Topaz Resources, Inc.

CIK:0001459764|SEC Filings

TOPAZ RESOURCES, INC. (Formerly Kids Germ Defense Corp.) (A Development Stage Company) STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		38 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
REVENUES	$ 25,383		$ 174,180
OPERATING EXPENSES
Professional fees expense	8,500	17,383	153,335
Depletion expense	4,551		16,131
Impairment of oil and gas properties			205,116
General and administrative expenses	15,525	11,588	142,111
TOTAL OPERATING EXPENSES	28,576	28,971	516,693
INCOME (LOSS) FROM OPERATIONS	(3,193)	(28,971)	(342,513)
OTHER INCOME (EXPENSE)
Gain on extinguishment of liability	13,500		141,197
Interest expense	(2,400)	(3,896)	(28,242)
Interest income			3,527
TOTAL OTHER INCOME (EXPENSE)	11,100	(3,896)	116,482
INCOME (LOSS) BEFORE TAXES	7,907	(32,867)	(226,031)
INCOME TAX EXPENSE	0	0	0
NET INCOME (LOSS)	$ 7,907	$ (32,867)	$ (226,031)
NET INCOME (LOSS) PER COMMON SHARE, BASIC AND DILUTED	$ 0.00	$ 0.00
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED	518,175,000	513,744,444

TOPAZ RESOURCES, INC. (Formerly Kids Germ Defense Corp.) (A Development Stage Company) STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended		38 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ 7,907	$ (32,867)	$ (226,031)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Amortization of discount on notes payable		248	1,520
Depletion	4,551		11,580
Impairment of oil and gas properties			205,116
Gain on forgiveness of debt	(13,500)		(141,197)
Stock issued for expenses			17,280
Contribution from shareholder			38,207
Increase in other receivables and other current assets	11,131	(1,661)	(12,198)
Increase (decrease) in:
Accounts payable and accrued expenses	(2,088)	12,523	19,657
Accrued interest	2,400	2,848	22,032
Net cash provided (used) by operating activities	10,401	(18,909)	(64,034)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of oil and gas properties		(378,356)	(144,025)
Deposit on oil and gas properties		800	(789,318)
Proceeds from sale of oil and gas properties			403,409
Net cash provided (used) by investing activities		(377,556)	(529,934)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from advances from stockholder			18,000
Repayment of advances from stockholder			(18,000)
Proceeds from issuance of notes payable		75,000	115,000
Deposit for sale of working interest		48,909
Increase in common stock payable			157,500
Proceeds from sale of common stock for cash			360,000
Net cash provided by financing activities		123,909	632,500
Net increase (decrease) in cash and cash equivalents	10,401	(272,556)	38,532
Cash, beginning of period	28,131	337,168
Cash, end of period	$ 38,532	$ 64,612	$ 38,532

TOPAZ RESOURCES, INC. (Formerly Kids Germ Defense Corp.) (A Development Stage Company) CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash	$ 38,532	$ 28,131
Other receivables	12,198	23,329
Total Current Assets	50,730	51,460
PROPERTY
Deposit on investment in unevaluated oil and natural gas properties	660,908	660,908
Investment in evaluated oil and natural gas properties	114,371	118,922
Total Property	775,279	779,830
TOTAL ASSETS	826,009	831,290
CURRENT LIABILITIES
Accounts payable and accrued liabilities	22,464	38,052
Accounts payable, related party	21,234	21,234
Accrued interest	9,335	6,935
Note payable - Related Party	275,000	275,000
Total Current Liabilities	328,033	341,221
STOCKHOLDERS' EQUITY
Preferred stock	0	0
Common stock	51,818	51,818
Common stock payable	157,500	157,500
Additional paid-in capital	514,689	514,689
Accumulated deficit during development stage	(226,031)	(233,938)
Total Stockholders' Equity	497,976	490,069
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 826,009	$ 831,290