UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

 [ X ]

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Fiscal Year Ended December 31, 2017

 [ ]

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______________ to _______________

Commission File Number: 000-53084

WESTGATE ACQUISITIONS CORPORATION

(Exact name of registrant as specified in its charter)

 Nevada

 

    87-0639379

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

4190 South Highland Drive, Suite 230, Salt Lake City, Utah 84124

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (801) 322-3401

Securities registered pursuant to Section 12(b) of the Act:

None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $0.00001 par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the

Securities Act.

Yes [  ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes [  ] No [X]

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.

 

Yes [X] No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer

[  ]

Accelerated filer

[   ]

Non-accelerated filer

[  ]

Smaller reporting company

[X]

(Do not check if a smaller reporting company)

Emerging Growth company

[   ]

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

Yes [  ] No [X]

The aggregate market value of the voting stock held by non-affiliates of the registrant based on the closing sales price, or the average bid and asked price on such stock, as of March 30, 2017, the last business day of the registrant’s most recently completed fiscal year, was $-0-. Shares of the registrant’s common stock held by each executive officer and director and by each entity or person that, to the registrant’s knowledge, owned 10% or more of registrant’s outstanding common stock as of March 30, 2017 have been excluded in that such persons may be deemed to be affiliates of the registrant. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

The number of shares of the registrant’s common stock outstanding as of April 12, 2018 was 6,000,000.

DOCUMENTS INCORPORATED BY REFERENCE

A description of "Documents Incorporated by Reference" is contained in Part IV, Item 15.

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WESTGATE ACQUISITIONS CORPORATION

TABLE OF CONTENTS

Page

PART I

Item 1.

Business

3

Item 1A.

Risk Factors

7

Item 1B.

Unresolved Staff Comments

7

Item 2.

Properties

7

Item 3.

Legal Proceedings

7

Item 4.

Mine Safety Disclosures

7

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer

Purchases of Equity Securities

8

Item 6.

Selected Financial Data

10

Item 7.

Management's Discussion and Analysis of Financial Condition and

Results of Operations

10

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

11

Item 8.

Financial Statements and Supplementary Data

12

Item 9.

Changes in and Disagreements with Accountants on Accounting

and Financial Disclosure

21

Item 9A.

Controls and Procedures

21

Item 9B

Other Information

22

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

22

Item 11.

Executive Compensation

23

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related

Stockholder Matters

23

Item 13.

Certain Relationships and Related Transactions and Director Independence

24

Item 14.

Principal Accounting Fees and Services

24

PART IV

Item 15.

Exhibits, Financial Statement Schedules.

25

Signatures

26

As used in this report, unless otherwise indicated, “we”, “us”, “our”, “Westgate” and the “company” refer to Westgate Acquisitions Corporation.

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PART I

Item 1.

Business.

Business Development

History

Westgate Acquisitions Corporation was incorporated on September 8, 1999 in the State of Nevada. On November 30, 1999, the company filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form SB-2 under the Securities Act of 1933 to register the Company’s outstanding shares. The registration statement was subsequently abandoned. On February 6, 2008, the company filed a registration statement on Form 10 under the Securities Exchange Act of 1934.

On December 12, 2013, we finalized the acquisition of certain mining and/or mineral claims and/or leases located in Sections 15, 16, 21, 22, T 8 S, R 15 E, in the New Mexico Principal Meridian, Lincoln County, New Mexico (the “Claims”) from Blue Cap Development Corp. According to SEC Industry Guide No. 7, we are classified as an exploration stage mining company, which is defined as a company engaged in the search for mineral deposits or reserves of precious and base metal targets, which are not in either the development or production stage. We have no known mineral reserves and our proposed preliminary studies of the Claims is exploratory in nature.

In anticipation of acquiring the Claims, on July 13, 2012 our Board of Directors unanimously approved a forward split of our 1.5 million issued and outstanding shares of common stock on a twenty (20) shares for one (1) share basis. Contemporaneous with the forward stock split, which became effective on July 18, 2012, three principal stockholders, Edward F. Cowle, H. Deworth Williams and Geoff Williams, agreed to contribute back to the company for cancellation an aggregate of 1,250,000 pre-split shares of common stock. Following the forward stock split and share cancellation, we had 5.0 million shares of common stock issued and outstanding. 

In consideration for the acquired Claims, we issued to Blue Cap 1.0 million shares of authorized, but previously unissued common stock. The consideration was negotiated between the parties and the 1.0 million shares represent 16.67% of Westgate’s 6.0 million total outstanding shares presently outstanding.

Current Business

We are engaged in the mineral exploration business in the process of developing an exploration program to search for possible deposits of rare earth elements on our Claims. Whether we complete a successful exploration program is dependent on our ability to raise sufficient capital. Rare earth elements are essential for a diverse and expanding array of high-technology applications and for many current and emerging alternative energy technologies, such as electric vehicles, energy-efficient lighting, and wind power. Examples of products that use rare earth elements are computer hard drives, smart phones, TV screens and wind turbines. Rare earth elements are also critical for a number of key defense systems such as lasers, radar, missile-guidance systems and other electronics.

Management believes we need to raise adequate funding to implement a comprehensive exploration program. There can be no assurance that we will be able to secure the necessary funding to fulfill our goals, or that any future funding will be available on terms favorable to the company, or at all.

We have engaged Jesse Jennings of Territory Exploration, Sand Point, Idaho, to conduct preliminary studies of our Claims. Our exploration activities will be for rare earths, gold, silver and other minerals in various phases, but there can be no assurance that a commercially viable mineral deposit exists on our property. We believe that extensive exploration will be required before we can make a final evaluation as to the economic and legal feasibility of any potential deposit. We intend to continue to examine the possibility of acquiring additional viable mineral leases that could potentially enhance our portfolio.

