Attached files
Exhibit 99.2
LIVEWIRE ERGOGENICS, INC.
Index to Unaudited Pro Forma Combined Financial Statements
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Introduction to Unaudited Pro Forma Combined Financial
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Unaudited Pro Forma Combined Balance Sheet
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3 |
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Unaudited Pro Forma Statement of Operations
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4 |
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Notes to Unaudited Pro Forma Combined Financial Statements
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1
LIVEWIRE ERGOGENICS, INC.
Introduction to Unaudited Pro Forma Combined Financial Statements
The following unaudited pro forma combined financial statements are presented to illustrate the effects of SF Blu Vu, Inc. (SF Blu”) having entered into purchase agreement (the “Purchase”) for the exchange of shares on June 24, 2011 with Live LIVEWIRE ERGOGENICS, INC.
LiveWire MC2, LLC, (“LiveWire”) a limited liability company formed under the laws of California, and its members. Pursuant to the terms of the agreement, the member s of LiveWire transferred all of their interests to SF Blu, Inc. in exchange for the issuance of 30,000,000 shares of SF Blu’s common stock. As a result of the share exchange, LiveWire MC2 became a wholly-owned subsidiary of SF Blu Vu, with the members of Live Wire MC2 acquiring approximately 60% of the total issued and outstanding common stock of SF Blu Vu subsequent to the Purchase, effectively obtaining operational and management control of SF Blu Vu.
The Purchase for the exchange of shares has been accounted for as a reverse acquisition under the purchase method for business combinations, and accordingly the transaction has been treated as a recapitalization of LiveWire, with LiveWire as the accounting acquirer and SF Blu as the accounting acquiree. For legal purposes LiveWire is the legal acquiree and SF Blu is the legal acquirer and surviving corporation. The shares issued are treated as being issued for cash and are shown as outstanding for the period presented in the same manner as for a stock split. SF Blu Vu was a shell prior to the merger, having no assets or liabilities, and seeking a viable business to acquire. LiveWire, the operating company, is the accounting acquirer, and accordingly pro forma information for the combined group is presented as that of LiveWire.
The corporate name of SF Blu Vu was changed to LiveWire Ergogenics, Inc. on September 20, 2011.
The unaudited pro forma financial statements as of June 30, 2011, and for the six months then ended assumes that the purchase agreement for the share exchange occurred on June 30, 2011. The information presented in the unaudited pro forma is not indicative of future financial results. The unaudited pro forma financial statements should be read in conjunction with the accompanying notes and assumptions and the historical financial statements of SF Blu Vu, Inc. and Live Wire MC2, LLC.
2
LiveWire Ergogenics, Inc.
(Formerly known as SF Blu Vu, Inc.)
Proforma Balance Sheet
June 30, 2011
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Live Wire
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SF Blu
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MC2,
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Proforma
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Proforma
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Vu, Inc.
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LLC
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Adjustments
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Consolidated
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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Assets
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Current Assets
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Cash and Cash Equivalents
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$ | - | $ | 3,183 | $ | 3,183 | |||||||||||
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Accounts Receivable
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- | 120,023 | 120,023 | ||||||||||||||
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Inventory
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- | 54,341 | 54,341 | ||||||||||||||
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Total Current Assets
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- | 177,547 | 177,547 | ||||||||||||||
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Fixed Assets
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Automobiles
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- | 15,377 | 15,377 | ||||||||||||||
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Accumulated Depreciation
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- | (3,076 | ) | (3,076 | ) | ||||||||||||
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Total Fixed Assets
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- | 12,301 | 12,301 | ||||||||||||||
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Total Assets
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$ | - | $ | 189,848 | $ | - | $ | 189,848 | |||||||||
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Liabilities and Members' Capital (Deficit)
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Liabilities
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Curent Liabilities
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Accounts Payable
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$ | 153,999 | $ | 521,738 | (153,999 | ) | (2 | ) | $ | 521,738 | |||||||
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Advance from shareholder
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26,227 | - | (26,227 | ) | (2 | ) | - | ||||||||||
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Officers' Loans
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- | 55,000 | 55,000 | ||||||||||||||
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Total Current Liabilities
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180,226 | 576,738 | (180,226 | ) | 576,738 | ||||||||||||
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Stockholders' Equity / Members' Capital (Deficit)
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Preferred Stock, $0.0001 par value, 10,000,000
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shares authorized, no shares issued
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and outstanding
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Common Stock, $0.001 par value, 10,000,000
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shares authorized, 4,933,529 shares
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issued and outstanding
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493 | 3,000 | (1 | ) | 3,493 | ||||||||||||
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Additional Paid-in Capital / Members' Equity
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322,220 | 128,000 | (322,713 | ) | (2 | ) | 124,507 | ||||||||||
| (3,000 | ) | (1 | ) | ||||||||||||||
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Accumulated Deficit
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(502,939 | ) | (514,890 | ) | 502,939 | (2 | ) | (514,890 | ) | ||||||||
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Stockholders' Deficit / Members' Deficit
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(180,226 | ) | (386,890 | ) | 180,226 | (386,890 | ) | ||||||||||
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Total Liabilities and Members' Deficit
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$ | - | $ | 189,848 | $ | - | $ | 189,848 | |||||||||
3
LiveWire Ergogenics, Inc.
