Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - Touchpoint Group Holdings Inc. | v334206_8ka.htm |
| EX-99.1 - EXHIBIT 99.1 - Touchpoint Group Holdings Inc. | v334206_ex99-1.htm |
| EX-99.2 - EXHIBIT 99.2 - Touchpoint Group Holdings Inc. | v334206_ex99-2.htm |
| One Horizon Group, Inc. | ||||||||||||||||||||
| (formerly Intelligent Communication Enterprise Corporation) | ||||||||||||||||||||
| Pro Forma Condensed Consolidated Balance Sheets | ||||||||||||||||||||
| as at September 30, 2012 | ||||||||||||||||||||
| United States Dollars | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Historical | Historical | Pro Forma | Pro Forma | |||||||||||||||||
| ICE | OHG | Adjustments | Consolidated | |||||||||||||||||
| '000 | '000 | '000 | '000 | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Current assets: | ||||||||||||||||||||
| Cash | $ | 24 | $ | 1,116 | $ | 1,140 | ||||||||||||||
| Accounts Receivable | 68 | 22,481 | 22,549 | |||||||||||||||||
| Other current assets | 5 | 753 | 758 | |||||||||||||||||
| 97 | 24,350 | 24,447 | ||||||||||||||||||
| Property and equipment, net | 20 | 552 | 572 | |||||||||||||||||
| Intangible assets, net | 792 | 15,084 | 15,876 | |||||||||||||||||
| Assets of discontinued operations | - | 21,883 | 21,883 | |||||||||||||||||
| Total assets | $ | 909 | $ | 61,869 | $ | 62,778 | ||||||||||||||
| Liabilities and Stockholders' Equity (Deficiency) | ||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||
| Accounts payable and accrued expenses | $ | 847 | $ | 1,538 | $ | 2,385 | ||||||||||||||
| Taxes | - | 1,454 | 1,454 | |||||||||||||||||
| Director and shareholder loans | 53 | 2,020 | 2,073 | |||||||||||||||||
| Promissory note | 17 | - | 17 | |||||||||||||||||
| Liabilities of discontinued operations | - | 24,883 | 24,883 | |||||||||||||||||
| 917 | 29,895 | 30,812 | ||||||||||||||||||
| Deferred taxes | - | 446 | 446 | |||||||||||||||||
| Total liabilities | 917 | 30,341 | 31,258 | |||||||||||||||||
| Stockholders' Equity (Deficiency) | ||||||||||||||||||||
| Share Capital | 68 | 8,535 | a | (6,750 | ) | 1,853 | ||||||||||||||
| Additional Paid in Capital | 25,949 | 11,250 | a | 6,750 | 17,924 | |||||||||||||||
| b | (26,025 | ) | ||||||||||||||||||
| Retained Earning (Deficiency) | (26,182 | ) | 11,743 | b | 26,182 | 11,743 | ||||||||||||||
| Accumulated other comprehensive income | 157 | - | b | (157 | ) | - | ||||||||||||||
| Total Stockholders' Equity (Deficiency) | (8 | ) | 31,528 | 31,520 | ||||||||||||||||
| Total liabilities and stockholders' equity (deficiency) | $ | 909 | $ | 61,869 | $ | 62,778 | ||||||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
| Adjusting entries | a adjust par value of issued shares of OHG for exchange of 17,853,476,138 shares of ICE |
b eliminate Add'l Paid up Capital, Deficiency and Accumulated other comprehensive income of ICE
| One Horizon Group, Inc. | ||||||||||||||||||||
| (formerly Intelligent Communication Enterprise Corporation) | ||||||||||||||||||||
| Pro Forma Condensed Consolidated Statements of Operations | ||||||||||||||||||||
| For the three months ended September 30, 2012 | ||||||||||||||||||||
| United States Dollars | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Historical | Historical | Pro Forma | Pro Forma | |||||||||||||||||
| ICE | OHG | adjustments | Consolidated | |||||||||||||||||
| '000 | '000 | '000 | '000 | |||||||||||||||||
| Revenue | $ | 97 | $ | 3,141 | $ | $ | 3,238 | |||||||||||||
| Cost of Sales | 33 | 322 | 355 | |||||||||||||||||
| 64 | 2,819 | 2,883 | ||||||||||||||||||
| Operating expenses | 823 | 915 | 1,738 | |||||||||||||||||
| Other expenses | 368 | 36 | 404 | |||||||||||||||||
| 1,191 | 951 | 2,142 | ||||||||||||||||||
| Income (loss) from operations before taxes | (1,127 | ) | 1,868 | 741 | ||||||||||||||||
| Income taxes | 223 | 223 | ||||||||||||||||||
| Net Income (Loss) for the period | $ | (1,127 | ) | $ | 1,645 | $ | 518 | |||||||||||||
| Net loss per shares | ||||||||||||||||||||
| Basic and diluted net loss per share | 0.00 | 0.00 | ||||||||||||||||||
| Weighted average number of shares outstanding | ||||||||||||||||||||
| Basic and diluted | 17,194,719,780 | 17,852,591,625 | ||||||||||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
| One Horizon Group, Inc. | ||||||||||||||||||||
| (formerly Intelligent Communication Enterprise Corporation) | ||||||||||||||||||||
| Pro Forma Condensed Consolidated Statements of Operations | ||||||||||||||||||||
