Attached files

file filename
8-K - EASTGATE BIOTECH CORPform8ksupermay2012final.htm
EX-99 - EASTGATE BIOTECH CORPf993proforma_consolidation.htm
EX-10 - EASTGATE BIOTECH CORPexh101patentacquisitionagr.htm
EX-99 - EASTGATE BIOTECH CORP99.1auditedfinancials123111.htm
EX-10 - EASTGATE BIOTECH CORPexh102firstaddendumtopatenta.htm











Financial Statements


For the Quarter Ended


March 31, 2012



EASTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Balance Sheets










ASSETS












March 31,


December 31,





2012


2011





(unaudited)


 










CURRENT ASSETS
















Cash


$

-


$

                 -












Total Current Assets

 

-


 

                 -












TOTAL ASSETS

$

-


$

                 -










LIABILITIES AND STOCKHOLDERS' DEFICIT










CURRENT LIABILITIES
















Accounts payable

$

15,658


$

        12,408


Accrued interest - related party


18,677



        17,190


Note payable - related party

 

60,590


 

59,590












Total Current Liabilities

 

94,925


 

89,188










STOCKHOLDERS' DEFICIT
















Common stock; 20,000,000 shares authorized,







  at $0.00001 par value, 11,625,000 shares issued







  and outstanding


116



116


Additional paid-in capital


33,584



32,084


Deficit accumulated during the development stage

 

(128,625)


 

(121,388)












Total Stockholders' Deficit

 

(94,925)


 

(89,188)












TOTAL LIABILITIES AND STOCKHOLDERS'

 



 




  DEFICIT

$

-


$

                 -










The accompanying notes are an integral part of these financial statements.



EASTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Statements of Operations

(unaudited)

 






















From











Inception on



 








September 8,





For the Three Months Ended


1999 Through





March 31,


March 31,





2012


2011


2012













REVENUES


$

                 -


$

                 -


$

                 -













OPERATING EXPENSES










 













General and  











  administrative


 

          5,750


 

          5,920


 

      109,948















Total Operating Expenses


 

          5,750


 

          5,920


 

      109,948













LOSS FROM OPERATIONS


 

         (5,750)


 

         (5,920)


 

     (109,948)













OTHER EXPENSES























Interest expense


 

         (1,487)


 

         (1,339)


 

       (18,677)















Total Other Expenses


 

         (1,487)

 

 

         (1,339)


 

       (18,677)













LOSS BEFORE INCOME TAXES



         (7,237)



         (7,259)



(128,625)

PROVISION FOR INCOME TAXES


 

                 -


 

                 -


 

                 -













NET LOSS


$

         (7,237)

 

$

         (7,259)


$

     (128,625)













BASIC AND DILUTED LOSS PER SHARE


$

(0.00)


$

(0.00)
















BASIC AND DILUTED WEIGHTED AVERAGE









  NUMBER OF COMMON SHARES










  OUTSTANDING


 

11,625,000


 

11,625,000
















The accompanying notes are an integral part of these financial statements




EASTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Statements of Cash Flows

(unaudited)












From












Inception on






 


September 8,






For the Three Months Ended


1999 Through






March 31,


March 31,






2012


2011


2012

OPERATING ACTIVITIES










Net loss


$

         (7,237)

 

$

 (7,259)


$

 (128,625)


Adjustments to reconcile net loss to net cash










  used by operating activities:











Expenses paid on the Company's behalf











  by a related party


          1,000



          1,020



60,590



Services contributed by shareholders


          1,500



          1,500



33,200


Changes in operating assets and liabilities:











Accrued interest - related party


          1,487



          1,339



18,677



Accounts payable

 

          3,250


 

          3,400


 

15,658

















Net Cash Used in












  Operating Activities

 

                 -


 

                 -


 

 (500)














INVESTING ACTIVITIES

 

                 -


 

                 -


 

                 -














FINANCING ACTIVITIES











Common stock issued for cash

 

