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8-K/A - FORM 8-K/A - Blue Earth, Inc.c92170e8vkza.htm
EX-10.7 - 10.7 FORM OF PLACEMENT AGENT WARRANT - Blue Earth, Inc.c92170exv10w7.htm
EX-10.15 - 10.15 AMENDMENT TO CONSULTING AGREEMENT DATED OCTOBER 20, 2009, BETWEEN GENESIS FLUID SOLUTIONS AND LIVIAKIS FINANCIAL COMMUNICATIONS, INC. - Blue Earth, Inc.c92170exv10w15.htm
EX-99.1 - 99.1 GENESIS FLUID SOLUTIONS, LTD. AUDITED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 - Blue Earth, Inc.c92170exv99w1.htm
EX-99.2 - 99.2 GENESIS FLUID SOLUTIONS, LTD. UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008 - Blue Earth, Inc.c92170exv99w2.htm
EX-10.14 - 10.14 CONSULTING AGREEMENT DATED MAY 11, 2009, BETWEEN GENESIS FLUID SOLUTIONS AND LIVIAKIS FINANCIAL COMMUNICATIONS, INC. - Blue Earth, Inc.c92170exv10w14.htm
Exhibit 99.3
UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION:
The following selected Unaudited Pro Forma Financial Information is based on the historical financial statements of Genesis Fluid Solutions, Inc. (“Genesis”) and Cherry Tankers, Inc. (“CT”) and has been prepared to illustrate the effect of Genesis’s acquisition of CT. The Unaudited Pro Forma Financial Information has been prepared treating the transaction as a recapitalization of Genesis. CT reports its financial results on a financial year ending December 31. The financial statements of CT included in the following unaudited pro forma financial information are based on the audited statements of CT for the twelve months ended December 31, 2008 and the unaudited six months ended June 30, 2009. The pro forma balance sheet gives effect to the acquisition of CT as if it occurred on December 31, 2008 and June 30, 2009. The pro forma statements of operations give effect to the acquisition of CT as if it occurred on January 1, 2008 and January 1, 2009.
Because the selected unaudited pro forma combined financial information is based upon CT’s financial position and operating results during periods when CT was not under the control, influence or management of Genesis, the information presented may not be indicative of the results that would have actually occurred had the transaction been completed at, and for the twelve months ended, December 31, 2008 or at, and for the six months ended, June 30, 2009, as appropriate, nor is it indicative of future financial or operating results of the combined entity.

 

 


 

Genesis Fluid Solutions Holdings, Inc.
Index to Unaudited Pro Forma Combined Financial Statements
         
Description   Page  
 
       
Unaudited Balance Sheet as of December 31, 2008
    3  
 
       
Unaudited Balance Sheet as of June 30, 2009
    4  
 
       
Unaudited Statements of Operations for the Twelve Months Ended December 31, 2008
    5  
 
       
Unaudited Statements of Operations for the Six Months Ended June 30, 2009
    6  
 
       
Significant Notes and Assumptions to the Pro Forma Financial Statements
    7  

 

2


 

GENESIS FLUID SOLUTIONS HOLDINGS, INC.
Unaudited Pro Forma Combined Balance Sheet as of December 31, 2008
                                 
                            Genesis  
    Genesis Historical             Pro Forma     Consolidated Pro  
    Audited     CT Historical Audited     Adjustments     Forma  
ASSETS
                               
Current Assets:
                               
Cash and cash equivalents
  $ 9,076     $ 377     $     $ 9,453  
Accounts receivable, other
    60,468                   60,468  
 
                       
Total Current Assets
    69,544       377             69,921  
 
Fixed Assets, net
    844,999                   844,999  
Patents, net
    54,492                   54,492  
Patents, pending
    98,097                   98,097  
Other non-current assets
    2,334                   2,334  
 
                       
Total Assets
    1,069,466       377             1,069,843  
 
                       
 
                               
LIABILITIES AND SHAREHOLDERS’ (DEFICIT)
                               
Current Liabilities
                               
Current portion of convertible and non-convertible notes and loans
    992,723                   992,723  
Current portion of capital lease obligations
    143,428                   143,428  
Trade accounts payable
    110,524       2,439             112,963  
Accrued and other liabilities
    771,540       8,910             780,450  
Due to related parties
    50,819       1,851             52,670  
Customer deposits
    215,000                   215,000  
 
                       
Total Current Liabilities
    2,351,368       13,200             2,364,568  
 
                               
Long Term Debt, Less current portion
                               
Notes payable
    84,666                   84,666  
Capital lease obligations
    117,822                   117,822  
 
                       
Total long term debt
    202,488                   202,488  
 
                       
 
                               
Total Liabilities
    2,553,856       13,200             2,567,056  
 
                               
Stockholders’ (Deficit)
                               
Common stock
    2,496,609       1,370       (2,497,764 )     215  
Additional paid in capital
          274,688       2,208,883       2,483,571  
Accumulated other comprehensive (loss)
    (10,867 )                 (10,867 )
Accumulated deficit
    (3,970,132 )     (288,881 )     288,881       (3,970,132 )
 
                       
Total Shareholders’ (Deficit)
    (1,484,390 )     (12,823 )           (1,497,213 )
 
                       
 
                               
Total Liabilities and Shareholders’ (Deficit)
  $ 1,069,466     $ 377           $ 1,069,843  
 
                       

 

3


 

GENESIS FLUID SOLUTIONS HOLDINGS, INC.
Unaudited Pro Forma Combined Balance Sheet as of June 30, 2009
                                 
