Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Aug. 31, 2013 | Oct. 07, 2013 | |
Document And Entity Information | ||
Entity Registrant Name | National Graphite Corp | |
Entity Central Index Key | 1409432 | |
Document Type | 10-Q | |
Document Period End Date | 31-Aug-13 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -26 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 68,669,881 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2014 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Aug. 31, 2013 | 31-May-13 |
CURRENT ASSETS | ||
Cash | $74,403 | $187,622 |
Note receivable - related party | 6,545 | |
Total Current Assets | 80,948 | 187,622 |
PROPERTY AND EQUIPMENT, net | 339 | 541 |
OTHER ASSETS | ||
Deposits | 1,400 | 1,400 |
Mineral interests | 575,000 | 575,000 |
Total Other Assets | 576,400 | 576,400 |
TOTAL ASSETS | 657,687 | 764,563 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 9,195 | 9,595 |
Total Current Liabilities | 9,195 | 9,595 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, 1,000,000 shares authorized at par value of $0.001; 675,000 and 675,000 shares issued and outstanding, respectively | 675 | 675 |
Common stock, 499,000,000 shares authorized at par value of $0.001; 68,669,881 and 68,669,881 shares issued and outstanding, respectively | 68,670 | 68,670 |
Additional paid-in capital | 2,616,805 | 2,616,805 |
Other comprehensive income | 59 | 59 |
Deficit accumulated during the exploration stage | -2,037,717 | -1,931,241 |
Total Stockholders' Equity | 648,492 | 754,968 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $657,687 | $764,563 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | 31-May-13 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 675,000 | 675,000 |
Preferred stock, shares outstanding | 675,000 | 675,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 499,000,000 | 499,000,000 |
Common stock, shares issued | 68,669,881 | 68,669,881 |
Common stock, shares outstanding | 68,669,881 | 68,669,881 |
Condensed_Statements_Of_Operat
Condensed Statements Of Operations (USD $) | 3 Months Ended | 82 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Income Statement [Abstract] | |||
REVENUES | |||
OPERATING EXPENSES | |||
Exploration of resource properties | 33,602 | 56,998 | 232,593 |
Impairment of mineral interests | 286,369 | ||
Depreciation expense | 202 | 202 | 2,089 |
Professional fees | 30,054 | 29,238 | 1,123,683 |
General and administrative expenses | 42,618 | 42,370 | 392,983 |
Total Operating Expenses | 106,476 | 128,808 | 2,037,717 |
LOSS FROM OPERATIONS | -106,476 | -128,808 | -2,037,717 |
PROVISION FOR INCOME TAXES | |||
NET LOSS | ($106,476) | ($128,808) | ($2,037,717) |
BASIC AND DILUTED LOSS PER SHARE | $0 | $0 | |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 68,669,881 | 75,402,671 |
Condensed_Statements_Of_Cash_F
Condensed Statements Of Cash Flows (USD $) | 3 Months Ended | 82 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | ($106,476) | ($128,808) | ($2,037,717) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation expense | 202 | 202 | 2,089 |
Contributed services by an officer | 150 | ||
Other comprehensive loss | 59 | ||
Amortization of prepaid expense | 561,000 | ||
Common stock issued for services | 120,000 | ||
Impairment of mineral interests | 286,369 | ||
Changes to operating assets and liabilities: | |||
Deposits | 25,000 | -1,400 | |
Note receivable - related party | -6,545 | -6,545 | |
Accounts payable | -400 | -1 | 6,295 |
Net Cash Used in Operating Activities | -113,219 | -103,607 | -1,069,700 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of computer equipment | 2,428 | ||
Purchase of mineral interests | 59,978 | 263,469 | |
Net Cash Used in Investing Activities | -59,978 | -265,897 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Capital contributions | 10,000 | ||
Common stock issued for cash | 250,000 | 1,400,000 | |
Net Cash Provided by Financing Activities | 250,000 | 1,410,000 | |
NET INCREASE (DECREASE) IN CASH | -113,219 | 86,415 | 74,403 |
CASH AT BEGINNING OF PERIOD | 187,622 | 108,209 | |
CASH AT END OF PERIOD | 74,403 | 194,624 | 74,403 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid for interest | |||
Cash paid for income taxes | |||
NON CASH FINANCING ACTIVITIES: | |||
Preferred stock issued in conversion of common stock | 67,500 | ||
Common stock issued for prepaid expenses | 561,000 | ||
Common stock issued for mineral interests | $60,000 | $595,000 |
Condensed_Financial_Statements
Condensed Financial Statements | 3 Months Ended |
Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements | NOTE 1 - CONDENSED FINANCIAL STATEMENTS |
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at August 31, 2013, and for all periods presented herein, have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's May 31, 2013 audited financial statements. The results of operations for the periods ended August 31, 2013 and 2012 are not necessarily indicative of the operating results for the full years. |
Going_Concern
Going Concern | 3 Months Ended |
Aug. 31, 2013 | |
Risks and Uncertainties [Abstract] | |
Going Concern | NOTE 2 –GOING CONCERN |
The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern and no revenues are anticipated until the Company begins extracting and selling gold, and there is no assurance that a commercially viable deposit exists on the mineral claims that the Company has under option. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. | |
Management’s plan to support the Company in its operations and to maintain its business strategy is to raise funds through public offerings and to rely on officers and directors to perform essential functions with minimal compensation. If the Company does not raise all of the money it needs from public offerings, it will have to find alternative sources, such as a second public offering, a private placement of securities, or loans from its officers, directors or others. If the Company requires additional cash and can’t raise it, it will either have to suspend operations until the cash is raised, or cease business entirely. | |
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Accounting Policies [Abstract] | |||||||||
Summary of Significant Accounting Policies | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Use of Estimates | |||||||||
