Quality Online Education Group Inc. - FORM 8-K/A - EX-99.4 - UNAUDITED PRO FORMA FINANCIAL INFORMATION - June 14, 2013

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8-K/A - FORM 8-K/A - Quality Online Education Group Inc.lipn_8ka.htm
EX-21.1 - LIST OF SUBSIDIARIES - Quality Online Education Group Inc.lipn_ex211.htm
EX-99.3 - CONSOLIDATED FINANCIAL STATEMENTS - Quality Online Education Group Inc.lipn_ex993.htm
EX-99.1 - CONSOLIDATED FINANCIAL STATEMENTS - Quality Online Education Group Inc.lipn_ex991.htm
EX-99.2 - CONSOLIDATED FINANCIAL STATEMENTS - Quality Online Education Group Inc.lipn_ex992.htm
EXHIBIT 99.4
 
Unaudited Pro Forma Condensed Combined Financial Data

On April 12, 2013, Life Nutrition Products, Inc. (the “Registrant”), a Delaware corporation was entered into a Share Exchange Agreement (the “Exchange Agreement”) with Almonds Kisses Limited (“Almonds Kisses”), a corporation incorporated under the laws of the British Virgin Islands, and the shareholders of Almonds Kisses (the “Shareholders”). Prior to the share exchange, Almonds Kisses’s issued 50,000 shares with par value of $1.00 to former shareholders of the Company and the Company held issued and outstanding of 4,095,000 shares with par value of $0.0001. There shall be a total of 2,000,000 shares out of the 4,095,000 shares of common stock sold to individual shareholders at a selling price of $0.1 per share, receiving a total of $200,000. Pursuant to the terms of the Exchange Agreement, the Company would issue an additional of 20,905,000 shares of common stock, thus there shall be a total of 25,000,000 shares of common stock issued and outstanding. The shareholders of Almonds Kisses agreed to transfer all of the issued and outstanding shares of common stock in Almond Kisses to the Company in exchange for the Company’s issuing 20,155,000 ordinary shares of the Company’s capital stock to the Almonds Kisses shareholders. There shall be 750,000 shares of common stock out of the newly issued shares issued to settle the amount due to shareholders amounted to $228,136 being the notes payable, accounts payable and accrued expenses of the Company settled. After the share exchange, the original shareholders of the Company will hold a total of 2,845,000 shares of common stock.

The following presents our unaudited pro forma financial information as of August 31, 2012 and for the period ended August 31, 2012, another set of pro forma financial information is as of February 28, 2013 and for the period ended February 28, 2013. The unaudited pro forma financial information is for informational purposes only and does not purport to present what our results would actually have been had these transactions actually occurred on the dates presented or to project our results of operations or financial position for any future period.
 
 
1
 
 
Life Nutrition Products Inc.
Unaudited Pro Forma Consolidated Balance Sheet as of August 31, 2012
 
   
Life Nutrition Products Inc.
    
Almonds Kisses
  
Notes
  
Pro Forma Adjustments
    
Pro Forma Combined
  
Assets:
                          
Current assets
                          
Cash
   $ -     $ 129,001             $ 129,001  
Prepaid expenses
     -       18,518               18,518  
Total current assets
     -       147,519               147,519  
                                 
Non-current assets
                                
Property and equipment, net
     -        93,350                93,350  
Equity-method investment
     -       379,693               379,693  
Intangible assets
     -       974,359               974,359  
Utility and other deposits
     -       36,299               36,299  
Total non-current assets
     -       1,483,701               1,483,701  
                                 
TOTAL ASSETS
   $ -     $ 1,631,220             $ 1,631,220  
                                 
Liabilities and shareholders' equity
                                
                                 
Current liabilities
                                
Assets held under capital lease
   $ -     $ 9,615             $ 9,615  
Accrued liabilities
     68,088       25,937  
(a)
     (68,088 )     25,937  
Note payable
     160,038       -  
(a)
     (160,038 )     -  
Bank loans - current portion
     -       919,392                  919,392  
Total current liabilities
     228,126       954,944                 954,944  
                                   
Non-current liabilities
                                  
Bank loans - net of current portion
     -       1,605,593                 1,605,593  
Assets held under capital lease, net of current portion
      -        4,984                  4,984  
Total non-current liabilities
     -       1,610,577                 1,610,577  
                                   
