Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - Gepco, Ltd. | v230591_8-ka.htm |
| EX-99.1 - EXHIBIT 99.1 - Gepco, Ltd. | v230591_ex99-1.htm |
Exhibit 99.2
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Kensington Leasing, Ltd. and Wikifamilies
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Consolidated Pro Forma Balance Sheets
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Historical (Unaudited)
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Pro Forma Consolidated (Unaudited)
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Kensington
Leasing, Ltd.
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(a)
Wikifamilies SA
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March 31,
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March 31,
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2011
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2011
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Adjustments
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As Adjusted
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ASSETS
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Current assets
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Cash
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$ | 368 | $ | 41,402 | $ | - | $ | 41,770 | |||||||||
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Notes receivable
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230,000 | 1 | - | 230,001 | |||||||||||||
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Investments
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145,697 | - | - | 145,697 | |||||||||||||
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Prepaid expenses
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100,000 | 54,586 | - | 154,586 | |||||||||||||
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Total current assets
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476,065 | 95,989 | - | 572,054 | |||||||||||||
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Property and equipment, net
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31,309 | - | 31,309 | ||||||||||||||
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Incorporation and research and development costs, net
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- | 32,247 | (32,247 | ) |
(c)
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- | |||||||||||
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Intangible assets and goodwill
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78,296 | 16,127 | 7,451,292 |
(b)
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7,545,715 | ||||||||||||
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Total assets
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585,670 | 144,363 | 7,419,045 | 8,149,078 | |||||||||||||
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LIABILITIES AND SHAREHOLDERS' DEFICIT
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Liabilities
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Notes payable
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21,907 | 54,586 | - | 76,493 | |||||||||||||
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Accounts payable and accrued expenses
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3,878 | 8,822 | - | 12,700 | |||||||||||||
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Total liabilities
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25,785 | 63,408 | - | 89,193 | |||||||||||||
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Stockholders' Equity (Deficit)
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Common stock
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14,830 | 109,172 | (77,672 | ) |
(b)
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46,330 | |||||||||||
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Paid in capital
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1,135,358 | - | 7,468,500 |
(b)
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8,603,858 | ||||||||||||
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Other comprehensive loss
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(14,895 | ) | (14,895 | ) | |||||||||||||
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Deficit accumulated during development stage
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(575,408 | ) | (28,217 | ) | 28,217 |
(b)
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(575,408 | ) | |||||||||
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Total shareholders' equity (deficit)
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559,885 | 80,955 | 7,419,045 | 8,059,885 | |||||||||||||
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Total liabilities and shareholders' equity (deficit)
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$ | 585,670 | $ | 144,363 | $ | 7,419,045 | $ | 8,149,078 | |||||||||
See accompanying notes to pro forma financial information
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Kensington Leasing, Ltd. and Wikifamilies
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Consolidated Pro Forma Statements of Operations
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Historical (Unaudited)
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Pro Forma Consolidated (Unaudited)
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Kensington
Leasing, Ltd.
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(a)
Wikifamilies SA
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March 31,
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March 31,
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2011
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2011
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Adjustments
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As Adjusted
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Income
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- | $ | - | $ | - | $ | - | ||||||||||
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Operating expenses
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General and administrative
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7,856 | 14,827 | 10,413 |
(c)
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33,096 | ||||||||||||
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Legal and accounting
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14,710 | 10,917 | 25,627 | ||||||||||||||
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Research and development
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21,834 |
(c)
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21,834 | ||||||||||||||
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Depreciation and amortization
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5,896 | 590 | 6,486 | ||||||||||||||
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Total operating expenses
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28,462 | 26,334 | 32,247 | 87,043 | |||||||||||||
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Income from operations
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(28,462 | ) | (26,334 | ) | (32,247 | ) | (87,043 | ) | |||||||||
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Other income (expense)
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Interest income (expense)
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- | (1,883 | ) | (1,883 | ) | ||||||||||||
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Total other income (expense)
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- | (1,883 | ) | - | (1,883 | ) | |||||||||||
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Net loss
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$ | (28,462 | ) | $ | (28,217 | ) | $ | (32,247 | ) | $ | (88,926 | ) | |||||
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Net loss per share
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$ | (0.00 | ) | $ | (0.00 | ) | |||||||||||
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Weighted average shares outstanding
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14,416,128 |
(b)
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45,916,128 | ||||||||||||||
See accompanying notes to pro forma financial information
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Notes to Pro Forma Financial Information
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(a) The Unaudited Pro Forma Consolidated Financial Statements are based on the historical financial statements of Wikifamilies SA. On March 23, 2011, we entered into an Exchange Agreement with Wikifamilies SA which was consummated on May 20, 2011.
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(b) Adjustments reflect the opening balance sheet entries at March 31, 2011 as determined by a third party valuation of the assets acquired. We issued 31,500,000 shares of our common stock to Wikifamilies at a value of $7,500,000. The assets we acquired from Wikifamilies included principally intellectual property and technology. Intangible asset value is the $7,500,000 third party value less assets assumed of $144,363 plus liabilities assumed of $63,408.
(c) Adjustment for incorporation costs and research and development costs capitalized by Wikifamilies but not capitalized under GAAP.
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