Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Novus Robotics Inc. | nrbt_8k.htm |
| EX-99.1 - AUDITED FINANCIAL STATEMENTS - Novus Robotics Inc. | nrbt_ex991.htm |
EXHIBIT 99.2
Unaudited Pro Forma Combined Financial Information
of Ecoland International Inc. (Nevada) and D&R Technologies Inc. (Canada)
for the Year Ended December 31, 2011
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Pro Forma Condensed Consolidated Balance Sheet as of December 31, 2011
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J-1 | |||
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Pro Forma Condensed Consolidated Statement of Operations for the Year Ended December 31, 2011
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J-2 | |||
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Notes to Pro Forma Financial Information
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J-3 |
J-i
Ecoland International Inc.
Pro-Forma Consolidated Balance Sheet
December 31, 2011
(unaudited)
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Pro-Forma Consolidated Balance Sheet
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December 31, 2011
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(unaudited)
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Ecoland
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D&R
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International Inc.
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Technologies, Inc.
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Pro-Forma
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Pro-Forma
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(Nevada Corp.)
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(Canada Corp)
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Adjustments
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Consolidated
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| ASSETS | |||||||||||||||||
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Current assets:
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Cash
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$ | 2,849 | $ | 969,502 | $ | - | $ | 972,351 | |||||||||
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Accounts receivable
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12 | 367,136 | - | 367,148 | |||||||||||||
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Inventory
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194 | 798,066 | - | 798,260 | |||||||||||||
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Due from related party
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6,254 | - | ( 6,254 | ) | - | ||||||||||||
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Taxes recoverable
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- | 39,063 | - | 39,063 | |||||||||||||
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Prepaid expense
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- | 2,870 | - | 2,870 | |||||||||||||
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Security deposits
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- | 14,450 | - | 14,450 | |||||||||||||
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Fixed assets, net of depreciation
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- | 147,380 | - | 147,380 | |||||||||||||
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Total assets
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$ | 9,309 | $ | 2,338,467 | $ | (6,254 | ) | $ | 2,341,522 | ||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||
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Current liabilities:
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Accounts payable
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$ | 29,610 | $ | 254,799 | $ | - | $ | 284,409 | |||||||||
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Due to related party
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- | 6,254 | (6,254 | ) | - | ||||||||||||
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Notes payable
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251,661 | - | - | 251,661 | |||||||||||||
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Notes payable - related
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361,740 | - | (361,740 | ) | - | ||||||||||||
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Deferred revenue
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- | 1,277,005 | - | 1,277,005 | |||||||||||||
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Warranty provision
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- | 49,165 | - | 49,165 | |||||||||||||
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Total liabilities
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643,011 | 1,587,223 | (367,994 | ) | 1,862,240 | ||||||||||||
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Stockholders' equity:
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Common stock
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88,650 | - | - | 88,650 | |||||||||||||
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Additional paid in capital
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316,849 | - | (316,849 | ) | - | ||||||||||||
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Accumulated other comprehensive income
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17,160 | 81,677 | (17,160 | ) | 81,677 | ||||||||||||
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Retained earnings (deficit)
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(1,056,361 | ) | 669,567 | 695,749 | 308,955 | ||||||||||||
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Total stockholders' equity (deficit)
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(633,702 | ) | 751,244 | 361,740 | 479,282 | ||||||||||||
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Total liabilities and stockholders' equity
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$ | 9,309 | $ | 2,338,467 | $ | 6,254 | $ | 2,341,522 | |||||||||
J-1
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Ecoland International Inc.
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Pro-Forma Consolidated Statement of Operations
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For the Year Ended December 31, 2011
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(unaudited)
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Ecoland
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D&R
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International Inc.
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Technologies, Inc.
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Pro-Forma
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Pro-Forma
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(Nevada Corp.)
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(Canada Corp)
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Adjustments
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Consolidated
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Revenue
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$ | 4,115 | $ | 3,620,878 | $ | (4,115 | ) | $ | 3,620,878 | |||||||
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Cost of Sales
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2,495 | 2,350,570 | (2,495 | ) | 2,350,570 | |||||||||||
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Gross Profit
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1,620 | 1,270,308 | (1,620 | ) | 1,270,308 | |||||||||||
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General and administrative
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116,166 | 687,290 | (116,166 | ) | 687,290 | |||||||||||
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Professional fees
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18,754 | 39,310 | (18,754 | ) | 39,310 | |||||||||||
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Net income (loss) from operations
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(133,299 | ) | 543,708 | 133,299 | 543,708 | |||||||||||
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Other (income) expense:
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Interest
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46,634 | - | (46,634 | ) | - | |||||||||||
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Forgiveness of debt
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(359,477 | ) | - | 359,477 | - | |||||||||||
| (312,843 | ) | - | 312,843 | - | ||||||||||||
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Net income before income taxes
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179,544 | 543,708 | (179,544 | ) | 543,708 | |||||||||||
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Income tax expense
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- | (78,742 | ) | - | (78,742 | ) | ||||||||||
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Net income
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$ | 179,544 | $ | 464,966 | $ | (179,544 | ) | $ | 464,966 | |||||||
J-2
ECOLAND INTERNATIONAL INC. (NEVADA) AND D&R TECHNOLOGIES INC. (CANADA)
NOTES TO PRO-FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2011
1. BASIS OF PRESENTATION FOR PRO-FORMA FINANCIAL STATEMENTS
On February 1, 2012, Ecoland International Inc. (“Ecoland” or the “Company”), a Nevada corporation, issued 59,000,000 common shares to acquire 100% of the common shares of D&R Technologies Inc. (“D&R”), a Canadian Corporation. Additionally, a former officer and director of Ecoland agreed to waive a note payable in the amount of $359,477 and cancel 59,000,000 shares of common stock.
Upon closing of the share exchange with Ecoland, there will be a change in control and a change in the business of the Company. The acquisition will be treated as a reverse merger and will be recorded as a recapitalization.
The unaudited pro-forma condensed consolidated financial statements have been developed from the unaudited records of Ecoland of and for the year ended December 31, 2011 and the audited financial statements of D&R as of and for the year ended December 31, 2011.
The unaudited pro-forma condensed consolidated balance sheet as of December 31, 2011 is based upon the historical financial statements of Ecoland and D&R. The unaudited pro-forma condensed consolidated balance sheet is presented as if the merger had occurred on December 31, 2011.
The unaudited pro-forma condensed consolidated statement of operations for the year ended December 31, 2011 is based upon the historical financial statements of Ecoland and D&R, after giving effect to the reverse merger acquisition. The unaudited pro-forma condensed consolidated statement of operations is presented as if the acquisition had occurred at the beginning of the period.
2. PRO-FORMA ADJUSTMENTS
The pro-forma adjustments included in the unaudited condensed consolidated financial statements are as follows:
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1.
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The net effect of the elimination of all related party balances between Ecoland and D&R.
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2.
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Recapitalization due to the reverse merger of Ecoland and D&R.
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3. STOCKHOLDERS’ EQUITY
Ecoland is authorized to issue 100 shares of its $0.001 par value Series A preferred stock, 1,000,000 shares of its $0.001 par value Series B preferred stock and 500,000,000 shares of its $0.001 par value common stock.
On February 1, 2012, Ecoland issued 59,000,000 shares of its $0.001 par value common stock in exchange for 100% of D&R’s common shares and cancelled 59,000,0000 common shares.
Upon closing of the acquisition, the Company had 88,650,000 shares of common stock issued and outstanding. The pro-forma condensed consolidated balance sheet as of December 31, 2011 is presented as if the reverse merger acquisition had occurred on December 31, 2011.
J-3