Attached files
| file | filename |
|---|---|
| EX-99.1 - AUDITED FINANCIAL STATEMENTS OF COMANCHE LIVESTOCK EXCHANGE, LLC FOR THE YEAR ENDED DECEMBER 31, 2008 - Green Energy Live Inc | f8k072409a2ex99i_grnenergy.htm |
| 8-K/A - AMENDMENT NO. 2 TO FORM 8-K - Green Energy Live Inc | f8k072409a2_grnenergy.htm |
Exhibit
99.2
Index to
Financial Statements
| Green Energy Live, Inc. |
Page
|
|
|
|
|
Balance
Sheet (Unaudited) of Comanche Livestock Exchange as of June 30,
2009
|
F-2
|
|
Statements
of Operations and Member Equity (Unaudited) for Comanche Livestock
Exchange for the six months ended June 30, 2009 and 2008.
|
F-3
|
|
Statement
of Cash Flows (Unaudited) for Comanche Livestock Exchange for the six
months ended June 30, 2009 and 2008
|
F-4
|
|
Combined
Pro Forma Balance Sheet as of June 30, 2009
|
F-5
|
|
Combined
Income Statement for the six months ended June 30, 2009 and the year ended
December 31, 2008
|
F-6
|
|
Notes
to Financial Statement
|
F-9
|
F-1
PART I.
INTERIM FINANCIAL INFORMATION (UNAUDITED)
Item
1. Interim Condensed Financial Information
|
Comanche
Livestock Exchange, LLC
|
||||
|
Balance
Sheet
June
30, 2009
|
||||
|
(UNAUDITED)
|
||||
| ASSETS | ||||
|
Current
assets
|
||||
|
Cash
and Cash equivalents
|
$ | 2,339 | ||
|
Other
assets
|
||||
|
Net
property and equipment
|
299,534 | |||
|
Member
advances
|
79,876 | |||
|
Deferred
closing costs
|
4,089 | |||
|
Goodwill
|
90,129 | |||
|
Total
Assets
|
$ | 475,967 | ||
|
LIABILITIES
AND MEMBER'S EQUITY
|
||||
|
Current
liabilities
|
||||
|
Accounts
payable
|
$ | 8,639 | ||
|
Current
portion of long term debt
|
18,033 | |||
|
Auction
proceeds available
|
81,143 | |||
|
Member
note payable
|
13,447 | |||
|
Total
Current liabilities
|
121,262 | |||
|
Long
term debt, net of current portion
|
303,390 | |||
|
Total
Liabilities
|
424,652 | |||
|
Members
Equity
|
51,315 | |||
|
Total
Liabilities and Members Equity
|
$ | 475,967 | ||
F-2
|
Comanche
Livestock Exchange, LLC
|
||||||||
|
STATEMENTS
OF INCOME AND MEMBER'S EQUITY
|
||||||||
|
(UNAUDITED)
|
||||||||
|
Six
Months Ended June 30
|
||||||||
|
2009
|
2008
|
|||||||
|
Revenues
|
$ | 389,466 | $ | 353,225 | ||||
|
Cost
of revenue
|
186,699 | 100,316 | ||||||
|
Gross
profit
|
202,767 | 252,909 | ||||||
|
General
and administrative expenses
|
171,543 | 240,643 | ||||||
|
Operating
income
|
31,224 | 12,266 | ||||||
|
Interest
expense
|
9,419 | 8,071 | ||||||
|
Net
income
|
21,805 | 4,195 | ||||||
|
Members
equity, beginning of the period
|
25,274 | 2,663 | ||||||
|
Member
distributions, net
|
4,236 | 30,147 | ||||||
|
Members
equity, end of the period
|
$ | 51,315 | $ | 37,005 | ||||
F-3
|
COMANCHE
LIVESTOCK EXCHANGE, LLC
|
||||||||
|
STATEMENTS
OF CASH FLOWS
|
||||||||
|
(UNAUDITED)
|
||||||||
|
Six
months ended June 30,
|
||||||||
|
2009
|
2008
|
