Attached files
| file | filename |
|---|---|
| 8-K - ForceField Energy Inc. | v205091_8k.htm |
| EX-99.1 - ForceField Energy Inc. | v205091_ex99-1.htm |
SunSi
Energies Inc.
INTRODUCTION
TO PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS
AS
OF
THE
FISCAL YEAR ENDED MAY 31, 2010
The
following unaudited pro-forma income statements and the explanatory notes give
effect to the acquisition by SunSi of Zibo Baokai Trade Co. Ltd(“Baokai”) on
December 8, 2010.
The
pro-forma consolidated income statement and balance sheets and explanatory notes
are based on the estimates and assumptions set forth in the explanatory notes.
These pro-forma consolidated income statements have been prepared utilizing the
historical financial statements of SunSi Energies, Inc. Baokai and should be
read in conjunction with the historical financial statements and notes thereto
included elsewhere in this filing.
The
pro-forma income statements have been prepared as if the reverse capitalization
had occurred on June 1, 2009. This pro-forma consolidated financial data is
provided for comparative purposes only, and does not purport to be indicative of
the actual financial position or results of operations had the acquisition
occurred at the beginning of the periods presented, nor are they necessarily
indicative of the results of future operations.
Sunsi
Energies, Inc.
for the
Year ended May 31, 2010
|
Sunsi
|
Zibo
Baoaki
|
Adjustments
|
Consolidated
|
|||||||||||||
|
Energies,
Inc.
|
Trade
Co. Ltd
|
|||||||||||||||
|
2010
|
2010
|
2010
|
||||||||||||||
|
ASSETS
|
||||||||||||||||
|
Current
assets
|
||||||||||||||||
|
Cash
and cash equivalents
|
$ | 598,468 | $ | 63,452 | $ | (270,000 | )(b) | $ | 391,920 | |||||||
|
Inventory
|
- | 210,341 | 210,341 | |||||||||||||
|
Tax
receivabe
|
- | 32,784 | 32,784 | |||||||||||||
|
Other
receivable
|
- | 117,165 | 117,165 | |||||||||||||
|
Total
current assets
|
598,468 | 423,742 | (270,000 | ) | 752,210 | |||||||||||
|
Related
party receivable
|
- | 408,084 | 408,084 | |||||||||||||
|
Total
assets
|
$ | 598,468 | $ | 831,826 | (270,000 | ) | $ | 1,160,294 | ||||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||||||
|
Current
liabilities
|
||||||||||||||||
|
Accounts
payable and accrued liabilities
|
$ | 149,538 | $ | 134,926 | (a) | $ | 284,464 | |||||||||
|
Other
payable
|
- | 320,738 | 320,738 | |||||||||||||
|
Related
party payable
|
- | 73,228 | 73,228 | |||||||||||||
|
Advances
payable
|
230,981 | - | 230,981 | |||||||||||||
|
Compensation
payable-related party
|
5,671 | - | 5,671 | |||||||||||||
|
Total
current liabilities
|
386,190 | 528,892 | - | 915,082 | ||||||||||||
|
Minority
interest
|
- | - | 1,448 | 1,448 | ||||||||||||
|
Stockholders'
equity
|
||||||||||||||||
|
Common
stock, $0.001 par value, 75,000,000 shares authorized, 27,312,500and
26,760,000 issued and outstanding in 2010 and 2009,
respectively
|
27,312 | - | 27,312 | |||||||||||||
|
Additional
paid-in capital
|
1,018,764 | 287,886 | (270,000 | )(b) | 1,036,650 | |||||||||||
|
Accumulated
deficit
|
(833,798 | ) | 10,210 | (1,448 | )(a) | (825,036 | ) | |||||||||
|
Accumulated
othe comprehensive income
|
- | 4,838 | 4,838 | |||||||||||||
|
Total
stockholders' equity
|
212,278 | 302,934 | (271,448 | ) | 243,764 | |||||||||||
|
Total
liabilities and stockholders' equity
|
$ | 598,468 | $ | 831,826 | $ | (270,000 | ) | $ | 1,160,294 | |||||||
(a) to
record liability for minority interest
(b) to
reflect the net impact of the purchase price that SunSi paid for
Baokai
Unaudited
Proforma Statement of Operations
and
Comprehensive Income for the Year ended
May 31,
2010
|
Historical
|
||||||||||||||||
|
Sunsi
|
Zibo
Baoaki
|
Combined
|
||||||||||||||
|
Energies,
Inc.
|
Trade
Co. Ltd
|
Adjustments
|
Pro
Forma
|
|||||||||||||
|
Sales
|
$ | - | 483,148 | - | $ | 483,148 | ||||||||||
|
Cost
of goods sold
|
- | 433,386 | - | 433,386 | ||||||||||||
|
Gross
margin
|
- | 49,762 | - | 49,762 | ||||||||||||
|
Operating
expenses
|
||||||||||||||||
|
Selling,general
and administrative
|
40,854 | 35,336 | - | 76,190 | ||||||||||||
|
Professional
and outside services
|
580,981 | - | - | 580,981 | ||||||||||||
|
Total
operating expenses
|
621,835 | 35,336 | - | 657,171 | ||||||||||||
|
Loss
from operations
|
(621,835 | ) | 14,426 | - | (607,409 | ) | ||||||||||
|
Other
expense
|
||||||||||||||||
|
Interest
income
|
- | 477 | - | 477 | ||||||||||||
|
Total
other expense
|
- | 477 | - | 477 | ||||||||||||
|
Loss
before income taxes
|
(621,835 | ) | 14,903 | - | (606,932 | ) | ||||||||||
|
Income
taxes
|
- | 615 | - | 615 | ||||||||||||
|
Net
income
|
(621,835 | ) | 14,288 | (607,547 | ) | |||||||||||
|
Other
comprehensive income:
|
||||||||||||||||
|
Foreign
currency translation adjustments
|
- | 190 | 190 | |||||||||||||
|
Total
comprehensive income
|
(621,835 | ) | 14,478 | (607,357 | ) | |||||||||||
|
Less:
minority interest Baokai
|
(1,448 | )(a) | (1,448 | ) | ||||||||||||
|
Net
loss
|
$ | (621,835 | ) | $ | 14,478 | $ | (1,448 | ) | $ | (608,805 | ) | |||||
|
Loss
per share:
|
||||||||||||||||
|
Basic
and diluted
|
$ | (0.02 | ) | $ | - | $ | (0.02 | ) | ||||||||
|
Weighted
average number of common shares outstanding:
|
||||||||||||||||
|
Basic
and diluted
|
26,972,486 | - | 26,972,486 | |||||||||||||
(a) Reflects
a 10% minority interest in Baokai