10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

[X]

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

For the quarterly period ended

June 30, 2013

or

[  ]

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

For the transition period from

to

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.)

2234 North Federal Way, Suite 396, Boca Raton, Florida

33431

(Address of principal executive offices)

(Zip Code)

561-314-8700

(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.

[X]

YES

[  ]

NO

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).

[X]

YES

[  ]

NO

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

[X]

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

[  ]

YES

[X]

NO

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

[  ]

NO

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.

148,625,000 common shares issued and outstanding as of August 10, 2013.

PART 1 – FINANCIAL INFORMATION

Item 1.  Financial Statements

Our unaudited interim financial statements for the three months ended June 30, 2013 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.

1

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

FINANCIAL STATEMENTS

JUNE 30, 2013

2

POTASH AMERICA, INC.

(AN EXPLORATION STAGE COMPANY)

TABLE OF CONTENTS

JUNE 30, 2013

Balance Sheets (Unaudited) as of

June 30, 2013 and March 31, 2013

F-1

Statements of Operations (Unaudited) for the three months ended

June 30, 2013 and 2012 and for the period from

July 31, 2007 (Date of Inception) to June 30, 2013

F-2

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

June 30, 2013 and 2012 and for the period from

July 31, 2007 (Date of Inception) to June 30, 2013

F-3

Notes to the Financial Statements

F-4 - F-13

3

POTASH AMERICA, INC.

 (AN EXPLORATION STAGE COMPANY)

BALANCE SHEETS (UNAUDITED)

AS OF JUNE 30, 2013 AND MARCH 31, 2013

ASSETS
	June 30,	March 31,
	2013	2013
Current Assets
Cash and cash equivalents	$           142	$         265
Prepaid expenses	1,910	3,819
Deposits	500	500
Total Current Assets	2,552	4,584
Total Assets	$       2,552	$       4,584
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accrued expenses	$           11,139	$           22,284
Deferred compensation	185,500	185,500
Accrued interest	119,475	102,347
Note payable	35,500	35,500
Notes payable – related parties	16,121	-
Convertible line of credit, net of debt discount	710,000	710,000
Line of credit – related party	664,000	664,000
Total Liabilities	1,741,735	1,719,631
Stockholders’ Deficit
Common stock, par value $0.0001; 200,000,000 shares authorized, 148,625,000 shares issued and outstanding	14,863	14,863
Additional paid in capital	1,678,839	1,786,478
Deferred stock compensation	-	(107,639)
Deficit accumulated during the exploration stage	(3,432,885)	(3,408,749)
Total Stockholders’ Deficit	(1,739,183)	(1,715,047)
Total Liabilities and  Stockholders’ Deficit	$       2,552	$       4,584

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 MONTHS ENDED JUNE 30, 2013 AND 2012

FOR THE PERIOD FROM JULY 31, 2007 (INCEPTION) TO JUNE 30, 2013

	Three Months Ended		Period from July 31, 2007 (Inception) to
	June 30,		June 30,
	2013	2012	2013
		(Restated)
REVENUE	$                  -	$                  -	$                -
OPERATING EXPENSES
Impairment of mining interest	-	-	760,885
Professional fees	4,674	55,409	386,702
Transfer agent and filing fees	300	1,372	47,333
Consulting	-	41,715	253,822
Web development	-	1,175	32,275
Stock compensation (note 11)	-	149,055	1,140,553
Exploration costs	(81)	106,183	215,035
General and administrative	2,115	16,269	173,761
TOTAL OPERATING EXPENSES	7,008	371,178	3,010,366
LOSS FROM OPERATIONS	(7,008)	(371,178)	(3,010,366)
OTHER INCOME (EXPENSES)
Interest expense	(17,128)	(22,310)	(119,615)
Derivative expense	-	(108,624)	-
Change in derivative	-	(14,208)	-
Amortization of debt discount	-	(160,898)	(302,904)
TOTAL OTHER INCOME (EXPENSES)	(17,128)	(306,040)	(422,519)
NET LOSS PRIOR TO INCOME TAXES	(24,136)	(677,218)	(3,432,885)
PROVISION FOR INCOME TAXES	-	-	-
NET LOSS	$   (24,136)	$      (677,218)	$ (3,432,885)
NET LOSS PER SHARE: BASIC AND DILUTED	$            (0.00)	$            (0.00)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	148,625,000	147,675,989

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 THREE MONTHS ENDED JUNE 30, 2013 AND 2012

FOR THE PERIOD FROM JULY 31, 2007 (INCEPTION) TO JUNE 30, 2013

	Three Months Ended		Period from July 31, 2007 (Inception) to
	June 30,		June 30,
	2013	2012	2013
		(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$     (24,136)	$    (677,218)	$     (3,432,885)
Stock-based compensation (note 11)	-	149,055	1,140,554
Derivative expense	-	108,624	-
Change in derivative	-	14,208	-
Amortization of debt discount	-	160,898	302,904
Impairment of mining claims	-	-	760,885
Changes in assets and liabilities:
(Increase) in prepaid expenses	1,909	(8,536)	(1,910)
(Increase) in deposit	-	(500)	(500)
Increase (decrease) in accrued expenses	(11,145)	380	11,139
Increase in accrued interest	17,128	22,310	119,475
Increase in deferred compensation	-	30,000	185,500
Net Cash Used in Operating Activities	(16,244)	(200,779)	(914,838)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of mineral properties	-	-	(564,885)
Net Cash Used in Investing Activities	-	-	(564,885)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable	-	-	49,744
Proceeds from notes payable – related parties	16,121	-	16,121
Proceeds from (payments on) line of credit	-	(200,000)	664,000
Proceeds from line of credit - convertible	-	500,000	710,000
Proceeds from sale of stock	-	-	50,000
Purchase of treasury stock	-	(10,000)	(10,000)
Net Cash Provided by Financing Activities	16,121	290,000	1,479,865
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(123)	89,221	142
Cash and cash equivalents, beginning balance	265	69,323	-
Cash and cash equivalents, ending balance	$             142	$       158,544	$             142
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 recorded as deferred stock compensation	$                   -	$       107,639	$       215,777
Issuance of common stock to acquire mineral properties	$                   -	$       196,000	$       196,000
Intrinsic value of beneficial conversion feature of convertible line of credit	$                   -	$       160,898	$       302,904

The accompanying notes are an integral part of these financial statements

F-3

NOTE 1 – NATURE OF OPERATIONS

Potash America, 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.

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, 2013. The interim results for the period ended June 30, 2013 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.

Reclassifications

Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the current period financial statements.

Financial Instrument

The Company's financial instrument consists of cash, prepaid expenses, deposits, accounts payable and accrued expenses, deferred compensation, accrued interest, convertible line of credit, note payable, and a line of credit due to a related party.

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.

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

F-4

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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.

Cash and Cash Equivalents

PTAM considers all highly liquid investments with maturities of three months or less to be cash equivalents.  At June 30, 2013 and March 31, 2013, respectively, the Company had $142 and $265 of cash.

Revenue Recognition

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

Advertising

The Company expenses advertising costs as incurred.  As of June 30, 2013 and 2012, respectively, the Company expensed $0 and $3,075 in marketing and website development and maintenance of its site.

