Attached files
Exhibit
99.3
MOBILIS
RELOCATION SERVICES INC.
UNAUDITED
PRO FORMA CONSOLIDATED BALANCE SHEET
September
30, 2009
Historical
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MBSV
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Magnolia
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Adjustments
|
Consolidated
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ASSETS
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Current
Assets
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Cash
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$ | 13,130 | $ | 47,725 | $ | 1,290,000 | D | $ | 1,365,855 | ||||||||||||
15,000 | F | ||||||||||||||||||||
Deposit
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- | 20,000 | - | 20,000 | |||||||||||||||||
Total current assets | 13,130 | 67,725 | 1,305,000 | 1,385,855 | |||||||||||||||||
Fixed
Assets
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Property
and equipment
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- | - | - | - | |||||||||||||||||
Other
Assets
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License,
net
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- | 305,996 | - | 305,996 | |||||||||||||||||
Other
intangibles, net
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- | - | - | - | |||||||||||||||||
TOTAL
ASSETS
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$ | 13,130 | $ | 373,721 | $ | 1,305,000 | $ | 1,691,851 | |||||||||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
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Current
Liabilities
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Accounts
payable
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$ | 1,441 | $ | 84,683 | $ | - | $ | 86,124 | |||||||||||||
Due
to related parties
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- | 70,000 | - | 70,000 | |||||||||||||||||
Promissory
note payable
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- | 25,000 | 15,000 | F | - | ||||||||||||||||
300,000 | D | ||||||||||||||||||||
(340,000 | ) | G | |||||||||||||||||||
Convertible
notes
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- | - | 990,000 | D | - | ||||||||||||||||
(990,000 | ) | E | |||||||||||||||||||
340,000 | G | ||||||||||||||||||||
(340,000 | ) | E | |||||||||||||||||||
TOTAL
LIABILITIES
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1,441 | 179,683 | (25,000 | ) | 156,124 | ||||||||||||||||
Common
stock
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3,400 | 2,133 | (2,133 | ) | A | 20,132 | |||||||||||||||
(1,500 | ) | B | |||||||||||||||||||
16,210 | C | ||||||||||||||||||||
2,022 | E | ||||||||||||||||||||
Additional
paid-in capital
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49,600 | 359,367 | (39,178 | ) | A | 1,683,057 | |||||||||||||||
1,500 | B | ||||||||||||||||||||
(16,210 | ) | C | |||||||||||||||||||
1,327,978 | E | ||||||||||||||||||||
Deficits
accumulated during the development
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(41,311 | ) | (167,462 | ) | 41,311 | A | (167,462 | ) | |||||||||||||
stage
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TOTAL
STOCKHOLDERS' DEFICIT
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11,689 | 194,038 | 1,330,000 | 1,535,727 | |||||||||||||||||
TOTAL
LIABILITIES & STOCKHOLDERS'
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EQUITY | $ | 13,130 | $ | 373,721 | $ | 1,305,000 | $ | 1,691,851 | |||||||||||||
1
MOBILIS
RELOCATION SERVICES INC.
UNAUDITED
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
For the
Year Ended March 31, 2009
Historical
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MBSV
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Magnolia
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Adjustment
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Consolidated
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Revenues,
net
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$ | - | $ | - | $ | - | $ | - | ||||||||
Expenses
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General
and administration
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31,115 | 98,573 | 129,688 | |||||||||||||
Depreciation
and amortization expense
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- | 35,650 | 35,650 | |||||||||||||
Interest
expense
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- | 396 | - | 396 | ||||||||||||
Total
expenses
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31,115 | 134,619 | - | 165,734 | ||||||||||||
Net
loss before provision for
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income
taxes
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$ | (31,115 | ) | $ | (134,619 | ) | $ | - | $ | (165,734 | ) | |||||
Loss
per share, basic and diluted
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||||||
Weighted
average number of shares outstanding
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3,400,000 | 21,330,000 | 20,132,400 | |||||||||||||
2
MOBILIS
RELOCATION SERVICES INC.
UNAUDITED
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
For the
Six Months Ended September 30, 2009
Historical
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MBSV
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Magnolia
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Adjustment
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Consolidated
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Revenues,
net
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$ | - | $ | - | $ | - | $ | - | ||||||||
Expenses
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General
and administration
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5,719 | 101,022 | 106,741 | |||||||||||||
Depreciation
and amortization expense
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- | 26,737 | 26,737 | |||||||||||||
Interest
expense
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- | 799 | - | 799 | ||||||||||||
Total
expenses
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5,719 | 128,558 | - | 134,277 | ||||||||||||
Net
loss before provision for
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income
taxes
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$ | (5,719 | ) | $ | (128,558 | ) | $ | - | $ | (134,277 | ) | |||||
Loss
per share, basic and diluted
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$ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||||||
Weighted
average number of shares outstanding
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3,400,000 | 21,330,000 | 20,132,400 | |||||||||||||
3
MOBILIS
RELOCATION SERVICES INC.
