Polar Petroleum Corp.

CIK:0001520320|SEC Filings

UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		18 Months Ended
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
General and administrative expenses	$ 181,899	$ 27,749	$ 497,153	$ 49,609	$ 925,381
Loss from operations	(181,899)	(27,749)	(497,153)	(49,609)	(925,381)
Other income (expense):
Interest expense	(30,206)		(31,217)	(30)	(32,576)
Loss on currency exchange	(149)		(1,127)		(419)
	(30,355)		(32,344)	(30)	(32,995)
Loss before income taxes	(212,254)	(27,749)	(529,497)	(49,639)	(958,376)
Net loss	$ (212,254)	$ (27,749)	$ (529,497)	$ (49,639)	$ (958,376)
Loss per common share -
basic and diluted (in Dollars per share)	$ 0.00	$ 0.00	$ (0.01)	$ 0.00
Weighted average common shares outstanding - basic and diluted (in Shares)	43,719,621	18,326,805	43,577,900	33,915,000

Supplemental Cash Flow Information

3 Months Ended

Sep. 30, 2013

Note 7 – Supplemental Cash Flow Information

Actual amounts paid for interest and income taxes are as follows:

During the six months ended September 30, 2013, the Company:

·	Purchased oil and gas leases in exchange for a promissory note payable in the amount of $1,100,000.

·	Issued 335,000 shares of common stock for advisory services in the amount of $181,950.

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Mar. 31, 2013
Current assets:
Cash	$ 1,475	$ 2,274
Prepaid expenses	20,233	10,230
Total current assets	21,708	12,504
Property and equipment, net	50,123	60,661
Unproved oil and gas properties, not subject to amortization	2,541,991	1,279,228
Total assets	2,613,822	1,352,393
Current liabilities:
Accounts payable	43,878	28,895
Accrued expenses	33,302
Related party payables	60,927	60,927
Current portion of long-term debt	1,850,000	475,000
Total current liabilities	1,988,107	564,822
Related party payables	74,441
Long-term debt		500,000
Total liabilities	2,062,548	1,064,822
Stockholders' equity:
Preferred stock, $.001 par value, 20,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.001 par value, 700,000,000 shares authorized, 43,862,828 and 43,227,275 shares issued and outstanding, respectively	43,863	43,228
Additional paid-in capital	1,465,787	673,222
Deficit accumulated during the exploration stage	(958,376)	(428,879)
Total stockholders' equity	551,274	287,571
Total liabilities and stockholders' equity	$ 2,613,822	$ 1,352,393