Filed by OTC Filings Inc. - www.otcedgar.com - 1-866-832-FILE (3453) - USA GRAPHITE INC.

0001517126-12-000125.txt : 20120723 0001517126-12-000125.hdr.sgml : 20120723 20120723150326 ACCESSION NUMBER: 0001517126-12-000125 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120531 FILED AS OF DATE: 20120723 DATE AS OF CHANGE: 20120723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: USA Graphite Inc. CENTRAL INDEX KEY: 0001355420 STANDARD INDUSTRIAL CLASSIFICATION: PERIODICALS: PUBLISHING OR PUBLISHING AND PRINTING [2721] IRS NUMBER: 203936186 STATE OF INCORPORATION: NV FISCAL YEAR END: 0401 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52044 FILM NUMBER: 12974264 BUSINESS ADDRESS: STREET 1: 848 N. RAINBOW BLVD. #3550 CITY: LAS VEGAS STATE: NV ZIP: 89107 BUSINESS PHONE: 603 6201 1125 MAIL ADDRESS: STREET 1: 848 N. RAINBOW BLVD. #3550 CITY: LAS VEGAS STATE: NV ZIP: 89107 FORMER COMPANY: FORMER CONFORMED NAME: MAGNUM OIL INC. DATE OF NAME CHANGE: 20100716 FORMER COMPANY: FORMER CONFORMED NAME: PTM Publications INC DATE OF NAME CHANGE: 20060307 10-Q 1 usaf10q.htm FORM 10-Q Filed by OTC Filings Inc. - www.otcedgar.com - 1-866-832-FILE (3453) - USA GRAPHITE INC. - Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2012

o TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT

For the transition period from _________ to _________

Commission File Number: 000-52044

USA GRAPHITE INC.

(Name of Small Business Issuer in its charter)


Nevada	26-2940624
(state or other jurisdiction of incorporation or organization)	(I.R.S. Employer I.D. No.)

848 N. Rainbow Blvd. #3550

Las Vegas, Nevada 89107

(Address of principal executive offices)

(603) 525-3380

Issuer’s telephone number

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was require to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

APPLICABLE ONLY TO CORPORATE ISSUERS

As of July 20, 2012 the registrant had 169,400,000 shares of common stock outstanding.

USA GRAPHITE INC.

Table of Contents


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements	3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	5
Item 3. Quantitative and Qualitative Disclosures About Market Risk .	6
Item 4 Controls and Procedures	6
PART II – OTHER INFORMATION
Item 1. Legal Proceedings.	7
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	7
Item 3. Defaults Upon Senior Securities.	7
Item 4. Submission of Matters to a Vote of Security Holders.	7
Item 5. Other Information.	7
Item 6. Exhibits	8
SIGNATURES	8

PART I - FINANCIAL INFORMATION

Safe Harbor Statement

This report on Form 10-Q contains certain forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operation; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements.

These forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional costs, and risk of declining revenues. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These forward-looking statements are made as of the date of this filing, and we assume no obligation to update such forward-looking statements. The following discusses our financial condition and results of operations based upon our financial statements which have been prepared in conformity with accounting principles generally accepted in the United States. It should be read in conjunction with our financial statements and the notes thereto included elsewhere herein.

Item 1. Financial Statements

The unaudited interim financial statements of USA Graphite Inc. (the “Company”, “USA Graphite”, “we”, “our”, “us”) follow. All currency references in this report are in U.S. dollars unless otherwise noted.

The accompanying Financial Statements of USA Graphite Inc. should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended February 28, 2012. Significant accounting policies disclosed therein have not changed except as noted below.

USA GRAPHITE INC.

(A Development Stage Company)

Unaudited

(Express in U.S. Dollars)

May 31, 2012

CONSOLIDATED BALANCE SHEETS	F-1

CONSOLIDATED STATEMENTS OF OPERATIONS	F-2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)	F-3

CONSOLIDATED STATEMENTS OF CASH FLOWS	F-4

NOTES TO FINANCIAL STATEMENTS	F-5


USA GRAPHITE INC.
(Formerly MAGNUM OIL, INC.)
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS


		May 31, 2012		February 29, 2012
		Unaudited		Audited

ASSETS

CURRENT ASSETS
Cash	$	90	$	2,935
Prepaid Expenses		3,249		5,912
TOTAL ASSETS	$	3,339	$	8,847

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	26,732	$	15,880
Note Payable		41,283		40,808
Loans from Related Party		93,430		91,931
TOTAL CURRENT LIABILITIES	$	161,445	$	148,619

STOCKHOLDERS' EQUITY ( DEFICIT )
Capital stock
Authorized
175,000,000 shares of common stock, $0.001 par value,
Issued and outstanding
169,400,000 shares of common stock	$	169,400	$	169,400
Additional Paid in Capital		(104,400)		(104,400)
Deficit accumulated during the development stage		(223,106)		(204,772)
TOTAL STOCKHOLDER'S EQUITY/(DEFICIT)	$	(158,106)	$	(139,772)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY/(DEFICIT)	$	3,339	$	8,847

