Attached files
file | filename |
---|---|
8-K - Luvu Brands, Inc. | v163418_8k.htm |
EX-2.1 - Luvu Brands, Inc. | v163418_ex2-1.htm |
EX-3.4 - Luvu Brands, Inc. | v163418_ex3-4.htm |
EX-99.1 - Luvu Brands, Inc. | v163418_ex99-1.htm |
EX-3.3 - Luvu Brands, Inc. | v163418_ex3-3.htm |
EX-99.4 - Luvu Brands, Inc. | v163418_ex99-4.htm |
EX-16.1 - Luvu Brands, Inc. | v163418_ex16-1.htm |
EX-99.3 - Luvu Brands, Inc. | v163418_ex99-3.htm |
LIBERATOR,
INC.
UNAUDITED
CONDENSED COMBINED PRO FORMA BALANCE SHEET
WES
|
Adjusted
|
|||||||||||||||||||||||
Liberator, Inc.
|
Consulting, Inc.
|
Combined
|
Pro Forma
|
ProForma
|
||||||||||||||||||||
June 30, 2009
|
June 30, 2009
|
Totals
|
Adjustments
|
AE
|
Totals
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Current
Assets:
|
||||||||||||||||||||||||
Cash
|
$ | 1,815,633 | $ | 4,213 | $ | 1,819,846 | $ | - | $ | 1,819,846 | ||||||||||||||
Accounts
receivable
|
346,430 | 346,430 | 346,430 | |||||||||||||||||||||
Inventories
|
700,403 | 700,403 | 700,403 | |||||||||||||||||||||
Prepaid
Expenses
|
95,891 | - | 95,891 | - | 95,891 | |||||||||||||||||||
Total
Current Assets
|
2,958,357 | 4,213 | 2,962,570 | - | 2,962,570 | |||||||||||||||||||
Property
and Equipment, net
|
1,135,517 | 475 | 1,135,992 | - | 1,135,992 | |||||||||||||||||||
TOTAL
ASSETS
|
$ | 4,093,874 | $ | 4,688 | $ | 4,098,562 | $ | - | $ | 4,098,562 | ||||||||||||||
LIABILITIES
AND STOCKHOLDERS'
|
||||||||||||||||||||||||
EQUITY
(DEFICIT)
|
||||||||||||||||||||||||
Current
Liabilities:
|
||||||||||||||||||||||||
Accounts
payable
|
$ | 2,247,845 | $ | - | $ | 2,247,845 | $ | - | $ | 2,247,845 | ||||||||||||||
Accrued
compensation
|
154,994 | - | 154,994 | - | 154,994 | |||||||||||||||||||
Accrued
expenses
|
145,793 | - | 145,793 | - | 145,793 | |||||||||||||||||||
Revolving
line of credit
|
171,433 | - | 171,433 | - | 171,433 | |||||||||||||||||||
Current
long-term debt
|
145,481 | 31,382 | 176,863 | (31,382 | ) |
1
|
145,481 | |||||||||||||||||
Credit
card advance
|
198,935 | - | 198,935 | - | 198,935 | |||||||||||||||||||
Total
Current Liabilities
|
3,064,481 | 31,382 | 3,095,863 | (31,382 | ) | 3,064,481 | ||||||||||||||||||
Long-term
liabilities:
|
||||||||||||||||||||||||
Note
payable -equipment
|
72,812 | - | 72,812 | - | 72,812 | |||||||||||||||||||
Lease
payable
|
225,032 | - | 225,032 | - | 225,032 | |||||||||||||||||||
Note
payable -related
|
125,948 | - | 125,948 | - | 125,948 | |||||||||||||||||||
Convertible
note payable
|
285,750 | - | 285,750 | - | 285,750 | |||||||||||||||||||
Unsecured
lines of credit
|
124,989 | - | 124,989 | - | 124,989 | |||||||||||||||||||
Deferred
rent payable
|
356,308 | - | 356,308 | - | 356,308 | |||||||||||||||||||
Less:
current portion
|
(145,481 | ) | - | (145,481 | ) | - | (145,481 | ) | ||||||||||||||||
Total
long-term liabilities
|
1,045,358 | - | 1,045,358 | - | 1,045,358 | |||||||||||||||||||
Total
Liabilities
|
4,109,839 | 31,382 | 4,141,221 | (31,382 | ) | 4,109,839 | ||||||||||||||||||
Stockholders'
Equity:
|
||||||||||||||||||||||||
Preferred
Stock
|
430 | - | 430 | - | 430 | |||||||||||||||||||
Common
Stock
|
6,093 | 12,050 | 18,143 | 609,330 |
2
|
611,660 | ||||||||||||||||||
(19,440 | ) |
3
|
||||||||||||||||||||||
3,627 |
4
|
|||||||||||||||||||||||
Additional
Paid-in Capital
|
5,286,970 | 1,487 | 5,288,457 | 31,382 |
1
|
4,726,322 | ||||||||||||||||||
(609,330 | ) |
2
|
||||||||||||||||||||||
19,440 |
3
|
|||||||||||||||||||||||
(3,627 | ) |
4
|
||||||||||||||||||||||
Accumulated
Deficit
|
(5,309,458 | ) | (40,231 | ) | (5,349,689 | ) | - | (5,349,689 | ) | |||||||||||||||
Total
Stockholders' Deficit
|
(15,965 | ) | (26,694 | ) | (42,659 | ) | 31,382 | (11,277 | ) | |||||||||||||||
TOTAL
LIABILITIES
|
||||||||||||||||||||||||
AND
STOCKHOLDERS'
|
||||||||||||||||||||||||
EQUITY
(DEFICIT)
|
$ | 4,093,874 | $ | 4,688 | $ | 4,098,562 | $ | - | $ | 4,098,562 |
1
|
To
record gain on forgiveness of debt which occurred on August 11,
2009.