Total liabilities
     228,126       2,565,521                 2,565,521  
                                   
Stockholders' equity
                                  
Preferred stock
     -       -                 -  
Common stock
     410       50,000  
(a),(b),(c)
     (47,910 )     2,500  
Subscription receivable
     -       (50,000 )
(c)
     50,000       -  
Additional paid in capital
     427,939       -  
(a),(b)
     (430,439 )     (2,500 )
Due from stockholders
     -       (241,036 )               (241,036 )
Accumulated losses
     (656,475 )     (579,757 )
(d)
     (656,475 )     (579,757 )
Accumulated other comprehensive (losses)/income
       -         31                   31  
Total stockholders' equity
     (228,126 )     (820,762 )               (820,762 )
 
                                  
Non-controlling interest
     -       (113,539 )               (113,539 )
                                   
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
   $   -     $   1,631,220               $   1,631,220  
 
See notes to Unaudited Pro Forma Consolidated Financial Statements.
 
 
2
 
 
Life Nutrition Products Inc.
Unaudited Pro Forma Consolidated Statements of Operations For the Period Ended August 31, 2012

   
Life Nutrition Products Inc.
    
Almonds Kisses
  
Notes
  
Pro Forma Adjustments
    
Pro Forma Combined
  
 
                          
Revenue
   $ -     $ 1,705,024             $ 1,705,024  
                                 
Less: Operating expenses
                                
Direct cost of revenue
     -       (1,308,729 )             (1,308,729 )
General and administrative expenses
      (47,205 )      (533,861 )
(e)
       47,205        (533,861 )
Total operating expenses
     (47,205 )     (1,842,590 )               (1,842,590 )
                                   
Operating loss
     (47,205 )     (137,566 )               (137,566 )
 
                                  
Other income and (expenses):
                                  
Interest expenses
     3,685       (47,754 )
(e)
     3,685       (47,754 )
Loss before income taxes
     (43,520 )     (185,320 )               (185,320 )
                                   
Less: Income tax expense
     -       -                 -  
                                   
Net loss before allocation of non-controlling interest
   $ (43,520 )   $ (185,320 )             $ (185,320 )
                                   
Net loss attributable to non-controlling interest
      -        20,509                  20,509  
Net loss attributable to common stockholders
   $ (43,520 )   $ (164,811 )             $ (164,811 )
                                   
Loss per share
                                  
- Basic and diluted
   $ (0.011 )   $ (3.30 )             $ (0.0066 )
                                   
Weighted average common shares outstanding
                            
- Basic and diluted
     4,095,000       50,000                 25,000,000  
 
See notes to Unaudited Pro Forma Consolidated Financial Statements
 
 
3
 
 
Life Nutrition Products Inc.
Unaudited Pro Forma Consolidated Balance Sheet as of February 28, 2013

   
Life Nutrition Products Inc.
    
Almonds Kisses
  
Notes
  
Pro Forma Adjustments
    
Pro Forma Combined
  
Assets:
                          
Current assets
                          
Cash
   $ -     $ 345,316             $ 345,316  
Account receivable
             123,304               123,304  
Bank fixed deposit
             128,220               128,220  
Prepaid expenses
     -       70,454               70,454  
Advance to stockholders
     -       1,889,386               1,889,386  
Total current assets
     -       2,556,680               2,556,680  
                                 
Non-current assets
                                
Property and equipment, net
     -        211,483                211,483  
Equity-method investment
     -       374,270               374,270  
Intangible assets
     -       884,720               884,720  
Utility and other deposits
     -       35,021               35,021  
Total non-current assets
     -       1,505,494               1,505,494  
                                 
TOTAL ASSETS
   $ -     $ 4,062,174             $ 4,062,174  
                                 
Liabilities and shareholders' equity
                                
                                 
Current liabilities
                                
Assets held under capital lease
   $ -     $ 4,909             $ 4,909  
Tax payable
             42,988               42,988  
Accrued liabilities
     82,535       151,114  
(a)
     (82,535 )     151,114  
Note payable
     160,038       -  
(a)
     (160,038 )     -  
Temporary receipts
             2,596                 2,596  
Bank loans - current portion
     -       1,371,383                 1,371,383  
Total current liabilities
     242,573       1,572,990                 1,572,990  
                                   
Non-current liabilities
                                  
Bank loans - net of current portion
     -       2,789,947                 2,789,947  
Assets held under capital lease, net of current portion
      -        46,140                  46,140  
Total non-current liabilities
     -       2,836,087                 2,836,087  
                                   
