Attached files
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GARB OIL & POWER CORPORATION AND RPS GmBH RESOURCE PROTECTION SYSTEMS
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Unaudited Pro forma Condensed Balance Sheets
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||||||||||||||
| September 30, 2009 | ||||||||||||||
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Garb Oil & Power Corp.
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RPS GmbH Resource Protection Systems
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Combined
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Pro Forma Adjustments
|
Pro Forma Results
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||||||||||
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ASSETS
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||||||||||||||
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Current assets:
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||||||||||||||
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Cash
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$ |
-
|
$ |
-
|
$ |
-
|
$ | - | $ |
-
|
||||
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Deposits
|
300
|
-
|
300
|
-
|
300
|
|||||||||
|
Accounts receivable-trade
|
65,050
|
65,050
|
-
|
65,050
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||||||||||
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Due from related party
|
127,745
|
127,745
|
-
|
127,745
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||||||||||
|
Total current assets
|
300
|
192,795
|
193,095
|
-
|
193,095
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|||||||||
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Property and equipment, net
|
-
|
31,465
|
31,465
|
-
|
31,465
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|||||||||
|
0
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||||||||||||||
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Other assets
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-
|
439,291
|
439,291
|
-
|
439,291
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|||||||||
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Total assets
|
$ |
300
|
$ |
663,551
|
$ |
663,851
|
$ |
-
|
$ |
663,851
|
||||
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LIABILITIES AND STOCKHOLDERS’ DEFICIT
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||||||||||||||
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Current liabilities:
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||||||||||||||
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Bank overdraft
|
$ |
5,257
|
$ |
103,809
|
$ |
109,066
|
$ |
-
|
$ |
109,066
|
||||
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Accounts payable and accrued expenses
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83,985
|
184,521
|
268,506
|
-
|
268,506
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|||||||||
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Notes payable
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533,820
|
-
|
533,820
|
-
|
533,820
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|||||||||
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Notes payable - related parties
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418,489
|
-
|
418,489
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-
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418,489
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|||||||||
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Accrued interest
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786,093
|
-
|
786,093
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-
|
786,093
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|||||||||
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Accrued interest - related parties
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114,423
|
-
|
114,423
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-
|
114,423
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|||||||||
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Wages payable
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1,055,448
|
-
|
1,055,448
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-
|
1,055,448
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|||||||||
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Stock options payable
|
-
|
-
|
-
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3,150,000
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3,150,000
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|||||||||
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Total current liabilities
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2,997,515
|
288,330
|
3,285,845
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3,150,000
|
6,435,845
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|||||||||
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Long-term debt, net of current portion
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-
|
-
|
-
|
-
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-
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|||||||||
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Deferred tax liabilities
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-
|
16,677
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16,677
|
16,677
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||||||||||
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Total long-term liabilities
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-
|
-
|
-
|
-
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||||||||||
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Total liabilities
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2,997,515
|
305,007
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3,302,522
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3,150,000
|
6,452,522
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|||||||||
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Commitments and Contingencies
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-
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-
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-
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-
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||||||||||
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Stockholders’ deficit:
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||||||||||||||
| Common stock; 80,000,000 shares authorized, no par value, 75,000,000 shares issued and outstanding |
3,306,709
|
32,865 | 3,339,574 |
(a)
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(5,705,116) | (5,515,542) | ||||||||
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(b)
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(3,150,000)
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|||||||||||||
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Additional paid-in capital
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-
|
598,808
|
598,808
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(a)
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(598,808)
|
-
|
||||||||
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Other comprehensive income
|
-
|
26,257
|
26,257
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26,257
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||||||||||
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Accumulated deficit
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(6,303,924)
|
(299,386)
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(6,603,310)
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(a)
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6,303,924
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(299,386)
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||||||||
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Total stockholders' deficit
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(2,997,215)
|
358,544
|
(2,638,671)
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(3,150,000)
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(5,788,671)
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|||||||||
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Total liabilities and stockholders' deficit
|
$ |
300
|
$ |
663,551
|
$ |
663,851
|
$ |
-
|
$ |
663,851
|
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NOTES TO PRO FORMA ADJUSTMENTS
September 30, 2009
Pro forma adjustments on the attached financial statements include the following:
(a) To record the recapitalization of RPS GmbH Resource Protection Systems with Garb Oil & Power Corp common stock issued in the acquisition, whereby 27,829,291 shares were issued.
