Plastic2Oil, Inc. - FORM 8-K/A - EX-99.1 - PRO FORMA - April 4, 2011

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8-K/A - FORM 8-K/A - Plastic2Oil, Inc.f8k082409a4_jbi.htm
Exhibit 99.2
 
JBI, Inc. and Subsidiaries
                                    
                                     
Pro Forma Combined Consolidated Balance Sheet
                                    
As of June 30, 2009
                                    
                                     
(Unaudited)
                                    
                                     
   
JBI Inc.
    
Javaco
      
Pakit
      
Adjustments
      
Pro Forma
  
 Current Assets
                                    
 Cash
     200,724       13,335         627,669                 841,729  
 Accounts receivable, net
     95,220       1,249,431         696,898                 2,041,550  
 Inventories
     -       607,720         778,925                 1,386,645  
 Prepaid expenses
     -       8,498         2,771                 11,269  
 Total Current Assets
     295,944       1,878,985         2,106,264                 4,281,193  
                                             
 Property And Equipment
                                            
 Leasehold improvements
     -       9,016         759,543         (451,187 )
(b)
     317,372  
 Machinery and office equipment
     -       39,079         971,575         (4,723 )
(a)
  
                                  (501,321 )
(b)
     504,610  
 Vehicles
     -       36,848         -         (7,835 )
(a)
     29,013  
 Furniture and fixtures
     -       3,919         -         (833 )
(a)
     3,086  
      -       88,861         1,731,118         (965,899 )       854,081  
 Less accumulated depreciation
     -       59,707         1,026,445         (13,391 )
(a)
  
                                  (952,508 )
(b)
     120,253  
 Net Property And Equipment
     -       29,155         704,673         (13,391 )       733,828  
                                               
 Other Assets
                                              
    Goodwill
     -       -         -         1,976,830  
(a)
  
                                  2,668,584  
(b)
     4,645,414  
    Patents, net
     -       -         6,024                   6,024  
 Total Other Assets
     -       -         6,024         4,645,414         4,651,438  
                                               
 Total Assets
     295,944       1,908,139         2,816,961         4,658,805         9,666,459  
                                               
 Current Liabilities
                                              
 Accounts payable
     3,562       988,190         279,344                   1,271,096  
 Accrued expenses
     -       42,773         91,637                   134,410  
 Notes Payable
     -       199,550         -                   199,550  
 Income Taxes Payable
     -       642         -                   642  
 Total Current Liabilities
     3,562       1,231,155         370,981                   1,605,698  
                                               
                                               
 Long-Term Liabilities
     -       173,960         2,696,950         (2,509,373 )
(b)
     361,537  
                                               
 Deferred Taxes
     -       78,666         -                   78,666  
                                               
 Total Liabilities
     3,562       1,483,781         3,067,931                   2,045,901  
                                               
 Shareholders' Equity
                                              
                                               
 Common Stock, par $0.001; 75,000,000
                                              
 authorized 63,700,000 shares issued
                                              
  and outstanding at June 30, 2009
     57,041       -         26,500         (26,500 )
(b)
     57,041  
 Additional paid in capital
     323,388       100  
(a)
     (2,514,216 )
(b)
     2,649,900  
(a)
  
                                  7,129,216  
(b)
     7,588,388  
 Accumulated Deficit
     (88,046 )     424,259         2,236,746         (673,070 )
(a)
  
                                  (1,924,759 )
(b)
     (24,871 )
                                               
                                               
                                               
 Total Shareholders' Equity
     292,382       424,359         (250,970 )       7,154,787         7,620,558  
                                               
 Total Liabilities And Shareholders' Equity
     295,944       1,908,139         2,816,961                   9,666,459  
                                               
                                               
 
                       
 
PROFORMA ADJUSTMENTS AND ASSUMPTIONS
                
                       
 
(a) JBI acquired Javaco on August 24, 2009. The purchase price was $2,650,000 and the payment of the purchase price has been assumed to be fully paid in shares. Goodwill amounting $1,976,830 has been assumed to be fair value of purchase consideration less values of assets acquired less liabilities assumed.
 
