Westgate Acquisitions (WESTG) 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Document and Entity Information:
Entity Registrant Name	Westgate Acquisitions Corp
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Entity Central Index Key	1,099,568
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	6,000,000
Entity Public Float		$ 6,000,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	westg

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 6,709	$ 16,002
Total Current Assets	6,709	16,002
TOTAL ASSETS	6,709	16,002
CURRENT LIABILITIES
Accounts payable	23,815	9,275
Accrued interest - related party	49,451	40,516
Note payable - related party	119,794	117,719
Total Current Liabilities	193,060	167,510
STOCKHOLDERS' DEFICIT
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, 2015 and December 31, 2014 respectively	60	60
Additional paid-in capital	52,157	47,657
Deficit accumulated during the development stage	(238,568)	(199,225)
Total Stockholders' Deficit	(186,351)	(151,508)
TOTAL LIABILITIES AND STOCKHOLDERS'DEFICIT	$ 6,709	$ 16,002

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
OPERATING EXPENSES
General and administrative	$ 8,160	$ 4,962	$ 30,408	$ 16,765
Total Operating Expenses	8,160	4,962	30,408	16,765
LOSS FROM OPERATIONS	(8,160)	(4,962)	(30,408)	(16,765)
OTHER EXPENSES
Interest expense	(3,019)	(3,668)	(8,935)	(9,037)
Total Other Expenses	(3,019)	(3,668)	(8,935)	(9,037)
LOSS BEFORE INCOME TAXES	(11,179)	(8,630)	(39,343)	(25,802)
NET INCOME LOSS	$ (11,179)	$ (8,630)	$ (39,343)	$ (25,802)
BASIC AND DILUTED LOSS PER SHARE	$ 0	$ 0	$ (0.01)	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	6,000,000	6,000,000	6,000,000	6,000,000

Condesnsed Statements of Operat

Condesnsed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
OPERATING EXPENSES
General and administrative	$ 8,160	$ 4,962	$ 30,408	$ 16,765
Total Operating Expenses	8,160	4,962	30,408	16,765
LOSS FROM OPERATIONS	(8,160)	(4,962)	(30,408)	(16,765)
OTHER EXPENSES
Interest expense	(3,019)	(3,668)	(8,935)	(9,037)
Total Other Expenses	(3,019)	(3,668)	(8,935)	(9,037)
LOSS BEFORE INCOME TAXES	(11,179)	(8,630)	(39,343)	(25,802)
NET INCOME LOSS	$ (11,179)	$ (8,630)	$ (39,343)	$ (25,802)
BASIC AND DILUTED LOSS PER SHARE	$ 0	$ 0	$ (0.01)	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	6,000,000	6,000,000	6,000,000	6,000,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net loss	$ (39,343)	$ (25,802)
Adjustments to reconcile net loss to net cash used in operating activities:
Services contributed by shareholders	4,500	4,500
Expenses paid on Company's behalf by a related party	2,075	18,418
Changes in operating assets and liabilities:
Accrued interest - related party	8,935	9,036
Accounts payable	14,540	(6,278)
Net Cash Used in Operating Activities	(9,293)	(126)
NET DECREASE IN CASH	(9,293)	(126)
CASH AT BEGINNING OF PERIOD	16,002	25,021
CASH AT END OF PERIOD	$ 6,709	$ 24,895

Note 1 - Condensed Financial St

Note 1 - Condensed Financial Statements	9 Months Ended
	Sep. 30, 2015
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, 2015, 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, 2014 audited financial statements. The results of operations for the periods ended September 30, 2015 and 2014 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, 2015
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, 2015
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. 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 Company’s financial position or statements.

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	9 Months Ended
	Sep. 30, 2015
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 per annum, is unsecured and is due and payable upon demand. The balance of this payable totaled $119,794 and $117,719 at September 30, 2015 and December 31, 2014, respectively. Accrued interest on the note totaled $49,451 and $40,516 at September 30, 2015 and December 31, 2014, respectively.

Note 5 - Contributed Services

Note 5 - Contributed Services	9 Months Ended
	Sep. 30, 2015
Notes
Note 5 - Contributed Services	NOTE 5 – CONTRIBUTED SERVICES During the nine-month periods ended September 30, 2015 and 2014, the Company’s sole officer 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 $6,000 annually, or $4,500 for the nine-month periods ended September 30, 2015 and 2014.

Note 6 - Subsequent Events

Note 6 - Subsequent Events	9 Months Ended
	Sep. 30, 2015
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 Accounti12

Note 3 - Significant Accounting Policies: Use of Estimates (Policies)	9 Months Ended
	Sep. 30, 2015
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 Accounti13

Note 3 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
Policies
Recent Accounting Pronouncements	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 Company’s financial position or statements.