to current operations. The original cost and accumulated depreciation of asset dispositions are removed from the accounts and any gain or loss is reflected in the statement of operations in the period of disposition.





NOTE 3 – COMMON STOCK





During the three months ended March 31, 2009 the Company authorized the issuance of 500,000 shares as payment for a 12.5% interest in Ameribras Energy. The shares were not issued until August of 2009.





During the three months ended December 31, 2008, the Company issued 250,000 shares of common stock for cash of $10,000.  An additional 1,750,000 shares were issued for services of $70,000, and 4,500,000 shares were issued as compensation of $180,000.





NOTE 4 – ASSET IMPAIRMENT





The Company has adopted Statement of Financial Accounting Standards (SFAS) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” and periodically evaluates, using independent appraisals and projected undiscounted cash flows, the carrying value of its long-lived assets and proved oil and gas properties whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, long-lived assets to be disposed of are reported at the lower of carrying value or fair value less cost to sell. Fair values used for impairment identification are based on discounted cash flow amounts determined by the reserve reports.





During the quarter ended March 31, 2009, the Company determined that the Noll lease shown on the balance sheet as “Unproved oil and gas properties” was a non-producing asset and was 100% impaired.





6


NOTE 5 – INVESTMENT AND CONSULTING AGREEMENTS





On October 7, 2009, the Company entered into consulting agreements with SkyberCorp do Brasil  Telematica LTDA, dba Ameribras Energy and Brazil Asset Management Projectos Limitada to provide management and consulting services effective January 1, 2009.  Payments of $450,000 and $300,000 per quarter are due in a balloon payment on or before January 1, 2011 or in quarterly installments when adequate funding is available.  The revenue has been accrued as non operating income in the quarter ended March 31, 2009; however, a 100 % reserve has been established due to the potential uncollectibilty of this revenue.





In March of 2009, the Company authorized the issuance of 500,000 shares of common stock valued at $40,000 to purchase a 12.5% interest in Ameribras Energy.  The ownership has been recognized in these financial statements due to the effective date of the consulting contract and the subsequent issuance of the common stock.  The common stock utilized for purchase of the 12.5% interest in Ameribras Energy was not issued until August of 2009 as the Company and Ameribras Energy were negotiating the final details of the consulting contract and did not have a final agreement until August.





NOTE 6 – SUBSEQUENT EVENTS





In May of 2009 the Company entered into a note agreement which generated $25,000 cash to the Company with a repayment date of one year from the execution date requiring the repayment of $50,000 to the lender.  Included in the note agreement was the issuance of warrants for the purchase of 500,000 shares of the Company’s common stock at $0.10 per share, expiring on the fifth anniversary of the grant.  This note was satisfied in May of 2010 by the issuance of 500,000 shares of the Company’s common stock.





In June of 2009 the Company issued 500,000 shares to Pat Wilson valued at $11,000 for consulting services, and 250,000 shares valued at $5,500 to ThorGeoTrack for an interest in that company.  Also in June of 2009 the Company entered into an agreement with an investor agreeing to pay $40,000 in one year in return for the investment of $25,000.  This note was satisfied in June of 2010 by the issuance of 500,000 shares of the Company’s common stock.  The investor received a one year option to acquire 500,000 shares of the Company’s common stock for a payment of $0.10 per share.





In July of 2009 the Company issued 750,000 shares to Brasil Asset Management for an interest in that company, and an additional 750,000 shares to AmeriBras (Formerly Skypercorp do Brasil)  increasing the Company’s interest in AmeriBras.  Each of these issuances were valued at $52,500.





In August of 2009 the Company issued 971,469 shares to Sabine Operating Services in payment of $68,003 in payables to Sabine.  The Company also issued 500,000 shares to AmeriBras valued at $40,000 increasing the Company’s interest in that company.  The Company issued 250,000 shares to Hilton Research, Inc. valued at $20,000 for consulting services.  The Company also issued 1,500,000 shares valued at $75,000 for acquisition of an interest in the Ownbey Nueces wells.





In September of 2009 the Company issued 16,667 shares to an investor for $1,000 cash.





In September of 2009 the Company wrote off the Noll lease as a dry hole.





In October of 2009 the Company issued 250,000 shares to Scott Duperow valued at $15,000 for consulting services.