(b) To record the $3,150,000 liability related to the obligation to grant options to acquire 100,000,000 shares of common stock.
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GARB OIL & POWER CORPORATION AND RPS GmBH RESOURCE PROTECTION SYSTEMS
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|||||||||||
| Unaudited Pro forma Condensed Statements of Operations | |||||||||||
| For the three months ended September 30, 2009 | |||||||||||
| Garb Oil & Power Corp. | RPS GmbH Resource Protection Systems | Pro Forma Adjustments | Pro Forma Results | ||||||||
|
REVENUES
|
$ |
-
|
$ |
71,410
|
$ | - | $ |
71,410
|
|||
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OPERATING EXPENSES
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|||||||||||
|
Research and development
|
-
|
-
|
-
|
||||||||
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General and administrative
|
243,049
|
50,448
|
293,497
|
||||||||
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Total Operating Expenses
|
243,049
|
50,448
|
-
|
293,497
|
|||||||
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INCOME (LOSS) FROM OPERATIONS
|
(243,049)
|
20,962
|
-
|
(222,087)
|
|||||||
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OTHER INCOME(EXPENSE)
|
|||||||||||
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Other income
|
-
|
-
|
-
|
||||||||
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Interest income
|
-
|
-
|
-
|
||||||||
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Interest expense
|
(187,984)
|
(828)
|
(188,812)
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||||||||
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Total Other Income(Expense)
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(187,984)
|
(828)
|
-
|
(188,812)
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|||||||
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LOSS BEFORE INCOME TAXES
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(431,033)
|
20,134
|
-
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(410,899)
|
|||||||
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PROVISION FOR INCOME TAXES
|
-
|
838
|
-
|
-
|
|||||||
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NET INCOME (LOSS)
|
$ |
(431,033)
|
$ |
19,296
|
$ |
-
|
$ |
(410,899)
|
|||
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BASIC AND DILUTED LOSS PER COMMON SHARE
|
$ |
(0.02)
|
$ |
19,296.00
|
$ |
-
|
$ |
(0.01)
|
|||
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WEIGHTED AVERAGE NUMBER
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|||||||||||
|
OF COMMON SHARES OUTSTANDING
|
24,845,488
|
1
|
50,154,511
|
75,000,000
|
|||||||
|
GARB OIL & POWER CORPORATION AND RPS GmBH RESOURCE PROTECTION SYSTEMS
|
|||||||||||
| Unaudited Pro forma Condensed Statements of Operations | |||||||||||
| For the year ended June 30, 2009 | |||||||||||
|
Garb Oil & Power Corp.
|
RPS GmbH Resource Protection Systems | Pro Forma Adjustments | Pro Forma Results | ||||||||
|
REVENUES
|
$ |
-
|
$ |
3,508
|
$ | $ |
3,508
|
||||
|
OPERATING EXPENSES
|
|||||||||||
|
Research and development
|
-
|
-
|
0
|
||||||||
|
General and administrative
|
243,049
|
88,389
|
331,438
|
||||||||
|
Total Operating Expenses
|
243,049
|
88,389
|
-
|
331,438
|
|||||||
|
LOSS FROM OPERATIONS
|
(243,049)
|
(84,881)
|
-
|
(327,930)
|
|||||||
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OTHER INCOME(EXPENSE)
|
|||||||||||
|
Other income
|
-
|
-
|
-
|
||||||||
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Interest income
|
-
|
838
|
838
|
||||||||
|
Interest expense
|
(187,984)
|
(2,096)
|
-190,080
|
||||||||
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Total Other Income(Expense)
|
(187,984)
|
(1,258)
|
-
|
(189,242)
|
|||||||
|
LOSS BEFORE INCOME TAXES
|
(431,033)
|
(86,139)
|
-
|
(517,172)
|
|||||||
|
PROVISION FOR INCOME TAXES
|
-
|
1,620
|
-
|
-
|
|||||||
|
NET LOSS
|
$ |
(431,033)
|
$ |
(87,759)
|
$ |
-
|
$ |
(517,172)
|
|||
|
BASIC AND DILUTED LOSS PER COMMON SHARE
|
$ |
(0.02)
|
$ |
(87,759.00)
|
$ |
-
|
$ |
(0.01)
|
|||
|
WEIGHTED AVERAGE NUMBER
|
|||||||||||
|
OF COMMON SHARES OUTSTANDING
|
24,845,488
|
1
|
50,154,511
|
75,000,000
|
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