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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q/A


(Mark One)


[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934


For the Quarter Ended June 30, 2011


[   ]

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 Identification No.)

incorporation or organization)


2681 East Parleys Way, Suite 204, Salt Lake City, Utah 84109

(Address of principal executive offices)


(801) 322-3401

(Registrants telephone number, including area code)


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 past 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 whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. Yes [X]   No [  ]


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)


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes [X]   No [  ]


APPLICABLE ONLY TO CORPORATE ISSUERS


Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date.


Class

Outstanding as of August 15, 2011


Common Stock, $0.0001 par value

       1,500,000






EXPLANATORY NOTE

Westgate Acquisitions Corporation, is filing this Amendment No. 1 (the Form 10-Q/A) to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 (the Form 10-Q), filed with the Securities and Exchange Commission (SEC) on August 18, for the sole purpose of furnishing the XBRL Interactive Data Files on Exhibit 101.


No other Changes have been made to the Form 10-Q. This Form 10-Q/A continues to speak as of the original filing date of the form 10-Q, does not reflet events that may have occurred subsequent to the original filing date, and does not modify or update any related disclosures made in the form 10-Q.




TABLE OF CONTENTS


Heading

Page  


PART  I       FINANCIAL INFORMATION


Item 1.

Financial Statements

3


Item 2.

Management's Discussion and Analysis of Financial Condition and Results

of Operations

11


Item 3.

Quantitative and Qualitative Disclosures About Market Risk

11


Item 4(T).

Controls and Procedures

11



PART II      OTHER INFORMATION


Item 1.

Legal Proceedings

15


Item 1A.

Risk Factors

15


Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

15


Item 3.

Defaults Upon Senior Securities

16


Item 4.

(Removed and Reserved)

16


Item 5.

Other Information

17


Item 6.

Exhibits

17


Signatures

17




PART  I      FINANCIAL INFORMATION


Item 1.

Financial Statements


The accompanying unaudited balance sheet of Westgate Acquisitions Corporation at June 30, 2011, related unaudited statements of operations, statements of stockholders equity (deficit) and cash flows for the three and six months ended June 30, 2011 and 2010 and the period from September 8, 1999 (date of inception) to June 30, 2011, have been prepared by management in conformity with United States generally accepted accounting principles.  In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.  It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Companys December 31, 2010 audited financial statements.  Operating results for the period ended June 30, 2011, are not necessarily indicative of the results that can be expected for the fiscal year ending December 31, 2011 or any other subsequent period.



WESTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Balance Sheets

ASSETS














June 30,


December 31,





2011


2010





(Unaudited)


 










CURRENT ASSETS
















Cash


$

                  -


$

                  -












Total Current Assets

 

                  -


 

                  -












TOTAL ASSETS

$

                  -


$

                  -










LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)










CURRENT LIABILITIES
















Accounts payable

$

           3,500


$

           1,603


Accrued interest - related party


          12,350



           9,660


Note payable - related party

 

          57,228


 

          51,927












Total Current Liabilities

 

          73,078


 

          63,190










STOCKHOLDERS' EQUITY (DEFICIT)
















Common stock; 20,000,000 shares authorized,







  at $0.00001 par value, 1,500,000 shares issued







  and outstanding


                15



                15


Additional paid-in capital


          26,685



          23,685


Deficit accumulated during the development stage

 

         (99,778)


 

         (86,890)












Total Stockholders' Equity (Deficit)

 

         (73,078)


 

         (63,190)












TOTAL LIABILITIES AND STOCKHOLDERS'

 



 




  EQUITY (DEFICIT)

$

                  -


$

                  -










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


WESTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Statements of Operations

(Unaudited)

































From
















Inception on



 













September 8,




For the Three Months Ended


For the Six Months Ended


1999 Through




June 30,


June 30,


June 30,




2011


2010


2011


2010


 

2011


















REVENUES

 $

             -


 $

             -


 $

             -


 $

             -


 $

                -


















EXPENSES

































General and  
















  administrative

 

      4,115


 

      9,135


 

     10,198


 

     12,465



       87,428
















 




Total Expenses

 

      4,115


 

      9,135


 

     10,198


 

     12,465


 

       87,428


















LOSS FROM OPERATIONS

 

     (4,115)

 

 

     (9,135)


 

    (10,198)

 

 

    (12,465)



      (87,428)
















 


OTHER EXPENSES

































Interest expense

 

     (1,378)


 

     (1,153)


 