In October of 2009 the Company entered into an agreement with an investor agreeing to pay $30,000 in one year in return for the investment of $10,000.  The investor received a one year option to acquire 500,000 shares of the Company’s common stock for a payment of $0.10 per share.





On October 7, 2009 the Company entered into a management and consulting agreement with SkyberCorp do Brasil to provide management and consulting services for a period of twenty four months.  Compensation to the Company is set at $450,000 per calendar quarter beginning January 1, 2009, payable on January 1, 2011, unless paid earlier.


7





On October 23, 2009 the Company entered into a management and consulting agreement with Brasil Asset Management Projectos Limitada to provide management and consulting services for a period of twenty four months.  Compensation to the Company is set at $300,000 per calendar quarter beginning January 1, 2009, payable on January 1, 2011, unless paid earlier.





In November of 2009 the Company authorized 12,500 shares valued at $1,000 for payment of interest on long term debt. The shares were issued in April of 2010.





In November of 2009 the Company entered into an agreement with an investor agreeing to pay $128,000 in one year in return for the investment of $47,500.  The investor received a one year option to acquire 1,000,000 shares of the Company’s common stock for a payment of $0.10 per share.





In December of 2009 the Company issued 200,000 shares valued at $14,000 to Princeton Research of Nevada for consulting services.





In December of 2009 the Company entered into an agreement with an investor agreeing to pay $134,000 in one year in return for the investment of $47,500.  The investor received a one year option to acquire 625,000 shares of the Company’s common stock for a payment of $0.10 per share.





In January of 2010 the Company issued 750,000 shares valued at $37,500 to Brasil Asset Management increasing the Company’s interest in that company.  The Company issued 500,000 shares to Robert Guzman for cash of $15,000.  The Company issued 500,000 shares to Pat Wilson valued at $17,500 for consulting services.  The Company issued 31,250 shares valued at $2,500 for payment of interest on long term debt.





In January of 2010 the Company entered into an agreement with an investor agreeing to pay $50,000 in one year in return for the investment of $20,000.  The investor received a one year option to acquire 500,000 shares of the Company’s common stock for a payment of $0.10 per share.





On January 1, 2010 the Company entered into a contract for revenue with Brazil Asset Management, Inc. calling for the Company to assist Brazil Asset Management, Inc. in obtaining Brazilian tax credits.  The contract calls for a payment to the Company of $1,000,000 on or before January 30, 2011.





In February of 2010 the Company issued 200,000 shares valued at $6,000 to Robert Guzman for consulting services and 66,667 shares to Mr. Guzman for $2,000 cash.  The Company issued 200,000 shares valued at $8,182.20 to Scott Duperow for consulting services.  The Company issued 750,000 shares valued at $30,000 to Hugh Fowler for administrative services; 750,000 shares valued at $30,000 to M. H. McIlvain for accounting services; 1,500,000 shares valued at $60,000 to B. Fred Oden, III for management services; and 1,000,000 shares valued at $40,000 to MJM Ventures LTD and CD Capital Group for consulting services.





In February of 2010 the Company entered into an agreement with an investor agreeing to pay $125,000 in one year in return for the investment of $52,000.  The investor received a one year option to acquire 1,583,334 shares of the Company’s common stock for a payment of $0.10 per share.





In March of 2010 the Company entered into an agreement with an investor agreeing to pay $40,000 in one year in return for the investment of $15,000.  The investor received a one year option to acquire 400,000 shares of the Company’s common stock for a payment of $0.10 per share.





In April of 2010 the Company issued 100,000 shares to an investor for $3,000 cash.  The Company issued 75,000 shares valued at $3,150 to Scott Duperow for consulting services.  The Company issued 450,000 shares valued at $22,250 for an additional interest in the Ownbey lease.





8


In May of 2010 the Company issued 596,667 shares to investors for $26,500 cash.  As noted above the Company issued 500,000 shares to satisfy $50,000 in long term debt.  The Company issued 10,000,000 shares valued at $400,000 to B. Fred Oden, III for management services; 7,500,000 shares valued at $300,000 to Pat Wilson for consulting services: 5,000,000 shares valued at $200,000 to Eric Oden for field services: 1,250,000 valued at $50,000 to M. H. McIlvain for accounting and management services; and 1,250,000 shares valued at $50,000 to Hugh Fowler for administrative services.