The accompanying notes are an integral part of these financial statements

F-1


USA GRAPHITE INC.
(Formerly MAGNUM OIL, INC.)
(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited

						Inception date
		Three months		Three months		(December 13, 2005)
		ended		ended		to
		May 31, 2012		May 31, 2011		May 31, 2012
EXPENSES

Office and general	$	1,884	$	1,747	$	62,106
Professional Fees		15,975		7,076		89,191
Total Expenses	$	17,859	$	8,823	$	151,297

Operating Loss		(17,859)		(8,823)		(151,297)

Other income (loss)
Interest Income (expense)		(475)		(475)		(3,599)
Foreign Currency transaction gain(loss)		-				(120)
Net Income (loss)		(475)		(475)		(3,719)
Net Loss from continued operations		(18,334)		(9,298)		(155,016)

Discontinued Business		-		-		(151,510)
Forgiveness of Debt		-		-		83,420
Total other (Expenditure) Income		-		-		(68,090)


NET PROFIT (LOSS)	$	(18,334)	$	(9,298)	$	(223,106)
BASIC AND DILUTED LOSS PER COMMON SHARE - DISCONTINUED OPERATION
	$	-	$	-
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

		169,400,000		169,400,000

The accompanying notes are an integral part of these financial statements

F-2


USA GRAPHITE INC.
(Formerly MAGNUM OIL, INC.)
(A Development Stage Company)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
From inception (December 13, 2005) to May 31, 2012
Unaudited
							Deficit
	Common Stock						accumulated		Accumulated
					Additional		during the		Other
	Number of				Paid-in		development		Comprehensive
	shares		Amount		Capital		stage		Income(loss)		Total


Common stock issued for cash at $0.000065
per share on December 14, 2005	77,000,000	$	77,000	$	(72,000)	$	-	$	-	$	5,000

Net loss, February 28, 2006							(983)				(983)

Foreign currency translation adjustments									34		34
Balance, February 28, 2006	77,000,000	$	77,000	$	(72,000)	$	(983)	$	34	$	4,051
Stock issued for cash during the quarter
August 31, 2006 @ $0.0.00065 per share	92,400,000		92,400		(32,400)						60,000

Net loss, February 28, 2007							-				-

Foreign currency translation adjustments									2,683		2,683
Balance, February 28, 2007	169,400,000	$	169,400	$	(104,400)	$	(983)	$	2,717	$	66,734

Net loss, February 28, 2008							(52,058)				(52,058)

Foreign currency translation adjustments									350		350
Balance, February 28, 2008	169,400,000	$	169,400	$	(104,400)	$	(53,041)	$	3,067	$	15,026

Net loss, February 28, 2009							(75,309)				(75,309)

Foreign currency translation adjustments									5,988		5,988
Balance, February 28, 2009	169,400,000	$	169,400	$	(104,400)	$	(128,350)	$	9,055	$	(54,295)

Net loss, February 28, 2010							(45,238)				(45,238)

Foreign currency translation adjustments									(6,360)		(6,360)
Balance, February 28, 2010	169,400,000	$	169,400	$	(104,400)	$	(173,588)	$	2,695	$	(105,893)

Net loss, February 28, 2011							23,538				23,538

Foreign currency translation adjustments									(2,695)		(2,695)
Balance, February 28, 2011	169,400,000	$	169,400	$	(104,400)	$	(150,050)	$	-	$	(85,050)

Net loss, February 28, 2012							(54,722)				(54,722)

Balance, February 28, 2011	169,400,000	$	169,400	$	(104,400)	$	(204,772)	$	-	$	(139,772)

Net Loss, May 31, 2012							(18,334)				(16,920)

Balance, May 31, 2012	169,400,000	$	169,400	$	(104,400)	$	(223,106)	$		$	(156,692)

The accompanying notes are an integral part of these financial statements

F-3


USA GRAPHITE INC.
(Formerly MAGNUM OIL, INC.)
(A Development Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
			Three months		Three months		December 13, 2005
			ended		ended		(date of inception) to
			May 31, 2012		May 31, 2011		May 31, 2012

OPERATING ACTIVITIES
	Net loss	$	(18,334)	$	(9,298)	$	(223,106)
	Adjustment to reconcile net loss to net cash
	used in operating activities
	Forgiveness of debt						(83,420)
	Depreciation		-		-		2,825
	Loss on Disposition of Assets		-		-		4,607
	Decrease (Increase) in Prepaid Expenses		2,663		-		(3,249)
	Foreign Transaction loss		-		-		696
	Increase (decrease) in accrued expenses		10,851		(8,203)		110,153

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$	(4,820)	$	(17,501)	$	(191,493)

INVESTING ACTIVITIES
	Purchase of fixed assets		-		-		(11,468)
	Disposition of fixed assets		-		-		3,337
NET CASH PROVIDED BY INVESTING ACTIVITIES
NET CASH PROVIDED BY INVESTING ACTIVITIES		$	-	$	-	$	(8,131)
FINANCING ACTIVITIES
	Proceeds from sale of common stock		-		-		2,200
	Additional paid-in capital		-		-		62,800
	Note Payable		475		-		41,283
	Loan from related party		1,500		15,965		93,431
NET CASH PROVIDED BY FINANCING ACTIVITIES
NET CASH PROVIDED BY FINANCING ACTIVITIES		$	1,975	$	15,965	$	199,714

