Sino-Bon Entertainment, Inc. - FORM 8-K/A - EX-99.2 - UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION

Attached files

file	filename
8-K/A - CURRENT REPORT AMENDMENT - Sino-Bon Entertainment, Inc.	f8ka05710_sunnyside.htm
EX-99.1 - UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - Sino-Bon Entertainment, Inc.	f8ka05710ex99i_sunnyside.htm

Exhibit 99.2

PROFORMA FINANCIAL STATEMENTS

			SINO-BON				Sunnyside
			ENTERTAINMENT INC.				Acres Mobile Estates
			CONSOLIDATED				CONSOLIDATED								PROFORMA
			BALANCE SHEETS				BALANCE SHEETS				Proforma Adjustments				BALANCE SHEETS
			March 31,		December 31,		March 31,		December 31,		March 31,		December 31,		March 31,		December 31,
ASSETS			2010		2009		2010		2009		2010		2009		2010		2009
CURRENT ASSETS:
	Cash and cash equivalents	$	1,228,357	$	1,150,533	$		$		$		$		$	1,228,357	$	1,150,533
	Restricted Cash (Note 2)		4,222,043		6,578,898										4,222,043		6,578,898
	Accounts receivable, net (Note 2)		15,046,139		11,244,439										15,046,139		11,244,439
	Other receivable, net		1,728,578		1,853,294										1,728,578		1,853,294
	Due from related party (Note 6)		3,108,070		2,976,599										3,108,070		2,976,599
	Notes receivable		14,650		29,338										14,650		29,338
	Inventories (Note 3)		4,868,590		3,055,321										4,868,590		3,055,321
	Trade deposit paid, net		1,118,449		3,164,109										1,118,449		3,164,109
	Prepaid expenses and other assets		17,795		28,452										17,795		28,452
Total current assets			31,352,671		30,080,983		0		0		0		0		31,352,671		30,080,983
NON-CURRENT ASSETS
	Long-term investments (Note 4)		504,881		504,881										504,881		504,881
	Other assets		99,110		107,826										99,110		107,826
	Construction in progress		771,521		555,646										771,521		555,646
	Property, plant and equipment, net (Note 2)		5,527,077		5.592,283										5,527,077		5.592,283
	Intangible assets, net (Note 2)		1,712,036		1,817,419										1,712,036		1,817,419
TOTAL ASSETS		$	39,967,296	$	38,659,039	$	-	$	-	$	-	$	-	$	39,967,296	$	38,659,039
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
	Short-term bank loan (Note 7)	$	5,860,050	$	7,525,084	$		$		$		$		$	5,860,050		7,525,084
	Bank's acceptance (Note 5)		6,434,212		6,505,554										6,434,212		6,505,554
	Account payables		6,903,026		6,246,184		202		2,043		(202)		(2,043)		6,903,026		6,246,184
	Accrued expenses and other payables		3,945,500		4,305,649										3,945,500		4,305,649
	Due to related party - current		444,028		431,349										444,028		431,349
	Customer deposits		1,035,026		612,841										1,035,026		612,841
	Income tax payable		903,957		1,431,313										903,957		1,431,313
Total current liabilities			25,525,799		27,057,974		202		2,043		(202)		(2,043)		25,525,799		27,057,974
	Other payable		27,629		-										27,629		-
	Due to related party (Note 6)		4,321,905		4,321,905										4,321,905		4,321,905
Total liabilities			29,875,333		31,379,879		202		2,043		(202)		(2,043)		29,875,333		31,379,879
STOCKHOLDERS' EQUITY
	Capital stock, $0.001 par value - 50,000,000 shares authorized		50,000		50,000		8,000		8,000		(33,000)		(33,000)		25,000		25,000
	Additional paid-in capital		1,367,823		1,367,823		156,760		153,794		(131,760)		(128,794)		1,392,823		1,392,823
	Retained earnings		8,265,638		5,939,133		(164,962)		(163,837)		164,962		163,837		8,265,638		5,939,133
	Statutory reserves		485,237		-										485,237		-
	Accumulated other comprehensive income		(26,735)		(27,796)										(26,735)		(27,796)
	Stock subscription receivable		(50,000)		(50,000)										(50,000)		(50,000)
Total stockholders' equity			10,091,963		7,279,160		(202)		(2,043)		202		2,043		10,091,963		7,279,160
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	39,967,296	$	38,659,039	$	-	$	-	$	-	$	-	$	39,967,296	$	38,659,039

