GASE Energy (GASE) 10-Q 19 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 13, 2013
Document And Entity Information	'	'
Entity Registrant Name	'GREAT EAST ENERGY, INC.	'
Entity Central Index Key	'0001539574	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	50,827,896
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Jun. 30, 2013
Current Assets:	'	'
Cash	$528,706	$50,255
Total current assets	528,706	50,255
Long-term asset:	'	'
Deposits	'	40,000
Deposits for investment in subsidiary	1,252,596	'
Total long-term asset	1,252,596	40,000
Total Assets	1,781,302	90,255
Current Liabilities:	'	'
Accounts payable	32,704	130,369
Accrued liabilities	0	309,312
Accrued investment in subsidiary liability	837,500	'
Related party payables	25	13,504
Total current liabilities	870,229	453,185
Total liabilities	870,229	453,185
Stockholders' equity (deficit):	'	'
Preferred stock - $.0001 par value; 10,000,000 shares authorized; 50,827,896 shares outstanding	'	'
Common stock - $.001 par value; 1,000,000 shares authorized; 50,827,896 shares outstanding	5,083	18,816
Additional paid-in capital	4,402,578	-392,126
Advance subscriptions from investors	200,000	90,000
Accumulated deficit	-3,696,588	-79,620
Total stockholders' equity (deficit)	911,073	-362,930
Total liabilities and stockholders' equity (deficit)	$1,781,302	$90,255

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Stockholders' equity (deficit):	'	'
Preferred stock, par value per share	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	50,827,896	50,827,896
Common stock, par value per share	$0.00	$0.00
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares outstanding	50,827,896	50,827,896

Condensed_Consolidated_Stateme

Condensed Consolidated Statement of Operations (Unaudited) (USD $)	3 Months Ended	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Condensed Consolidated Statement Of Operations	'	'
INCOME	'	'
OPERATING EXPENSES	'	'
Organizational expenses	'	902
General and administrative expenses	489	6,132
Professional fees	3,618,979	3,689,554
Total Operating Expenses	3,619,468	3,696,588
Other Income (Expense):	'	'
Gain of forgiveness of debt	2,500	'
Net Other Expense	2,500	'
NET LOSS APPLICABLE TO COMMON SHARES	($3,616,968)	($3,696,588)
NET LOSS PER BASIC AND DILUTED SHARES	($0.09)	'
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	42,202,888	'

Condensed_Statement_Of_Changes

Condensed Statement Of Changes In Stockholders' Deficit (USD $)	Preferred Stock	Common Stock	Additional Paid-In Capital	Advances subscriptions from Investors	Accumulated Deficit	Total
Beginning Balance, Amount at Apr. 04, 2013	'	'	'	'	'	'
Beginning Balance, Shares at Apr. 04, 2013	'	'	'	'	'	'
Common shares issued for services, Shares	'	188,160,000	'	'	'	'
Common shares issued for services, Amount	'	18,816	-392,126	'	'	-373,310
Net loss	'	'	'	'	-79,620	-79,620
Ending Balance, Amount at Jun. 30, 2013	'	18,816	-392,126	'	-79,620	-452,930
Ending Balance, Shares at Jun. 30, 2013	'	188,160,000	'	'	'	'
Common shares issued for services, Shares	'	3,777,984	'	'	'	'
Common shares issued for services, Amount	'	378	3,777,606	'	'	3,777,984
Common shares issued for option agreement, Shares	'	25,799,984	'	'	'	'
Common shares issued for option agreement, Amount	'	2,580	'	'	'	2,580
Cancelation of shares shares per option agreement, Shares	'	-168,000,000	'	'	'	'
Cancelation of shares shares per option agreement, Amount	'	-16,800	16,800	'	'	'
Common Stock Sold for Cash, net of offering costs of $89,593, Shares	'	1,089,928	'	'	'	'
Common Stock Sold for Cash, net of offering costs of $89,593, Amount	'	109	1,000,298	'	'	1,000,407
Advance subscriptions from investors	'	'	'	200,000	'	200,000
Net loss	'	'	'	'	-3,616,968	-3,616,968
Ending Balance, Amount at Sep. 30, 2013	'	$5,083	$4,402,578	$200,000	($3,696,588)	$911,073
Ending Balance, Shares at Sep. 30, 2013	'	50,827,896	'	'	'	'

