Green PolkaDot Box Inc - FORM 8-K - EX-99.1 - PRO FORMA FINANCIAL INFORMATION - March 6, 2012

Attached files

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8-K - VAULT AMERICA, INC. - FORM 8K - Green PolkaDot Box Incvault8k03062012.htm
EX-10.5 - FORM OF PROMISSORY NOTE (GPDB) - Green PolkaDot Box Incex105.htm
EX-10.4 - FORM OF SUBSCRIPTION AGREEMENT (GPDB) - Green PolkaDot Box Incex104.htm
EX-10.2 - FORM OF SUBSCRIPTION AGREEMENT - Green PolkaDot Box Incex102.htm
EX-10.3 - FORM OF WARRANT - Green PolkaDot Box Incex103.htm
EX-10.1 - AGREEMENT AND PLAN OF MERGER, DATED FEBRUARY 29, 2012, AMONG VAULT AMERICA, INC., GREEN PD ACQUISITIONS, INC., AND THE GREEN POLKADOT BOX, INC. - Green PolkaDot Box Incex101.htm
 

VAULT AMERICA, INC.

PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


The following unaudited pro forma consolidated financial statements give effect to the reverse acquisition of The Green PolkaDot Box, Inc, (“GPDB”) by Vault America, Inc., (“Vault” and the “Company”) through its wholly owned subsidiary Green PD Acquisitions, Inc. and are based on estimates and assumptions set forth herein and in the notes to such pro forma statements.

On February 29, 2012, GPDB entered into an Agreement and Plan of Merger (“the Agreement”) with Vault and upon closing of the transaction, GPDB became a wholly-owned subsidiary of Vault.

Prior to the closing of this transaction and pursuant to a certain Common Stock Purchase Agreement dated February 2, 2012, Vault sold 1,044,133 of its 1,144,324 issued and outstanding common shares, 460 of its 790 issued and outstanding Preferred Series A shares and 1,000 of its issued and outstanding 1,000 Preferred Series B shares to GPDB in exchange for $280,000. Simultaneous to the purchase of these shares, Vault spun out their subsidiary. Then, pursuant to the Agreement, Vault issued 9,919,028 common shares to the GPDB shareholders, in exchange for the 26,735,925 shares that GPDB had outstanding and simultaneously the 1,044,133 Vault common shares, the 460 Vault Preferred Series A shares and the 1,000 Vault Preferred Series B shares mentioned above, were cancelled.

This transaction is being accounted for as a reverse acquisition. GPDB is the surviving company and the acquirer for accounting purposes.

The following unaudited pro forma consolidated statement of operations for the year    ended October 31, 2011 of Vault America, Inc. and for the year ended December 31, 2011 for GPDB gives effect to the above as if the transactions had occurred at the beginning of the period.  The unaudited pro forma consolidated balance sheet at December 31, 2011 for GPDB and October 31, 2011 for Vault assumes the effects of the above as if this transaction had occurred as of November 1, 2010.

 

 

 

 

 

 1
 

VAULT AMERICA, INC.
PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


The unaudited pro forma consolidated financial statements are based upon, and should be read in conjunctions with Vault’s audited financial statements as of and for the year ended October 31, 2011 and the audited financial statements of GPDB as of and for the year ended December 31, 2011.  The unaudited pro forma consolidated financial statements are consolidated as if they individual results of each company reflected the same twelve month period.

The unaudited pro forma consolidated financial statements and notes thereto contained forward-looking statements that involve risks and uncertainties.  Therefore, our actual results may vary materially from those discussed herein.  The unaudited pro forma consolidated financial statements do not purport to be indicative of the results that would have been reported had such events actually occurred on the dates specified, nor is it indicative our future results.

 

 

 

 

 

 

 

 2
 

 

 

GREEN POLKA DOT BOX INC

Unaudited Proforma Consolidated Balance Sheet

GPDB    December 31, 2011 
Vault America    October 31, 2011

 

 
ASSETS
    
GPDB Balance Sheet Dec 31, 2011
      
Vault America Balance Sheet Oct 31, 2011
        
Adjustments
      
Consolidated
Current Assets:
                                
Cash
$
391,437
  
$
40,329
  
A
  
300,000
  
B
  
280,000
  
$
411,437
                 
-
  
C
  
40,329
      
Cash-Restricted
  
-
                        
$
-
Inventories
  
521,609
    
-
                  
$
521,609
GST and PST receivable
        
365
      
-
  
C
  
365
  
$
-
Other receivable
        
540
          
C
  
540
  
$
-
Prepaid Expenses
        
725
          
C
  
725
  
$
-
Total Current Assets
$
913,046
  
$
41,959
      
300,000
      
321,959
  
$
933,046
                                 
Fixed Assets:
                                
