Attached files
file | filename |
---|---|
8-K - Xtreme Link, Inc. | v196079_8k.htm |
EX-99.17 - Xtreme Link, Inc. | v196079_ex99-17.htm |
EX-2.1 - Xtreme Link, Inc. | v196079_ex2-1.htm |
EX-3.3 - Xtreme Link, Inc. | v196079_ex3-3.htm |
EX-99.8 - Xtreme Link, Inc. | v196079_ex99-8.htm |
EX-99.7 - Xtreme Link, Inc. | v196079_ex99-7.htm |
EX-99.6 - Xtreme Link, Inc. | v196079_ex99-6.htm |
EX-99.9 - Xtreme Link, Inc. | v196079_ex99-9.htm |
EX-99.3 - Xtreme Link, Inc. | v196079_ex99-3.htm |
EX-99.1 - Xtreme Link, Inc. | v196079_ex99-1.htm |
EX-99.4 - Xtreme Link, Inc. | v196079_ex99-4.htm |
EX-99.5 - Xtreme Link, Inc. | v196079_ex99-5.htm |
EX-99.14 - Xtreme Link, Inc. | v196079_ex99-14.htm |
EX-99.16 - Xtreme Link, Inc. | v196079_ex99-16.htm |
EX-99.12 - Xtreme Link, Inc. | v196079_ex99-12.htm |
EX-99.13 - Xtreme Link, Inc. | v196079_ex99-13.htm |
EX-99.11 - Xtreme Link, Inc. | v196079_ex99-11.htm |
EX-99.15 - Xtreme Link, Inc. | v196079_ex99-15.htm |
EX-99.10 - Xtreme Link, Inc. | v196079_ex99-10.htm |
Exhibit
99.2
UNAUDITED
PRO FORMA CONSOLIDATED FINANCIAL STATEMENT
Basis
of presentation
The
unaudited pro forma consolidated financial statements of Xtreme Link., Inc. (the
“Shell”), in the opinion of management, include all material adjustments
directly attributable to the share exchange contemplated by a share exchange
agreement, dated September 7, 2010, by and among Orient New Energy Investments
Limited (“Orient”) and all of its stockholders, on the one hand, and the Shell
its majority shareholder, on the other. Pursuant to the share exchange
agreement, on September 7, 2010, the Shell issued to the shareholders of Orient
27,100,000 shares of common stocks, par value $0.001 per share, in the aggregate
in exchange for all of the issued and outstanding ordinary shares of Orient held
by its shareholders. As a result, Orient became a wholly-owned subsidiary of the
Shell. The pro forma consolidated statement of operations includes the accounts
of the Shell and Orient.
The
unaudited pro forma statement of operations was prepared as if the Shell’s
acquisition of Orient was consummated on April 1, 2007, and the unaudited pro
forma balance sheet was prepared as if the transaction was consummated
on June 30, 2010. The unaudited pro forma consolidated financial statements
have been prepared for comparative purposes only and do not purport to be
indicative of the results of operations which actually would have resulted had
the acquisition transaction occurred on the dates indicated and are not
necessarily indicative of the results that may be expected in the
future.
XTREME
LINK, INC.
UNAUDITED
PRO FORMA CONSOLIDATED BALANCE SHEETS AS AT JUNE 30, 2010
(Amounts
expressed in US Dollars and in thousands)
May 31, 2010
|
June 30, 2010
|
|||||||||||||||
Xtreme Link,
Inc.
|
Orient New
Energy
Investments
Limited
|
Pro-forma
adjustments
|
Unaudited
pro-forma
consolidated
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||
ASSETS
|
||||||||||||||||
CURRENT
ASSETS:
|
||||||||||||||||
Cash
& cash equivalents
|
$ | 2 | $ | 4,889 | $ | 4,891 | ||||||||||
Restricted
cash
|
- | 8,677 | 8,677 | |||||||||||||
Accounts
receivable, net
|
- | 423 | 423 | |||||||||||||
Advance
to suppliers
|
- | 30,477 | 30,477 | |||||||||||||
Inventory
|
- | 4,474 | 4,474 | |||||||||||||
Prepaid
expenses
|
- | 910 | 910 | |||||||||||||
Other
receivables
|
- | 162 | 162 | |||||||||||||
Total
current assets
|
$ | 2 | $ | 50,012 | $ | 50,014 | ||||||||||
Property
plant and equipment, net
|
- | 3,088 | 3,088 | |||||||||||||
Long-term
lease payment
|
- | 9,920 | 9,920 | |||||||||||||
TOTAL
ASSETS
|
$ | 2 | $ | 63,020 | $ | 63,022 | ||||||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||||||
CURRENT
LIABILITIES:
|
||||||||||||||||
Notes
payable
|
$ | - | $ | 18,616 | $ | 18,616 | ||||||||||
Advance
from customers
|
- | 50 | 50 | |||||||||||||
Tax
payables
|
- | 2,490 | 2,490 | |||||||||||||
Other
payables
|
- | 1,026 | 1,026 | |||||||||||||
Due
to related party
|
25 | - | 25 | |||||||||||||
Short-term
loans
|
- | 4,418 | 4,418 | |||||||||||||
Total
current liabilities
|
$ | 25 | $ | 26,600 | $ | 26,625 | ||||||||||
Commitments
and contingencies
|
- | - | - | |||||||||||||
STOCKHOLDERS'
EQUITY
|
||||||||||||||||
Share
capital
|
$ | 8 | $ | 10 | (8 | ) | $ | 10 | ||||||||
Additional
paid-in capital
|
73 | 13,866 | (96 | ) | 13,843 | |||||||||||
Statutory
reserve
|
- | 4,361 | 4,361 | |||||||||||||
Retained
earnings
|
(104 | ) | 14,743 | 104 | 14,743 | |||||||||||
Other
comprehensive income
|
- | 3,440 | 3,440 | |||||||||||||
Total
equity
|
(23 | ) | 36,420 | 36,397 | ||||||||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 2 | $ | 63,020 | $ | 63,022 |
XTREME
LINK, INC.