(Formerly known as SF Blu Vu, Inc.)
Proforma Statement of Operations
For the year ended December 31, 2011
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Live Wire
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SF Blu
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MC2,
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Proforma
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Proforma
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Vu, Inc.
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LLC
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Adjustments
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Consolidated
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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Sales
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$ | - | $ | 369,680 | $ | 369,680 | ||||||||||
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Cost of goods sold
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- | 192,501 | $ | 192,501 | ||||||||||||
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Gross Profit
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- | 177,179 | 177,179 | |||||||||||||
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Selling Costs
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- | 454,586 | $ | 454,586 | ||||||||||||
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General and Administrative Costs
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39,457 | 123,158 | $ | 162,615 | ||||||||||||
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Total Expenses
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39,457 | 577,744 | 617,201 | |||||||||||||
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Net Income before other income and
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and expenses
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(39,457 | ) | (400,565 | ) | (440,022 | ) | ||||||||||
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Other Income & Expenses
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Interest Expense
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- | (915 | ) | $ | (915 | ) | ||||||||||
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Net Income (Loss)
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$ | (39,457 | ) | $ | (401,480 | ) | $ | - | $ | (440,937 | ) | |||||
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Basic and Diluted Loss per share:
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$ | (0.01 | ) | $ | - | $ | (0.01 | ) | ||||||||
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Weighted Average shares outstanding -
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15,000,000 |
(3)
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basic and diluted
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4,933,529 | 30,000,000 |
(4)
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49,933,529 | ||||||||||||
4
LIVEWIRE ERGOGENICS, INC.
NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
The purchase agreement for the exchange of stock that was closed on September 2, 2011, is deemed to be a reverse acquisition. In accordance with the Accounting and Financial Reporting Interpretations and Guidance prepared by the staff of the U.S. Securities and Exchange Commission, SF Blu Vu, Inc. is the legal acquirer of Live Wire MC2, LLC, and the surviving corporation. Live Wire MC2, LLC, the operating company, is the accounting acquirer of SF Blu Vu, Inc. The financial statements of the combined entity will in substance be those of Live Wire MC2. SF Blu Vu is deemed to be a continuation of the business of Live Wire MC2. The outstanding stock of SF Blu Vu will be accounted for at net book value and no goodwill will be recognized.
Unaudited pro forma adjustments reflect the following transactions:
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Additional Paid-in Capital
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3,000 | |||||||||
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Common Stock
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3,000 | |||||||||||
To reflect the issue of 30,000,000 SF Blu common stock to acquire LiveWire
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Reverse Entry
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Accounts Payable (SF Blue)
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153,999 | |||||||||
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Advance from shareholder (SF Blu)
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26,227 | |||||||||||
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Additional Paid-in Capital (SF Blu)
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322,713 | |||||||||||
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Accumulated Deficit (SF Blu)
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502,939 | |||||||||||
| 502,939 | 502,939 | |||||||||||
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3)
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To reflect the issuance of 15,000,000 shares of common stock of SF Blu sold prior to the Purchase in May 2011 for earnings per share purposes.
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4)
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To reflect the issuance of 30,000,000 shares of common stock of SF Blu in accordance with the Purchase of LiveWire for earnings per share purposes.
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5