Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - Texas Gulf Energy Inc | v304902_8ka.htm |
| EX-99.2 - EX-99.2 - Texas Gulf Energy Inc | v304902_ex99-2.htm |
| EX-99.1 - EX-99.1 - Texas Gulf Energy Inc | v304902_ex99-1.htm |
UNAUDITED PRO FORMA COMBINED BALANCE SHEET
(Unaudited)
September 30, 2011
| International Plant Services, LLC | Global NuTech, Inc. | Pro Forma Adjustments | Pro Forma Adjusted | |||||||||||||
| ASSETS | ||||||||||||||||
| Current assets | ||||||||||||||||
| Cash | $ | 625,565 | $ | 823 | 2,905,464 | (a) | $ | 3,531,852 | ||||||||
| Accounts receivable, net | 3,576,141 | - | 3,576,141 | |||||||||||||
| Deferred federal income tax | 132,000 | - | 132,000 | |||||||||||||
| Prepaid expenses | 753,987 | - | 753,987 | |||||||||||||
| Total Current Assets | 5,087,693 | 823 | 7,993,980 | |||||||||||||
| Property and equipment, net | 160,329 | - | 160,329 | |||||||||||||
| Total | ||||||||||||||||
| Total assets | $ | 5,248,022 | $ | 823 | $ | 8,154,309 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| Current liabilities | ||||||||||||||||
| Accounts payable | $ | 87,511 | $ | - | 10,243 | (c) | $ | 97,754 | ||||||||
| Accrued expenses | 64,642 | (64,642 | )(c) | - | ||||||||||||
| Accrued liabilities | 2,827,491 | - | 2,827,491 | |||||||||||||
| Due to related parties, net | 1,497,065 | - | 1,497,065 | |||||||||||||
| Federal income taxes payable | 568,796 | 568,796 | ||||||||||||||
| Advances from related parties | - | 136,128 | (136,128 | )(c) | - | |||||||||||
| Loan Payable | - | 10,000 | (10,000 | )(c) | - | |||||||||||
| Current maturities on long term debt due to related parties | 66,310 | 38,969 | (38,969 | )(c) | 66,310 | |||||||||||
| Total Current Liabilities | 5,047,173 | 249,739 | 5,057,416 | |||||||||||||
| Deferred federal income tax | 29,000 | - | 29,000 | |||||||||||||
| Long term debt | - | 20,000 | (20,000 | )(c) | - | |||||||||||
| Total liabilities | 5,076,173 | 269,739 | 5,086,416 | |||||||||||||
| Capital stock - Par value of .00001 (500,000,000 authorized and 39,307,554 outstanding) | - | 3,912 | (3,813 | )(d) | 393 | |||||||||||
| 294 | (b) | |||||||||||||||
| Preferred Stock - Series A – Par Value of .00001 (2,900,000 shares authorized and 2,900,000 outstanding) | 29 | (a) | 29 | |||||||||||||
| Preferred Stock - Series B Par Value of .00001 (100,000,000 authorized and 10,000,000 outstanding | 100 | (b) | 100 | |||||||||||||
| Additional paid-in capital | 1,512,080 | 2,905,435 | (a) | 2,895,522 | ||||||||||||
| (882 | )(b) | |||||||||||||||
| (1,525,412 | )(c) | |||||||||||||||
| 4,301 | (d) | |||||||||||||||
| Accumulated income (deficit) | (1,784,908 | ) | 1,784,908 | (c) | 171,849 | |||||||||||
| Member’s equity | 171,849 | 171,849 | (d) | |||||||||||||
| Stockholder’s equity | 171,849 | (268,916 | ) | 3,067,893 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 5,248,022 | $ | 823 | $ | 8,154,309 | ||||||||||
See accompanying notes to unaudited pro forma combined financial statements
UNAUDITED PRO FORMA COMBINED STATEMENT OF
OPERATIONS (Unaudited)
September 30, 2011
| International Plant Services, LLC | Global NuTech, Inc. | Pro Forma Adjustments | Pro Forma Adjusted | |||||||||||||
| Revenues | $ | 22,976,389 | $ | - | - | $ | 22,976,389 | |||||||||
| Cost of revenues | 19,138,303 | - | - | 19,138,303 | ||||||||||||
| Gross profit | 3,838,086 | - | - | 3,838,086 | ||||||||||||
| Selling, general, and administrative expenses | 2,430,577 | 335,241 | 2,765,818 | |||||||||||||
| Income (loss) from operations | 1,407,509 | (335,241 | ) | 1,072,268 | ||||||||||||
| Income tax | (532,459 | ) | (800 | ) | (533,259 | ) | ||||||||||
| Interest expense | (12,058 | ) | (3,076 | ) | (15,134 | ) | ||||||||||
| Other expense | 1,045 | - | 1,045 | |||||||||||||
| Net income (loss) | $ | 864,037 | $ | (339,117 | ) | $ | 524,920 | |||||||||
| Net income for common share | ||||||||||||||||
| Earnings per share - Basic | 0.01 | |||||||||||||||
| Earnings per share - Diluted | 0.01 | |||||||||||||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 39,307,554 | |||||||||||||||
