Potash - Form 10-Q Q2 Sept. 30/12 (MT comments) (W0163158-5).DOCX

0001273511-12-000083.txt : 20121114 0001273511-12-000083.hdr.sgml : 20121114 20121114121309 ACCESSION NUMBER: 0001273511-12-000083 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POTASH AMERICA, INC. CENTRAL INDEX KEY: 0001431880 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING [7310] IRS NUMBER: 412247537 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-150775 FILM NUMBER: 121202388 BUSINESS ADDRESS: STREET 1: 8TH FLOOR STREET 2: 200 SOUTH VIRGINIA STREET CITY: RENO STATE: NV ZIP: 89501 BUSINESS PHONE: 775 398 3019 MAIL ADDRESS: STREET 1: 8TH FLOOR STREET 2: 200 SOUTH VIRGINIA STREET CITY: RENO STATE: NV ZIP: 89501 FORMER COMPANY: FORMER CONFORMED NAME: ADTOMIZE INC DATE OF NAME CHANGE: 20080409 10-Q 1 potash10qsept302012.htm QUARTERLY REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2012 Potash - Form 10-Q Q2 Sept. 30/12 (MT comments) (W0163158-5).DOCX

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2012

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

For the transition period from

Commission File Number

333-150775

POTASH AMERICA, INC.

(Exact name of registrant as specified in its charter)

Nevada

41-2247537

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

8^th Floor – 200 South Virginia Street, Reno, Nevada

89501

(Address of principal executive offices)

(Zip Code)

775.398.3019

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-K (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

(Do not check if a smaller reporting company)

Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act

[ ]

YES

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.

YES

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

148,665,000 common shares issued and outstanding as of November 10, 2012.

PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements

Our unaudited interim financial statements for the three and six months period ended September 30, 2012 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

TABLE OF CONTENTS

SEPTEMBER 30, 2012

Balance Sheets (Unaudited) as of

September 30, 2012 and March 31, 2012

F-1

Statements of Operations (Unaudited) for the three and six months ended

September 30, 2012 and 2011 and for the period from

July 31, 2007 (Date of Inception) to September 30, 2012

F-2

Statements of Cash Flows (Unaudited) for the six months ended

September 30, 2012 and 2011 and for the period from

July 31, 2007 (Date of Inception) to September 30, 2012

F-3

Notes to the Financial Statements

F-4 - F-12

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

BALANCE SHEETS (UNAUDITED)

AS OF SEPTEMBER 30, 2012 AND MARCH 31, 2012


ASSETS
	September 30,	March 31,
	2012	2012
Current Assets
Cash and cash equivalents	$ 13,461	$ 69,323
Prepaid expenses	118,045	132,058
Deposits	500	50,000
Total Current Assets	132,006	251,381

Mining claims	760,885	515,645

Other Assets
Prepaid expenses	-	107,639
Total Other Assets	-	107,639

Total Assets	$ 892,891	$ 874,665


LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accrued expenses	$ 2,250	$ 5,761
Deferred compensation	125,500	65,500
Accrued interest	68,297	28,327
Notes payable – related parties	35,500	35,500
Convertible line of credit, net of debt discount	257,881	-
Derivative liability	916,335	-
Lines of credit	630,000	1,030,000
Total Liabilities	2,035,763	1,165,088

Stockholders’ Deficit
Common stock, par value $0.0001; 200,000,000 shares authorized, 148,665,000 and 147,665,000 shares issued and outstanding	14,867	14,767
Additional paid in capital	1,479,941	1,233,927
Treasury stock	(10,000)	-
Deficit accumulated during the exploration stage	(2,627,680)	(1,539,117)
Total Stockholders’ Deficit	(1,142,872)	(290,423)

Total Liabilities and Stockholders’ Deficit	$ 892,891	$ 874,665

The accompanying notes are an integral part of these financial statements

F-1

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

FOR THE PERIOD FROM JULY 31, 2007 (INCEPTION) TO SEPTEMBER 30, 2012


	Three Months Ended		Six Months Ended		Period from July 31, 2007 (Inception) to
	September 30,		September 30,		September 30,
	2012	2011	2012	2011	2012

REVENUE	$ -	$ -	$ -	$ -	$ -

OPERATING EXPENSES
Professional fees	64,836	24,724	120,245	38,854	290,048
Transfer agent and filing fees	5,498	10,290	6,870	12,238	45,879
Consulting	30,282	38,450	71,997	50,150	243,423
Web development	1,396	8,969	2,571	19,514	30,679
Stock compensation (note 11)	8,699	95,416	157,754	398,531	1,126,925
Exploration costs	68,148	24,200	174,331	24,200	212,591
General and administrative	34,341	14,580	50,609	28,705	145,482
TOTAL OPERATING EXPENSES	213,200	216,629	584,377	572,192	2,095,027

LOSS FROM OPERATIONS	(213,200)	(216,629)	(584,377)	(572,192)	(2,095,027)

OTHER INCOME (EXPENSES)
Interest expense	(17,660)	(3,773)	(39,970)	(4,906)	(68,437)
Derivative expense	(75,420)	-	(184,044)	-	(184,044)
Change in derivative	(8,083)	-	(22,291)	-	(22,291)
Amortization of debt discount	(156,785)	-	(257,881)	-	(257,881)
TOTAL OTHER INCOME (EXPENSES)	(257,948)	(3,773)	(504,186)	(4,906)	(532,653)

NET LOSS PRIOR TO INCOME TAXES	(471,148)	(220,402)	(1,088,563)	(577,098)	(2,627,680)
PROVISION FOR INCOME TAXES	-	-	-	-	-
NET LOSS	$ (471,148)	$(220,402)	$(1,088,563)	$(577,098)	$ (2,627,680)

NET LOSS PER SHARE: BASIC AND DILUTED	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.00)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	148,665,000	147,350,000	148,173,197	147,302,747

The accompanying notes are an integral part of these financial statements

F-2

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

FOR THE PERIOD FROM JULY 31, 2007 (INCEPTION) TO SEPTEMBER 30, 2012


	Six Months Ended		Period from July 31, 2007 (Inception) to
	September 30,		September 30,
	2012	2011	2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (1,088,563)	$ (577,098)	$(2,627,680)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation (note 11)	157,754	398,531	1,126,925
Derivative expense	184,044	-	184,044
Change in derivative	22,291	-	22,291
Amortization of debt discount	257,881	-	257,881
Changes in assets and liabilities:
(Increase) decrease in prepaid expenses	121,652	220	(10,405)
(Increase) decrease in deposit	49,500	30,000	(500)
Increase (decrease) in accrued expenses	(3,511)	(12,679)	2,250
Increase in accrued interest	39,970	4,906	68,297
Increase in deferred compensation	60,000	9,000	125,500
Net Cash Used in Operating Activities	(198,982)	(147,120)	(851,397)

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of mineral properties	(245,240)	(295,000)	(564,886)
Net Cash Used in Investing Activities	(245,240)	(295,000)	(564,886)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable – related parties	-	-	49,744
Proceeds from (payments on) lines of credit	(400,000)	465,000	630,000
Proceeds from line of credit - convertible	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	388,360	465,000	1,429,744
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(55,862)	22,880	13,461
Cash and cash equivalents, beginning balance	69,323	7,184	-
Cash and cash equivalents, ending balance	$ 13,461	$ 30,064	$ 13,461
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$ -	$ -	$ -
Cash paid for income taxes	$ -	$ -	$ -
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION:
Forgiveness of debt from former shareholder converted to capital	$ -	$ -	$ 14,244
Stock option issues as prepaid expense	$ 107,639	$ -	$ 107,639
Issuance of common stock to acquire mineral properties	$ 196,000	$ -	$ 196,000

The accompanying notes are an integral part of these financial statements

F-3

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

NOTE 1 – NATURE OF OPERATIONS

Potash America, Inc. (formerly Adtomize Inc.) (“the Company” or “PTAM”), was incorporated in the state of Nevada on July 31, 2007. PTAM’s primary focus is the development of fertilizer and agri-business assets. Such assets may include Potash, Montmorillonite, Bentonite and Gypsum. The Company seeks to acquire known deposits whose economic value has recently changed with market pricing levels, and develop these assets into agri-products.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Exploration Stage Company

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.

Basis of Presentation

The accompanying interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, stockholders’ deficit or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2012. The interim results for the period ended September 30, 2012 are not necessarily indicative of the results for the full fiscal year. The interim unaudited financial statements are presented in USD.

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a March 31 fiscal year end.

Financial Instrument

The Company's financial instrument consists of cash, prepaid expenses, deposits, accrued expenses, deferred compensation, amounts due to stockholders and a line of credit.

The amounts due to stockholders are non-interest bearing. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its other financial instruments and that their fair values approximate their carrying values except where separately disclosed.

Cash and Cash Equivalents

PTAM considers all highly liquid investments with maturities of three months or less to be cash equivalents. At September 30, 2012 and March 31, 2012, respectively, the Company had $13,461 and $69,323 of cash.

F-4

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Mineral rights, property and acquisition costs

Since March 31, 2011, the Company is primarily engaged in the acquisition and exploration of mining properties. The Company has not yet realized any revenues from its planned operations.

The Company capitalizes acquisition and option costs of mineral rights as tangible assets. Upon commencement of commercial production, the mineral rights will be amortized using the unit-of-production method over the life of the mineral rights. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time.

The costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred to develop and expand the capacity of mines, or to develop mine areas in advance of production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

Impairment of long-lived assets

The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17, Measurement of an Impairment Loss, if events or circumstances indicate that their carrying amount might not be recoverable. As of September 30, 2012, exploration progress is on target with the Company’s exploration and evaluation plan and no events or circumstances have happened to indicate that the related carrying values of the properties may not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.

Advertising

The Company expenses advertising costs as incurred. The Company has had no advertising activity since inception.

Revenue Recognition

The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.

F-5

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2012.

During the year ended March 31, 2011, the Company enacted an 80 to 1 forward stock split. All share and per share data has been adjusted to reflect such stock split.

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. On March 31, 2011, the Company instituted a Stock Option Plan which allows for the issuance of 3,000,000 shares of common stock to the Company’s management, employees and consultants. As of September 30, 2012, in lieu of compensation the Company issued 465,000 common stock shares and 1,305,000 in stock options.

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Recent Accounting Pronouncements

PTAM does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

NOTE 3 – MINING PROPERTY

On June 6, 2011, we entered into and closed a property acquisition agreement with Habitants Minerals Ltd. Pursuant to the terms of the agreement; we acquired an undivided 100% interest in certain unpatented mining claims located in Western Newfoundland, Canada which we refer to as the “Newfoundland Property”. Pursuant to the terms of the agreement, we agreed to provide the following payments to Habitants:

The aggregate consideration of $50,000 consisting of the following:

$30,000 which was previously provided to Habitants, and

the balance of $20,000 which was provided on the closing of the agreement.

If we identify any material defect in Habitant’s title to the Newfoundland Property, we shall give Habitants notice of such defect. If the defect has not been cured within 30 days of receipt of such notice, we shall be entitled to take such curative action as is reasonably necessary, and shall be entitled to deduct the costs and expenses incurred in taking such action from the payments then otherwise due or accruing due to Habitants. If there are no such payments, we shall be entitled to a refund in the amount of said costs and expenses.

F-6

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

NOTE 3 – MINING PROPERTY (CONTINUED)

If any third party asserts any right or claim to the Newfoundland Property or to any amounts payable to Habitants, we may deposit any amounts otherwise due to Habitants in escrow with a suitable agent until the validity of such right or claim has been finally resolved. If we deposit said amounts in escrow, we shall be deemed not in default under this agreement for failure to pay such amounts to Habitants.

On August 31, 2011, we entered into a purchase and sale agreement with Ms. Kim Diaz and Sonseeahry related to the acquisition of the 100% interest in the Sodaville Claims. Under the terms of the purchase and sale agreement our company issued a pre-closing advance of $200,000 (paid on August 29, 2011).

As additional consideration our company will pay compensation as follows:

$200,000 on November 31, 2011 (paid);

2. $50,000 on July 1, 2012 (paid);

3. $1,500,000, which will be paid in equal payments of $500,000 on or before January 1st of 2013, 2014 and 2015;

4. 2,500,000 shares of our company’s common stock based on the pro-rata interest in the claims and a total of 500,000 shares to those parties designated by the sellers on or before July 1st of 2012, 2013 and 2014 (1,000,000 shares were issued to the Sellers effective June 30, 2012);

We have also agreed to pay a royalty of $10 per short ton of product produced from the Sodaville Claims and sold by our company.

Our company has also located an additional 48 unpatented lode mining claims in the area in which the Sodaville Claims are located. As part of the consideration our company will also pay the sellers a royalty of $10 per short ton of product produced from the Additional Claims and sold by our company. In addition to granting the royalty in the Additional Claims our company will issue 50,000 shares of restricted stock to the sellers on or before January 1, 2015.

Our company shall also reserve a NSR Royalty on certain metallic products produced from the Sodaville Claims equal to 2% of the net smelter returns. The NSR Royalty shall not apply to and no NSR Royalty payments shall be due for any product produced from the Sodaville Claims sold by our company.

Additionally, our company will pay the sellers a guaranteed minimum annual royalty of $50,000 for a period of 5 years with the first payment due on December 31, 2015 and the last payment due on December 31, 2020.

There has been no mining of resources to date.

NOTE 4 – PREPAID EXPENSES

Prepaid expenses consisted of $10,406 of prepaid insurance and rent, and $107,639 of stock compensation as of September 30, 2012.

NOTE 5 – DEPOSITS

The current deposit of $500 consist of a rent deposit near the mining site.

F-7

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

NOTE 6 – ACCRUED EXPENSES

Accrued expenses and liabilities consisted of the following as of September 30, 2012 and March 31, 2012:


	September 30, 2012	March 31, 2012
Accounting fees	$ 2,250	$ -
Legal fees	-	5,588
Filing fees	-	173
Total Accrued Expenses	$ 2,250	$ 5,761

NOTE 7 – NOTES PAYABLE – RELATED PARTIES

A shareholder and current director of the Company advanced funds at various times during the year ended March 31, 2011 in order to support operations. The loans are unsecured, non-interest bearing and due on demand. The amount due to the shareholder and director was $35,500 as of September 30, 2012.

NOTE 8 – LINES OF CREDIT

The Company entered into a Credit Facility Agreement during the year ended March 31, 2011 in the amount of $200,000. The line of credit is secured by the assets of the Company, bears 5% interest and is due on demand.

On June 22, 2011, the Company’s credit line was increased from $200,000 to $1,000,000 under the same terms. The line of credit was drawn to $630,000 as of September 30, 2012. Accrued interest related to the line of credit was $35,574 as of September 30, 2012.

