Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
May 31, 2015 | Nov. 30, 2014 | |
Document and Entity Information: | ||
Entity Registrant Name | National Graphite Corp | |
Document Type | 10-K | |
Document Period End Date | May 31, 2015 | |
Trading Symbol | ngrc | |
Amendment Flag | false | |
Entity Central Index Key | 1,409,432 | |
Current Fiscal Year End Date | --05-31 | |
Entity Common Stock, Shares Outstanding | 154,308,415 | |
Entity Public Float | $ 154,308,415 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | May 31, 2015 | May 31, 2014 |
CURRENT ASSETS | ||
Cash | $ 8,155 | $ 4,893 |
Deposits | 22,696 | |
Total Current Assets | 30,851 | 4,893 |
TOTAL ASSETS | 30,851 | 4,893 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 94,322 | 13,732 |
Notes payable - related parties | 598,677 | 253,000 |
Current portion of long-term notes payable | 551,034 | 673,269 |
Convertible notes payable | 157,957 | 4,109 |
Total Current Liabilities | 1,401,990 | 944,110 |
Long-term notes payable, net | 820,389 | |
Total Liabilities | 2,222,379 | 944,110 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock; 1,000,000 shares authorized,at $0.001 par value, -0- and 675,000 shares issued and outstanding, respectively | 675 | |
Common stock; 500,000,000 shares authorized,at $0.001 par value, 113,681,596 and 25,000,000shares issued and outstanding, respectively | 113,682 | 25,000 |
Additional paid-in capital | 597,480 | 1,000 |
Stock subscriptions payable (receivable) | 21,491 | (10,000) |
Accumulated deficit | (2,924,181) | (955,892) |
Total Stockholders' Deficit | (2,191,528) | (939,217) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 30,851 | $ 4,893 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
May 31, 2015 | May 31, 2014 | |
OPERATING EXPENSES | ||
Research and development | $ 1,020,240 | $ 91,204 |
General and administrative | 1,147,336 | 3,416 |
Total Operating Expenses | 2,167,576 | 94,620 |
LOSS FROM OPERATIONS | (2,167,576) | (94,620) |
OTHER INCOME (EXPENSE) | ||
Interest expense | (59,172) | (10,790) |
Foreign currency transaction gain (loss) | 258,459 | (23,007) |
Total Other Income (Expense) | 199,287 | (33,797) |
NET INCOME LOSS | $ (1,968,289) | $ (128,417) |
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK | $ (0.02) | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED | 79,058,999 | 25,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
May 31, 2015 | May 31, 2014 | |
OPERATING ACTIVITIES | ||
Net loss | $ (1,968,289) | $ (128,417) |
Adjustments to reconcile loss to cash flows from operating activities | ||
Loss (gain) on foreign currency | (258,459) | 23,007 |
Changes in operating assets and liabilities | ||
Deposits | (22,696) | |
Accounts payable and accrued expenses | (39,639) | 63,991 |
Net Cash Used in Operating Activities | (2,289,083) | (41,419) |
FINANCING ACTIVITIES | ||
Proceeds from related party notes payable | 345,677 | |
Proceeds from notes payable | 942,676 | 41,203 |
Proceeds from convertible notes payable | 182,211 | 4,109 |
Proceeds from common stock issued for cash | 821,781 | |
Capital contributed by shareholders | 1,000 | |
Net Cash Provided by Financing Activities | 2,292,345 | 46,312 |
NET CHANGE IN CASH | 3,262 | 4,893 |
CASH AT BEGINNING OF PERIOD | 4,893 | |
CASH AT END OF PERIOD | $ 8,155 | $ 4,893 |