Mineral Properties Costs

Mineral exploration and development costs are accounted for using the successful efforts method of accounting.

Property acquisition costs - Mineral property acquisition costs are capitalized as mineral exploration properties.  Upon achievement of all conditions necessary for reserves to be classified as proved, the associated acquisition costs are reclassified to prove properties

Exploration costs - Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred.  

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.

F-5

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718.  On April 21, 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 June 30, 2013, there were 1,375,000 stock options issued.

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 CLAIMS

On June 6, 2011, the Company entered into and closed a property acquisition agreement with Habitants Minerals Ltd.  Pursuant to the terms of the agreement, PTAM acquired an undivided 100% interest in certain unpatented mining claims located in Western Newfoundland, Canada. Pursuant to the terms of the agreement, the Company 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

·

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

An additional payment to continue holding this property was due on June 30, 2013 and the Company decided to abandon this project.  The mining claims have been fully impaired as of March 31, 2013.

On August 31, 2011, the Company 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 the Company issued a pre-closing advance of $200,000 (paid on August 29, 2011).

As additional consideration the 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 an additional 500,000 shares to those parties designated by the sellers on or before July 1st of 2012, 2013 and 2014; (1,000,000 shares issued)

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

The Company abandoned this project during the year ended March 31, 2013 and returned all rights back to the seller.  As such, the mining claims capitalized as part of this acquisition have been fully impaired as of March 31, 2013.

F-6

NOTE 4 – PREPAID EXPENSES

Prepaid expenses consisted of $1,910 of prepaid insurance.

NOTE 5 – DEPOSITS

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

NOTE 6 – ACCRUED EXPENSES

Accrued expenses and liabilities consisted of the following as of June 30, 2013 and March 31, 2013:

	June 30, 2013	March 31, 2013
Accounting fees	$      3,345	$      2,048
Audit fees	-	13,000
Legal fees	7,698	6,536
Filing fees	96	200
Administrative expense	-	500
Total accrued expenses	$    11,139	$    22,284

NOTE 7 – NOTES PAYABLE

A former shareholder and director of the Company advanced funds at various times since inception in order to support operations. The loans are unsecured, non-interest bearing and due on demand. The amount due to the former shareholder and director was $35,500 as of June 30, 2013.

NOTE 9 – NOTES PAYABLE – RELATED PARTY

The current shareholder and director of the Company advanced funds at various times to support operations. The loans are unsecured, non-interest bearing and due on demand. The amount due to the shareholder and director was $16,121 as of June 30, 2013.

NOTE 10 – LINE OF CREDIT – RELATED PARTY

The Company opened a line of credit 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 $664,000 as of March 31, 2013.  Interest expense related to the line of credit was $60,200 as of June 30, 2013. During the year ended March 31, 2013, control of the Company was acquired by the person who also controls the company that has issued this line of credit.

F-7

NOTE 11 – LINE OF CREDIT

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 $400,000 as of March 31, 2012. During the year ended March 31, 2013, the balance was repaid and the amount due at March 31, 2013 was $0.  Accrued interest related to the line of credit was $21,246 as of June 30, 2013 and has not been paid.

NOTE 12 – CONVERTIBLE LINE OF CREDIT

On April 12, 2012, the Company entered into a $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 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 up to 1,250,000 Units when the exercise provision is enacted. The Company determined the intrinsic value of the beneficial conversion feature on each draw date by valuing the warrants using the Black-Scholes Option Pricing Model and then allocating the $0.80 conversion price of each unit between the stock and warrants.  The warrants were valued using the following assumptions on each draw date: stock price at grant date - $0.23-$0.89, exercise price - $1.50, expected life – 5 years, volatility – 126%-130%, risk-free rate - .70%-.86%.  The total intrinsic value of the beneficial conversion feature of the draws was determined to be $302,904 and was amortized in full as of March 31, 2013. The line of credit was drawn to $710,000 as of March 31, 2013. Accrued interest related to the line of credit was $38,029 as of June 30, 2013.

NOTE 13 – RELATED PARTY TRANSACTIONS

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

Pursuant to the terms of the employment agreement Mr. Wattenberg was receiving 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 amount of $185,500 as of June 30, 2013 and March 31, 2013, respectively, have been recorded as deferred compensation.

Barry Wattenberg resigned as a director, Chairman, President and Treasurer of the Registrant, effective March 22, 2013.  

F-8

NOTE 14 – CAPITAL STOCK

Stock issued

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 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 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 to our directors, advisors and consultants for the Company.

On March 20, 2012, the Company issued an aggregate of 100,000 restricted shares in lieu of compensation along with stock options.

On April 11, 2012, the Company purchased 40,000 shares back from an investor for a total payment of $10,000.  The shares were subsequently cancelled and retired on May 2, 2012.

On June 30, 2012, the Company issued 1,000,000 restricted shares of our common stock at a value of $196,000 in connection with the acquisition of mineral properties. (See note 5 for further details).

Stock-based compensation expense related to option grants for the period ended June 30, 2013 was $171,382.

There were 148,625,000 shares of common stock issued and outstanding as of June 30, 2013.

As of June 30, 2013, the Company has no warrants outstanding. There are 1,375,000 stock options outstanding.

Stock options

The Company uses the Black-Scholes Option Pricing Method to value all stock options granted.

F-9

NOTE 14 – CAPITAL STOCK (CONTINUED)

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 a consulting agreement which granted a total of 50,000 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 July 2011, the Company entered into a consulting agreement 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 August 2011, the Company entered into a consulting agreement which granted a total of 25,000 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 October 2011, the Company entered into a consulting agreement which granted a total of 35,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $0.94 per share for a 5 year term.

In November 2011, the Company entered into a consulting agreement which granted a total of 25,000 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 January 2012, the Company entered into a consulting agreement which granted a total of 35,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $0.92 per share for a 5 year term.

In February 2012, the Company entered into a consulting agreement which granted a total of 25,000 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 March 2012, the Company entered into two consulting agreements which granted a total of 200,000 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 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.

F-10

NOTE 14 – CAPITAL STOCK (CONTINUED)

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.

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 5% above market price ($0.26) per share for a 5 year term.

In January 2013, 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 ($0.05) per share for a 5 year term.

The following table summarizes information about stock options as of June 30, 2013:

	Number of Options		Weighted Average Exercise Price
Outstanding, March  31, 2013	1,375,000	$	0.76
Options granted	-		-
Options expired	-		-
Options cancelled	-		-
Outstanding, June 30, 2013	1,375,000	$	0.76
Exercisable, June 30, 2013	1,375,000	$	0.76

The following table summarizes information about stock options granted to consultants, advisors, investors and board members as of June 30, 2013:

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
$	.05 to 1.00	1,375,000	$	0.76	3.29	1,375,000	$	0.76

NOTE 15 – RESTATEMENT

The Company has recorded the intrinsic value of the convertible note payable in the 10K ending March 31, 2013. The Company is allocating the cost to the correct quarterly periods in the fiscal year ended March 31, 2013. The corrected balances and the previously stated balances for the three months ended June 30, 2012 is shown below.