NET INCREASE ( DECREASE) IN CASH		$	(2,845)	$	(1,536)	$	90

CASH, BEGINNING OF PERIOD		$	2,935	$	2,819	$	-

CASH, END OF PERIOD		$	90	$	1,283	$	90

Supplemental cash flow information and noncash financing activities:
Cash paid for:
	Interest	$	-	$	-	$	-

	Income taxes	$	-	$	-	$	-

The accompanying notes are an integral part of these financial statements

F-4

USA GRAPHITE, INC.

(A Development Stage Enterprise)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2012

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

USA Graphite, Inc. (Formerly Magnum Oil Inc.) (the “Company”) was incorporated under the laws of the State of Nevada on December 13, 2005. The Company is in the development stage. Its activities to date have included capital formation, organization and development of its business plan. The Company has commenced operations. On April 12, 2012 the company changed its name to USA Graphite, Inc.

The Company operated through its lone subsidiary: PTM Publications Sdn Bhd, a Malaysian Corporation.

The Company decided to cease the operation of subsidiary in January 2011.

USA Graphite, Inc. (the parent company) is now a holding company

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a February year-end.

Basic Earnings per Share

The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share. ASC 260 specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC 260 effective December 13, 2005 (inception).

Basic earnings (loss) per share amounts are computed by dividing the net income (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.

Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

F-5

USA GRAPHITE, INC.

(A Development Stage Enterprise)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2012

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Stock-Based Compensation

The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued.

Net Loss per Share

Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share.

Recent Accounting Pronouncements

The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement.

NOTE 3 – GOING CONCERN

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $158,106, an accumulated deficit of $223,106 and net loss from operations since inception of $223,106. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its initial operations by way of issuing Founder’s shares.

The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, Transfer Agency and Edgarizing costs

F-6

USA GRAPHITE, INC.

(A Development Stage Enterprise)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2012

NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carrying value due to the short-term maturity of the instruments.

NOTE 5 - WARRANTS AND OPTIONS

There are no warrants or options outstanding to acquire any additional shares of common.

NOTE 6 - DIRECTOR'S FEES

Fees of $500 per month have been recorded for the remuneration of the director.

NOTE 7 - RELATED PARTY TRANSACTIONS

As of May 31, 2012, there is a total of $93,430 that has been forwarded by an officer of the Company; no specific repayment terms have been established.

NOTE 8 - INCOME TAXES

We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Accounting for Uncertainty in Income Taxes when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward period.

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of are as follows

May 31, 2012

Net operating loss carryforwards $ 223,106

Gross deferred tax assets $ 78,087

Valuation allowance $ (78,087)

Net deferred tax assets $ 0

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance.

F-7

USA GRAPHITE, INC.

(A Development Stage Enterprise)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2012

NOTE 9 - NET OPERATING LOSSES

As of May 31, 2012, the Company has a net operating loss carryforwards of approximately $223,106. Net operating loss carryforward expires twenty years from the date the loss was incurred.

As of August 31, 2011 the Company had 48,400,000 shares of common stock issued and outstanding.

On May 23, 2011 the company received approval from FINRA for a forward split of common share of 22:1. On April 17, 2012 the company received approval from FINRA for a forward slit of 3.5:1. All share amounts have been retroactively adjusted for all periods presented.

NOTE 10 - STOCKHOLDERS’ EQUITY

Transactions, other than employees’ stock issuance, are in accordance with ASC 505. Thus issuances shall be accounted for based on the fair value of the consideration received. Transactions with employees’ stock issuance are in accordance with ASC 718. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable.

On December 14, 2005, the company issued a total of 22,000,000 shares of $0.000455 par value common stock as founder's shares to Jasmin Bin Omar Jayaseelan, Jefferi Bin Omar Jayaseelan and Cheryl Lim Phaik Suan, all of whom are officers and directors of the company. Mr. Jasmin Jayaseelan and Mr. Jefferi Jayaseelan received 8,800,000 shares each, and Ms. Lim received 4,400,000 shares. The shares were issued in exchange for cash in the aggregate amount of $5,000.

In August 2006, the company completed an offering of shares of common stock in accordance with an SB-2 registration statement declared effective by the Securities and Exchange Commission on May 4, 2006. The company sold 26,400,000 shares of common stock, par value $0.001, at a price of $0.0227 per share to approximately 32 investors. The aggregate offering price for the offering closed in August 2006 was $60,000, all of which was collected from the offering.

As of February 29, 2012 the Company had 169,400,000 shares of common stock issued and outstanding.

On May 23, 2010 the company received approval from FINRA for a forward split of common share of 22:1.

On April 17, 2012 the company received approval from FINRA for a forward slit of 3.5:1. All share amounts have been retroactively adjusted for all periods presented.

F-8

USA GRAPHITE, INC.