|||||||
|
Cash
flows from operating activities
|
|
|
||||||
|
Net income
|
$ | 21,805 | $ | 4,195 | ||||
|
Adjustments to reconcile net
income to net cash
|
||||||||
|
provided by operating
activities
|
||||||||
|
Depreciation
|
10,502 | 9,073 | ||||||
|
Changes in operating assets and
liabilities
|
||||||||
|
which provided (used) cash
|
||||||||
|
Deferred closing costs
|
158 | 158 | ||||||
|
Accounts payable
|
(20,278 | ) | (37,229 | ) | ||||
|
Auction proceeds payable
|
37,111 | 261,688 | ||||||
|
Accrued expenses
|
(1,579 | ) | - | |||||
|
Net
cash provided by operating activities
|
47,719 | 237,885 | ||||||
|
Cash flows from investing
activities
|
||||||||
|
Purchases of property and
equipment
|
(344 | ) | (28,868 | ) | ||||
|
Member receivable advances, net
|
(35,913 | ) | (236,913 | ) | ||||
|
Net cash used in investing
activities
|
(36,257 | ) | (265,781 | ) | ||||
|
Cash flows from financing
activities
|
||||||||
|
Repayments
of long-term debt
|
(8,882 | ) | (8,036 | ) | ||||
|
Member
note payable, net
|
(4,622 | ) | 21,896 | |||||
|
Member
distributions, net
|
4,236 | 30,147 | ||||||
|
Net cash (used in) provided by
financing activities
|
(9,268 | ) | 44,007 | |||||
|
Net increase in cash
and cash equivalents
|
2,194 | 16,111 | ||||||
|
Cash and cash equivalents,
beginning of period
|
145 | 3,683 | ||||||
|
Cash
and cash equivalents, end of period
|
$ | 2,339 | $ | 19,794 | ||||
F-4
|
GREEN
ENERGY LIVE, INC.
|
||||||||||||||||
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COMBINED
PRO FORMA CONSOLIDATED BALANCE SHEET
|
||||||||||||||||
|
JUNE
30, 2009
|
||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||
|
Comanche
Livestock Exchange, LLC
|
Green
Energy Live, Inc.
|
Pro Forma | ||||||||||||||
|
ASSETS
|
Historical
|
Historical
|
Adjustments
|
Combined
|
||||||||||||
|
Current
assets
|
||||||||||||||||
|
Cash
and cash equivalents
|
$
|
2,339
|
$
|
2,040
|
$
|
-
|
$
|
4,379
|
||||||||
|
Other
assets
|
||||||||||||||||
|
Property
and equipment (net of accumulated
depreciation)
|
303,750
|
17,863
|
504,040
|
(a)
|
825,653
|
|||||||||||
|
Deferred
costs of developing patents
|
-
|
80,530
|
-
|
80,530
|
||||||||||||
|
Prepaid
expenses and other assets
|
-
|
14,757
|
-
|
14,757
|
||||||||||||
|
Member
advances
|
79,876
|
-
|
-
|
79,876
|
||||||||||||
|
Deferred
closing costs
|
4,089
|
-
|
-
|
4,089
|
||||||||||||
|
Goodwill
|
90,129
|
-
|
(90,129)
129,800
|
(a)
(a)
|
129,800
|
|||||||||||
|
Total
assets
|
$
|
480,183
|
$
|
115,190
|
543,711
|
$
|
1,139,084
|
|||||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||||||
|
Liabilities
|
||||||||||||||||
|
Accounts
payable
|
$
|
8,639
|
$
|
91,424
|
$
|
-
|
$
|
100,063
|
||||||||
|
Current
portion of long term debt
|
18,033
|
-
|
789,872
(18,033)
|
(b)
(b)
|
789,872
|
|||||||||||
|
Auction
proceeds available
|
81,143
|
-
|
-
|
81,143
|
||||||||||||
|
Accrued
Payroll
|
-
|
41,440
|
-
|
41,440
|
||||||||||||
|
Member
note payable
|
13,447
|
-
|
(13,447)
|
(b)
|
-
|
|||||||||||
|
Accrued
consulting fees
– shareholders
|
-
|
390,000
|
-
|
390,000
|
||||||||||||
|
Total
Current Liabilities
|
121,262
|
522,864
|
758,392
|
1,402,518
|
||||||||||||
|
Long
Term Debt, net of current portion
|
303,390
|
-
|
119,128
(303,390)
|
(b)
(b)
|
119,128
|
|||||||||||
|
Total
liabilities
|
424,652
|
522,864
|
574,130
|
1,521,646
|
||||||||||||
|
Stockholders'
(Deficit)
|
||||||||||||||||
|
Common stock, $0.0001 par value; 100,000,000 shares
authorized,
|
||||||||||||||||
|
40,641,609 shares
issued and outstanding
|
-
|
4,064
|
50
|
(b)
|
4,114
|
|||||||||||
|
Additional
paid-in capital
|
-
|
1,321,609
|
49,950
|
(b)
|
1,371,559
|
|||||||||||
|
Deficit
|
-
|
(1,733,347)
|
(24,888)
|
(c)(d)
|
(1,758,235
|
)
|
||||||||||
|
Members
Equity
|
55,531
|
-
|
(55,531)
|
(a)
|
-
|
|||||||||||
|
Total
stockholders' equity / (deficit)
|
55,531
|
(407,674)
|
(30,419)
|
(382,562
|
)
|
|||||||||||
|
Total
liabilities and stockholders' equity (deficit)
|
$
|
480,183
|
$
|
115,190
|
543,711
|
$
|
1,139,084
|
|||||||||
See notes
to unaudited pro forma combined financial statements
F-5
|
GREEN
ENERGY LIVE, INC.
|
||||||||||||||||
|
COMBINED
PRO FORMA STATEMENT OF OPERATIONS
|
||||||||||||||||
|
SIX
MONTHS ENDED JUNE 30, 2009
|
||||||||||||||||
| (UNAUDITED) | ||||||||||||||||
|
Comanche
Livestock Exchange, LLC
|
Green
Energy Live, Inc.
|
Pro
Forma
|
||||||||||||||
|
Historical
|
Historical
|
Adjustments
|
Combined
|
|||||||||||||
|
|
||||||||||||||||
|
Revenue
|
$
|
389,466
|
$
|
-
|
$
|
-
|
$
|
389,466
|
||||||||
|
Cost
of revenue
|
186,699
|
- |
-
|
186,699
|
||||||||||||
|
Gross
profit
|
202,767
|
-
|
-
|
202,767
|
||||||||||||
|
Expenses
|
||||||||||||||||
|
Consulting
fees to shareholders
|
-
|
150,000
|
-
|
150,000
|
||||||||||||
|
Professional
Fees
|
-
|
72,869
|
-
|
72,869
|
||||||||||||
|
Compensation
and benefits
|
-
|
73,835
|
-
|
73,835
|
||||||||||||
|
General
and administrative
|
171,543
|
81,551
|
10,557
|
(c)
|
263,651
|
|||||||||||
|
Loss
on disposal of asset
|
-
|
213
|
-
|
213
|
||||||||||||
|
Total
operating expenses
|
171,543
|
378,468
|
10,557
|
560,568
|
||||||||||||
|
Interest
Expense
|
9,419
|
-
|
14,331
|
(d)
|
23,750
|
|||||||||||
|
|
||||||||||||||||
|
Net
profit (loss)
|
$
|
21,805
|
$
|
(378,468
|
)
|
(24,888)
|
(381,551
|
)
|
||||||||
|
Shares
outstanding
|
40,641,609
|
40,691,609
|
||||||||||||||
|
Weighted
average shares outstanding
|
38,422,680
|
38,422,680
|
||||||||||||||
|
Weighted
average loss per share
|
|
$
|
(.01
|
)
|
$
|
(.01
|
)
|
|||||||||
See notes
to unaudited pro forma combined financial statements
F-6
|
GREEN
ENERGY LIVE, INC.
