v2.4.0.6

Balance Sheets (USD $)	Feb. 29, 2012	Nov. 30, 2011
Current Assets
Cash	$ 400	$ 54,123
Total Current Assets	400	54,123
Deposit on mineral property option	0	200,000
Investment	0	8,132
Mineral property option	770,000	0
Total Assets	770,400	262,255
Current Liabilities
Accounts payable	177,868	168,221
Accrued liabilities	26,914	5,208
Due to related parties	35,244	34,424
Promissory notes payable	87,500	87,500
Total Current Liabilities	327,526	295,353
Stockholders' Equity (Deficit)
Preferred stock, 100,000,000 shares authorized, $0.001 par value; None issued and outstanding	0	0
Common stock, 200,000,000 shares authorized, $0.001 par value; 35,127,478 shares issued and outstanding (November 30, 2011 - 33,127,479 shares)	35,127	33,127
Additional paid-in capital	2,007,065	1,272,502
Common stock subscribed	90,000	90,000
Deficit accumulated during the exploration stage	(1,689,318)	(1,428,727)
Total Stockholders' Equity (Deficit)	442,874	(33,098)
Total Liabilities and Stockholders' Equity (Deficit)	$ 770,400	$ 262,255

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Black Sea Metals, Inc. 10-Q