FLUOROPHARMA MEDICAL, INC. - FORM 8-K - EX-99.2 - PRO FORMA UNAUDITED FINANCIAL STATEMENTS FOR YEAR ENDED DEC 31 2010 - May 16, 2011

Attached files

file filename
8-K - 8-K - FLUOROPHARMA MEDICAL, INC.fp8k-feb2010.htm
EX-21 - LIST OF SUBSIDIARIES - FLUOROPHARMA MEDICAL, INC.exhibit21.htm
EX-2.2 - CERTIFICATE OF MERGER - FLUOROPHARMA MEDICAL, INC.exhibit2-2.htm
EX-2.1 - AGREEMENT AND PLAN OF MERGER - FLUOROPHARMA MEDICAL, INC.exhibit2-1.htm
EX-99.1 - AUDITED FINANCIAL STATEMENTS FOR YEARS ENDED DEC 31, 2010 AND DEC 31, 2009 - FLUOROPHARMA MEDICAL, INC.exhibit99-1.htm
EX-10.4 - FORM OF REGISTRATION RIGHTS AGREEMENT - FLUOROPHARMA MEDICAL, INC.exhibit10-4.htm
EX-10.5 - 2011 INCENTIVE PLAN - FLUOROPHARMA MEDICAL, INC.exhibit10-5.htm
EX-10.1 - FORM OF SUBSCRIPTION AGREEMENT - LEAD INVESTOR - FLUOROPHARMA MEDICAL, INC.exhibit10-1.htm
EX-10.3 - FORM OF INVESTOR WARRANT - FLUOROPHARMA MEDICAL, INC.exhibit10-3.htm
EX-10.2 - FORM OF SUBSCRIPTION AGREEMENT - OTHER INVESTORS - FLUOROPHARMA MEDICAL, INC.exhibit10-2.htm
EX-3.1 - CERTIFICATE OF DESIGNATION SERIES A PREFERRED STOCK - FLUOROPHARMA MEDICAL, INC.exhibit3-1.htm
Exhibit 99.2
 
PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
DECEMBER 31, 2010
 
FLUOROPHARMA, INC.
                        
FLUOROPHARMA MEDICAL, INC.
                        
Pro Forma Balance Sheet
                        
as of December 31, 2010
                        
   
Historical
              
   
Consolidated FluoroPharma, Inc.
    
Consolidated FluoroPharma Medical, Inc.
    
Pro Forma
Adjustments
    
Pro Forma Combined
  
ASSETS
                        
Current Assets
                        
Cash and cash equivalents 1
   $ 11,413     $ 14     $ 2,471,539     $ 2,482,966  
Deposits
     -       -       -       -  
Prepaid expenses
     15,765       -       -       15,765  
Total Current Assets
     27,178       14       2,471,539       2,498,731  
Fixed Assets:
                                
Fixed assets, net
     29,952       1,279       -       31,231  
Intangible assets, net
     55,890       -       -       55,890  
Total Fixed Assets
     85,842       1,279       -       87,121  
                                 
TOTAL ASSETS
   $ 113,021     $ 1,293     $ 2,471,539     $ 2,585,852  
                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                                
Current Liabilities:
                                
Accounts payable
   $ 842,358     $ 485     $ -     $ 842,843  
Accrued expenses
     649,998       -       -       649,998  
Accrued interest
     -       10,270       -       10,270  
Notes payable
     538,828       47,757       -       586,585  
Total Current Liabilities
     2,031,184       58,512       -       2,089,696  
                                 
TOTAL LIABILITIES
     2,031,184       58,512       -       2,089,696  
                                 
Stockholder's Equity:
                                
Preferred Stock 2
     -       -       1,807       1,807  
Common Stock 3
     8,470       11,000       (1,287 )     18,183  
Capital Surplus
     6,541,603       51,986       2,471,019       9,064,608  
Accumulated deficit
     (8,468,236 )     (120,205 )     -       (8,588,441 )
Total Stockholder's Equity
     (1,918,163 )     (57,219 )     2,471,539       496,157  
                                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
   $ 113,021     $ 1,293     $ 2,471,539     $ 2,585,853  
 
1)
Pro Forma Adjustment includes bridge loan gross proceeds to FluoroPharma, Inc. of $195,000 received subsequent to December 31, 2010 plus gross proceeds in the Qualified Financing of 2,624,235 less: i) Placement Agent Fees of $227,696; and ii) Out-of-pocket expenses of $120,000.
2)
FluoroPharma Medical, Inc. Preferred Stock: 100,000,000 shares authorized and 1,807,229 shares of Series A Preferred outstanding.
3)
FluoroPharma, Inc. Common Stock: 15,000,000 shares authorized for Class A, $0.001 par value and 3,500,000 shares authorized for Class B, $0.001 par value; FluoroPharma Medical, Inc. Common Stock: 100,000,000 shares authorized and $0.001 par value.  Pro Forma Adjustments include (A) FluoroPharma, Inc. adjustments: (i) Walter Witoshkin exchanged 215,000 options @ $0.25 for 107,500 shares of FluoroPharma, Inc. common stock; (ii) FluoroPharma, Inc. exchanged 2 shares of  FluoroPharma, Inc. common stock for 3 shares of FluoroPharma Medical, Inc. common stock; (iii) 2,611,375 shares of common stock were issued pursuant to the Qualified Financing; (iv) FluoroPharma Medical, Inc.  cancelled 9,500,000 shares.
 