| Diluted | 98,131,083 | |||||||||||||||
See accompanying notes to unaudited pro forma combined financial statements
UNAUDITED PRO FORMA COMBINED STATEMENT OF
OPERATIONS (Unaudited)
December 31, 2010
| International Plant Services, LLC | Global NuTech, Inc. | Pro Forma Adjustments | Pro Forma Adjusted | |||||||||||||
| Revenues | $ | 23,981,553 | $ | - | - | $ | 23,981,553 | |||||||||
| Cost of revenues | 22,493,029 | - | - | 22,493,029 | ||||||||||||
| Gross profit | 1,488,524 | - | - | 1,488,524 | ||||||||||||
| Selling, general, and administrative expenses | 5,105,241 | 781,990 | - | 5,887,231 | ||||||||||||
| Income (loss) from operations | (3,616,717 | ) | (781,990 | ) | - | (4,398,707 | ) | |||||||||
| Income tax | 1,009,513 | (800 | ) | 1,008,713 | ||||||||||||
| Impairment of investment | (577,000 | ) | (577,000 | ) | ||||||||||||
| Interest expense | (2,540 | ) | (467 | ) | (3,007 | ) | ||||||||||
| Other income (expense) | - | - | - | |||||||||||||
| Net income (loss) | $ | (2,609,744 | ) | $ | (1,360,257 | ) | - | $ | (3,970,001 | ) | ||||||
| Net income for common share | ||||||||||||||||
| Earnings per share - Basic | (0.10 | ) | ||||||||||||||
| Earnings per share - Diluted | (0.10 | ) | ||||||||||||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 39,307,554 | |||||||||||||||
| Diluted | 39,307,554 | |||||||||||||||
See accompanying notes to unaudited pro forma combined financial statements
NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
Note 1. Pro Forma Assumptions and Adjustments:
Immediately prior to the exchange, Global NuTech, Inc. will be required to satisfy all of its liabilities, except for up to $10,243 of accounts payable that will be assumed by International Plant Services LLC. It is expected that immediately prior to the exchange, Global NuTech’s assets will consist solely of cash and certain other assets with no or a de minimis value.
| a. | To reflect the purchase of 2,900,000 of Global NuTech’s Series A Convertible Preferred shares for $2,905,464. |
| b. | To reflect the issuance of 29,411,764 shares of common and 10,000,000 Series B Convertible Preferred shares issued in association with the exchange. |
| c. | To reflect the liquidation of Global NuTech’s liabilities and record liabilities associated with the exchange and eliminate Global Nutech’s accumulated deficit, accumulated comprehensive loss, additional paid-in-capital, and income statement account balances upon closing of the exchange, which will be accounted for as a reverse acquisition whereby International Plant Services is the accounting acquirer. |
| d. | Reclassification of International Plant Services’ member equity to retained earnings subsequent to September 30, 2011. |
| e. | Immediately prior to the closing of the exchange, Global NuTech will have 9,895,789 shares of common stock outstanding. Pursuant to the exchange the owners of International Plant Services will own 29,411,764 common shares and 10,000,000 shares of Series B Convertible Preferred Stock. |
| f. | Mr. Noureddine Ayed, Karim Ayed and David Mathews are the holders of Global NuTech’s Series A Convertible Preferred Stock and Mr. Nourddine and Karim Ayed are the holders of Series B Convertible Preferred Stock. |
Note 2. Tax Matters
At December 31, 2011, Global NuTech had significant net operating loss carryforwards. The extent to which International Plant Services will be able to utilize these carryforwards in future periods will be subject to limitations based on a number of factors, including the number of shares issued within a three-year look-back period, whether the exchange is deemed to be a change in control, whether there is deemed to be a continuity of Global NuTech’s historical business, and the extent of International Plant Services’s subsequent income. International Plant Services has not yet determined the extent to which it may be able to utilize these carryforwards. Accordingly, no deferred tax asset attributable to Global NuTech’s net operating loss carryforward has been reflected on the pro forma balance sheet.