Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Western Graphite Inc. |
Document Type | '10-K |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001389294 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 71,666,667 |
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 | 'FY |
Entity Public Float | $0 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash | $27,781 | $73 |
Deposits | 1,209 | 3,937 |
Total current assets | 28,990 | 4,010 |
Fixed assets: | ' | ' |
Mining properties | 1,513,000 | ' |
Total fixed assets | 1,513,000 | ' |
Total assets | 1,541,990 | 4,010 |
Current liabilities: | ' | ' |
Accounts payable | 116 | 60 |
Loan payable - related party | 37,325 | 31,325 |
Accrued interest | 7,819 | ' |
Note payable | 150,000 | ' |
Property payments due | 1,500,000 | ' |
Total current liabilities | 1,695,260 | 31,385 |
Total liabilities | 1,695,260 | 31,385 |
Stockholders' equity (deficit) | ' | ' |
Common stock value | 71,667 | 58,000 |
Additional paid-in capital | 120,333 | 16,000 |
Deficit accumulated during exploration stage | 345,270 | 101,375 |
Total stockholders' equity (deficit) | -153,270 | -27,375 |
Total liabilities and stockholders' equity (deficit) | $1,541,990 | $4,010 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Balance Sheet | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 71,666,667 | 58,000,000 |
Common stock, shares outstanding | 71,666,667 | 58,000,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 85 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Income Statement | ' | ' | ' |
Revenue | ' | ' | ' |
Operating costs: | ' | ' | ' |
Mineral property expenditures | 10,711 | ' | 27,039 |
Administrative expenses | 207,348 | 20,669 | 245,867 |
Professional fees | 18,017 | 9,463 | 64,545 |
Net operating loss | 236,076 | 30,132 | 337,451 |
Other expenses: | ' | ' | ' |
Interest expense | 7,819 | ' | 7,819 |
Net income (loss) | ($243,895) | ($30,132) | ($345,270) |
Basic earnings (loss) per share | $0 | $0.01 | ' |
Weighted average number of common shares outstanding | 71,666,667 | 5,800,000 | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 85 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Operating activities | ' | ' | ' |
Net income (loss) | ($243,895) | ($30,132) | ($345,270) |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in deposits | 2,728 | 463 | -1,209 |
Increase (decrease) in accounts payable and accrued liabilities | 7,875 | -1,600 | 7,935 |
Net cash provided by (used in) operating activities | -233,292 | -31,269 | -338,544 |
Cash flows from financing activities | ' | ' | ' |
Note payable | 150,000 | ' | 150,000 |
Loan payable - related party | 6,000 | 31,325 | 37,325 |
Issuances of common stock | 105,000 | ' | 179,000 |
Net cash provided by (used in) financing activities | 261,000 | 31,325 | 366,325 |
Net increase (decrease) in cash | 27,708 | 56 | 27,781 |
Cash - beginning of the period | 73 | 17 | ' |
Cash - ending of the period | 27,781 | 73 | 27,781 |
Supplemental disclosures | ' | ' | ' |
Interest paid | ' | ' | ' |
Income taxes paid | ' | ' | ' |
Non Cash disclosures | ' | ' | ' |
Increase (decrease) in property payments due | 1,500,000 | ' | 1,500,000 |
Acquisition of mining properties | 1,513,000 | ' | 1,513,000 |
Issuance of common stock | $13,000 | ' | $13,000 |
Statements_of_Changes_in_Stock
Statements of Changes in Stockholders' Equity (USD $) | Common Stock | Additional Paid-in Capital | Deficit Accumulated During Exploration Stage | Total |
Beginning Balance, amount at Dec. 14, 2006 | ' | ' | ' | ' |
Stock issued for cash, shares | 2,000,000 | ' | ' | ' |
Stock issued for cash, value | $2,000 | $8,000 | ' | $10,000 |
Net loss for the period | ' | ' | -590 | -590 |
Ending Balance, amount at Dec. 31, 2006 | 2,000 | 8,000 | -590 | 9,410 |
Ending Balance, shares at Dec. 31, 2006 | 2,000,000 | ' | ' | ' |
Stock issued for cash, shares | 3,800,000 | ' | ' | ' |
Stock issued for cash, value | 3,800 | 60,200 | ' | 64,000 |
Net loss for the period | ' | ' | -19,635 | -19,635 |
Ending Balance, amount at Dec. 31, 2007 | 5,800 | 68,200 | -20,225 | 53,775 |
Ending Balance, shares at Dec. 31, 2007 | 5,800,000 | ' | ' | ' |
Net loss for the period | ' | ' | -18,350 | -18,350 |
Ending Balance, amount at Dec. 31, 2008 | 5,800 | 68,200 | -38,575 | 35,425 |
Ending Balance, shares at Dec. 31, 2008 | 5,800,000 | ' | ' | ' |
Net loss for the period | ' | ' | -10,025 | -10,025 |
Ending Balance, amount at Dec. 31, 2009 | 5,800 | 68,200 | 48,600 | 25,400 |
Ending Balance, shares at Dec. 31, 2009 | 5,800,000 | ' | ' | ' |
Net loss for the period | ' | ' | -11,373 | -11,373 |
Ending Balance, amount at Dec. 31, 2010 | 5,800 | 68,200 | -59,973 | 14,027 |
Ending Balance, shares at Dec. 31, 2010 | 5,800,000 | ' | ' | ' |
Net loss for the period | ' | ' | -11,270 | -11,270 |
Ending Balance, amount at Dec. 31, 2011 | 5,800 | 68,200 | -71,243 | 2,757 |
Ending Balance, shares at Dec. 31, 2011 | 5,800,000 | ' | ' | ' |
Net loss for the period | ' | ' | -30,132 | -30,132 |