In preparing financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses in the statement of operations. Actual results could differ from those estimates. | |||||||||
Recent Accounting Pronouncements | |||||||||
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements | |||||||||
Basic Loss per Common Share | |||||||||
Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. Due to net losses at August 31, 2013 and 2012, the effect of the potential common shares resulting from warrants was excluded, as the effect would have been anti-dilutive. | |||||||||
For the | For the | ||||||||
Three Months Ended | Three Months Ended | ||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Net Loss (numerator) | $ | (106,476 | ) | $ | (128,808 | ) | |||
Common Shares (denominator) | 68,669,881 | 75,402,671 | |||||||
Net loss per share amount | $ | (0.00 | ) | $ | (0.00 | ) |
Mineral_Interests
Mineral Interests | 3 Months Ended |
Aug. 31, 2013 | |
Mineral Properties, Net [Abstract] | |
Mineral Interests | NOTE 4 – MINERAL INTERESTS |
As of August 31, 2013 and May 31, 2013 the Company had capitalized $575,000 of costs related to the acquisition of mineral interests on mineral properties located throughout the United States |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Aug. 31, 2013 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | NOTE 5 – STOCKHOLDERS’ EQUITY |
Common Stock Activity, Fiscal Year Ended May 31, 2013 | |
The Company’s authorized capital consists of 1,000,000 preferred shares with 675,000 preferred shares issued and outstanding at a par value of $0.001 per preferred share. Common stock consists of 499,000,000 authorized shares of $0.001 par value common stock. As of August 31, 2013 and 2012 there were 68,669,881 and 68,669,881 shares issued and outstanding, respectively. | |
The Company issued 916,667 shares of common stock for cash of $500,000. | |
The Company issued 600,000 shares of common stock for the acquisition of mineral claims. The shares were valued at fair market value of $235,000. | |
On October 17, 2012 the Company entered into a Share Issuance Agreement with an unrelated third party entity. Pursuant to the terms of the agreement, the third party agreed to provide a financing line to the Company of no greater than $2,500,000, from which the Company can receive advances of no more than $250,000 per advance. In exchange for any advances made, the Company agrees to issue shares of its common stock. The number of shares to be issued shall be based upon a ten percent discount to the average of the closing trading prices of the five day period immediately prior to issuance. As of May 31, 2013 no advances have been received by the Company. | |
On October 19, 2012 the Company cancelled 8,000,000 shares of common stock held by a director of the Company who is a related party. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Aug. 31, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 – SUBSEQUENT EVENTS |
In accordance with ASC 855 Company management reviewed all material events through filing of these financial statements and there are no material subsequent events to report. |
Recovered_Sheet1
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Accounting Policies [Abstract] | |||||||||
Use of Estimates | Use of Estimates | ||||||||
In preparing financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses in the statement of operations. Actual results could differ from those estimates. | |||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements | |||||||||
Basic Loss per Common Share | Basic Loss per Common Share | ||||||||
Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. Due to net losses at August 31, 2013 and 2012, the effect of the potential common shares resulting from warrants was excluded, as the effect would have been anti-dilutive. | |||||||||
For the | For the | ||||||||
Three Months Ended | Three Months Ended | ||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Net Loss (numerator) | $ | (106,476 | ) | $ | (128,808 | ) | |||
Common Shares (denominator) | 68,669,881 | 75,402,671 | |||||||
Net loss per share amount | $ | (0.00 | ) | $ | (0.00 | ) | |||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of earnings loss per shares of common stock | Due to net losses at August 31, 2013 and 2012, the effect of the potential common shares resulting from warrants was excluded, as the effect would have been anti-dilutive. | ||||||||
For the | For the | ||||||||
Three Months Ended | Three Months Ended | ||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Net Loss (numerator) | $ | (106,476 | ) | $ | (128,808 | ) | |||
Common Shares (denominator) | 68,669,881 | 75,402,671 | |||||||
Net loss per share amount | $ | (0.00 | ) | $ | (0.00 | ) |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 82 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Summary Of Significant Accounting Policies Details | |||
Net Loss (numerator) | ($106,476) | ($128,808) | ($2,037,717) |
Common Shares (denominator) | 68,669,881 | 75,402,671 | |
Net loss per share amount | $0 | $0 |
Stockholders_Equity_Narrative_
Stockholders Equity (Narrative) (Details) (USD $) | 3 Months Ended | 82 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Oct. 17, 2012 | 31-May-13 | Oct. 19, 2012 | |
Share Issuance Agreement - Unrelated Third Party Entity | Common Stock | Common Stock | ||||
Director | ||||||
Stock issued during period for cash, shares | 916,667 | |||||
Stock issued during period for cash, value | $500,000 | |||||
Stock issued for acquisition of mineral claims, shares | 600,000 | |||||
Stock issued for acquisition of mineral claims, value | $60,000 | $595,000 | $235,000 | |||
Terms of share issuance agreement | On October 17, 2012 the Company entered into a Share Issuance Agreement with an unrelated third party entity. Pursuant to the terms of the agreement, the third party agreed to provide a financing line to the Company of no greater than $2,500,000, from which the Company can receive advances of no more than $250,000 per advance. In exchange for any advances made, the Company agrees to issue shares of its common stock. The number of shares to be issued shall be based upon a ten percent discount to the average of the closing trading prices of the five day period immediately prior to issuance. | |||||
Shares cancelled during the period | 8,000,000 |