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EXCEL - IDEA: XBRL DOCUMENT - EASTGATE BIOTECH CORP | Financial_Report.xls |
EX-31 - EASTGATE BIOTECH CORP | exhibit312.htm |
EX-32 - EASTGATE BIOTECH CORP | exhibit322.htm |
EX-32 - EASTGATE BIOTECH CORP | exhibit321.htm |
EX-31 - EASTGATE BIOTECH CORP | exhibit311.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended September 30, 2012
[ ]
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 000-52886
EASTGATE ACQUISITIONS CORPORATION
(Exact name of registrant as specified in its charter)
Nevada
87-0639378
(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
(Registrant's 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 [ ] 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 [ ] No [X]
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 October 26, 2012
Common Stock, $0.00001 par value
31,625,000
1
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
9
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
12
Item 4(T).
Controls and Procedures
12
PART II OTHER INFORMATION
Item 1.
Legal Proceedings
12
Item 1A.
Risk Factors
12
Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
12
Item 3.
Defaults Upon Senior Securities
12
Item 4.
Mine Safety Disclosures
13
Item 5.
Other Information
13
Item 6.
Exhibits
13
Signatures
14
2
PART I FINANCIAL INFORMATION
Item 1.
Financial Statements
The accompanying unaudited balance sheet of Eastgate Acquisitions Corporation at September 30, 2012, related unaudited statements of operations, statements of stockholders equity (deficit) and cash flows for the three and nine months ended September 30, 2012 and 2011 and the period from September 8, 1999 (date of inception) to September 30, 2012, 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, 2011 audited financial statements. Operating results for the period ended September 30, 2012, are not necessarily indicative of the results that can be expected for the fiscal year ending December 31, 2012 or any other subsequent period.
3
EASTGATE ACQUISITIONS CORPORATION | ||||||||
(A Development Stage Company) | ||||||||
Condensed Balance Sheets | ||||||||
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ASSETS | ||||||||
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| September 30, |
| December 31, | ||
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| 2012 |
| 2011 | ||
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CURRENT ASSETS |
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| Cash |
| $ | - |
| $ | - | |
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| Total Current Assets |
| - |
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| - | |
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| TOTAL ASSETS | $ | - |
| $ | - | |
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LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
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CURRENT LIABILITIES |
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| Accounts payable | $ | 134,722 |
| $ | 12,408 | ||
| Accrued interest - related party |
| 25,790 |
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| 17,190 | ||
| Payable - related party |
| 223,270 |
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| 59,590 | ||
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| Total Current Liabilities |
| 383,782 |
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| 89,188 | |
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STOCKHOLDERS' DEFICIT |
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| Common stock; 100,000,000 shares authorized, |
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| at $0.00001 par value, 31,625,000 and 11,625,000 |
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| shares issued and outstanding, respectively |
| 316 |
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| 116 | ||
| Additional paid-in capital |
| 134,884 |
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| 32,084 | ||
| Deficit accumulated during the development stage |
| (518,982) |
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| (121,388) | ||
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| Total Stockholders' Deficit |
| (383,782) |
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| (89,188) | |
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| TOTAL LIABILITIES AND STOCKHOLDERS' |
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| DEFICIT | $ | - |
| $ | - | |
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The accompanying notes are an integral part of these condensed financial statements. |
4
EASTGATE ACQUISITIONS CORPORATION | |||||||||||||||||
(A Development Stage Company) | |||||||||||||||||
Condensed Statements of Operations | |||||||||||||||||
(Unaudited) | |||||||||||||||||
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| From | |
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| Inception on | |
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| September 8, | |
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| For the Three Months Ended |
| For the Nine Months Ended |
| 1999 Through | |||||||||
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| September 30, |
| September 30, |
| September 30, | |||||||||
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| 2012 |
| 2011 |
| 2012 |
| 2011 |
| 2012 | |||||
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REVENUES |
| $ | - |
| $ | - |
| $ | - |
| $ | - |
| $ | - | ||
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OPERATING EXPENSES |
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| Professional fees |
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| - |
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| - |
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| 111,459 |
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| - |
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| 111,459 | |
| Research and development |
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| 38,684 |
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| - |
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| 59,127 |
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| - |
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| 59,127 | |
| General and administrative |
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| 121,412 |
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| 4,350 |
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| 218,408 |
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| 14,385 |
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| 322,606 | |
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| Total Operating Expenses |
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| 160,096 |
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| 4,350 |
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| 388,994 |
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| 14,385 |