In May of 2010 the Company entered into an agreement with an investor agreeing to pay $25,000 in one year in return for the investment of $10,000.  The investor received a one year option to acquire 250,000 shares of the Company’s common stock for a payment of $0.10 per share.





In June of 2010 the Company issued 220,000 shares to investors for cash of $11,000.  The Company issued 187,500 shares valued at $4,000 as an offset to a payable to Sabine Operating Services.  The Company issued 500,000 shares to satisfy $40,000 in long term debt.  The Company issued 350,000 shares valued at $63,000 to Richard Severson for consulting services.





In June of 2010 the Company entered into an agreement with an investor agreeing to pay $62,500 in one year in return for the investment of $25,000.  The investor received a one year option to acquire 625,000 shares of the Company’s common stock for a payment of $0.10 per share.





In July of 2010 the Company authorized 52,500 shares valued at $2,100 to Striker One Resources as an offset to a payable owed to Striker.  As of the date of these financials, these shares have not been issued. The Company issued 100,000 shares valued at $14,000 to Bill Addison for the acquisition of Innovative Weaponry, Inc.





In July of 2010 the Company entered into an agreement with an investor agreeing to pay $25,000 in one year in return for the investment of $10,000.  The investor received a one year option to acquire 700,000 shares of the Company’s common stock for a payment of $0.10 per share.





In August of 2010 the Company entered into an agreement with an investor agreeing to pay $60,000 in one year in return for the investment of $20,000.  The investor received a one year option to acquire 600,000 shares of the Company’s common stock for a payment of $0.10 per share.  Also in August the Company entered into an agreement with an investor agreeing to pay $23,750 in one year in return for the investment of $11,660.  In August of 2010 the Company issued 40,000 shares in exchange for $2,160 from an investor.





On September 1, 2010 the Company issued 125,000 common shares to Thor Geo Trak for an additional interest in that company.





In September of 2010 the Company entered into an agreement with an investor agreeing to pay $120,000 in one year in return for the investment of $40,000.  The investor received a one year option to acquire 1,200,000 shares of the Company’s common stock for a payment of $0.10 per share.





The following table illustrates the foregoing common stock transactions since the date of these financial statements:





Category

Shares


Options


WarrantsCash


1,540,001Debt Issuance






8,483,334



500,000Debt Settlement


1,000,000Interest Payment


43,750Services


11,774,994Investments


3,225,000Ownbey Lease Acquisitions


1,950,000Compensation


20,908,969Total


40,442,714



8,483,334



500,000





9





NOTE 5 - STOCK OPTIONS





The following table lists the options outstanding at March 31, 2008.





Grantee
Date of Grant
Exp. Date

Price


# SharesPinnacle Consulting Group, Inc.
8/10/2007
1/10/2012

$
0.10



100,000Pinnacle Consulting Group, Inc.
8/10/2007
1/10/2012

$
0.15



100,000Gary Hartstein
4/21/2008
5/1/2009

$
0.125



125,000William Becker
4/21/2008
5/1/2009

$
0.125



156,250Total options outstanding at 3/31/09








481,250





The outstanding options were purchased by the holders as part of their purchase of restricted common shares on or about the issue date of the options.  All of the above options expired unexercised subsequent to March 31, 2009.





















































10


Item 2:  Management's Discussion and Analysis of Financial Condition and Results of Operations.





General:





During the current quarter the Company continued operation of the Lindley and Ownbey leases and visited with several possible sources of capital to implement the gas re-injection program on the Ownbey lease.  The Noll lease (Unproved oil & gas properties) was allowed to expire and was transferred to Red Clay Energy.  There was no cost to plug and abandon the well and since no consideration was received, the lease was written off as impaired.





Capital Resources:





During the current quarter, our capital resources were extremely limited.  Our prospects will depend entirely on the Company’s ability to secure future financing and develop additional producing oil & gas properties.





Assets as of March 31, 2009 amounted to $297,969, consisting primarily of the producing oil & gas leases.