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $)	3 Months Ended	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Operating Activities:	'	'
Net (loss)	($3,616,968)	($3,696,588)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Common shares issued for services	3,777,984	3,404,674
Gain on forgiveness of debt	-2,500	-2,500
Changes in assets and liabilities:	'	'
Accounts payable and accrued liabilities	-404,477	35,204
Related party payable	-13,479	25
Net Cash Used in Operating Activities	-259,440	-259,185
Investing Activities:	'	'
Deposits for investments	-375,000	-415,000
Net Cash Used in Investing Activities	-375,000	-415,000
Financing Activities:	'	'
Proceeds from advance subscription from investors	200,000	290,000
Proceeds from common stock issued for cash	912,891	912,891
Net Cash Provided by Financing Activities	1,112,891	1,202,891
Net Increase in Cash	478,451	528,706
Cash, Beginning of Year	50,255	'
Cash, End of Year	528,706	528,706
Supplemental Disclosure of Cash Flow Information:	'	'
Cash paid for interest	'	'
Cash paid for taxes	'	'
Non Cash Financing Activities	'	'
Common shares issued for investment with subsidiary	$2,580	$25,799,984

Organization_And_Basis_Of_Pres

Organization And Basis Of Presentation	9 Months Ended
	Sep. 30, 2013
Organization And Basis Of Presentation	'
Note 1 - Organization And Basis Of Presentation	'
	The condensed unaudited interim financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements and notes are presented as permitted on Form 10-Q and do not contain information included in the Company’s annual statements and notes. 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 pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the June 30, 2013 audited financial statements and the accompanying notes thereto. While management believes the procedures followed in preparing these condensed financial statements are reasonable, the accuracy of the amounts are in some respects dependent upon the facts that will exist, and procedures that will be accomplished by the Company later in the year.
	These condensed consolidated unaudited financial statements reflect all adjustments, including normal recurring adjustments which, in the opinion of management, are necessary to present fairly the operations and cash flows for the periods presented.
	Great East Energy, Inc. was incorporated in Nevada on April 5, 2013 and is a development-stage entity. The Company's current business plan is to complete the acquisition transaction contemplated by the Option Agreement and as a result to engage in the business of developing natural gas properties located in Ukraine.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Summary Of Significant Accounting Policies	'
Note 2 - Summary of Significant Accounting Policies	'
	Development Stage Company
	The Company is considered to be in the development stage as defined in ASC 915-10-05, “Development Stage Entity.” The Company is devoting substantially all of its efforts to the execution of its business plan.
	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 amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
	Cash and Cash Equivalents
	Cash and cash equivalents consists principally of currency on hand, demand deposits at commercial banks, and liquid investment funds having a maturity of three months or less at the time of purchase. The Company had $528,706 and $50,225 and in cash and cash equivalents as of September 30, 2013 and June 30, 2013.
	Start-up Costs
	In accordance with ASC 720-15-20, “Start-up Activities,” the Company expenses all costs incurred in connection with the start-up and organization of the Company.
	Common Stock Issued For Other Than Cash
	Services purchased and other transactions settled in the Company's common stock are recorded at the estimated fair value of the stock issued if that value is more readily determinable than the fair value of the consideration received.
	Recently Enacted Accounting Standards
	We do not expect the adoption of recently issued accounting pronouncement to have a significant impact on our results of operations, financial position or cash flow.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Stockholders Equity	'
Note 3 - Stockholders' Equity	'
	As of September 30, 2013 the Company has authorized 110,000,000 shares consisting of 100,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share. Effective on September 10, 2013, the Company effected a 56-for-1 forward stock split of its issued and outstanding shares of common stock, which became effective on September 10, 2013. As of September 30, 2013, the Company has issued 50,827,896 of the authorized shares of common stock and -0- shares of preferred stock.
	On July 25, 2013, the Company issued 25,799,984 shares of Common Stock to BHL in connection with the option grant closing under the Option Agreement. The stock compensation for the period was calculated at par prior to the stock split for a value of $56 or $1 post stock split.
	During the three months ended September 30, 2013, the Company entered into and consummated transactions pursuant to the Subscription Agreement (the “Subscription Agreement”) with certain accredited investors whereby the Company issued and sold to the investors for $1.00 per share an aggregate of 1,089,928 shares of the Company’s Common Stock for an aggregate purchase price of $1,090,000 (the “Private Placement”). The Company paid $89,593 in offering cost related to the private placement.
	During the three months ended September 30, 2013, the Company cancelled 168,000,000 shares of common stock per the terms of the merger agreement.
	During the three months ended September 30, 2013, the Company issued 3,777,984 shares of common stock to officers, directors, and consultants in exchange for services provided at a value of $3,777,984
	As of June 30, 2013, the Company has issued 188,160,000 post stock split authorized shares of common stock and -0- shares of preferred stock. On April 15, 2013, the company issued 330,008 shares of common stock to the President and director as part of their consulting agreements, further discussed in note 6. The shares were valued based on an hourly rate of $150 that is compatible to the market rate for the similar positions and applied to their average of a combined 30 hours per week. The Company valued their services excluding the cash payments at $39,915. The Company also recorded the closing of Epsilon Corp.’s accumulated deficit to additional paid in capital as part of the share exchange agreement.

