Hondo Minerals Corp - FORM 8-K/A - EX-99.2 - PRO FORMA - March 2, 2011

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8-K/A - EIGHT K-A - Hondo Minerals Corpeightk.htm
EX-21 - EXHIBIT 21 - Hondo Minerals Corpexhibit21.htm
EX-99.1 - AUDIT FINANCIALS - Hondo Minerals Corpexhibit99-1.htm
EX-16.1 - AUDITOR - Hondo Minerals Corpexhibit16-1.htm
 
Exhibit 99.2
 
 
Hondo Minerals Inc.
Unaudited Combined Pro Forma Balance Sheet
October 31, 2010
                           
             
Hondo
  
Tycore
  
Pro Forma
  
Pro Forma
             
Minerals
  
Ventures
  
Adjustments
  
Combined
Assets
              
Current Assets:
                        
 
Cash and cash equivalents
    
 $          27,347
  
 $               601
  
 $             (601)
(a)
 $         27,347
 
Receivable - ANTS
      
             23,004
  
                      -
  
                      -
  
             23,004
   
Current Assets
      
             50,351
  
                   601
  
                (601)
  
             50,351
                           
Equipment, Buildings, and Properties:
                  
 
Equipment
        
             65,409
  
                      -
  
                      -
  
             65,409
 
Buildings
        
             18,958
  
                      -
  
                      -
  
             18,958
 
Land and Mining Properties
    
       2,100,066
  
               7,000
  
             (7,000)
 (a)
       2,100,066
   
Net Equipment, Buildings, and Properties
       2,184,433
  
               7,000
  
             (7,000)
  
       2,184,433
                           
 
Investments
        
                   100
  
                      -
  
                      -
  
                   100
                           
Total Assets
          
 $    2,234,884
  
 $            7,601
  
 $         (7,601)
  
 $   2,234,884
                           
                           
Liabilities and Stockholders' Equity
              
Liabilities:
                        
 
Accounts Payable
      
 $          10,304
  
 $                   -
  
 $                   -
  
 $         10,304
 
Accounts Payable - Related Party
    
             52,454
  
             16,250
  
          (16,250)
 (a)
             52,454
   
Total liabilities
      
             62,758
  
             16,250
  
          (16,250)
  
             62,758
                           
Shareholders' Equity:
                      
 
Common Stock, $.001 par value, 100,000,000 shares authorized
              
 
    28,963,000 issued and outstanding at Oct 31, 2010
             19,326
  
                      -
  
          (19,326)
 (b)
                      -
 
Common Stock, $.001 par value, 75,000,000 shares authorized
              
 
    6,860,000 issued and outstanding in historical column, and
              
 
    28,518,140 issued and outstanding in pro forma column
    
               6,860
  
             22,103
 ( c)
             28,963
 
Treasury Stock
        
           (12,921)
      
             12,921
 (b)
                      -
 
Additional Paid in Capital
      
       3,870,419
  
             74,640
  
          (81,500)
 (a)
  
                     
             19,326
 (b)
  
                     
          (12,921)
 (b)
  
                     
          (22,103)
 ( c)
       3,847,861
 
Retained Deficit
      
     (1,704,698)
  
          (90,149)
  
             90,149
 (a)
    (1,704,698)
   
Total shareholders' equity
    
       2,172,126
  
             (8,649)
  
               8,649
  
       2,172,126
                           
Total liabilities and shareholders' equity
    
 $    2,234,884
  
 $            7,601
  
 $         (7,601)
  
 $   2,234,884

 
 
 
 
F - 1
 
 
 
Hondo Minerals Inc.
Unaudited Combined Pro Forma Income Statement
For the Three Months Ended October 31, 2010
 
                           
             
Hondo
  
Tycore
  
Pro Forma
  
Pro Forma
             
Minerals
  
Ventures
  
Adjustments
  
Combined
Revenue:
                          
 
Mineral Sales
        
 $                   -
  
 $                   -
  
 $                   -
  
 $                   -
                           
Operating Expenses:
                        
 
Director Fees
        
             62,800
  
               3,000
  
                      -
  
             65,800
 
Business Development
      
               5,000
  
                      -
  
                      -
  
               5,000
 
Travel
          
             33,800
  
                      -
  
                      -
  
             33,800
 
Consulting Fees
        
             47,023
  
                      -
  
                      -
  
             47,023
 
Filing Fees
        
                   345
  
                      -
  
                      -
  
                   345
 
Corporate General and Administrative
             12,955
  
               3,178
  
                      -
  
             16,133
                           
Loss from operations
          
        (161,923)
  
             (6,178)
  
                      -
  
        (168,101)
                           
 
Interest expense and Loan Origination Fees
           (16,500)
  
                      -
  
                      -
  
          (16,500)
 
Other Income
        
                      -
  
                      -
  
                      -
  
                      -
                           
New Income (loss)
          
 $     (178,423)
  
 $         (6,178)
  
 $                   -
  
 $     (184,601)
                           
 
Loss per common share
          
$(0.00)
      