(A Development Stage Enterprise)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2012

NOTE 11 - STOCKHOLDERS’ EQUITY

The stockholders’ equity section of the Company contains the following classes of capital stock as at May 31, 2012:

Common stock, $ 0.001 par value: 175,000,000 shares authorized; 169,400,000 shares issued and outstanding.

No preferred shares have been authorized or issued.

NOTE 12 - SUBSEQUENT EVENTS

In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events through the date of issuance of the unaudited consolidated financial statements. During this period, the Company did not have any material recognizable subsequent events.

F-9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section of this report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

Results of Operations

Our financial statements and information for the three months ended May 31, 2012 have been prepared by our Management on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. We generated no revenues during the three months ended May 31, 2012 and have incurred total net losses of $223,106 from inception to May 31, 2012.

Three months Ended May 31, 2012 compared to the Three months Ended May 31, 2011

We incurred net losses of $18,334, or $0.00 per share, for the three-month period ended May 31, 2012, as compared to net losses of $9,298, or $0.00 per share, for the three-month period ended May 31, 2011. The increase was mainly attributed to an increase in professional fees ($15,975 – 2012 compared to $7,076 – 2011). Our other expenses for the three-month period ended May 31, 2012 consisted of office and general ($1,884 - 2012 compared to $1,747 – 2011).

Liquidity and Capital Resources

At May 31, 2012, we had total assets of $4,753 which consisting of cash in bank and prepaid assets.

Our accounts payable and accrued liabilities at May 31, 2012 were $26,732. In addition, we have an outstanding loan payment due to an officer, director and shareholder of the Company in the amount of $93,430. This loan balance is non-interest bearing, unsecured and has no fixed terms of repayment. We also have notes payable in the amount of $41,283.

There are currently no options, warrants, rights or other securities conversion rights issued and/or outstanding.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

Inflation

The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position. The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

Item 3. Quantitative And Qualitative Disclosures Of Market Risk

We are a non-accelerated filer and a smaller reporting company, as defined in Rule 12b-2 of the of the Securities Exchange Act of 1934, and as such, are not required to provide the information under this item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to our sole officer, as appropriate to allow timely decisions regarding required disclosure. We carried out an evaluation, under the supervision and with the participation of our sole officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of May 31, 2012. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses in our internal control over financial reporting identified in our Annual Report on Form 10-K for the year ended February 28, 2012, the sole officer concluded that our disclosure controls and procedures are ineffective.

Changes in internal controls

We have not yet implemented any of the recommended changes to internal control over financial reporting listed in our Annual Report on Form 10-K for the year ended February 28, 2012. As such, there were no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) promulgated under the Exchange Act, during the quarter ended May 31, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 4T. Controls and Procedures.

Not applicable.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

Item 5. Other Information.

None.

Item 6. Exhibits


Exhibit Number	Exhibit Description
31.1	Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14 or 15d-14 of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.LAB	XBRL Taxonomy Extension Label Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: July 23, 2012	USA GRAPHITE INC.

	By: /s/ Patrick DeBlois
	Patrick DeBlois
	President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer and Director

EX-31.1 2 exhibit311.htm EXHIBIT 31.1 Filed by OTC Filings Inc. - www.otcedgar.com - 1-866-832-FILE (3453) - USA GRAPHITE INC. - Exhibit 31.1

CERTIFICATIONS

I, Patrick DeBlois, certify that;


(1)	I have reviewed this Quarterly Report on Form 10-Q of USA Graphite Inc.;

(2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f) for the registrant and have:


	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


(5)	I have disclosed, based on my most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 23, 2012


	/s/ Patrick DeBlois
By:	Patrick DeBlois
Title:	Chief Executive Officer and
	Chief Financial Officer

EX-32.1 3 exhibit321.htm EXHIBIT 32.1 Filed by OTC Filings Inc. - www.otcedgar.com - 1-866-832-FILE (3453) - USA GRAPHITE INC. - Exhibit 32.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Patrick DeBlois, the Chief Executive Officer and Chief Financial Officer of USA Graphite Inc. (the “Company”), hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:


(i)	the Quarterly Report on Form 10-Q of the Company, for the fiscal quarter ended May 31, 2011, and to which this certification is attached as Exhibit 32.1 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


	By:	/s/ Patrick DeBlois
	Name:	Patrick DeBlois
	Title:	Chief Executive Officer and
		Chief Financial Officer

	Date:	July 23, 2012

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NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION   USA Graphite, Inc. (Formerly Magnum Oil Inc.) (the Company) was incorporated under the laws of the State of Nevada on December 13, 2005. The Company is in the development stage. Its activities to date have included capital formation, organization and development of its business plan. The Company has commenced operations. On April 12, 2012 the company changed its name to USA Graphite, Inc.   The Company operated through its lone subsidiary: PTM Publications Sdn Bhd, a Malaysian Corporation.   The Company decided to cease the operation of subsidiary in January 2011.   USA Graphite, Inc. (the parent company) is now a holding company.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of Accounting   The Companys financial statements are prepared using the accrual method of accounting. The Company has elected a February year-end.   Basic Earnings per Share   The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (ASC) 260, Earnings per Share. ASC 260 specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC 260 effective December 13, 2005 (inception).   Basic earnings (loss) per share amounts are computed by dividing the net income (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.   Cash Equivalents   The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.   Use of Estimates and Assumptions   The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.   Stock-Based Compensation   The Company records stock-based compensation in accordance with ASC 718, Compensation Stock Based Compensation, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued.   Net Loss per Share   Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share.   Recent Accounting Pronouncements   The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the companys financial statement.