F-11

NOTE 15 – RESTATEMENT (CONTINUED)

The following are the previously stated and corrected balances for the three months ended June 30, 2012:

June 30,2012 Financial Statement	Line Item	Corrected	Previously Stated
Income Statement	Derivative expense	(108,624)	0
Income Statement	Change in derivative	(14,208)	0
Income Statement	Amortization of debt discount	(160,898)	0
Income Statement	Total Other Income (Expenses)	(306,040)	(22,310)
Income Statement	Net Loss	(677,218)	(393,488)
Cash Flows	Net Loss	(677,218)	(393,488)
Cash Flows	Derivative expense	108,624	0
Cash Flows	Change in derivative	14,208	0
Cash Flows	Amortization of debt discount	160,898	0

NOTE 16 – INCOME TAXES

The provision for Federal income tax consists of the following for the three months ended June 30, 2013 and March 31, 2013:

	June 30, 2013	June 30, 2012
Federal income tax benefit attributable to:
Current operations	$     8,206	$  230,254
Less: valuation allowance	(8,206)	(230,254)
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 June 30, 2013 and March 31, 2013:

	June 30, 2013	March 31, 2013
Deferred tax asset attributable to:
Net operating loss carryover	$  1,167,181	$    1,158,975
Less: valuation allowance	(1,167,181)	(1,158,975)
Net deferred tax asset	$                 -	$                   -

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $3,432,885 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-12

NOTE 17 – GOING CONCERN

The accompanying financial statements have been prepared assuming that the company will continue as a going concern. The Company has negative working capital, no established source of revenue and significant 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. Management continues to seek funding from its shareholders and other qualified investors to pursue its business plan. 

NOTE 18 – SUBSEQUENT EVENTS

In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to June 30, 2013 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-13

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

Newfoundland Mineral Property

Shortly after changing our business focus to exploration stage properties, we identified an opportunity to acquire a Newfoundland mineral property from Habitants Minerals Ltd.  We entered into a letter of intent on March 15, 2011 with Habitants Minerals Ltd. (“Habitants”) with respect to an acquisition of an undivided 100% interest in certain unpatented mineral claims located in Western Newfoundland, Canada (the “Newfoundland Property”).

On June 6, 2011, we entered into and closed a property acquisition agreement with Habitants.  Pursuant to the terms of the agreement, we acquired 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:

4

·

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

·

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

An additional payment to continue holding this property was due on June 30, 2013 and we decided to abandon this project.  The mining claims have been fully impaired as of March 31, 2013.

Sodaville, Nevada Claims

On May 11, 2011, we entered into a letter of intent to acquire a 100% interest in 39 Bureau of Land Management claims in Sodaville, Mineral County, Nevada (the “Sodaville 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:

1.

$20,000, of which $5,000 was disbursed to Ms. Diaz, contemporaneously with the execution of the letter of intent; and

2.

$5,000, which was provided 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 were 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 Sodaville 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 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 ($465,645 paid as of March 31, 2012, which includes the $200,000 pre-closing advance and $65,645 in related pre-payment fees);

2.

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

3.

$1,500,000, to 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 issued);

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

We abandoned this project during the year ended March 31, 2013 and returned all rights back to the seller.  As such, the mining claims capitalized as part of this acquisition have been fully impaired as of March 31, 2013.

Our company has also located 48 unpatented lode mining claims (the “Additional 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.

Credit Facility Agreements

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 would 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

5

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.

On November 22, 2011, we entered into 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.

On April 12, 2012, we entered into a $1,000,000 letter of credit agreement dated March 27, 2012. Pursuant to the terms outlined in the letter of credit, at any time our 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 our company at a price of $0.80 per unit. Each unit consists of one share of common stock and one warrant to purchase one share of common stock at $1.50 US for a period of five years. Our company will pay annual interest of 5% until the loan is repaid or converted into units. Our company will issue 1,250,000 units when the exercise provision is enacted.

Trace Elements Clay

On May 8, 2012, we announced the acquisition of intellectual property and establishment of a new division.  Our company has acquired eight domain names in conjunction with the formation of a new division focusing on the use of our calcium-montmorillonite as an animal supplement. In forming this wholly owned division to be called “Trace Elements Clay”, our company intends to focus on the probiotic nature of the clay as well as the toxin flushing benefit that the negatively ion-charged montmorillonite provides.

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 June 30, 2013 and 2012.

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 June 30, 2013 and 2012

Our operating results for the three month periods ended June 30, 2013 and 2012 and the changes between those periods for the respective items are summarized as follows:

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		Three Month  Period Ended  June 30, 2013			Three Month  Period Ended  June 30, 2012			Change Between Three Month  Periods Ended June 30, 2013 and June 30, 2012
Revenue	$	Nil		$	Nil		$	Nil
Impairment of mining interest	$	Nil		$	Nil		$	Nil
Professional fees	$	4,674		$	55,409		$	(50,735)
Transfer agent and filing fees	$	300		$	1,372		$	(1,072)
Consulting fees	$	Nil		$	41,715		$	(41,715)
Web development	$	Nil		$	1,175		$	(1,175)
Stock compensation	$	Nil		$	149,055		$	(149,055)
Exploration costs	$	(81)		$	106,183		$	(106,264)
General and administrative	$	2,115		$	16,269		$	(14,154)
Interest Expense	$	17,128		$	22,310		$	(5,182)
Derivative expense	$	Nil		$	108,624		$	(108,624)
Change in derivative	$	Nil		$	14,208		$	(14,208)
Amortization of debt discount	$	Nil		$	160,898		$	(160,898)
Net loss	$	(24,136	)	$	(677,218	)	$	653,082

Our expenses decreased during the three month period ended June 30, 2013 compared to the same period in 2012 primarily as a result of decreases in impairment on mining interest, professional fees, exploration costs, interest expenses, derivative expense, change in derivative expense, and amortization of debt discount.

Liquidity and Financial Condition

Working Capital

	At June 30, 2013 $			At March 31, 2013 $			Change Between March 31, 2013 and June 30, 2013 $
Current Assets	$	2,552		$	4,584		$	(2,032)
Current Liabilities	$	1,741,735		$	1,719,631		$	22,104
Working Capital / (Deficit)	$	(1,739,183	)	$	(1,715,047	)	$	(24,136	)

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Cash Flows

	Three Months Ended  June 30, 2013 $			Three Months Ended June 30, 2012 $			Period from Inception (July 31, 2007) to June 30, 2013 $
Cash Flows (used in) Operating Activities	$	(16,244	)	$	(200,779	)	$	(914,838	)
Cash Flows (used in) Investing Activities	$	Nil		$	Nil		$	(564,885	)
Cash Flows provided by Financing Activities	$	16,121		$	290,000		$	1,479,865
Net Increase (Decrease) in Cash During Period	$	(123	)	$	89,221		$	142

As of June 30, 2013, our total current assets were $2,552 and our total liabilities were $1,741,735 and we had a working capital deficit of $1,739,183. Our unaudited financial statements report a net loss of $24,136 for the three months ended June 30, 2013 compared to a net loss of $677,218 for the same period in 2012 and a net loss of $3,432,885 for the period from July 31, 2007 (inception) to June 30, 2013.

