Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Aug. 31, 2013 | Oct. 18, 2013 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | USA Graphite Inc. | |
Entity Central Index Key | 1355420 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -26 | |
Document Type | 10-Q | |
Document Period End Date | 31-Aug-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 129,400,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
CURRENT ASSETS | ||
Prepaid expenses | $11,418 | |
TOTAL CURRENT ASSETS | 11,418 | |
FIXED ASSETS | 3,780,000 | 3,780,000 |
TOTAL ASSETS | 3,791,418 | 3,780,000 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 46,492 | 24,141 |
Note payable | 43,642 | 42,692 |
Loans from related party | 168,571 | 129,841 |
TOTAL CURRENT LIABILITIES | 258,705 | 196,674 |
STOCKHOLDERS' DEFICIT | ||
Capital stock Authorized 10,000,000 preferred shares, par value $0.001 par value 800,000,000 shares of common stock, $0.001 par value 129,400,000 shares of common stock (169,400,000 on Feb 29, 2012) | 129,400 | 129,400 |
Additional Paid in Capital | 18,715,600 | 18,715,600 |
Deficit accumulated during the development stage | -15,312,287 | -15,261,674 |
TOTAL STOCKHOLDERS' DEFICIT | 3,532,713 | 3,583,326 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $3,791,418 | $3,780,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 28, 2012 |
Balance Sheets [Abstract] | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, par value | $0.00 | $0.00 | $0.00 |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Common stock, shares authorized | 80,000,000 | 80,000,000 | |
Common stock, par value | $0.00 | $0.00 | |
Common stock, shares issued | 129,400,000 | 129,400,000 | |
Common stock, shares outstanding | 129,400,000 | 129,400,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | 93 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
EXPENSES | |||||
Office and general | $19,377 | $2,707 | $27,601 | $4,592 | $15,107,170 |
Professional Fees | 10,217 | 6,915 | 22,062 | 22,890 | 130,949 |
Total Expenses | 25,595 | 9,622 | 49,663 | 27,482 | 15,238,119 |
Operating Loss | -29,595 | -9,622 | -49,663 | -27,482 | -15,238,119 |
Other losses | |||||
Interest expense | -475 | -475 | -950 | -950 | -5,958 |
Foreign Currency transaction loss | -120 | ||||
Net loss | -475 | -475 | -950 | -950 | -6,077 |
Net Loss from continued operations | -30,070 | -10,097 | -50,613 | -28,432 | -15,244,196 |
Discontinued Business | -151,510 | ||||
Forgiveness of Debt | 83,420 | ||||
Total other Expenditure | -68,090 | ||||
NET LOSS | ($30,070) | ($10,097) | ($50,613) | ($28,432) | ($15,312,287) |
BASIC AND DILUTED LOSS PER COMMON SHARE | |||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 129,400,000 | 169,400,000 | 129,400,000 | 169,400,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (USD $) | Total | Common Stock | Additional Paid-in Capital | Deficit accumulated during the development stage | Accumulated Other Comprehensive Income(loss) |
Beginning Balance at Dec. 14, 2005 | |||||
Common stock issued for cash | $5,000 | $77,000 | |||
Common stock issued for cash, shares | 77,000,000 | -72,000 | |||
Net Loss | -983 | -983 | |||
Foreign currency translation adjustments | 34 | 34 | |||
Balance at Feb. 28, 2006 | 4,051 | 77,000 | -72,000 | -983 | 34 |
Balance, Shares at Feb. 28, 2006 | 77,000,000 | ||||
Common stock issued for cash | 60,000 | 92,400 | -32,400 | ||
Common stock issued for cash, shares | 92,400,000 | ||||
Net Loss | |||||
Foreign currency translation adjustments | 2,683 | 2,683 | |||
Balance at Feb. 28, 2007 | 66,734 | 169,400 | -104,400 | -983 | 2,717 |
Balance, Shares at Feb. 28, 2007 | 169,400,000 | ||||
Net Loss | -52,058 | -52,058 | |||
Foreign currency translation adjustments | 350 | 350 | |||
Balance at Feb. 28, 2008 | 15,026 | 169,400 | -104,400 | -53,041 | 3,067 |
Balance, Shares at Feb. 28, 2008 | 169,400,000 | ||||
Beginning Balance at Feb. 29, 2008 | |||||
Net Loss | -75,309 | -75,309 | |||
Foreign currency translation adjustments | 5,988 | 5,988 | |||
Balance at Feb. 28, 2009 | -54,295 | 169,400 | -104,400 | -128,350 | 9,055 |
Balance, Shares at Feb. 28, 2009 | 169,400,000 | ||||
Net Loss | -45,238 | -45,238 | |||
Foreign currency translation adjustments | -6,360 | -6,360 | |||
Balance at Feb. 28, 2010 | -105,893 | 169,400 | -104,400 | -173,588 | 2,695 |
Balance, Shares at Feb. 28, 2010 | 169,400,000 | ||||
Net Loss | 23,538 | 23,538 | |||