NOTE 3 GOING CONCERN   The Companys financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $158,106, an accumulated deficit of $223,106 and net loss from operations since inception of $223,106. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its initial operations by way of issuing Founders shares.   The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, Transfer Agency and Edgarizing costs.

NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS   The Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carrying value due to the short-term maturity of the instruments.

NOTE 5 - WARRANTS AND OPTIONS   There are no warrants or options outstanding to acquire any additional shares of common.

NOTE 6 - DIRECTOR'S FEES   Fees of $500 per month have been recorded for the remuneration of the director.

NOTE 7 - RELATED PARTY TRANSACTIONS   As of May 31, 2012, there is a total of $93,430 that has been forwarded by an officer of the Company; no specific repayment terms have been established.

NOTE 8 - INCOME TAXES   We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Accounting for Uncertainty in Income Taxes when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward period.   The components of the Companys deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of are as follows:   <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: middle"> </td> <td style="vertical-align: bottom; text-align: center">May 31, 2012</td></tr> <tr style="vertical-align: bottom"> <td>Net operating loss carryforwards</td> <td style="text-align: center"> $                    223,106</td></tr> <tr style="vertical-align: bottom"> <td>Gross deferred tax assets  </td> <td style="text-align: center"> $                      78,087</td></tr> <tr style="vertical-align: bottom"> <td>Valuation allowance  </td> <td style="text-align: center"> $                    (78,087)</td></tr> <tr style="vertical-align: bottom"> <td>Net deferred tax assets</td> <td style="text-align: center"> $                            0  </td></tr> </table>   Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance.

NOTE 9 - NET OPERATING LOSSES   As of May 31, 2012, the Company has a net operating loss carryforwards of approximately $223,106. Net operating loss carryforward expires twenty years from the date the loss was incurred.   As of August 31, 2011 the Company had 48,400,000 shares of common stock issued and outstanding.   On May 23, 2011 the company received approval from FINRA for a forward split of common share of 22:1. On April 17, 2012 the company received approval from FINRA for a forward slit of 3.5:1. All share amounts have been retroactively adjusted for all periods presented.

NOTE 10 - STOCKHOLDERS EQUITY   Transactions, other than employees stock issuance, are in accordance with ASC 505. Thus issuances shall be accounted for based on the fair value of the consideration received. Transactions with employees stock issuance are in accordance with ASC 718. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable. On December 14, 2005, the company issued a total of 22,000,000 shares of $0.000455 par value common stock as founder's shares to Jasmin Bin Omar Jayaseelan, Jefferi Bin Omar Jayaseelan and Cheryl Lim Phaik Suan, all of whom are officers and directors of the company. Mr. Jasmin Jayaseelan and Mr. Jefferi Jayaseelan received 8,800,000 shares each, and Ms. Lim received 4,400,000 shares. The shares were issued in exchange for cash in the aggregate amount of $5,000. In August 2006, the company completed an offering of shares of common stock in accordance with an SB-2 registration statement declared effective by the Securities and Exchange Commission on May 4, 2006. The company sold 26,400,000 shares of common stock, par value $0.001, at a price of $0.0227 per share to approximately 32 investors. The aggregate offering price for the offering closed in August 2006 was $60,000, all of which was collected from the offering. As of February 29, 2012 the Company had 169,400,000 shares of common stock issued and outstanding. On May 23, 2010 the company received approval from FINRA for a forward split of common share of 22:1. On April 17, 2012 the company received approval from FINRA for a forward slit of 3.5:1. All share amounts have been retroactively adjusted for all periods presented.   The stockholders equity section of the Company contains the following classes of capital stock as at May 31, 2012: Common stock, $ 0.001 par value: 175,000,000 shares authorized; 169,400,000 shares issued and outstanding. No preferred shares have been authorized or issued.

NOTE 12 - SUBSEQUENT EVENTS   In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events through the date of issuance of the unaudited consolidated financial statements. During this period, the Company did not have any material recognizable subsequent events.

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GOING CONCERN	3 Months Ended
May 31, 2012
Notes to Financial Statements
GOING CONCERN	NOTE 3 – GOING CONCERN The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $158,106, an accumulated deficit of $223,106 and net loss from operations since inception of $223,106. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its initial operations by way of issuing Founder’s shares. The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, Transfer Agency and Edgarizing costs.

GOING CONCERN

3 Months Ended

May 31, 2012

Notes to Financial Statements

GOING CONCERN

NOTE 3 – GOING CONCERN

The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, Transfer Agency and Edgarizing costs.

