Eastgate Biotech (ETBI) 10-Q/A 19 May 14 2014 Q1 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	3 Months Ended
	Mar. 31, 2014
Document and Entity Information:	'
Entity Registrant Name	'EASTGATE ACQUISITIONS CORP
Document Type	'10-Q
Document Period End Date	31-Mar-14
Amendment Flag	'false
Entity Central Index Key	'0001099574
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	43,319,628
Entity Public Float	$43,319,628
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	'2014
Document Fiscal Period Focus	'Q1

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
ASSETS	'	'
Cash	$783,956	$458
Total Current Assets	783,956	458
Property & Equipment ,net	67,006	71,297
Sales tax receivable	14,802	'
Total Long Term Assets	81,808	71,297
TOTAL ASSETS	865,764	71,755
Accounts payable	257,988	421,439
Accrued liabilities related party	205,180	960,000
Capital lease obligation	14,105	24,380
Accrued interest - related parties	96,506	95,004
Notes payable - related parties	959,265	898,109
Total Current Liabilities	1,533,044	2,398,932
Common stock;100,000,000 shares authorized, at $0.00001 par value, 43,319,628 and 31,625,000 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	433	316
Additional paid-in capital	2,795,924	134,884
Subscription payable	'	2,000
Accumulated other comprehensive income	5,102	147
Deficit accumulated during the development stage	-3,468,739	-2,464,524
Total Stockholders' Deficit	-667,280	-2,327,177
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$865,764	$71,755

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		175 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
REVENUES	'	'	'
Professional fees	$49,906	$3,586	$219,304
Research and development	117,697	37,995	355,211
General and administrative	809,538	113,689	2,743,149
Marketing and selling	4,960	'	30,514
Total Operating Expenses	982,101	155,270	3,348,178
LOSS FROM OPERATIONS	-982,101	-155,270	-3,348,178
Interest expense	-22,114	-11,222	-120,561
Total Other Expense	-22,114	-11,222	-120,561
LOSS BEFORE INCOME TAXES	-1,004,215	-166,492	-3,468,739
Profit (loss)	-1,004,215	-166,492	-3,468,739
BASIC LOSS PER SHARE	($0.03)	($0.01)	'
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	33,416,788	31,625,000	'
Other Comprehensive loss	-1,004,215	-166,492	-3,468,739
Foreign currency translation adjustment	4,955	'	5,102
Total Comprehensive Loss	($999,260)	($166,492)	($3,463,637)

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended		175 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
OPERATING ACTIVITIES	'	'	'
Expenses paid on the Company's behalf by a related party	$4,938	$33,229	$485,625
Common stock issued for services	268,250	'	318,250
Depreciation	4,291	3,971	18,810
Services contributed by shareholders	'	'	34,700
Change in Accrued interest	1,502	10,250	96,506
Change in Accounts payable	-83,044	44,271	338,395
Change in Accrued liabilities related party	410,180	'	1,370,180
Sales tax recoverable	-14,802	'	-14,802
Net cash used in Operating Activities	-412,900	-74,771	-821,075
Purchase of property and equipment	'	-4,648	-22,273
Net Cash Used in Investing Activities	'	-4,648	-22,273
Payments on capital lease obligation	-10,275	-9,708	-49,438
Proceeds from notes payable to related parties	65,808	'	533,230
Payments on notes payable related parties	-9,590	'	-9,590
Common stock issued for cash	1,145,500	'	1,146,000
Net Cash Provided (used in) by Financing Activities	1,191,443	-9,708	1,620,202
NET INCREASE (DECREASE) IN CASH	778,543	-89,127	778,854
Effect of foreign currency translation adjustments	4,955	'	5,102
CASH AT BEGINNING OF PERIOD	458	100,000	'
CASH AT END OF PERIOD	783,956	10,873	783,956
Interest	20,087	973	4,952
Capital contribution by officer - payment of related party payable on behalf of company	'	'	50,000
Property & equipment purchased under capital lease obligation	63,543	63,543	63,543
Common stock issued to pay liabilities	1,245,407	'	1,245,407
Common stock issued - subscription payable	$2,000	'	$2,000

Note_1_Condensed_Financial_Sta

Note 1 - Condensed Financial Statements	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 1 - Condensed Financial Statements	'
	NOTE 1 - CONDENSED FINANCIAL STATEMENTS
	The accompanying financial statements have been prepared by the Eastgate Acquisitions Corporation 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 March 31, 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 March 31, 2014 and 2013 are not necessarily indicative of the operating results for the full years.

Note_2_Going_Concern

Note 2 - Going Concern	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 2 - Going Concern	'
	NOTE 2 - GOING CONCERN
	The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.  However, the Company has accumulated deficit of $3,468,739 as of March 31, 2014.  The Company currently has limited liquidity, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time, raising substantial doubt about its ability to continue as a going concern.
	Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

Note_3_Significant_Accounting_

Note 3 - Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 3 - Significant Accounting Policies	'
	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation
	The consolidated financial statements include the accounts of Eastgate Acquisitions Corporation and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
	Cash and Cash Equivalents
	For purposes of the statement of cash flows, 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.
	Research and Development Costs
	The Company expenses research and development costs to operations as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including employee-related expenses; laboratory supplies and other direct expenses; third-party contractual costs relating to nonclinical studies and related contract manufacturing expenses, development of manufacturing processes and regulatory registration.
	Foreign Currency Translation
	Foreign denominated assets and liabilities of the Company are translated into U.S. dollars at the prevailing exchange rates in effect at the end of the reporting period.  Income statement accounts are translated at a weighted average of exchange rates which were in effect during the period.  Translation adjustments that arise from translating the foreign subsidiary’s financial statements from local currency to U.S. currency are recorded in the other comprehensive loss component of stockholders’ equity.
	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_relatedparty_Transactio