|
2
|
To
record issuance of 60,932,981 shares of common stock to acquire 100% of
the common shares of Liberator, Inc. at $0.01 per
share.
|
3
|
To
cancel 972,000 shares of common stock owned by Liberator,
Inc.
|
4
|
To
reflect increase in par value from $.0001 per share to $.01 per
share.
|
LIBERATOR,
INC.
UNAUDITED
CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS
WES Consulting
|
|||||||||||||||||||||
Liberator, Inc.
|
Inc.
|
Pro-Forma
|
|||||||||||||||||||
For the Year
|
For the Year
|
Adjusted
|
|||||||||||||||||||
Ended
|
Ended
|
Combined
|
Pro Forma
|
Combined
|
|||||||||||||||||
June 30, 2009
|
June 30, 2009
|
Totals
|
Adjustments
|
AJE
|
Totals
|
||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||
REVENUES
|
$ | 10,260,552 | $ | 69,300 | $ | 10,329,852 | $ | - | $ | 10,329,852 | |||||||||||
COST
OF SALES
|
7,144,108 | - | 7,144,108 | - | 7,144,108 | ||||||||||||||||
GROSS
PROFIT
|
3,116,444 | 69,300 | 3,185,744 | - | 3,185,744 | ||||||||||||||||
OPERATING
EXPENSES
|
|||||||||||||||||||||
Advertising
and Promotion
|
864,690 | - | 864,690 | - | 864,690 | ||||||||||||||||
Other
Selling and Marketing
|
1,201,054 | - | 1,201,054 | - | 1,201,054 | ||||||||||||||||
General
and Administrative
|
1,781,352 | 92,732 | 1,874,084 | - | 1,874,084 | ||||||||||||||||
Depreciation
|
270,217 | 569 | 270,786 | - | 270,786 | ||||||||||||||||
Total
Costs and Expenses
|
4,117,313 | 93,301 | 4,210,614 | - | 4,210,614 | ||||||||||||||||
OPERATING
LOSS
|
(1,000,869 | ) | (24,001 | ) | (1,024,870 | ) | - | (1,024,870 | ) | ||||||||||||
OTHER
INCOME (EXPENSE)
|
|||||||||||||||||||||
Interest
Income
|
1,980 | - | 1,980 | - | 1,980 | ||||||||||||||||
Interest
Expense
|
(482,598 | ) | (482,598 | ) | (482,598 | ) | |||||||||||||||
Expenses
related to reverse acquisition of Remark
|
(2,273,495 | ) | - | (2,273,495 | ) | - | (2,273,495 | ) | |||||||||||||
Total
Other Income (Expense)
|
(2,754,113 | ) | - | (2,754,113 | ) | - | (2,754,113 | ) | |||||||||||||
Loss
Before Taxes
|
(3,754,982 | ) | (24,001 | ) | (3,778,983 | ) | - | (3,778,983 | ) | ||||||||||||
INCOME
TAX PROVISION (BENEFIT)
|
- | - | - | - | - | ||||||||||||||||
NET
LOSS
|
$ | (3,754,982 | ) | $ | (24,001 | ) | $ | (3,778,983 | ) | $ | - | $ | (3,778,983 | ) |
WES
Consulting, Inc.
Notes to
Pro Forma Consolidated Financial Statements
June 30,
2009
NOTE
1 - Summary of Transaction
On
October 19, 2009, WES Consulting, Inc. (the “Company”) completed a stock
exchange with Liberator Inc., a Nevada corporation (“Liberator”). The
Company exchanged all of the issued and outstanding shares of Liberator for
shares of the Company. Liberator is now a wholly-owned subsidiary of
the Company.
NOTE
2 - Management Assumptions
The pro
forma balance sheet and statements of operations assumes that the entities were
together at the beginning of the year ended June 30, 2009.
The pro
forma balance sheets assume that through the issuance of 60,932,981 shares of
common stock, the Company acquires all of outstanding shares of
Liberator.
The
proforma statements of operations assume that the Company’s revenues and
expenses have been combined with Liberator’s at the beginning of the year ended
June 30, 2009.
NOTE
3 – Pro forma Adjusting Entries
1.
|
To
record gain on forgiveness of debt which occurred on August 11,
2009.
|
2.
|
To
record issuance of 60,932,981 shares of common stock to acquire 100% of
the common shares of Liberator, Inc. at $0.01 per
share.
|
3.
|
To
cancel 972,000 shares of common stock owned by Liberator,
Inc.
|
4.
|
To
reflect increase in par value from $.0001 per share to $.01 per
share.
|