Foreign currency translation adjustments | -2,695 | -2,695 | |||
Balance at Feb. 28, 2011 | -85,050 | 169,400 | -104,400 | -150,050 | |
Balance, Shares at Feb. 28, 2011 | 169,400,000 | ||||
Net Loss | -54,722 | -54,722 | |||
Balance at Feb. 28, 2012 | -139,772 | 169,400 | -104,400 | -204,772 | |
Balance, Shares at Feb. 28, 2012 | 169,400,000 | ||||
Beginning Balance at Feb. 29, 2012 | |||||
Common stock retired December 2012 | -77,000 | 77,000 | |||
Common stock retired December 2012, shares | -77,000,000 | ||||
Common stock issued December, 2012 | 18,780,000 | 37,000 | 18,743,000 | ||
Common stock issued December, 2012, shares | 37,000,000 | ||||
Net Loss | -15,056,902 | -15,056,902 | |||
Balance at Feb. 28, 2013 | 3,583,326 | 129,400 | 18,715,600 | -15,261,674 | |
Balance, Shares at Feb. 28, 2013 | 129,400,000 | ||||
Net Loss | -50,613 | -50,613 | |||
Balance at Aug. 31, 2013 | $3,532,713 | $129,400 | $18,715,600 | ($15,312,287) | |
Balance, Shares at Aug. 31, 2013 | 129,400,000 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
Feb. 28, 2006 | Feb. 28, 2007 | |
Statement of Stockholders' Equity (Deficit) [Abstract] | ||
Common stock issued for cash, per share price | $0.00 | $0.00 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | 93 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net loss | ($50,613) | ($28,432) | ($15,312,287) |
Adjustment to reconcile net loss to net cash used in operating activities: | |||
Forgiveness of debt | -83,420 | ||
Depreciation | 2,825 | ||
Stock issuance for compensation | 15,000,000 | ||
Loss on Disposition of Assets | 4,607 | ||
Increase in Prepaid Expenses | -11,418 | 3,912 | -11,418 |
Foreign Transaction loss | 696 | ||
Increase (decrease) in accrued expenses | 22,351 | 7,525 | 129,914 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -39,680 | -16,995 | -269,083 |
INVESTING ACTIVITIES | |||
Purchase of fixed assets | -11,468 | ||
Disposition of fixed assets | 3,337 | ||
NET CASH PROVIDED BY INVESTING ACTIVITIES | -8,131 | ||
FINANCING ACTIVITIES | |||
Proceeds from sale of common stock | 2,200 | ||
Additional paid-in capital | 62,800 | ||
Note Payable | 950 | 950 | 43,642 |
Loan from related parties | 38,730 | 13,113 | 168,572 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 39,680 | 14,063 | 277,214 |
NET INCREASE (DECREASE) IN CASH | -2,932 | ||
CASH, BEGINNING OF PERIOD | 2,935 | ||
CASH, END OF PERIOD | 3 | ||
Cash paid for: | |||
Interest | |||
Income taxes |
Nature_of_Opeartions_and_Basis
Nature of Opeartions and Basis of Presentation | 6 Months Ended |
Aug. 31, 2013 | |
Nature of Operations and basis of Presentation [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION |
USA GRAPHITE, INC. (Formerly MAGNUM OIL, INC.) (the “Company”) was incorporated under the laws of the State of Nevada on December 13, 2005. The Company is in the development stage. Its activities to date have included capital formation, organization and development of its business plan. The Company has commenced operations. On April 12, 2012 the company changed its name to USA Graphite, Inc. | |
The Company operated through its lone subsidiary: PTM Publications Sdn Bhd, a Malaysian Corporation. | |
The Company decided to cease the operation of subsidiary in January 2011. | |
USA GRAPHITE, INC. (the parent company) is now a holding company. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Accounting | |
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a February year-end. | |
Cash Equivalents | |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Use of Estimates and Assumptions | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Stock-Based Compensation | |
The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. | |
Mineral Property Costs | |
The Company has been in the exploration stage since its acquisition of mining option on November 19, 2012 and has not yet realized any revenues from its planned operations. All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. | |
If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if these costs are in excess of their recoverable amount periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets. | |
Recent Accounting Pronouncements | |
The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement. |
Going_Concern
Going Concern | 6 Months Ended |
Aug. 31, 2013 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN |