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| 493,192 |
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LOSS FROM OPERATIONS |
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| (160,096) |
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| (4,350) |
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| (388,994) |
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| (14,385) |
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| (493,192) | ||
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OTHER EXPENSES |
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| Interest expense |
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| (1,452) |
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| (8,600) |
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| (4,187) |
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| (25,790) | |
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| Total Other Expenses |
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| (5,628) |
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| (1,452) |
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| (8,600) |
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| (4,187) |
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| (25,790) |
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LOSS BEFORE INCOME TAXES |
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| (165,724) |
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| (5,802) |
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| (397,594) |
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| (18,572) |
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| (518,982) | ||
PROVISION FOR INCOME TAXES |
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NET LOSS |
| $ | (165,724) |
| $ | (5,802) |
| $ | (397,594) |
| $ | (18,572) |
| $ | (518,982) | ||
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BASIC AND DILUTED LOSS PER SHARE | $ | (0.01) |
| $ | (0.00) |
| $ | (0.02) |
| $ | (0.00) |
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BASIC AND DILUTED WEIGHTED AVERAGE |
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NUMBER OF COMMON SHARES |
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OUTSTANDING |
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| 31,625,000 |
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| 11,625,000 |
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| 21,260,036 |
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| 11,625,000 |
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The accompanying notes are an integral part of these condensed financial statements |
5
EASTGATE ACQUISITIONS CORPORATION | ||||||||||||
(A Development Stage Company) | ||||||||||||
Condensed Statements of Cash Flows | ||||||||||||
(Unaudited) | ||||||||||||
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| From | |
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| Inception on | |
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| September 8, | |||||
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| For the Nine Months Ended |
| 1999 Through | |||||
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| September 30, |
| September 30, | |||||
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OPERATING ACTIVITIES |
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| Net loss |
| $ | (397,594) |
| $ | (18,572) |
| $ | (518,982) | ||
| Adjustments to reconcile net loss to net cash |
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| used by operating activities: |
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| Expenses paid on the Company's behalf |
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| by a related party |
| 163,680 |
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| 5,555 |
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| 223,270 | ||
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| Common stock issued for services |
| 100,000 |
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| - |
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| 100,000 | ||
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| Services contributed by shareholders |
| 3,000 |
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| 4,500 |
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| 34,700 | ||
| Changes in operating assets and liabilities: |
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| Change in accrued interest |
| 8,600 |
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| 4,187 |
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| 25,790 | ||
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| Change in accounts payable |
| 122,314 |
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| 4,330 |
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| 134,722 | ||
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| Net Cash Used in |
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| Operating Activities |
| - |
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| (500) | |
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INVESTING ACTIVITIES |
| - |
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FINANCING ACTIVITIES |
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| Common stock issued for cash |
| - |
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| 500 | ||
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| Net Cash Provided by Financing Activities |
| - |
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| 500 | ||
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| NET DECREASE IN CASH |
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| CASH AT BEGINNING OF PERIOD |
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| CASH AT END OF PERIOD | $ | - |
| $ | - |
| $ | - | ||
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SUPPLEMENTAL DISCLOSURES OF |
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| CASH FLOW INFORMATION |
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| CASH PAID FOR: |
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| Interest |
| $ | - |
| $ | - |
| $ | - | |
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| Income Taxes | $ | - |
| $ | - |
| $ | - | ||
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| NON CASH FINANCING ACTIVITIES: | $ | - |
| $ | - |
| $ | - | |||
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The accompanying notes are an integral part of these condensed financial statements. |
6
EASTGATE ACQUISITIONS CORPORATION
(A Development Stage Company)
Condensed Notes to Financial Statements
September 30, 2012 and December 31, 2011
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 September 30, 2012, and for all periods presented herein have been made.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2011 audited financial statements. The results of operations for the periods ended September 30, 2012 and 2011 are not necessarily indicative of the operating results for the full years.