We estimate that our cash expenses over the next 12 months will be approximately $60,000 as described in the table below. These estimates may change significantly depending on the nature of our future business activities and our ability to raise capital from shareholders or other sources.

Specifically, we estimate our operating expenses and working capital requirements for the next 12 months to be as follows:

Description	Target completion date or period	Estimated expenses ($)
Legal and accounting fees	12 months	50,000
General and administrative	12 months	10,000
Total		60,000

Future Financings

We will require additional financing in order to enable us to proceed with our plan of operations, as discussed above, including approximately $60,000 over the next 12 months to pay for our ongoing expenses. These expenses include legal, accounting and audit fees as well as general and administrative expenses.  These cash requirements are in excess of our current cash and working capital resources. Accordingly, we will require additional financing in order to continue operations and to repay our liabilities. There is no assurance that any party will advance additional funds to us in order to enable us to sustain our plan of operations or to repay our liabilities.

We anticipate continuing to rely on equity sales of our common stock in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing stockholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned business activities.

We presently do not have any arrangements for additional financing for the expansion of our exploration operations, and no potential lines of credit or sources of financing are currently available for the purpose of proceeding with our plan of operations.

Contractual Obligations

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

8

Going Concern

We have generated only nominal revenues and are dependent upon obtaining outside financing to carry out our operations and pursue our business development activities. If we are unable to generate future cash flows, raise equity or secure alternative financing, we may not be able to continue our operations and our business plan may fail. You may lose your entire investment.

If our operations and cash flow improve, our management believes that we can continue to operate. However, no assurance can be given that management's actions will result in profitable operations or an improvement in our liquidity situation. The threat of our ability to continue as a going concern will cease to exist only when our revenues have reached a level able to sustain our business operations.

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.

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 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 June 30, 2013.

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 April 21, 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 June 30, 2013, there were 1,375,000 stock options issued.

9

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

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

There was no change in our internal controls over financial reporting that occurred during the period covered by this report, which has materially affected, or is reasonably likely to materially affect, our internal controls 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

None.

10

Item 3.  Defaults Upon Senior Securities

None.

Item 4.  Mining Safety Disclosure

Not Applicable.

Item 5.  Other Information

None.

11

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 Matthew Markin (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 Matthew Markin (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.

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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:  August 14, 2013
	Matthew Markin
	President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director
	(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Matthew Markin, Principal Executive Officer and Principal Financial Officer, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Potash America, Inc. (the “Company”);

2.

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

3.

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

4.

The Company’s other certifying officers 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 Company 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 Company, 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 financials statements for external purposes in accordance with generally accepted accounting principles;

(c)

evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as the end of the period covered by this report based on such evaluation; and

(d)

disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

5.

The Company’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent function):

(a)

all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Company’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 Company’s internal controls over financial reporting.

Date:    August 14, 2013

/s/  Matthew Markin

Matthew Markin

Principal Executive Officer

and Principal Accounting Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL

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

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

(1)

The Quarterly Report on Form 10-Q of Potash America, Inc. (the “Company”) for the period ended June 30, 2013 (the “Report”) fully complies with the requirements of § 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 the Company as of and for the periods covered in the Report.

Date:    August 14, 2013

/s/ Matthew Markin

Matthew Markin,

Principal Executive Officer

and Principal Accounting Officer

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RELATED PARTY TRANSACTIONS

3 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 13 – RELATED PARTY TRANSACTIONS

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

Pursuant to the terms of the employment agreement Mr. Wattenberg was receiving 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 amount of $185,500 as of June 30, 2013 and March 31, 2013, respectively, have been recorded as deferred compensation.

Barry Wattenberg resigned as a director, Chairman, President and Treasurer of the Registrant, effective March 22, 2013.

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STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	3 Months Ended		71 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Statements of Operations
REVENUE
OPERATING EXPENSES
Impairment of mining interest			760,885
Professional fees	4,674	55,409	386,702
Transfer agent and filing fees	300	1,372	47,333
Consulting		41,715	253,822
Web development		1,175	32,275
Stock compensation (note 11)		149,055	1,140,553
Exploration costs	(81)	106,183	215,035
General and administrative	2,115	16,269	173,761
TOTAL OPERATING EXPENSES	7,008	371,178	3,010,366
LOSS FROM OPERATIONS	(7,008)	(371,178)	(3,010,366)
OTHER INCOME (EXPENSES)
Interest expense	(17,128)	(22,310)	(119,615)
Derivative expense		(108,624)
Change in derivative		(14,208)
Amortization of debt discount		(160,898)	(302,904)
TOTAL OTHER INCOME (EXPENSES)	(17,128)	(306,040)	(422,519)
NET LOSS PRIOR TO INCOME TAXES	(24,136)	(677,218)	(3,432,885)
PROVISION FOR INCOME TAXES
NET LOSS	$ (24,136)	$ (677,218)	$ (3,432,885)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0.00	$ 0.00
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	148,625,000	147,675,989

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DEPOSITS

3 Months Ended

Jun. 30, 2013

Deposits [Abstract]

DEPOSITS

NOTE 5 – DEPOSITS

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

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ACCRUED EXPENSES (Tables)

3 Months Ended

Jun. 30, 2013

Accrued Expenses [Abstract]

Accrued expenses

Accrued expenses and liabilities consisted of the following as of June 30, 2013 and March 31, 2013:

	June 30, 2013	March 31, 2013
Accounting fees	$      3,345	$      2,048
Audit fees	-	13,000
Legal fees	7,698	6,536
Filing fees	96	200
Administrative expense	-	500
Total accrued expenses	$    11,139	$    22,284

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CAPITAL STOCK

3 Months Ended

Jun. 30, 2013

Capital Stock [Abstract]

CAPITAL STOCK

NOTE 14 – CAPITAL STOCK

Stock issued

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 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 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 to our directors, advisors and consultants for the Company.

On March 20, 2012, the Company issued an aggregate of 100,000 restricted shares in lieu of compensation along with stock options.

On April 11, 2012, the Company purchased 40,000 shares back from an investor for a total payment of $10,000.  The shares were subsequently cancelled and retired on May 2, 2012.

On June 30, 2012, the Company issued 1,000,000 restricted shares of our common stock at a value of $196,000 in connection with the acquisition of mineral properties. (See note 5 for further details).

Stock-based compensation expense related to option grants for the period ended June 30, 2013 was $171,382.

There were 148,625,000 shares of common stock issued and outstanding as of June 30, 2013.

As of June 30, 2013, the Company has no warrants outstanding. There are 1,375,000 stock options outstanding.

Stock options

The Company uses the Black-Scholes Option Pricing Method to value all stock options granted.

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 a consulting agreement which granted a total of 50,000 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 July 2011, the Company entered into a consulting agreement 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 August 2011, the Company entered into a consulting agreement which granted a total of 25,000 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 October 2011, the Company entered into a consulting agreement which granted a total of 35,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $0.94 per share for a 5 year term.

In November 2011, the Company entered into a consulting agreement which granted a total of 25,000 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 January 2012, the Company entered into a consulting agreement which granted a total of 35,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $0.92 per share for a 5 year term.