| For the year ended June 30, 2012 | ||||||||||||||||||||
| United States Dollars | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Historical | Historical | Pro Forma | Pro Forma | |||||||||||||||||
| ICE | OHG | adjustments | Consolidated | |||||||||||||||||
| '000 | '000 | '000 | '000 | |||||||||||||||||
| Revenue | $ | 108 | $ | 19,702 | $ | $ | 19,810 | |||||||||||||
| Cost of Sales | 61 | 80 | 141 | |||||||||||||||||
| 47 | 19,622 | 19,669 | ||||||||||||||||||
| Operating expenses | 3,589 | 4,652 | 8,241 | |||||||||||||||||
| Other expenses | 14 | 218 | 232 | |||||||||||||||||
| 3,603 | 4,870 | 8,473 | ||||||||||||||||||
| Income (loss) from continuing operations before taxes | (3,556 | ) | 14,752 | 11,196 | ||||||||||||||||
| Income taxes | 1,300 | 1,300 | ||||||||||||||||||
| Income (loss) from continuing operations | (3,556 | ) | 13,452 | 9,896 | ||||||||||||||||
| Loss from discontinued operations | - | (15,786 | ) | (15,786 | ) | |||||||||||||||
| Net (Loss) for the year | $ | (3,556 | ) | $ | (2,334 | ) | $ | (5,890 | ) | |||||||||||
| Net loss per shares | ||||||||||||||||||||
| Basic and diluted net loss per share from | ||||||||||||||||||||
| continuing operations | 0.00 | 0.00 | ||||||||||||||||||
| Basic and diluted net loss per share from | ||||||||||||||||||||
| discontinued operations | (0.00 | ) | (0.00 | ) | ||||||||||||||||
| Weighted average number of shares outstanding | ||||||||||||||||||||
| Basic and diluted | 15,261,524,460 | 15,843,235,161 | ||||||||||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
One Horizon Group, Inc.
(formerly Intelligent Communication Enterprise Corporation)
Unaudited Pro Forma Consolidated Information
Unaudited Pro Forma Consolidated Balance Sheet as at September 30, 2012
Unaudited Pro Forma Consolidated Statement of Operations for the year ended June 30, 2012 and the three months ended September 30, 2012
Notes to Unaudited Pro Forma Consolidated Financial Statements and Basis of Presentation
On November 30, 2012, One Horizon Group, Inc. (formerly Intelligent Communication Enterprise Corporation) (“ICE” or the “Company”) completed the acquisition of all of the issued and outstanding shares of One Horizon Group plc (“OHG”) in exchange for 17,853,476,138 shares of the Company. Upon closing of the transaction the former shareholders of OHG held approximately 96.5% of the issued and outstanding shares of the Company. For accounting purposes, OHG is the acquiring entity.
The transaction has been recorded, as at November 30, 2012, as follows:
| Assets acquired | $ | 835,843 | ||
| Liabilities assumed | (494,459 | ) | ||
| Value of Common shares | $ | 341,384 | ||
| Common shares issued and outstanding as at November 30, 2012 immediately prior to issuing shares for acquisition | 696,030,538 |
The unaudited pro forma condensed consolidated balance sheet is presented combining ICE’s balance sheet as at September 30, 2012, with OHG’s balance sheet as at September 30, 2012. The unaudited pro forma condensed consolidated statements of operations are presented combining ICE’s statement of operations for the twelve months ended June 30, 2012, with OHG’s statement of operations for the year ended June 30, 2012, assuming the transaction occurred on July 1, 2011 and combining ICE’s statement of operations for the three months ended September 30, 2012, with OHG’s statement of operations for the three months ended September 30, 2012, assuming the transaction occurred on July 1, 2012.
The outstanding common shares and pro forma net loss per share is computed using the weighted average number of shares outstanding of OHG, adjusted for the share exchange ratio in the acquisition agreement of 175.14 shares of ICE common stock for every one share of OHG, for the periods presented plus the weighted average number of shares of ICE outstanding for the periods presented.
The unaudited pro forma condensed consolidated financial data and the notes thereto should be read in conjunction with OHG’s historical financial statements. The unaudited pro forma condensed consolidated financial data is based upon certain assumptions and estimates of management that are subject to change. The unaudited pro forma condensed consolidated financial data is presented for illustrative purposes only and is not necessarily indicative of any future results of operations or the results that might have occurred if the exchange transaction had actually occurred on the indicated date.