		SINO-BON				Sunnyside Acres
		ENTERTAINMENT INC.				Mobile Estates								Proforma
		STATEMENTS				STATEMENT								STATEMENTS
		OF OPERATIONS				OF OPERATIONS				Proforma Adjustments				OF OPERATIONS

		Three months March 31,				March 31,		March 31,		March 31,		March 31,		March 31,		March 31,
		2010		2009		2010		2009		2010		2009		2010		2009

Sales, net	$	24,889,677	$	3,944,763	$		$		$		$		$	24,889,677	$	3,944,763
Cost of sales		19,824,910		3,790,673										19,824,910		3,790,673
Gross profit		5,064,767		154,089										5,064,767		154,089

Operating income/(expenses)
Other Income		80,931		-										80,931		-
Selling, general and administrative expenses		(1,453,385)		(110,204)		(1,125)		(5,500)		1,125		5,500		(1,453,385)		(110,204)

Income from Operations		3,692,313		43,886		(1,125)		(5,500)		1,125		5,500		3,692,313		43,886

Other income/(expenses)
Interest income		33,892		-										33,892		-
Other income		5,493		-										5,493		-
Non operating income		109,913		14,624										109,913		14,624
Non operating expenses		(322)		(366)										(322)		(366)
Finance costs		(92,162)		(47,713)										(92,162)		(47,713)
Profit before income tax		3,749,127		10,431		(1,125)		(5,500)		1,125		5,500		3,749,127		10,431

Income taxes		(937,385)		-										(937,385)		-

Net income	$	2,811,742	$	10,431	$	(1,125)	$	(5,500)	$	1,125	$	5,500	$	2,811,742	$	10,431

COMPREHENSIVE INCOME
Net Income	$	2,811,742	$	10,431	$	(1,125)	$	(5,500)	$	1,125	$	5,500	$	2,811,742	$	10,431
Other Comprehensive Income
Foreign currency translation adjustment		1,061		(25,256)										1,061		(25,256)
TOTAL COMPREHENSIVE INCOME	$	2,812,803	$	(14,825)	$	(1,125)	$	(5,500)	$	1,125	$	5,500	$	2,812,803	$	(14,825)

NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – BASIS OF PRESENTATION

In May, 2010, Sino-Bon Entertainment Inc. (the “Company”) entered into a Share Exchange Agreement with Sunnyside Acres Mobile Estates (Sunnyside), whereby Sunnyside acquired 100% of the issued and outstanding capital stock of the Company in exchange for 17,000,000 shares of the common stock of Sunnyside. As a result of the reverse acquisition, the Company became Sunnyside's wholly-owned subsidiary and the former shareholders of the Company became controlling stockholders of Sunnyside. The share exchange transaction with Sunnyside was treated as a reverse acquisition, with the Company as the accounting acquirer and Sunnyside as the acquired party.

Consequently, the assets and liabilities and the historical operations that will be reflected in the consolidated financial statements for periods prior to the Share Exchange Agreement will be those of the Company and will be recorded at the historical cost basis. After the completion of the Share Exchange Agreement, the Company’s consolidated financial statements will include the assets and liabilities of the Company and Sunnyside, the historical operations of the Company and the operations of Sunnyside from the closing date of the Share Exchange Agreement.

These pro forma consolidated financial statements are prepared assuming the above transaction occurred as of March 31, 2010 (as to the balance sheet) and for the three months ended at March 31, 2010 (as to the income statements).

Audited financial statements of the Company and Sunnyside have been used in the preparation of these pro forma consolidated financial statements. These pro forma consolidated financial statements should be read in conjunction with the historical financial statements of Sunnyside and the Company.

Note 2 – PRO FORMA ADJUSTMENTS


Proforma Adjustments					Proforma Adjustments
March 31, 2010					December 31, 2009

Accounts Payable	$	202			Accounts Payable	$	2,043
Additional Paid in Capital		164,760			Additional Paid in Capital		161,794
Retained Earnings			$	164,962	Retained Earnings			$	163,837
Eliminate Shells Equity Accounts					Eliminate Shells Equity Accounts

Capital Stock		50000			Capital Stock		50000
Additional Paid in Capital				50000	Additional Paid in Capital				50000
Eliminate Sino-Bon Capital					Eliminate Sino-Bon Capital

Additional Paid in Capital		17,000			Additional Paid in Capital		17,000
Capital Stock				17,000	Capital Stock				17,000
Record Merger shares issued					Record Merger shares issued


	$	231,962	$	231,962		$	230,837	$	230,837

Sino-Bon Entertainment, Inc. - FORM 8-K/A - EX-99.2 - UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION - July 15, 2010

Attached files

Sino-Bon Entertainment, Inc. Reports