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8-K - FORM 8-K - IMARX THERAPEUTICS INC | c01482e8vk.htm |
EX-99.1 - EXHIBIT 99.1 - IMARX THERAPEUTICS INC | c01482exv99w1.htm |
EX-10.16 - EXHIBIT 10.16 - IMARX THERAPEUTICS INC | c01482exv10w16.htm |
EX-10.13 - EXHIBIT 10.13 - IMARX THERAPEUTICS INC | c01482exv10w13.htm |
EX-10.12 - EXHIBIT 10.12 - IMARX THERAPEUTICS INC | c01482exv10w12.htm |
EX-10.10 - EXHIBIT 10.10 - IMARX THERAPEUTICS INC | c01482exv10w10.htm |
EX-10.15 - EXHIBIT 10.15 - IMARX THERAPEUTICS INC | c01482exv10w15.htm |
EX-10.14 - EXHIBIT 10.14 - IMARX THERAPEUTICS INC | c01482exv10w14.htm |
EX-10.11 - EXHIBIT 10.11 - IMARX THERAPEUTICS INC | c01482exv10w11.htm |
Exhibit 99.2
ImaRx Therapeutics, Inc.
Pro Forma Condensed Combined Balance Sheet
(Unaudited)
Pro Forma Condensed Combined Balance Sheet
(Unaudited)
Sweet Spot | ||||||||||||||||||||||||||||||||||||
Sycamore | Productions, | ImaRx | ||||||||||||||||||||||||||||||||||
Films, Inc. as of | Inc. as of | Therapeutics, | ||||||||||||||||||||||||||||||||||
January 31, | January 31, | Pro Forma | Pro Forma | Inc. December | Pro Forma | Pro Forma | ||||||||||||||||||||||||||||||
2010 | 2010 | Adjustments | Reference | Combined | 31, 2009 | Adjustments | Reference | Combined | ||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||
Current assets: |
||||||||||||||||||||||||||||||||||||
Cash |
$ | | $ | 62,641 | $ | 62,641 | $ | 133,000 | $ | 195,641 | ||||||||||||||||||||||||||
Accounts receivable, net |
| 28,761 | 28,761 | | 28,761 | |||||||||||||||||||||||||||||||
Discontinued operations |
| | | 100,000 | 100,000 | |||||||||||||||||||||||||||||||
Total current assets |
| 91,402 | 91,402 | 233,000 | 324,402 | |||||||||||||||||||||||||||||||
Property and equipment, net |
| 24,149 | 24,149 | | 24,149 | |||||||||||||||||||||||||||||||
Intangible assets and goodwill |
| | 1,397,063 | [1] | 1,397,063 | | 1,397,063 | |||||||||||||||||||||||||||||
Total Assets |
$ | | $ | 115,551 | $ | 1,512,614 | $ | 233,000 | $ | 1,745,614 | ||||||||||||||||||||||||||
Liabilities
and Stockholders Equity (Deficit) |
||||||||||||||||||||||||||||||||||||
Current liabilities: |
||||||||||||||||||||||||||||||||||||
Accounts payable |
$ | | $ | 58,185 | $ | 58,185 | 114,000 | $ | 172,185 | |||||||||||||||||||||||||||
Accrued liabilities |
| 27,014 | 27,014 | 26,000 | 53,014 | |||||||||||||||||||||||||||||||
Put right common stock |
| | 1,200,000 | [1] | 1,200,000 | | 1,200,000 | |||||||||||||||||||||||||||||
Notes payable |
40,000 | | 40,000 | | 40,000 | |||||||||||||||||||||||||||||||
Deferred revenue |
| 1,956 | 1,956 | | 1,956 | |||||||||||||||||||||||||||||||
Total current liabilities |
40,000 | 87,155 | 1,327,155 | 140,000 | 1,467,155 | |||||||||||||||||||||||||||||||
Deferred tax liability |
| 5,085 | 5,085 | | 5,085 | |||||||||||||||||||||||||||||||
Tax contingency reserve |
| 220,374 | 220,374 | | 220,374 | |||||||||||||||||||||||||||||||
Total liabilities |
40,000 | 312,614 | 1,552,614 | 140,000 | 1,692,614 | |||||||||||||||||||||||||||||||
Stockholders Equity (deficit): |
||||||||||||||||||||||||||||||||||||
Common stock at par |
| 12,500 | (12,500 | ) | [3] | | 1,000 | 8,104 | [2] | 9,104 | ||||||||||||||||||||||||||
Additional paid-in capital |
| | | 91,982,000 | (91,898,104 | ) | [3] | 83,896 | ||||||||||||||||||||||||||||
Accumulated deficit |
(40,000 | ) | (209,563 | ) | 209,563 | [3] | (40,000 | ) | (91,890,000 | ) | 91,890,000 | [3] | (40,000 | ) | ||||||||||||||||||||||
Total shareholders equity (deficit) |
(40,000 | ) | (197,063 | ) | (40,000 | ) | 93,000 | 53,000 | ||||||||||||||||||||||||||||
Total
Liabilities and Shareholders Equity (Deficit) |
$ | | $ | 115,551 | $ | 1,512,614 | $ | 233,000 | $ | 1,745,614 | ||||||||||||||||||||||||||
See accompanying notes
ImaRx Therapeutics, Inc.