On November 22, 2011, the Company entered into a second Credit Facility Agreement in which the lender agreed to provide the Company with a line of credit in the amount of up to $500,000. Pursuant to the terms of the Credit Facility Agreement, the Company shall pay any outstanding amounts to the lender on demand. The Company may also repay the loan and accrued interest at any time without penalty. Amounts outstanding shall bear interest at the rate of 10% per annum. The line of credit was drawn to $0 as of September 30, 2012. Accrued interest related to the line of credit was $21,246 as of September 30, 2012.

NOTE 9 – CONVERTIBLE LINE OF CREDIT

On April 12, 2012, the Company entered into a US$1,000,000 Letter of Credit Agreement dated March 27, 2012. Pursuant to the terms outlined in the Letter of Credit, at any time the Company may require any and all funds outstanding under the Letter of Credit, except for accrued interest which is to be paid in cash, to be converted into units of the Company at a price of $0.80 per unit (the “Unit”). Each Unit consists of one (1) share of common stock and one (1) warrant to purchase one (1) share of common stock at $1.50 US for a period of five (5) years. The Company will pay annual interest of 5% until the loan is repaid or converted into Units. The Company will issue 1,250,000 Units when the exercise provision is enacted. In association with conversion feature of the line of credit with warrants the Company had $916,335 in derivative liability as of September 30, 2012. Additional, the Company incurred derivative expense of $184,044, change in derivative expense of $22,291 and amortization of debt discount of $257,881 as of September 30, 2012. The line of credit was drawn to $710,000 which is partial offset by the debt discount $452,119, totaling to $257,881 as of September 30, 2012. Accrued interest related to the line of credit was $11,477 as of September 30, 2012.

F-8

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

NOTE 10 – RELATED PARTY TRANSACTIONS

On November 7, 2011, the Company entered into an employment agreement with Barry Wattenberg, our president, chief executive officer, chief financial officer, secretary, treasurer and a member of our board of directors. The employment agreement was effective on December 1, 2011.

Pursuant to the terms of the employment agreement Mr. Wattenberg will receive a base salary of $10,000 per month, payments of which will accrue, and a key man life insurance policy of $1,000,000 payable half to the Company and half to Mr. Wattenberg’s estate. The Company shall also reimburse all reasonable and necessary business expenses incurred by Mr. Wattenberg in performance of his duties. When established, the Company will compensate Mr. Wattenberg with group health insurance benefits and will allow for standard executive benefits such as vacation, holidays, sick leave and the granting of stock options when deemed appropriate by the Company.

The total amounts of $125,500 and $65,500 as of September 30, 2012 and March 31, 2012, respectively, have been recorded as deferred compensation.

NOTE 11 – CAPITAL STOCK

The Company has 200,000,000 common shares authorized at a par value of $0.0001 per share.

During the period ended March 31, 2008, the Company issued 80,000,000 common shares at to founders for total proceeds of $8,000. Additionally, the Company issued 67,200,000 shares during the period ended March 31, 2008 for total proceeds of $42,000.

On July 9, 2010, a former shareholder and director of the Company agreed to forgive debt in the amount of $14,244. This amount has been recorded as contributed capital.

Effective September 8, 2010 the Company increased the authorized shares of common stock from 100,000,000 to 200,000,000 and enacted a forward stock split of 80 to 1. All share and per share data has been adjusted to reflect such stock split.

In May 2011 the Company issued 150,000 common shares in lieu of compensation along with stock options.

On November 10, 2011, the Company issued 25,000 shares of common stock at a value of $0.0001 per share as compensation for a finder’s fee related to the Sodaville, Nevada property.

On December 31, 2011, the Company issued an aggregate of 190,000 restricted shares of our common stock at a value of $0.0001 per share to our directors, advisors and consultants to the Company.

On June 30, 2012, the Company issued 1,000,000 restricted shares of our common stock at a value of approximately $0.20 per share to Kim Diaz of BLM Claims located in Mineral County Nevada in connection with the acquisition of mineral properties. (See note 3 for further details).

The Company purchased back 40,000 shares of common stock for cash totaling $10,000 during the period ended September 30, 2012. The stock is currently being held in treasury.

Stock-based compensation expense for the period ending September 30, 2012 was $157,754.

There were 148,665,000 shares of common stock issued and outstanding as of September 30, 2012. As September 30, 2012, the Company has no warrants outstanding. There are 1,305,000 stock options outstanding.

F-9

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

NOTE 11 – CAPITAL STOCK (CONTINUED)

Stock options

In April 2011, the Company issued 600,000 stock options to directors of the Company per the Stock Option Plan with an exercise price of $0.60 per share for a 5 year term. In May 2011, the Company entered into two consulting agreements which granted a total of 75,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $1.00 per share for a 5 year term. In December 2011, the Company granted a total of 115,000 stock options to advisors and consultants. All these stock options are exercisable at $1.00 per share for a 3 year term.

In April 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term.

In May 2012, the Company issued 25,000 stock options to consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term.

In June 2012, the Company issued 25,000 stock options to consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term.

In July 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of 5% above market price ($0.29) per share for a 5 year term

Stock option compensation expense for the period ending September 30, 2012 was $157,754. The expense was calculated using the Black-Scholes pricing model. The following table summarizes information about options as of September 30, 2012:


	Number of Shares		Weighted Average Exercise Price
Outstanding, March 31, 2012	1,185,000	$	.84
Options granted	120,000		.76
Options expired	-		-
Options cancelled	-		-
Outstanding, September 30, 2012	1,305,000	$	.80
Exercisable, September 30, 2012	1,305,000	$	.80

The following table summarizes information about stock warrants granted to employees, advisors, investors and board members at September 30, 2012:


Stock Options Outstanding						Stock Options Exercisable
	Range of Exercise Prices	Number Outstanding		Weighted Average Exercise Price	Weighted Average Remaining Contractual Life (in years)	Number of Options		Weighted Average Exercise Price

$	.60 to 1.00	1,305,000	$	.76	3.93	1,305,000	$	0.80

As of September 30, 2012, the aggregate intrinsic value of the stock options outstanding and exercisable was $0. The weighted-average grant-date fair value of stock options granted for the period ending September 30, 2012 was $0.85. The total fair value of shares vested as of September 30, 2012 was 1,305,000 of stock options at fair market value on September 30, 2012.

F-10

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

NOTE 12 – RESTATEMENT

The Company has recorded the cost of stock options granted in the 10K ending March 31, 2012. The Company is allocating the cost to the correct quarterly periods in the fiscal year ended March 31, 2012. The corrected balances and the previously stated balances for the six and three months ended September 30, 2012 are shown below.

The following are the previously stated and corrected balances for the six months ended September 30, 2011:


September 30, 2011 Financial Statement	Line Item	Corrected	Previously Stated
Income Statement	Stock-based compensation	398,531	181,715
Income Statement	Operating expenses	572,192	355,376
Income Statement	Net Loss	(577,098)	(360,282)
Cash Flows	Stock-based compensation	398,531	181,715

The following are the previously stated and corrected balances for the three months ended September 30, 2011:


September 30, 2011 Financial Statement	Line Item	Corrected	Previously Stated
Income Statement	Stock-based compensation	95,416	20,665
Income Statement	Professional fees	24,724	24,095
Income Statement	Operating expenses	216,629	141,249
Income Statement	Net Loss	(220,402)	(145,022)

NOTE 13 – INCOME TAXES

The provision for Federal income tax consists of the following for the six months ended September 30, 2012 and 2011:


	2012	2011
Federal income tax benefit attributable to:
Current operations	$ 370,111	$ 196,213
Less: valuation allowance	(370,111)	(196,213)
Net provision for Federal income taxes	$ -	$ -

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of September 30, 2012 and March 31, 2012:


	September 30, 2012	March 31, 2012
Deferred tax asset attributable to:
Net operating loss carryover	$ 893,411	$ 523,300
Less: valuation allowance	(893,411)	(523,300)
Net deferred tax asset	$ -	$ -

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $2,627,680 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

F-11

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

NOTE 14 – GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has no established source of revenue, negative working capital and losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Without realization of additional capital, it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty.

We anticipate that additional funding will be required in the form of debt or equity capital financing from the sale of our common stock. At this time, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or through debt to meet our obligations over the next twelve months. We do not have any arrangements in place for any future debt or equity financing.

NOTE 15 – SUBSEQUENT EVENTS

In October 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of market price (at date of grant) plus 5% per share for a 5 year term. The exercise price for the options granted on October 1, 2012 was $0.26.

In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to September 30, 2012 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements other than the events described above.

F-12

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

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable laws, including the securities laws of the United States, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results.

Our unaudited financial statements are stated in U.S. dollars and are prepared in accordance with generally accepted accounting principles in the United States. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to "common shares" refer to the common shares in our capital stock.

As used in this quarterly report and unless otherwise indicated, the terms "we", "us", "our" and "our company" mean Potash America, Inc., a Nevada corporation, unless otherwise indicated.

General Overview

We were incorporated in the state of Nevada on July 31, 2007 as Adtomize Inc. On June 29, 2010, we underwent a change of control. On September 8, 2010, we affected a split of our authorized capital and our issued and outstanding common shares on an 80 for 1 basis. On March 3, 2011 we changed our name to Potash America, Inc., and began looking for opportunities to acquire exploration stage mineral properties. We maintain our business offices at 200 South Virginia Street, 8th Floor, Reno, Nevada, 89501 and our telephone number is (775) 398-3019.

Before we went through a change of control and business focus, we engaged in the business of developing an online advertising brokerage service to bring together high traffic web site publishers with companies wishing to place ads on them in order to drive traffic to their own internet sites. Since our inception, we had been attempting to raise money to operate our business, but have not been able to secure the funds necessary to do so. The lack of funds and the present economy have prevented that from happening. As we have been unable to raise the capital necessary to develop and market our service, we began a search for other business opportunities which may benefit our shareholders and allow us to raise capital and operate.

Current Business

Shortly after changing our business focus to exploration stage properties, we identified an opportunity to acquire the Newfoundland Property from Habitants Minerals Ltd. We entered into a letter of intent on March 15, 2011 and subsequently a mining property acquisition agreement on June 6, 2011. We now plan to undertake further evaluation of the Newfoundland Property.

On March 15, 2011 we entered into a credit facility agreement. The lender agreed to provide us with a line of credit in the amount of up to $200,000 wherein, within three business days after receipt of notice from us, the lender will advance amounts requested to our company. On June 22, 2011, the credit facility agreement was amended to increase the size of the line of credit to a total of $1,000,000. We shall use the advances to fund working capital and general corporate activities. Pursuant to the terms of the credit facility agreement, our company shall pay any outstanding amounts to the lender on demand. We may also repay the loan and accrued interest at any time without penalty. Amounts outstanding shall bear interest at the rate of 5% per annum.

We entered into a letter of intent on March 15, 2011 with Habitants Minerals Ltd with respect to an acquisition of a property in Newfoundland, Canada.

On June 6, 2011 we entered into and closed a property acquisition agreement with Habitants. Pursuant to the terms of the agreement, we acquired an undivided 100% interest in certain unpatented mining claims located in Western Newfoundland, Canada which we refer to as the “Newfoundland Property”. Pursuant to the terms of the agreement, we agreed to provide the following payments to Habitants:

The aggregate consideration of $50,000 consisting of the following:

$30,000 which was previously provided to Habitants, and

the balance of $20,000 which was provided on the closing of the agreement.

On May 11, 2011 we entered into a letter of intent to acquire a 100% interest in 39 Bureau of Land Management claims in Mineral County, Nevada (the “BLM Claims”). Pursuant to the terms of the letter of intent our company advanced the following payments to the administrator of the claims, Ms. Kim Diaz:

(a)

$20,000.00, of which $5,000.00 was disbursed to Ms. Diaz, contemporaneously with the execution of the letter of intent; and

(b)

$5,000.00, upon the execution of the letter of intent, to enable Ms. Diaz and Elwayne E. Everett to commence the bentonite project on the adjacent property;

Under the terms of the letter of intent our company and Ms. Diaz would be required to enter into an option agreement on or before August 31, 2011. Pursuant to the option agreement our company would be required advance $10,000 to Ms. Diaz to cover reimbursement on the 39 BLM Claims which would be deducted from the required payment of $210,000 to Ms. Diaz upon execution of the option agreement.

On August 31, 2011 we entered into a purchase and sale agreement related to the acquisition of the 100% interest in the BLM Claims. Under the terms of the purchase and sale agreement our company issued a pre-closing advance of $200,000 to Ms. Kim Diaz and Sonseeahray Diaz (the “Sellers”).

As additional consideration our company will pay compensation to the Sellers as follows:

(a)

$200,000 on November 31, 2011 (paid);

(b)

$50,000 on July 1, 2012; (paid on June 30, 2012)

(c)

$1,500,000, which will be paid in equal payments of $500,000 on or before January 1st of 2013, 2014 and 2015;

(d)

2,500,000 shares of our company’s common stock based on the Sellers’ pro-rata interest in the claims and a total of 500,000 shares to those parties designated by the Sellers on or before July 1st of 2012, 2013 and 2014 (1,000,000 shares were issued to the Sellers effective June 30, 2012);

We have also agreed to pay a royalty of $10 per short ton of product produced from the BLM Claims and sold by our company.

Our company has also located 48 unpatented lode mining claims (the “Additional Claims”) in the area in which the BLM Claims are located. As part of the consideration our company will also pay the Sellers a royalty of $10 per short ton of product produced from the Additional Claims and sold by our company. In addition to granting the royalty in the Additional Claims our company will issue 50,000 shares of restricted stock to the Sellers on or before January 1, 2015.

Our company shall also reserve a net smelter returns royalty (the “NSR Royalty”) on certain metallic products produced from the BLM Claims equal to 2% of the net smelter returns. The NSR Royalty shall not apply to and no NSR Royalty payments shall be due for any product produced from the BLM Claims sold by our company.

Additionally, our company will pay the Sellers a guaranteed minimum annual royalty of $50,000 for a period of 5 years with the first payment due on December 31, 2015 and the last payment due on December 31, 2020.

On November 22, 2011, we entered a second credit facility agreement in which the lender agreed to provide our company with a line of credit in the amount of up to $500,000. Pursuant to the terms of the credit facility agreement, our company shall pay any outstanding amounts to the lender on demand. Our company may also repay the loan and accrued interest at any time without penalty. Amounts outstanding shall bear interest at the rate of 10% per annum.

Effective December 1, 2011 we entered into an employment agreement with our president, Barry Wattenberg, under which Mr. Wattenberg will receive a base salary of $10,000 per month, payments of which will accrue, and a key man life insurance policy of $1,000,000 payable half to our company and half to Mr. Wattenberg’s estate.

Purchase of Significant Equipment

We do not intend to purchase any significant equipment over the next twelve months.

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 are material to stockholders.

Employees

We do not expect any material changes in the number of employees over the next 12 month period (although we may enter into employment or consulting agreements with our officers or directors). We do and will continue to outsource contract employment as needed.