 
                       
 
(b) JBI acquired Pak-it on September 30, 2009. The purchase price was $4,615,000 consisting of 625,000 shares of our common stock and notes payable of $2,665,000 and $1,200,000. The Company has used the share price on the date of acquisition to value our common shares. The majority shareholder pledged 10,000,000 shares of common stock if the notes were not repaid within 90 days. In the Pro Forma Statements the Company has assumed that notes were paid with those shares and no interest expense has been accrued.  Goodwill amounting $2,668,584 has been assumed to be fair value of purchase consideration less values of assets acquired less liabilities assumed.
 
 
 
 
                       
 
 
 
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JBI, Inc. and Subsidiaries
                            
                             
Pro Forma Combined Consolidated Statements Of Operations
                          
For the Six Months Ended June 30, 2009
                            
                             
(Unaudited)
                            
                             
                             
                             
 
JBI Inc.
    
Javaco
    
Pakit
  
Adjustments
    
Pro Forma
    
                             
Revenue, net
 47,600       2,761,569       4,231,576         7,040,745    
Cost of Sales
 3,390       2,356,992       3,037,013         5,397,395    
Gross Margin
 44,210       404,577       1,194,563         1,643,350    
                                 
Operating Expenses
                                
Selling Expenses
 -       88,605       191,874         280,478    
Other General & Administrative Expenses
 28,809       347,616       549,676   234,847  
(c)
 1,160,948    
  28,809       436,221       741,550   234,847     1,441,427    
Operating income (loss)
 15,401       (31,644 )     453,013   (234,847 )   201,924    
                                 
Other (income) expenses
                                
Interest Expense
 153       9,870       10,983         21,007    
Other Income
 -       -       (50,741 )       (50,741 )  
  153       9,870       (39,758 ) -     (29,734 )  
                                 
Net income (loss)
 15,248       (41,514 )     492,771   (234,847 )   231,658    
                                 
Loss per Share
 0.00                         0.00    
                                 
Weighted average number of
                                
 common shares outstanding
 63,700,000
(d)
                       63,700,000  
(d)
                                 
 
                                               
PROFORMA ADJUSTMENTS AND ASSUMPTIONS
                                        
                                               
(c) Costs of acquisition have been assumed to be $234,847.
                                        
                                               
(d) The weighted average shares outstanding is assumed to be the same as that which was outstanding for the Company for the six months ended June 30, 2009, as filed on our Form 10Q/A for the quarter ended June 30, 2010.
                       
 
 
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JBI, Inc. and Subsidiaries
                          
                           
Pro Forma Combined Consolidated Statements Of Operations
                      
For the Twelve Months Ended December 31, 2008
                          
                           
(Unaudited)
                          
                           
                           
                           
   
JBI Inc.
    
Javaco
    
Pakit
    
Pro Forma
  
(e)
                           
Revenue, net
     15,050       6,647,802       7,005,458       13,668,309    
Cost of Sales
     -       5,720,639       5,676,163       11,396,802    
Gross Margin
     15,050       927,163       1,329,294       2,271,507    
                                   
Operating Expenses
                                  
Selling Expenses
     -       283,892       297,053       580,945    
Other General & Administrative Expenses
     90,344       811,203       1,006,518       1,908,065    
      90,344       1,095,094       1,303,572       2,489,010    
Operating income (loss)
     (75,294 )     (167,931 )     25,722       (217,503 )  
                                   
Other (income) expenses
                                  
Interest Expense
     35,668       39,366       44,802       119,836    
Other Income
     -       -       (73,142 )     (73,142 )  
      35,668       39,366       (28,340 )     46,694    
                                   
Net income (loss)
     (110,962 )     (207,297 )     54,062       (264,197 )  
                                   
Loss per Share
     (0.00 )                     (0.00 )  
                                   
Weighted average number of
                                  
 common shares outstanding
     63,700,000                       63,700,000    
                                   
                                   
 
                     
 
(e) This financial statement is provided for informational purposes only. There were no adjustments in this combined consolidated statement of operations for fiscal year ended December 31, 2008. Javaco and Pak-It had fiscal year ends of May 31 and September 30, respectively, prior to JBI's acquisition. With Pak-It, the months of October, November, and December of 2008 were added to the original audited fiscal year end of September 30, 2008 (audited as per Exhibit 99.3), and October, November, and December of 2007 were deducted from Pak-It's original fiscal year end results for 2008. With Javaco ,the months of June through December of 2008 were added to the original fiscal year end of May 31, 2008 (audited as per Exhibit 99.4), and the months of June through December of 2007 were deducted from Javaco's original fiscal year end results.
 
 
 
 
 
 
                     
 
 
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