Note 4 -related-party Transactions	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 4 -related-party Transactions	'
	NOTE 4 –RELATED-PARTY TRANSACTIONS
	Notes payable – related parties
	The Company has recorded loans from shareholders, amounts due to shareholders for expenses paid on its behalf by shareholders as Notes payable - related parties on the balance sheet. The amounts comprising Notes payable – related parties bear interest ranging from 5 percent per annum to 10 percent per annum, are unsecured and are due and payable upon demand.
	During the three months ended March 31, 2014 the CEO and companies owned by the CEO as well as a company owned by a related party shareholder have paid for expenses on behalf of the Company of $4,938 and advanced cash to the Company of $65,808 and repaid $9,590.  During the year ended December 2013 the CEO and companies owned by the CEO as well as a company owned by a related party shareholder have paid for expenses on behalf of the Company of $81,584 and advanced cash to the Company of $367,422.  As of March 31, 2014 and December 31, 2013, the Company owed $96,506 and $95,004 of accrued interest to related parties, respectively, resulting from interest expense of $21,589 and $59,848, respectively.

Note_5_sales_Tax_Receivable

Note 5 -sales Tax Receivable	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 5 -sales Tax Receivable	'
	NOTE 5 –SALES TAX RECEIVABLE
	The Company recovers sales tax paid, for which returns are filed on annual basis. At March 31, 2014, $14,802 was claimed as recoverable compared to the December 31, 2013 balance of $0.  Sales tax recoverable is a result of sales tax paid on eligible expenses.

Note_6_Stockholders_Equity

Note 6 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 6 - Stockholders' Equity	'
	NOTE 6 – STOCKHOLDERS’ EQUITY
	During the quarter ended March 31, 2014 the Company has sold 4,640,000 Units consisting of one share of common stock and a warrant to purchase 0.75 of share for cash pursuant to private placement agreement at the price of $0.25 per share.  As a result of this transaction, the Company issued 4,640,000 shares of common stock and 3,480,000 warrants to purchase our common stock for five years at $0.25 per share.  The Company issued 1,000,000 shares and paid $110,000 in cash in a finder’s fee in connection with this transaction.
	During the quarter ended March 31, 2014 the Company has issued 4,660,000 Units consisting of one share of common stock and a warrant to purchase 0.75 of share for in satisfaction of accrued liabilities at the price of $0.25 per share.  As a result of this transaction, the Company issued 4,660,000 shares of common stock and 3,495,000 warrants to purchase our common stock for five years at $0.25 per share.  The Units were issued on the same terms as the Units issued in connection with the private placement transaction.
	The assumptions used to estimate the fair value of the warrants using the Black-Scholes pricing model were as follows:
	Issue Date	21-Mar-14
	Expected volatility	208.65%
	Expected term	2.5 years
	Risk-free interest rate	1.73%
	Expected dividend yield	$0
	As of March 31, 2014, the Company had 6,975,000 warrants to purchase common stock.  All outstanding warrants have a weighted average price of $0.25 per share and have a weighted average remaining life of 5 years.
	The following table summarizes warrants that are issued, outstanding and exercisable
				Warrants Issued & Outstanding
	Exercise		Expiration	31-Mar	31-Dec
	Price		Date	2014	2013
	$0.25		14-Mar-19	3,495,000	-
	$0.25		21-Mar-19	3,480,000	-
				6,975,000	-
	During the quarter ended March 31, 2014 the Company issued a total of 1,073,000 shares of common stock to employees and consultants for services rendered at the price of $0.25 per share.
	During the quarter ended March 31, 2014 the Company issued 321,628 shares of common stock to vendors in satisfaction of accounts payable and accrued liabilities at the price of $0.25 per share.

Note_7_Subsequent_Events

Note 7- Subsequent Events	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 7- Subsequent Events	'
	NOTE 7– SUBSEQUENT EVENTS
	In accordance with ASC 855 Company management reviewed all material events through the date of this report and determined that there are no material subsequent events to report.

Use_of_Estimates_Policies

Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash_and_Cash_Equivalents_Poli

Cash and Cash Equivalents (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	For purposes of the statement of cash flows, 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.

Research_and_Development_Costs

Research and Development Costs (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Research and Development Costs	'
	Research and Development Costs
	The Company expenses research and development costs to operations as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including employee-related expenses; laboratory supplies and other direct expenses; third-party contractual costs relating to nonclinical studies and related contract manufacturing expenses, development of manufacturing processes and regulatory registration.

Foreign_Currency_Translation_P

Foreign Currency Translation (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Foreign Currency Translation	'
	Foreign Currency Translation
	Foreign denominated assets and liabilities of the Company are translated into U.S. dollars at the prevailing exchange rates in effect at the end of the reporting period.  Income statement accounts are translated at a weighted average of exchange rates which were in effect during the period.  Translation adjustments that arise from translating the foreign subsidiary’s financial statements from local currency to U.S. currency are recorded in the other comprehensive loss component of stockholders’ equity.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2014
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.