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Oro East Mining, Inc.
10-Q
--12-31
27916440
false
0001430174
Yes
No
Smaller Reporting Company
No
2012
Q1
2012-03-31
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE
1                        ORGANIZATION,
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(a)         Organization
and Business</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Oro
East Mining, Inc. (“we”, “our”, or
the “Company”) was incorporated in Delaware on
February 15, 2008. The Company is currently in the
exploration stage and does not have any customers, or
revenue.</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(b)         Basis
of Consolidation</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
consolidated financial statements include the accounts of
the Company and its wholly owned subsidiary.  All
significant intercompany accounts and transactions have
been eliminated.</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(c)         Basis
of Presentation</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
accompanying interim consolidated financial statements are
unaudited and have been prepared in accordance with
accounting principles generally accepted in the United
States of America and the rules of the Securities and
Exchange Commission (“SEC”). In the opinion of
management, all adjustments for a fair statement of the
results and operations and financial position for the
interim periods presented have been included. All such
adjustments are of a normal recurring
nature.   The March 31, 2012 interim
consolidated financial statements presented herein may not
be indicative of the results of the Company for the year
ending December 31, 2012. These unaudited interim
consolidated financial statements should be read in
conjunction with the consolidated financial statements and
related notes included in our Annual Report on Form 10-K
for the fiscal year ended December 31, 2011 filed with the
SEC on March 30, 2012.</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(d)         Share-based
Compensation</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company recognizes the services received in a share-based
payment transaction as the services are received. The
services received are measured at the fair value of the
equity instruments issued.</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(e)         Going
Concern</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
accompanying interim consolidated financial statements have
been prepared on a going concern basis, which assumes the
Company will realize its assets and discharge its
liabilities in the normal course of business. As reflected
in the accompanying interim consolidated financial
statements, the Company has a negative deficit accumulated
during the exploration stage of $2,103,748 and has negative
working capital of $455,763 at March 31, 2012. The
Company’s ability to continue as a going concern is
dependent upon its ability to generate future profitable
operations and/or to obtain the necessary financing to meet
its obligations and repay its liabilities arising from
normal business operations when they come due.
Management’s plan includes obtaining additional funds
by equity financing and/or related party advances, but
there is no assurance of additional funding being
available. These conditions raise substantial doubt about
the Company’s ability to continue as a going concern.
The accompanying interim consolidated financial statements
do not include any adjustments that might arise as a result
of this uncertainty.</font>
</div><br/>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE
2                        RELATED
PARTY TRANSACTIONS</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
shareholder and officer of the Company paid expenses on
behalf of the Company during the three months ended March
31, 2012. As of March 31, 2012 and December 31, 2011, the
Company owed shareholder and officer the amount of $181,794
and $118,448, respectively. The balances are unsecured,
non-interest bearing and due on demand.</font>
</div><br/>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE
3                        EQUITY</font>
</div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During
the fiscal year 2011 and 2010, the Company entered into
consulting agreements with two companies to issue up to
24,440 and 225,000 common shares respectively for services
to be received over the period of two years. The shares are
forfeitable if the services are not provided. The shares
were valued at $2/share for a total of $498,880. During the
three months ended March 31, 2012, the Company recognized
$62,361 in share based compensation related to the
consulting services.</font>
</div><br/>