Results of Operations

The following unaudited summary of our results of operations should be read in conjunction with our financial statements for the three month periods ended September 30, 2012 and 2011.

We have not generated any revenue since inception and are dependent upon obtaining financing to pursue our business activities. For these reasons, our auditors believe that there is substantial doubt that we will be able to continue as a going concern.

Results of Operations for the Three Months Ended September 30, 2012 and 2011

Our operating results for the three month periods ended September 30, 2012 and 2011 and the changes between those periods for the respective items are summarized as follows:


		Three Month Period Ended September 30, 2012			Three Month Period Ended September 30, 2011			Change Between Three Month Periods Ended September 30, 2012 and September 30, 2011
Revenue	$	Nil		$	Nil		$	Nil
Professional fees	$	64,836		$	24,724		$	40,112
Transfer agent and filing fees	$	5,498		$	10,290		$	(4,792)
Consulting fees	$	30,282		$	38,450		$	(8,168)
Web development	$	1,396		$	8,969		$	(7,573)
Stock compensation	$	8,699		$	95,416		$	(86,717)
Exploration costs	$	68,148		$	24,200		$	43,948
General and administrative	$	34,341		$	14,580		$	19,761
Interest Expense	$	17,660		$	3,773		$	13,887



Derivative expense	$	75,420		$	Nil		$	75,420
Change in derivative	$	8,083		$	Nil		$	8,083
Amortization of debt discount	$	156,785		$	Nil		$	156,785
Net loss	$	(471,148	)	$	(220,402	)	$	(250,746)

Our expenses increased during the three month period ended September 30, 2012 compared to the same period in 2011 primarily as a result of increases in professional fees, exploration costs, general and administrative expenses, interest expenses, change in derivative expense and amortization of debt discount.

Results of Operations for the Six Months Ended September 30, 2012 and 2011

Our operating results for the six month periods ended September 30, 2012 and 2011 and the changes between those periods for the respective items are summarized as follows:


		Six Month Period Ended September 30, 2012			Six Month Period Ended September 30, 2011			Change Between Six Month Periods Ended September 30, 2012 and September 30, 2011
Revenue	$	Nil		$	Nil		$	Nil
Professional fees	$	120,245		$	38,854		$	81,391
Transfer agent and filing fees	$	6,870		$	12,238		$	(5,368)
Consulting fees	$	71,997		$	50,150		$	21,847
Web development	$	2,571		$	19,514		$	(16,943)
Stock compensation	$	157, 754		$	398,531		$	(240,777)
Exploration costs	$	174,331		$	24,200		$	150,131
General and administrative	$	50,610		$	28,705		$	21,905
Interest Expense	$	39,970		$	4,906		$	35,064



Derivative expense	$	184,044		$	Nil		$	184,044
Change in derivative	$	22,291		$	Nil		$	22,291
Amortization of debt discount	$	257,880		$	Nil		$	257,880
Net loss	$	(1,088,563	)	$	(577,098	)	$	(511,465)

Our expenses increased during the six month period ended September 30, 2012 compared to the same period in 2011 primarily as a result of increases in professional fees, consulting fees, and exploration costs, general and administrative expenses, interest expenses, derivative expense, change in derivative expense and amortization of debt discount.

Liquidity and Financial Condition

Working Capital


	At September 30, 2012 $			At March 31, 2012 $			Change Between March 31, 2012 and September 30, 2012 $
Current Assets	$	132,006		$	251,381		$	(119,375)
Current Liabilities	$	2,035,763		$	1,165,088		$	870,675
Working Capital / (Deficit)	$	(1,903,757	)	$	(913,707	)	$	990,050

Cash Flows


	Six Months Ended September 30, 2012 $		Six Months Ended September 30, 2011 $			Period from Inception (July 31, 2007) to Septemeber 30, 2012 $
Cash Flows (used in) Operating Activities	$	(198,982)	$	(147,120	)	$	(851,397)
Cash Flows (used in) Investing Activities	$	(245,240)	$	(295,000)		$	(564,886)
Cash Flows provided by Financing Activities	$	388,360	$	465,000		$	1,429,744
Net Increase (Decrease) in Cash During Period	$	(55,862)	$	22,880		$	13,461

As of September 30, 2012, our total current assets were $132,006 and our total liabilities were $2,035,763 and we had a working capital deficit of $1,903,757. Our unaudited financial statements report a net loss of $1,088,563 for the six months ended September 30, 2012 compared to a net loss of $577,098 for the same period in 2011 and a net loss of $2,627,680 for the period from July 31, 2007 (inception) to September 30, 2012.

Going Concern

The accompanying financial statements have been prepared assuming that our company will continue as a going concern. Our company has no established source of revenue, negative working capital and losses since inception. These factors raise substantial doubt about our company’s ability to continue as a going concern. Without realization of additional capital, it would be unlikely for tour company to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty.

Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.

Exploration Stage Company

Basis of Presentation

The accompanying interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, stockholders’ deficit or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim unaudited financial statements should be read in conjunction with our company’s Annual Report on Form 10-K, which contains the annual audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2012. The interim results for the period ended September 30, 2012 are not necessarily indicative of the results for the full fiscal year. The interim unaudited financial statements are presented in USD.

Accounting Basis

Our company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). Our company has adopted a March 31 fiscal year end.

Financial Instruments

Our company's financial instrument consists of cash, prepaid expenses, deposits, accrued expenses, deferred compensation, amounts due to stockholders and a line of credit.

The amounts due to stockholders are non-interest bearing. It is management's opinion that our company is not exposed to significant interest, currency or credit risks arising from its other financial instruments and that their fair values approximate their carrying values except where separately disclosed.

Cash and Cash Equivalents

Our company considers all highly liquid investments with maturities of three months or less to be cash equivalents. At September 30, 2012 and March 31, 2012, respectively, our company had $13,461 and $69,323 of cash.

Mineral Rights, Property and Acquisition Costs

Since March 31, 2011, our company is primarily engaged in the acquisition and exploration of mining properties. Our company has not yet realized any revenues from its planned operations.

Our company capitalizes acquisition and option costs of mineral rights as tangible assets. Upon commencement of commercial production, the mineral rights will be amortized using the unit-of-production method over the life of the mineral rights. If our company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time.

The costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred to develop and expand the capacity of mines, or to develop mine areas in advance of production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. Our company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

Impairment of Long-Lived Assets

Our company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17, Measurement of an Impairment Loss, if events or circumstances indicate that their carrying amount might not be recoverable. As of September 30, 2012, exploration progress is on target with our company’s exploration and evaluation plan and no events or circumstances have happened to indicate that the related carrying values of the properties may not be recoverable. When our company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.

Advertising

Our company expenses advertising costs as incurred. Our company has had no advertising activity since inception.

Revenue Recognition

Our company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

Use of Estimates

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing our company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing our company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2012.

During the year ended March 31, 2011, our company enacted an 80 to 1 forward stock split. All share and per share data has been adjusted to reflect such stock split.

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. On March 31, 2011, our company instituted a Stock Option Plan which allows for the issuance of 3,000,000 shares of common stock to our company’s management, employees and consultants. As of September 30, 2012, our company issued 465,000 common stock shares and has issued 1,305,000 in stock options in lieu of compensation.

Income Taxes

Recent Accounting Pronouncements

Our company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on our company’s results of operations, financial position or cash flow.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide tabular disclosure obligations.

Item 4. Controls and Procedures

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, 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 management, including our president (our principal executive officer and our principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

As of the end of our quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer and our principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer and our principal financial officer and principle accounting officer) concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report.

Changes in Internal Control over Financial Reporting

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, executive officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

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

On June 30, 2012, we issued an aggregate of 1,000,000 restricted shares of our common stock at a value of approximately $0.20 per share in connection with the acquisition of the BLM Claims located in Mineral County Nevada. These shares were issued pursuant to an exemption from registration relying on Section 4(2) of the Securities Act of 1933.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mining Safety Disclosure

Not Applicable.

Item 5. Other Information

None.

Item 6. Exhibits


Exhibit No.	Description
(3)	Articles of Incorporation and Bylaws
3.1	Articles of Incorporation (incorporated by reference to our Registration Statement on Form S-1 filed on May 9, 2008)
3.2	Certificate of Amendment (incorporated by reference to our Current Report on Form 8-K filed on September 10, 2010).
3.3.	Certificate of Amendment (incorporated by reference to our Current Report on Form 8-K filed on March 7, 2011)
(10)	Material Contracts
10.1	Credit Facility Agreement dated March 2011 (incorporated by reference to our Current Report on Form 8-K filed on March 17, 2011)
10.2	2011 Stock Option Plan (incorporated by reference to our Current Report on Form 8-K filed on April 26, 2011)
10.3	Form of Stock Option Agreement (incorporated by reference to our Current Report on Form 8-K filed on April 26, 2011)
10.4	Director’s Association Agreement between our company and Alan B. Brass (incorporated by reference to our Current Report on Form 8-K filed on April 26, 2011)
10.5	Director’s Association Agreement between our company and Norman Marcus (incorporated by reference to our Current Report on Form 8-K filed on April 26, 2011)
10.6	Stock Option Agreement between our company and Alan B. Brass (incorporated by reference to our Current Report on Form 8-K filed on April 26, 2011)
10.7	Stock Option Agreement between our company and Norman Marcus (incorporated by reference to our Current Report on Form 8-K filed on April 26, 2011)
10.8	Property Acquisition Agreement dated June 6, 2011 between our company and Habitants Minerals Ltd. (incorporated by reference to our Current Report on Form 8-K filed on June 17, 2011)
10.9	Purchase and Sale Agreement dated August 31, 2011 between our company and Kim Diaz and Sonseeahray Diaz (incorporated by reference to our Current Report on Form 8-K filed on September 12, 2011)
(14)	Code of Ethics
14.1	Code of Business Conduct and Ethics (incorporated by reference to our Current Report on Form 8-K filed on June 17, 2011)
(31)	Rule 13a-14(a)/15d-14(a) Certifications
31.1*	Section 302 Certification under the Sarbanes-Oxley Act of 2002 of Barry Wattenberg (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
(32)	Section 1350 Certifications
32.1*	Section 302 Certification under the Sarbanes-Oxley Act of 2002 of Barry Wattenberg (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
101**	Interactive Data File
101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE	XBRL Instance Document XBRL Taxonomy Extension Schema Document XBRL Taxonomy Extension Calculation Linkbase Document XBRL Taxonomy Extension Definition Linkbase Document XBRL Taxonomy Extension Label Linkbase Document XBRL Taxonomy Extension Presentation Linkbase Document


*	Filed herewith.

Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of any registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	POTASH AMERICA, INC.
	(Registrant)


Dated: November 13, 2012	/s/ Barry Wattenberg
	Barry Wattenberg
	President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director
	(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

EX-31.1 2 exhibit311.htm CEO/CFO SECTION 302 CERTIFICATION UNDER SARBANES-OXLEY ACT OF 2002 Exhibit 31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Barry Wattenberg, certify that:

I have reviewed this quarterly report on Form 10-Q of Potash America, Inc.;

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;

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;

The registrant's other certifying officer(s) and I are 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 Rules 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 our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us 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 our 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 our 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 (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of 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: November 13, 2012

/s/ Barry Wattenberg

Barry Wattenberg

President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director

(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

EX-32.1 3 exhibit321.htm CEO/CFO SECTION 906 CERTIFICATION UNDER SARBANES-OXLEY ACT OF 2002 Exhibit 32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Barry Wattenberg, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Quarterly Report on Form 10-Q of Potash America, Inc. for the period ended September 30, 2012 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Potash America, Inc.


Dated: November 13, 2012


		/s/ Barry Wattenberg
		Barry Wattenberg
		President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
		Potash America, Inc.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Potash America, Inc. and will be retained by Potash America, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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NOTE 1 – NATURE OF OPERATIONS   Potash America, Inc. (formerly Adtomize Inc.) (“the Company” or “PTAM”), was incorporated in the state of Nevada on July 31, 2007. PTAM’s primary focus is the development of fertilizer and agri-business assets. Such assets may include Potash, Montmorillonite, Bentonite and Gypsum. The Company seeks to acquire known deposits whose economic value has recently changed with market pricing levels, and develop these assets into agri-products.

13461

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NOTE 4 – PREPAID EXPENSES   Prepaid expenses consisted of $10,406 of prepaid insurance and rent, and $107,639 of stock compensation as of September 30, 2012.     NOTE 5 – DEPOSITS   The current deposit of $500 consist of a rent deposit near the mining site.

NOTE 7 – NOTES PAYABLE – RELATED PARTIES   A shareholder and current director of the Company advanced funds at various times during the year ended March 31, 2011 in order to support operations. The loans are unsecured, non-interest bearing and due on demand. The amount due to the shareholder and director was $35,500 as of September 30, 2012.

NOTE 8 – LINES OF CREDIT   The Company entered into a Credit Facility Agreement during the year ended March 31, 2011 in the amount of $200,000. The line of credit is secured by the assets of the Company, bears 5% interest and is due on demand.   On June 22, 2011, the Company’s credit line was increased from $200,000 to $1,000,000 under the same terms. The line of credit was drawn to $630,000 as of September 30, 2012.  Accrued interest related to the line of credit was $35,574 as of September 30, 2012.     On November 22, 2011, the Company entered into a second Credit Facility Agreement in which the lender agreed to provide the Company with a line of credit in the amount of up to $500,000. Pursuant to the terms of the Credit Facility Agreement, the Company shall pay any outstanding amounts to the lender on demand. The Company may also repay the loan and accrued interest at any time without penalty. Amounts outstanding shall bear interest at the rate of 10% per annum. The line of credit was drawn to $0 as of September 30, 2012.  Accrued interest related to the line of credit was $21,246 as of September 30, 2012.

NOTE 9 – CONVERTIBLE LINE OF CREDIT   On April 12, 2012, the Company entered into a US$1,000,000 Letter of Credit Agreement dated March 27, 2012. Pursuant to the terms outlined in the Letter of Credit, at any time the Company may require any and all funds outstanding under the Letter of Credit, except for accrued interest which is to be paid in cash, to be converted into units of the Company at a price of $0.80 per unit (the “Unit”). Each Unit consists of one (1) share of common stock and one (1) warrant to purchase one (1) share of common stock at $1.50 US for a period of five (5) years. The Company will pay annual interest of 5% until the loan is repaid or converted into Units. The Company will issue 1,250,000 Units when the exercise provision is enacted. In association with conversion feature of the line of credit with warrants the Company had $916,335 in derivative liability as of September 30, 2012. Additional, the Company incurred derivative expense of $184,044, change in derivative expense of $22,291 and amortization of debt discount of $257,881 as of September 30, 2012. The line of credit was drawn to $710,000 which is partial offset by the debt discount $452,119, totaling to $257,881 as of September 30, 2012. Accrued interest related to the line of credit was $11,477 as of September 30, 2012.

