EASTGATE BIOTECH CORP - FORM 8-K - EX-99 - May 29, 2012

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8-K - EASTGATE BIOTECH CORPform8ksupermay2012final.htm
EX-10 - EASTGATE BIOTECH CORPexh101patentacquisitionagr.htm
EX-99 - EASTGATE BIOTECH CORP99.1auditedfinancials123111.htm
EX-99 - EASTGATE BIOTECH CORP99.2financialstatements33112.htm
EX-10 - EASTGATE BIOTECH CORPexh102firstaddendumtopatenta.htm










Pro-forma Financial Statements


For the Years Ended December 31, 2011 & 2010


&


For the Quarter Ended


March 31, 2012






Notes to Unaudited Pro Forma Consolidated Financial Statements


On January 15, 2012, Eastgate Acquisitions Corporation, a Nevada corporation (“Eastgate”); and Anna Gluskin, who is the owner of certain patents, executed a Patent Acquisition Agreement (the “Agreement”) by which Eastgate acquired 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, Eastgate has agreed to issue at the closing to the seller, Anna Gluskin and/or her assigns, 10 million shares of Eastgate’s 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.  


In addition to the 10 million shares of common stock to be issued to the seller, the agreement provides that at the closing, Eastgate will issue 10 million shares of common stock to certain individuals in consideration for services rendered for and monies advanced to Eastgate.  Further, following the closing of the agreement, Eastgate will name at least two new directors to its board of directors, to be designated by the seller and Eastgate’s current management.  It is also anticipated that our corporate name will be changed to a name selected by the board, which name will be intended to reflect the acquisition of Products and our anticipated new business endeavors. The agreement is subject to completion of due diligence and certain other usual conditions.  


Pro forma adjustment [1] reflects the issuance of 10,000,000 shares of Eastgate common stock in exchange for the Products recorded at predecessor cost of $-0-.  Pro forma adjustment [2] reflects the issuance of 10,000,000 shares of Eastgate common stock in settlement of the liabilities of Eastgate.








EASTGATE ACQUISITIONS CORPORATION

Proforma Consolidated Balance Sheet

 December 31, 2011

 




Eastgate


 



 





Adjusted





Acquisitions


 


Combined


Pro Forma


Pro Forma





Corporation


 Patents


Totals


Adjustments


Totals

ASSETS
















CURRENT ASSETS

















Cash


$

                 -


$

                 -


$

                   -


$

                  -


$

                   -


Prepaid expenses



                 -



                 -



                   -



                  -



                   -


Inventory


 

                 -


 

                 -


 

                   -


 

                  -


 

                   -



Total Current Assets


 

                 -


 

                 -


 

                   -


 

                  -


 

                   -












   






   

OTHER ASSETS

















Patents



                 -



                 -



                   -



                  -



                   -



Total Other Assets


 

                 -


 

                 -


 

                   -


 

                  -


 

                   -

 


TOTAL ASSETS


$

                 -


$

                 -

 

$

                   -

 

$

                  -


$

                   -












   







LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)






   







CURRENT LIABILITIES









   








Accounts payable and accrued expenses


$

        12,408


$

                 -


$

          12,408


$

                  -


$

          12,408


Related party payable


 

        76,780


 

                 -


 

          76,780


 

         (76,780)


 

                   -



Total Current Liabilities


 

        89,188


 

                 -


 

          89,188


 

         (76,780)


 

          12,408



















LONG TERM LIABILITIES

















Loans and notes payable


 

                 -


 

                 -


 

                   -


 

                  -


 

                   -



Long term liabilities


 

                 -


 

                 -


 

                   -


 

                  -


 

                   -



TOTAL LIABILITIES


 

        89,188


 

                 -


 

          89,188

 

 

         (76,780)


 

          12,408












   







STOCKHOLDERS' EQUITY (DEFICIT)



   



   



   








Preferred stock



                 -



                 -



                   -



                  -



                   -


Common stock



             116



                 -



               116



              100



              316


Additional paid-in capital



        32,084



                 -



          32,084



             (100)



        108,664


Retained earnings (deficit)



     (121,388)



                 -



        (121,388)



                  -



       (121,388)



Total Stockholders' Equity (Deficit)


 

       (89,188)


 

                 -


 

         (89,188)


 

          76,780


 

         (12,408)



TOTAL LIABILITIES AND


















STOCKHOLDERS' EQUITY (DEFICIT)


$

                 -


$

                 -


$

                   -


$

                  -


$

                   -


EASTGATE ACQUISITIONS CORPORATION

Proforma Consolidated Statements of Operations

 December 31, 2011

















Pro-Forma





Eastgate


 








Adjusted





Acquisitions


 


Combined


Pro Forma


Combined





Corporation


Patents


Totals


Adjustments


Totals

REVENUES


$

                 -


$

                 -


$

                    -


$

                 -


$

                   -

COST OF SALES



                 -



                 -



                    -



                 -



                   -





 

 


 

 


 

   


 

 


 

   

GROSS PROFIT


 

                 -


 

                 -


 

                    -


 

                 -


 

                   -












   






   

OPERATING EXPENSES









   






   












   






   


General and administrative



23,943



                 -



23,943



                 -



23,943





 

 


 

 


 

   


 

 


 

   



Total Costs and Expenses


 

23,943


 

                 -


 

23,943


 

                 -


 

23,943












   






   



OPERATING LOSS


 

 (23,943)


 

                 -


 