     (2,690)


 

     (2,368)


 

      (12,350)




















Total Other Expenses

 

     (1,378)

 

 

     (1,153)


 

     (2,690)

 

 

     (2,368)

 

 

      (12,350)
















 


LOSS BEFORE INCOME TAXES


     (5,493)



    (10,288)



    (12,888)



    (14,833)



(99,778)


















PROVISION FOR INCOME TAXES

 

             -


 

             -


 

             -


 

             -


 

                -


















NET LOSS

$

     (5,493)

 

$

    (10,288)


$

    (12,888)

 

$

    (14,833)

 

$

      (99,778)



































BASIC LOSS PER SHARE

$

(0.00)


$

(0.01)


$

(0.01)


$

(0.01)





















WEIGHTED AVERAGE















  NUMBER OF COMMON SHARES















  OUTSTANDING

 

1,500,000


 

1,500,000


 

1,500,000


 

1,500,000





















The accompanying notes are an integral part of these financial statements


WESTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Statements of Stockholders' Equity (Deficit)










Deficit













Accumulated


Total







Additional


During the


Stockholders'


Common Stock


Paid-In


Development


Equity


Shares


Amount


Capital


Stage


(Deficit)















Balance at inception on September 8, 1999

                -


 $

       -


 $

              -


 $

                 -


 $

               -















Common stock issued for cash on














  September 8, 1999 at $0.0003 per share

1,500,000



15



          485



                 -



          500















Net loss from inception on September 8, 1999














  through December 31, 1999

                -


 

       -


 

              -


 

                 -


 

               -















Balance, December 31, 1999

1,500,000



15



          485



                 -



          500















Net loss for the period from














  January 1, 2000 through














  December 31, 2004

                -


 

       -


 

              -


 

         (3,320)


 

       (3,320)















Balance, December 31, 2004

1,500,000



15



          485



(3,320)



(2,820)















Services contributed by shareholders

                -



       -



500


 

                 -


 

          500















Net loss for the year ended














  December 31, 2005

                -


 

       -


 

              -


 

           (600)


 

         (600)















Balance, December 31, 2005

1,500,000

 

 

15

 

 

985

 

 

(3,920)

 

 

(2,920)















Services contributed by shareholders

                -



       -



       1,700



                 -



        1,700















Net loss for the year ended














  December 31, 2006

                -


 

       -


 

              -


 

         (5,853)


 

       (5,853)















Balance, December 31, 2006

1,500,000

 


15

 


2,685

 


(9,773)

 


(7,073)















Services contributed by shareholders

                -



       -



       3,000



                 -



        3,000















Net loss for the year ended














   December 31, 2007

                -


 

       -


 

              -


 

         (6,482)


 

       (6,482)















Balance, December 31, 2007

  1,500,000



     15



       5,685



       (16,255)



     (10,555)















Services contributed by shareholders

                -



       -



       6,000



                 -



        6,000















Net loss for the year ended














   December 31, 2008

                -


 

       -


 

              -


 

(22,225)


 

(22,225)















Balance, December 31, 2008

1,500,000

 

 

15

 

 

11,685

 

 

(38,480)

 

 

(26,780)















Services contributed by shareholders

                -



       -



       6,000



                 -



        6,000















Net loss for the year ended














  December 31, 2009

                -


 

       -


 

              -


 

       (23,377)


 

     (23,377)















Balance, December 31, 2009

  1,500,000



     15



      17,685



       (61,857)



     (44,157)















Services contributed by shareholders

                -



       -



       6,000



                 -



        6,000















Net loss for the year ended














  December 31, 2010

                -


 

       -


 

              -


 

       (25,033)


 

     (25,033)















Balance, December 31, 2010

  1,500,000



     15



      23,685



       (86,890)



     (63,190)















Contributed services (unaudited)

                -



       -



       3,000



                 -



        3,000















Net loss for the six months ended














 June 30, 2011 (unaudited)

                -


 

       -


 

              -


 

       (12,888)


 

     (12,888)















Balance, June 30, 2011 (unaudited)

  1,500,000


 $

     15


 $

      26,685


 $

       (99,778)


 $

     (73,078)

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




WESTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Statements of Cash Flows

(Unaudited)












From












Inception on






 


September 8,






For the Six Months Ended


1999 Through






June 30,


June 30,






2011


2010


2011

CASH FLOWS FROM









  OPERATING ACTIVITIES










Net loss


$

    (12,888)

 

$

    (14,833)

 

$

    (99,778)


Adjustments to reconcile net loss to net cash





 





  used in operating activities:











Services contributed by shareholders


       3,000



       3,000



     26,200



Expenses paid on Company's behalf











by a related party


       5,301



       8,965



     57,228


Changes in operating assets and liabilities:











Change in accrued interest - related party


2,690



2,368



12,350



Change in accounts payable

 

1,897


 

          500


 

       3,500

















Net Cash Used in












  Operating Activities

 

              -


 

              -


 

         (500)

CASH FLOWS FROM INVESTING ACTIVITIES

 

              -


 

              -


 

              -

CASH FLOWS FROM 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.





WESTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Notes to Financial Statements

June 30, 2011 and December 31, 2010


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 June 30, 2011, 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, 2010 audited financial statements.  The results of operations for the periods ended June 30, 2011 and 2010 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.





WESTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Notes to Financial Statements

June 30, 2011 and December 31, 2010


         NOTE 3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


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 - RELATED PARTY TRANSACTIONS


The Company has recorded expenses paid on its behalf by shareholders as a related party note payable. The note bears interest at 10 percent, is unsecured and is due and payable upon demand. The balance of this payable totaled $57,228 and $51,927 at June 30, 2011 and December 31, 2010, respectively.  The balance in interest accrued on the note totaled $12,350 and $9,660 as at June 30, 2011 and December 31, 2010, respectively.


During the six months ended June 30, 2011, Company shareholders performed services valued at $3,000 which have been recorded as a contribution to capital.

 

NOTE 5 SUBSEQUENT EVENTS


 In accordance with ASC 855-10 Company management reviewed all material events through the date of this report and determined that there are no material subsequent events to report.                                                                


Item 2.

 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-Q.


We are a development stage company with limited operations.  Expenses associated with preparing and filing this and other reports with the SEC, have been paid for by advances from stockholders.  We anticipate that necessary future funds to maintain corporate viability will most likely be provided by officers, directors or principal stockholders.  However, unless we are able to finalize an acquisition of or merger with an operating business or obtain significant outside financing, there is substantial doubt about our ability to continue as a going concern.


Results of Operations


During the three month period ended June 30, 2011 (second quarter), we incurred a net loss of $5,493 compared to a $10,288 loss during the three months ended June 31, 2010.  The decreased loss for the second quarter of 2011 is attributed to the 55% decrease in general and administrative expenses, from $9,135 in the second quarter of 2010 to $$4,115 for the second quarter of 2011, due to decreased legal and accounting costs related to requisite SEC filing requirements.  Interest expense for the second quarter of 2011 increased 20% to $1,153 from $1,378 for the 2010 period, due to increased loans from stockholders.


For the six month period ended June 30, 2011, we incurred a net loss of $12,888 compared to a net loss of $14,833 for the comparable 2010 period.  This 13% decrease is attributed to the decrease in general and administrative expenses for the first six months of 2011, primarily due to decreased legal and accounting costs.  Interest expense for the first six months of 2011 was $2,690, a 14% increase from $2,368 for the 2010 period, also due to increased loans from stockholder.


In the opinion of management, inflation has not and will not have a material effect on our operations until such time as we successfully complete an acquisition or merger.  At that time, management will evaluate the possible effects of inflation related to our business and operations.


Liquidity and Capital Resources


During the three months ended June 30, 2011, a principal stockholder paid our expenses. At June 30, 2011 we had a note payable - related party of $57,228 compared to $51,927 at December 31, 2010.  Accrued interest on the related party note payable increased from $9,660 at December 31, 2010 to $12,350 at June 30, 2011.  Also, during this same period, accounts payable increased from $1,603 to $3,500.


We expect to continue to rely on stockholders to pay expenses because we have no cash reserves or sources of revenues until we complete a merger with or acquisition of an operating business.  There is no assurance that we will complete such a merger or acquisition or that stockholders will continue indefinitely to pay our expenses.


At June 30, 2011, we had a stockholders deficit of $73,078 compared to a stockholders' deficit of $63,190 at December 31, 2010.  The increase in stockholders' deficit at June 30, 2011 is attributed to ongoing legal and accounting expenses.










Plan of Operation


During the next 12 months, we plan to seek out and investigate possible business opportunities with the intent to acquire or merge with one or more business ventures.  We will not restrict our search to any specific business, industry, or geographical location and it may participate in a business venture of virtually any kind or nature.