Accounts_Payable

Accounts Payable	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 4 - Accounts Payable	'
	As of September 30, 2013, the Company’s accounts payable totaled $32,704. The following table shows the content of the account as of September 30, 2013:
	Professional Fees	$	32,704
	Total Accounts Payable	$	32,704
	As of June 30, 2013, the Company’s accounts payable totaled $118,719 prior to the merger. The following table shows the content of the account as of June 30, 2013:
	Professional Fees	$	117,817
	Incorporation Fees		902
	Total Accounts Payable	$	118,719

Accrued_Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2013
Accrued Liabilities	'
Note 5 - Accrued Liabilities	'
	As of September 30, 2013 and June 30, 2013, the Company’s accrued liabilities totaled $-0- and $309,312. The balance of accrued liabilities as of June 30, 2013 consisted of accrued stock payable and accrued professional fees related to the stock option agreement and consulting agreements which were paid in full as of September 30, 2013.

Related_Party_Payables

Related Party Payables	9 Months Ended
	Sep. 30, 2013
Related Party Payables	'
Note 6 - Related Party Payables	'
	The related party payables consist of reimbursement of expenses and compensations to the Company’s Chairman and CEO for their services at fair value. Each of them is to receive monthly cash payment in addition to the Company’s common shares for the period of April 15 through September 30, 2013. The fair value compensation was calculated based on their average hours worked per week applied to an hourly rate that is compatible to the average market hourly compensation rate of similar positions. The total compensation and payables to these related parties for the period ended September 30, 2013 and June 30, 2013 was $25 and $13,504, respectively.

Advance_Subscription_From_Inve

Advance Subscription From Investors	9 Months Ended
	Sep. 30, 2013
Advance Subscription From Investors	'
Note 7 - Advance Subscription From Investors	'
	In connection with the Private Placement Financing discussed in note 4, the Company has received $200,000 and $90,000 in advances for subscriptions prior to September 30, 2013 and June 30, 2013.

Deposits_For_Investment_In_Sub

Deposits For Investment In Subsidiary	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 8 - Deposits For Investment In Subsidiary	'
	On July 25, 2013, the Company entered into a Stock Purchase Option Agreement (the “Option Agreement”) with Bezerius Holdings Limited, a corporation organized under the laws of the Republic of Cyprus (“BHL”), whereby BHL granted to the Company an option to purchase 1,000 shares of equity capital of Synderal Services LTD, a corporation organized under the laws of the Republic of Cyprus ("SSL"), representing all issued and outstanding shares of SSL for $1,250,000. SSL is engaged in the gas exploration and production business in Ukraine through its two wholly-owned subsidiaries, Limited Liability Company NPK-KONTAKT and Limited Liability Company LISPROMGAZ, each a legal entity formed under the laws of Ukraine.
	Under the Option Agreement, the Company is required to pay to BHL $412,500 as an advance payment to be credited towards the purchase price of the SSL’s shares. The balance of the purchase price in the amount of $837,500 shall be paid by the Company upon exercise of the option to be completed by December 31, 2013. If the Company elects not to exercise the option to purchase the SSL’s shares, BHL is required to return to the Company the advance payment. This obligation by BHL is secured by the pledge of all the issued and outstanding shares of BHL by its shareholder. As September 30, 2013, the Company has paid $412,500 in advancements of cash payments.
	On July 25, 2013, the Company issued 25,799,984 shares of Common Stock to BHL in connection with the option grant closing under the Option Agreement. Such Common Stock was issued in accordance with an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), under Section 4(2) of the Securities Act by virtue of compliance with the provisions of Regulation S under the Securities Act.
	In connection with the issuance of 25,799,984 shares of Common Stock, BHL entered into a Stock Escrow Agreement and a Lock-Up Agreement with Epsilon. Pursuant to the Stock Escrow Agreement, BHL delivered to the escrow agent the shares of Common Stock issued to it to be held by the escrow agent pending the closing of the option exercise to purchase shares of SSL by the Company under the Option Agreement in which case such shares will be released by the escrow agent to BHL. Shall the parties to the Option Agreement fail to consummate the purchase of SSL shares by the Company; the escrowed shares will be cancelled. BHL has no right to vote the escrowed shares until such time as they are eligible for release to BHL.
	As of September 30, 2013, the Company had $1,252,596 in deposits for investment in subsidiaries of which $415,000 was paid in cash, $837,500 remaining as accrued investment in subsidiary liability, and $2,597 was paid by common shares valued at par.