In February 2012, the Company entered into a consulting agreement which granted a total of 25,000 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 March 2012, the Company entered into two consulting agreements which granted a total of 200,000 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 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.

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 5% above market price ($0.26) per share for a 5 year term.

In January 2013, 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 ($0.05) per share for a 5 year term.

The following table summarizes information about stock options as of June 30, 2013:

	Number of Options		Weighted Average Exercise Price
Outstanding, March  31, 2013	1,375,000	$	0.76
Options granted	-		-
Options expired	-		-
Options cancelled	-		-
Outstanding, June 30, 2013	1,375,000	$	0.76
Exercisable, June 30, 2013	1,375,000	$	0.76

The following table summarizes information about stock options granted to consultants, advisors, investors and board members as of June 30, 2013:

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
$	.05 to 1.00	1,375,000	$	0.76	3.29	1,375,000	$	0.76

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RELATED PARTY TRANSACTIONS (Textual) (Details) (USD $)			3 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2013 Mr. Wattenberg [Member]
Related Party Transactions (Textual) [Abstract]
Related party transaction, description			Pursuant to the terms of the employment agreement Mr. Wattenberg was receiving 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	$ 185,500	$ 185,500

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INCOME TAXES (Tables)

3 Months Ended

Jun. 30, 2013

Income Taxes [Abstract]

Composition of provision for federal income tax

The provision for Federal income tax consists of the following for the three months ended June 30, 2013 and March 31, 2013:

	June 30, 2013	June 30, 2012
Federal income tax benefit attributable to:
Current operations	$     8,206	$  230,254
Less: valuation allowance	(8,206)	(230,254)
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 June 30, 2013 and March 31, 2013:

	June 30, 2013	March 31, 2013
Deferred tax asset attributable to:
Net operating loss carryover	$  1,167,181	$    1,158,975
Less: valuation allowance	(1,167,181)	(1,158,975)
Net deferred tax asset	$                 -	$                   -

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RESTATEMENT (Tables)

3 Months Ended

Jun. 30, 2013

Restatement

Restatement of previous and corrected balances

The following are the previously stated and corrected balances for the three months ended June 30, 2012:

June 30,2012 Financial Statement	Line Item	Corrected	Previously Stated
Income Statement	Derivative expense	(108,624)	0
Income Statement	Change in derivative	(14,208)	0
Income Statement	Amortization of debt discount	(160,898)	0
Income Statement	Total Other Income (Expenses)	(306,040)	(22,310)
Income Statement	Net Loss	(677,218)	(393,488)
Cash Flows	Net Loss	(677,218)	(393,488)
Cash Flows	Derivative expense	108,624	0
Cash Flows	Change in derivative	14,208	0
Cash Flows	Amortization of debt discount	160,898	0

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NOTES PAYABLE - RELATED PARTY (Textual) (Details) (USD $)	Jun. 30, 2013	Mar. 31, 2013
Note Payable Related Parties (Textual) [Abstract]
Notes payable - related parties	$ 16,121
Shareholder and director [Member]
Note Payable Related Parties (Textual) [Abstract]
Notes payable - related parties	$ 16,121

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CAPITAL STOCK (Information about stock warrants granted to employees, advisors, investors and board members) (Details) (Range of Exercise Prices ($ .05 to 1.00) [Member], USD $)	3 Months Ended
	Jun. 30, 2013
Range of Exercise Prices ($ .05 to 1.00) [Member]
Information about stock warrants granted to employees, advisors, investors and board members
Range of Exercise Prices, Lower Range Limit	$ 0.05
Range of Exercise Prices, Upper Range Limit	$ 1.00
Number Outstanding	1,375,000
Weighted Average Exercise Price	$ 0.76
Weighted Average Remaining Contractual Life (in years)	3 years 3 months 14 days
Number of Options	1,375,000
Weighted Average Exercise Price	$ 0.76

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DEPOSITS (Textual) (Details) (USD $)	Jun. 30, 2013
Deposits (Textual) [Abstract]
Rent deposit	$ 500

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RESTATEMENT (Details) (USD $)	3 Months Ended		71 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Income Statement
Derivative expense		$ (108,624)
Change in derivative		(14,208)
Amortization of debt discount		(160,898)	(302,904)
Net loss	(24,136)	(677,218)	(3,432,885)
Cash Flows
Net loss	(24,136)	(677,218)	(3,432,885)
Derivative expense		108,624
Change in derivative		14,208
Amortization of debt discount		160,898	302,904
Corrected [Member]
Income Statement
Derivative expense		(108,624)
Change in derivative		(14,208)
Amortization of debt discount		(160,898)
Total Other Income (Expenses)		(306,040)
Net loss		(677,218)
Cash Flows
Net loss		(677,218)
Derivative expense		108,624
Change in derivative		14,208
Amortization of debt discount		160,898
Previously Stated [Member]
Income Statement
Derivative expense		0
Change in derivative		0
Amortization of debt discount		0
Total Other Income (Expenses)		(22,310)
Net loss		(393,488)
Cash Flows
Net loss		(393,488)
Derivative expense		0
Change in derivative		0
Amortization of debt discount		$ 0

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CAPITAL STOCK (Tables)

3 Months Ended

Jun. 30, 2013

Capital Stock [Abstract]

Information about options

The following table summarizes information about stock options as of June 30, 2013:

	Number of Options		Weighted Average Exercise Price
Outstanding, March  31, 2013	1,375,000	$	0.76
Options granted	-		-
Options expired	-		-
Options cancelled	-		-
Outstanding, June 30, 2013	1,375,000	$	0.76
Exercisable, June 30, 2013	1,375,000	$	0.76

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

The following table summarizes information about stock options granted to consultants, advisors, investors and board members as of June 30, 2013:

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
$	.05 to 1.00	1,375,000	$	0.76	3.29	1,375,000	$	0.76

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NATURE OF OPERATIONS

3 Months Ended

Jun. 30, 2013

Nature of Operations [Abstract]

NATURE OF OPERATIONS

NOTE 1 – NATURE OF OPERATIONS

Potash America, 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.

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MINING CLAIMS

3 Months Ended

Jun. 30, 2013

Mining Claims [Abstract]

MINING CLAIMS

NOTE 3 – MINING CLAIMS

On June 6, 2011, the Company entered into and closed a property acquisition agreement with Habitants Minerals Ltd.  Pursuant to the terms of the agreement, PTAM acquired an undivided 100% interest in certain unpatented mining claims located in Western Newfoundland, Canada. Pursuant to the terms of the agreement, the Company 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

·

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

An additional payment to continue holding this property was due on June 30, 2013 and the Company decided to abandon this project.  The mining claims have been fully impaired as of March 31, 2013.

On August 31, 2011, the Company 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 the Company issued a pre-closing advance of $200,000 (paid on August 29, 2011).

As additional consideration the 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 an additional 500,000 shares to those parties designated by the sellers on or before July 1st of 2012, 2013 and 2014; (1,000,000 shares issued)

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

The Company abandoned this project during the year ended March 31, 2013 and returned all rights back to the seller.  As such, the mining claims capitalized as part of this acquisition have been fully impaired as of March 31, 2013.