Exploration of Properties

Our mineral lease properties are located 7 miles northeast of Capitan, in Lincoln County, New Mexico (the “Capitan Property”). The area is generally characterized by an average elevation of approximately 5500 feet and is made up of gentle rising hills and ridges to about 6200 feet to the west and 5600 feet to the east. The ridges and elevation decrease to the south to an elevation of 5800 feet. The highest elevation in the

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district is Polvadera Mountain at an elevation of 7292 feet, located approximately 6000 feet due North West of our claims.

Terrain

The terrain is moderate rolling to steep, heavily vegetated with grass, juniper, pine, carrizo, and several species of cactus. Exfoliated Alaskite forms talus slopes of cobble to boulder size. Outcrop composes approximately 40% of the claim block, with the remainder composed of loose talus, dirt and cobble sized cover. The elevation varies from 6500 feet on the south and southeast, to nearly 8200 feet in the north and northwest.

Our Claims are in four blocks in a semi-remote area with no infrastructure in place. The only access to the properties is by historic gravel or dirt roads and trails. There is no current access to water or power, although we do not foresee a need during the initial phases of exploration. Typically, contract personnel carry their own water and have portable generators for operations, including phase two drill programs. Drilling operators supply tanker trucks for their water needs.

If our exploration program results in the discovery of an ore body, management anticipates we will need to raise significant additional funding to proceed further. The next phase could alternatively be accomplished by seeking a strategic partnership or joint venture with a much larger mining company to fund additional heavy exploration drilling, feasibility studies and establishing mining operations. A feasibility study would detail the costs to provide all infrastructure including, but not limited to, pumping water from underground sources or building lakes to hold such water needs, building electrical lines to the area for needed power or using stand-alone large generator systems to provide necessary power. We intend to remain an exploration company and to seek a partner to further explore and operate our properties. There can be no assurance that we will discover minerals in a commercially viable amount, or that we would be able to secure a strategic partner to provide necessary funding to become operational.

Regulatory Requirements

To maintain our claims and/or leases, we must make annual maintenance fee payments to the Bureau Land Management (“BLM”) and State of New Mexico, due the 1^st of September of each year. Payment to the BLM is $155 per claim. We currently own 8 BLM mineral leases.

Phase one of our planned exploration program, completing a preliminary geological report on our BLM mineral lease claims, require no permits or bonding, provided there is no surface land disturbance of more than one-third acre. Phase two, provided preliminary geological reports are favorable, will proceed with a drill program to confirm mineralization on these target areas from the surface to depth. If initial core samples show evidence of rare earth mineralization, a geological, grid map will be produced to lay out an extensive drill program to define a potential mineable ore body. Phase two will require an “Access and Land Use Permit” from the BLM and State of New Mexico. Generally, this will require about 30 days for the filing process and cost approximately $15,000 for a bond to assure the reclamation of the subject areas. We continue to seek necessary funding and if we are successful, we believe we would not be able commence phase two until the latter half of 2018.

History of Claims

Property Location and Description:

The Capitan Property is situated on approximately 165 acres located 7 miles northeast of Capitan, in Lincoln County, New Mexico, in Sections 15, 16, 21 and 22, Township 8 South, Range 15 East, New Mexico Principal Meridian. The property consists of 8 lode mining claims, CAP 3-10. The claims block is located on public land under the administration of the USFS. The Capitan Property is bounded by state and private land to the south. Historic mines are found throughout Lincoln and adjoining counties. It should be noted that we have no known mineral reserves and our initial studies of the Claims is exploratory in nature.

Geology:

The Capitan Mountains are an East-West trending range composed of Alaskite, an alkaline feldspar granitoid, which hosts thorium rich mineralization in the form of Thorite. (Griswold, 1959). The claim block is generally underlain by relatively homogeneous Alaskite, which in field sample is off white to pink, fine to medium grained rock, primarily composed of plagioclase with minor quartz and biotite, Mineralization occurs in the form of veins and zones hosted in the Alaskite country rocks.

We engaged Territory Exploration to stake our Claims and preform preliminary geologic assessment of the Capitan Property. Geologic work includes vein identification and mapping, representative outcrop and float sampling, vein rock assaying using Radiation Solutions RS-125, and mapping of structural and lithologic details. Veins are recognizable in hand specimen and via scintillometer readings. The veins are randomly oriented throughout the claim block and range from less than 1 cm to over 1.5 m width, and a strike length of and from 10cm to 10 meters. Zones of radioactivity were identified using the scintillometer only, as there was no outcrop. These zones could possibly represent a buried vein or the complete erosion of a thorium rich vein and assimilation into the surrounding country rock. Field assay results were representative of the contacts between the host rock which was generally non-radioactive, and the distinct secondary intrusive suite of thorite bearing veins. Nineteen rock samples were collected and are representative of the vein extent on the Capitan Property. Preliminary assay results indicated a presence of Uranium and Thorium, although these results should not be considered conclusive.

 

To date we have not been able to secure necessary funding to commence and complete an exploratory program. We believe that the most promising prospect to raise capital is the private sale of securities. Because we are an exploration stage company, it is unlikely that we could make a public sale of securities or be able to borrow any significant sum from either a commercial or private lender. There can be no assurance that we will be able to obtain necessary additional funding when and if needed, or that such funding, if available, can be obtained on acceptable terms. It may be necessary for our officers, directors or principal stockholders to advance funds and we intend to hold expenses to a minimum and accrue expenses as possible until adequate funding is secured. Further, directors and officers intend to defer any compensation until our business warrants and adequate funds are available. As of the date hereof, we do not have in place an arrangement or definitive agreement for additional funding.

We do not have plans to hire employees in the immediate future, apart from part-time clerical assistance on an as-needed basis. We intend to use outside advisors or consultants only if they can be obtained for minimal cost or on a deferred payment basis. Management is confident that we will be able to operate in this manner and proceed with our planned exploratory program during the next twelve months. We do not anticipate making any significant capital expenditures in the immediate future.

