Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - Texas Gulf Energy Inc | v317432_8ka.htm |
| EX-99.2 - EXHIBIT 99.2 - Texas Gulf Energy Inc | v317432_ex99-2.htm |
UNAUDITED PRO FORMA COMBINED BALANCE
SHEET
December 31, 2011
| Texas Gulf Energy, Inc. | Fishbone Solutions Ltd. | Pro Forma Adjustments | Pro Forma Adjusted | |||||||||||||
| ASSETS | ||||||||||||||||
| Current assets | ||||||||||||||||
| Cash | $ | 2,747,880 | $ | - | (421,000 | )(a) | $ | 2,326,880 | ||||||||
| Accounts receivable, net | 4,402,230 | 815,193 | 5,217,423 | |||||||||||||
| Deferred federal income tax | 130,000 | - | 130,000 | |||||||||||||
| Prepaid expenses | 875,327 | 47,879 | 923,206 | |||||||||||||
| Total Current Assets | 8,155,437 | 863,072 | 8,597,509 | |||||||||||||
| Goodwill | 862,889 | (a) | 862,889 | |||||||||||||
| Property and equipment, net | 191,158 | 13,591 | 1,175,000 | (a) | 1,379,749 | |||||||||||
| Total | ||||||||||||||||
| Total assets | $ | 8,346,595 | $ | 876,663 | $ | 10,840,147 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| Current liabilities | ||||||||||||||||
| Accounts payable | $ | 201,085 | $ | 78,525 | $ | 279,610 | ||||||||||
| Accrued liabilities | 2,939,184 | 13,172 | 2,952,356 | |||||||||||||
| Due to related parties, net | 1,430,773 | 83,678 | 1,514,451 | |||||||||||||
| Federal income taxes payable | 455,000 | - | 455,000 | |||||||||||||
| Current maturities on long term debt | - | 731,688 | 731,688 | |||||||||||||
| Total Current Liabilities | 5,026,042 | 907,063 | 5,933,105 | |||||||||||||
| Deferred federal income tax | 29,000 | - | 29,000 | |||||||||||||
| Long term debt | - | 127,633 | (41,144 | )(a) | 1,586,489 | |||||||||||
| 1,500,000 | (a) | |||||||||||||||
| Total liabilities | 5,055,042 | 1,034,696 | 7,548,594 | |||||||||||||
| Common stock - Par value of .00001 (500,000,000 authorized and 39,307,554 outstanding) | 393 | - | 393 | |||||||||||||
| Preferred Stock - Series A – Par Value of .00001 (2,900,000 shares authorized and 2,900,000 outstanding) | 29 | - | 29 | |||||||||||||
| Preferred Stock - Series B Par Value of .00001 (10,000,000 authorized and 10,000,000 outstanding | 100 | - | 100 | |||||||||||||
| Additional paid-in capital | 2,905,825 | - | 2,905,825 | |||||||||||||
| Retained Earnings | 385,206 | - | 385,206 | |||||||||||||
| Partners’ equity | - | (158,033 | ) | 158,033 | (a) | - | ||||||||||
| Stockholder’s equity | 3,291,553 | (158,033 | ) | 3,291,553 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 8,346,595 | $ | 876,663 | $ | 10,840,147 | ||||||||||
| See accompanying notes to unaudited pro forma combined financial statements 1 |
UNAUDITED PRO FORMA COMBINED STATEMENT
OF OPERATIONS
December 31, 2011
| Texas Gulf Energy, Inc. | Fishbone Solutions Ltd. | Pro Forma Adjustments | Pro Forma Adjusted | |||||||||||||
| Revenues | $ | 30,884,305 | $ | 4,105,329 | $ | 34,989,634 | ||||||||||
| Cost of revenues | 25,413,044 | 3,069,470 | 28,482,514 | |||||||||||||
| Gross profit | 5,471,261 | 1,035,859 | 6,507,120 | |||||||||||||
| Selling, general, and administrative expenses | 3,764,205 | 778,102 | 4,542,307 | |||||||||||||
| Income (loss) from operations | 1,707,056 | 257,757 | 1,964,813 | |||||||||||||
| Interest expense | (10,883 | ) | (43,691 | ) | (54,574 | ) | ||||||||||
| Other income (expense) | 45,162 | 3,896 | 49,058 | |||||||||||||
| Net income (loss) | $ | 1,741,335 | $ | 217,962 | $ | 1,959,297 | ||||||||||
| See accompanying notes to unaudited pro forma combined financial statements 2 |
NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
Note 1. Pro Forma Assumptions and Adjustments:
Immediately prior to the merger, Fishbone will be required to satisfy a certain amount of its liabilities, the rest will be assumed by Texas Gulf Energy, Inc.
| a. | To reflect the purchase of 100% of the partnership interest in Fishbone: |
| 1) | Issuance of $1,500,000 in convertible debt and payment of $400,000 in cash and $21,000 in expenses. |
| 2) | Assumption of Fishbone liabilities and assets. |
| 3) | Valuation of the internally developed software purchased at $1,175,000. |
| 4) | Recording of the estimated goodwill of $862,889. |
| 5) | Cancellation of the Fishbone membership accumulated deficit. |
| 3 |