Pro Forma Condensed Combined Statement of Operations
(Unaudited)
Pro Forma Condensed Combined Statement of Operations
(Unaudited)
Sycamore | Sweet Spot | |||||||||||||||||||||||||||||||||||
Films, Inc. for | Productions, | ImaRx | ||||||||||||||||||||||||||||||||||
the Three | Inc. for the | Therapeutics, | ||||||||||||||||||||||||||||||||||
Months Ended | Three Months | Inc. Three | ||||||||||||||||||||||||||||||||||
January 31, | Ended January | Pro Forma | Pro Forma | Months Ended | Pro Forma | |||||||||||||||||||||||||||||||
2010 | 31, 2010 | Adjustments | Reference | Combined | March 31, 2010 | Adjustments | Reference | |||||||||||||||||||||||||||||
Sales |
$ | | $ | 128,986 | $ | 128,986 | $ | | $ | 128,986 | ||||||||||||||||||||||||||
Cost of sales |
| 57,880 | 57,880 | | 57,880 | |||||||||||||||||||||||||||||||
Gross profit (loss) |
| 71,106 | 71,106 | | 71,106 | |||||||||||||||||||||||||||||||
Operating expenses: |
||||||||||||||||||||||||||||||||||||
Selling and marketing |
| 9,222 | 9,222 | | 9,222 | |||||||||||||||||||||||||||||||
General and administrative |
| 62,008 | 62,008 | 58,326 | 120,334 | |||||||||||||||||||||||||||||||
Total operating expenses |
| 71,230 | 71,230 | 58,326 | 129,556 | |||||||||||||||||||||||||||||||
Operating loss |
| (124 | ) | (124 | ) | (58,326 | ) | (58,450 | ) | |||||||||||||||||||||||||||
Other income (expense): |
||||||||||||||||||||||||||||||||||||
Other |
| 750 | 750 | 14,995 | 15,745 | |||||||||||||||||||||||||||||||
Interest expense |
| | | | ||||||||||||||||||||||||||||||||
Interest income |
| | | | ||||||||||||||||||||||||||||||||
| 626 | 626 | (43,331 | ) | (42,705 | ) | ||||||||||||||||||||||||||||||
Income taxes |
| (4,064 | ) | (4,064 | ) | | (4,064 | ) | ||||||||||||||||||||||||||||
Net loss |
$ | | $ | (3,438 | ) | $ | (3,438 | ) | $ | (43,331 | ) | $ | (46,769 | ) | ||||||||||||||||||||||
Net loss per share |
$ | (0.00 | ) | $ | (0.00 | ) | ||||||||||||||||||||||||||||||
Weighted average number of
common shares outstanding |
| 11,665,733 | 79,376,735 | [2] | 91,042,468 | |||||||||||||||||||||||||||||||
See accompanying notes
ImaRx Therapeutics, Inc.