Plan of Operations

Our business plan for the next 12 months anticipates needing approximately $75,000 to complete our initial planned exploration commitments. Phase one of our exploration plan is intended to define possible mineralized zones on our properties, which will further define potential drill targets. We intend to seek a mineral exploration report from a qualified, licensed geologist, which will describe in detail all the exploration data, testing results and all other operations performed on the properties as well as a definitive further exploration program with suggested costs to enter and perform the next phase of the expected exploration. We estimate that exploration expenditures to complete the phase one will be approximately $50,000. Results of each phase of our proposed exploration will be assessed to determine whether the results warrant further work. If exploration results on the initial phases do not warrant drilling or further exploration, we will likely suspend operations on the property. We would then have to seek additional exploration properties and additional funding with which to conduct the work. If we are unable to obtain additional financing or additional properties, we may not be able to continue active business operations.

Phase two, depending on the results of phase one, will consist of refining target locations, commencing trenching, and obtaining metallurgical samples for milling and processing tests. Upon assessing the results, we will rank target sits, investigate possible mills, and securing necessary options and permits. Management estimates that we will need up to an additional $25,000 to complete phase two, including the cost to exercise the option to acquire additional claims and general expenses. We intend to explore a possible private placement of our securities and/or debt financing to raise the additional funds, although no definitive plan has been formulated and there can be no assurance that we will be able to realize the necessary funds.

 

If our planned initial exploration programs successfully identifies a mineral deposit, we will need substantial additional funds for drilling and engineering studies to determine whether the mineral deposit is commercially viable. If we cannot raise additional funds for this work, we would be unable to proceed, even if a viable mineral deposit is discovered.

Our total exploration expenditures for phase one and two are expected, including initial filing and boding costs, could exceed $100,000. Each phase of our proposed exploration will be assessed to determine

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whether the results warrant further work. If exploration results on the initial phases do not warrant drilling or further exploration, we will suspend operations on the property. We will then seek additional exploration properties and additional funding with which to conduct the work. If we are unable to obtain additional financing or additional properties, we may not be able to continue active business operations.

Historically, we have incurred operating losses and will not be able to exist indefinitely without securing additional operating funds. In the view of our independent auditors, we require additional funds to maintain our operations and these conditions raise substantial doubt about our ability to continue as a going concern.

 

We will not be conducting any product research or development over the next 12 months and do not expect to purchase any plant or significant equipment during that time. We do not have employees and do not expect add employees over the next 12 months, except for possible consultants and part-time clerical help. We anticipate that our current management team will satisfy our requirements for the foreseeable future.

Competition

 

The exploration for and exploitation of mineral reserves is highly competitive with many local, national and international companies in the marketplace. We must compete against several established companies in the industry that are better financed and/or who have closer working relationships with productive mining companies. One possible plan will be to seek a strategic relationship with an established mining company to provide expertise and funding, if exploration results so warrant. We have not entered into any agreements with any third parties to produce any minerals from our property, nor have we identified any potential partners in that regards, nor is there any assurance we will be able to secure such agreements. If we are unable to identify and/or partner with any third parties to assist us in attaining “production grade” minerals, we will likely be unsuccessful in producing any such minerals.

 

Government Regulation

 

Because we are engaged in the mineral exploration activities, we are exposed to many governmental and environmental risks associated with our business. We are currently in the initial exploration stages and management has not determined whether significant site reclamation costs will be required.

 

Environmental and other government regulations at the federal, state and local level may include:

●

surface impact;

●

water acquisition and treatment;

●

site access;

●

reclamation;

●

wildlife preservation;

●

licenses and permits; and

●

maintaining the environment.

Regulatory compliance in the mining industry is complex and the failure to meet and satisfy various requirements can result in fines, civil or criminal penalties or other limitations.

If we can secure funding necessary to implement an exploration program, we will be subject to regulation by numerous governmental authorities. To maintain our claims, we must make annual payments to the BLM and the State of New Mexico. If we proceed to phase two drilling, we must secure an Access and Land Use Permit. Subsequently, operating and environmental permits will be required from applicable regulatory bodies using technical applications filed by us. The failure or delay in obtaining regulatory approvals or licenses will adversely affect our ability to explore our property and otherwise carry out our business plan.

Any exploration or ultimate production on United States Federal land will have to comply with the Federal Land Management Planning Act, which has the effect generally of protecting the environment. Any exploration or ultimate production on private property, whether owned or leased, will have to comply with the Endangered Species Act and the Clean Water Act. The costs of complying with environmental concerns under any of these acts vary on a case-by-case basis. In many instances the cost can be prohibitive to development. Environmental costs associated with a project must be factored into the overall cost evaluation of whether to proceed with the project.

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Presently, our only costs related to the claims are for annual assessment fees and reclamation bonding requirements of the Bureau of Land Management in compliance with environmental laws. However, because we anticipate engaging in natural resource projects, these costs could occur at any time and the potential liability extensive.

 

Trademarks and Copyrights

 

We do not own any patents, trademarks or copyrights.

Employees

 

We presently do not have any employees and do not anticipate adding employees until our business operations and financial resources so warrant. We consider our current management to be sufficient to satisfy our requirements for the foreseeable future. Our exploration program will be contracted to independent, qualified engineering and consulting firms.

Facilities

We currently use as our principal place of business the business office of our President and director, Geoff Williams, in Salt Lake City, Utah. We have no written agreement and currently pay no rent for use of the facilities. When our business warrants and we have sufficient funds, we will likely secure commercial office space from which to conduct business. We have no current plans to secure such commercial office space.

Industry Segments

No information is presented regarding industry segments. We are presently an exploration stage company engaged in the mineral exploration business and considered an exploration stage mining company. Reference is made to the statements of income included in this Form 10-K for a report of our operating history for the past two fiscal years.

Item 1A.

Risk Factors.

This item is not required for a smaller reporting company.

Item 1B.

Unresolved Staff Comments.

This item is not required for a smaller reporting company.

Item 2.

Description of Property.

We do not presently own any property.

Item 3.

Legal Proceedings.

There are no material pending legal proceedings to which the company or any subsidiary is a party, or to which any property is subject and, to the best of our knowledge, no such action against us is contemplated or threatened.