PRO FORMA
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The
following unaudited pro forma consolidated financial statements give effect to
the reverse acquisition of Magnolia Solar, Inc. (“Magnolia”) by Mobilis
Relocation Services Inc. (“MBSV” and the “Company”) and are based on estimates
and assumptions set forth herein and in the notes to such pro forma
statements.
On
December 15, 2009, Magnolia entered into an Agreement and Plan of Reorganization
with MBSV and upon closing of the transaction, Magnolia became a wholly-owned
subsidiary of MBSV (the “Agreement”).
Prior to
the closing of this transaction, MBSV cancelled 1,500,000 of the 3,400,000
common shares that were issued and outstanding. Then, MBSV issued 16,210,800
common shares in exchange for 100% of the shares of Magnolia Solar, Inc. The
Company, post-merger is expected to raise $2,660,000 (purchase price of
$1,330,000) in convertible notes, which will be converted into 2,021,600
shares.
This
transaction is being accounted for as a reverse acquisition and a
recapitalization. Magnolia is the acquirer for accounting
purposes.
The
following unaudited pro forma consolidated statement of operations for the six
months ended September 30, 2009 and for the year ended March 31, 2009 gives
effect to the above as if the transactions had occurred at the beginning of the
period. The unaudited pro forma consolidated balance sheet at
September 30, 2009 assumes the effects of the above as if this transaction had
occurred as of October 1, 2008.
4
MOBILIS
RELOCATION SERVICES INC.
PRO FORMA
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The
unaudited pro forma consolidated financial statements are based upon, and should
be read in conjunctions with MBSV’s audited financial statements as of and for
the year ended March 31, 2009 and the historical financial statements of
Magnolia for the period January 8, 2008 (Inception) through December 31, 2008
and for the nine months ended September 30, 2009.
The
unaudited pro forma consolidated financial statements and notes thereto
contained forward-looking statements that involve risks and
uncertainties. Therefore, our actual results may vary materially from
those discussed herein. The unaudited pro forma consolidated
financial statements do not purport to be indicative of the results that would
have been reported had such events actually occurred on the dates specified, nor
is it indicative our future results.
5
MOBILIS
RELOCATION SERVICES INC.
NOTES TO
UNAUDITED PRO FORMA
CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE
YEAR ENDED MARCH 31, 2009 AND FOR THE
SIX
MONTHS ENDED SEPTEMBER 30, 2009
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NOTE
A – ACCOUNTING TREATMENT APPLIED AS A RESULT OF THIS
TRANSACTION
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The
transaction is being accounted for as reverse acquisition and
recapitalization. Magnolia is the acquirer for accounting
purposes. MBSV is the issuer. Accordingly, Magnolia’s
historical financial statements for periods prior to the acquisition become
those of the acquirer retroactively restated for the equivalent number of shares
received in the transaction. The accumulated deficit of Magnolia is
carried forward after the acquisition. Operations prior to the
transactions are those of Magnolia. Earnings per share for the period
prior to the transaction are restated to reflect the equivalent number of shares
outstanding.
NOTE
B – ADJUSTMENT
(a)
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To
eliminate MBSV’s historical expenses to reflect reverse acquisition and a
recapitalization treatment.
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(b)
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To
reflect the cancellation of 1,500,000 common shares by the major
shareholders of MBSV dated December 15, 2009. Such shares have
been cancelled and returned to the authorized but unissued shares of
MBSV.
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(c)
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To
record the issuance of 16,210,800 common shares to the shareholders of
Magnolia in exchange for 100% of their shares in
Magnolia.
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(d)
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To
record the issuance of $2,660,000 (purchase price of $1,330,000) in
convertible notes, which includes $300,000 in bridge financing
notes.
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(e)
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To
record the conversion of the $1,330,000 in notes into 2,021,600 shares of
common stock.
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(f)
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To
reflect additional promissory note entered into October 15,
2009.
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(g)
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To
record the conversion of the $340,000 in promissory notes payable into
$340,000 in convertible notes.
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6
NOTE
C – PRO FORMA WEIGHTED AVERAGES SHARES OUTSTANDING
Pro forma
shares outstanding assuming the transaction occurred as of September 30,
2009:
MBSV
Shares Outstanding
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3,400,000 |
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Cancellation
of shares
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(1,500,000 |
)
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Shares
issued in reverse merger with
Magnolia 16,210,800
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Shares
issued in conversion of convertible
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notes
payable
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2,021,600
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Pro
forma shares outstanding
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20,132,400
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7