Because we lack funds, it may be necessary for officers, directors or stockholders to advance funds and we will accrue expenses until a successful business consolidation can be accomplished. Management intends to hold expenses to a minimum and to obtain services on a contingency basis when possible.  Further, directors will defer any compensation until an acquisition or merger can be accomplished and we will strive to have the business opportunity provide their remuneration.  However, if we engage outside advisors or consultants in our search for business opportunities, it may be necessary to attempt to raise additional funds.  As of the date hereof, we have not made any arrangements or definitive agreements to use outside advisors or consultants or to raise any capital.  


If we need to raise capital, most likely the only method available would be the private sale of securities.  Because we are a development 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 additional funding when and if needed, or that such funding, if available, can be obtained on acceptable terms.


We do not intend to use any employees, with the possible exception of part-time clerical assistance on an as-needed basis.  Outside advisors or consultants will be used only if they can be obtained for minimal cost or on a deferred payment basis.  Management is confident that it will be able to operate in this manner and to continue its search for business opportunities during the next twelve months.  Also, we do not anticipate making any significant capital expenditures until we can successfully complete an acquisition or merger.


Forward-Looking and Cautionary Statements


This report includes "forward-looking statements" that may relate to such matters as anticipated financial performance, future revenues or earnings, business prospects, projected ventures, new products and services, anticipated market performance and similar matters.


When used in this report, the words "may," "will," expect," anticipate," "continue," "estimate," "project," "intend," and similar expressions are intended to identify forward-looking statements regarding events, conditions, and financial trends that may affect our future plans of operations, business strategy, operating results, and financial position. We caution readers that a variety of factors could cause our actual results to differ materially from the anticipated results or other matters expressed in forward-looking statements. These risks and uncertainties, many of which are beyond our control, include:


the sufficiency of existing capital resources and the ability to raise additional capital to fund cash requirements for future operations;


uncertainties following any successful acquisition or merger related to the future rate of growth of the acquired business and acceptance of its products and/or services;


volatility of the stock market, particularly within the technology sector; and


general economic conditions.


Although we believe the expectations reflected in these forward-looking statements are reasonable, such expectations cannot guarantee future results, levels of activity, performance or achievements.




Item 3.

Quantitative and Qualitative Disclosures About Market Risk.


This item is not required for a smaller reporting company.



Item 4(T). Controls and Procedures.


Evaluation of Disclosure Controls and Procedures.  Disclosure controls and procedures (as defined in Rules  13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.  Disclosure and control procedures are also designed to ensure that such information is accumulated and communicated to management, including the chief executive officer and principal accounting officer, to allow timely decisions regarding required disclosures.


As of the end of the period covered by this quarterly report, we carried out an evaluation, under the supervision and with the participation of management, including our chief executive officer and principal accounting officer, of the effectiveness of the design and operation of our disclosure controls and procedures.  In designing and evaluating the disclosure controls and procedures, management recognizes that there are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.  Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their desired control objectives.  Additionally, in evaluating and implementing possible controls and procedures, management is required to apply its reasonable judgment.  Based on the evaluation described above, our management, including our principal executive officer and principal accounting officer, concluded that, as of June 30, 2011, our disclosure controls and procedures were not effective due to a lack of adequate segregation of duties and the absence of an audit committee.


Changes in Internal Control Over Financial Reporting.  Management has evaluated whether any change in our internal control over financial reporting occurred during the second quarter of fiscal 2011. Based on its evaluation, management, including the chief executive officer and principal accounting officer, has concluded that there has been no change in our internal control over financial reporting during the second quarter of fiscal 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


PART  II      OTHER INFORMATION


Item 1.

Legal Proceedings


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


Item 1A.

Risk Factors


This item is not required for a smaller reporting company.


Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds


This Item is not applicable.


Item 3.

Defaults Upon Senior Securities


This Item is not applicable.


Item 4.

(Removed and Reserved)


Item 5.

Other Information


This Item is not applicable.


Item 6.

Exhibits


Exhibit No.

  

Description

31.1

  

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act

32.1

  

Certification Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act

101.INS


XBRL Instance

101.SCH


XBRL Schema

101.CAL


XBRL Calculation

101.DEF


XBRL Definition

101.LAB


XBRL Label

101.PRE


XBRL Presentation


SIGNATURES



Pursuant to the requirements 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




Date:  September 15, 2011

By:  /S/   GEOFF WILLIAMS

Geoff Williams

President, C.E.O. and Director

(Principal Accounting Officer)



7