Item 4.

Mine Safety Disclosures.

Not applicable.

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

There has never been a public trading market for our common stock. We have approximately 33 common stockholders of record. At such time as our business warrants and we have sufficient funding, we anticipate making an application through a broker/dealer to have our shares quoted on either the OTCQB or

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OTC Pink Marketplace. This application will consist of current corporate information, financial statements and other documents as required by Rule 15c2-11 of the Exchange Act.

 

Inclusion on the OTCQB or OTC Pink Marketplace will permit price quotations for our shares to be published by that service, although we do not anticipate a public trading market in our shares in the immediate future. Other than this application, we have no plans, proposals, arrangements or understandings with any person concerning the development of a trading market in our commons stock. There can be no assurance that our shares will be accepted for quotation and trading on any recognized trading market. Also, there is no assurance that a public trading market will develop following acceptance for trading or at any other time in the future or, that if such a market does develop, that it can be sustained.

 

The ability of individual stockholders to trade their shares in a particular state may be subject to various rules and regulations of that state. A number of states require that an issuer's securities be registered in their state or appropriately exempted from registration before the securities are permitted to trade in that state. Presently, we have no plans to register our securities in a particular state.

Penny Stock Rule

 

It is unlikely that our securities will be listed on any national or regional exchange or The NASDAQ Stock Market in the foreseeable future. Therefore, our shares most likely will be subject to the provisions of Section 15(g) and Rule 15g-9 of the Exchange Act, commonly referred to as the “penny stock” rule. Section 15(g) sets forth certain requirements for broker-dealer transactions in penny stocks and Rule 15g-9(d)(1) incorporates the definition of penny stock as that used in Rule 3a51-1 of the Exchange Act.

 

The SEC generally defines a penny stock to be any equity security that has a market price less than $5.00 per share, subject to certain exceptions. Rule 3a51-1 provides that any equity security is considered a penny stock unless that security is:

 

●	registered and traded on a national securities exchange meeting specified criteria set by the SEC;
●	authorized for quotation on the NASDAQ Stock Market;
●	issued by a registered investment company;
●	excluded from the definition based on price (at least $5.00 per share) or the issuer's net tangible assets; or
●	exempted from the definition by the SEC.

 

Broker-dealers who sell penny stocks to persons other than established customers and accredited investors, are subject to additional sales practice requirements. An accredited investor is generally defined as a person with assets in excess of $1,000,000, excluding their principal residence, or annual income exceeding $200,000, or $300,000 together with their spouse.

 

For transactions covered by these rules, broker-dealers must make a special suitability determination for the purchase of such securities and receive the purchaser's written consent to the transaction prior to the purchase. Additionally, the rules require the delivery, prior to the first transaction, of a risk disclosure document relating to the penny stock market. A broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative and current quotations for the securities. Finally, monthly statements must be sent to clients disclosing recent price information for the penny stocks held in the account and information on the limited market in penny stocks. Consequently, these rules may restrict the ability of broker-dealers to trade and/or maintain a market in our common stock and may affect the ability of stockholders to sell their shares.

 

These requirements may be considered cumbersome by broker-dealers and impact the willingness of a broker-dealer to make a market in our shares, or they could affect the value at which our shares trade. Classification of the shares as penny stocks increases the risk of an investment in our shares.

 

 Rule 144

 

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Shares of our outstanding common stock are deemed “restricted securities,” as defined by Rule 144 under the Securities Act of 1933 (the “Securities Act”), unless otherwise included in a registration statement. Rule 144 is the common means for a stockholder to resell restricted securities and for affiliates, to sell their securities, either restricted or non-restricted control shares. The SEC amended Rule 144, effective February 15, 2008.

 

Under the amended Rule 144, an affiliate of a company filing reports under the Exchange Act who has held their shares for more than six months, may sell in any three-month period a number of shares that does not exceed the greater of:

●

 the average weekly trading volume in the common stock, as reported through the automated quotation system of a registered securities association, during the four calendar weeks preceding such sale, or

●  

1% of the shares then outstanding.

Sales by affiliates under Rule 144 are also subject to certain requirements as to the manner of sale, filing appropriate notice and the availability of current public information about the issuer.

A non-affiliate stockholder of a reporting company who has held their shares for more than six months, may make unlimited resales under Rule 144, provided only that the issuer has available current public information about itself. After a one-year holding period, a non-affiliate may make unlimited sales with no other requirements or limitations.

 

An important exception to the availability of the amended Rule 144 is that Rule 144 is not available for either a reporting or non-reporting shell company, unless the company:

●

has ceased to be a shell company;

●

is subject to the Exchange Act reporting obligations;

●

has filed all required Exchange Act reports during the preceding twelve months; and

●

at least one year has elapsed from the time the company filed with the SEC, current Form 10 type information reflecting its status as an entity that is not a shell company.

 

Because we were previously classified as a “shell” company, stockholders who hold restricted shares are not able to rely on Rule 144 until one year after we ceased to be a shell company and have filed with the SEC adequate information that we are no longer a shell company. On December 17, 2013, we filed a Form 8-K Current Report announcing that we completed the Acquisition Agreement and that we were no longer considered a shell company. The information included in the Form 8-K was intended to be adequate information that would otherwise be included in a registration statements. Accordingly, our stockholders, both affiliates and non-affiliates, would not become eligible to use Rule 144 until one year from the initial filing of the Form 8-K.

We cannot predict the effect any future sales under Rule 144 may have on the market price of our common stock, if a market for our shares develops, but such sales may have a substantial depressing effect on such market price.

Dividends Policy

We have never declared cash dividends on our common stock, nor do we anticipate paying any dividends on our common stock in the foreseeable future.

Item 6.

Selected Financial Data.

This item is not required for a smaller reporting company.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following information should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this Form 10-K.