NOTE 10 – RELATED PARTY TRANSACTIONS   On November 7, 2011, the Company entered into an employment agreement with Barry Wattenberg, our president, chief executive officer, chief financial officer, secretary, treasurer and a member of our board of directors.  The employment agreement was effective on December 1, 2011.   Pursuant to the terms of the employment agreement Mr. Wattenberg will receive a base salary of $10,000 per month, payments of which will accrue, and a key man life insurance policy of $1,000,000 payable half to the Company and half to Mr. Wattenberg’s estate. The Company shall also reimburse all reasonable and necessary business expenses incurred by Mr. Wattenberg in performance of his duties. When established, the Company will compensate Mr. Wattenberg with group health insurance benefits and will allow for standard executive benefits such as vacation, holidays, sick leave and the granting of stock options when deemed appropriate by the Company.   The total amounts of $125,500 and $65,500 as of September 30, 2012 and March 31, 2012, respectively, have been recorded as deferred compensation.

NOTE 11 – CAPITAL STOCK   The Company has 200,000,000 common shares authorized at a par value of $0.0001 per share.   During the period ended March 31, 2008, the Company issued 80,000,000 common shares at to founders for total proceeds of $8,000. Additionally, the Company issued 67,200,000 shares during the period ended March 31, 2008 for total proceeds of $42,000.   On July 9, 2010, a former shareholder and director of the Company agreed to forgive debt in the amount of $14,244. This amount has been recorded as contributed capital.   Effective September 8, 2010 the Company increased the authorized shares of common stock from 100,000,000 to 200,000,000 and enacted a forward stock split of 80 to 1. All share and per share data has been adjusted to reflect such stock split.   In May 2011 the Company issued 150,000 common shares in lieu of compensation along with stock options.   On November 10, 2011, the Company issued 25,000 shares of common stock at a value of $0.0001 per share as compensation for a finder’s fee related to the Sodaville, Nevada property.   On December 31, 2011, the Company issued an aggregate of 190,000 restricted shares of our common stock at a value of $0.0001 per share to our directors, advisors and consultants to the Company.   On June 30, 2012, the Company issued 1,000,000 restricted shares of our common stock at a value of approximately $0.20 per share to Kim Diaz of BLM Claims located in Mineral County Nevada in connection with the acquisition of mineral properties. (See note 3 for further details).   The Company purchased back 40,000 shares of common stock for cash totaling $10,000 during the period ended September 30, 2012. The stock is currently being held in treasury.   Stock-based compensation expense for the period ending September 30, 2012 was $157,754.   There were 148,665,000 shares of common stock issued and outstanding as of September 30, 2012. As September 30, 2012, the Company has no warrants outstanding. There are 1,305,000 stock options outstanding.   Stock options   In April 2011, the Company issued 600,000 stock options to directors of the Company per the Stock Option Plan with an exercise price of $0.60 per share for a 5 year term. In May 2011, the Company entered into two consulting agreements which granted a total of 75,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $1.00 per share for a 5 year term. In December 2011, the Company granted a total of 115,000 stock options to advisors and consultants. All these stock options are exercisable at $1.00 per share for a 3 year term.   In April 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term.   In May 2012, the Company issued 25,000 stock options to consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term.   In June 2012, the Company issued 25,000 stock options to consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term.   In July 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of 5% above market price ($0.29) per share for a 5 year term   Stock option compensation expense for the period ending September 30, 2012 was $157,754. The expense was calculated using the Black-Scholes pricing model. The following table summarizes information about options as of September 30, 2012:   <table style="mso-yfti-tbllook:1184;mso-padding-alt:0cm 0cm 0cm 0cm" border="0" class="MsoNormalTable" cellpadding="0" cellspacing="0"> <tr style="mso-yfti-firstrow:yes"> <td style="width:194.25pt;padding:0cm 0cm 0cm 0cm" width="259"/> <td style="width:18.0pt;padding:0cm 0cm 0cm 0cm" width="24"/> <td style="width:105.75pt;padding:0cm 0cm 0cm 0cm" width="141"/> <td style="width:24.75pt;padding:0cm 0cm 0cm 0cm" width="33"/> <td style="width:108.75pt;padding:0cm 0cm 0cm 0cm" width="145"/></tr> <tr> <td style="width:194.25pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="259"/> <td style="width:18.0pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="24"/> <td style="width:105.75pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="141"> Number of Shares</td> <td style="width:24.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="33"/> <td style="width:108.75pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="145"> Weighted Average Exercise Price</td></tr> <tr> <td style="width:194.25pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="259"> Outstanding, March 31, 2012</td> <td style="width:18.0pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="24"/> <td style="width:105.75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="141"> 1,185,000</td> <td style="width:24.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="33"> $</td> <td style="width:108.75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="145"> .84</td></tr> <tr> <td style="width:194.25pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="259"> Options granted</td> <td style="width:18.0pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="24"/> <td style="width:105.75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="141"> 120,000</td> <td style="width:24.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="33"/> <td style="width:108.75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="145"> .76</td></tr> <tr> <td style="width:194.25pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="259"> Options expired</td> <td style="width:18.0pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="24"/> <td style="width:105.75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="141"> -</td> <td style="width:24.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="33"/> <td style="width:108.75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="145"> -</td></tr> <tr> <td style="width:194.25pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="259"> Options cancelled</td> <td style="width:18.0pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="24"/> <td style="width:105.75pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="141"> -</td> <td style="width:24.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="33"/> <td style="width:108.75pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="145"> -</td></tr> <tr> <td style="width:194.25pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="259"> Outstanding, September 30, 2012</td> <td style="width:18.0pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="24"/> <td style="width:105.75pt;border:none;border-bottom:
 double black 2.25pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="141"> 1,305,000</td> <td style="width:24.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="33"> $</td> <td style="width:108.75pt;border:none;border-bottom:
 double black 2.25pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="145"> .80</td></tr> <tr style="mso-yfti-lastrow:yes"> <td style="width:194.25pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="259"> Exercisable, September 30, 2012</td> <td style="width:18.0pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="24"/> <td style="width:105.75pt;border:none;border-bottom:
 double black 2.25pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="141"> 1,305,000</td> <td style="width:24.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="33"> $</td> <td style="width:108.75pt;border:none;border-bottom:
 double black 2.25pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="145"> .80</td></tr></table>   The following table summarizes information about stock warrants granted to employees, advisors, investors and board members at September 30, 2012:   <table style="mso-yfti-tbllook:1184;mso-padding-alt:0cm 0cm 0cm 0cm" border="0" class="MsoNormalTable" cellpadding="0" cellspacing="0"> <tr style="mso-yfti-firstrow:yes"> <td style="width:15.75pt;padding:0cm 0cm 0cm 0cm" width="21"/> <td style="width:60.75pt;padding:0cm 0cm 0cm 0cm" width="81"/> <td style="width:13.5pt;padding:0cm 0cm 0cm 0cm" width="18"/> <td style="width:67.5pt;padding:0cm 0cm 0cm 0cm" width="90"/> <td style="width:13.5pt;padding:0cm 0cm 0cm 0cm" width="18"/> <td style="width:58.5pt;padding:0cm 0cm 0cm 0cm" width="78"/> <td style="width:13.5pt;padding:0cm 0cm 0cm 0cm" width="18"/> <td style="width:85.5pt;padding:0cm 0cm 0cm 0cm" width="114"/> <td style="width:13.5pt;padding:0cm 0cm 0cm 0cm" width="18"/> <td style="width:58.5pt;padding:0cm 0cm 0cm 0cm" width="78"/> <td style="width:13.5pt;padding:0cm 0cm 0cm 0cm" width="18"/> <td style="width:58.5pt;padding:0cm 0cm 0cm 0cm" width="78"/></tr> <tr> <td style="width:329.25pt;border:none;
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 background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" colspan="8" width="439"> Stock Options Outstanding</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:130.5pt;border:none;
 border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;
 background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" colspan="3" width="174"> Stock Options Exercisable</td></tr> <tr> <td style="width:15.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="21"/> <td style="width:60.75pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="81"> Range of Exercise Prices</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:67.5pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="90"> Number Outstanding</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:58.5pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="78"> Weighted Average Exercise Price</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:85.5pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="114"> Weighted Average Remaining Contractual Life (in years)</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:58.5pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="78"> Number of Options</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:58.5pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0cm 0cm 0cm 0cm" valign="bottom" width="78"> Weighted Average Exercise Price</td></tr> <tr> <td style="width:15.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="21"/> <td style="width:60.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="81"/> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:67.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="90"/> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:58.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="78"/> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:85.5pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="114"/> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:58.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="78"/> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:58.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="78"/></tr> <tr style="mso-yfti-lastrow:yes"> <td style="width:15.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="21"> $</td> <td style="width:60.75pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="81"> .60 to 1.00</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:67.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="90"> 1,305,000</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"> $</td> <td style="width:58.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="78"> .76</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:85.5pt;background:white;padding:
 0cm 0cm 0cm 0cm" valign="bottom" width="114"> 3.93</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"/> <td style="width:58.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="78"> 1,305,000</td> <td style="width:13.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="18"> $</td> <td style="width:58.5pt;background:white;padding:0cm 0cm 0cm 0cm" valign="bottom" width="78"> 0.80</td></tr></table>  As of September 30, 2012, the aggregate intrinsic value of the stock options outstanding and exercisable was $0. The weighted-average grant-date fair value of stock options granted for the period ending September 30, 2012 was $0.85. The total fair value of shares vested as of September 30, 2012 was 1,305,000 of stock options at fair market value on September 30, 2012.

NOTE 12 – RESTATEMENT   The Company has recorded the cost of stock options granted in the 10K ending March 31, 2012. The Company is allocating the cost to the correct quarterly periods in the fiscal year ended March 31, 2012. The corrected balances and the previously stated balances for the six and three months ended September 30, 2012 are shown below.   The following are the previously stated and corrected balances for the six months ended September 30, 2011:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="163" style="width:97.8pt;padding:0in 0in 0in 0in"/> <td width="180" style="width:1.5in;padding:0in 0in 0in 0in"/> <td width="96" style="width:.8in;padding:0in 0in 0in 0in"/> <td width="102" style="width:.85in;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> September 30, 2011 Financial Statement</td> <td valign="bottom" width="180" style="width:1.5in;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Line Item</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;
 background:white;padding:0in 0in 0in 0in"> Corrected</td> <td valign="bottom" width="102" style="width:.85in;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Previously Stated</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Stock-based compensation </td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in">        398,531 </td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in">          181,715 </td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Operating expenses</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in"> 572,192</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in"> 355,376</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Net Loss</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in">  (577,098)</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in">  (360,282)</td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Cash Flows</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Stock-based compensation </td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in">        398,531 </td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in">          181,715 </td></tr></table>   The following are the previously stated and corrected balances for the three months ended September 30, 2011:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="163" style="width:97.8pt;padding:0in 0in 0in 0in"/> <td width="180" style="width:1.5in;padding:0in 0in 0in 0in"/> <td width="96" style="width:.8in;padding:0in 0in 0in 0in"/> <td width="102" style="width:.85in;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> September 30, 2011 Financial Statement</td> <td valign="bottom" width="180" style="width:1.5in;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Line Item</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;
 background:white;padding:0in 0in 0in 0in"> Corrected</td> <td valign="bottom" width="102" style="width:.85in;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Previously Stated</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Stock-based compensation </td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in"> 95,416</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in"> 20,665</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Professional fees</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in"> 24,724</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in"> 24,095</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Operating expenses</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in"> 216,629</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in"> 141,249</td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Net Loss</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in">  (220,402)</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in">  (145,022)</td></tr></table>

NOTE 13 – INCOME TAXES   The provision for Federal income tax consists of the following for the six months ended September 30, 2012and 2011:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="268" style="width:160.8pt;padding:0in 0in 0in 0in"/> <td width="84" style="width:.7in;padding:0in 0in 0in 0in"/> <td width="80" style="width:48.0pt;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="bottom" width="268" style="width:160.8pt;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="84" style="width:.7in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> 2012</td> <td valign="bottom" width="80" style="width:48.0pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> 2011</td></tr> <tr> <td valign="bottom" width="268" style="width:160.8pt;padding:0in 0in 0in 0in"> Federal income tax benefit attributable to:</td> <td valign="bottom" width="84" style="width:.7in;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="80" style="width:48.0pt;padding:0in 0in 0in 0in">  </td></tr> <tr> <td valign="bottom" width="268" style="width:160.8pt;padding:0in 0in 0in 0in"> Current operations</td> <td valign="bottom" width="84" style="width:.7in;padding:0in 0in 0in 0in"> $   370,111</td> <td valign="bottom" width="80" style="width:48.0pt;padding:0in 0in 0in 0in"> $   196,213   </td></tr> <tr> <td valign="bottom" width="268" style="width:160.8pt;padding:0in 0in 0in 0in"> Less: valuation allowance</td> <td valign="bottom" width="84" style="width:.7in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> (370,111)</td> <td valign="bottom" width="80" style="width:48.0pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> (196,213)</td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="bottom" width="268" style="width:160.8pt;padding:0in 0in 0in 0in"> Net provision for Federal income taxes</td> <td valign="bottom" width="84" style="width:.7in;border:none;border-bottom:double black 2.25pt;
 padding:0in 0in 0in 0in"> $              -</td> <td valign="bottom" width="80" style="width:48.0pt;border:none;border-bottom:
 double black 2.25pt;padding:0in 0in 0in 0in"> $              -</td></tr></table>   The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of September 30, 2012 and March 31, 2012:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="235" style="width:141.0pt;padding:0in 0in 0in 0in"/> <td width="96" style="width:.8in;padding:0in 0in 0in 0in"/> <td width="96" style="width:.8in;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> September 30, 2012</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> March 31, 2012</td></tr> <tr> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in"> Deferred tax asset attributable to:</td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in">  </td></tr> <tr> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in"> Net operating loss carryover</td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in"> $       893,411     </td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in"> $     523,300       </td></tr> <tr> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in"> Less: valuation allowance</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> (893,411)</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> (523,300)</td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in"> Net deferred tax asset</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:double black 2.25pt;
 padding:0in 0in 0in 0in"> $                -</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:double black 2.25pt;
 padding:0in 0in 0in 0in"> $                -</td></tr></table>   Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $2,627,680 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

NOTE 14 – GOING CONCERN   The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company has no established source of revenue, negative working capital and losses since inception.  These factors raise substantial doubt about the Company’s ability to continue as a going concern.  Without realization of additional capital, it would be unlikely for the Company to continue as a going concern.  The financial statements do not include any adjustments that might result from this uncertainty.   We anticipate that additional funding will be required in the form of debt or equity capital financing from the sale of our common stock.  At this time, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or through debt to meet our obligations over the next twelve months. We do not have any arrangements in place for any future debt or equity financing.