UNAUDITED
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FOR
THE THREE MONTHS ENDED JUNE 30, 2010
(Amounts
expressed in thousands)
May 31, 2010
|
June 30, 2010
|
|||||||||||||||
Xtreme Link, Inc.
|
Orient New Energy
Investments
Limited
|
Pro-forma
adjustments
|
Unaudited
pro-forma
Consolidated
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net
sales
|
$ | - | $ | 52,649 | $ | 52,649 | ||||||||||
Cost
of sales
|
- | (44,276 | ) | (44,276 | ) | |||||||||||
Gross
profit
|
$ | - | $ | 8,373 | $ | 8,373 | ||||||||||
Operating
expenses:
|
||||||||||||||||
Selling
expenses
|
$ | - | $ | (702 | ) | $ | (702 | ) | ||||||||
General
and administrative expenses
|
(35 | ) | (143 | ) | (178 | ) | ||||||||||
Total
operating expenses
|
(35 | ) | (845 | ) | (880 | ) | ||||||||||
Income
(Loss) from Operations
|
$ | (35 | ) | $ | 7,528 | $ | 7,493 | |||||||||
Non-operating
income (expense):
|
||||||||||||||||
Interest
income
|
$ | - | $ | 16 | $ | 16 | ||||||||||
Interest
expense
|
- | (84 | ) | (84 | ) | |||||||||||
Bank
charges
|
- | (6 | ) | (6 | ) | |||||||||||
Total
non-operating expense
|
$ | - | $ | (74 | ) | $ | (74 | ) | ||||||||
Income
(Loss) before income tax
|
(35 | ) | 7,454 | 7,419 | ||||||||||||
Income
tax
|
- | (1,858 | ) | (1,858 | ) | |||||||||||
Net
income (loss)
|
$ | (35 | ) | $ | 5,596 | $ | 5,561 |
XTREME
LINK, INC.
UNAUDITED
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FOR
THE YEAR ENDED MARCH 31, 2010
(Amounts
expressed in thousands)
February 28, 2010
|
March 31, 2010
|
|||||||||||||||
Xtreme Link, Inc.
|
Orient New
Energy
Investments
Limited
|
Pro-forma
adjustments
|
Unaudited
pro-forma
consolidated
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net
sales
|
$ | - | $ | 173,706 | $ | 173,706 | ||||||||||
Cost
of sales
|
- | (146,647 | ) | (146,647 | ) | |||||||||||
Gross
profit
|
$ | - | $ | 27,059 | $ | 27,059 | ||||||||||
Operating
expenses:
|
||||||||||||||||
Selling
expenses
|
$ | - | $ | (2,899 | ) | $ | (2,899 | ) | ||||||||
General
and administrative expenses
|
(23 | ) | (592 | ) | (615 | ) | ||||||||||
Total
operating expenses
|
$ | (23 | ) | $ | (3,491 | ) | $ | (3,514 | ) | |||||||
Income
(Loss) from operations
|
$ | (23 | ) | $ | 23,568 | $ | 23,545 | |||||||||
Non-operating
income (expense):
|
||||||||||||||||
Interest
income
|
$ | - | $ | 121 | $ | 121 | ||||||||||
Interest
expense
|
- | (573 | ) | (573 | ) | |||||||||||
Bank
charges
|
- | (61 | ) | (61 | ) | |||||||||||
Other
|
- | 80 | 80 | |||||||||||||
Total
non-operating expense
|
$ | - | $ | (433 | ) | $ | (433 | ) | ||||||||
Income
(Loss) before income tax
|
$ | (23 | ) | $ | 23,135 | $ | 23,112 | |||||||||
Income
tax
|
- | (5,786 | ) | (5,786 | ) | |||||||||||
Net
income (loss)
|
$ | (23 | ) | $ | 17,349 | $ | 17,326 |
Notes to
pro-forma consolidated financial statements:
1.
|
The
Shell’s acquisition of Orient is deemed to be a reverse acquisition. In
accordance with the Accounting and Financial Reporting Interpretations and
Guidance prepared by the Staff of the Securities and Exchange Commission,
the Shell (the legal acquirer) is considered the accounting acquiree and
Orient (the legal acquiree) is considered the accounting acquirer. From
and after the reverse acquisition, the consolidated financial statements
of the consolidated entities will in substance be those of Orient, with
the assets and liabilities, and revenues and expenses, of the Shell being
included effective from the date of consummation of reverse acquisition.
The Shell is deemed to be a continuation of business of Orient. The
outstanding common stock of the Shell prior to the reverse acquisition
will be accounting for at their net book value and no goodwill will be
recognized.
|
2.
|
There
were no inter-company transactions and balances between the Shell and
Orient during the periods covered by the pro forma consolidated financial
statements.
|