We are deemed an exploration stage company. Ongoing operating expenses, including costs associated with preparing and filing reports with the SEC, have historically been paid for by stockholder advances. We believe that necessary funds to maintain corporate viability and to fund future planned exploration will most likely be provided by officers, directors and/or principal stockholders, or possibly from private sales of securities, either debt or equity. However, there is no assurance that we will be able to obtain such funds on terms favorable to the company, or at all.

Forward Looking and Cautionary Statements

This report contains forward-looking statements relating to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “will” “should," “expect," "intend," "plan," anticipate," "believe," "estimate," "predict," "potential," "continue," or similar terms, variations of such terms or the negative of such terms. These statements are only predictions and involve known and unknown risks, uncertainties and other factors. Although forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment, actual results could differ materially from those anticipated in such statements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Results of Operations

We have not realized revenues since inception. For the year ended December 31, 2017, our net loss decreased to $26,755 compared to a loss of $42,757 for the year ended December 31, 2016. For 2017, total expenses were $11,547 compared to $28,574 in 2016, primarily attributed to a decrease in professional fees for accounting and legal expenses from $19,345 in 2016 to $5,467 in 2017. During 2017, general and administrative expenses decreased to $6,080 compared to $9,229 in 2016, primarily due to their own mining claim maintenance. Also, in 2017, interest expense increased to $15,730 compared to $14,183 in 2016, due to the increase in notes payable to related parties and accompanying increase in accrued interest. From inception through December 31, 2017, we have recorded a cumulative net loss of $26,755.

Liquidity and Capital Resources

Ongoing operating expenses incurred during 2017 and 2016 have been paid for by advances and loans from a stockholder. At December 31, 2017, we had total assets consisting of cash of $379 compared to cash of $139 at December 31, 2016. At December 31, 2017, we had current liabilities of $248,631 compared to $227,636 at December 31, 2016. The increase in liabilities at December 31, 2017 is primarily attributed to the $11,160 increase in note payable - related party, from $151,974 at December 31, 2016 to $163,134 at December 31, 2017, due to new loans from stockholders. The increase is also attributed to the $15,730 increase in accrued interest – related party, from $66,737 at December 31, 2016 to $82,467 at December 31, 2017, which reflects interest on the increase in related party note payable. At December 31, 2017, accounts payable decreased $5,895 to $3,030 from $8,925 at December 31, 2016.

Total stockholders’ deficit at December 31, 2017 was $248,252 compared to a deficit of $227,497 at December 31, 2016. Because of the Company’s limited cash reserves, we believe we must continue to rely on stockholders to pay expenses until we can successfully find a source of outside funding or that our operations begin to generate revenues.

Inflation

 

In the opinion of management, inflation has not and will not have a material effect on our operations in the immediate future. Management will continue to monitor inflation and evaluate the possible future effects of inflation on our business and operations.

Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued since the last audit of the company’s financial statements. We believe that these recent pronouncements will not have a material effect on our financial statements.

Off-Balance Sheet Arrangements

We have no 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 is material to stockholders.

Critical Accounting Policies

JOBS Act

The JOBS Act provides that, so long as a company qualifies as an “emerging growth company,” it will, among other things:

●

be exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that its independent registered public accounting firm provide an attestation report on the effectiveness of its internal control over financial reporting;

●

be exempt from the “say on pay” and “say on golden parachute” advisory vote requirements of the Dodd-Frank Wall Street Reform and Customer Protection Act (the “Dodd-Frank Act”), and certain disclosure requirements of the Dodd-Frank Act relating to compensation of its chief executive officer and be permitted to omit the detailed compensation discussion and analysis from proxy statements and reports filed under the Securities Exchange Act of 1934; and

●

instead provide a reduced level of disclosure concerning executive compensation and be exempt from any rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotations or a supplement to the auditor’s report on the financial statements.

It should be noted that notwithstanding our status as an emerging growth company, we would be eligible for these exemptions because of our status as a “smaller reporting company” as defined by the Securities Exchange Act of 1934.

Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have irrevocably elected not to take advantage of the benefits of this extended transition period and, therefore, will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

This item is not required for a smaller reporting company.

Item 8.

Financial Statements and Supplementary Data.

Financial statements for the fiscal years ended December 31, 2017 and 2016 have been examined, to the extent indicate in their reports, by Pinnacle Accountancy Group of Utah, independent registered public accountants (a d/b/a of Heaton & Company PLLC), and have been prepared in accordance with accounting principles generally accepted in the United States of America and pursuant to regulations promulgated by the SEC.

8

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To The Board of Directors and Stockholders of

Westgate Acquisitions Corporation

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Westgate Acquisitions Corporation (the Company) as of December 31, 2017 and December 31, 2016, and the related statements of operations, stockholders’ equity (deficit), and cash flows for each of the years in the two-year period ended December 31, 2017 and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and December 31, 2016, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.  As discussed in Note 2 to the financial statements, the Company has negative working capital and has not generated revenues to cover operating expenses.  These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to this matter are also described in Note 2.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/Pinnacle Accountancy Group of Utah

We have served as the Company’s auditor since 2017.

Farmington, Utah

April 12, 2018

WESTGATE ACQUISITIONS CORPORATION
Statements of Operations
			For the Years Ended
			December 31,
			2017			2016
REVENUES			$	-		$	-
EXPENSES
	Professional Fees			8,380			20,005
	General and administrative			5,558			9,199
		Total Expenses		13,938			29,204
LOSS FROM OPERATIONS				(13,938)			(29,204)
OTHER EXPENSES
	Interest expense			(13,593)			(12,932)
		Total Other Expenses		(13,593)			(12,932)
LOSS BEFORE INCOME TAXES				(27,530)			(42,136)
PROVISION FOR INCOME TAXES				-			-
NET LOSS			$	(27,530)		$	(42,136)
BASIC AND DILUTED LOSS PER SHARE			$	(0.00)		$	(0.01)
BASIC AND DILUTED WEIGHTED AVERAGE
NUMBER OF COMMON SHARES
OUTSTANDING				6,000,000			6,000,000

