Attached files
Exhibit 99.2
PRO FORMA COMBINED BALANCE SHEET
On May 4, 2012, Oryon Holdings, Inc. (the “Company”) (formerly Eaglecrest Resources, Inc.), a public reporting company without any business or operating activities, issued 16,502,121 unregistered shares of common stock in exchange for 100% equity interest in OryonTechnologies, LLC (“Oryon”), merging Oryon with Oryon Merger Sub LLC, the Company’s existing wholly-owned subsidiary, thereby making Oryon a wholly-owned subsidiary of the Company. This voluntary share exchange transaction resulted in the shareholders of Oryon obtaining a majority voting interest in the Company. Accounting principles generally accepted in the United States of America require that the company whose shareholders retain the majority interest in a combined business be treated as the acquirer for accounting purposes, resulting in a reverse acquisition. Accordingly, the stock exchange transaction has been accounted for as the recapitalization of Oryon.
The following Pro Forma Combined Balance Sheet gives effect to the aforementioned reverse acquisition based on the assumptions and adjustments set forth in notes thereto, which management believes are reasonable. The Pro Forma Combined Balance Sheet represents the combined financial position of the Company as of January 31, 2012, and of Oryon as of December 31, 2011, as if the reverse acquisition had occurred on January 31, 2012. This unaudited Pro Forma Combined Balance Sheet should be read in conjunction with the audited historical financial statements and related notes of Oryon that are included in this filing as Exhibit 99.1 and of the Company that are incorporated herein by reference to the Form 10-K filed May 2, 2012, for the fiscal year ended January 31, 2012.
No pro forma statement of operations is included as it would not be materially different from Oryon’s audited consolidated statement of operations included in Exhibit 99.1 to this filing.
The Unaudited Pro Forma Combined Balance Sheet is presented for illustrative purposes only and is not necessarily indicative of the position of the Company that would have been achieved if the reverse acquisition had been consummated as of the beginning of the period indicated, nor is it necessarily indicative of the Company’s future financial position.
1
|
ORYON HOLDINGS, INC. (CONSOLIDATED)
|
||||||||||||||||||
|
Pro Forma Combined Balance Sheet
|
||||||||||||||||||
|
(Amounts expressed in US dollars)
|
||||||||||||||||||
|
OryonTechnologies, LLC
|
Oryon Holdings, Inc.
|
Oryon Holdings, Inc.
|
||||||||||||||||
|
(Consolidated)
|
(Consolidated)
|
(Consolidated)
|
||||||||||||||||
|
December 31, 2011
|
January 31, 2012
|
Pro Forma
|
January 31, 2012
|
|||||||||||||||
|
(Audited)
|
(Audited)
|
Adjustments
|
(Unaudited)
|
|||||||||||||||
|
ASSETS
|
||||||||||||||||||
|
CURRENT ASSETS
|
||||||||||||||||||
|
Cash
|
$ | 86,685 | $ | - | $ | - | $ | 86,685 | ||||||||||
|
Accounts Receivable, net of allowance
|
1,106 | 1,106 | ||||||||||||||||
|
Inventory
|
75,768 | 75,768 | ||||||||||||||||
|
Promissory note receivable
|
- | 325,000 | (325,000 | ) |
(a)
|
- | ||||||||||||
|
Other
|
6,964 | 6,964 | ||||||||||||||||
|
Total current assets
|
170,523 | 325,000 | (325,000 | ) | 170,523 | |||||||||||||
|
PROPERTY AND EQUIPMENT, NET
|
27,826 | - | - | 27,826 | ||||||||||||||
|
INTANGIBLE ASSETS, NET
|
160,819 | - | - | 160,819 | ||||||||||||||
|
OTHER LONG-TERM ASSETS
|
20,832 | - | - | 20,832 | ||||||||||||||
|
TOTAL ASSETS
|
$ | 380,000 | $ | 325,000 | $ | (325,000 | ) | $ | 380,000 | |||||||||
|
LIABILITIES AND MEMBERS' DEFICIT
|
||||||||||||||||||
|
CURRENT LIABILITIES
|
||||||||||||||||||
|
Accounts payable
|
$ | 324,027 | $ | 54,434 | $ | (54,434 | ) |
(c)
|
$ | 324,027 | ||||||||
|
Accrued interest on debt
|
139,727 | - | - | 139,727 | ||||||||||||||
|
Deferred compensation
|
166,465 | - | - | 166,465 | ||||||||||||||
|
Obligation to issue shares
|
- | 325,000 | (325,000 | ) |
(b)
|
- | ||||||||||||
|
Advances from related parties
|
- | 105,505 | (105,505 | ) |
(c)
|
- | ||||||||||||
|
Other short-term debt
|
739,824 | - | (325,000 | ) |
(a)
|
414,824 | ||||||||||||
|
Other current liabilities
|
24,760 | - | - | 24,760 | ||||||||||||||
|
Due to affiliates
|
14,487 | - | - | 14,487 | ||||||||||||||
|
Total current liabilities
|
1,409,290 | 484,939 | (809,939 | ) | 1,084,290 | |||||||||||||
|
NOTES PAYABLE, NET
|
1,649,874 | - | - | 1,649,874 | ||||||||||||||
|
Total liabilities
|
3,059,164 | 484,939 | (809,939 | ) | 2,734,164 | |||||||||||||
|
MEMBERS' DEFICIT
|
||||||||||||||||||
|
Paid in capital
|
5,381,683 | 10,000 | 315,000 |
(b)
|
5,706,683 | |||||||||||||
|
Foreign currency translation adjustment
|
12,119 | - | - | 12,119 | ||||||||||||||
|
Accumulated deficit
|
(8,069,326 | ) | (169,939 | ) | 169,939 |
(c)
|
(8,069,326 | ) | ||||||||||
|
Non-controlling interest
|
(3,640 | ) | - | - | (3,640 | ) | ||||||||||||
|
Total members' deficit
|
(2,679,164 | ) | (159,939 | ) | 484,939 | (2,354,164 | ) | |||||||||||
|
TOTAL LIABILITIES AND MEMBERS' EQUITY
|
$ | 380,000 | 325,000 | (325,000 | ) | 380,000 | ||||||||||||
|
(a)
|
Oryon Technologies, LLC issued the $325,000 promissory note to Oryon Holdings, Inc. At closing the promissory note will be repaid with equity capital.
|
|||||||||||||||||
|
(b)
|
At closing, Oryon Holdings, Inc. will fulfill the obligation to issue equity.
|
|||||||||||||||||
|
(c)
|
At closing, the creditors of Oryon Holdings, Inc. will forgive the indebtedness and waive repayment of the obligations of Oryon Holdings, Inc.
|
|||||||||||||||||
2