The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $247,287, an accumulated deficit of $15,312,287 and net loss from operations since inception of $15,312,287. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its initial operations by way of issuing Founder’s shares. | |
The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, Transfer Agency and Edgarizing costs. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended |
Aug. 31, 2013 | |
Fair Value of Financial Instruments [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS |
The Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carrying value due to the short-term maturity of the instruments. |
Mining_Option_Agreement
Mining Option Agreement | 6 Months Ended |
Aug. 31, 2013 | |
Mining Option Agreement [Abstract] | |
MINING OPTION AGREEMENT | NOTE 5 - MINING OPTION AGREEMENT |
On November 19, 2012, the Company entered into a Property Option Agreement with Nevada Minerals Holdings, Inc. Pursuant to the terms and conditions of the Option Agreement, NV Minerals shall grant the Company with the right and option to acquire 100% of the mining interests in that certain Property known as the Blue Wing Mountains Graphite Project which is comprised of a total 1,985 acres and is located in Pershing County of the State of Nevada. In order to exercise the Option, the Company shall be required to: (i) pay an initial cash payment of $50,000 to NV Minerals; (ii) issue an aggregate 5,000,000 restricted shares of the Company’s common stock to NV Minerals; (iii) pay an additional aggregate payment of $450,000 over a three (3) year period; and (iv) pay a Royalty to NV Minerals equal to 2% of the net smelter returns, per the terms and conditions of the Option Agreement. The Company will also provide funds for the conduct of a program of work to be undertaken by NV Minerals for the benefit of the Property of not less than $1,000,000 over four years. The Option Agreement also provides that the Company shall have a one-time right to purchase 50% of the Royalty in the Property for $500,000. Pursuant to the Option Agreement, NV Minerals has agreed to enter into an 18 month voluntary lock up agreement for all of the shares it will receive upon execution of the Option Agreement. The Company issued 5,000,000 shares on December 10, 2012 at $0.50 per shares. According the Option Agreement, the Company needs to pay $50,000 within four months after the commencement of the Option. But the Company has not paid it. | |
On December 7, 2012, the Company entered into an Option Agreement with Nevada Minerals Holdings, Inc. Pursuant to the terms and conditions of the Agreement, NV Minerals shall grant the Company with the right and option to acquire 100% of the mining interests in that certain Property known as the Gordon Creek Graphite Property which is comprised of a total of 206 acres and is located in Elko County of the State of Nevada. In exchange, the Company is required to: (i) pay an initial cash payment of $25,000 to NV Minerals ninety days after the commencement of the Option Period; (ii) issue an aggregate 2,000,000 restricted shares of the Company’s common stock to NV Minerals at $0.64 per share; (iii) pay an additional aggregate payment of $175,000 over a three (3) year period; and (iv) pay a Royalty to NV Minerals equal to 2% of the net smelter returns, per the terms and conditions of the Option Agreement. The Company will also provide funds for the conduct of a program of work to be undertaken by NV Minerals for the benefit of the Property of not less than $500,000 over four years. The Option Agreement also provides that the Company shall have a one-time right to purchase 50% of the Royalty in the Property for $500,000. Pursuant to the Option Agreement, NV Minerals has agreed to enter into an 18 month voluntary lock up agreement for all of the shares it will receive upon execution of the Option Agreement. The Company issued 2,000,000 shares on December 10, 2012 at $0.64 per shares. According the Option Agreement, the Company needs to pay $25,000 ninety days after the commencement of the Option Period. But the Company has not paid it. | |