WESTGATE ACQUISITIONS CORPORATION
Statements of Cash Flows
					For the Years Ended
					December 31,
					2017			2016
CASH FLOWS FROM
OPERATING ACTIVITIES
	Net loss				$	(26,755)		$	(42,757)
	Adjustments to reconcile net loss to net cash
	used in operating activities:
		Services contributed by shareholders				6,000			6,000
	Changes in operating assets and liabilities:
		Change in accrued interest - related party				15,730			14,183
		Change in accounts payable				(5,895)			(1,095)
			Net Cash Used in
			Operating Activities			(10,920)			(23,669)
CASH FLOWS FROM INVESTING ACTIVITIES						-			-
CASH FLOWS FROM FINANCING ACTIVITIES
Notes Payable – Related Party						11,160			20,030
			Net Cash Provided by
			Financing Activities			11,160			20,030
		NET INCREASE IN CASH				240			(3,639)
		CASH AT BEGINNING OF PERIOD				139			3,778
		CASH AT END OF PERIOD			$	379		$	139
SUPPLEMENTAL DISCLOSURES OF
	CASH FLOW INFORMATION
	CASH PAID FOR:
		Interest			$	-		$	-
		Income Taxes			$	-		$	-
The accompanying notes are an integral part of these financial statements.

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WESTGATE ACQUISITIONS CORPORATION

Notes to Financial Statements

December 31, 2017 and 2016

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Westgate Acquisitions Corporation (The Company) was organized on September 8, 1999, under the laws of the State of Nevada. The Company has not commenced principle operations as of the balance sheet date.

Use of Estimates

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

Basic Loss per Common Share

Basic 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. There are no such common stock equivalents outstanding as of December 31, 2017 and 2016.

Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company had not incurred any advertising expense as of December 31, 2017 and 2016.

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

Impairment of Long-Lived Assets

The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.

Income Taxes

The Company provides for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. The Company’s predecessor operates as entity exempt from Federal and State income taxes.

ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

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WESTGATE ACQUISITIONS CORPORATION

Notes to Financial Statements

December 31, 2017 and 2016

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Income Taxes (Continued)

On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the Tax Act) was enacted into law including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the corporate income tax rate to 21% effective January 1, 2018, among others. We are required to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax, remeasuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. The Company does not have any foreign earnings and therefore, we do not anticipate the impact of a transition tax.

We have remeasured our U.S. deferred tax assets at a statutory income tax rate of 21%. Since the Tax Act was passed late in the fourth quarter of 2017, and ongoing guidance and accounting interpretation are expected over the next 12 months, we consider the accounting of any transition tax, deferred tax re-measurements, and other items to be incomplete due to the forthcoming guidance and our ongoing analysis of final year-end data and tax positions. We expect to complete our analysis within the measurement period in accordance with SAB 118, no later than 2019.

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 15% to net the loss before provision for income taxes for the following reasons:

	December 31, 2017		December 31, 2016
Income tax expense (benefit) at statutory rate	$   (3,693)		$   (6,226)
Contributed services	900		900
Related party interest	2,039		1,940
Change in valuation allowance	754		3,386
Income tax expense per books	$      -		$      -

As of December 31, 2017 and 2016, deferred tax assets consist of operating loss carryforwards of $213,502 and $208,477 and related party interest of $79,079 and $65,486, respectively. The net deferred tax assets are calculated using the expected rate of 21% as of December 31, 2017 and 15% as of December 31, 2016:

	December 31, 2017		December 31, 2016
NOL carryover	$  44,835		$   31,272
Related party interest	16,607		9,823
Impairment of mining claims	7		7
Valuation allowance	(61,449)		(41,102)
Net deferred tax asset	$      -		$      -

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $213,502 at December 31, 2017 for federal income tax reporting purposes are subject to annual limitations. When a change in ownership occurs, net operating loss carry forwards may be limited as to use in future years. The valuation allowance increased approximately $19,590 due to change in effective tax rates to 21%.

Accounting Basis

The basis is accounting principles generally accepted in the United States of America. The Company has adopted a December 31 fiscal year-end.

 

Stock-Based Compensation.

As of December 31, 2017, the Company has not issued any share-based payments to its employees.

The Company adopted ASC 718 effective January 1, 2006 using the modified prospective method. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 718. As of December 31, 2017 the Company had not recorded any stock-based compensation expense.

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WESTGATE ACQUISITIONS CORPORATION

Notes to Financial Statements

December 31, 2017 and 2016

Recent Accounting Pronouncements

The Company has evaluated recent accounting pronouncements and their adoption has not had nor is not expected to have a material impact on the Company’s financial position or statements.

NOTE 2 - GOING CONCERN

The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit of $313,969 as of December 31, 2017. The Company currently has limited liquidity, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

 

NOTE 3 - NOTE PAYABLE-RELATED PARTY

As of December 31, 2017 and 2016, the Company had a note payable to a shareholder of $163,134 and $151,974, respectively. The note payable is unsecured, accrues interest at 10% per annum and is due upon demand. As of December 31, 2017 and 2016, the Company            owes $82,467 and $66,737 of accrued interest to the related party, respectively. As of December 31, 2017 and 2016 the Company had an interest expense of $15,730 and $14,183, respectively.

NOTE 4 - CONTRIBUTED SERVICES

During the years ended December 31, 2017 and 2016, a Company officer has contributed various administrative services to the Company. These services include basic management and accounting services, and utilization of office space and equipment. These services have been valued at $6,000 for each of the years ended December 31, 2017 and 2016.

NOTE 5 - SUBSEQUENT EVENTS

The Company’s management reviewed all material events through the date of this report and there are no material subsequent events to report.

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Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

On February 9, 2017, our Board of Directors approved a resolution to dismiss Sadler, Gibb & Associates, L.L.C. (“Sadler Gibb”) as the company’s independent registered public accounting firm and, on the same date, we engaged Pinaki & Associates LLC (“Pinaki”) as the company’s independent registered public accounting firm.

