Attached files
| file | filename |
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| 8-K - RADIENT PHARMACEUTICALS Corp | v218650_8k.htm |
Radient Pharmaceuticals Corporation
Proforma Condensed Consolidated Balance Sheet
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December 31,
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December 31,
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2010
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Proforma
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2010
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(Unaudited)
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Adjustments
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(Proforma)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 53,000 | $ | 6,820,000 | (1) | $ | 6,873,000 | |||||||||
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Accounts receivable, net
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3,000 | - | 3,000 | |||||||||||||
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Inventories
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83,000 | - | 83,000 | |||||||||||||
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Prepaid expenses and other current assets
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466,000 | - | 466,000 | |||||||||||||
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Total current assets
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605,000 | 6,820,000 | 7,425,000 | |||||||||||||
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Property and equipment, net
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76,000 | - | 76,000 | |||||||||||||
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Investment in JPI
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17,738,000 | - | 17,738,000 | |||||||||||||
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Debt issuance cost
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171,000 | 519,000 | (1),(5) | 690,000 | ||||||||||||
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Other assets
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5,000 | - | 5,000 | |||||||||||||
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Total assets
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$ | 18,595,000 | $ | 7,339,000 | $ | 25,934,000 | ||||||||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
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Current liabilities:
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Accounts payable and accrued expenses
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$ | 1,061,000 | - | $ | 1,061,000 | |||||||||||
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Accrued salaries and wages
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295,000 | - | 295,000 | |||||||||||||
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Accrued interest expense
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2,210,000 | (1,904,000 | ) | (2),(3),(4) | 306,000 | |||||||||||
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Derivative liabilities
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29,066,000 | (15,567,000 | ) | (6),(7),(8) | 13,499,000 | |||||||||||
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Notes payable,
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4,582,000 | (3,926,000 | ) | (2),(3) | 656,000 | |||||||||||
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Convertible notes, net of debt discount
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16,509,000 | (15,134,000 | ) |
(1),(3),(4),
(5),(8)
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1,375,000 | |||||||||||
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Total current liabilities
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53,723,000 | (36,531,000 | ) | 17,192,000 | ||||||||||||
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Other long-term liabilities
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Total liabilities
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53,723,000 | (36,531,000 | ) | 17,192,000 | ||||||||||||
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Stockholders’ equity (deficit):
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Common stock
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38,000 | 23,000 | (2),(3),(4) | 61,000 | ||||||||||||
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Additional paid-in capital
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85,218,000 | 49,840,000 | (2),(3),(4), (6),(7) | 135,058,000 | ||||||||||||
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Accumulated deficit
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(120,384,000 | ) | (5,993,000 | ) | (5),(8) | (126,377,000 | ) | |||||||||
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Total stockholders’ equity (deficit)
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(35,128,000 | ) | 43,870,000 | 8,742,000 | ||||||||||||
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Total liabilities and stockholders’ equity (deficit)
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$ | 18,595,000 | $ | 7,339,000 | $ | 25,934,000 | ||||||||||
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(1)
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To record issuance of 2011 Convertible Notes gross principal of $8,437,000, debt issuance cost of $680,000, and issuance discount of $937,500.
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| (2) |
To record conversion of Senior Series 1 & 2 Notes principal of $3,785,000 and accrued interest of $933,000 into common stock
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(3)
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To record conversion of 2008 10% Notes and Bridge loan principal of $458,000 and accrued interest of $79,000 into common stock
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(4)
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To record conversion of 2010 Conversion principal of $17,149,000 and accrued interest of $891,000 into common stock
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(5)
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To write off unamortized debt issuance cost of $161,000 and debt discount of $2,332,000 upon conversion of 2010 Convertible Notes
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(6)
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To reclassify derivative liability of $7,675,000 upon conversion of 2010 Convertible Notes
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(7)
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To reclassify derivative liability of $18,892,000 upon exercise of warrants
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(8)
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To record $11 million derivative value related to the 2011 financing based on management best estimate using the Black-Scholes Model to value the warrants and management estimate of the embedded conversion feature of the Notes. This valution is subject to adjustments based on final valuation using a binomial model. $3,500,000 of the estimated fair value of the derivative is in excess of debt discount and is immediately expensed.
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