NOTE 15 – SUBSEQUENT EVENTS   In October 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of market price (at date of grant) plus 5% per share for a 5 year term. The exercise price for the options granted on October 1, 2012 was $0.26.     In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to September 30, 2012 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements other than the events described above.

Accrued expenses and liabilities consisted of the following as of September 30, 2012 and March 31, 2012:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="196" style="width:117.6pt;padding:0in 0in 0in 0in"/> <td width="98" style="width:58.8pt;padding:0in 0in 0in 0in"/> <td width="96" style="width:.8in;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="bottom" width="196" style="width:117.6pt;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="98" style="width:58.8pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in"> September 30, 2012</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> March 31, 2012</td></tr> <tr> <td valign="bottom" width="196" style="width:117.6pt;padding:0in 0in 0in 0in"> Accounting fees</td> <td valign="bottom" width="98" style="width:58.8pt;padding:0in 0in 0in 0in"> $           2,250</td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in"> $                  -</td></tr> <tr> <td valign="bottom" width="196" style="width:117.6pt;padding:0in 0in 0in 0in"> Legal fees</td> <td valign="bottom" width="98" style="width:58.8pt;padding:0in 0in 0in 0in"> -</td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in"> 5,588</td></tr> <tr> <td valign="bottom" width="196" style="width:117.6pt;padding:0in 0in 0in 0in"> Filing fees</td> <td valign="bottom" width="98" style="width:58.8pt;padding:0in 0in 0in 0in"> -</td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in"> 173</td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="bottom" width="196" style="width:117.6pt;padding:0in 0in 0in 0in"> Total Accrued Expenses</td> <td valign="bottom" width="98" style="width:58.8pt;border-top:solid black 1.0pt;
 border-left:none;border-bottom:double black 2.25pt;border-right:none;mso-border-bottom-alt:double black 2.25pt;
 padding:0in 0in 0in 0in"> $           2,250</td> <td valign="bottom" width="96" style="width:.8in;border-top:solid black 1.0pt;
 border-left:none;border-bottom:double black 2.25pt;border-right:none;mso-border-bottom-alt:double black 2.25pt;
 padding:0in 0in 0in 0in"> $           5,761</td></tr></table>

The following table summarizes information about options as of September 30, 2012:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="259" style="width:155.4pt;padding:0in 0in 0in 0in"/> <td width="24" style="width:.2in;padding:0in 0in 0in 0in"/> <td width="141" style="width:84.6pt;padding:0in 0in 0in 0in"/> <td width="33" style="width:19.8pt;padding:0in 0in 0in 0in"/> <td width="145" style="width:87.0pt;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="bottom" width="259" style="width:155.4pt;background:white;padding:
 0in 0in 0in 0in">  </td> <td valign="bottom" width="24" style="width:.2in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="141" style="width:84.6pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0in 0in 0in 0in"> Number of Shares</td> <td valign="bottom" width="33" style="width:19.8pt;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="145" style="width:87.0pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0in 0in 0in 0in"> Weighted Average Exercise Price</td></tr> <tr> <td valign="bottom" width="259" style="width:155.4pt;background:white;padding:
 0in 0in 0in 0in"> Outstanding, March  31, 2012</td> <td valign="bottom" width="24" style="width:.2in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="141" style="width:84.6pt;background:white;padding:
 0in 0in 0in 0in"> 1,185,000</td> <td valign="bottom" width="33" style="width:19.8pt;background:white;padding:0in 0in 0in 0in"> $</td> <td valign="bottom" width="145" style="width:87.0pt;background:white;padding:
 0in 0in 0in 0in"> .84</td></tr> <tr> <td valign="bottom" width="259" style="width:155.4pt;background:white;padding:
 0in 0in 0in 0in">           Options granted</td> <td valign="bottom" width="24" style="width:.2in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="141" style="width:84.6pt;background:white;padding:
 0in 0in 0in 0in"> 120,000</td> <td valign="bottom" width="33" style="width:19.8pt;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="145" style="width:87.0pt;background:white;padding:
 0in 0in 0in 0in"> .76</td></tr> <tr> <td valign="bottom" width="259" style="width:155.4pt;background:white;padding:
 0in 0in 0in 0in">           Options expired</td> <td valign="bottom" width="24" style="width:.2in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="141" style="width:84.6pt;background:white;padding:
 0in 0in 0in 0in"> -</td> <td valign="bottom" width="33" style="width:19.8pt;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="145" style="width:87.0pt;background:white;padding:
 0in 0in 0in 0in"> -</td></tr> <tr> <td valign="bottom" width="259" style="width:155.4pt;background:white;padding:
 0in 0in 0in 0in">           Options cancelled</td> <td valign="bottom" width="24" style="width:.2in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="141" style="width:84.6pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0in 0in 0in 0in"> -</td> <td valign="bottom" width="33" style="width:19.8pt;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="145" style="width:87.0pt;border:none;border-bottom:
 solid black 1.0pt;mso-border-bottom-alt:solid black .75pt;background:white;
 padding:0in 0in 0in 0in"> -</td></tr> <tr> <td valign="bottom" width="259" style="width:155.4pt;background:white;padding:
 0in 0in 0in 0in">       Outstanding, September 30, 2012</td> <td valign="bottom" width="24" style="width:.2in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="141" style="width:84.6pt;border:none;border-bottom:
 double black 2.25pt;background:white;padding:0in 0in 0in 0in"> 1,305,000</td> <td valign="bottom" width="33" style="width:19.8pt;background:white;padding:0in 0in 0in 0in"> $</td> <td valign="bottom" width="145" style="width:87.0pt;border:none;border-bottom:
 double black 2.25pt;background:white;padding:0in 0in 0in 0in"> .80</td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="bottom" width="259" style="width:155.4pt;background:white;padding:
 0in 0in 0in 0in">       Exercisable, September 30, 2012</td> <td valign="bottom" width="24" style="width:.2in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="141" style="width:84.6pt;border:none;border-bottom:
 double black 2.25pt;background:white;padding:0in 0in 0in 0in"> 1,305,000</td> <td valign="bottom" width="33" style="width:19.8pt;background:white;padding:0in 0in 0in 0in"> $</td> <td valign="bottom" width="145" style="width:87.0pt;border:none;border-bottom:
 double black 2.25pt;background:white;padding:0in 0in 0in 0in"> .80</td></tr></table>

The following table summarizes information about stock warrants granted to employees, advisors, investors and board members at September 30, 2012:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="21" style="width:12.6pt;padding:0in 0in 0in 0in"/> <td width="81" style="width:48.6pt;padding:0in 0in 0in 0in"/> <td width="18" style="width:.15in;padding:0in 0in 0in 0in"/> <td width="90" style="width:.75in;padding:0in 0in 0in 0in"/> <td width="18" style="width:.15in;padding:0in 0in 0in 0in"/> <td width="78" style="width:.65in;padding:0in 0in 0in 0in"/> <td width="18" style="width:.15in;padding:0in 0in 0in 0in"/> <td width="114" style="width:.95in;padding:0in 0in 0in 0in"/> <td width="18" style="width:.15in;padding:0in 0in 0in 0in"/> <td width="78" style="width:.65in;padding:0in 0in 0in 0in"/> <td width="18" style="width:.15in;padding:0in 0in 0in 0in"/> <td width="78" style="width:.65in;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="bottom" width="439" style="width:263.4pt;border:none;
 border-bottom:solid black 1.0pt;background:white;padding:0in 0in 0in 0in" colspan="8"> Stock Options Outstanding</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="174" style="width:1.45in;border:none;
 border-bottom:solid black 1.0pt;background:white;padding:0in 0in 0in 0in" colspan="3"> Stock Options Exercisable</td></tr> <tr> <td valign="bottom" width="21" style="width:12.6pt;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="81" style="width:48.6pt;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Range of Exercise Prices</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="90" style="width:.75in;border:none;border-bottom:solid black 1.0pt;
 background:white;padding:0in 0in 0in 0in"> Number Outstanding</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="78" style="width:.65in;border:none;border-bottom:solid black 1.0pt;
 background:white;padding:0in 0in 0in 0in"> Weighted Average Exercise Price</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="114" style="width:.95in;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Weighted Average Remaining Contractual Life    (in years)</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="78" style="width:.65in;border:none;border-bottom:solid black 1.0pt;
 background:white;padding:0in 0in 0in 0in"> Number of Options</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="78" style="width:.65in;border:none;border-bottom:solid black 1.0pt;
 background:white;padding:0in 0in 0in 0in"> Weighted Average Exercise Price</td></tr> <tr> <td valign="bottom" width="21" style="width:12.6pt;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="81" style="width:48.6pt;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="90" style="width:.75in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="78" style="width:.65in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="114" style="width:.95in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="78" style="width:.65in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="78" style="width:.65in;background:white;padding:0in 0in 0in 0in">  </td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="bottom" width="21" style="width:12.6pt;background:white;padding:0in 0in 0in 0in"> $</td> <td valign="bottom" width="81" style="width:48.6pt;background:white;padding:0in 0in 0in 0in"> .60 to 1.00</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="90" style="width:.75in;background:white;padding:0in 0in 0in 0in"> 1,305,000</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in"> $</td> <td valign="bottom" width="78" style="width:.65in;background:white;padding:0in 0in 0in 0in"> .76</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="114" style="width:.95in;background:white;padding:0in 0in 0in 0in"> 3.93</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="78" style="width:.65in;background:white;padding:0in 0in 0in 0in"> 1,305,000</td> <td valign="bottom" width="18" style="width:.15in;background:white;padding:0in 0in 0in 0in"> $</td> <td valign="bottom" width="78" style="width:.65in;background:white;padding:0in 0in 0in 0in"> 0.80</td></tr></table>

The following are the previously stated and corrected balances for the six months ended September 30, 2011:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="163" style="width:97.8pt;padding:0in 0in 0in 0in"/> <td width="180" style="width:1.5in;padding:0in 0in 0in 0in"/> <td width="96" style="width:.8in;padding:0in 0in 0in 0in"/> <td width="102" style="width:.85in;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> September 30, 2011 Financial Statement</td> <td valign="bottom" width="180" style="width:1.5in;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Line Item</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;
 background:white;padding:0in 0in 0in 0in"> Corrected</td> <td valign="bottom" width="102" style="width:.85in;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Previously Stated</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Stock-based compensation </td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in">        398,531 </td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in">          181,715 </td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Operating expenses</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in"> 572,192</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in"> 355,376</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Net Loss</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in">  (577,098)</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in">  (360,282)</td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Cash Flows</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Stock-based compensation </td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in">        398,531 </td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in">          181,715 </td></tr></table>   The following are the previously stated and corrected balances for the three months ended September 30, 2011:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="163" style="width:97.8pt;padding:0in 0in 0in 0in"/> <td width="180" style="width:1.5in;padding:0in 0in 0in 0in"/> <td width="96" style="width:.8in;padding:0in 0in 0in 0in"/> <td width="102" style="width:.85in;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> September 30, 2011 Financial Statement</td> <td valign="bottom" width="180" style="width:1.5in;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Line Item</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;
 background:white;padding:0in 0in 0in 0in"> Corrected</td> <td valign="bottom" width="102" style="width:.85in;border:none;border-bottom:
 solid black 1.0pt;background:white;padding:0in 0in 0in 0in"> Previously Stated</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Stock-based compensation </td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in"> 95,416</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in"> 20,665</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Professional fees</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in"> 24,724</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in"> 24,095</td></tr> <tr> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Operating expenses</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in"> 216,629</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in"> 141,249</td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="bottom" width="163" style="width:97.8pt;background:white;padding:
 0in 0in 0in 0in"> Income Statement</td> <td valign="bottom" width="180" style="width:1.5in;background:white;padding:0in 0in 0in 0in"> Net Loss</td> <td valign="bottom" width="96" style="width:.8in;background:white;padding:0in 0in 0in 0in">  (220,402)</td> <td valign="bottom" width="102" style="width:.85in;background:white;padding:0in 0in 0in 0in">  (145,022)</td></tr></table>

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of September 30, 2012 and March 31, 2012:   <table cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in" border="0"> <tr style="mso-yfti-firstrow:yes"> <td width="235" style="width:141.0pt;padding:0in 0in 0in 0in"/> <td width="96" style="width:.8in;padding:0in 0in 0in 0in"/> <td width="96" style="width:.8in;padding:0in 0in 0in 0in"/></tr> <tr> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> September 30, 2012</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> March 31, 2012</td></tr> <tr> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in"> Deferred tax asset attributable to:</td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in">  </td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in">  </td></tr> <tr> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in"> Net operating loss carryover</td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in"> $       893,411     </td> <td valign="bottom" width="96" style="width:.8in;padding:0in 0in 0in 0in"> $     523,300       </td></tr> <tr> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in"> Less: valuation allowance</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> (893,411)</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in"> (523,300)</td></tr> <tr style="mso-yfti-lastrow:yes"> <td valign="top" width="235" style="width:141.0pt;padding:0in 0in 0in 0in"> Net deferred tax asset</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:double black 2.25pt;
 padding:0in 0in 0in 0in"> $                -</td> <td valign="bottom" width="96" style="width:.8in;border:none;border-bottom:double black 2.25pt;
 padding:0in 0in 0in 0in"> $                -</td></tr></table>

2011-06-06 1

Acquisition of interest in mining claims

Habitants Minerals Ltd

50000

The aggregate consideration of $50,000 consisting of the following: 1)$30,000 which was previously provided to Habitants, and 2)the balance of $20,000 which was provided on the closing of the agreement. If we identify any material defect in Habitant's title to the Newfoundland Property, we shall give Habitants notice of such defect. If the defect has not been cured within 30 days of receipt of such notice, we shall be entitled to take such curative action as is reasonably necessary.

2011-08-31

Acquisition of interest in mining claims

Ms. Kim Diaz and Sonseeahry 1

As additional consideration our company will pay compensation as follows: 1.$200,000 on November 31, 2011 (paid); 2.$50,000 on July 1, 2012 (paid); 3.$1,500,000, which will be paid in equal payments of $500,000 on or before January 1st of 2013, 2014 and 2015; 4.2,500,000 shares of our company's common stock based on the pro-rata interest in the claims and a total of 500,000 shares to those parties designated by the sellers on or before July 1st of 2012, 2013 and 2014 (1,000,000 shares were issued to the Sellers effective June 30, 2012);

Company shall also reserve a NSR Royalty on certain metallic products produced from the Sodaville Claims equal to 2% of the net smelter returns. The NSR Royalty shall not apply to and no NSR Royalty payments shall be due for any product produced from the Sodaville Claims sold by our company. Additionally, our company will pay the sellers a guaranteed minimum annual royalty of $50,000 for a period of 5 years with the first payment due on December 31, 2015 and the last payment due on December 31, 2020.