Total liabilities
     242,573       4,409,077                 4,409,077  
                                   
Stockholders' equity
                                  
Preferred stock
     -       -                 -  
Common stock
     410       50,000  
(a),(b),(c)
     (47,910 )     2,500  
Subscription receivable
     -       (50,000 )
(c)
     50,000       -  
Additional paid in capital
     427,939       -  
(a),(b)
     (430,439 )     (2,500 )
Accumulated losses
     (670,922 )     (221,935 )
(d)
     670,922       (221,935 )
Accumulated other comprehensive (losses)/income
       -       (84 )               (84 )
Total stockholders' equity
     (242,573 )     (222,019 )               (222,019 )
 
                                  
Non-controlling interest
     -       (124,884 )               (124,884 )
                                   
TOTAL LIABILITIES AND STOCKERHOLDERS' EQUITY
   $   -     $   4,062,174               $   4,062,174  
 
See notes to Unaudited Pro Forma Consolidated Financial Statements.
 
 
4
 
 
Life Nutrition Products Inc.
Unaudited Pro Forma Consolidated Statements of Operations For the Period ended February 28, 2013

   
Life Nutrition Products Inc.
    
Almonds Kisses
  
Notes
  
Pro Forma Adjustments
    
Pro Forma Combined
  
 
                          
Revenue
   $ -     $ 1,905,634             $ 1,905,634  
                                 
Less: Operating expenses
                                
Direct cost of revenue
     -       (967,039 )             (967,039 )
General and administrative expenses
      (60,340 )      (486,355 )
(e)
       60,340        (486,355 )
Total operating expenses
     (60,340 )     (1,453,394 )               (1,453,394 )
                                   
Operating (loss)/profit
     (60,340 )     452,240                 452,240  
 
                                  
Other income and (expenses):
                                  
Interest expenses
     4,997       (62,775 )
(e)
     4,997       (62,775 )
(Loss)/profit before income taxes
     (65,337 )     389,465                 389,465  
                                   
Less: Income tax expense
     -       (42,988 )               (42,988 )
                                   
Net (loss)/profit before allocation of non-controlling interest
   $ (65,337 )   $ 346,447               $ 346,447  
                                   
Net loss attributable to non-controlling interest
      -        11,345                  11,345  
Net (loss)/profit attributable to common stockholders
   $ (65,337 )   $ 357,822               $ 357,822  
                                   
Loss per share
                                  
- Basic and diluted
   $ (0.02 )   $ 7.16               $ 0.01  
                                   
Weighted average common shares outstanding
                            
- Basic and diluted
     4,095,000       50,000                 25,000,000  
 
See notes to Unaudited Pro Forma Consolidated Financial Statements
 
 
5
 
 
Pro Forma Adjustments and Eliminations
 
(a)  
750,000 shares are issued by the Company at par value amounted to $75 to settle the notes payable and accrued liabilities of the Company amounted to August 31, 2012: $228,125, February 28: 2013: $242,573.
(b)  
A total of 20,905,000 shares of common stock are issued at $0.0001 par value per share amounted to $2,091. After netting off the 750,000 shares in adjustment (a), another 20,155,000 shares of $2,015 would be recorded in this adjustment.
(c)  
Common stock of Almonds Kisses would be settled prior to the share exchange agreement.
(d)  
Expenses amounted to $50,890 for the eight months period ended August 2012 and $65,337 for the period ended February 28, 2013 respectively, would be absorbed by the original shareholders upon the Share Exchange transactions.
(e)  
Accumulated deficit of the Company would be absorbed by Almonds Kisses as part of its additional paid in capital.
(f)  
Financial data of the Company was based on its balances as of September 30, 2012 and it is assumed that the differences between the data as of August 31, 2012 and September 30, 2012 would be immaterial when preparing the unaudited pro forma statements as of August 31, 2012. Financial data of the Company was based on its balances as of December 31, 2012 and it is assumed that the differences between the data as of February 28, 2013 and December 31, 2012 would be immaterial when preparing the unaudited pro forma statements as of February 28, 2013.

Income/(loss) per share from Continuing Operations
 
Pro forma basic and diluted shares outstanding include the weighted average number of common shares outstanding for our company during the respective periods, in addition to the common stock issued (if applicable) as a result of the Share Exchange assuming they had been issued at the beginning of the period. The common stock issued (if applicable) in connection with the Share Exchange Transaction is assumed to be outstanding for the entire period presented.
 
 
 
 
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