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ACCRUED EXPENSES

3 Months Ended

Jun. 30, 2013

Accrued Expenses [Abstract]

ACCRUED EXPENSES

NOTE 6 – ACCRUED EXPENSES

Accrued expenses and liabilities consisted of the following as of June 30, 2013 and March 31, 2013:

	June 30, 2013	March 31, 2013
Accounting fees	$      3,345	$      2,048
Audit fees	-	13,000
Legal fees	7,698	6,536
Filing fees	96	200
Administrative expense	-	500
Total accrued expenses	$    11,139	$    22,284

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PREPAID EXPENSES

3 Months Ended

Jun. 30, 2013

Prepaid Expenses [Abstract]

PREPAID EXPENSES

NOTE 4 – PREPAID EXPENSES

Prepaid expenses consisted of $1,910 of prepaid insurance.

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CAPITAL STOCK (Issuance of common stock) (Textual) (Details) (USD $)	3 Months Ended		71 Months Ended		1 Months Ended			3 Months Ended	12 Months Ended		3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Mar. 31, 2013	Jul. 31, 2010 Director [Member]	May 31, 2011 Common Shares [Member]	Sep. 30, 2010 Common Shares [Member]	Jun. 30, 2013 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]	Jun. 30, 2013 Detail One [Member] Restricted Shares [Member]	Jun. 30, 2013 Detail Two [Member] Restricted Shares [Member]	Jun. 30, 2013 Detail Three [Member]	Jun. 30, 2013 Detail Three [Member] Restricted Shares [Member]	Jun. 30, 2013 Detail Three [Member] Restricted Shares [Member] Director [Member]
Common Stock (Textual) [Abstract]
Date of issue of common stock								Nov. 10, 2011			Apr. 11, 2012	Dec. 31, 2011		Jun. 30, 2012	Mar. 20, 2012
Common stock, shares, authorized	200,000,000		200,000,000	200,000,000
Common stock, par or stated value per share	$ 0.0001		$ 0.0001	$ 0.0001					$ 67,200,000	$ 80,000,000
Issue of common shares									42,000	8,000				196,000
Proceeds			$ 50,000
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
Issuance of common shares in lieu of compensation						15,000									100,000
Issuance of common stock as non cash considerations								25,000				190,000		1,000,000
Stock-based compensation		149,055	1,140,553										171,382
Common stock, shares, outstanding	148,625,000		148,625,000	148,625,000
Common stock, shares, issued	148,625,000		148,625,000	148,625,000
Warrants outstanding
Stock options outstanding	1,375,000		1,375,000	1,375,000
Treasury stock, shares purchased back											40,000
Purchase of treasury stock for cash		$ 10,000	$ 10,000								$ 10,000

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SIGNIFICANT ACCOUNTING POLICIES (Textual) (Details) (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Mar. 31, 2013	Apr. 21, 2011
Significant Accounting Policies (Textual) [Abstract]
Cash equivalents	$ 142		$ 265
Marketing, Website development and maintenance of site	$ 0	$ 3,075
Number of shares authorized under stock option plan				3,000,000
Stock options issued	1,375,000		1,375,000

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ACCRUED EXPENSES (Details) (USD $)	Jun. 30, 2013	Mar. 31, 2013
Accrued expenses and liabilities
Total Accrued Expenses	$ 11,139	$ 22,284
Accounting fees [Member]
Accrued expenses and liabilities
Total Accrued Expenses	3,345	2,048
Audit fees [Member]
Accrued expenses and liabilities
Total Accrued Expenses		13,000
Legal fees [Member]
Accrued expenses and liabilities
Total Accrued Expenses	7,698	6,536
Filing fees [Member]
Accrued expenses and liabilities
Total Accrued Expenses	96	200
Administrative expenses [Member]
Accrued expenses and liabilities
Total Accrued Expenses		$ 500

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CONVERTIBLE LINE OF CREDIT (Textual) (Details) (USD $)	3 Months Ended		71 Months Ended		3 Months Ended	12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2013 Letter of Credit Agreement [Member]	Mar. 31, 2013 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
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 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 up to 1,250,000 Units when the exercise provision is enacted.
Conversion Price of Warrants					0.80
Warrant assumptions, Discription					The warrants were valued using the following assumptions on each draw date: stock price at grant date - $0.23-$0.89, exercise price - $1.50, expected life - 5 years, volatility - 126%-130%, risk-free rate - .70%-.86%.
Amount drawns						302,904
Proceeds drawn from convertible line of credit		500,000	710,000			710,000
Accrued interest related to line of credit	$ 119,475		$ 119,475	$ 102,347	$ 38,029

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INCOME TAXES (Deferred tax asset) (Details) (USD $)	3 Months Ended
	Jun. 30, 2013	Mar. 31, 2013
Deferred tax asset attributable to:
Net operating loss carryover	$ 1,167,181	$ 1,158,975
Less: valuation allowance	(1,167,181)	(1,158,975)
Net deferred tax asset
Income Taxes (Textual) [Abstract]
Expected rate for cumulative tax effect	34.00%	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 $3,432,885 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.

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BALANCE SHEETS (PARENTHETICAL) (UNAUDITED) (USD $)	Jun. 30, 2013	Mar. 31, 2013
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	148,625,000	148,625,000
Common stock, shares, outstanding	148,625,000	148,625,000

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LINE OF CREDIT - RELATED PARTY

3 Months Ended

Jun. 30, 2013

Line of Credit Related Party [Abstract]

LINE OF CREDIT - RELATED PARTY

NOTE 10 – LINE OF CREDIT – RELATED PARTY

The Company opened a line of credit 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 $664,000 as of March 31, 2013.  Interest expense related to the line of credit was $60,200 as of June 30, 2013. During the year ended March 31, 2013, control of the Company was acquired by the person who also controls the company that has issued this line of credit.

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STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	3 Months Ended		71 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (24,136)	$ (677,218)	$ (3,432,885)
Stock-based compensation (note 11)		149,055	1,140,554
Derivative expense		108,624
Change in derivative		14,208
Amortization of debt discount		160,898	302,904
Impairment of mining interest			760,885
Changes in assets and liabilities:
(Increase) in prepaid expenses	1,909	(8,536)	(1,910)
(Increase) in deposit		(500)	(500)
Increase (decrease) in accrued expenses	(11,145)	380	11,139
Increase in accrued interest	17,128	22,310	119,475
Increase in deferred compensation		30,000	185,500
Net Cash Used in Operating Activities	(16,244)	(200,779)	(914,838)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of mineral properties			(564,885)
Net Cash Used in Investing Activities			(564,885)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable			49,744
Proceeds from notes payable - related parties	16,121		16,121
Proceeds from (payments on) lines of credit		(200,000)	664,000
Proceeds from line of credit - convertible		500,000	710,000
Proceeds from sale of stock			50,000
Purchase of treasury stock		(10,000)	(10,000)
Net Cash Provided by Financing Activities	16,121	290,000	1,479,865
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(123)	89,221	142
Cash and cash equivalents, beginning balance	265	69,323
Cash and cash equivalents, ending balance	142	158,544	142
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 recorded as deferred stock compensation		107,639	215,777
Issuance of common stock to acquire mineral properties		196,000	196,000
Intrinsic value of beneficial conversion feature of convertible line of credit		$ 160,898	$ 302,904