Results of Operations:





During the three months ended March 31, 2009, oil & gas production revenues amounted to $1,224, compared to $4,116 in the same quarter of the prior year. Lease operating expenses and depletion for the three months ended March 31, 2009 amounted to $4,903 resulting in a loss on oil & gas operations of $3,679 for the quarter and a loss of $2,263 for the six months ended March 31, 2009.





General & administrative expenses amounted to $53,360 for the three months ended March 31, 2009, a decrease of $48,822 from the comparable period in the prior year. Our net loss for the three months ended March 31, 2009 amounted to $57,039, a decrease of $47,406 over the comparable quarter of the prior year and resulting in a loss from operations of $330,192 for the six month period ended March 31, 2009.  The increase in general and administrative expense resulted from increased consulting fees and compensation expense. Our net loss from operations for the six-month period ended March 31, 2008 amounted to $228,706





Liquidity





American Resource Technologies used cash in its operating activities in the amount of $16,691, a decrease of $57,701 over the comparable period of the prior year.  The decrease primarily resulted from the Company paying consulting fees and compensation expense with common stock.





Subsequent Events:





In May of 2009 the Company entered into a note agreement which generated $25,000 cash to the Company with a repayment date of one year from the execution date requiring the repayment of $50,000 to the lender.  Included in the note agreement was the issuance of warrants for the purchase of 500,000 shares of the Company’s common stock at $0.10 per share, expiring on the fifth anniversary of the grant.  This note was satisfied in May of 2010 by the issuance of 500,000 shares of the Company’s common stock.





In June of 2009 the Company issued 500,000 shares to Pat Wilson valued at $11,000 for consulting services, and 250,000 shares valued at $5,500 to ThorGeoTrack for an interest in that company.  Also in June of 2009 the Company entered into an agreement with an investor agreeing to pay $40,000 in one year in return for the investment of $25,000.  This note was satisfied in June of 2010 by the issuance of 500,000 shares of the Company’s common stock.  The investor received a one year option to acquire 500,000 shares of the Company’s common stock for a payment of $0.10 per share.





In July of 2009 the Company issued 750,000 shares to Brasil Asset Management for an interest in that company, and an additional 750,000 shares to AmeriBras (Formerly Skypercorp do Brasil)  increasing the Company’s interest in AmeriBras.  Each of these issuances was valued at $52,500.


11





In August of 2009 the Company issued 971,469 shares to Sabine Operating Services in payment of $68,003 in payables to Sabine.  The Company also issued 500,000 shares to AmeriBras valued at $40,000 increasing the Company’s interest in that company.  The Company issued 250,000 shares to Hilton Research, Inc. valued at $20,000 for consulting services.  The Company also issued 1,500,000 shares valued at $75,000 for acquisition of an interest in the Ownbey Nueces wells.





In September of 2009 the Company issued 16,667 shares to an investor for $1,000 cash.





In September of 2009 the Company wrote off the Noll lease as a dry hole.





In October of 2009 the Company issued 250,000 shares to Scott Duperow valued at $15,000 for consulting services.





In October of 2009 the Company entered into an agreement with an investor agreeing to pay $30,000 in one year in return for the investment of $10,000.  The investor received a one year option to acquire 500,000 shares of the Company’s common stock for a payment of $0.10 per share.





On October 7, 2009 the Company entered into a management and consulting agreement with SkyberCorp do Brasil to provide management and consulting services for a period of twenty four months.  Compensation to the Company is set at $450,000 per calendar quarter beginning January 1, 2009, payable on January 1, 2011, unless paid earlier.





On October 23, 2009 the Company entered into a management and consulting agreement with Brasil Asset Management Projectos Limitada to provide management and consulting services for a period of twenty four months.  Compensation to the Company is set at $300,000 per calendar quarter beginning January 1, 2009, payable on January 1, 2011, unless paid earlier.





In November of 2009 the Company issued 12,500 shares valued at $1,000 for payment of interest on long term debt.(Issued 4/26/2010)





In November of 2009 the Company entered into an agreement with an investor agreeing to pay $128,000 in one year in return for the investment of $47,500.  The investor received a one year option to acquire 1,000,000 shares of the Company’s common stock for a payment of $0.10 per share.





In December of 2009 the Company issued 200,000 shares valued at $14,000 to Princeton Research of Nevada for consulting services.