200000

Company will issue 50,000 shares of restricted stock to the sellers on or before January 1, 2015.

48 10 10406

107639

500

2250

5588

173

35500

200000

The line of credit is secured by the assets of the company.

0.05

The line of credit is due on demand.

1000000

630000

35574

2011-11-22

500000

0.10

Pursuant to the terms of the Credit Facility Agreement, the Company shall pay any outstanding amounts to the lender on demand. The Company may also repay the loan and accrued interest at any time without penalty.

21246

2012-04-12

1000000

0.05

The Company will pay annual interest of 5% until the loan is repaid or converted into Units.

Pursuant to the terms outlined in the Letter of Credit, at any time the Company may require any and all funds outstanding under the Letter of Credit, except for accrued interest which is to be paid in cash, to be converted into units of the Company at a price of $0.80 per unit (the "Unit"). Each Unit consists of one (1) share of common stock and one (1) warrant to purchase one (1) share of common stock at $1.50 US for a period of five (5) years. The Company will pay annual interest of 5% until the loan is repaid or converted into Units. The Company will issue 1,250,000 Units when the exercise provision is enacted.

11477

452119

916335

184044 22291

257880

710000

257881

1185000

1305000

.80

.84

.60

1.00

1305000

.76

P3Y11M5D

1305000

0.80

80000000

8000

67200000

42000

14244

Effective September 8, 2010 the Company increased the authorized shares of common stock from 100,000,000 to 200,000,000

150000

2011-11-10

25000

0.0001

2011-12-31

190000

0.0001

2012-06-30

1000000

0.20

40000

10000

Directors 600000 0.60 P5Y 75000 1.00 P5Y 2 115000 1.00 P3Y Advisors and consultants Advisors and consultants 35000 1.00 P5Y 25000 Consultants 1.00 P5Y Consultants 25000 1.00 P5Y 35000 Advisors and consultants P5Y Exercise price of 5% above market price ($0.29) per share.

0.85

The total fair value of shares vested as of September 30, 2012 was 1,305,000 of stock options at fair market value on September 30, 2012.

95416

24724

-220402

216629

20665

24095

141249

-145022

398531

572192

-577098

181715

355376

-360282

370111

196213

370111 196213

0.34

893411

523300

Advisors and consultants 35000 Exercise price of market price (at date of grant) plus 5% per share. 0.26 P5Y  Exploration Stage Company The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies.  An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.   Basis of Presentation The accompanying interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, stockholders’ deficit or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation.  The interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2012. The interim results for the period ended September 30, 2012 are not necessarily indicative of the results for the full fiscal year.  The interim unaudited financial statements are presented in USD.

Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting).  The Company has adopted a March 31 fiscal year end.

Financial Instrument The Company's financial instrument consists of cash, prepaid expenses, deposits, accrued expenses, deferred compensation, amounts due to stockholders and a line of credit.   The amounts due to stockholders are non-interest bearing.  It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its other financial instruments and that their fair values approximate their carrying values except where separately disclosed.

Cash and Cash Equivalents PTAM considers all highly liquid investments with maturities of three months or less to be cash equivalents.  At September 30, 2012 and March 31, 2012, respectively, the Company had $13,461 and $69,323 of cash.

Mineral rights, property and acquisition costs Since March 31, 2011, the Company is primarily engaged in the acquisition and exploration of mining properties. The Company has not yet realized any revenues from its planned operations. The Company capitalizes acquisition and option costs of mineral rights as tangible assets. Upon commencement of commercial production, the mineral rights will be amortized using the unit-of-production method over the life of the mineral rights. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. The costs of acquiring mining properties are capitalized upon acquisition.  Mine development costs incurred to develop and expand the capacity of mines, or to develop mine areas in advance of production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged to operations.  Costs of abandoned projects are charged to operations upon abandonment.  The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.  Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

Impairment of long-lived assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17, Measurement of an Impairment Loss, if events or circumstances indicate that their carrying amount might not be recoverable.  As of September 30, 2012, exploration progress is on target with the Company’s exploration and evaluation plan and no events or circumstances have happened to indicate that the related carrying values of the properties may not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.

Advertising The Company expenses advertising costs as incurred.  The Company has had no advertising activity since inception.

Revenue Recognition The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.

Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2012. During the year ended March 31, 2011, the Company enacted an 80 to 1 forward stock split. All share and per share data has been adjusted to reflect such stock split.

Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718.  On March 31, 2011, the Company instituted a Stock Option Plan which allows for the issuance of 3,000,000 shares of common stock to the Company’s management, employees and consultants. As of September 30, 2012, the Company issued 465,000 common stock shares and has issued 1,305,000 in stock options in lieu of compensation.

Income Taxes Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Recent Accounting Pronouncements PTAM does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

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related parties Notes payable Line of Credit, Current Line of credit Liabilities Total Liabilities Additional Paid in Capital Additional paid in capital Treasury Stock, Value Treasury stock Common Stock, Value, Issued Common stock, par value $0.0001; 200,000,000 shares authorized, 148,665,000 and 147,665,000 shares issued and outstanding Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Stockholders' Deficit Development Stage Enterprise, Deficit Accumulated During Development Stage Deficit accumulated during the exploration stage Stockholders' Equity Attributable to Parent Total Stockholders' Deficit Liabilities and Equity Total Liabilities and Stockholders' Deficit Statements of Operations Revenues REVENUE Operating Expenses [Abstract] OPERATING EXPENSES Professional Fees Professional fees Share-based Compensation Stock compensation (note 11) Stock-based compensation (note 11) Stock compensation Exploration Expense Exploration costs General and Administrative Expense General and administrative Operating Expenses TOTAL OPERATING EXPENSES Operating expenses LOSS FROM OPERATIONS Operating Income (Loss) Other Income [Abstract] OTHER INCOME (EXPENSES) Interest Expense Interest expense Nonoperating Income (Expense) TOTAL OTHER INCOME (EXPENSES) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest NET LOSS PRIOR TO INCOME TAXES Income Tax Expense (Benefit) PROVISION FOR INCOME TAXES Net provision for Federal income taxes Net Income (Loss) Attributable to Parent NET LOSS Net loss for the period Net loss Earnings Per Share, Basic and Diluted NET LOSS PER SHARE: BASIC AND DILUTED Weighted Average Number of Shares Outstanding, Basic and Diluted WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING Transfer Agent and Filing Fees Expenses Transfer agent and filing fees expenses. 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RESTATEMENT (Details) (USD $)	3 Months Ended		6 Months Ended		62 Months Ended
RESTATEMENT (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Following are the previous and corrected balances for the period
Stock compensation (note 11)	$ 8,699	$ 95,416	$ 157,754	$ 398,531	$ 1,126,925
Professional fees	64,836	24,724	120,245	38,854	290,048
Operating expenses	213,200	216,629	584,377	572,192	2,095,027
Net loss	(471,148)	(220,402)	(1,088,563)	(577,098)	(2,627,680)
Corrected [Member]
Following are the previous and corrected balances for the period
Stock compensation (note 11)		95,416		398,531
Professional fees		24,724
Operating expenses		216,629		572,192
Net loss		(220,402)		(577,098)
Previously Stated [Member]
Following are the previous and corrected balances for the period
Stock compensation (note 11)		20,665		181,715
Professional fees		24,095
Operating expenses		141,249		355,376
Net loss		$ (145,022)		$ (360,282)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

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Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 230

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Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

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CONVERTIBLE LINE OF CREDIT (Textual) (Details) (USD $)	3 Months Ended		6 Months Ended		62 Months Ended
CONVERTIBLE LINE OF CREDIT (Textual) (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Mar. 31, 2012
Convertible Line of Credit (Textual) [Abstract]
Accrued interest related to line of credit	$ 68,297		$ 68,297		$ 68,297	$ 28,327
Derivative liability	916,335		916,335		916,335
Derivative expense	75,420		184,044		184,044
Change in derivative expense	8,083		22,291		22,291
Amortization of debt discount	156,785		257,881		257,881
Proceeds drawn from convertible line of credit			710,000		710,000
Convertible line of credit, net of debt discount	257,881		257,881		257,881
Letter of Credit Agreement [Member]
Convertible Line of Credit (Textual) [Abstract]
Date of entry into credit facility			Apr. 12, 2012
Borrowing capacity under credit agreement	1,000,000		1,000,000		1,000,000
Interest rate			5.00%
Interest rate, description			The Company will pay annual interest of 5% until the loan is repaid or converted into Units.
Description of credit facility			Pursuant to the terms outlined in the Letter of Credit, at any time the Company may require any and all funds outstanding under the Letter of Credit, except for accrued interest which is to be paid in cash, to be converted into units of the Company at a price of $0.80 per unit (the "Unit"). Each Unit consists of one (1) share of common stock and one (1) warrant to purchase one (1) share of common stock at $1.50 US for a period of five (5) years. The Company will pay annual interest of 5% until the loan is repaid or converted into Units. The Company will issue 1,250,000 Units when the exercise provision is enacted.
Accrued interest related to line of credit	11,477		11,477		11,477
Derivative liability	916,335		916,335		916,335
Derivative expense			184,044
Change in derivative expense			22,291
Amortization of debt discount			257,880
Proceeds drawn from convertible line of credit			710,000
Debt discount	452,119		452,119		452,119
Convertible line of credit, net of debt discount	$ 257,881		$ 257,881		$ 257,881

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INCOME TAXES (Tables)

6 Months Ended

Sep. 30, 2012

Income Taxes [Abstract]

Composition of provision for federal income tax

The provision for Federal income tax consists of the following for the six months ended September 30, 2012and 2011:


	2012	2011
Federal income tax benefit attributable to:
Current operations	$ 370,111	$ 196,213
Less: valuation allowance	(370,111)	(196,213)
Net provision for Federal income taxes	$ -	$ -

Composition of net deferred tax

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of September 30, 2012 and March 31, 2012:


	September 30, 2012	March 31, 2012
Deferred tax asset attributable to:
Net operating loss carryover	$ 893,411	$ 523,300
Less: valuation allowance	(893,411)	(523,300)
Net deferred tax asset	$ -	$ -

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SUBSEQUENT EVENTS (Textual) (Details) (Stock Option Plan [Member], USD $)	1 Months Ended
	Oct. 31, 2012	Jul. 31, 2012	Jun. 30, 2012	May 31, 2012	Apr. 30, 2012	Dec. 31, 2011	May 31, 2011	Apr. 30, 2011
Stock Option Plan [Member]
Subsequent Events (Textual) [Abstract]
Description of party	Advisors and consultants	Advisors and consultants	Consultants	Consultants	Advisors and consultants	Advisors and consultants		Directors
Stock options issued	35,000	35,000	25,000	25,000	35,000	115,000	75,000	600,000
Exercise price, description	Exercise price of market price (at date of grant) plus 5% per share.	Exercise price of 5% above market price ($0.29) per share.
Stock option exercise price	$ 0.26		$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 0.60
Stock option contractual term	5 years	5 years	5 years	5 years	5 years	3 years	5 years	5 years

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CAPITAL STOCK (Issuance of common stock) (Textual) (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended	62 Months Ended		1 Months Ended			6 Months Ended		12 Months Ended		6 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Mar. 31, 2011	Sep. 30, 2012	Mar. 31, 2012	Jul. 31, 2010 Director [Member]	May 31, 2011 Common Shares [Member]	Sep. 30, 2010 Common Shares [Member]	Sep. 30, 2012 Common Shares [Member]	Sep. 30, 2012 Detail one [Member] Common Shares [Member]	Mar. 31, 2008 Detail one [Member] Common Shares [Member]	Mar. 31, 2008 Detail one [Member] Common Shares [Member] Founders [Member]	Sep. 30, 2012 Detail two [Member] Restricted Shares [Member]	Sep. 30, 2012 Detail three [Member] Restricted Shares [Member]
Common Stock (Textual) [Abstract]
Date of issue of common stock												Nov. 10, 2011			Dec. 31, 2011	Jun. 30, 2012
Common stock, shares authorized	200,000,000		200,000,000			200,000,000	200,000,000
Common stock, par or stated value per share	$ 0.0001		$ 0.0001			$ 0.0001	$ 0.0001
Issue of common shares													67,200,000	80,000,000
Proceeds			$ 88,360			$ 50,000							$ 42,000	$ 8,000
Forgiveness of debt from former shareholder converted to capital						14,244		14,244
Description of increase in authorized shares										Effective September 8, 2010 the Company increased the authorized shares of common stock from 100,000,000 to 200,000,000
Conversion ratio for forward stock split					80					80
Issuance of common shares in lieu of compensation			465,000						150,000
Issuance of common stock as non cash considerations												25,000			190,000	1,000,000
Issuance value of common share issued (Dollar per share)												$ 0.0001			$ 0.0001	$ 0.20
Stock compensation (note 11)	8,699	95,416	157,754	398,531		1,126,925
Common stock, shares, outstanding	148,665,000		148,665,000			148,665,000	147,665,000
Warrants outstanding
Stock options outstanding	1,305,000		1,305,000			1,305,000	1,185,000
Treasury stock, shares purchased back											40,000
Purchase of treasury stock for cash			$ 10,000			$ 10,000					$ 10,000

XML 16 R9.htm IDEA: XBRL DOCUMENT

PREPAID EXPENSES

6 Months Ended

Sep. 30, 2012

Prepaid Expenses [Abstract]

PREPAID EXPENSES

NOTE 4 – PREPAID EXPENSES

Prepaid expenses consisted of $10,406 of prepaid insurance and rent, and $107,639 of stock compensation as of September 30, 2012.