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BALANCE SHEETS (UNAUDITED) (USD $)	Jun. 30, 2013	Mar. 31, 2013
Current Assets
Cash and cash equivalents	$ 142	$ 265
Prepaid expenses	1,910	3,819
Deposits	500	500
Total Current Assets	2,552	4,584
Total Assets	2,552	4,584
Current Liabilities
Accrued expenses	11,139	22,284
Deferred compensation	185,500	185,500
Accrued interest	119,475	102,347
Notes Payable	35,500	35,500
Notes payable - related parties	16,121
Convertible line of credit, net of debt discount	710,000	710,000
Line of credit related-party	664,000	664,000
Total Liabilities	1,741,735	1,719,631
Stockholders' Deficit
Common stock, par value $0.0001; 200,000,000 shares authorized, 148,625,000 shares issued and outstanding	14,863	14,863
Additional paid in capital	1,678,839	1,786,478
Deferred stock compensation		(107,639)
Deficit accumulated during the exploration stage	(3,432,885)	(3,408,749)
Total Stockholders' Deficit	(1,739,183)	(1,715,047)
Total Liabilities and Stockholders' Deficit	$ 2,552	$ 4,584

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MINING CLAIMS (Textual) (Details) (USD $)	3 Months Ended		71 Months Ended	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2013 Additional Claims [Member]	Jun. 30, 2013 Property acquisition agreement [Member] Newfoundland Property [Member]	Jun. 30, 2013 Purchase and sale agreement [Member] Sodaville Claims [Member]	Apr. 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			$ 564,885		$ 50,000
Pre-closing advance							$ 200,000
Terms of agreement					The aggregate consideration of $50,000 consisting of the following: .. $30,000 which was previously provided to Habitants, and .. $20,000 which was provided on the closing of the agreement. An additional payment to continue holding this property was due on June 30, 2013 and the Company decided to abandon this project. The mining claims have been fully impaired as of March 31, 2013.	As additional consideration the 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 an additional 500,000 shares to those parties designated by the sellers on or before July 1st of 2012, 2013 and 2014; (1,000,000 shares issued)
Royalty per short ton payable from product produced and sold by our company (dollar per short ton)				10

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SIGNIFICANT ACCOUNTING POLICIES (Policy)

3 Months Ended

Jun. 30, 2013

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.

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, 2013. The interim results for the period ended June 30, 2013 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.

Reclassifications

Reclassifications

Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the current period financial statements.

Financial Instrument

Financial Instrument

The Company's financial instrument consists of cash, prepaid expenses, deposits, accounts payable and accrued expenses, deferred compensation, accrued interest, convertible line of credit, note payable, and a line of credit due to a related party.

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.

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 financia 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.

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 June 30, 2013 and March 31, 2013, respectively, the Company had $142 and $265 of cash.

Revenue Recognition

Revenue Recognition

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

Advertising

Advertising

The Company expenses advertising costs as incurred.  As of June 30, 2013 and 2012, respectively, the Company expensed $0 and $3,075 in marketing and website development and maintenance of its site.

Mineral Properties Costs

Mineral Properties Costs

Mineral exploration and development costs are accounted for using the successful efforts method of accounting.

Property acquisition costs - Mineral property acquisition costs are capitalized as mineral exploration properties.  Upon achievement of all conditions necessary for reserves to be classified as proved, the associated acquisition costs are reclassified to prove properties

Exploration costs - Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred.

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.

Stock-Based Compensation

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718.  On April 21, 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 June 30, 2013, there were 1,375,000 stock options issued.

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.

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INCOME TAXES (Provision for federal income tax) (Details) (USD $)	3 Months Ended			71 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Jun. 30, 2013
Federal income tax benefit attributable to:
Current operations	$ 8,206	$ 230,254
Less: valuation allowance	(8,206)	(230,254)
Net provision for Federal income taxes

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CAPITAL STOCK (Information about stock options) (Details) (USD $)	3 Months Ended
	Jun. 30, 2013
Number of Shares
Outstanding, March 31, 2013	1,375,000
Options granted
Options expired
Options cancelled
Outstanding, June 30, 2013	1,375,000
Exercisable, number of shares	1,375,000
Weighted Average Exercise Price
Outstanding, March 31, 2012	$ 0.76
Options granted
Options expired
Options cancelled
Outstanding, December 31, 2012	$ 0.76
Exercisable, weighted average exercise price	$ 0.76

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LINE OF CREDIT - RELATED PARTY (Textual) (Details) (USD $)	12 Months Ended
	Mar. 31, 2011	Jun. 30, 2013	Mar. 31, 2013	Jun. 22, 2011
Line of Credit Related party (Textual) [Abstract]
Accrued interest related to line of credit		$ 119,475	$ 102,347
Credit Facility Agreement [Member]
Line of Credit Related party (Textual) [Abstract]
Borrowing capacity under credit agreement	200,000			1,000,000
Description of collaterals for credit facility	The line of credit is secured by the assets of the company
Interest rate	5.00%
Interest rate, description	The line of credit is due on demand
Amount drawns			664,000
Accrued interest related to line of credit		$ 60,200

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LINE OF CREDIT (Textual) (Details) (USD $)	3 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Mar. 31, 2012
Line of Credit Related party (Textual) [Abstract]
Accrued interest related to line of credit	$ 119,475	$ 102,347
Second Credit Facility Agreement [Member]
Line of Credit Related party (Textual) [Abstract]
Date of entry into credit facility	Nov. 22, 2011
Borrowing capacity under credit agreement	500,000
Interest rate	10.00%
Amount drawns		0	400,000
Accrued interest related to line of credit	$ 21,246
Description of credit facility	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.

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NOTES PAYABLE - RELATED PARTY

3 Months Ended

Jun. 30, 2013

Notes Payable [Abstract]

NOTES PAYABLE - RELATED PARTY

NOTE 9 – NOTES PAYABLE – RELATED PARTY

The current shareholder and director of the Company advanced funds at various times to support operations. The loans are unsecured, non-interest bearing and due on demand. The amount due to the shareholder and director was $16,121 as of June 30, 2013.