NOTE 2 - GOING CONCERN
The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
NOTE 3 SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
7
EASTGATE ACQUISITIONS CORPORATION
(A Development Stage Company)
Condensed Notes to Financial Statements
September 30, 2012 and December 31, 2011
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 payable. The note bears interest at 10 percent, is unsecured and is due and payable upon demand. The balance of this payable totaled $223,270 and $59,590 at September 30, 2012 and December 31, 2011, respectively. The balance in interest accrued on the note totaled $25,790 and $17,190 at September 30, 2012 and December 31, 2011, respectively.
During the nine months ended September 30, 2012, the Company issued 10,000,000 shares of its common stock to a Company officer for patents and services. The patents were valued at $0 and the services were valued at $50,000 and have been recorded in equity.
During the nine months ended September 30, 2012, Company shareholders performed services valued at $3,000 which have been recorded as a contribution to capital. During the same period, the Company authorized the issuance of 10,000,000 shares of its common stock for services valued at $50,000.
NOTE 5 STOCKHOLDERS EQUITY
During 2011 and 2012, an officer of the Company 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 $500 per month of service and have been recorded as capital contributions of $3,000 and $6,000 as of the periods ending September 30, 2012 and December 31, 2011, respectively.
On May 22, 2012 pursuant to a patent acquisition agreement, the Company issued 10,000,000 shares of common stock valued at $0.005 per share to a Company officer in exchange for patent rights contributed, and forgiveness of debt to a related party of $50,000. Also pursuant to the patent acquisition agreement, the Company issued an additional 10,000,000 shares of common stock to a third party in exchange for patent rights, valued also at $0.005 per share.
NOTE 6 SUBSEQUENT EVENTS
On October 23, 2012 the Company entered into a promissory note agreement whereby the Company received $100,000 from a related party. The note accrues interest at a rate of 5% per annum, is unsecured and is due on demand.
In accordance with ASC 855 Company management reviewed all material events through the date of this report and determined that there are no additional material subsequent events to report.
8
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.
Recent Events
In January 2012 we entered into a Patent Acquisition Agreement (Acquisition Agreement) to acquire certain products, formulas, processes, proprietary technology and/or patents and patent applications related to pharmaceutical, nutraceutical, food supplements and consumer health products (collectively referred to as the Acquired Products). The Acquisition Agreement was finalized and closed on May 22, 2012.
In exchange for the Acquired Products and technology, we issued at the closing to the seller, Anna Gluskin and/or her assigns, 10 million shares of Eastgates authorized, but previously unissued common stock, post-split as discussed below. The closing of the Acquisition Agreement was initially contingent upon realizing financing of $300,000, which was subsequently reduced to $50,000.
In addition to the 10 million shares of common stock issued to the seller, the Acquisition Agreement provides that we issue 10 million shares of common stock to certain individuals in consideration for services rendered for and monies advanced to Eastgate. Those shares were issued to TGT Investment Management Inc. We also named three new directors to the board of directors and anticipate that we will eventually change our corporate name to reflect the development and commercialization of the Acquired Products and our new business endeavors.
As a result of the acquisition of Acquired Products, we have become engaged in developing, formulating and ultimately commercializing innovative pharmaceutical, nutraceutical, food supplements and consumer health products. We intend to apply novel technologies for improvement of efficacy of the Acquired Products, based on natural or well-established compounds. It is our intention to complete formulation of the Acquired Products and to ultimately market the commercialized products and compounds.