Going_Concern

Going Concern	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 9 - Going Concern	'
	The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which contemplates continuation of the Company as a going concern. The Company has incurred approximately $3,696,588 in operating deficit since its inception, and has generated no operating revenue, which could raise substantial doubt about the Company’s ability to continue as a going concern.
	In view of these matters, realization of the assets of the Company is dependent upon the Company’s ability to meet its financial requirements through equity financing and the success of future operations. These financial statements do not include adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 10 - Subsequent Events	'
	The Company has evaluated events from September 30, 2013 through the date the financial statements were issued and determined there are no other items to disclose.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Summary Of Significant Accounting Policies Policies	'
Development Stage Company	'
	The Company is considered to be in the development stage as defined in ASC 915-10-05, “Development Stage Entity.” The Company is devoting substantially all of its efforts to the execution of its business plan.
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 amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents	'
	Cash and cash equivalents consists principally of currency on hand, demand deposits at commercial banks, and liquid investment funds having a maturity of three months or less at the time of purchase. The Company had $528,706 and $50,225 and in cash and cash equivalents as of September 30, 2013 and June 30, 2013.
Start - up Costs	'
	In accordance with ASC 720-15-20, “Start-up Activities,” the Company expenses all costs incurred in connection with the start-up and organization of the Company.
Common Stock Issued For Other Than Cash	'
	Services purchased and other transactions settled in the Company's common stock are recorded at the estimated fair value of the stock issued if that value is more readily determinable than the fair value of the consideration received.
Recently Enacted Accounting Standards	'
	We do not expect the adoption of recently issued accounting pronouncement to have a significant impact on our results of operations, financial position or cash flow.

Accounts_Payable_Tables

Accounts Payable (Tables)	9 Months Ended
	Sep. 30, 2013
Accounts Payable Tables	'
Accounts payable for september month	'
	Professional Fees	$	32,704
	Total Accounts Payable	$	32,704
Accounts payable for june month	'
	Professional Fees	$	117,817
	Incorporation Fees		902
	Total Accounts Payable	$	118,719

Organization_And_Basis_Of_Pres1

Organization And Basis Of Presentation (Details Narrative)	9 Months Ended
	Sep. 30, 2013
Organization And Basis Of Presentation Details Narrative	'
Company incorporated date	5-Apr-13
Company incorporated state	'Nevada

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Narrative) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Summary Of Significant Accounting Policies	'	'
Cash and cash equivalents	$528,706	$50,225

Stockholders_Equity_Details_Na

Stockholders' Equity (Details Narrative) (USD $)	3 Months Ended
	Sep. 30, 2013	Jun. 30, 2013
Common stock authorized	110,000,000	'
Common stock par value	$0.00	'
Common shares cancel	168,000,000	'
Preferred stock	10,000,000	'
Preferred stock par value	$0.00	$0.00
Common stock	$50,827,896	'
Company issued post stock split authorized shares	'	188,160,000
Company issued post stock split authorized shares of Preferred stock	'	0
Private Placement [Member]	'	'
Common shares issued	1,089,928	'
Common shares cancel	1	'
Paid up capital	89,593	'
Common stock issued value	$1,090,000	'
Officers, Directors, and Consultants [Member]	'	'
Common shares issued	3,777,984	'

Accounts_Payable_Details

Accounts Payable (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Total Accounts Payable	$32,704	$118,719
Professional Fees [Member]	'	'
Total Accounts Payable	32,704	117,817
Incorporation Fees [Member]	'	'
Total Accounts Payable	'	$902

Accounts_Payable_Details_Narra

Accounts Payable (Details Narrative) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Accounts Payable Details Narrative	'	'
Total accounts payable	$32,704	$118,719

Accrued_Liablies_Details_Narra

Accrued Liablies (Details Narrative) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Accrued Liabilities	'	'
Accrued liabilities total	$0	$309,312

Related_Party_Payabless_Detail

Related Party Payabless (Details Narrative) (USD $)	3 Months Ended	6 Months Ended
	Sep. 30, 2013	Jun. 30, 2013
Related Party Payabless Details Narrative	'	'
Amount payables to related Party	$25	$13,504

Advance_Subscription_From_Inve1

Advance Subscription From Investors (Details Narrative) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Advance Subscription From Investors	'	'
Advances for subscriptions	$200,000	$90,000

Deposits_For_Investment_In_Sub1

Deposits For Investment In Subsidiary (Details Narrative) (USD $)	Sep. 30, 2013
Notes to Financial Statements	'
Advance cash payments	$412,500
deposits cash paid for subsidiaries	415,000
Remaining accrued liability	837,500
common shares par value paid amount	$2,597