In December of 2009 the Company entered into an agreement with an investor agreeing to pay $134,000 in one year in return for the investment of $47,500.  The investor received a one year option to acquire 625,000 shares of the Company’s common stock for a payment of $0.10 per share.





In January of 2010 the Company issued 750,000 shares valued at $37,500 to Brasil Asset Management increasing the Company’s interest in that company.  The Company issued 500,000 shares to Robert Guzman for cash of $15,000.  The Company issued 500,000 shares to Pat Wilson valued at $17,500 for consulting services.  The Company issued 31,250 shares valued at $2,500 for payment of interest on long term debt.





In January of 2010 the Company entered into an agreement with an investor agreeing to pay $50,000 in one year in return for the investment of $20,000.  The investor received a one year option to acquire 500,000 shares of the Company’s common stock for a payment of $0.10 per share.





On January 1, 2010 the Company entered into a contract for revenue with Brazil Asset Management, Inc. calling for the Company to assist Brazil Asset Management, Inc. in obtaining Brazilian tax credits.  The contract calls for a payment to the Company of $1,000,000 on or before January 30, 2011.





12


In February of 2010 the Company issued 200,000 shares valued at $6,000 to Robert Guzman for consulting services and 66,667 shares to Mr. Guzman for $2,000 cash.  The Company issued 200,000 shares valued at $8,182.20 to Scott Duperow for consulting services.  The Company issued 750,000 shares valued at $30,000 to Hugh Fowler for administrative services; 750,000 shares valued at $30,000 to M. H. McIlvain for accounting services; 1,500,000 shares valued at $60,000 to B. Fred Oden, III for management services; and 1,000,000 shares valued at $40,000 to MJM Ventures LTD and CD Capital Group for consulting services.





In February of 2010 the Company entered into an agreement with an investor agreeing to pay $125,000 in one year in return for the investment of $52,000.  The investor received a one year option to acquire 1,583,334 shares of the Company’s common stock for a payment of $0.10 per share.





In March of 2010 the Company entered into an agreement with an investor agreeing to pay $40,000 in one year in return for the investment of $15,000.  The investor received a one year option to acquire 400,000 shares of the Company’s common stock for a payment of $0.10 per share.





In April of 2010 the Company issued 100,000 shares to an investor for $3,000 cash.  The Company issued 75,000 shares valued at $3,150 to Scott Duperow for consulting services.  The Company issued 450,000 shares valued at $22,250 for an additional interest in the Ownbey lease.





In May of 2010 the Company issued 596,667 shares to investors for $26,500 cash.  As noted above the Company issued 500,000 shares to satisfy $50,000 in long term debt.  The Company issued 10,000,000 shares valued at $400,000 to B. Fred Oden, III for management services; 7,500,000 shares valued at $300,000 to Pat Wilson for consulting services: 5,000,000 shares valued at $200,000 to Eric Oden for field services: 1,250,000 valued at $50,000 to M. H. McIlvain for accounting and management services; and 1,250,000 shares valued at $50,000 to Hugh Fowler for administrative services.





In May of 2010 the Company entered into an agreement with an investor agreeing to pay $25,000 in one year in return for the investment of $10,000.  The investor received a one year option to acquire 250,000 shares of the Company’s common stock for a payment of $0.10 per share.





In June of 2010 the Company issued 220,000 shares to investors for cash of $11,000.  The Company issued 187,500 shares valued at $4,000 as an offset to a payable to Sabine Operating Services.  The Company issued 500,000 shares to satisfy $40,000 in long term debt.  The Company issued 350,000 shares valued at $63,000 to Richard Severson for consulting services.





In June of 2010 the Company entered into an agreement with an investor agreeing to pay $62,500 in one year in return for the investment of $25,000.  The investor received a one year option to acquire 625,000 shares of the Company’s common stock for a payment of $0.10 per share.





In July of 2010 the Company issued 52,500 shares valued at $2,100 to Striker One Resources as an offset to a payable owed to Striker.  The Company issued 100,000 shares valued at $14,000 to Bill Addison for the acquisition of Innovative Weaponry, Inc.  The Company also issued 75,000 shares of Series A convertible preferred stock for cash of $75,000.  The preferred shares are convertible at a sliding rate over three years with the shares converting at the end of three years at 8 shares of common stock for each share of preferred.  If a Series A Preferred Share is converted after the first anniversary date of the subscription, and prior to the second anniversary date of the subscription agreement, it is converted into 2 shares of common stock.  If a Series A Preferred Share is converted, after the second anniversary date of the subscription, and prior to the third anniversary date of the subscription agreement it is converted into 4 shares of common stock.  If the Series A Preferred Share has not been converted, prior to the third anniversary date it is automatically converted into 8 shares of common stock.





