Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Aug. 31, 2014 | Oct. 16, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'National Graphite Corp | ' |
Entity Central Index Key | '0001409432 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Aug-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--05-31 | ' |
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 | ' | 69,790,516 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2015 | ' |
Balance_Sheets
Balance Sheets (USD $) | Aug. 31, 2014 | 31-May-14 |
CURRENT ASSETS | ' | ' |
Cash | $225 | $815 |
Total Current Assets | 225 | 815 |
OTHER ASSETS | ' | ' |
Deposits | 1,400 | 1,400 |
Total Other Assets | 1,400 | 1,400 |
TOTAL ASSETS | 1,625 | 2,215 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 39,101 | 29,366 |
Accounts payable - related parties | 66,000 | 39,000 |
Accrued interest | 798 | 483 |
Convertible note payable (net of unamortized discount of $509 and $863) | 24,491 | 24,137 |
Total Current Liabilities | 130,390 | 92,986 |
STOCKHOLDERS' (DEFICIT) | ' | ' |
Preferred stock, 1,000,000 shares authorized at par value of $0.001; 675,000 shares issued and outstanding | 675 | 675 |
Common stock, 499,000,000 shares authorized at par value of $0.001; 2,288,996 shares issued and outstanding | 2,289 | 2,289 |
Additional paid-in capital | 2,684,593 | 2,684,593 |
Other comprehensive income | 59 | 59 |
Deficit accumulated during the exploration stage | 2,816,381 | 2,778,387 |
Total Stockholders' (Deficit) | -128,765 | -90,771 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $1,625 | $2,215 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2014 | 31-May-14 |
Statement of Financial Position [Abstract] | ' | ' |
Unamortized discount | $509 | $863 |
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 | 2,288,996 | 2,288,996 |
Common stock, shares outstanding | 2,288,996 | 2,288,996 |
Statements_Of_Operations
Statements Of Operations (USD $) | 3 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Income Statement [Abstract] | ' | ' |
REVENUES | ' | ' |
OPERATING EXPENSES | ' | ' |
Exploration of resource properties | ' | 33,602 |
Depreciation expense | ' | 202 |
Professional fees | 24,590 | 30,054 |
General and administrative expenses | 12,734 | 42,618 |
Total Operating Expenses | 37,324 | 106,476 |
LOSS FROM OPERATIONS | -37,324 | -106,476 |
OTHER (EXPENSE) | ' | ' |
Interest expense | 670 | ' |
Total Other (Expense) | -670 | ' |
LOSS BEFORE INCOME TAXES | -37,994 | -106,476 |
PROVISION FOR INCOME TAXES | ' | ' |
NET LOSS | ($37,994) | ($106,476) |
BASIC AND DILUTED LOSS PER SHARE | ($0.02) | ($0.05) |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 2,288,996 | 2,288,996 |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 3 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($37,994) | ($106,476) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation expense | ' | 202 |
Amortization of debt discount | 354 | ' |
Changes to operating assets and liabilities: | ' | ' |
Note receivable - related party | ' | 6,545 |
Accounts payable | 9,735 | -400 |
Accounts payable - related party | 27,000 | ' |
Accrued interest | -315 | ' |
Net Cash Used in Operating Activities | -590 | -113,219 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
NET (DECREASE) IN CASH | -590 | -113,219 |
CASH AT BEGINNING OF PERIOD | 815 | 187,622 |
CASH AT END OF PERIOD | 225 | 74,403 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Cash paid for Interest | ' | ' |
Cash paid for Income Taxes | ' | ' |
NON CASH FINANCING ACTIVITIES: | ' | ' |
Condensed_Financial_Statements
Condensed Financial Statements | 3 Months Ended |
Aug. 31, 2014 | |
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, 2014, 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, 2014 audited financial statements. The results of operations for the periods ended August 31, 2014 and 2013 are not necessarily indicative of the operating results for the full years. |
Going_Concern
Going Concern | 3 Months Ended |
Aug. 31, 2014 | |
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, 2014 | |||||||||
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. | |||||||||
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, 2014 and 2013, 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, | ||||||||
2014 | 2013 | ||||||||
Net loss (numerator) | $ | (37,994 | ) | $ | (106,476 | ) | |||
Weighted-average number of common shares outstanding (denominator) | 2,288,996 | 2,288,996 | |||||||
Net loss per share amount | $ | (0.00 | ) | $ | (0.00 | ) | |||
Recent Accounting Pronouncements | |||||||||