On November 27, 2017, our Board of Directors approved a resolution to dismiss Pinaki as our independent registered public accounting firm and, on the same date, we engaged Pinnacle Accountancy Group of Utah (“Pinnacle”), formerly known as Heaton & Company PLLC, as our new independent registered public accounting firm to audit the company’s consolidated financial statements as of December 31, 2017.

 

Except for the inclusion of a modification as to the company’s ability to continue as a going concern, none of Sadler Gibbs’ or Pinaki’s reports on the company’s consolidated financial statements for the past two fiscal years contained an adverse opinion or a disclaimer of opinion, or was qualified or modified as to uncertainty, audit scope or accounting principles.

As to Sadler Gibb during the company’s fiscal years ended December 31, 2014 and 2015 and through February 9, 2017, and as to Pinaki during our fiscal years ended December 31, 2015 and 2016 and through November 27, 2017;

(i) there were no disagreements with either Sadler Gibb or Pinaki on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Sadler Gibb’s or Pinaki’s satisfaction, would have caused either firm to refer to the subject matter of such disagreements in its reports on the company’s consolidated financial statements for such years; and

(ii) there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K.

 

Item 9A.

Controls and Procedures.

Evaluation of Disclosures and Procedures

As of the end of the period covered by this annual report, our chief executive officer, also acting as principal financial officer, carried out an evaluation of the effectiveness of “disclosure controls and procedures,” as defined in the Securities Exchange Act of 1934, Rules 13a-15(e) and 15-d-15(e). Based upon that evaluation, it was concluded that as of December 31, 2017, our disclosure controls and procedures were not effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is:

(i) recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms; and

(ii) accumulated and communicated to management, including our chief executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting for our company. Our control system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:

●

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition of our assets;

●

provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures are being made only with proper authorizations of management and directors; and

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●

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of company assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management, including our principal executive officer and principal financial officer, assessed the effectiveness of our internal control over financial reporting as of December 31, 2017. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the 2013 Internal Control Over Financial Reporting – Guidance for Smaller Public Companies. Based on our assessment and those criteria, our management concluded that our internal control over financial reporting was not effective as of December 31, 2017.

Changes in Internal Control over Financial Reporting

Management has concluded that controls over both disclosure controls and financial reporting controls are ineffective due to material weaknesses in maintaining sufficient segregation of duties. Due to our size and limited resources, we are unable currently to implement and maintain proper segregation of duties.

There have been no significant changes in our internal controls over financial reporting or in other factors that could materially affect, or would be likely to materially affect, our internal controls over financial reporting after the date we carried out our evaluation.

Item 9B.

Other Information.

Not applicable.

PART III

Item 10.

Directors, Executive Officers and Corporate Governance.

Our executive officers and directors are as follows:

Name

  Age

Position

Geoff Williams

 48

President, CEO and Director

Rachel Winn

 47

Secretary / Treasurer and Director

___________________________

All directors hold office until the next annual meeting of stockholders and until their successors have been duly elected and qualified. There are no agreements with respect to the election of directors. We have not compensated directors for service on the board of directors or any committee thereof, but directors are entitled to be reimbursed for expenses incurred for attendance at meetings of the board and any committee thereof. However, directors may defer their expenses and/or take payment in shares of our common stock. As of the date hereof, no director has accrued any expenses or compensation. Officers are appointed annually by the board of directors and each executive officer serves at the discretion of the board. We do not have any standing committees.

No director, officer, affiliate or promoter of our company has, within the past five years, filed any bankruptcy petition, been convicted in or been the subject of any pending criminal proceedings, or is any such person the subject or any order, judgment, or decree involving the violation of any state or federal securities laws.

Directors currently devote only such time to company affairs as needed. The time devoted could amount to as little as 1% of the time they devote to their own business affairs, or if business conditions ultimately warrant, they could possibly elect to devote their full time to our business. Presently, there are no other persons whose activities are material to our operations.

Currently, there is no arrangement, agreement or understanding between management and non-management stockholders under which non-management stockholders may directly or indirectly participate in or influence the management of our affairs. Present management openly accepts and appreciates any input or suggestions from stockholders. However, the board of directors is elected by the stockholders and the stockholders have the ultimate say in who represents them on the board. There are no

17

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agreements or understandings for any officer or director to resign at the request of another person and none of the current offers or directors are acting on behalf of, or will act at the direction of, any other person.

The business experience of each of the persons listed above during the past five years is as follows:

Geoff Williams. Mr. Williams has served as a director and President of our company since its inception in September 1999. From 1994 to the present, Mr. Williams has been a representative of Williams Investments Company, a Salt Lake City, Utah financial consulting firm involved in facilitating mergers, acquisitions, business consolidations and financings. Mr. Williams attended the University of Utah and California Institute of the Arts. Mr. Williams also serves as our principal financial officer and principal accounting officer. Mr. Williams served as a director, President and C.E.O. of Protect Pharmaceutical Corp. from February 14, 2012 to November 2016 and was also a director of U.S. Rare Earths, Inc. from November 2011 to August 2012.

Rachel Winn. Ms. Winn was appointed a director and Secretary on October 3, 2012. Since May 1, 2009, she has been the assistant office manager at Williams Investment Company. Ms. Winn also serves as a Director on the Board of Directors of Red Mountain Inc. and Fortune Viniculture. Recently, she has assumed the responsibility of overseeing all secretarial services concerning Elite Engineering Solutions, and is the personal assistant to Shaun Wyllie, the company’s Director of Operations.

Ms. Winn graduated from East High school in 1988. She then went on to work at a Reservations Network in Park City, Utah from 1988 until 1991. Her duties included typing, filing, reception and property management. In 1991 she moved to Salt Lake City and worked in the food service industry at The Red Lion Hotel, Harris and David’s Café, Dee’s Family Restaurant and at The Other Place Restaurant. In 2005, Ms. Winn became the Client Services Coordinator at the law firm of Ray Quinney and Nebeker in Salt Lake City until 2007 when she accepted a position at Adult Beverage Control Systems, supervising the Northern portion of the Salt Lake Valley until 2009. Ms. Winn is the wife of Geoff Williams.