|
||||||||||||||||
|
COMBINED
PRO FORMA STATEMENT OF OPERATIONS
|
||||||||||||||||
|
YEAR
ENDED DECEMBER 31, 2008
|
||||||||||||||||
| (UNAUDITED) | ||||||||||||||||
|
Comanche
Livestock Exchange, LLC
|
Green
Energy Live, Inc.
|
Pro
Forma
|
||||||||||||||
|
Historical
|
Historical
|
Adjustments
|
Combined
|
|||||||||||||
|
|
||||||||||||||||
|
Revenue
|
$
|
644,146
|
$
|
$
|
-
|
$
|
644,146
|
|||||||||
|
Cost
of revenue
|
101,364
|
-
|
-
|
101,364
|
||||||||||||
|
Gross
profit
|
542,782
|
-
|
-
|
542,782
|
||||||||||||
|
Expenses
|
||||||||||||||||
|
Consulting
fees to shareholders
|
-
|
427,300
|
427,300
|
|||||||||||||
|
Professional
Fees
|
-
|
87,809
|
87,809
|
|||||||||||||
|
General
and administrative
|
422,119
|
143,821
|
23,936
|
589,876
|
||||||||||||
|
Total
operating expenses
|
422,119
|
658,930
|
23,936
|
1,104,985
|
||||||||||||
|
Other
income (expense)
|
||||||||||||||||
|
Interest
Expense
|
(22,662
|
)
|
-
|
(24,838)
|
(47,500)
|
|||||||||||
|
Interest
Income
|
-
|
16
|
-
|
16
|
||||||||||||
|
Total other expense
|
(22,662
|
)
|
16
|
(24,838
|
)
|
(47,484)
|
||||||||||
|
Net
Profit/(loss)
|
$
|
98,001
|
$
|
(658,914
|
)
|
$
|
(48,774
|
)
|
$
|
(609,687
|
)
|
|||||
|
Shares
outstanding
|
37,206,816
|
37,256,816
|
||||||||||||||
|
Weighted
average shares outstanding
|
37,032,855
|
37,032,855
|
||||||||||||||
|
Weighted
average loss per share
|
|
$
|
(.01
|
)
|
$
|
0.01
|
||||||||||
F-7
COMBINED
GREEN ENERGY LIVE, INC. AND COMANCHE LIVESTOCK EXCHANGE, LLC
PRO FORMA
ADJUSTMENTS TO COMBINED BALANCE SHEET
|
(a)
|
To
adjust the basis of Comanche assets acquired to their estimated fair
value, remove godwill recorded in prior transactions and to establish
goodwill resulting from the Comanche purchase
allocation
|
|
(b)
|
To
record the debt that Green Energy Live, Inc. incurred and shares issued to
finance the acquisition and to reflect the retirement at closing of
Comanche’s debt. The note for $950,000 issued by Green Energy
Live, Inc., is recognized at the present value of the note based on
imputed interest of 5% over the repayment terms of the
agreement.
|
PRO FORMA
ADJUSTMENTS TO COMBINED STATEMENT OF OPERATIONS
|
(c)
|
To
record incremental depreciation expense based on the fair market value and
remaining useful lives of Comanche property, building, and
equipment. Depreciation was calculated using the straight line
method over seven years on personal property and thirty nine years on real
property.
|
|
(d)
|
To
record interest expense on the debt that Green Energy Live, Inc., incurred
to finance the acquisition and to reduce interest expense on Comanche’s
debt that was retired at closing of the
acquisition.
|
F-8