In July of 2010 the Company entered into an agreement with an investor agreeing to pay $25,000 in one year in return for the investment of $10,000.  The investor received a one year option to acquire 700,000 shares of the Company’s common stock for a payment of $0.10 per share.





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In August of 2010 the Company entered into an agreement with an investor agreeing to pay $60,000 in one year in return for the investment of $20,000.  The investor received a one year option to acquire 600,000 shares of the Company’s common stock for a payment of $0.10 per share.  Also in August the Company entered into an agreement with an investor agreeing to pay $23,750 in one year in return for the investment of $11,660.  In August of 2010 the Company issued 40,000 shares in exchange for $2,160 from an investor.





On September 1, 2010 the Company issued 125,000 common shares to Thor Geo Trak for an additional interest in that company.





In September of 2010 the Company entered into an agreement with an investor agreeing to pay $120,000 in one year in return for the investment of $40,000.  The investor received a one year option to acquire 1,200,000 shares of the Company’s common stock for a payment of $0.10 per share.





The following table illustrates the foregoing common stock transactions since the date of these financial statements:





Category

Shares


Options


WarrantsCash


1,540,001Debt Issuance






8,483,334



500,000Debt Settlement


1,000,000Interest Payment


43,750Services


11,774,994Investments


3,225,000Ownbey Lease Acquisitions


1,950,000Compensation


20,908,969Total


40,442,714



8,483,334



500,000








Disclosure Regarding Forward-Looking Statements:





Where this Form 10-Q includes "forward-looking" statements within the meaning of Section 27A of the Securities Act, we desire to take advantage of the "safe harbor" provisions thereof. Therefore, we are including this statement for the express purpose of availing ourselves of the protections of such safe harbor provisions with respect to all of such forward-looking statements. The forward-looking statements in this Form 10-Q reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from those anticipated. In this Form 10-Q, the words "anticipates," "believes, "expects," "intends," "future" and similar expressions identify forward-looking statements. We undertake no obligation to publicly revise these forward-looking statements to reflect events or circumstances that may arise after the date hereof. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this section.





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PART II.  OTHER INFORMATION





Item 2.  Changes in Securities





None




ITEM 3.  CONTROLS AND PROCEDURES.







a)                Evaluation of Disclosure Controls and Procedures. As of March 31, 2009, the Company’s management carried out an evaluation, under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer of the effectiveness of the design and operation of the Company’s system of disclosure controls and procedures pursuant to the Securities and Exchange Act, Rule 13a-15(e) and 15d-15(e) under the Exchange Act).  Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were not effective, as of the date of their evaluation, for the purposes of recording, processing, summarizing and timely reporting material information required to be disclosed in reports filed by the Company under the Securities Exchange Act of 1934.  Our auditors proposed material adjustments related to the issuance of stock for services, among others, which have been recorded by the Company.  The Company is working to improve its accounting expertise to eliminate such adjustments in the future.





b)       Changes in internal controls. There were no changes in internal controls over financial reporting, known to the Chief Executive Officer or Chief Financial Officer that occurred during the period covered by this report that has materially affected, or is likely to materially effect, the Company’s internal control over financial reporting.





Item 4.  Submission of Matters to a Vote of Securities Holders





No matters have been submitted to a vote of the securities holders during the current quarter.





Item 6.  Exhibits and Reports on Form 8-K





There were no filings on Form 8-K during the current quarter.






































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SIGNATURES





In accordance with Section 13 or 15 (d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.





AMERICAN RESOURCE TECHNOLOGIES, INC.








Date:  November 8, 2010
/s/ B. FRED ODEN, IIIBy:  B. Fred Oden, III,  PresidentDate:  November 8, 2010
/s/ Pat WilsonBy:  Pat Wilson, Executive Vice-President & Chief Accounting Officer


























































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