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8-K/A - AMENDMENT TO CURRENT REPORT - Global Vision Holdings, Inc. | versant_8ka-021212.htm |
Exhibit 99.11
Consolidated Pro Forma Financial Information.
(UNAUDITED)
On March 12, 2012 Versant International, Inc. acquired 100% of the 40,000,000 outstanding ownership units of Mamma’s Best, LLC in exchange for 10,000,000 shares of Class B common stock. The transaction has been accounted for as a business combination by applying the acquisition method in which the fair value of the consideration given by Versant International, Inc. was allocated to the identifiable assets acquired; the liabilities assumed; and the goodwill acquired. Subsequent to the completion of the acquisition, Mamma’s Best LLC became a wholly-owned operating subsidiary of Versant International, Inc.
The following balance sheet and statement of operations as of and for the year ended December 31, 2011 give effect to the share exchange agreement between Versant International, Inc. and Mamma’s Best, LLC.
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VERSANT INTERNATIONAL, INC.
(Formerly Shang Hide Consultants, Ltd.)
PRO FORMA CONSOLIDATED BALANCE SHEET
(Unaudited)
Versant December 31, 2011 | Mamma's Best, LLC Acquisition Adjustments | Pro Forma Consolidated at December 31, 2011 | ||||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 15,000 | $ | 2,907 | (1 | ) | $ | 17,907 | ||||||
Inventory | — | 13,251 | (1 | ) | 13,251 | |||||||||
Goodwill | — | 86,985 | (2 | ) | 86,985 | |||||||||
Total assets | $ | 15,000 | $ | 118,143 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT) | ||||||||||||||
Current Liabilities | ||||||||||||||
Advance from shareholder | $ | 20,000 | 20,000 | |||||||||||
Accounts payable | 17,097 | 3,143 | (1 | ) | 20,240 | |||||||||
Total liabilities | 37,097 | 40,240 | ||||||||||||
Commitments and Contingencies | — | |||||||||||||
Stockholders' Equity/ (deficit) | ||||||||||||||
Preferred stock: 10,000,000 shares authorized ($0.001 par value) | ||||||||||||||
none issued and outstanding | ||||||||||||||
Class A Common stock, $.001 par value, 75,000,000 shares authorized | ||||||||||||||
and 50,000,000 and 0 shares issued and outstanding at | ||||||||||||||
December 31, 2011 and 2010 respectively | 50,000 | 50,000 | ||||||||||||
Class B Common stock, $.001 par value, 225,000,000 shares authorized | ||||||||||||||
25,000,000 shares issued and outstanding at | ||||||||||||||
December 31, 2011 and 2010 respectively | 15,000 | 10,000 | (2 | ) | 25,000 | |||||||||
Additional paid in capital | 470,027 | 90,000 | (2 | ) | 560,027 | |||||||||
Deficit accumulated during development stage (3) | (557,124 | ) | (557,124 | ) | ||||||||||
Total stockholders' equity / (deficit) | (22,097 | ) | 77,903 | |||||||||||
Total liabilities and stockholders' equity / (deficit) | $ | 15,000 | $ | 118,143 |
(1) | To recognize and measure the fair value of the identifiable assets and assumed liabilities of Mamma's Best LLC. |
(2) | To recognize the fair value of the consideration given, 10,000,000 shares of Class B common stock, to acquire the business of Mamma's Best inclusive of acquired goodwill. |
(3) | Immediately subsequent to the acquisition of Mamma's Best, LLC, Versant International Inc. is no longer considered a development stage entity in accordance with accounting principles generally accepted in the United States. |
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VERSANT INTERNATIONAL, INC.
(Formerly Shang Hide Consultants, Ltd.)
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Versant | ||||||||||||
International, Inc. | Mamma's Best, LLC | Consolidated | ||||||||||
December 31, | December 31, | December 31, | ||||||||||
2011 | 2011 | 2011 | ||||||||||
Revenue | ||||||||||||
Net sales | $ | — | $ | 18,769 | 18,769 | |||||||
Cost of goods sold | — | 14,298 | 14,298 | |||||||||
Gross margin | — | 4,471 | 4,471 | |||||||||
Expenses | ||||||||||||
Officer compensation | 500,000 | — | 500,000 | |||||||||
Sales and marketing | — | 11,581 | 11,581 | |||||||||
Professional fees | 44,426 | — | 44,426 | |||||||||
Other general and administrative | 4,793 | 9,114 | 13,907 | |||||||||
Total operating expenses | 549,219 | 20,695 | 569,914 | |||||||||
Loss from operations | (549,219 | ) | (16,224 | ) | (565,443 | ) | ||||||
Net loss | $ | (549,219 | ) | $ | (16,224 | ) | $ | (565,443 | ) |
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