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v2.3.0.15
NOTE 6 - RESTATEMENTS
9 Months Ended
Sep. 30, 2011
Accounting Changes and Error Corrections [Text Block]
NOTE 6 - RESTATEMENTS

In connection with our review of the financial statements of Oro East Mining, Inc for the quarter ended September 30, 2011, we identified a clerical error in statement of expenses for the three and nine months ended September 30, 2010 and statement of cash flows for the nine months ended September 30, 2010.

The effects of the restatement on reported amounts for the quarter ended September 30, 2010 are presented below in the following tables:

   
Statement of Expenses
 
   
Three months ended September 30, 2010
 
   
As Reported
   
Adjustments
   
As Restated
 
 General and Administrative
    213,752       (8,913 )     204,839  
 Net operating expenses
    213,752       (8,913 )     204,839  
                         
 Net Loss
  $ (213,752 )   $ 8,913     $ (204,839 )
                         
 Net Loss per share:
                       
 Basic and Diluted
  $ (0.01 )   $ -     $ (0.01 )
 Weighted average common shares outstanding:
                       
 Basic and Diluted
    26,850,000               26,990,685  

   
Statement of Expenses
 
   
Nine months ended September 30, 2010
 
   
As Reported
   
Adjustments
   
As Restated
 
 General and Administrative
    217,742       (8,913 )     208,829  
 Net operating expenses
    217,742       (8,913 )     208,829  
                         
 Net Loss
  $ (217,742 )   $ 8,913     $ (208,829 )
                         
 Net Loss per share:
                       
 Basic and Diluted
  $ (0.01 )   $ -     $ (0.02 )
 Weighted average common shares outstanding:
                       
 Basic and Diluted
    26,850,000               12,965,542  
                         
                         
   
Statement of Cash flows
 
   
Nine months ended September 30, 2010
 
   
As Reported
   
Adjustments
   
As Restated
 
 Cash flows from Operating Activities:
                       
 Net(loss)
  $ (138,748 )   $ (70,081 )   $ (208,829 )
 Prepaid expenses and other current assets
    -       (1,423 )     (1,423 )
 Increase(decrease) in accounts payable
    (452 )     77,488       77,036  
 Net cash used in operating activities
    (139,200 )     5,984       (133,216 )
                         
 Cash flows from investing activities:
                       
 Purchase of fixed assets
    -       (4,923 )     (4,923 )
 Net cash used in investing activities
    -       (4,923 )     (4,923 )
                         
 Cash flows from financing activities:
                       
 Proceeds from issuance of common stock
                       
 
Shareholder advances
    86,642       (4,669 )     81,973  
 Capital Stock
    201,500       2,185       203,685  
 Net cash provided by financing activities
    288,142       (2,484 )     285,658  
                         
 Net increase(decrease) in cash and cash equivalents
    -       (1,423 )     147,519  
 Cash and cash equivalents at beginning of period
    -       -       -  
 Cash and cash equivalents at end of period
  $ 148,942       (1,423 )   $ 147,519  
                         
 Noncash investing and financing activities:
                       
 Debt forgiven by shareholders
    -       7,443       7,443  
 Proceeds from the issuance of common stock
    2,385       (2,385 )     -  
 Cancellation of common shares
    (350 )     350       -  
 Additional paid-in capital
    350       (350 )     -  
 Stock subscription receivable
    (2,385 )     2,385       -