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M87-S/3-$37-O3F]R;6%L/CQF;VYT('-T>6QE/3-$)V9O;G0M&5R8VES92!P6QE/3-$;6%R9VEN+6)O='1O;3HP8VT[;6%R9VEN+6)O='1O;3HN,#`P,7!T M.VQI;F4M:&5I9VAT.B8C,3`[;F]R;6%L(&-L87-S/3-$37-O3F]R;6%L/CQF M;VYT('-T>6QE/3-$)V9O;G0MF4Z M,3`N,'!T.V9O;G0M9F%M:6QY.B9Q=6]T.U1I;65S($YE=R!2;VUA;B9Q=6]T M.RPF<75O=#MS97)I9B9Q=6]T.SMC;VQO2!P97(@=&AE(%-T;V-K($]P=&EO;B!0;&%N('=I=&@@ M86X@97AE65A XML 18 R29.htm IDEA: XBRL DOCUMENT

DEPOSITS (Textual) (Details) (USD $)	Sep. 30, 2012
Deposits (Textual) [Abstract]
Rent deposit	$ 500

XML 19 R28.htm IDEA: XBRL DOCUMENT

PREPAID EXPENSES (Textual) (Details) (USD $)	Sep. 30, 2012
Prepaid Expenses (Textual) [Abstract]
Prepaid insurance and rent	$ 10,406
Prepaid stock compensation	$ 107,639

XML 20 R30.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES (Details) (USD $)	Sep. 30, 2012	Mar. 31, 2012
Accrued expenses and liabilities
Total Accrued Expenses	$ 2,250	$ 5,761
Accounting fees [Member]
Accrued expenses and liabilities
Total Accrued Expenses	2,250
Legal fees [Member]
Accrued expenses and liabilities
Total Accrued Expenses		5,588
Filing fees [Member]
Accrued expenses and liabilities
Total Accrued Expenses		$ 173

XML 21 R31.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - RELATED PARTIES (Textual) (Details) (USD $)	Sep. 30, 2012	Mar. 31, 2012
Note Payable Related Parties (Textual) [Abstract]
Notes payable	$ 35,500	$ 35,500
Director [Member]
Note Payable Related Parties (Textual) [Abstract]
Notes payable	$ 35,500

- Definition

The amount for notes payable (written promise to pay), due to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

XML 22 R8.htm IDEA: XBRL DOCUMENT

MINING PROPERTY	6 Months Ended
MINING PROPERTY	Sep. 30, 2012
Mining Property [Abstract]
MINING PROPERTY	NOTE 3 – MINING PROPERTY On June 6, 2011, we entered into and closed a property acquisition agreement with Habitants Minerals Ltd. Pursuant to the terms of the agreement; we acquired an undivided 100% interest in certain unpatented mining claims located in Western Newfoundland, Canada which we refer to as the “Newfoundland Property”. Pursuant to the terms of the agreement, we agreed to provide the following payments to Habitants: The aggregate consideration of $50,000 consisting of the following: · $30,000 which was previously provided to Habitants, and · the balance of $20,000 which was provided on the closing of the agreement. If we identify any material defect in Habitant’s title to the Newfoundland Property, we shall give Habitants notice of such defect. If the defect has not been cured within 30 days of receipt of such notice, we shall be entitled to take such curative action as is reasonably necessary, and shall be entitled to deduct the costs and expenses incurred in taking such action from the payments then otherwise due or accruing due to Habitants. If there are no such payments, we shall be entitled to a refund in the amount of said costs and expenses. If any third party asserts any right or claim to the Newfoundland Property or to any amounts payable to Habitants, we may deposit any amounts otherwise due to Habitants in escrow with a suitable agent until the validity of such right or claim has been finally resolved. If we deposit said amounts in escrow, we shall be deemed not in default under this agreement for failure to pay such amounts to Habitants. On August 31, 2011, we entered into a purchase and sale agreement with Ms. Kim Diaz and Sonseeahry related to the acquisition of the 100% interest in the Sodaville Claims. Under the terms of the purchase and sale agreement our company issued a pre-closing advance of $200,000 (paid on August 29, 2011). As additional consideration our company will pay compensation as follows: 1. $200,000 on November 31, 2011 (paid); 2. $50,000 on July 1, 2012 (paid); 3. $1,500,000, which will be paid in equal payments of $500,000 on or before January 1st of 2013, 2014 and 2015; 4. 2,500,000 shares of our company’s common stock based on the pro-rata interest in the claims and a total of 500,000 shares to those parties designated by the sellers on or before July 1st of 2012, 2013 and 2014 (1,000,000 shares were issued to the Sellers effective June 30, 2012); We have also agreed to pay a royalty of $10 per short ton of product produced from the Sodaville Claims and sold by our company. Our company has also located an additional 48 unpatented lode mining claims in the area in which the Sodaville Claims are located. As part of the consideration our company will also pay the sellers a royalty of $10 per short ton of product produced from the Additional Claims and sold by our company. In addition to granting the royalty in the Additional Claims our company will issue 50,000 shares of restricted stock to the sellers on or before January 1, 2015. Our company shall also reserve a NSR Royalty on certain metallic products produced from the Sodaville Claims equal to 2% of the net smelter returns. The NSR Royalty shall not apply to and no NSR Royalty payments shall be due for any product produced from the Sodaville Claims sold by our company. Additionally, our company will pay the sellers a guaranteed minimum annual royalty of $50,000 for a period of 5 years with the first payment due on December 31, 2015 and the last payment due on December 31, 2020. There has been no mining of resources to date.

XML 23 R32.htm IDEA: XBRL DOCUMENT

LINE OF CREDIT (Textual) (Details) (USD $)			12 Months Ended			6 Months Ended
LINE OF CREDIT (Textual) (Details) (USD $)	Sep. 30, 2012	Mar. 31, 2012	Mar. 31, 2011 Credit Facility Agreement [Member]	Sep. 30, 2012 Credit Facility Agreement [Member]	Jul. 22, 2011 Credit Facility Agreement [Member]	Sep. 30, 2012 Second Credit Facility Agreement [Member]
Line of Credit (Textual) [Abstract]
Date of entry into credit facility						Nov. 22, 2011
Borrowing capacity under credit agreement			$ 200,000		$ 1,000,000	$ 500,000
Description of collaterals for credit facility			The line of credit is secured by the assets of the company.
Interest rate			5.00%			10.00%
Description of credit facility			The line of credit is due on demand.			Pursuant to the terms of the Credit Facility Agreement, the Company shall pay any outstanding amounts to the lender on demand. The Company may also repay the loan and accrued interest at any time without penalty.
Amount drawn				630,000		0
Accrued interest related to line of credit	$ 68,297	$ 28,327		$ 35,574		$ 21,246

- Definition

Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

XML 24 R40.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Provision for federal income tax) (Details) (USD $)	3 Months Ended		6 Months Ended		62 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Federal income tax benefit attributable to:
Current operations			$ 370,111	$ 196,213
Less: valuation allowance			(370,111)	(196,213)
Net provision for Federal income taxes

- Definition

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 289

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Current Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6509736

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

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-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Paragraph Question 1-7

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 45

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

+ Details

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References+ Details

XML 25 R2.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (USD $)	Sep. 30, 2012	Mar. 31, 2012
Current Assets
Cash and cash equivalents	$ 13,461	$ 69,323
Prepaid expenses	118,045	132,058
Deposits	500	50,000
Total Current Assets	132,006	251,381
Mining claims	760,885	515,645
Other Assets
Prepaid expenses		107,639
Total Other Assets		107,639
Total Assets	892,891	874,665
Current Liabilities
Accrued expenses	2,250	5,761
Deferred compensation	125,500	65,500
Accrued interest	68,297	28,327
Notes payable - related parties	35,500	35,500
Convertible line of credit, net of debt discount	257,881
Derivative liability	916,335
Line of credit	630,000	1,030,000
Total Liabilities	2,035,763	1,165,088
Stockholders' Deficit
Common stock, par value $0.0001; 200,000,000 shares authorized, 148,665,000 and 147,665,000 shares issued and outstanding	14,867	14,767
Additional paid in capital	1,479,941	1,233,927
Treasury stock	(10,000)
Deficit accumulated during the exploration stage	(2,627,680)	(1,539,117)
Total Stockholders' Deficit	(1,142,872)	(290,423)
Total Liabilities and Stockholders' Deficit	$ 892,891	$ 874,665

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NATURE OF OPERATIONS

6 Months Ended

Sep. 30, 2012

Nature of Operations [Abstract]

NATURE OF OPERATIONS

NOTE 1 – NATURE OF OPERATIONS

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CAPITAL STOCK (Information about options) (Details) (USD $)	6 Months Ended
	Sep. 30, 2012
Number of Shares
Outstanding, March 31, 2012	1,185,000
Options granted	120,000
Options expired
Options cancelled
Outstanding, September 30, 2012	1,305,000
Weighted Average Exercise Price
Outstanding, March 31, 2012	$ 0.84
Options granted	$ 0.76
Options expired
Options cancelled
Outstanding, September 30, 2012	$ 0.80
Additional Disclosures [Abstract]
Exercisable, number of shares	1,305,000
Exercisable, weighted average exercise price	$ 0.80

XML 28 R22.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES (Tables)

6 Months Ended

Sep. 30, 2012

Accrued Expenses [Abstract]

Accrued expenses and liabilities

Accrued expenses and liabilities consisted of the following as of September 30, 2012 and March 31, 2012:


	September 30, 2012	March 31, 2012
Accounting fees	$ 2,250	$ -
Legal fees	-	5,588
Filing fees	-	173
Total Accrued Expenses	$ 2,250	$ 5,761

XML 29 R36.htm IDEA: XBRL DOCUMENT

CAPITAL STOCK (Information about stock warrants granted to employees, advisors, investors and board members) (Details) (Range of Exercise Prices ($ .60 to 1.00) [Member], USD $)	6 Months Ended
	Sep. 30, 2012
Range of Exercise Prices ($ .60 to 1.00) [Member]
Information about stock warrants granted to employees, advisors, investors and board members
Range of Exercise Prices, Lower Range Limit	$ 0.60
Range of Exercise Prices, Upper Range Limit	$ 1.00
Number Outstanding	1,305,000
Weighted Average Exercise Price	$ 0.76
Weighted Average Remaining Contractual Life (in years)	3 years 11 months 5 days
Number of Options	1,305,000
Weighted Average Exercise Price	$ 0.80

XML 30 R24.htm IDEA: XBRL DOCUMENT

RESTATEMENT (Tables)

6 Months Ended

Sep. 30, 2012

Restatement [Abstract]

Restatement of previous and corrected balances

The following are the previously stated and corrected balances for the six months ended September 30, 2011:


September 30, 2011 Financial Statement	Line Item	Corrected	Previously Stated
Income Statement	Stock-based compensation	398,531	181,715
Income Statement	Operating expenses	572,192	355,376
Income Statement	Net Loss	(577,098)	(360,282)
Cash Flows	Stock-based compensation	398,531	181,715

The following are the previously stated and corrected balances for the three months ended September 30, 2011:


September 30, 2011 Financial Statement	Line Item	Corrected	Previously Stated
Income Statement	Stock-based compensation	95,416	20,665
Income Statement	Professional fees	24,724	24,095
Income Statement	Operating expenses	216,629	141,249
Income Statement	Net Loss	(220,402)	(145,022)

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References+ Details

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SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2012
Significant Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Exploration Stage Company The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from. Basis of Presentation The accompanying interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, stockholders’ deficit or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2012. The interim results for the period ended September 30, 2012 are not necessarily indicative of the results for the full fiscal year. The interim unaudited financial statements are presented in USD. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a March 31 fiscal year end. Financial Instrument The Company's financial instrument consists of cash, prepaid expenses, deposits, accrued expenses, deferred compensation, amounts due to stockholders and a line of credit. The amounts due to stockholders are non-interest bearing. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its other financial instruments and that their fair values approximate their carrying values except where separately disclosed. Cash and Cash Equivalents PTAM considers all highly liquid investments with maturities of three months or less to be cash equivalents. At September 30, 2012 and March 31, 2012, respectively, the Company had $13,461 and $69,323 of cash. Mineral rights, property and acquisition costs Since March 31, 2011, the Company is primarily engaged in the acquisition and exploration of mining properties. The Company has not yet realized any revenues from its planned operations. The Company capitalizes acquisition and option costs of mineral rights as tangible assets. Upon commencement of commercial production, the mineral rights will be amortized using the unit-of-production method over the life of the mineral rights. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. The costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred to develop and expand the capacity of mines, or to develop mine areas in advance of production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets. Impairment of long-lived assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17, Measurement of an Impairment Loss, if events or circumstances indicate that their carrying amount might not be recoverable. As of September 30, 2012, exploration progress is on target with the Company’s exploration and evaluation plan and no events or circumstances have happened to indicate that the related carrying values of the properties may not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets. Advertising The Company expenses advertising costs as incurred. The Company has had no advertising activity since inception. Revenue Recognition The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates. Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2012. During the year ended March 31, 2011, the Company enacted an 80 to 1 forward stock split. All share and per share data has been adjusted to reflect such stock split. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. On March 31, 2011, the Company instituted a Stock Option Plan which allows for the issuance of 3,000,000 shares of common stock to the Company’s management, employees and consultants. As of September 30, 2012, in lieu of compensation the Company issued 465,000 common stock shares and 1,305,000 in stock options. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Recent Accounting Pronouncements PTAM does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

- Definition

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

+ References+ Details

XML 33 R3.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (PARENTHETICAL) (USD $)	Sep. 30, 2012	Mar. 31, 2012
Balance Sheets [Abstract]
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	148,665,000	147,665,000
Common stock, shares, outstanding	148,665,000	147,665,000

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References+ Details

XML 34 R17.htm IDEA: XBRL DOCUMENT

RESTATEMENT

6 Months Ended

Sep. 30, 2012

Restatement [Abstract]

RESTATEMENT

NOTE 12 – RESTATEMENT

The following are the previously stated and corrected balances for the six months ended September 30, 2011:


September 30, 2011 Financial Statement	Line Item	Corrected	Previously Stated
Income Statement	Stock-based compensation	398,531	181,715
Income Statement	Operating expenses	572,192	355,376
Income Statement	Net Loss	(577,098)	(360,282)
Cash Flows	Stock-based compensation	398,531	181,715

The following are the previously stated and corrected balances for the three months ended September 30, 2011:


September 30, 2011 Financial Statement	Line Item	Corrected	Previously Stated
Income Statement	Stock-based compensation	95,416	20,665
Income Statement	Professional fees	24,724	24,095
Income Statement	Operating expenses	216,629	141,249
Income Statement	Net Loss	(220,402)	(145,022)

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References+ Details

XML 35 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	6 Months Ended
Document and Entity Information	Sep. 30, 2012	Nov. 10, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	POTASH AMERICA, INC.
Entity Central Index Key	0001431880
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		148,665,000

XML 36 R18.htm IDEA: XBRL DOCUMENT

INCOME TAXES

6 Months Ended

Sep. 30, 2012

Income Taxes [Abstract]

INCOME TAXES

NOTE 13 – INCOME TAXES

The provision for Federal income tax consists of the following for the six months ended September 30, 2012and 2011:


	2012	2011
Federal income tax benefit attributable to:
Current operations	$ 370,111	$ 196,213
Less: valuation allowance	(370,111)	(196,213)
Net provision for Federal income taxes	$ -	$ -

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of September 30, 2012 and March 31, 2012:


	September 30, 2012	March 31, 2012
Deferred tax asset attributable to:
Net operating loss carryover	$ 893,411	$ 523,300
Less: valuation allowance	(893,411)	(523,300)
Net deferred tax asset	$ -	$ -

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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+ Details

XML 37 R4.htm IDEA: XBRL DOCUMENT

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		62 Months Ended
STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Revenues
REVENUE
OPERATING EXPENSES
Professional fees	64,836	24,724	120,245	38,854	290,048
Transfer agent and filing fees	5,498	10,290	6,870	12,238	45,879
Consulting	30,282	38,450	71,997	50,150	243,423
Web development	1,396	8,969	2,571	19,514	30,679
Stock compensation (note 11)	8,699	95,416	157,754	398,531	1,126,925
Exploration costs	68,148	24,200	174,331	24,200	212,591
General and administrative	34,341	14,580	50,609	28,705	145,482
TOTAL OPERATING EXPENSES	213,200	216,629	584,377	572,192	2,095,027
LOSS FROM OPERATIONS	(213,200)	(216,629)	(584,377)	(572,192)	(2,095,027)
OTHER INCOME (EXPENSES)
Interest expense	(17,660)	(3,773)	(39,970)	(4,906)	(68,437)
Derivative expense	(75,420)		(184,044)		(184,044)
Change in derivative	(8,083)		(22,291)		(22,291)
Amortization of debt discount	(156,785)		(257,881)		(257,881)
TOTAL OTHER INCOME (EXPENSES)	(257,948)	(3,773)	(504,186)	(4,906)	(532,653)
NET LOSS PRIOR TO INCOME TAXES	(471,148)	(220,402)	(1,088,563)	(577,098)	(2,627,680)
PROVISION FOR INCOME TAXES
NET LOSS	$ (471,148)	$ (220,402)	$ (1,088,563)	$ (577,098)	$ (2,627,680)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0.00	$ 0.00	$ (0.01)	$ 0.00
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	148,665,000	147,350,000	148,173,197	147,302,747

XML 38 R12.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - RELATED PARTIES

6 Months Ended

Sep. 30, 2012

Notes Payable, Related Parties [Abstract]

NOTES PAYABLE - RELATED PARTIES

NOTE 7 – NOTES PAYABLE – RELATED PARTIES

- Definition

The entire disclosure for short-term debt.

