FINJAN HOLDINGS, INC. - FORM 8-K - EX-99.2(B)

Attached files

file	filename
8-K - LIVE FILING - FINJAN HOLDINGS, INC.	htm_46667.htm
EX-99.1 - EX-99.1 - FINJAN HOLDINGS, INC.	exhibit1.htm
EX-99.2(A) - EX-99.2(A) - FINJAN HOLDINGS, INC.	exhibit2.htm

CONVERTED ORGANICS INC.
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2012


			Historical
			Converted Organics			Pro Forma						Pro Forma
			Inc. and subsidiaries			Adjustments			Ref.			Consolidated
ASSETS
CURRENT ASSETS
	Cash		$	765,315		$	5		(1)			$	765,320
	Accounts receivable, net			118,408			—						118,408
	Inventories			162,749			—						162,749
	Prepaid expenses and other assets			85,740			-						85,740
	Deferred financing costs, net			4,415			-						4,415
	Current assets of discontinued operations			456			-						456

		Total current assets		1,137,083			5						1,137,088
	Deposits and other non-current assets			23,136			-						23,136
	Property and equipment, net			1,086,443			-						1,086,443
	Intangible assets, net			1,203,598			—						1,203,598
	Assets of discontinued operations			1,035,351			(1,035,351	)	(1)				-

		Total assets	$	4,485,611		$	(1,035,346	)				$	3,450,265

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
	Accounts payable		$	818,285		$	—					$	818,285
	Accrued expenses			580,480			—						580,480
	Convertible notes payable, net of unamortized discount			442,344			-						442,344
	Derivative liabilities, current portion			340,564			-						340,564
	Liabilities of discontinued operations			1,561,550			(1,035,351	)	(1)				526,199

		Total current liabilities		3,743,223			(1,035,351	)					2,707,872
	Derivative liabilities, net of current portion			412,725			-						412,725

		Total liabilities		4,155,948			(1,035,351	)					3,120,597

COMMITMENTS AND CONTINGENCIES				-			-						-
STOCKHOLDERS’ EQUITY
	Preferred stock, $.0001 par value, 10,000,000 shares authorized;
		13,281 ($1,000 stated value) shares
		issued and outstanding		13,281,000			—						13,281,000
	Common stock, $.0001 par value, 1,000,000,000 shares authorized;
		536,836,281 shares issued and outstanding		53,683			—						53,683
	Additional paid-in capital			101,622,642			-						101,622,642
	Accumulated deficit			(114,253,112	)		(374,545	)		(2	)		(114,627,657	)
	Accumulated other comprehensive loss			(11,396	)		11,396			(2	)		-

				692,817			(363,149	)					329,668
	Non-controlling interests			(363,154	)		363,154			(2	)		—

		Total stockholders' equity		329,663			5						329,668

		Total liabilities and stockholders' equity	$	4,485,611		$	(1,035,346	)				$	3,450,265

CONVERTED ORGANICS INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012


			Historical
			Converted Organics
			Inc. and			Pro Forma						Pro Forma
			subsidiaries			Adjustments			Ref.			Consolidated
Revenues			$	1,399,984		$	—					$	1,399,984
Cost of goods sold				1,211,392			-						1,211,392

Gross profit				188,592			—						188,592
Operating expenses:
	Selling, general and administrative expenses			2,046,366			-						2,046,366
	Amortization of intangibles assets			216,006			-						216,006

				2,262,372			—						2,262,372

		Loss from continuing operations		(2,073,780	)		—						(2,073,780	)

Other income (expense):
	Other income			33,272			—						33,272
	Gain on change in fair value of obligations to issue
	shares			9,127			(9,127	)		(3	)		—
	Gain on sale of investment			974,515			-						974,515
	Gain on change in fair value of derivative liability			9,507,874			-						9,507,874
	Gain on debt extinguishment			1,204,711			-						1,204,711
	Loss on debt modification			(3,000,205	)		-						(3,000,205	)
	Interest expense			(3,966,577	)		—						(3,966,577	)

				4,762,717			(9,127	)					4,753,590

	Income from continuing operations before
		provision for income taxes		2,688,937			(9,127	)					2,679,810
Provision for income taxes				-			-						-

	Net income from continuing operations			2,688,937			(9,127	)					2,679,810
	Loss from discontinued operations			(2,054,477	)		2,205,119			(4	)		150,642

		Net income	$	634,460		$	2,195,992					$	2,830,452

Earnings (loss) per share, basic and diluted:
	Continuing operations		$	0.02								$	0.02
	Discontinued operations			(0.01	)								0.00
			$	0.00								$	0.02

Weighted average common shares outstanding, basic and diluted				162,972,652									162,972,652

CONVERTED ORGANICS INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2011


			Historical
			Converted Organics
			Inc. and			Pro Forma						Pro Forma
			subsidiaries			Adjustments			Ref.			Consolidated
Revenues			$	2,754,206		$	—					$	2,754,206
Cost of goods sold				2,167,437			-						2,167,437

Gross profit				586,769			—						586,769
Operating expenses:
	Selling, general and administrative expenses			6,703,796			-						6,703,796
	Amortization of intangibles assets			288,008			-						288,008

				6,991,804			—						6,991,804

		Loss from continuing operations		(6,405,035	)		—						(6,405,035	)

Other income (expense):
	Other income			39,203			—						39,203
	Gain on change in fair value of obligations to issue
	shares			640,593			(640,593	)		(3	)		—
	Loss on debt modification			(2,357,322	)		-						(2,357,322	)
	Gain on change in fair value of derivative liability			5,823,629			-						5,823,629
	Interest expense			(8,175,566	)		—						(8,175,566	)

				(4,029,463	)		(640,593	)					(4,670,056	)

	Loss from continuing operations before provision for
	income taxes			(10,434,498	)		(640,593	)					(11,075,091	)
Provision for income taxes				-			-						-
	Net loss from continuing operations			(10,434,498	)		(640,593	)					(11,075,091	)
	Loss from discontinued operations			(7,546,361	)		6,682,350						(864,011	)

		Net loss	$	(17,980,859	)	$	6,041,757			(4	)	$	(11,939,102	)

Loss per share, basic and diluted:
	Discontinued operations			(191	)								(22	)
			$	(454.10	)							$	(301.52	)
Weighted average common shares outstanding, basic and diluted				39,597.00									39,597.00

FINJAN HOLDINGS, INC. - FORM 8-K - EX-99.2(B) - December 13, 2012

Attached files

FINJAN HOLDINGS, INC. Reports