EASTGATE ACQUISITIONS CORP

CIK:0001099574|SEC Filings

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement
Revenue	$ 23,138		$ 137,638
Cost of Revenue
Cost of Services	92,349		149,275
Cost of Revenue	92,349		149,275
Gross Profit(Loss)	(69,212)		(11,638)
Operating Expenses
Professional Fees	70,176	$ 19,886	152,216	$ 24,191
Research and development	(12,046)	115,610	258,384	381,124
General and administrative	1,518,182	234,072	2,472,700	1,498,107
Marketing and selling	75,859	63,954	213,600	203,894
Loss from Impairment of assets	25,247			184,402
Gain on extinguishment of debt	(55,759)		(55,759)
Total Operating Expenses	1,621,660	433,522	3,041,142	2,291,718
(Loss)/Gain from continuing operations	(1,690,872)	(433,522)	(3,052,780)	(2,291,718)
Other (Income) Expense
Interest	57,985	(39,778)	196,547	116,516
Total Other (Income) Expense	57,985	(39,778)	196,547	116,516
Net Income (loss)	(1,632,887)	(473,300)	(3,249,327)	(2,408,234)
Comprehensive Income (Loss) - foreign currency translation	(172,021)	4,614	(160,882)	(9,527)
Comprehensive Income (Loss)	$ (1,804,907)	$ (468,686)	$ 3,410,208	$ (2,417,761)
Earnings Per Share
Earnings Per Share, Basic and Diluted	$ 0	$ (0.002)	$ (0.01)	$ (0.01)

Consolidated Statements of Cash Flows	3 Months Ended	9 Months Ended
Consolidated Statements of Cash Flows	Sep. 30, 2017 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)
Cash flows from operating activities:
Net income (loss)	$ (1,632,887)	$ (3,249,327)	$ (2,408,234)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Expenses paid by related party			3,145
Common stock issued for services		67,570	753,480
Stock based compensation		361,000
Loss from impairment of assets	25,247		184,402
Depreciation and amortization		73,695
Increases/decreases in operating assets and liabilities
Accounts receivable		45,651
Accounts receivable - other		219,508
Reserve for recoverable taxes			67,726
Deferred rent			(1,038)
Inventory	(21,635)	(21,635)
Recognition of Deferred Revenue		2,871	70,699
Prepaid expenses and other assets		8,474	14,595
Accrrued liabilites related party			1,089,378
Accrued interest		175,454	102,513
Accounts payable and accrued expenses		733,692	(92,174)
Net cash (used) in/provided by operating activities		(1,583,047)	(215,508)
Cash flows from investing activities:
Purchase of property and equipment		(51,684)
Net cash provided by (used) in investing activities		(51,684)
Cash flows from financing activities:
Proceeds from (Repayments of) Notes Payable		430,928
Payment of capital lease obligation		(85,948)	8,995
Proceeds from (Repayments of) Related Party Debt		1,214,930	198,087
Proceeds from Issuance of Common Stock		120,000
Bank overdraft	(58,923)	(58,923)
Net cash (used) in or provided by financing activities		1,620,987	189,092
Net change in cash		(13,744)	(26,416)
Effect of foreign currency translation adjustments		18,655	7,175
Cash, beginning of period			19,241
Cash, end of period	4,911	4,911
Supplemental disclosure of cash flow information:
Cash paid for interest			$ 10,429
Schedule of noncash investing and financing transactions:
Payment made by 3(a)10 firm to noteholders on Compamy's behalf		406,109
Assets and liabilities assumed from Omni acquistion	$ 1,645,000	$ 1,645,000

Consolidated Balance Sheets+A1:C23 - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Assets
Cash	$ 4,911
Accounts receivable other	28,735
Prepaid Expense, Current	21,680
Inventory	112,944
Total current assets	168,270
Furniture and fixtures	9,152
Equipment	768,239
Website and presentation templates	8,849
Leasehold improvments	65,595
Accumulated depreciation and amortization	150,020
Property and equipment, net of accumulated depreciation	701,814
Other assets
Investment in subsidiaries	8,000,000
Total other assets	8,000,000
Total assets	1,670,084
Liabilities and Stockholders' Deficit
Accounts payable	706,091	$ 312,475
Accrued expenses and other liabilities	3,080,342	2,528,834
Deferred sales		92,516
Deferred rent	96,014	627
Capital lease obligation	376,564	10,368
Notes payable - related parties	2,383,798	1,633,222
Current portion of notes payable	318,192
Total current liabilities	6,961,001	4,578,042
LT Capital lease obligation		40,024
Total long-term liabilities		40,024
Total liabilities	6,961,001	4,618,066
Stockholders' deficit:
Common stock, $0.00001 par value, Authorized 450,000,000 shares,1,136,695,708 and 309,522,175 shares issued and outstanding at September 30, 2017 and December 31, 2016, repectively	11,320	3,096
Additional paid-in capital	13,218,261	9,970,127
Other comprehensive income	(121,180)	39,702
Retained earnings	(18,399,318)	(14,630,991)
Total stockholders' deficit	(5,290,917)	$ (4,618,066)
Total liabilities and stockholders' deficit	$ 1,670,084