Compliance With Section 16(a) of the Exchange Act

Section 16(a) of the Exchange Act requires our directors and executive officers, and persons who own more than 10% of our common stock, to file with the SEC initial reports of ownership and reports of changes in ownership of our common stock and other equity securities. We believe that that no reports were filed during the fiscal year 2017.

Code of Ethics

We currently do not have a code of ethics. As our business develops, we intend to adopt a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 11.

Executive Compensation.

We have not had a bonus, profit sharing, or deferred compensation plan for the benefit of employees, officers or directors. We have not paid any salaries or other compensation to officers, directors or employees for the years ended December 31, 2017 and 2016. Further, we have not entered into an employment agreement with any of our officers, directors or any other persons and no such agreements are anticipated in the immediate future. We expect that directors will defer any compensation until our business and financial situation so warrant. As of the date hereof, no person has accrued any compensation.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table sets forth information, to the best of our knowledge, as of March 30, 2018, with respect to each person known by us to own beneficially more than 5% of the outstanding common stock, each director and all directors and officers as a group. Unless otherwise noted, the address of each person below is c/o 4190 South Highland Drive, Suite 230, Salt Lake City, Utah 84124.

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Name and Address

 Amount and Nature of

 Percent

of Beneficial Owner

 Beneficial Ownership

 

 of Class⁽¹⁾

  Directors and Officers

Geoff Williams *

2,000,000

33.3 %

  5% Stockholders

Edward F. Cowle *

2,000,000

33.3 %

H. Deworth Williams

684,000

11.4 %

Blue Cap Development Corp.⁽²⁾

1,000,000

   16.7 %

All directors and officers

2,000,000

 

33.3 %

 a group (2 persons)

 *

Director and/or executive officer

Note:

Unless otherwise indicated, we have been advised that each person above has sole voting power over the shares indicated above.

(1)

Based upon 6,000,000 shares of common stock outstanding on March 30, 2018.

(2)

Blue Cap Development Corp. is a private Nevada corporation that is principally owned by Edward F. Cowle and H. Deworth Williams, who have voting and investment control over the company.

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

There have been no material transactions during the past two fiscal years between our company and any officer, director, nominee for election as director, or any stockholder owning greater than five percent (5%) of our outstanding shares, nor any member of the above referenced individuals' immediate families.

Item 14.

Principal Accounting Fees and Services.

We do not have an audit committee and as a result our entire board of directors performs the duties of an audit committee. Our board of directors will approve in advance the scope and cost of the engagement of an auditor before the auditor renders audit and non-audit services. As a result, we do not rely on pre-approval policies and procedures.

Audit Fees

On February 9, 2017, we engaged Pinaki & Associates LLC (“Pinaki”) as our new independent registered public accounting firm to audit our annual financial statements for the year ended December 31, 2016. Pinaki billed us $1,500 for the audit of our December 31, 2016 financial statements included in our 2016 Form 10-K, and $750 for review of our quarterly reports during 2017. Our prior auditors, Sadler, Gibb & Associates (“Sadler Gibb”), billed us $4,000 for the audit of our annual financial statements for the ended December 31, 2016. They also billed us $2,000 for the reviews of our quarterly reports during 2016.

On November 27, 2017, we engaged Heaton & Company, PLLC, d/b/a Pinnacle Accountancy Group of Utah (“Pinnacle”) as our new independent registered public accounting firm to audit the company’s consolidated financial statements as of December 31, 2017. Pinnacle has billed us $1,250 for the audit or our annual financial statements for December 31, 2017 included in this report.

Audit Related Fees

For the year ended December 31, 2017 and 2016, there were no fees billed for assurance and related services by Sadler Gibb, Pinaki or Pinnacle relating to the performance of the audit of our financial statements which are not reported under the caption "Audit Fees" above.

Tax Fees

For the years ended December 31, 2017 and 2016, no fees were billed by Sadler Gibb, Pinaki or Pinnacle for tax compliance, tax advice and tax planning.

We have not used Sadler Gibb, Pinaki or Pinnacle for financial information system design and implementation. These services, which include designing or implementing a system that aggregates source data underlying the financial statements or generates information that is significant to our financial

19

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statements, are provided internally or by other service providers. We have not engaged Sadler Gibb, Pinaki or Pinnacle to provide compliance outsourcing services.

Our board of directors has considered the nature and amount of fees billed by Sadler Gibb, Pinaki and Pinnacle and believes that the provision of services for activities unrelated to the audit is compatible with maintaining those firms’ independence.

PART 1V

Item 15.

Exhibits, Financial Statement Schedules

(a)

Exhibits

Exhibit No.

   Exhibit Name   

 

 3.1*

Certificate of Incorporation

 3.2*

By-Laws

 4.1*

Instrument defining rights of stockholders (See Exhibit No. 3.1, Certificate of

Incorporation)

10.1**

Assignment Agreement with Blue Cap Development Corporation

 

10.2***

First Addendum to Assignment Agreement

 

31.1

Certification of C.E.O. and Principal Accounting Officer Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

 

32.1

Certification of C.E.O. and Principal Accounting Officer Pursuant to 18 U.S.C. Section

1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

________________

*

Previously filed as an Exhibit to the Form 10-SB, filed with SEC on February 6, 2008.

**

Previously filed as Exhibit to Form 8-K, filed with SEC on July 24, 2012.

***

Preciously filed as Exhibit to Amendment No. 2 to Form 10-K for the year ended December 31, 2013, filed with SEC on October 27, 2014.

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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.

Westgate Acquisitions Corporation

Signature

     Title

  Date

       

 April 13, 2018

/S/ GEOFF WILLIAMS     

President, C.E.O. and director

     Geoff Williams

Principal Financial Officer

Principal Accounting Officer

/S/ RACHEL WINN        

Secretary and Director

April 13, 2018

     Rachel Winn

21