 -


 

                 -


 

            500

















Net Cash Provided by












  Financing Activities

 

                 -


 

                 -


 

            500




 












NET DECREASE IN CASH


                 -

   

   

                 -

   

   

                 -
















CASH AT BEGINNING OF PERIOD

 

                 -


   

                 -


 

                 -
















CASH AT END OF PERIOD

$

                 -


$

                 -


$

                 -














SUPPLEMENTAL DISCLOSURES OF









 

CASH FLOW INFORMATION























CASH PAID FOR:











Interest


$

                 -


$

                 -


$

                 -



Income Taxes

$

                 -


$

                 -


$

                 -


The accompanying notes are an integral part of these financial statements.





NOTE 1 - CONDENSED FINANCIAL STATEMENTS


The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2012, and for all periods presented herein have been made.


Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2011 audited financial statements.  The results of operations for the periods ended March 31, 2012 and 2011 are not necessarily indicative of the operating results for the full years.


NOTE 2 - GOING CONCERN


The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.


In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.


The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.


         NOTE 3 SIGNIFICANT ACCOUNTING POLICIES


Use of Estimates


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


Recent Accounting Pronouncements

The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Companys financial position or statements.


       NOTE 4 - NOTES PAYABLE RELATED PARTY




The Company has recorded expenses paid on its behalf by shareholders as a related party payable. The note bears interest at 10 percent, is unsecured and is due and payable upon demand. The balance of this payable totaled $60,590 and $59,590 at March 31, 2012 and December 31, 2011, respectively.  The balance in interest accrued on the note totaled $18,677 and $17,190 as at March 31, 2012 and December 31, 2011, respectively.


During the three months ended March 31, 2012, Company shareholders performed services valued at $1,500 which have been recorded as a contribution to capital.


         NOTE 5 SIGNIFICANT EVENTS


The Company on January 15, 2012 it entered into a Patent Acquisition Agreement to acquire certain products, formulas, processes, proprietary technology and/or patents and patent applications related to pharmaceutical, nutraceutical, food supplements and consumer health products (collectively referred to as the Products).  In exchange for the acquired products and technology, the Company has agreed to issue at the closing to the seller, Anna Gluskin and/or her assigns, 10 million shares of the Companys authorized, but previously unissued common stock, post-split as discussed below.  The closing of the agreement is contingent upon realizing initial financing of $300,000.  The Company has not entered into any agreement or arrangement to secure the aforementioned funding and there can be no assurance that we will be able to raise the funds.


At the closing of the agreement, the seller will assign to the Company all rights, title and interests in the Products, free and clear of all liens, mortgages, pledges, security interests or other encumbrances.  Also as a condition to the closing, the seller will cause to be filed with the U.S. Patent and Trademark Office and any foreign patent office that is relevant to the Products, all documents and appropriate assignments to transfer and assign the Products and all proprietary rights and technology to the Company.


As a condition of the closing, the Company effected a forward stock split of its issued and outstanding shares of common stock on a 7.75 shares for one share basis.  Which  increased the outstanding shares 11,625,000 shares following the split.  All further references to outstanding common stock reflect the stock split on a retro-active basis.


In addition to the 10 million shares of common stock to be issued to the seller, the agreement provides that at the closing, the Company will issue 10 million shares of common stock to certain individuals in consideration for services rendered for and monies advanced to the Company.  Further, following the closing of the agreement, the Company will name at least two new directors to its board of directors, to be designated by the seller and the Companys current management.  It is also anticipated that the Companys name will be


NOTE 5 SIGNIFICANT EVENTS  (CONTINUED)


changed to a name selected by the board, which name will be intended to reflect the acquisition of Products and the anticipated new business endeavors. The agreement is subject to completion of due diligence and certain other usual conditions.  


         NOTE6 SUBSEQUENT EVENTS


In accordance with ASC 855 Company management reviewed all material events through the date of this report and determined that there are no material subsequent events to report.