Ending Balance, amount at Dec. 31, 2012 | 5,800 | 68,200 | -101,375 | -27,375 |
Beginning Balance, shares at Dec. 31, 2012 | 5,800,000 | ' | ' | ' |
Forward stock split (10 for 1), shares | 52,200,000 | ' | ' | ' |
Forward stock split (10 for 1), value | 52,200 | 52,200 | ' | ' |
Stock issued for acquisition, shares | 13,000,000 | ' | ' | ' |
Stock issued for acquisition, value | 13,000 | ' | ' | 13,000 |
Stock issued as compensation, shares | 500,000 | ' | ' | ' |
Stock issued as compensation, value | 500 | 79,500 | ' | 80,000 |
Stock issued for joint venture agreement, shares | 166,667 | ' | ' | ' |
Stock issued for joint venture agreement, value | 167 | 24,833 | ' | 25,000 |
Net loss for the period | ' | ' | -243,895 | -243,895 |
Ending Balance, amount at Dec. 31, 2013 | $71,667 | $120,333 | ($345,270) | ($153,270) |
Ending Balance, shares at Dec. 31, 2013 | 71,666,667 | ' | ' | ' |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Basis of Presentation | ' |
Note 1. Basis of Presentation | |
The accompany unaudited interim financial statements of Western Graphite Inc. (f/k/a Lucky Strike Explorations Inc.) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Lucky Strike’s Form 10-K filed with SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2012 as reported in the Form 10-K have been omitted. |
Going_Concern
Going Concern | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Going Concern | ' |
Note 2. Going Concern | |
As of December 31, 2013 Western Graphite has no generated revenues and has accumulated losses since inception. The continuation of Western Graphite as a going concern is dependent upon the continued financial support from its shareholders, its ability to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding Western Graphite’s ability to continue as a going concern. |
Note_Payable_Related_Party
Note Payable Related Party | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note Payable Related Party | ' |
Note 3. Note Payable Related Party | |
As of December 31, 2013, $37,325 is owed to an ex-officer and director of the Company and is non-interest bearing with no specific repayment terms. |
Notes_Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Notes Payable | ' |
Note 4. Notes payable | |
Note payable as of December 31, 2013 is: | |
Unsecured promissory note payable, dated May 10 2013 bearing interest at 10% per annum. $50,000. Interest expense incurred under this debt obligation amounted to $2,538 and $0 for the twelve months ended December 31, 2013 and 2012 respectively. Accrued interest was $2,538 and $0 as of December 31, 2013 and 2012 respectively. | |
Unsecured promissory note payable, for $100,000 dated July 18, 2013 bearing interest at 10% per annum. Interest expense incurred under this debt obligation amounted to $4,582 and $0 for the twelve months ended December 31, 2013 and 2012 respectively. Accrued interest was $4,582 and $0 as of December 31, 2013 and 2012 respectively. | |
Total accrued interest was $7,819 and $0 as of December 31, 2013 and 2012 respectively. |
Acquisition_of_Mines
Acquisition of Mines | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Acquisition of Mines | ' |
Note 5. Acquisition of Mines | |
On February 27, 2013, the Company acquired all the rights, title and interest in certain lands covering approximately 495 hectares and known as the Amorf Graphite property and located in the district of Bozyazi, in the village of Cabukkoyaoi, Mersin Province Turskey. The Company acquired the property pursuant to an agreement with Dr. Ahmet Unsal in exchange for 3,000,000 (three million) shares of the Company’s restricted common stock along with 2 future payments totalling $1,500,000. | |
On March 4, 2013, the Company entered into an agreement of purchase and sale with Seyit Kucuk for the acquisition of five (5) claims located in the Omineca Mining Division of the Province of British Columbia. The claims, which cover approximately 2,524 hectares, are known as the Pure Flake Graphite property and are subject to a 2% net milling royalty. In consideration for the acquisition of these claims, the company issued 10,000,000 (ten million) shares of the company’s restricted common stock. The Company has determined that the fair market value of the shares issued by the Company for the property acquisitions cannot be reliably determined and therefore it has deemed it appropriate to value the shares issued based on the fair market value of the securities in the underlying transaction. The Company has further determined that the period end price of its common stock as quoted at www.otcbb.com cannot be used to determine fair market value as the stock had never traded. Furthermore, as the Company has not issued any shares for cash in the past 2 years it has determined that a reasonable value at the time for the shares being issued is $.001, the par value of the common stock. |
Stock_Transactions
Stock Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Stock Transactions | ' |