On January 14, 2013, the Company entered into a Letter of Intent (the “LOI”) with Nevada Minerals Holdings, Inc. (“NV Minerals”). Pursuant to the terms and conditions of the LOI, NV Minerals shall grant the Company with the right and option (the “Option”) to acquire one hundred percent (100%) of the mining interests in that certain Property known as the Ruby Mountains Graphite Property (the “Property”) which is comprised of a total of approximately Seven Hundred and Eighty Five acres (785 acres) and is located in Elko County of the State of Nevada. In exchange, the Company is required to: (i) pay an initial cash payment of twenty five thousand dollars ($25,000) to NV Minerals; (ii) issue an aggregate of four million six hundred and fifteen thousand (4,615,000) restricted shares of the Company’s common stock to NV Minerals; (iii) pay an additional aggregate payment of one hundred seventy five thousand dollars ($175,000) over a three (3) year period; and (iv) pay a production royalty (the “Royalty”) to NV Minerals equal to two percent (2%) of the net smelter returns, per the terms and conditions of the LOI. As of the Balance Sheet date the shares had not been issued. |
Warrants_and_Options
Warrants and Options | 6 Months Ended |
Aug. 31, 2013 | |
Warrants and Options [Abstract] | |
WARRANTS AND OPTIONS | NOTE 6 - WARRANTS AND OPTIONS |
There are no warrants or options outstanding to acquire any additional shares of common. |
Note_Payable
Note Payable | 6 Months Ended |
Aug. 31, 2013 | |
Note Payable [Abstract] | |
NOTE PAYABLE | NOTE 7 - NOTE PAYABLE |
As of August 31, 2013, there is a Note Payable of $43,642 ($42,692 as of February 28, 2013) at 5% interest, which was repayable on June 7, 2011. As of May 31, 2013, it had not been paid and is overdue. The Company continued to accrue interest payable at 5% interest. |
Directors_Fees
Director's Fees | 6 Months Ended |
Aug. 31, 2013 | |
Director's Fees [Abstract] | |
DIRECTOR'S FEES | NOTE 8 - DIRECTOR'S FEES |
Fees of $500 per month have been recorded for the remuneration of the previous director, and $2,000 per month for the current director since November 1, 2012 |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Aug. 31, 2013 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 9 - RELATED PARTY TRANSACTIONS |
As of August 31, 2013, there is a total of $109,543 that has been forwarded by previous officers of the Company and $59,028 by a current officer of the Company; no specific repayment terms have been established. | |
On December 10, 2012, the Company entered into an Employment Agreement with Wayne Yamamoto. Pursuant to the Agreement, Mr. Smith agreed to serve as Chief Executive Officer of the Company. In exchange, the Company has agreed to: (i) pay Mr. Yamamoto $2,000 per month; and (ii) issue 30,000,000 shares of the Company’s common stock to Mr. Yamamoto. This Agreement is at-will and can be terminated at any time by either the Company or Mr. Yamamoto. On December 5, 2012 the company issued the 30,000,000 common shares for compensation at $0.50 per share. | |
Wayne Yamamoto, the Company’s sole director and officer, is sole director and officer of Nevada Minerals Holdings, Inc. He has 100% ownership of Nevada Minerals Holdings, Inc. Company entered Mining Option Agreements with Nevada Minerals Holdings, Inc. on November 19, and December 7, 2012. Also, on January 14, 2013, the Company entered into a Letter of Intent (the “LOI”) with Nevada Minerals Holdings, Inc. (See Note 5. Mining Option Agreement). |
Income_Taxes
Income Taxes | 6 Months Ended | ||||
Aug. 31, 2013 | |||||
Income Taxes [Abstract] | |||||
INCOME TAXES | NOTE 10 - INCOME TAXES | ||||
We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Accounting for Uncertainty in Income Taxes when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward period. | |||||
The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of are as follows: | |||||
31-Aug-13 | |||||
Net operating loss carryforwards | $ | 15,312,287 | |||
Gross deferred tax assets | $ | 5,359,300 | |||
Valuation allowance | $ | (5,359,300 | ) | ||
Net deferred tax assets | $ | 0 | |||
Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance. |
Net_Operating_Losses
Net Operating Losses | 6 Months Ended |
Aug. 31, 2013 | |
Net Operating Losses [Abstract] | |
NET OPERATING LOSSES | NOTE 11 - NET OPERATING LOSSES |
As of August 31, 2013, the Company has a net operating loss carryforwards of approximately $15,312,287. Net operating loss carryforward expires twenty years from the date the loss was incurred. |
Stock_Transactions
Stock Transactions | 6 Months Ended |
Aug. 31, 2013 | |
Stock Transactions and Stockholders' Equity [Abstract] | |
STOCK TRANSACTIONS | NOTE 12 - STOCK TRANSACTIONS |