+ References+ Details

XML 39 R11.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES

6 Months Ended

Sep. 30, 2012

Accrued Expenses [Abstract]

ACCRUED EXPENSES

NOTE 6 – ACCRUED EXPENSES

Accrued expenses and liabilities consisted of the following as of September 30, 2012 and March 31, 2012:


	September 30, 2012	March 31, 2012
Accounting fees	$ 2,250	$ -
Legal fees	-	5,588
Filing fees	-	173
Total Accrued Expenses	$ 2,250	$ 5,761

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CAPITAL STOCK (Tables)

6 Months Ended

Sep. 30, 2012

Capital Stock [Abstract]

Information about options

The following table summarizes information about options as of September 30, 2012:


	Number of Shares		Weighted Average Exercise Price
Outstanding, March 31, 2012	1,185,000	$	.84
Options granted	120,000		.76
Options expired	-		-
Options cancelled	-		-
Outstanding, September 30, 2012	1,305,000	$	.80
Exercisable, September 30, 2012	1,305,000	$	.80

Information about stock warrants granted to employees, advisors, investors and board members

The following table summarizes information about stock warrants granted to employees, advisors, investors and board members at September 30, 2012:


Stock Options Outstanding						Stock Options Exercisable
	Range of Exercise Prices	Number Outstanding		Weighted Average Exercise Price	Weighted Average Remaining Contractual Life (in years)	Number of Options		Weighted Average Exercise Price

$	.60 to 1.00	1,305,000	$	.76	3.93	1,305,000	$	0.80

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details

XML 41 R19.htm IDEA: XBRL DOCUMENT

GOING CONCERN

6 Months Ended

Sep. 30, 2012

Going Concern [Abstract]

GOING CONCERN

NOTE 14 – GOING CONCERN

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RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 30, 2012

RELATED PARTY TRANSACTIONS

NOTE 10 – RELATED PARTY TRANSACTIONS

The total amounts of $125,500 and $65,500 as of September 30, 2012 and March 31, 2012, respectively, have been recorded as deferred compensation.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Topic 235

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LINE OF CREDIT

6 Months Ended

Sep. 30, 2012

Line of Credit [Abstract]

LINE OF CREDIT

NOTE 8 – LINES OF CREDIT

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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CONVERTIBLE LINE OF CREDIT	6 Months Ended
CONVERTIBLE LINE OF CREDIT	Sep. 30, 2012
Convertible Line Of Credit [Abstract]
CONVERTIBLE LINE OF CREDIT	NOTE 9 – CONVERTIBLE LINE OF CREDIT On April 12, 2012, the Company entered into a US$1,000,000 Letter of Credit Agreement dated March 27, 2012. Pursuant to the terms outlined in the Letter of Credit, at any time the Company may require any and all funds outstanding under the Letter of Credit, except for accrued interest which is to be paid in cash, to be converted into units of the Company at a price of $0.80 per unit (the “Unit”). Each Unit consists of one (1) share of common stock and one (1) warrant to purchase one (1) share of common stock at $1.50 US for a period of five (5) years. The Company will pay annual interest of 5% until the loan is repaid or converted into Units. The Company will issue 1,250,000 Units when the exercise provision is enacted. In association with conversion feature of the line of credit with warrants the Company had $916,335 in derivative liability as of September 30, 2012. Additional, the Company incurred derivative expense of $184,044, change in derivative expense of $22,291 and amortization of debt discount of $257,881 as of September 30, 2012. The line of credit was drawn to $710,000 which is partial offset by the debt discount $452,119, totaling to $257,881 as of September 30, 2012. Accrued interest related to the line of credit was $11,477 as of September 30, 2012.

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CAPITAL STOCK

6 Months Ended

Sep. 30, 2012

Capital Stock [Abstract]

CAPITAL STOCK

NOTE 11 – CAPITAL STOCK

The Company has 200,000,000 common shares authorized at a par value of $0.0001 per share.

On July 9, 2010, a former shareholder and director of the Company agreed to forgive debt in the amount of $14,244. This amount has been recorded as contributed capital.

In May 2011 the Company issued 150,000 common shares in lieu of compensation along with stock options.

On November 10, 2011, the Company issued 25,000 shares of common stock at a value of $0.0001 per share as compensation for a finder’s fee related to the Sodaville, Nevada property.

On December 31, 2011, the Company issued an aggregate of 190,000 restricted shares of our common stock at a value of $0.0001 per share to our directors, advisors and consultants to the Company.

The Company purchased back 40,000 shares of common stock for cash totaling $10,000 during the period ended September 30, 2012. The stock is currently being held in treasury.

Stock-based compensation expense for the period ending September 30, 2012 was $157,754.

Stock options

In April 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term.

In May 2012, the Company issued 25,000 stock options to consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term.

In June 2012, the Company issued 25,000 stock options to consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term.


	Number of Shares		Weighted Average Exercise Price
Outstanding, March 31, 2012	1,185,000	$	.84
Options granted	120,000		.76
Options expired	-		-
Options cancelled	-		-
Outstanding, September 30, 2012	1,305,000	$	.80
Exercisable, September 30, 2012	1,305,000	$	.80

The following table summarizes information about stock warrants granted to employees, advisors, investors and board members at September 30, 2012:


Stock Options Outstanding						Stock Options Exercisable
	Range of Exercise Prices	Number Outstanding		Weighted Average Exercise Price	Weighted Average Remaining Contractual Life (in years)	Number of Options		Weighted Average Exercise Price

$	.60 to 1.00	1,305,000	$	.76	3.93	1,305,000	$	0.80

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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-Glossary Preferred Stock

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+ Details

RELATED PARTY TRANSACTIONS (Textual) (Details) (USD $)			6 Months Ended
RELATED PARTY TRANSACTIONS (Textual) (Details) (USD $)	Sep. 30, 2012	Mar. 31, 2012	Sep. 30, 2012 President [Member]
Related Party Transactions (Textual) [Abstract]
Related party transaction, description			Pursuant to the terms of the employment agreement Mr. Wattenberg will receive a base salary of $10,000 per month, payments of which will accrue, and a key man life insurance policy of $1,000,000 payable half to the Company and half to Mr. Wattenberg's estate.
Deferred compensation	$ 125,500	$ 65,500

SIGNIFICANT ACCOUNTING POLICIES (Policy)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policy)	Sep. 30, 2012
Significant Accounting Policies [Abstract]
Exploration Stage Company	Exploration Stage Company The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.
Basis of Presentation	Basis of Presentation The accompanying interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, stockholders’ deficit or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2012. The interim results for the period ended September 30, 2012 are not necessarily indicative of the results for the full fiscal year. The interim unaudited financial statements are presented in USD.
Accounting Basis	Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a March 31 fiscal year end.
Financial Instrument	Financial Instrument The Company's financial instrument consists of cash, prepaid expenses, deposits, accrued expenses, deferred compensation, amounts due to stockholders and a line of credit. The amounts due to stockholders are non-interest bearing. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its other financial instruments and that their fair values approximate their carrying values except where separately disclosed.
Cash and Cash Equivalents	Cash and Cash Equivalents PTAM considers all highly liquid investments with maturities of three months or less to be cash equivalents. At September 30, 2012 and March 31, 2012, respectively, the Company had $13,461 and $69,323 of cash.
Mineral rights, property and acquisition costs	Mineral rights, property and acquisition costs Since March 31, 2011, the Company is primarily engaged in the acquisition and exploration of mining properties. The Company has not yet realized any revenues from its planned operations. The Company capitalizes acquisition and option costs of mineral rights as tangible assets. Upon commencement of commercial production, the mineral rights will be amortized using the unit-of-production method over the life of the mineral rights. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. The costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred to develop and expand the capacity of mines, or to develop mine areas in advance of production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.
Impairment of long-lived assets	Impairment of long-lived assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17, Measurement of an Impairment Loss, if events or circumstances indicate that their carrying amount might not be recoverable. As of September 30, 2012, exploration progress is on target with the Company’s exploration and evaluation plan and no events or circumstances have happened to indicate that the related carrying values of the properties may not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.
Advertising	Advertising The Company expenses advertising costs as incurred. The Company has had no advertising activity since inception.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.
Basic Income (Loss) Per Share	Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2012. During the year ended March 31, 2011, the Company enacted an 80 to 1 forward stock split. All share and per share data has been adjusted to reflect such stock split.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. On March 31, 2011, the Company instituted a Stock Option Plan which allows for the issuance of 3,000,000 shares of common stock to the Company’s management, employees and consultants. As of September 30, 2012, the Company issued 465,000 common stock shares and has issued 1,305,000 in stock options in lieu of compensation.
Income Taxes	Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Recent Accounting Pronouncements	Recent Accounting Pronouncements PTAM does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

INCOME TAXES (Deferred tax asset) (Details) (USD $)	6 Months Ended
INCOME TAXES (Deferred tax asset) (Details) (USD $)	Sep. 30, 2012	Mar. 31, 2012
Deferred tax asset attributable to:
Net operating loss carryover	$ 893,411	$ 523,300
Less: valuation allowance	(893,411)	(523,300)
Net deferred tax asset
Income Taxes (Textual) [Abstract]
Expected rate for cumulative tax effect	34.00%
Description of limitations of net operating loss carry forwards	Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $2,627,680 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		62 Months Ended
STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (1,088,563)	$ (577,098)	$ (2,627,680)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation (note 11)	157,754	398,531	1,126,925
Derivative expense	184,044		184,044
Change in derivative	22,291		22,291
Amortization of debt discount	257,881		257,881
Changes in assets and liabilities:
(Increase) decrease in prepaid expenses	121,652	220	(10,405)
(Increase) decrease in deposit	49,500	30,000	(500)
Increase (decrease) in accrued expenses	(3,511)	(12,679)	2,250
Increase in accrued interest	39,970	4,906	68,297
Increase in deferred compensation	60,000	9,000	125,500
Net Cash Used in Operating Activities	(198,982)	(147,120)	(851,397)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of mineral properties	(245,240)	(295,000)	(564,886)
Net Cash Used in Investing Activities	(245,240)	(295,000)	(564,886)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable - related parties			49,744
Proceeds from (payments on) lines of credit	(400,000)	465,000	630,000
Proceeds from line of credit - convertible	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	388,360	465,000	1,429,744
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(55,862)	22,880	13,461
Cash and cash equivalents, beginning balance	69,323	7,184
Cash and cash equivalents, ending balance	13,461	30,064	13,461
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION:
Forgiveness of debt from former shareholder converted to capital			14,244
Stock options issued as prepaid expense	107,639		107,639
Issuance of common stock to acquire mineral properties	$ 196,000		$ 196,000

MINING PROPERTY (Textual) (Details) (USD $)	6 Months Ended		62 Months Ended	6 Months Ended
MINING PROPERTY (Textual) (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2012 Additional Claims [Member] mining_claim	Sep. 30, 2012 Property acquisition agreement [Member] Newfoundland Property [Member]	Sep. 30, 2012 Purchase and sale agreement [Member] Sodaville Claims [Member]	Aug. 29, 2011 Purchase and sale agreement [Member] Sodaville Claims [Member]
Mining Property (Textual) [Abstract]
Date of agreement					Jun. 06, 2011	Aug. 31, 2011
Significant acquisitions and disposals, type					Acquisition of interest in mining claims	Acquisition of interest in mining claims
Description of party					Habitants Minerals Ltd	Ms. Kim Diaz and Sonseeahry
Interest in mining claims ( percentage )					100.00%	100.00%
Payments of consideration to acquire mining claims	$ 245,240	$ 295,000	$ 564,886		$ 50,000
Pre-closing advance							$ 200,000
Terms of agreement				Company will issue 50,000 shares of restricted stock to the sellers on or before January 1, 2015.	The aggregate consideration of $50,000 consisting of the following: 1)$30,000 which was previously provided to Habitants, and 2)the balance of $20,000 which was provided on the closing of the agreement. If we identify any material defect in Habitant's title to the Newfoundland Property, we shall give Habitants notice of such defect. If the defect has not been cured within 30 days of receipt of such notice, we shall be entitled to take such curative action as is reasonably necessary.	As additional consideration our company will pay compensation as follows: 1.$200,000 on November 31, 2011 (paid); 2.$50,000 on July 1, 2012 (paid); 3.$1,500,000, which will be paid in equal payments of $500,000 on or before January 1st of 2013, 2014 and 2015; 4.2,500,000 shares of our company's common stock based on the pro-rata interest in the claims and a total of 500,000 shares to those parties designated by the sellers on or before July 1st of 2012, 2013 and 2014 (1,000,000 shares were issued to the Sellers effective June 30, 2012);
Royalty per short ton payable from product produced and sold by our company (dollar per short ton)				10		10
Number of unpatented lode mining claims				48
Additional acquisition description						Company shall also reserve a NSR Royalty on certain metallic products produced from the Sodaville Claims equal to 2% of the net smelter returns. The NSR Royalty shall not apply to and no NSR Royalty payments shall be due for any product produced from the Sodaville Claims sold by our company. Additionally, our company will pay the sellers a guaranteed minimum annual royalty of $50,000 for a period of 5 years with the first payment due on December 31, 2015 and the last payment due on December 31, 2020.