 (23,943)


 

                 -


 

 (23,943)












   






    

OTHER INCOME (EXPENSE)









   






   












   






   


Interest expense


 

 (5,977)


 

                 -


 

 (5,977)


 

                 -


 

 (5,977)












   






   



Total Other Income (Expense)


 

 (5,977)


 

                 -


 

 (5,977)


 

                 -


 

 (5,977)





















LOSS BEFORE INCOME TAXES



 (29,920)



                 -



 (29,920)



                 -



 (29,920)



PROVISION FOR INCOME TAXES


 

                 -


 

                 -


 

                    -


 

                 -


 

                   -



















 


NET LOSS


$

 (29,920)


$

                 -


$

 (29,920)


$

                 -


$

 (29,920)



















BASIC AND DILUTED LOSS PER SHARE


$

(0.00)


$

0.00








$

(0.00)



















WEIGHTED AVERAGE SHARES OUTSTANDING


 

11,625,000


 

10,000,000





 

10,000,000


 

31,625,000




EASTGATE ACQUISITIONS CORPORATION

Proforma Consolidated Balance Sheet

March 31, 2012

 




Eastgate


 



 





Adjusted





Acquisitions


 


Combined


Pro Forma


Pro Forma





Corporation


Patents


Totals


Adjustments


Totals

ASSETS
















CURRENT ASSETS

















Cash


$

                  -


$

                 -


$

                   -


$

                  -


$

                 -


Inventory


 

                  -


 

                 -


 

                   -


 

                  -


 

                 -



Total Current Assets


 

                  -


 

                 -


 

                   -


 

                  -


 

                 -












   






   

OTHER ASSETS

















Patents



                  -



                 -



                   -



                  -



                 -



Total Other Assets


 

                  -


 

                 -


 

                   -


 

                  -


 

                 -

 


TOTAL ASSETS


$

                  -


$

                 -

 

$

                   -

 

$

                  -


$

                 -












   







LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)






   







CURRENT LIABILITIES









   








Accounts payable and accrued expenses


$

         15,658


$

                 -


$

          15,658


$

                  -


$

        15,658


Related party payable


 

         79,267


 

                 -


 

          79,267


 

         (79,267)


 

                 -



Total Current Liabilities


 

         94,925


 

                 -


 

          94,925


 

         (79,267)


 

        15,658



















LONG TERM LIABILITIES

















Loans and notes payable


 

                  -


 

                 -


 

                   -


 

                  -


 

                 -



Long term liabilities


 

                  -


 

                 -


 

                   -


 

                  -


 

                 -



TOTAL LIABILITIES


 

         94,925

 

 

                 -


 

          94,925

 

 

         (79,267)


 

        15,658












   







STOCKHOLDERS' EQUITY (DEFICIT)



   



   



   








Preferred stock



                  -



                 -



                   -



                  -



                 -


Common stock



              116



                 -



               116



              100



             316


Additional paid-in capital



         33,584



                 -



          33,584



             (100)



        33,484


Retained earnings (deficit)



      (128,625)



                 -



        (128,625)



                  -



      (128,625)



Total Stockholders' Equity (Deficit)


 

        (94,925)

 

 

                 -


 

         (94,925)


 

          79,267


 

       (15,658)







 





   









TOTAL LIABILITIES AND


















STOCKHOLDERS' EQUITY (DEFICIT)


$

                  -

 

$

                 -


$

                   -


$

                  -


$

                 -


EASTGATE ACQUISITIONS CORPORATION

Proforma Consolidated Statements of Operations

March 31, 2012

 

















Pro-Forma





Eastgate


 








Adjusted





Acquisitions


 


Combined


Pro Forma


Combined





Corporation


Patents


Totals


Adjustments


Totals

REVENUES


$

                 -


$

                 -


$

                 -


$

                 -


$

                 -

COST OF SALES



                 -



                 -



                 -



                 -



                 -





 

 


 

 


 

   


 

 


 

   

GROSS PROFIT


 

                 -


 

                 -


 

                 -


 

                 -


 

                 -












   






   

OPERATING EXPENSES









   






   












   






   


General and administrative



          5,750



                 -



          5,750



                 -



          5,750





 

 


 

 


 

   


 

 


 

   



Total Costs and Expenses


 

          5,750


 

                 -


 

          5,750


 

                 -


 

          5,750












   






   



OPERATING LOSS


 

 (5,750)


 

                 -


 

 (5,750)


 

                 -


 

 (5,750)












   






    

OTHER INCOME (EXPENSE)









   






   












   






   


Interest expense


 

 (1,487)


 

                 -


 

 (1,487)


 

                 -


 

 (1,487)












   






   



Total Other Income (Expense)


 

 (1,487)


 

                 -


 

 (1,487)


 

                 -


 

 (1,487)





















LOSS BEFORE INCOME TAXES



 (7,237)



                 -



 (7,237)



                 -



 (7,237)



PROVISION FOR INCOME TAXES


 

                 -


 

                 -


 

                 -


 

                 -


 

                 -



















 


NET LOSS


$

 (7,237)


$

                 -


$

 (7,237)


$

                 -


$

 (7,237)



















BASIC AND DILUTED LOSS PER SHARE


$

(0.00)


$

0.00








$

(0.00)



















WEIGHTED AVERAGE SHARES OUTSTANDING


 

11,625,000


 

10,000,000





 

10,000,000


 

31,625,000




EASTGATE BIOTECH CORP Reports