Transactions, other than employees’ stock issuance, are in accordance with ASC 505. Thus issuances shall be accounted for based on the fair value of the consideration received. Transactions with employees’ stock issuance are in accordance with ASC 718. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable. | |
On December 14, 2005, the company issued a total of 22,000,000 shares of $0.000455 par value common stock as founder's shares to Jasmin Bin Omar Jayaseelan, Jefferi Bin Omar Jayaseelan and Cheryl Lim Phaik Suan, all of whom are officers and directors of the company. Mr. Jasmin Jayaseelan and Mr. Jefferi Jayaseelan received 8,800,000 shares each, and Ms. Lim received 4,400,000 shares. The shares were issued in exchange for cash in the aggregate amount of $5,000. | |
In August 2006, the company completed an offering of shares of common stock in accordance with an SB-2 registration statement declared effective by the Securities and Exchange Commission on May 4, 2006. The company sold 26,400,000 shares of common stock, par value $0.001, at a price of $0.0227 per share to approximately 32 investors. The aggregate offering price for the offering closed in August 2006 was $60,000, all of which was collected from the offering. | |
On May 23, 2010 the company received approval from FINRA for a forward split of common share of 22:1. | |
On April 17, 2012 the company received approval from FINRA for a forward slit of 3.5:1. All share amounts have been retroactively adjusted for all periods presented. | |
On August 28, 2012 the company amended the authorized common shares from 175,000,000 to 800,000,000 common shares of $0.001 per share. On the same day the company authorized 10,000,000 preferred shares, par value $0.001 per share. None were previously authorized. | |
On December 7, 2012, 30,000,000 shares were issued to the president at $0.50 per share, Mr. Wayne Yamamoto in exchange for services, and 7,000,000 shares to Nevada Mineral Holdings, of which 5,000,000 were at a value of $0.50 per share and 2,000,000 were at a value of $0.64 per share. | |
On December 14, 2012 77,000,000 restricted shares held by the previous president, Patrick DeBlois, were retired and returned to Treasury. | |
As of August 31, 2013, the Company had 129,400,000 shares of common stock issued and outstanding. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended |
Aug. 31, 2013 | |
Stock Transactions and Stockholders' Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 13 - STOCKHOLDERS’ EQUITY |
The stockholders’ equity section of the Company contains the following classes of capital stock as at August 31, 2013: | |
Common stock, $0.001 par value: 800,000,000 shares authorized; 129,400,000 shares issued and outstanding. | |
Preferred stock, $0.001 par value: 10,000,000 shares authorized and no shares are issued and outstanding. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Aug. 31, 2013 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 - SUBSEQUENT EVENTS |
In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. During this period, the Company did not have any material recognizable subsequent events. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting |
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a February year-end. | |
Cash Equivalents | Cash Equivalents |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Stock-Based Compensation | Stock-Based Compensation |
The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. | |
Mineral Property Costs | Mineral Property Costs |
The Company has been in the exploration stage since its acquisition of mining option on November 19, 2012 and has not yet realized any revenues from its planned operations. All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. | |
If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if these costs are in excess of their recoverable amount periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement. |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||
Aug. 31, 2013 | |||||
Income Taxes [Abstract] | |||||
Summary of deferred tax asset | |||||
31-Aug-13 | |||||
Net operating loss carryforwards | $ | 15,312,287 | |||
Gross deferred tax assets | $ | 5,359,300 | |||
Valuation allowance | $ | (5,359,300 | ) | ||
Net deferred tax assets | $ | 0 |
Going_Concern_Details
Going Concern (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 93 Months Ended | |||||||||