Plant and equipment, net
$
346,681
                        
$
346,681
Total Fixed Assets
$
346,681
  
$
-
      
-
      
-
  
$
346,681
                                 
Non-current Assets:
                                
Guaranteed investment certificate
      
$
606,143
          
C
  
606,143
  
$
-
Deposits
  
10,994
                        
$
10,994
Investment Vault America, Inc
            
B
  
280,000
  
D
  
280,000
  
$
-
Total Non-current Assets
$
10,994
  
$
606,143
      
280,000
      
886,143
  
$
10,994
                                 
TOTAL ASSETS
$
1,270,721
  
$
648,102
    
$
580,000
    
$
1,208,102
  
$
1,290,721
                                 
LIABILITIES AND STOCKHOLDERS EQUITY
  
GPDB
    
Vault America
                    
Consolidated
                                 
Current Liabilities:
                                
Short-term borrowings, secured
$
-
                        
$
-
Accounts payable and accrued expenses
  
301,830
    
15,609
  
C
  
15,609
            
301,830
Convertible Notes payable, net of discount of $222,222
  
177,778
                          
177,778
Convertible Notes payable, bridge loan
            
F
  
300,000
  
A
  
300,000
    
-
Loan Payable - Other
  
50,000
                          
50,000
Deferred revenue - lifetime memberships
  
2,183,008
                          
2,183,008
Deferred revenue - annual and club membership
  
28,554
                          
28,554
Current port of obligation under capital lease
  
3,745
    
-
                    
3,745
Total Current Liabilities
$
2,744,915
  
$
15,609
    
$
315,609
    
$
300,000
  
$
2,744,915
                                 
Long-Term Liabilities
                                
Obligation under capital lease, net of current portion
$
16,908
                        
$
16,908
   
-
                          
-
                                 
Total Long-Term Liabilities
$
16,908
  
$
-
    
$
-
    
$
-
  
$
16,908
                                 
TOTAL LIABILITIES
$
2,761,823
  
$
15,609
    
$
315,609
    
$
300,000
  
$
2,761,823
 
STOCKHOLDERS EQUITY
                                
                                 
Total Equity
                                
Members Equity
  
3,868,377
        
E
  
3,868,377
          
$
-
Deficit accumulated during the development stage
  
(5,359,479)
                        
$
(5,359,479)
Peferred stock par value $.001 per share;
                                
Authorized 1,000 shares
$
-
  
$
-
                  
$
-
Issued and outstanding, 790 shares at Oct 31, 2011and 2010
      
$
10
  
D
  
10
          
$
-
Preferred “B” stock, par value $.001 per share;
                                
Authorized 1,000 shares;
                                
Issued and outstanding, 1,000 shares at Oct 31,
                                
2011 and 2010
      
$
1
  
D
  
1
          
$
-
Common stock, par value $.001 per share;
                                
Authorized 100,000,000 shares
                                
Issued and outstanding, 1,144,324 shares at Oct 31
                                
2011 and 2010
  
-
    
1,144
  
D
  
1,044
  
E
  
9,918
  
$
10,129
                                 
                         
F
  
111
      
Additional paid in capital
        
3,539,621
  
D
  
278,945
  
E
  
3,858,459
  
$
3,878,248
             
C
  
3,540,776
  
F
  
299,889
      
                                 
Retained earnings
                            
$
-
Accumulated deficit
        
(3,026,422)
  
C
  
632,493
  
C
  
3,658,915
  
$
-
                         
-
      
Accumulated other comprehensive income (loss) (primarily cumulative translation adjustment)
        
167,139
  
C
  
167,139
      
-
  
$
-
Less Treasury stock of 2,012,000 shares at Oct 31,
                                
2011 and 2010 at cost
      
$
(49,000)
          
C
  
49,000
  
$
-
                                 
Total Equity
$
(1,491,102)
  
$
632,493
    
$
8,488,785
    
$
7,876,292
  
$
(1,471,102)
                                 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
1,270,721
  
$
648,102
                  
$
1,290,721

 
3 
 

 

GREEN POLKA DOT BOX INC

Unaudited Proforma Consolidated Statement of Operations

For the Year Ended December 31, 2011 for GPDB
For the Year Ended October 31, 2011 for Vault America