($0.01)
                           
 
Weighted average common shares outstanding
  
       6,860,000
  
    22,103,000
 ( c)
    28,963,000
                           
                           
 
 
 
 
 
F - 2
 
 
 
 
Hondo minerals Inc.
Pro Forma Combining Statements of Operations
For the Year Ended July31, 2010
 
                         
                             
             
Hondo
  
Tycore
  
Pro Forma
  
Pro Forma
  
             
Minerals
  
Ventures
  
Adjustments
  
Combined
  
Revenue:
                            
 
Mineral Sales
        
 $                    -
  
 $                   -
  
 $                   -
  
 $                   -
  
                             
Operating Expenses:
                          
 
Director Fees
        
               14,000
  
               12,000
  
                      -
  
               26,000
  
 
Travel
          
               18,844
  
                      -
  
                      -
  
               18,844
  
 
Consulting Fees
        
               32,927
  
                      -
  
                      -
  
               32,927
  
 
Filing Fees
          
                 6,308
  
                      -
  
                      -
  
                 6,308
  
 
Impairment of Mining Properties
    
             920,000
  
                      -
  
                      -
  
             920,000
  
 
Corporate General and Administrative
               16,823
  
               47,769
  
                      -
  
               64,592
  
                             
Loss from operations
          
        (1,008,902)
  
             (59,769)
  
                      -
  
        (1,068,671)
  
                             
 
Interest expense and Loan Origination Fees
               (6,878)
  
                      -
  
                      -
  
               (6,878)
  
 
Other Income
        
                       -
  
                      -
  
                      -
  
                        -
  
                             
New Income (loss)
          
 $     (1,015,780)
  
 $          (59,769)
  
 $                   -
  
        (1,075,549)
  
                             
Loss per common share
              
($0.01)
      
($0.04)
  
                             
Weighted average number of common shares outstanding
       6,860,000
  
    22,103,000
  
    28,963,000
  
                             
                             
 
 
 
F - 3
 
 
 
Hondo Minerals, Inc.
Notes to Unaudited Combined Pro Forma Statement of Operations
 
NOTE 1--Basis of Presentation
The unaudited proforma combined balance sheet as of October 31, 1010 was based on the unaudited balance sheet of Tycore Ventures, Inc. ("the Company") and the unaudited balance sheet of Hondo Minerals, Inc. as of October 31, 2010 combined with pro forma adjustments to give effect to the merger as if it occurred on October 31, 2010.
 
The unaudited combined statement of operations of the Company for the 3 month period ended October 31, 2010 were derived from the statement of operations as reported with the 10-Q filed on December 9, 2010.
 
These pro forma financial statements are provided for illustrative purposes and do not purport to represent  what the Company's financial position would have been if such transactions had occurred on the above mentioned date.  These statements were prepared based on accounting principles generally accepted in the United States.  The use of estimates is required and actual results could differ from the estimates used.  The Company believes the assumptions used provide a reasonable basis for presenting the significant effects directly attributable to the acquisition.
 
The following pro forma adjustments are incorporated into the unaudited combined pro forma balance sheet as of October 31, 2010 and the unaudited combined pro forma statement of operations for the three months ended October 31, 2010.
 
(a)  To eliminate assets, liabilities, and retained deficit of the Company.
(b)  To eliminate the capital structure of Hondo Minerals, Inc.
( c) To record Company common shares issued at merger.
 
 
 
 
 
F - 4
 
 
 
 
Unaudited Combined Pro Forma Financial Information
 
On Febuary 8, 2011, Hondo Minerals, Inc. ("Hondo"), a Nevada corporation merged with Tycore Ventures, Inc. ( the "Company" or "Tycore") also a Nevada corporation, pursuant to a Share Exchange Agreement (the "Agreement") and filed with the Secretary of State of Nevada.  Under the terms of the Agreement, each share of Hondo Minerals, Inc was converted into an equal number of shares of Tycore.
 
The Company is a publicly registered corporation wiith no significant operations prior to the merger.  For accounting purposes, Hondo shall be the surviving entity.  Accordingly, Tycore's historical financial statements are those of Hondo immediately following the consummation of the reverse merger.
 
The combined proforma statements of operations for Tycore and Hondo for the year ended July 31, 2010 and the unaudited three month period ended October 31, 2010 gives effect to the acquisition as if the transaction had taken place on August 1, 2009 and 2010.   The unaudited combined pro forma balance sheet gives effect to the acquisition as if the transaction had taken place on October 31, 2010 and combines Tycore and Hondo's unaudited balance sheet as of October 31, 2010.
 
These pro forma financial statements are provided for illustrative purposes and do not purport to represent  what the Company's financial position would have been if such transactions had occurred on the above mentioned date.  These statements were prepared based on accounting principles generally accepted in the United States.  The use of estimates is required and actual results could differ from the estimates used.  The Company believes the assumptions used provide a reasonable basis for presenting the significant effects directly attributable to the acquisition.
 
 
 
 
F - 5
 

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