Feb. 28, 2006 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2013 | Feb. 28, 2012 | Feb. 28, 2011 | Feb. 28, 2010 | Feb. 28, 2009 | Feb. 28, 2008 | Feb. 28, 2007 | Aug. 31, 2013 | |
Going Concern (Textual) | |||||||||||||
Working capital deficit | $247,287 | ||||||||||||
Deficit accumulated during the development stage | 15,312,287 | 15,312,287 | 15,261,674 | 15,312,287 | |||||||||
Net loss | ($983) | ($30,070) | ($10,097) | ($50,613) | ($28,432) | ($15,056,902) | ($54,722) | $23,538 | ($45,238) | ($75,309) | ($52,058) | ($15,312,287) |
Mining_Option_Agreement_Detail
Mining Option Agreement (Details) (Nevada Minerals Holdings [Member], USD $) | 1 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended |
Nov. 19, 2012 | Aug. 31, 2013 | Dec. 07, 2012 | Aug. 31, 2013 | Jan. 14, 2013 | Aug. 31, 2013 | |
Blue Wing Mountains Graphite Property [Member] | Blue Wing Mountains Graphite Property [Member] | Gordon Creek Graphite Property [Member] | Gordon Creek Graphite Property [Member] | Ruby Mountains Graphite Property [Member] | Ruby Mountains Graphite Property [Member] | |
acre | acre | acre | ||||
Mining Option Agreement (Textual) | ||||||
Percentage of mining interests acquired in property | 100.00% | 100.00% | 100.00% | |||
Area of land | 1,985 | 206 | 785 | |||
Description of purchase price required to pay | The Company's common stock to NV Minerals; (iii) pay an additional aggregate payment of $450,000 over a three (3) year period; and (iv) pay a Royalty to NV Minerals equal to 2% of the net smelter returns, per the terms and conditions of the Option Agreement. The Company will also provide funds for the conduct of a program of work to be undertaken by NV Minerals for the benefit of the Property of not less than $1,000,000 over four years. The Option Agreement also provides that the Company shall have a one-time right to purchase 50% of the Royalty in the Property for $500,000. Pursuant to the Option Agreement, NV Minerals has agreed to enter into an 18 month voluntary lock up agreement for all of the shares it will receive upon execution of the Option Agreement. The Company issued 5,000,000 shares on December 10, 2012 at $0.50 per shares. According the Option Agreement, the Company needs to pay $50,000 within four months after the commencement of the Option. But the Company has not paid it. | The Company is required to: (i) pay an initial cash payment of $25,000 to NV Minerals ninety days after the commencement of the Option Period; (ii) issue an aggregate 2,000,000 restricted shares of the Company's common stock to NV Minerals at $0.64 per share; (iii) pay an additional aggregate payment of $175,000 over a three (3) year period; and (iv) pay a Royalty to NV Minerals equal to 2% of the net smelter returns, per the terms and conditions of the Option Agreement. The Company will also provide funds for the conduct of a program of work to be undertaken by NV Minerals for the benefit of the Property of not less than $500,000 over four years. The Option Agreement also provides that the Company shall have a one-time right to purchase 50% of the Royalty in the Property for $500,000. Pursuant to the Option Agreement, NV Minerals has agreed to enter into an 18 month voluntary lock up agreement for all of the shares it will receive upon execution of the Option Agreement. The Company issued 2,000,000 shares on December 10, 2012 at $0.64 per shares. According the Option Agreement, the Company needs to pay $25,000 ninety days after the commencement of the Option Period. But the Company has not paid it. | The Company is required to: (i) pay an initial cash payment of twenty five thousand dollars ($25,000) to NV Minerals; (ii) issue an aggregate of four million six hundred and fifteen thousand (4,615,000) restricted shares of the Company's common stock to NV Minerals; (iii) pay an additional aggregate payment of one hundred seventy five thousand dollars ($175,000) over a three (3) year period; and (iv) pay a production royalty (the "Royalty") to NV Minerals equal to two percent (2%) of the net smelter returns, per the terms and conditions of the LOI. As of the Balance Sheet date the shares had not been issued. | |||
Initial cash payment to NV Minerals | $50,000 | $25,000 | $25,000 | |||
Restricted shares issued to NV Minerals | 5,000,000 | 2,000,000 | 4,615,000 | |||
Additional aggregate payments to NV Minerals | 450,000 | 175,000 | ||||
Period for additional aggregate payment | 3 years | 3 years | 3 years | |||