Pro Forma Condensed Combined Annual Statement of Operations
(Unaudited)
Pro Forma Condensed Combined Annual Statement of Operations
(Unaudited)
ImaRx | |||||||||||||||||||||||||||||||||||||
Sycamore | Sweet Spot | Therapeutics, | |||||||||||||||||||||||||||||||||||
Films, Inc. for | Productions, | Inc. Year | |||||||||||||||||||||||||||||||||||
the Year Ended | Inc. for the | Ended | |||||||||||||||||||||||||||||||||||
October 31, | Year Ended | Pro Forma | Pro Forma | December | Pro Forma | ||||||||||||||||||||||||||||||||
2009 | October 31, 2009 | Adjustments | Reference | Combined | 31, 2009 | Adjustments | Reference | ||||||||||||||||||||||||||||||
Sales |
$ | | $ | 413,793 | $ | 413,793 | $ | | $ | 413,793 | |||||||||||||||||||||||||||
Cost of sales |
| 304,009 | 304,009 | | 304,009 | ||||||||||||||||||||||||||||||||
Gross profit (loss) |
| 109,784 | 109,784 | | 109,784 | ||||||||||||||||||||||||||||||||
Operating expenses: |
|||||||||||||||||||||||||||||||||||||
Selling and marketing |
| 44,248 | 44,248 | | 44,248 | ||||||||||||||||||||||||||||||||
General and administrative |
39,748 | 127,869 | 167,617 | 972,000 | 1,139,617 | ||||||||||||||||||||||||||||||||
Total operating expenses |
39,748 | 172,117 | 211,865 | 972,000 | 1,183,865 | ||||||||||||||||||||||||||||||||
Operating loss |
(39,748 | ) | (62,333 | ) | (102,081 | ) | (972,000 | ) | (1,074,081 | ) | |||||||||||||||||||||||||||
Other income (expense): |
|||||||||||||||||||||||||||||||||||||
Other |
| 2,500 | 2,500 | 396,000 | 398,500 | ||||||||||||||||||||||||||||||||
Interest expense |
| | | | |||||||||||||||||||||||||||||||||
Interest income |
| | | 2,000 | 2,000 | ||||||||||||||||||||||||||||||||
(39,748 | ) | (59,833 | ) | (99,581 | ) | (574,000 | ) | (673,581 | ) | ||||||||||||||||||||||||||||
Income taxes |
| (15,217 | ) | (15,217 | ) | (15,217 | ) | ||||||||||||||||||||||||||||||
Net loss |
$ | (39,748 | ) | $ | (75,050 | ) | $ | (114,798 | ) | $ | (574,000 | ) | $ | (688,798 | ) | ||||||||||||||||||||||
Net loss per share |
$ | (0.05 | ) | $ | (0.01 | ) | |||||||||||||||||||||||||||||||
Weighted average number of
common shares outstanding |
| 10,709,689 | 79,376,735 | [2] | 90,086,424 | ||||||||||||||||||||||||||||||||
See accompanying notes
NOTES TO UNAUDITED PRO FORMA COMBINED CONDENSED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Basis of presentation
On March 23, 2010, ImaRx Therapeutics, Inc. (the Company or ImaRx) entered into (i) Stock
Purchase Agreement and (ii) Plan of Merger with Sycamore Films (Sycamore Films), Sweet Spot, Inc.
(Sweet Spot), collectively (Sycamore) (the Merger Agreement). Pursuant to the Merger
Agreement, Sweet Spot merged with and into Sycamore Films and the shareholders of Sweet Spot will
become shareholders of Sycamore Films. Sycamore Films will continue the operation of the Sweet Spot
business. Immediately following the closing of the Merger Agreement, ImaRx and Sycamore Films
entered into the Stock Purchase Agreement. Under the terms of the Stock Purchase Agreement ImaRx is
to issue approximately 79,376,735 shares of its common stock to the Sycamore shareholders including
the former shareholders of Sweet Spot. As a result, Sycamore will become a wholly-owned subsidiary
of ImaRx and the former shareholders of Sycamore will hold in the aggregate approximately 85% of
ImaRxs outstanding shares of common stock.
The consider paid by Sycamore Films in connection with its acquisition of Sweet Spot consists of
the following:
Consideration Paid: |
||||
Issuance of common stock put right to Sweet Spot |
$ | 800,000 | ||
Issuance of convertible notes payable to Sweet Spot |
400,000 | |||
$ | 1,200,000 | |||
The value of the common stock put right was determined based on the contractual obligation of
Sycamore Films to repurchase the stock pursuant to the Plan of Merger.
The acquisition of Sweet Spot by Sycamore Films was accounted for using the purchase method of
accounting in accordance Accounting Standards Codification No. 805, Business Combinations,
whereby the estimated purchase price has been allocated to tangible and intangible net assets
acquired based upon consideration paid and the preliminary fair values at the date of acquisition.
