Western Graphite Inc.

CIK:0001389294|SEC Filings

Unaudited Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Unaudited Condensed Statements of Operations - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES
Revenues
TOTAL REVENUES
OPERATING EXPENSES
General and administrative expenses	$ 75,940	$ 152,877	$ 291,184	$ 206,209
TOTAL OPERATING EXPENSES	75,940	152,877	291,184	206,209
LOSS FROM OPERATIONS	(75,940)	(152,877)	(291,184)	(206,209)
OTHER INCOME (EXPENSE)
Interest expense, net	(23,730)	(8,719)	(58,528)	(18,687)
Change in fair value of derivative liabilities	(134,463)	(1,256,750)	95,762	(1,524,624)
Amortization of debt discount	(86,101)	(55,442)	(216,065)	(85,737)
TOTAL OTHER INCOME (EXPENSE)	(244,294)	(1,320,911)	(178,831)	(1,629,048)
NET LOSS	$ (320,234)	$ (1,473,788)	$ (470,015)	$ (1,835,257)
Basic and diluted loss per share	$ 0.00	$ (0.01)	$ 0.00	$ (0.02)
Weighted average number of common shares outstanding	348,043,044	103,253,624	226,530,257	82,311,356

Unaudited Condensed Statements of Cash Flows - USD ($)	9 Months Ended
Unaudited Condensed Statements of Cash Flows - USD ($)	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (470,015)	$ (1,835,257)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock issued for services	$ 2,200	19,800
Impairment on investment		986
Change in fair value of derivative	$ (95,761)	1,524,624
Amortization of debt discount	216,065	85,737
Convertible promissory notes issued for services	54,000	20,000
Amortization of prepaid consulting fees	154,938	88,629
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	22,128	550
Accrued expenses - related party	19,927	20,462
Accrued interest	58,528	18,087
NET CASH USED IN OPERATING ACTIVITIES	$ (37,990)	$ (56,382)
CASH FLOWS FROM INVESTING ACTIVITIES:
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible notes payable	$ 52,000	$ 30,000
Principal payments towards notes payable - related parties	(15,000)
Proceeds from loan payable	$ 2,500
Proceeds from loan payable - related parties		$ 3,800
Issuance of common stock for cash		10,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	$ 39,500	43,800
Net increase (decrease) in cash	1,510	(12,582)
Cash, beginning of period	28	18,314
Cash, end of period	$ 1,538	5,732
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest		$ 600
Cash paid for income taxes
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Debt discount on convertible promissory notes	$ 157,000	$ 279,651
Convertible promissory notes issued for prepaid consulting fees	66,000	$ 295,500
Conversion of debt to common stock	$ 51,791

Condensed Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 1,538	$ 28
Prepaid expenses	33,717	122,655
Total Current Assets	35,255	122,683
TOTAL ASSETS	35,255	122,683
CURRENT LIABILITIES
Accounts payable and accrued expenses	28,328	6,200
Accrued expenses - related party	65,768	45,841
Convertible notes payable, net	410,746	228,823
Derivative liabilities	1,085,866	1,024,627
Loans payable - related parties	41,575	41,575
Loan payable	5,500	3,000
Accrued interest	$ 95,970	40,091
Note payable - related party		15,000
Notes payable	$ 170,000	170,000
Total Current Liabilities	1,903,753	1,575,157
TOTAL LIABILITIES	$ 1,903,753	$ 1,575,157
Commitments and contingencies
STOCKHOLDERS' DEFICIENCY
Common stock, $0.001 par value; 1,750,000,000 and 750,000,000 shares authorized, respectively; 659,143,027 and 146,846,667 shares issued and outstanding, respectively	$ 659,143	$ 146,847
Additional paid-in capital	6,324,903	6,783,208
Accumulated deficit	(8,852,544)	(8,382,529)
TOTAL STOCKHOLDERS' DEFICIENCY	(1,868,498)	(1,452,474)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 35,255	$ 122,683