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The guidance eliminates the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP for development or exploration stage entities, primarily presentation of inception to date financial information. The provisions of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein. However, early adoption is permitted. Accordingly, the Company has adopted this standard as of August 31, 2014. | |||||||||
The Company does not expect the adoption of any other recent accounting pronouncements to have a material impact on its financial statements. |
Convertible_Note_Payable
Convertible Note Payable | 3 Months Ended |
Aug. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Convertible Note Payable | ' |
NOTE 4 – CONVERTIBLE NOTE PAYABLE | |
On January 10, 2014 the Company borrowed $25,000 in the form of a convertible note payable. The note bears interest at 5 percent per annum with principal and interest due in full on January 10, 2015. The note is convertible into shares of the Company’s common stock at a conversion price of $0.016. The Company analyzed the convertible debt for a beneficial conversion feature under ASC 470-20 on the date of the note and determined that a beneficial conversion feature exists. The intrinsic value of the beneficial conversion feature was determined to be $1,406 and was recorded as debt discount. During the year ended May 31, 2014, debt discount of $543 was amortized, leaving $863 of unamortized debt discount at May 31, 2014. As of August 31, 2014 and additional $354 in debt discount had been amortized, leaving $509 of unamortized debt discount at August 31, 2014. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Aug. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 5 – 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, other than those listed in the paragraphs below: | |
On September 22, 2014 the Company issued 67,500,000 shares of common stock upon conversion of 675,000 shares of preferred stock. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
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. | |||||||||
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, 2014 and 2013, 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, | ||||||||
2014 | 2013 | ||||||||
Net loss (numerator) | $ | (37,994 | ) | $ | (106,476 | ) | |||
Weighted-average number of common shares outstanding (denominator) | 2,288,996 | 2,288,996 | |||||||
Net loss per share amount | $ | (0.00 | ) | $ | (0.00 | ) | |||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The guidance eliminates the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP for development or exploration stage entities, primarily presentation of inception to date financial information. The provisions of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein. However, early adoption is permitted. Accordingly, the Company has adopted this standard as of August 31, 2014. | |||||||||
The Company does not expect the adoption of any other recent accounting pronouncements to have a material impact on its financial statements. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of earnings loss per shares of common stock | ' | ||||||||
Due to net losses at August 31, 2014 and 2013, 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, | ||||||||
2014 | 2013 | ||||||||
Net loss (numerator) | $ | (37,994 | ) | $ | (106,476 | ) | |||
Weighted-average number of common shares outstanding (denominator) | 2,290,516 | 2,290,516 | |||||||
Net loss per share amount | $ | (0.00 | ) | $ | (0.00 | ) |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Summary Of Significant Accounting Policies Details | ' | ' |
Net Loss (numerator) | ($37,994) | ($106,476) |
Weighted-average number of common shares outstanding (denominator) | 2,288,996 | 2,288,996 |
Net loss per share amount | $0 | $0 |
Convertible_Notes_Payable_Narr
Convertible Notes Payable (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | Jan. 10, 2014 | 31-May-14 | |
Convertible Notes Payable Issued on January 10, 2014 | Convertible Notes Payable Issued on January 10, 2014 | |||
Proceeds from convertible notes payable | ' | ' | $25,000 | ' |
Interest rate | ' | ' | 5.00% | ' |
Convertible notes due date | ' | ' | 10-Jan-15 | ' |
Debt instrument conversion price | ' | ' | $0.02 | ' |
Intrinsic value of the beneficial conversion feature | ' | ' | 1,406 | ' |
Convertible notes issuance date | ' | ' | 10-Jan-14 | ' |
Amortization of debt discount | $354 | ' | ' | $543 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (Subsequent Event) | Sep. 22, 2014 |
Common Stock | ' |
Common stock shares issued for conversion of preferred stock | 67,500,000 |
Preferred Stock | ' |
Common stock shares issued for conversion of preferred stock | 675,000 |