 


     
GPDB Year Ended Dec 31, 2011
    
Vault America    Year Ended Oct 31, 2011
  
Adjustments
    
Consolidated
Revenues
  
$
               94,873
                
$
           94,873
                           
Cost of Revenues
  
$
             716,047
                
$
         716,047
                           
Gross Profit
  
$
          (621,174)
  
$
                          -
          
$
       (621,174)
                           
Operating Expenses
                          
    Wages and professional fees
  
$
             358,691
  
$
                              -
          
$
         358,691
    Development Costs
    
               342,345
    
                                -
            
           342,345
    General and administration
    
               150,614
    
                  161,066
            
           311,680
    Noncash compensation and services
    
               969,612
                    
    Advertising, promotion, and marketing costs
    
                 78,888
                    
    Warehouse expenses and supplies
    
               124,720
                    
    Rent expenses
    
                 87,331
                    
    Depreciation & amortization
    
                 55,812
                    
                           
Total operating expenses
  
$
         2,168,013
  
$
                161,066
          
$
     2,329,079
                           
Total operating income (loss)
  
$
       (2,789,187)
  
$
              (161,066)
          
$
   (2,950,253)
                           
Other income
  
$
             (47,107)
  
$
                 45,821
          
$
           (1,286)
                           
Total income (loss) before income taxes
  
$
       (2,836,294)
  
$
              (115,245)
          
$
   (2,951,539)
                           
Provision for income taxes
  
$
                          -
                
$
                       -
                           
Net inome (loss)
  
$
       (2,836,294)
  
$
              (115,245)
          
$
   (2,951,539)
                           
Per share, basic and diluted
  
$
                        -
  
$
                     (0.10)
            
 
                           
Weighted average number of common shares outstanding
                          
     Basic
          
               1,144,324
              
     Diluted
    
                             -
    
               1,144,324
            
 
 
 
 4
 

VAULT AMERICA, INC.
NOTES TO UNAUDITED PRO FORMA
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED OCTOBER 31, 2011 FOR VAULT AMERICA, INC. AND FOR THE
YEAR ENDED DECEMBER 31, 2011 FOR THE GREEM POLKADOT BOX, INC.


NOTE A – ACCOUNTING TREATMENT APPLIED AS A RESULT OF THIS TRANSACTION

The transaction is being accounted for as reverse acquisition and recapitalization.  GPDB is the acquirer for accounting purposes.  Vault is the issuer.  Accordingly, GPDB’s historical financial statements for periods prior to the acquisition become those of the acquirer retroactively restated for the equivalent number of shares received in the transaction.  The accumulated deficit of GPDB is carried forward after the acquisition.  Operations prior to the transactions are those of GPDB.  Earnings per share for the period prior to the transaction are restated to reflect the equivalent number of shares outstanding.

NOTE B – ADJUSTMENT

(a)  
To record the raising of $300,000 in the form of a convertible note for the purchase of shares of Vault by GPDB.

(b)  
To reflect the acquisition of 1,044,133 shares of common stock, 460 shares of Preferred Series A, and 1,000 shares of Preferred Series B of Vault for $280,000.

(c)  
To reflect the spin out of the subsidiary of Vault, which occurred simultaneously with the acquisition of the control block of shares by GPDB.

(d)  
To reflect the cancellation of the 1,044,133 shares of common stock, 460 shares of Preferred Series A, and 1,000 shares of Preferred Series B.

(e)  
To record the issuance of 9,919,028 common shares to the shareholders of GPDB in exchange for 100% of their shares in GPDB and to re-class GPDB Members equity to Additional paid-in capital to reflect the conversion of the LLC to Corp status effective Jan 1, 2012.

(f)  
To record the conversion of the $300,000 in notes into 111,111 shares of common stock.
 
 
 5
 
 
NOTE C – PRO FORMA WEIGHTED AVERAGES SHARES OUTSTANDING

Pro forma shares outstanding assuming the transaction occurred as of December 31, 2011:
 
Vault Common Shares Outstanding
     1,144,324  
         
Cancellation of common shares
     (1,044,133 )
         
Shares issued in reverse merger with GPDB
     9,919,028  
         
Shares issued in conversion of convertible notes payable
     111,111  
         
Pro forma shares outstanding
     10,130,330  
 
 

 

 

 

 

 

 

 

6

Green PolkaDot Box Inc Reports