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PREPAID EXPENSES (Textual) (Details) (USD $)	Jun. 30, 2013
Prepaid Expenses (Textual) [Abstract]
Prepaid insurance	$ 1,910

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CAPITAL STOCK (Stock Options) (Textual) (Details) (USD $)	3 Months Ended		71 Months Ended	1 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jan. 31, 2013 Stock Option Plan [Member]	Oct. 31, 2012 Stock Option Plan [Member]	Jul. 31, 2012 Stock Option Plan [Member]	Jun. 30, 2012 Stock Option Plan [Member]	May 31, 2012 Stock Option Plan [Member]	Apr. 30, 2012 Stock Option Plan [Member]	Mar. 31, 2012 Stock Option Plan [Member]	Feb. 29, 2012 Stock Option Plan [Member]	Jan. 31, 2012 Stock Option Plan [Member]	Dec. 31, 2011 Stock Option Plan [Member]	Nov. 30, 2011 Stock Option Plan [Member]	Oct. 31, 2011 Stock Option Plan [Member]	Aug. 31, 2011 Stock Option Plan [Member]	Jul. 31, 2011 Stock Option Plan [Member]	May 31, 2011 Stock Option Plan [Member]	Apr. 30, 2011 Stock Option Plan [Member]
Common Stock (Textual) [Abstract]
Description of party				Advisors and consultants	Advisors and consultants	Advisors and consultants	Consultants	Consultants	Advisors and consultants										Directors
Stock options Issued or Granted				35,000	35,000	35,000	25,000	25,000	35,000	200,000	25,000	35,000	115,000	25,000	35,000	25,000	75,000	50,000	600,000
Exercise price, description				Exercise price of 5% above market price ($0.05) per share.	Exercise price of 5% above market price ($0.26) per share.	Exercise price of 5% above market price ($0.29) per share.
Stock option exercise price							$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 0.92	$ 1.00	$ 1.00	$ 0.94	$ 1.00	$ 1.00	$ 1.00	$ 0.60
Stock option contractual term				5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	5 years	3 years	5 years	5 years	5 years	5 years	5 years	5 years
Stock-based compensation		$ 149,055	$ 1,140,553

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CONVERTIBLE LINE OF CREDIT

3 Months Ended

Jun. 30, 2013

Convertible Line Of Credit [Abstract]

CONVERTIBLE LINE OF CREDIT

NOTE 12 – CONVERTIBLE LINE OF CREDIT

On April 12, 2012, the Company entered into a $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 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 up to 1,250,000 Units when the exercise provision is enacted. The Company determined the intrinsic value of the beneficial conversion feature on each draw date by valuing the warrants using the Black-Scholes Option Pricing Model and then allocating the $0.80 conversion price of each unit between the stock and warrants.  The warrants were valued using the following assumptions on each draw date: stock price at grant date - $0.23-$0.89, exercise price - $1.50, expected life – 5 years, volatility – 126%-130%, risk-free rate - .70%-.86%.  The total intrinsic value of the beneficial conversion feature of the draws was determined to be $302,904 and was amortized in full as of March 31, 2013. The line of credit was drawn to $710,000 as of March 31, 2013. Accrued interest related to the line of credit was $38,029 as of June 30, 2013.

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NOTES PAYABLE

3 Months Ended

Jun. 30, 2013

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 7 – NOTES PAYABLE

A former shareholder and director of the Company advanced funds at various times since inception in order to support operations. The loans are unsecured, non-interest bearing and due on demand. The amount due to the former shareholder and director was $35,500 as of June 30, 2013.

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SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2013

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.

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, 2013. The interim results for the period ended June 30, 2013 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.

Reclassifications

Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the current period financial statements.

Financial Instrument

The Company's financial instrument consists of cash, prepaid expenses, deposits, accounts payable and accrued expenses, deferred compensation, accrued interest, convertible line of credit, note payable, and a line of credit due to a related party.

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.

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.

Cash and Cash Equivalents

PTAM considers all highly liquid investments with maturities of three months or less to be cash equivalents.  At June 30, 2013 and March 31, 2013, respectively, the Company had $142 and $265 of cash.

Revenue Recognition

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

Advertising

The Company expenses advertising costs as incurred.  As of June 30, 2013 and 2012, respectively, the Company expensed $0 and $3,075 in marketing and website development and maintenance of its site.

Mineral Properties Costs

Mineral exploration and development costs are accounted for using the successful efforts method of accounting.

Property acquisition costs - Mineral property acquisition costs are capitalized as mineral exploration properties.  Upon achievement of all conditions necessary for reserves to be classified as proved, the associated acquisition costs are reclassified to prove properties

Exploration costs - Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred.  

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.

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718.  On April 21, 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 June 30, 2013, there were 1,375,000 stock options issued.

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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NOTES PAYABLE (Textual) (Details) (USD $)	Jun. 30, 2013	Mar. 31, 2013
Note Payable Related Parties (Textual) [Abstract]
Notes Payable	$ 35,500	$ 35,500
Former shareholder and director [Member]
Note Payable Related Parties (Textual) [Abstract]
Notes Payable	$ 35,500

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RESTATEMENT

3 Months Ended

Jun. 30, 2013

Restatement

RESTATEMENT

NOTE 15 – RESTATEMENT

The Company has recorded the intrinsic value of the convertible note payable in the 10K ending March 31, 2013. The Company is allocating the cost to the correct quarterly periods in the fiscal year ended March 31, 2013. The corrected balances and the previously stated balances for the three months ended June 30, 2012 is shown below.

The following are the previously stated and corrected balances for the three months ended June 30, 2012:

June 30,2012 Financial Statement	Line Item	Corrected	Previously Stated
Income Statement	Derivative expense	(108,624)	0
Income Statement	Change in derivative	(14,208)	0
Income Statement	Amortization of debt discount	(160,898)	0
Income Statement	Total Other Income (Expenses)	(306,040)	(22,310)
Income Statement	Net Loss	(677,218)	(393,488)
Cash Flows	Net Loss	(677,218)	(393,488)
Cash Flows	Derivative expense	108,624	0
Cash Flows	Change in derivative	14,208	0
Cash Flows	Amortization of debt discount	160,898	0

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LINE OF CREDIT

3 Months Ended

Jun. 30, 2013

Line of Credit [Abstract]

LINE OF CREDIT

NOTE 11 – LINE OF CREDIT

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 $400,000 as of March 31, 2012. During the year ended March 31, 2013, the balance was repaid and the amount due at March 31, 2013 was $0.  Accrued interest related to the line of credit was $21,246 as of June 30, 2013 and has not been paid.

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SUBSEQUENT EVENTS

3 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 18 – SUBSEQUENT EVENTS

In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to June 30, 2013 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.

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INCOME TAXES

3 Months Ended

Jun. 30, 2013

Income Taxes [Abstract]

INCOME TAXES

NOTE 16 – INCOME TAXES

The provision for Federal income tax consists of the following for the three months ended June 30, 2013 and March 31, 2013:

	June 30, 2013	June 30, 2012
Federal income tax benefit attributable to:
Current operations	$     8,206	$  230,254
Less: valuation allowance	(8,206)	(230,254)
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 June 30, 2013 and March 31, 2013:

	June 30, 2013	March 31, 2013
Deferred tax asset attributable to:
Net operating loss carryover	$  1,167,181	$    1,158,975
Less: valuation allowance	(1,167,181)	(1,158,975)
Net deferred tax asset	$                 -	$                   -

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $3,432,885 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.

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Document and Entity Information	3 Months Ended
	Jun. 30, 2013	Aug. 10, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	POTASH AMERICA, INC.
Entity Central Index Key	0001431880
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2013
Entity Common Stock, Shares Outstanding		148,625,000

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GOING CONCERN

3 Months Ended

Jun. 30, 2013

Going Concern [Abstract]

GOING CONCERN

NOTE 17 – GOING CONCERN

The accompanying financial statements have been prepared assuming that the company will continue as a going concern. The Company has negative working capital, no established source of revenue and significant 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. Management continues to seek funding from its shareholders and other qualified investors to pursue its business plan.