POTASH AMERICA, INC.

CIK:0001431880|SEC Filings

Statements of Operations (USD $)	3 Months Ended		9 Months Ended		77 Months Ended
Statements of Operations (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Income Statement [Abstract]
REVENUE
OPERATING EXPENSES
Impairment of mining interest		710,885		710,885	760,885
Professional fees	3,446	39,297	11,601	159,542	393,630
Transfer agent and filing fees	400	854	904	7,724	47,937
Consulting	181	8,800	181	80,796	254,003
Web development		1,047		3,618	32,275
Stock compensation	0	8,137	0	165,890	1,140,553
Exploration costs		2,525	(81)	176,855	215,035
General and administrative	(54)	23,109	1,810	73,720	173,455
TOTAL OPERATING EXPENSES	3,973	794,654	14,415	1,379,030	3,017,773
LOSS FROM OPERATIONS	(3,973)	(794,654)	(14,415)	(1,379,030)	(3,017,773)
Interest expense	(17,316)	(17,110)	(51,760)	(57,080)	(154,247)
Derivative expense				(184,044)
Change in derivative		(7,818)		(30,109)
Amortization of debt discount		(306,611)		(707,129)	(302,904)
TOTAL OTHER INCOME (EXPENSES)	(17,316)	(331,539)	(51,760)	(978,362)	(457,151)
NET LOSS PRIOR TO INCOME TAXES	(21,289)	(1,126,193)	(66,175)	(2,357,392)	(3,474,924)
PROVISION FOR INCOME TAXES
NET LOSS	$ (21,289)	$ (1,126,193)	$ (66,175)	$ (2,357,392)	$ (3,474,924)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0.00	$ (0.01)	$ 0.00	$ (0.02)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	148,625,000	148,665,000	148,625,000	148,173,197

Statements of Cash Flows (USD $)	9 Months Ended		78 Months Ended
Statements of Cash Flows (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (66,175)	$ (2,357,392)	$ (3,474,924)
Stock-based compensation	0	165,890	1,140,554
Derivative expense		184,044
Change in derivative		30,109
Amortization of debt discount		707,129	302,904
Impairment of mining claims		710,885	760,885
Changes in assets and liabilities:
Decrease in prepaid expenses	3,819	127,963
Decrease in deposit	500	49,500
Increase (decrease) in accrued expenses	(10,884)	(3,381)	11,400
Increase in accrued interest	51,760	57,080	154,107
Increase in deferred compensation		90,000	185,500
Net Cash Used in Operating Activities	(20,980)	(238,173)	(919,574)
Acquisitions of mineral properties		(245,240)	(564,885)
Net Cash Used in Investing Activities		(245,240)	(564,885)
Proceeds from notes payable			49,744
Proceeds from notes payable related parties	20,892	34,000	20,892
Proceeds from (payments on) line of credit		(400,000)	664,000
Proceeds from line of credit - convertible	710,000	710,000	710,000
Proceeds from sale of stock		88,360	50,000
Purchase of treasury stock		(10,000)	(10,000)
Net Cash Provided by Financing Activities	20,892	422,360	1,484,636
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(88)	(61,053)	177
Cash and cash equivalents, beginning balance	265	69,323
Cash and cash equivalents, ending balance	177	8,270	177
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes
Forgiveness of debt from former shareholder converted to capital
Stock option recorded as deferred stock compensation		107,639	215,777
Issuance of common stock to acquire mineral properties		196,000	196,000
Intrinsic value of beneficial conversion feature of convertible line of credit		$ 400,518	$ 302,904

Balance Sheets (USD $)	Dec. 31, 2013	Mar. 31, 2013
Current Assets
Cash and cash equivalents	$ 177	$ 265
Prepaid expenses		3,819
Deposits		500
Total Current Assets	177	4,584
Total Assets	177	4,584
Current Liabilities
Accrued expenses	11,400	22,284
Deferred compensation	185,500	185,500
Accrued interest	154,107	102,347
Note payable	35,500	35,500
Notes payable related parties	20,892
Convertible line of credit, net of debt discount	710,000	710,000
Line of credit related party	664,000	664,000
Total Current Liabilities	1,781,399	1,719,631
Total Liabilities	1,781,399	1,719,631
Stockholders Deficit
Common stock, par value $0.0001; 200,000,000 shares authorized, 148,625,000 shares issued and outstanding	14,863	14,863
Additional paid in capital	1,678,839	1,786,478
Deferred stock compensation		(107,639)
Deficit accumulated during the exploration stage	(3,474,924)	(3,408,749)
Total Stockholders Deficit	(1,781,222)	(1,715,047)
Total Liabilities and Stockholders Deficit	$ 177	$ 4,584