Note 6. Stock Transactions | |
Transactions, other than employees’ stock issuance, are in accordance with ASC No. 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 No. 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 15, 2006, the Company issued a total of 2,000,000 shares of common stock to Michael Noble for cash in the amount of $0.005 per share for a total of $10,000. | |
On February 23, 2007, the Company issued a total of 800,000 shares of common stock to Michael Noble for cash in the amount of $0.005 per share for a total of $4,000. | |
On April 5, 2007, the Company issued a total of 3,000,000 shares of common stock from its registered SB-2 offering to 27 shareholders at $.02 per share to raise an aggregate amount of $60,000. | |
On February 27, 2013 the Company effected a 10 for 1 forward split of its issued and outstanding share capital such that every one share of common stock issued and outstanding prior to the split was exchanged for ten post-split shares of common stock. The number of shares referred to in the previous paragraphs is post-split number of shares. The Company’s post-split authorized capital has increased to 750,000,000 shares of common stock with a par value of $0.001 per share. All share amounts have been retroactively adjusted for all periods presented. | |
On February 27, 2013 the Company issued a total of 3,000,000 shares of common stock to one individual as part of the payment for the acquisition of the Amorf Graphite property valued at $0.001 per share for a total of $3,000. On March 4, 2013 the Graphite property valued at $0.001 per share for a total of $10,000. | |
On June 19, 2013 in a private transaction, Lauren Notar purchased 14,000,000 shares of common stock held by Michael Noble, a former officer and director, for $2,000 or $0.000143 per share. | |
On July 1, 2013, the company issued a total of 250,000 shares of common stock to Harry Bygdnes as compensation as a member of the Western Graphite Board. | |
On July 31, 2013, the company issued a total of 250,000 shares of common stock to Alex Burton as compensation for becoming an Advisor to the company and for joining the company as Vice President of Exploration. | |
On November 25 2013, the company issued a total of 166,667 shares of common stock to Noram Ventures Inc. as partial payment towards the Western Graphite/Noram Ventures potential Joint Venture agreement. | |
As of December 31, 2013 the Company had 71,166,667 shares of common stock issued and outstanding. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Stockholders' Equity | ' |
Note 7. Stockholders’ Equity | |
The stockholders’ equity section of the Company contains the following classes of capital stock as of December 31, 2013: | |
Common stock, $ 0.001 par value: shares authorized: 750,000,000. |
Note_Payable_Related_Party_Det
Note Payable Related Party (Details) (USD $) | Dec. 31, 2013 |
Details | ' |
Notes payable - related parties | $37,325 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accrued interest | $7,819 | $0 |
Unsecured promissory note payable - May 10, 2013 | ' | ' |
Promissory note payable | 50,000 | ' |
Interest expense incurred | 2,538 | 0 |
Accrued interest | 2,538 | 0 |
Unsecured promissory note payable - July 18, 2013 | ' | ' |
Promissory note payable | 100,000 | ' |
Interest expense incurred | 4,582 | 0 |
Accrued interest | $4,582 | $0 |
Acquisition_of_Mines_Details
Acquisition of Mines (Details) (USD $) | Dec. 31, 2013 | Feb. 27, 2013 | Mar. 04, 2013 |
Amorf Graphite property | Pure Flake Graphite | ||
Hectars | ' | 495 | 2,524 |
Shares issued in acquisition of property | ' | 3,000,000 | 10,000,000 |
Two future payments (total) | $1,500,000 | $1,500,000 | ' |
Net milling royalty | ' | ' | 2.00% |
Stock_Transactions_Details
Stock Transactions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 19, 2013 | Feb. 23, 2007 | Dec. 16, 2006 | Apr. 05, 2007 | Feb. 27, 2013 | Mar. 04, 2013 | Feb. 27, 2013 | Jul. 31, 2013 | Jul. 02, 2013 | Nov. 25, 2013 |
Shares issued for cash | Shares issued for cash | Shares issued for cash | SB-2 offering | Forward stock split | Shares issued for acquisition | Shares issued for acquisition | Shares issued as compensation | Shares issued as compensation | Partial payment towards potential joint venture agreement | |||
Common stock issued | 71,666,667 | 58,000,000 | 14,000,000 | 800,000 | 2,000,000 | 3,000,000 | ' | ' | 3,000,000 | 250,000 | 250,000 | 166,667 |
Per share price | ' | ' | $0.00 | $0.01 | $0.01 | $0.02 | ' | ' | $0.00 | ' | ' | ' |
Proceeds from sale of stock | ' | ' | $2,000 | $4,000 | $10,000 | $60,000 | ' | ' | ' | ' | ' | ' |
Forward split | ' | ' | ' | ' | ' | ' | '10 for 1 | ' | ' | ' | ' | ' |
Value of common stock issued | ' | ' | ' | ' | ' | ' | ' | $10,000 | $3,000 | ' | ' | ' |
Common stock issued and outstanding | 71,666,667 | 58,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Details | ' | ' |
Common stock authorized | 750,000,000 | 750,000,000 |