We are a development stage company with limited historical operations prior to finalizing the Acquisition Agreement. We anticipate that in the immediate future, necessary funds to maintain our corporate viability will most likely be provided by officers, directors and/or principal stockholders. Unless we are able to obtain adequate capital to fund operating losses until we become profitable, there is substantial doubt about our ability to continue as a going concern.
Forward Stock Split
In anticipation of closing the Acquisition Agreement, on March 6, 2012 we effected a forward stock split of Eastgates issued and outstanding shares of common stock on a 7.75 shares for one share basis. Prior to the forward stock split, we had 1.5 million shares of common stock issued and outstanding, which increased to 11,625,000 shares following the split. Taking into consideration the issuance of shares pursuant to the Acquisition Agreement, we presently have issued and outstanding 31,625,000 shares of common stock. All further references herein to our outstanding common stock will be on a post-split basis.
Results of Operations
We have not recorded any revenues since inception. During the three month period ended September 30, 2012 (third quarter), we incurred a net loss of $165,724, an increase of $159,922 when compared to our net loss of $5,802 for the third quarter of 2011. The increased net loss is primarily attributed to the increase in general and administrative expenses, from $4,350 for the third quarter of 2011 to $121,412 for the 2012 third quarter, due to the development of our pharmaceutical operations. We also incurred $38,684 in research and development expenses for the third quarter of 2012 related to our pharmaceutical
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operations. Interest expense of $5,628 for the third quarter of 2012 increased from $1,452 for the third quarter of 2011, attributed to an increase in loans from stockholders during the quarter.
During the nine month period ended September 30, 2012 (first nine months), we incurred a net loss of $397,594, an increase of $379,022 when compared to the $18,572 net loss for the comparable 2011 period. The increased loss for the first nine months of 2012 is primarily attributed to the increase in general and administrative expenses from $14,385 for the 2011 period to $218,408 for the 2012 period. We also incurred $59,127 in research and development expenses for the first nine months of 2012, which together with the increase in general and administrative expenses, is attributed to development of our pharmaceutical operations. Additionally, we recorded professional fees of $111,459 for the first nine months of 2012 primarily due to expenses related to the acquisition of the Acquired Products and to costs related to our periodic reporting obligations with the SEC. Interest expense of $8,600 for the first nine months of 2012 increased from $4,187 for the comparable 2011 period, attributed to an increase in loans from stockholders during the period.
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 first nine months of 2012, ongoing expenses were paid by principal stockholders. As of September 30, 2012 and December 31, 2011, we had $0 cash on hand. On October 23, 2012, the company entered into a demand promissory note agreement whereby we received $100,000 from a related party. At September 30, 2012 we had a payable - related party of $223,270, compared to $59,590 at December 31, 2011. The increase represents additional payment of ongoing expenses by related parties during the first nine months of 2012. Accrued interest related party at September 30, 2012 was $25,790 compared to $17,190 at December 31, 2011, which reflects the added interest on the payable related party. Accounts payable increased from $12,408 at December 31, 2011 to $134,722 at September 30, 2012, reflecting an increase in unpaid obligations.
At September 30, 2012, we had a stockholders deficit of $383,782 compared to a stockholders' deficit of $89,188 at December 31, 2011. The increase in stockholders' deficit is primarily attributed to ongoing general and administrative expenses and additional professional fees, principally legal and accounting costs, and research and development expenses.
Net Operating Loss
We have accumulated a net operating loss carryforward of approximately $54,312 as of December 31, 2011. This loss carry forward may be offset against future taxable income through the year 2031. The use of these losses to reduce future income taxes will depend on the generation of sufficient taxable income prior to the expiration of the net operating loss carryforwards. In the event of certain changes in control, there will be an annual limitation on the amount of net operating loss carryforwards that can be used. No tax benefit has been reported in the financial statements for the year ended December 31, 2011 or the nine month period ended September 30, 2012 because it has been fully offset by a valuation reserve. The use of future tax benefit is undeterminable because we presently have no operations.