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

+ References+ Details

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
May 31, 2012
Notes to Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a February year-end. Basic Earnings per Share The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share. ASC 260 specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC 260 effective December 13, 2005 (inception). Basic earnings (loss) per share amounts are computed by dividing the net income (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Stock-Based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. Net Loss per Share Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share. Recent Accounting Pronouncements The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

May 31, 2012

Notes to Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a February year-end.

Basic Earnings per Share

Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Use of Estimates and Assumptions

Stock-Based Compensation

Net Loss per Share

Recent Accounting Pronouncements

The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

XML 14 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) (USD $)	May 31, 2012	Feb. 29, 2012
ASSETS
Cash	$ 90	$ 2,935
Prepaid Expenses	3,249	5,912
TOTAL ASSETS	3,339	8,847
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable and accrued liabilities	26,732	15,880
Note Payable	41,283	40,808
Loans from Related Party	93,430	91,931
TOTAL CURRENT LIABILITIES	161,445	148,619
STOCKHOLDERS' EQUITY (DEFICIT)
Capital stock Authorized 175,000,000 shares of common stock, $0.001 par value, Issued and outstanding 169,400,000 shares of common stock	169,400	169,400
Additional Paid in Capital	(104,400)	(104,400)
Deficit accumulated during the development stage	(223,106)	(204,772)
TOTAL STOCKHOLDER'S EQUITY/(DEFICIT)	(158,106)	(139,772)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY/(DEFICIT)	$ 3,339	$ 8,847

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Consolidated Statements of Cash Flows (USD $)
3 Months Ended 78 Months Ended

May 31, 2012

May 31, 2011

May 31, 2012

OPERATING ACTIVITIES

Net loss $ (18,334) $ (9,298) $ (223,106)

Adjustment to reconcile net loss to net cash used in operating activities

Forgiveness of debt 0 0 (83,420)

Depreciation 0 0 2,825

Loss on Disposition of Assets 0 0 4,607

Decrease (Increase) in Prepaid Expenses 2,663 0 (3,249)

Foreign Transaction loss 0 0 696

Increase (decrease) in accrued expenses 10,851 (8,203) 110,153

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (4,820) (17,501) (191,493)

INVESTING ACTIVITIES

Purchase of fixed assets 0 0 (11,468)

Disposition of fixed assets 0 0 3,337

NET CASH PROVIDED BY INVESTING ACTIVITIES 0 0 (8,131)

FINANCING ACTIVITIES

Proceeds from sale of common stock 0 0 2,200

Additional paid-in capital 0 0 62,800

Note Payable 475 0 41,283

Loan from related party 1,500 15,965 93,431

NET CASH PROVIDED BY FINANCING ACTIVITIES 1,975 15,965 199,714

NET INCREASE ( DECREASE) IN CASH (2,845) (1,536) 90

CASH, BEGINNING OF PERIOD 2,935 2,819

CASH, END OF PERIOD 90 1,283 90

Supplemental cash flow information and noncash financing activities:

Interest paid 0 0 0

Income taxes paid $ 0 $ 0 $ 0

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Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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NATURE OF OPERATIONS AND BASIS OF PRESENTATION
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Notes to Financial Statements

NATURE OF OPERATIONS AND BASIS OF PRESENTATION

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

USA Graphite, Inc. (Formerly Magnum Oil Inc.) (the “Company”) was incorporated under the laws of the State of Nevada on December 13, 2005. The Company is in the development stage. Its activities to date have included capital formation, organization and development of its business plan. The Company has commenced operations. On April 12, 2012 the company changed its name to USA Graphite, Inc.

The Company operated through its lone subsidiary: PTM Publications Sdn Bhd, a Malaysian Corporation.

The Company decided to cease the operation of subsidiary in January 2011.

USA Graphite, Inc. (the parent company) is now a holding company.

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3 Months Ended 78 Months Ended

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May 31, 2011

May 31, 2012

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Forgiveness of Debt 0 0 83,420

Total other (Expenditure) Income 0 0 (68,090)

NET PROFIT (LOSS) $ (18,334) $ (9,298) $ (223,106)

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NET OPERATING LOSSES
3 Months Ended

May 31, 2012

Notes to Financial Statements

NET OPERATING LOSSES

NOTE 9 - NET OPERATING LOSSES

As of May 31, 2012, the Company has a net operating loss carryforwards of approximately $223,106. Net operating loss carryforward expires twenty years from the date the loss was incurred.

As of August 31, 2011 the Company had 48,400,000 shares of common stock issued and outstanding.

On May 23, 2011 the company received approval from FINRA for a forward split of common share of 22:1. On April 17, 2012 the company received approval from FINRA for a forward slit of 3.5:1. All share amounts have been retroactively adjusted for all periods presented.

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RELATED PARTY TRANSACTIONS
3 Months Ended

May 31, 2012

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

As of May 31, 2012, there is a total of $93,430 that has been forwarded by an officer of the Company; no specific repayment terms have been established.

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INCOME TAXES
3 Months Ended

May 31, 2012

Notes to Financial Statements

INCOME TAXES

NOTE 8 - INCOME TAXES

We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Accounting for Uncertainty in Income Taxes when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward period.

