MOBILE STAR CORP

CIK:0001431936|SEC Filings

STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended		60 Months Ended
STATEMENTS OF OPERATIONS (Unaudited) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Income Statement [Abstract]
Revenues				$ 6,381	$ 6,381
Expenses:
Research and development				39,313	137,092
Professional fees	33,200	10,807	82,300	34,992	254,998
Consulting fees	71,554		477,804	6,383	534,617
Management fees		15,375		15,375	133,500
Investor relations				3,500	9,911
Legal - incorporation					2,350
Director fees			170,000		170,000
Travel	2,300		2,300	11,787	27,050
Other	758	2	759	736	3,576
Total general and administrative expenses	107,812	26,184	733,163	112,086	1,273,094
(Loss) from Operations	(107,812)	(26,184)	(733,163)	(105,705)	(1,266,713)
Other Income (Expense)
Foreign currency transaction gains					5,161
Foreign currency transaction losses		(151)		(249)	(3,646)
Interest expense	(6,032)	(19,768)	(11,890)	(71,077)	(119,723)
Other income (expense)				11,000	11,000
Provision for Income Taxes
Net (Loss)	$ (113,844)	$ (46,103)	$ (745,053)	$ (166,031)	$ (1,373,921)
(Loss) Per Common Share:
(Loss) per common share - Basic and Diluted	$ (0.01)	$ (0.11)	$ (0.07)	$ (0.60)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	22,161,278	428,840	10,220,880	275,244

CONDENSED STATEMENT OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended		60 Months Ended
CONDENSED STATEMENT OF CASH FLOWS (Unaudited) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Operating Activities:
Net (loss)	$ (745,053)	$ (166,031)	$ (1,373,921)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Common stock issued for services	241,250	133,500	399,750
Amortization of beneficial conversion feature	1,738	66,232	101,863
Changes in net assets and liabilities-
Prepaid expenses	(42,500)	(118,125)	(42,500)
Accounts payable and accrued liabilities	4,152	(1,348)	42,646
Net Cash Used in Operating Activities	(540,413)	(85,772)	(872,162)
Investing Activities:
Deposits on investments	(23,000)		(23,000)
Purchase of patent pending			(7,300)
Net Cash Used in Investing Activities	(23,000)		(30,300)
Financing Activities:
Proceeds from common stock issued	210,000		370,800
Proceeds from preferred stock	85,110		85,110
Proceeds from convertible note payable	250,000	67,500	374,500
Payments of shareholder loans			(14,300)
Proceeds from shareholder loans	20,100	17	88,434
Net Cash Provided by Financing Activities	565,210	67,517	904,544
Net (Decrease) Increase in Cash	1,797	(18,255)	2,082
Cash - Beginning of Period	285	18,513
Cash - End of Period	2,082	258	2,082
Cash paid during the period for:
Interest
Income taxes
Supplemental schedule of non-cash investing and financing activities:
Assignment of invention rights acquired through additional paid-in capital			5,000
Stock issued to settle shareholder loans		49,000	49,000
Stock issued to settle convertible debts and interest	$ 9,500	$ 69,437	$ 86,737

BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Current Assets:
Cash and cash equivalents	$ 2,082	$ 285
Prepaid expenses	42,500
Total current assets	44,582	285
Other Assets:
Deposits on investments	23,000
Patent pending	7,300	7,300
Assignment of invention rights	5,000	5,000
Total other assets	35,300	12,300
Total Assets	79,882	12,585
Current Liabilities:
Accounts payable and accrued liabilities	37,210	33,058
Loans from related parties - Directors and stockholders	25,134	5,034
Convertible notes payable, net of discount	293,200	50,962
Total current liabilities	355,544	89,054
Total liabilities	355,544	89,054
Stockholders' Equity (Deficit):
Series B preferred convertible stock, par value $.001 per share, 10,000 shares authorized; 145 and 0 shares issued and outstanding
Additional paid-in capital - Preferred stock subscribed	76,410
Common stock, par value $.0001 per share, 1,000,000,000 shares authorized; 22,161,278 and 752,320 shares issued and outstanding, respectively	2,216	75
Additional paid-in capital	1,059,634	552,325
Stock subscriptions receivable	(40,000)
(Deficit) accumulated during the development stage	(1,373,922)	(628,869)
Total stockholders' equity (deficit)	(275,662)	(76,469)
Total Liabilities and Stockholders' Equity (Deficit)	$ 79,882	$ 12,585