Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Westgate Acquisitions Corp |
Document Type | '10-Q |
Document Period End Date | 30-Sep-14 |
Amendment Flag | 'false |
Entity Central Index Key | '0001099568 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 6,000,000 |
Entity Public Float | $6,000,000 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Current Reporting Status | 'No |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash | $24,895 | $25,021 |
Total Current Assets | 24,895 | 25,021 |
TOTAL ASSETS | 24,895 | 25,021 |
Accounts payable | 6,514 | 12,793 |
Accrued interest - related party | 38,300 | 29,263 |
Note payable - related party | 118,304 | 99,886 |
Total Current Liabilities | 163,118 | 141,942 |
TOTAL LIABILITIES | 163,118 | 141,942 |
Common stock; 20,000,000 shares authorized at $0.00001 par value, 6,000,000 and 5,000,000 shares issued and outstanding at September 30, 2014 and December 31, 2013 respectively | 60 | 60 |
Additional paid-in capital | 46,157 | 41,657 |
Accumulated deficit | -184,440 | -158,638 |
Total Stockholders' Deficit | -138,223 | -116,921 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $24,895 | $25,021 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUES | ' | ' | ' | ' |
General and administrative | $4,962 | $7,820 | $16,765 | $17,855 |
Total Operating Expenses | 4,962 | 7,820 | 16,765 | 17,855 |
LOSS FROM OPERATIONS | -4,962 | -7,820 | -16,765 | -17,855 |
Gain on forgiveness of debt | ' | ' | ' | 9,595 |
Interest expense | -3,668 | -1,670 | -9,037 | -5,010 |
Total Other Expenses | -3,668 | -1,670 | -9,037 | 4,585 |
LOSS BEFORE INCOME TAXES | -8,630 | -9,490 | -25,802 | -13,270 |
PROFIT LOSS | ($8,630) | ($9,490) | ($25,802) | ($13,270) |
BASIC AND DILUTED LOSS PER SHARE | $0 | $0 | $0 | $0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 6,000,000 | 5,000,000 | 6,000,000 | 5,000,000 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net loss | ($25,802) | ($13,270) |
Services contributed by shareholders | 4,500 | 4,500 |
Expenses paid on Company's behalf by a related party | 18,418 | 5,000 |
Gain on forgiveness of accounts payable | ' | -9,595 |
Change in accrued interest - related party | 9,036 | 5,010 |
Change in accounts payable | -6,278 | 8,390 |
Net Cash Used in Operating Activities | -126 | 35 |
NET INCREASE (DECREASE) IN CASH | -126 | 35 |
CASH AT BEGINNING OF PERIOD | 25,021 | ' |
CASH AT END OF PERIOD | $24,895 | ' |
Note_1_Condensed_Financial_Sta
Note 1 - Condensed Financial Statements | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 1 - Condensed Financial Statements | ' |
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, 2014, 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, 2013 audited financial statements. The results of operations for the periods ended September 30, 2014 and 2013 are not necessarily indicative of the operating results for the full years. | |
Note_2_Going_Concern
Note 2 - Going Concern | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 2 - Going Concern | ' |
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_
Note 3 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 3 - Significant Accounting Policies | ' |
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. | |
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 September 30, 2014 and 2013. | |
Recent Accounting Pronouncements | |
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The guidance eliminates the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP for development stage entities, primarily presentation of inception to date financial information. The provisions of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein. However, early adoption is permitted. Accordingly, the Company has adopted this standard as of September 30, 2014. | |
Management has considered all other recent accounting pronouncements issued since the last audit of the Company’s financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. | |
Note_4_Related_Party_Transacti
Note 4 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 4 - Related Party Transactions | ' |
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 ten percent, is unsecured and is due and payable upon demand. The balance of this payable totaled $118,304 and $99,886 at September 30, 2014, and December 31, 2013, respectively. The balance in interest accrued on the note totaled $38,300 and $29,263 at September 30, 2014 and December 31, 2013, respectively. | |
During the nine months ended September 30, 2014 and 2013, Company shareholders performed services valued at $4,500 in each period, which have been recorded as a contribution to capital. |
Note_5_Significant_Events
Note 5 - Significant Events | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 5 - Significant Events | ' |
NOTE 5 – SIGNIFICANT EVENTS | |
Pursuant to an agreement to acquire certain mining claims dated July 13, 2013, certain shareholders agreed to contribute 1,250,000 shares of the Company’s common stock back to the Company, which the Company then cancelled. In addition, the Company authorized and consummated a forward stock-split of the Company’s 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, 2014, 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 2014. |
Note_6_Subsequent_Events
Note 6 - Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 6 - Subsequent Events | ' |
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. |
Note_3_Significant_Accounting_1
Note 3 - Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Use of Estimates | ' |
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. |
Note_3_Significant_Accounting_2
Note 3 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The guidance eliminates the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP for development stage entities, primarily presentation of inception to date financial information. The provisions of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein. However, early adoption is permitted. Accordingly, the Company has adopted this standard as of September 30, 2014. | |
Management has considered all other recent accounting pronouncements issued since the last audit of the Company’s financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Note_3_Significant_Accounting_3
Note 3 - Significant Accounting Policies: Basic (loss) Per Common Share (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Basic (loss) Per Common Share | ' |
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 September 30, 2014 and 2013. |