Estimates for identifiable intangible asset are being determined based on valuations which have not
been completed as of the date of this filing. Valuations require significant estimates and
assumptions including, but not limited to, estimating future cash flows and developing appropriate
discount rates. The purchase price and fair value estimates for the purchase price allocations will
be refined as additional information becomes available and valuations are completed. The assets and
liabilities of Sweet Spot are as of January 31, 2010. The following table summarizes the
preliminary allocation of the purchase price to the estimated fair values of the net assets
acquired, assuming the close of the acquisition was on January 31, 2010:
Cash |
$ | 62,641 | ||
Accounts receivable, net |
28,761 | |||
Property and equipment, net |
24,149 | |||
Intangible assets and goodwill |
1,397,063 | |||
Accounts payable |
(58,185 | ) | ||
Accrued liabilities |
(27,014 | ) | ||
Deferred revenue |
(1,956 | ) | ||
Deferred tax liability |
(5,085 | ) | ||
Tax contingency reserve |
(220,374 | ) | ||
$ | 1,200,000 | |||
The fixed assets are estimated to be depreciated from the date of acquisition with estimated useful
lives ranging from three to five years. The estimated useful life of the intangible asset will be
amortized over their respective estimated lives which will be determined upon completed of the
purchase price allocation.
Any resulting goodwill is not subject to amortization and the amount assigned to goodwill is not
deductible for tax purposes.
The acquisition of Sycamore by ImaRx is being accounted for as a reverse acquisition, whereby the
assets and liabilities of Sycamore are reported at their historical cost since Sycamore was issued
common stock equal to 85% of the total outstanding shares immediately after the transaction. The
Company is accounting for the transaction in accordance with Accounting Standards Codification No
805 Business Combinations. The assets and liabilities of Sweet Spot are recorded at their
historical cost basis on the date immediately preceding the transaction.
The unaudited pro forma combined condensed balance sheet was prepared assuming the transaction
closed on March 31, 2010. The unaudited pro forma combined condensed statements of operations were
prepared assuming the transaction had taken place at the beginning of ImaRxs respective periods
ended December 31, 2009 and March 31, 2010. These statements should be read in conjunction with
the historical consolidated financial statements and related notes in ImaRx Annual Report on Form
10-K for the year
ended December 31, 2009 and the Quarterly Report on Form 10-Q for the three-month periods ended
March 31, 2010 to be filed on May 24, 2010. The unaudited pro forma combined condensed statements
of operations are not necessarily indicative of what the actual results of operations would have
been had such transactions taken place at the beginning of the respective periods.
We are providing this information to aid you in your analysis of the financial aspects of the
transaction. The unaudited pro forma condensed combined financial statements described above should
be read in conjunction with the historical financial statements of ImaRx and Sycamore and the
related notes thereto.
The columns captioned ImaRx represents the balance sheet of ImaRx as of March 31, 2010 and the
related statements of operations for the year ended December 31, 2009 and for the three months
ended March 31, 2010. The columns captioned Sycamore represent the balance sheet of Sycamore
together with Sweet Spot as of January 31, 2010 and the related statements of operations for the
year ended October 31, 2009 and for the three months ended January 31, 2010.
The unaudited pro forma combined condensed balance sheet and statements of operations have been
prepared to give effect to the following pro forma adjustments which are deemed to be directly
attributable to the transaction:
1. | Issuance of $800,000 of puttable common stock issued by Sycamore Films to Sweet Spot and the issuance of $400,000 of notes payable to Sweet Spot in connection with Plan of Merger. | ||
2. | The issuance of 79,376,735 shares of $0.001 par value common stock to Sycamore by ImaRx. | ||
3. | Elimination of ImaRxs accumulated deficit and record the effects of recapitalization. |
The pro forma financial information does not include adjustments for amortization of intangible
assets as we have yet to determine the allocation of the purchase price. In addition, ImaRx expects
to account for the embedded conversion feature on the convertible promissory notes held by the
former shareholders of Sweet Spot as a derivative liability, however, it has not been presented due
to the pending determination of how the derivative liability will be valued. In addition, total
fees expected to be incurred by ImaRx and Sycamore related to the acquisitions are expected to be
approximately $330,000 and are being expensed as incurred.