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 companys financial position or statements.
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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.
Plan of Operation
Following the closing of the Acquisition Agreement we have become engaged in the development and ultimate formulation of other novel formulations of natural compounds and OTC products that have limitations in effective use for human consumption. We believe our self-emulsifying drug delivery technology can improve the efficacy of existing products and formulations based on natural or well-established compounds and known biologically active compounds. We intend to conduct our research and development through collaborative programs. We anticipate relying on arrangements with third party drug developers such as contract research organizations and clinical research sites for a significant portion of our product development efforts.
The Acquisition Agreement enabled us to acquire certain products, formulas, processes, proprietary technology and/or patents and patent applications related to pharmaceutical, nutraceutical, food supplements and consumer health products. We have not formulated any final products or received receive approvals from any regulatory agencies or generated any revenues from product sales. We have not been profitable since our inception through the current date.
We expect to incur significant operating losses for the next several years and until we are able to formulate a commercially viable product. We also expect to continue to incur significant operating and capital expenditures and anticipate that our expenses will increase substantially in the foreseeable future as we:
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Continue to undertake formulation of novel products and subsequent preclinical and clinical trials for our product candidates;
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Seek regulatory approvals for our product candidates;
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Develop, formulate, manufacture and commercialize our products;
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Implement additional internal systems and develop new infrastructure;
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Acquire or in-license additional products or technologies, or expand the use of our technology;
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Maintain, defend and expand the scope of our intellectual property; and
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Hire qualified personnel.
Future product revenue will depend on our ability to develops, receive regulatory approvals for, and successfully market, our product candidates. In the event that our development efforts result in regulatory approval and successful commercialization of our product candidates, we will generate revenue from direct sales of our products and/or, if we license our products to future collaborators, from the receipt of license fees and royalties from licensed products.
Management estimates that our research and development expenses for the next 12 months will be approximately $4 million, primarily for research and pilot studies. We also estimate that other expenses, including personnel, general and administrative and miscellaneous expenses could be as much as $1 million during the same time period. Because we currently have no revenues, most likely the only source of funding these expenses will be through the private sale of our securities, either equity or debt. We are currently exploring possible funding sources, but we have not entered into any arrangements or agreements for funding as of this time. If we are unable to raise the necessary funding, our research and
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development plans will be delayed indefinitely. There can be no assurance that we will be able to raise the funds necessary to carry out our business plan on terms favorable to the company, or at all.
Forward-Looking and Cautionary Statements
Statements contained in this report which are not historical facts, may be considered "forward-looking statements," which term is defined by the Private Securities Litigation Reform Act of 1995. Any safe harbor under this Act does not apply to a penny stock issuer, which definition would include the Company. Forward-looking statements are based on current expectations and the current economic environment. We caution readers that such forward-looking statements are not guarantees of future performance. Unknown risks and uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance or expectations expressed or implied by such forward-looking statements.
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 chief financial 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 chief financial 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 chief executive officer and chief financial officer, concluded that, as of September 30, 2012, 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 third quarter of fiscal 2012. Based on its evaluation, management, including the chief executive officer and chief financial officer, has concluded that there has been no change in our internal control over financial reporting during the third quarter of 2012 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.
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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.
Mine Safety Disclosures
This Item is not applicable.
Item 5.
Other Information
This Item is not applicable.
Item 6.
Exhibits
Exhibit 31.1
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 31.2
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.1
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.2
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101*
Interactive Data File
*
In accordance with Rule 406T of Regulation S-T, these XBRL (eXtensible Business Reporting Language) documents are furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under these sections.
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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.
EASTGATE ACQUISITIONS CORPORATION
Date: October 26, 2012
By: /S/ ANNA GLUSKIN
Anna Gluskin
Chief Executive Officer
(Principal Executive Officer)
Date: October 26, 2012
By: /S/ BRIAN LUKIAN
Brian Lukian
Chief Financial Officer
(Principal Accounting Officer)
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