Percentage of royalty payable equal to net smelter returns | 2.00% | 2.00% | 2.00% | |||
Minimum funds provided for conduct program of work to be undertaken by NV Minerals | 1,000,000 | |||||
Percentage of one-time right to purchase royalty in property | 50.00% | |||||
One-time purchase price of royalty in property | $500,000 | |||||
Term of agreement | 18 months | |||||
Shares issued | 5,000,000 | 2,000,000 | ||||
Share issue price per share | $0.50 | $0.64 | ||||
Period for amount payable after commencement of option | 4 months | 90 days |
Note_Payable_Details
Note Payable (Details) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
Note Payable (Textual) | ||
Note payable | $43,642 | $42,692 |
Notes payable, interest rate | 5.00% | |
Accrued interest payable, interest rate | 5.00% |
Directors_Fees_Details
Director's Fees (Details) (USD $) | 6 Months Ended |
Aug. 31, 2013 | |
Director's Fees (Textual) | |
Remuneration to previous director, per month | $500 |
Remuneration to current director, per month | $2,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Dec. 05, 2012 | Dec. 10, 2012 | Dec. 05, 2012 | Aug. 31, 2013 | Aug. 31, 2013 |
Wayne Yamamoto [Member] | Wayne Yamamoto [Member] | Wayne Yamamoto [Member] | Previous officers [Member] | Current officer [Member] | |
Employment Agreement [Member] | Employment Agreement [Member] | ||||
Related Party Transactions (Textual) | |||||
Amount payable under agreement per month | $2,000 | ||||
Common stock issuable | 30,000,000 | ||||
Common shares issued for compensation | 30,000,000 | ||||
Price per share | $0.50 | ||||
Percentage of ownership held in Nevada Minerals Holdings, Inc. | 100.00% | ||||
Amount forwarded by officers | $109,543 | $59,028 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Aug. 31, 2013 |
Summary of deferred tax asset | |
Net operating loss carryforwards | $15,312,287 |
Gross deferred tax assets | 5,359,300 |
Valuation allowance | -5,359,300 |
Net deferred tax assets | $0 |
Net_Operating_Losses_Details
Net Operating Losses (Details) (USD $) | 6 Months Ended |
Aug. 31, 2013 | |
Net Operating Losses (Textual) | |
Net operating loss carryforwards | $15,312,287 |
Net operating loss carryforward, expiration date | Twenty years from the date the loss was incurred. |
Stock_Transactions_Details
Stock Transactions (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||
Dec. 07, 2012 | Apr. 17, 2012 | 23-May-10 | Aug. 31, 2006 | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 28, 2012 | Dec. 14, 2005 | Dec. 14, 2005 | Dec. 14, 2005 | Dec. 14, 2005 | Dec. 07, 2012 | Dec. 07, 2012 | Dec. 07, 2012 | Dec. 14, 2012 | |
Investor | Jasmin Bin Omar Jayaseelan, Jefferi Bin Omar Jayaseelan and Cheryl Lim Phaik Suan [Member] | Ms. Lim [Member] | Mr. Jasmin Jayaseelan [Member] | Mr. Jefferi Jayaseelan [Member] | Mr. Wayne Yamamoto [Member] | Nevada Minerals Holdings [Member] | Nevada Minerals Holdings One [Member] | Patrick DeBlois [Member] | |||||||
Stock Transactions (Textual) | |||||||||||||||
Common stock issued as founder shares, shares | 7,000,000 | 22,000,000 | 4,400,000 | 8,800,000 | 8,800,000 | 30,000,000 | 5,000,000 | 2,000,000 | |||||||
Common stock issued as founder shares, value | $5,000 | ||||||||||||||
Share price | $0.02 | $0.00 | $0.50 | $0.50 | $0.64 | ||||||||||
Proceeds from offering | $60,000 | ||||||||||||||
Stock issued as offering | 26,400,000 | ||||||||||||||
Number of Investor | 32 | ||||||||||||||
Forward split of common share | 3.5:1 | 22:01 | |||||||||||||
Common stock shares authorized before amendment | 175,000,000 | ||||||||||||||
Common stock, shares authorized | 80,000,000 | 80,000,000 | |||||||||||||
Common stock, par value | $0.00 | $0.00 | |||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||
Preferred stock, par value | $0.00 | $0.00 | $0.00 | ||||||||||||
Common stock, shares issued | 129,400,000 | 129,400,000 | |||||||||||||
Common stock, shares outstanding | 129,400,000 | 129,400,000 | |||||||||||||
Restricted shares retired and returned to Treasury | 77,000,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 28, 2012 |
Stockholders' Equity (Textual) | |||
Common stock, par value | $0.00 | $0.00 | |
Common stock, shares authorized | 80,000,000 | 80,000,000 | |
Common stock, shares issued | 129,400,000 | 129,400,000 | |
Common stock, shares outstanding | 129,400,000 | 129,400,000 | |
Preferred stock, par value | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding |