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8-K - WeedClub, Inc.form8ksuperoct2013final.htm
EX-99 - WeedClub, Inc.f10kfinancialsdec312012vedga.htm

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WESTGATE ACQUISITIONS CORPORATION

 

(A Development Stage Company)

 

Condensed Balance Sheets

 










 










 

ASSETS

 










 





September 30,


December 31,

 





2013


2012

 





(Unaudited)


 

 










 

CURRENT ASSETS















 


Cash


$

                35


$

                  -

 










 



Total Current Assets

 

                35


 

                  -










 



TOTAL ASSETS

$

                35


$

                  -










 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 










 

CURRENT LIABILITIES















 


Accounts payable

$

           9,295


$

10,500


Accrued interest - related party


26,577



21,567


Note payable - related party

 

71,816


 

66,816










 



Total Current Liabilities

 

107,688


 

98,883










 



TOTAL LIABILITIES

$

107,688


$

98,883










 










 

STOCKHOLDERS' DEFICIT















 


Common stock; 20,000,000 shares authorized at $0.00001







  par value, 5,000,000 and 5,000,000 shares issued and outstanding







  at September 30, 2013 and December 31, 2012 respectively


50



50


Additional paid-in capital


40,150



35,650


Deficit accumulated during the development stage

 

 (147,853)


 

 (134,583)










 



Total Stockholders' Deficit

 

 (107,653)


 

 (98,883)










 



TOTAL LIABILITIES AND STOCKHOLDERS'

 



 




  DEFICIT

$

35


$

-










 

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

 


WESTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Condesnsed Statements of Operations

(Unaudited)

































From
















Inception on



 













September 8,




For the Three Months Ended


For the Nine Months Ended


1999 Through




September 30,


September 30,


September 30,




2013


2012


2013


2012


2013


















REVENUES

 $

                  -


 $

                   -


 $

                  -


 $

                   -


 $

               -


















OPERATING EXPENSES

































General and administrative

 

           7,820


 

            4,166


 

         17,855


 

          15,076



    130,871



Total Operating Expenses

 

           7,820


 

            4,166


 

         17,855


 

          15,076


 

    130,871


















LOSS FROM OPERATIONS

 

          (7,820)

   -

 

           (4,166)


 

        (17,855)

   -

 

         (15,076)



   (130,871)
















 


OTHER INCOME (EXPENSES)

































Gain on forgiveness of accounts payable


-



                   -



9,595



                   -



9,595


Interest expense

 

          (1,670)


 

           (1,639)


 

          (5,010)


 

           (4,640)


 

     (26,577)



Total Other Income (Expenses)

 

          (1,670)

 

 

           (1,639)

 

 

           4,585

 

 

           (4,640)

 

 

     (16,982)
















 


LOSS BEFORE INCOME TAXES


          (9,490)



           (5,805)



        (13,270)



         (19,716)



(147,853)


















PROVISION FOR INCOME TAXES

 

                  -


 

                   -


 

                  -


 

                   -


 

               -


















NET LOSS

$

          (9,490)

 

$

           (5,805)

 

$

        (13,270)

 

$

         (19,716)

 

$

   (147,853)


















BASIC AND DILUTED LOSS PER SHARE

$

(0.00)


$

(0.00)


$

(0.00)


$

(0.01)





















WEIGHTED AVERAGE















  NUMBER OF COMMON SHARES















  OUTSTANDING - BASIC AND DILUTED

 

5,000,000


 

8,260,870


 

5,000,000


 

22,700,730





















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


WESTGATE ACQUISITIONS CORPORATION

(A Development Stage Company)

Condensed Statements of Cash Flows

(Unaudited)

























From












Inception on






 


September 8,






For the Nine Months Ended


1999 Through






September 30,


September 30,






2013


2012


2013






 





 

OPERATING ACTIVITIES























Net loss


$

      (13,270)

 

$

    (19,716)

 

$

   (147,854)


Adjustments to reconcile net loss to net cash





 





  used in operating activities:











Services contributed by shareholders


         4,500



4,500



      39,700



Expenses paid on Company's behalf











by a related party


         5,000



       7,588



      71,816



Gain on forgiveness of accounts payable


 (9,595)



              -



 (9,595)


Changes in operating assets and liabilities:











Change in accrued interest - related party


5,010



4,640



26,577



Change in accounts payable

 

8,390


 

       2,988


 

18,891

















Net Cash Provided by (used in) Operating Activities

 

              35


 

              -


 

         (465)














INVESTING ACTIVITIES

 

                -


 

              -


 

               -














FINANCING ACTIVITIES
























Common stock issued for cash

 

                -


 

              -


 

          500

















Net Cash Provided by Financing Activities

 

                -


 

              -


 

          500




 












NET DECREASE IN CASH


              35

   

   

              -

   

   

            35



CASH AT BEGINNING OF PERIOD

 

                -


   

              -


 

               -
















CASH AT END OF PERIOD

$

              35


$

              -


$

            35



























SUPPLEMENTAL DISCLOSURES OF









 

CASH FLOW INFORMATION























CASH PAID FOR:
























Interest


 $

                -


 $

              -


 $

               -



Income Taxes

 $

                -


 $

              -


 $

               -














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






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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, 2013, 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, 2012 audited financial statements.  The results of operations for the periods ended September 30, 2013 and 2012 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.









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NOTE 3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


Cash and Cash Equivalents


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.         


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 $71,816 and $66,816 at September 30, 2013, and December 31, 2012, respectively.  The balance in interest accrued on the note totaled $26,577 and $21,567 at September 30, 2013 and December 31, 2012, respectively.


During the nine months ended September 30, 2013 and 2012, Company shareholders performed services valued at $4,500 and $4,500, respectively, which have been recorded as a contribution to capital.

 

NOTE 5 SIGNIFICANT EVENTS


Pursuant to an agreement to acquire certain mining claims dated July 13, 2012, certain shareholders agreed to contribute 1,250,000 shares of the Companys common stock back to the Company, which the Company then cancelled. In addition, the Company authorized and consummated a forward stock-split of the Companys issued and outstanding shares on twenty (20) shares to one (1) share basis. All references to common stock in these financial statements have been retroactively restated to incorporate the effect of this stock-split.  In addition to the cancellation of shares and the forward stock-split, the Company authorized the issuance of 1,000,000 post-split common shares as consideration of the claims to be acquired.  As of September 30, 2013, the acquisition of the mining claims has not been completed and the shares have not been issued.  The closing of the transaction is pending certain additional due diligence, which the Company anticipates will be concluded during 2013.


NOTE 6 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.                                                     




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