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of are as follows:

May 31, 2012

Net operating loss carryforwards $ 223,106

Gross deferred tax assets $ 78,087

Valuation allowance $ (78,087)

Net deferred tax assets $ 0

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance.

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STOCKHOLDERS’ EQUITY
3 Months Ended

May 31, 2012

Notes to Financial Statements

STOCKHOLDERS’ EQUITY

NOTE 10 - STOCKHOLDERS’ EQUITY

Transactions, other than employees’ stock issuance, are in accordance with ASC 505. Thus issuances shall be accounted for based on the fair value of the consideration received. Transactions with employees’ stock issuance are in accordance with ASC 718. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable.

On December 14, 2005, the company issued a total of 22,000,000 shares of $0.000455 par value common stock as founder's shares to Jasmin Bin Omar Jayaseelan, Jefferi Bin Omar Jayaseelan and Cheryl Lim Phaik Suan, all of whom are officers and directors of the company. Mr. Jasmin Jayaseelan and Mr. Jefferi Jayaseelan received 8,800,000 shares each, and Ms. Lim received 4,400,000 shares. The shares were issued in exchange for cash in the aggregate amount of $5,000.

In August 2006, the company completed an offering of shares of common stock in accordance with an SB-2 registration statement declared effective by the Securities and Exchange Commission on May 4, 2006. The company sold 26,400,000 shares of common stock, par value $0.001, at a price of $0.0227 per share to approximately 32 investors. The aggregate offering price for the offering closed in August 2006 was $60,000, all of which was collected from the offering.

As of February 29, 2012 the Company had 169,400,000 shares of common stock issued and outstanding.

On May 23, 2010 the company received approval from FINRA for a forward split of common share of 22:1.

On April 17, 2012 the company received approval from FINRA for a forward slit of 3.5:1. All share amounts have been retroactively adjusted for all periods presented.

The stockholders’ equity section of the Company contains the following classes of capital stock as at May 31, 2012:

Common stock, $ 0.001 par value: 175,000,000 shares authorized; 169,400,000 shares issued and outstanding.

No preferred shares have been authorized or issued.

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Consolidated Statements of Shareholders Equity (Unaudited) (USD $)

Common Stock

Additional Paid-In Capital

Deficit accumulated during the development stage

Accumulated Other Comprehensive Income (Loss)

Total

Beginning Balance, amount at Dec. 12, 2005 $ 0 $ 0 $ 0 $ 0 $ 0

Beginning Balance, shares at Dec. 12, 2005 0

Common stock issued for cash, shares 77,000,000

Common stock issued for cash, amount 77,000 (72,000) 5,000

Net loss (983) (983)

Foreign currency translation adjustment 34 34

Ending Balance, amount at Feb. 28, 2006 77,000 (72,000) (983) 34 4,051

Ending Balance, shares at Feb. 28, 2006 77,000,000

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Common stock issued for cash, amount 92,400 (32,400) 60,000

Net loss 0 0

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Ending Balance, amount at Feb. 28, 2007 169,400 (104,400) (983) 2,717 66,734

Ending Balance, shares at Feb. 28, 2007 169,400,000

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Ending Balance, amount at Feb. 29, 2008 169,400 (104,400) (53,041) 3,067 15,026

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Net loss (75,309) (75,309)

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Ending Balance, amount at Feb. 28, 2009 169,400 (104,400) (128,350) 9,055 (54,295)

Ending Balance, shares at Feb. 28, 2009 169,400,000

Net loss (45,238) (45,238)

Foreign currency translation adjustment (6,360) (6,360)

Ending Balance, amount at Feb. 28, 2010 169,400 (104,400) (173,588) 2,695 (105,893)

Ending Balance, shares at Feb. 28, 2010 169,400,000

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Foreign currency translation adjustment (2,695) (2,695)

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Ending Balance, shares at Feb. 28, 2011 169,400,000

Net loss (54,722) (54,722)

Ending Balance, amount at Feb. 29, 2012 169,400 (104,400) (204,772) 0 (139,772)

Ending Balance, shares at Feb. 29, 2012 169,400,000

Net loss (18,334) (18,334)

Ending Balance, amount at May. 31, 2012 $ 169,400 $ (104,400) $ (223,106) $ 0 $ (158,106)

Ending Balance, shares at May. 31, 2012 169,400,000

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Consolidated Statements of Cash Flows (USD $)	3 Months Ended		78 Months Ended
Consolidated Statements of Cash Flows (USD $)	May 31, 2012	May 31, 2011	May 31, 2012
OPERATING ACTIVITIES
Net loss	$ (18,334)	$ (9,298)	$ (223,106)
Adjustment to reconcile net loss to net cash used in operating activities
Forgiveness of debt	0	0	(83,420)
Depreciation	0	0	2,825
Loss on Disposition of Assets	0	0	4,607
Decrease (Increase) in Prepaid Expenses	2,663	0	(3,249)
Foreign Transaction loss	0	0	696
Increase (decrease) in accrued expenses	10,851	(8,203)	110,153
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(4,820)	(17,501)	(191,493)
INVESTING ACTIVITIES
Purchase of fixed assets	0	0	(11,468)
Disposition of fixed assets	0	0	3,337
NET CASH PROVIDED BY INVESTING ACTIVITIES	0	0	(8,131)
FINANCING ACTIVITIES
Proceeds from sale of common stock	0	0	2,200
Additional paid-in capital	0	0	62,800
Note Payable	475	0	41,283
Loan from related party	1,500	15,965	93,431
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,975	15,965	199,714
NET INCREASE ( DECREASE) IN CASH	(2,845)	(1,536)	90
CASH, BEGINNING OF PERIOD	2,935	2,819
CASH, END OF PERIOD	90	1,283	90
Supplemental cash flow information and noncash financing activities:
Interest paid	0	0	0
Income taxes paid	$ 0	$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) (USD $)	May 31, 2012	Feb. 29, 2012
Stockholders Equity
Common Stock par value	$ 0.001	$ 0.001
Common Stock Authorized	175,000,000	175,000,000
Common Stock Issued	169,400,000	169,400,000
Common Stock Outstanding	169,400,000	169,400,000

Document and Entity Information	3 Months Ended
Document and Entity Information	May 31, 2012	Jul. 20, 2012
Document And Entity Information
Entity Registrant Name	USA Graphite Inc.
Entity Central Index Key	0001355420
Document Type	10-Q
Document Period End Date	May 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--02-28
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		169,400,000
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1

Consolidated Statements of Operations (USD $)	3 Months Ended		78 Months Ended
Consolidated Statements of Operations (USD $)	May 31, 2012	May 31, 2011	May 31, 2012
EXPENSES
Office and general	$ 1,884	$ 1,747	$ 62,106
Professional Fees	15,975	7,076	89,191
Total Expenses	17,859	8,823	151,297
Operating Loss	(17,859)	(8,823)	(151,297)
Other income (loss)
Interest Income (expense)	(475)	(475)	(3,599)
Foreign Currency transaction gain (loss)	0	0	(120)
Net Income (loss)	(475)	(475)	(3,719)
Net Loss from continued operations	(18,334)	(9,298)	(155,016)
Discontinued Business	0	0	(151,510)
Forgiveness of Debt	0	0	83,420
Total other (Expenditure) Income	0	0	(68,090)
NET PROFIT (LOSS)	$ (18,334)	$ (9,298)	$ (223,106)
BASIC AND DILUTED LOSS PER COMMON SHARE - DISCONTINUED OPERATION	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	169,400,000	169,400,000

Consolidated Statements of Shareholders Equity (Unaudited) (USD $)	Common Stock	Additional Paid-In Capital	Deficit accumulated during the development stage	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance, amount at Dec. 12, 2005	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning Balance, shares at Dec. 12, 2005	0
Common stock issued for cash, shares	77,000,000
Common stock issued for cash, amount	77,000	(72,000)			5,000
Net loss			(983)		(983)
Foreign currency translation adjustment				34	34
Ending Balance, amount at Feb. 28, 2006	77,000	(72,000)	(983)	34	4,051
Ending Balance, shares at Feb. 28, 2006	77,000,000
Common stock issued for cash, shares	92,400,000
Common stock issued for cash, amount	92,400	(32,400)			60,000
Net loss			0		0
Foreign currency translation adjustment				2,683	2,683
Ending Balance, amount at Feb. 28, 2007	169,400	(104,400)	(983)	2,717	66,734
Ending Balance, shares at Feb. 28, 2007	169,400,000
Net loss			(52,058)		(52,058)
Foreign currency translation adjustment				350	350
Ending Balance, amount at Feb. 29, 2008	169,400	(104,400)	(53,041)	3,067	15,026
Ending Balance, shares at Feb. 29, 2008	169,400,000
Net loss			(75,309)		(75,309)
Foreign currency translation adjustment				5,988	5,988
Ending Balance, amount at Feb. 28, 2009	169,400	(104,400)	(128,350)	9,055	(54,295)
Ending Balance, shares at Feb. 28, 2009	169,400,000
Net loss			(45,238)		(45,238)
Foreign currency translation adjustment				(6,360)	(6,360)
Ending Balance, amount at Feb. 28, 2010	169,400	(104,400)	(173,588)	2,695	(105,893)
Ending Balance, shares at Feb. 28, 2010	169,400,000
Net loss			23,538		23,538
Foreign currency translation adjustment				(2,695)	(2,695)
Ending Balance, amount at Feb. 28, 2011	169,400	(104,400)	(150,050)	0	(85,050)
Ending Balance, shares at Feb. 28, 2011	169,400,000
Net loss			(54,722)		(54,722)
Ending Balance, amount at Feb. 29, 2012	169,400	(104,400)	(204,772)	0	(139,772)
Ending Balance, shares at Feb. 29, 2012	169,400,000
Net loss			(18,334)		(18,334)
Ending Balance, amount at May. 31, 2012	$ 169,400	$ (104,400)	$ (223,106)	$ 0	$ (158,106)
Ending Balance, shares at May. 31, 2012	169,400,000