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EX-32.1 - EXHIBIT 32.1 - Black Sea Metals Inc.exhibit32-1.htm
EX-31.1 - EXHIBIT 31.1 - Black Sea Metals Inc.exhibit31-1.htm
EXCEL - IDEA: XBRL DOCUMENT - Black Sea Metals Inc.Financial_Report.xls
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10-K - FORM 10-K - Black Sea Metals Inc.form10k.htm
v2.4.0.6
Statements of Cash Flows (USD $)
12 Months Ended 121 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
Operating Activities      
Net (loss) income $ 258,964 $ (44,914) $ (1,428,727)
Adjustments to reconcile net loss (income) to net cash used in operating activities:      
Accretion of convertible debt discount 715 4,782 234,000
Amortization 0 0 798
Gain on settlement of debt (457,980) (133,668) (597,538)
Loss on disposal of equipment 0 0 2,075
Provision for loan receivable (41,647) (51,513) 0
Stock-based compensation 36,094 0 36,094
Write-off of oil and gas deposit 0 0 365,000
Changes in operating assets and liabilities:      
Note receivable 0 0 (9,876)
Accounts payable and accrued liabilities 90,957 88,778 445,636
Due to related parties 785 7,702 84,766
Net Cash Used in Operating Activities (112,112) (128,833) (867,772)
Investing Activities      
Deposit on mineral property option (200,000) 0 (200,000)
Acquisition of oil and gas interests 0 0 (365,000)
(Advance) repayment of note receivable 41,647 41,637 0
Investment (8,132) 0 (8,132)
Purchase of equipment 0 0 (2,873)
Net Cash (Used In) Provided by Investing Activities (166,485) 41,637 (576,005)
Financing Activities      
Proceeds from common stock subscribed 90,000 0 90,000
Advances from related party loan 0 0 50,000
Repayment of related party loan 0 0 (50,000)
Proceeds from convertible debentures 0 0 585,000
Proceeds from promissory notes payable 0 87,500 452,500
Proceeds from issuance of common shares 240,000 0 370,400
Net Cash Provided by Financing Activities 330,000 87,500 1,497,900
Increase in Cash 51,403 304 54,123
Cash - Beginning of Period 2,720 2,416 0
Cash - End of Period 54,123 2,720 54,123
Supplemental Disclosures      
Interest paid 0 0 8,500
Income taxes paid 0 0 0
Non-cash Investing and Financing Activities      
Shares issued to settle debt $ 584,602 $ 53,532 $ 638,134