 
P-1
 
 
FLUOROPHARMA, INC.
                        
FLUOROPHARMA MEDICAL, INC.
                        
Pro Forma Income Statement
                        
as of December 31, 2010
                        
   
Historical
              
   
Consolidated FluoroPharma, Inc.
    
Consolidated FluoroPharma Medical, Inc.
    
Pro Forma
Adjustments
    
Pro Forma
Combined
  
Revenue
   $ -     $ -     $ -     $ -  
Cost of Sales
     -       -       -       -  
                              -  
Gross Profit
     -       -       -       -  
                                 
Expenses:
                                
General and administrative expenses
     441,402       9,167       -       450,569  
Amortization
     15,643       -       -       15,643  
Sales & Marketing
     1,022       -       -       1,022  
Depreciation expense
     25,450       1,095       -       26,545  
Research and development
     44,504       -       -       44,504  
Professional fees
     364,528       -       -       364,528  
Total expenses
     892,549       10,262       -       902,811  
                                 
Loss from Operations
     (892,549 )     (10,262 )     -       (902,811 )
                                 
Other (Income) expense:
                                
Loss on disposition of fixed assets
     (8,346 )     -       -       (8,346 )
Interest expense
     (53,223 )     (2,625 )     -       (55,848 )
Total other expenses
     (61,569 )     (2,625 )     -       (64,194 )
                                 
(Loss) before provision for income taxes
     (954,118 )     (12,887 )     -       (967,005 )
                                 
Provision for income taxes
     -       (50 )     -       (50 )
                                 
Net (loss)
   $ (954,118 )   $ (12,937 )   $ -     $ (967,055 )
                                 
Number of common shares outstanding
                                
                                 
Net (loss) per share
                                
 
 
P-2
 
 
FLUOROPHARMA, INC.
                        
FLUOROPHARMA MEDICAL, INC.
                        
Pro Forma Cash Flow Statement
                        
as of December 31, 2010
                        
   
Historical
              
   
Consolidated FluoroPharma, Inc.
    
Consolidated FluoroPharma Medical, Inc.
    
Pro Forma
Adjustments
    
Pro Forma Combined
  
Cash flows from operating activities
                        
Net (loss)
   $ (954,118 )   $ (12,937 )   $ -     $ (967,055 )
Adjustments to reconcile net (loss) to net cash (used) by operating activities:
                                
Amortization of debt discount
     10,646       -       -       10,646  
Depreciation & amortization
     41,093       1,095       -       42,188  
Expenses related to employee stock options
     86,985       -       -       86,985  
Non-cash fair value of stock options issued to non-employees for consulting
     -       -       -       -  
Loss on fixed asset dispositions
     8,346       -       -       8,346  
Expenses paid by debt issuance
     -       -       -       -  
Changes in operating assets and liabilities:
                                
Increase (decrease) in accounts receivable
     50,000       -       -       50,000  
Increase (decrease) in prepaid expenses
     (5,974 )     -       -       (5,974 )
Increase (decrease) in deposits
     -       -       -       -  
Increase (decrease) in accounts payable
     56,568       -       -       56,568  
Increase (decrease) in accrued interest
     -       2,625       -       2,625  
Increase (decrease) in accrued expenses
     230,898       -       -       230,898  
Net cash (used) by operating activities
     (475,556 )     (9,217 )     -       (484,773 )
                                 
Cash flows from investing activities
                                
Purchase of fixed assets
     (4,755 )     -       -       (4,755 )
Net cash (used) by investing activities
     (4,755 )     -       -       (4,755 )
                                 
Cash flows from financing activities
                                
Net proceeds from Qualified Financing 1
     -       -       2,861,539       2,861,539  
Donated capital
     -       100       -       100  
Proceeds from issuance of short-term convertible notes
     490,000       -       -       490,000  
Proceeds from notes payable
     -       9,059       -       9,059  
Net cash provided by financing activities
     490,000       9,159       2,861,539       3,360,698  
                                 
Net increase (decrease) in cash
     9,689       (58 )     2,861,539       2,871,170  
Cash - beginning
     1,724       72       -       1,796  
Cash - ending
   $ 11,413     $ 14     $ 2,861,539     $ 2,872,966  
                                 
Supplemental disclosures:
                                
Income taxes paid
   $ -     $ 50     $ -     $ 50  

Footnote:
 
1)
Pro Forma Adjustment includes bridge loan gross proceeds to FluoroPharma, Inc. of $195,000 received subsequent to December 30, 2010; total gross proceeds to NewCo. of $3,667,442 includes Qualified Financing and Bridge Loan less: i) Placement Agent Fees of $227,696; and ii) Out-of-pocket expenses of $120,000.

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