                            Genesis  
    Genesis Historical     CT Historical     Pro Forma     Consolidated Pro  
    Audited     Audited     Adjustments     Forma  
ASSETS
                               
Current Assets:
                               
Cash and cash equivalents
  $ 334,400     $ 4,939     $     $ 339,339  
Inventory — work in progress
    12,061                   12,061  
 
                       
Total Current Assets
    345,461       4,939             350,400  
 
Fixed assets, net
    781,029                   781,029  
Patents, net
    52,285                   52,285  
Patents pending
    107,356                   107,356  
Debt issuance costs, net
    333                   333  
 
                       
Total Assets
    1,286,464       4,939             1,291,403  
 
                       
 
                               
LIABILITIES AND SHAREHOLDERS’ (DEFICIT)
                               
Current Liabilities
                               
Current portion of convertible and non-convertible notes and loans
    945,269                   945,269  
Current portion of capital lease obligations
    148,473                   148,473  
Trade accounts payable
    271,460       4,349             275,809  
Accrued and other liabilities
    882,150       4,000             886,150  
Due to related parties
    28,300       29,759             58,059  
Customer deposit
    215,000                   215,000  
 
                       
Total Current Liabilities
    2,490,652       38,108             2,528,760  
 
                               
Long Term Debt, Less current portion
                               
Notes payable
    84,666                   84,666  
Capital lease obligations
    24,892                   24,892  
 
                       
Total long term debt
    109,558                   109,558  
 
                       
 
                               
Total Liabilities
    2,600,210       38,108             2,638,318  
Stockholders’ (Deficit)
                               
Common Stock
    3,647,361       1,370       (3,648,516 )     215  
Additional Paid in Capital
          274,688       3,339,239       3,613,927  
Accumulated other comprehensive (loss)
    (12,210 )                 (12,210 )
Accumulated Deficit
    (4,948,897 )     (309,227 )     309,277       (4,948,847 )
 
                       
Total Shareholders’ (Deficit)
    (1,313,746 )     (33,169 )           (1,346,915 )
 
                       
 
                               
Total Liabilities and Shareholders’ (Deficit)
  $ 1,286,464     $ 4,939           $ 1,291,403  
 
                       

 

4


 

GENESIS FLUID SOLUTIONS HOLDINGS, INC.
Unaudited Pro Forma Combined Statements of Operations for the Twelve Months Ended December 31, 2008
                                 
    Genesis Historical     CT Historical     PRO FORMA     Genesis  
    Audited     Audited     ADJUSTMENTS     PRO FORMA  
 
                               
Net revenues
  $ 35,097     $     $     $ 35,097  
Cost of revenues
    393,683                   393,683  
 
                       
Gross (Deficit)
    (358,586 )                 (358,586 )
 
                               
Expenses:
                               
Sales and marketing
    63,993                   63,993  
General and administrative
    522,790       218,903             741,693  
Research and development
    2,011                   2,011  
Provision for impairment in the carrying value of equipment
    124,630                   (124,630 )
 
                       
Total Expenses
    713,424       218,903             932,327  
 
                       
 
                               
(Loss) from Operating
    (1,072,010 )     (218,903 )           (1,290,913 )
 
                       
 
                               
Other Income and (Expense):
                               
Interest and other income
    10,103                   10,103  
Interest expense
    (332,219 )                 (332,219 )
Loss on disposal
    (174,125 )                 (174,125 )
 
                       
Total Other Income/(Expense)
    (496,241 )                 (496,241 )
 
                               
Net (Loss)
    ($1,568,251 )     ($218,903 )           ($1,787,154 )
 
                       
 
                               
(Loss) per common share — basic and diluted
    ($1.57 )     ($0.02 )             ($0.17 )
Shares used in computing earnings (loss) per share
    1,000,000       13,705,000               10,631,000  

 

5


 

GENESIS FLUID SOLUTIONS HOLDINGS, INC.
Unaudited Pro Forma Combined Statements of Operations for the Six Months Ended June 30, 2009
                                 
            CT     PRO FORMA     Genesis  
    Genesis Historical     Historical     ADJUSTMENTS     PRO FORMA  
Net revenues
  $     $     $     $  
Cost of revenues
    75,571                   75,571  
 
                       
Gross (Deficit)
    (75,571 )                 (75,571 )
 
                               
Expenses:
                               
Sales and marketing
    23,929                   23,929  
General and administrative
    616,328       20,346             636,674  
Research and development
                       
 
                       
Total Operating Expenses
    640,257       20,346             660,603  
 
                       
 
                               
(Loss) from Operating
    (715,828 )     (20,346 )           (736,174 )
 
                       
 
                               
Other Income (Expense):
                               
Interest (expense)
    (262,937 )                 (262,937 )
 
                       
Total Other Income/(Expense)
    (262,937 )                 (262,937 )
 
                               
Net (Loss)
    ($978,765 )     ($20,346 )   $       ($999,111 )
 
                       
 
                               
(Loss) per common share — basic and diluted
    ($0.98 )     ($0.00 )             ($0.09 )
 
                               
Shares used in computing loss per share
    1,000,000       13,705,000               10,631,000  

 

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GENESIS FLUID SOLUTIONS HOLDINGS, INC.
SIGNIFICANT NOTES AND ASSUMPTIONS TO THE PRO FORMA FINANCIAL STATEMENTS
The unaudited pro forma balance sheets give effect to the following unaudited pro forma adjustments:
1.   Adjustment reflects the accounting for the effective assumption of CT’s liabilities in excess of assets as a capital transaction and to revise the par value of the post-transaction outstanding common stock.

 

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