Attached files
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8-K/A - FORM 8-K/A - Unrivaled Brands, Inc. | trtc_8ka.htm |
EX-99.1 - AUDITED FINANCIAL STATEMENTS - Unrivaled Brands, Inc. | trtc_ex991.htm |
EXHIBIT 99.2
TERRA TECH CORP.
CONSOLIDATED BALANCE SHEETS - (Pro Forma)
DECEMBER 31, 2012
Terra
Tech Corp. |
Edible
Garden Corp. |
Adjustments
|
Pro Forma
December 31, 2012 |
|||||||||||||
Assets
|
||||||||||||||||
Current Assets:
|
||||||||||||||||
Cash
|
$ | 16,312 | $ | 100 | $ | - | $ | 16,412 | ||||||||
Accounts receivable, net
|
27,476 | - | - | 27,476 | ||||||||||||
Inventories, net
|
256,714 | - | - | 256,714 | ||||||||||||
Current portion of notes receivable, net of allowance
|
- | - | - | - | ||||||||||||
Prepaid Inventory
|
51,988 | - | - | 51,988 | ||||||||||||
Total Current Assets
|
352,490 | 100 | - | 352,590 | ||||||||||||
Property and equipment, net
|
33,650 | - | - | 33,650 | ||||||||||||
Intangible assets
|
- | - | 212,400 | 212,400 | ||||||||||||
Deposits
|
- | - | - | - | ||||||||||||
Total Assets
|
$ | 386,140 | $ | 100 | $ | 212,400 | $ | 598,640 | ||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||
Current Liabilities
|
||||||||||||||||
Accounts payable and accrued expenses
|
$ | 377,376 | $ | - | $ | - | $ | 377,376 | ||||||||
Note payable
|
364,306 | - | - | 364,306 | ||||||||||||
Loans from Related Party
|
104,998 | - | - | 104,998 | ||||||||||||
Due to officers
|
- | - | - | - | ||||||||||||
Total Current Liabilities
|
846,680 | - | - | 846,680 | ||||||||||||
Commitment and Contingencies
|
||||||||||||||||
Stockholders' Equity
|
||||||||||||||||
Preferred stock, Convertible Series A
|
- | - | - | - | ||||||||||||
Preferred stock, Convertible Series B
|
14,750 | - | - | 14,750 | ||||||||||||
Common stock
|
82,372 | - | - | 82,372 | ||||||||||||
Additional paid-in capital
|
8,131,305 | 100 | 212,400 | 8,343,805 | ||||||||||||
Accumulated Deficit
|
(8,688,967 | ) | - | - | (8,688,967 | ) | ||||||||||
Total Stockholders' Equity
|
(460,540 | ) | 100 | 212,400 | (248,040 | ) | ||||||||||
Total Liabilities and Stockholders' Equity
|
$ | 386,140 | $ | 100 | $ | 212,400 | $ | 598,640 |
1
TERRA TECH CORP.
CONSOLIDATED STATEMENT OF OPERATIONS - (Pro Forma)
YEAR ENDED DECEMBER 31, 2012
Terra
Tech Corp |
Edible
Garden Corp. |
Adjustments
|
Pro Forma
Year Ended |
|||||||||||||
Total Revenues
|
$ | 552,579 | $ | - | $ | - | $ | 552,579 | ||||||||
Cost of Goods Sold
|
451,713 | - | - | 451,713 | ||||||||||||
100,866 | - | - | 100,866 | |||||||||||||
Selling, general and administrative expenses
|
1,072,866 | - | - | 1,072,866 | ||||||||||||
Impairment of goodwill
|
4,799,965 | - | - | 4,799,965 | ||||||||||||
Loss from operations
|
(5,771,965 | ) | - | - | (5,771,965 | ) | ||||||||||
Other Income (Expenses)
|
||||||||||||||||
Loss on sale of property and equipment
|
(1,322 | ) | - | - | (1,322 | ) | ||||||||||
Interest Expense
|
(62,203 | ) | - | - | (62,203 | ) | ||||||||||
Total Other Income (Expense)
|
(63,525 | ) | - | - | (63,525 | ) | ||||||||||
Loss before Provision of Income Taxes
|
(5,835,490 | ) | - | - | (5,835,490 | ) | ||||||||||
Provision for income taxes
|
879 | - | - | 879 | ||||||||||||
Net Loss applicable to common shareholders
|
$ | (5,836,369 | ) | $ | - | $ | - | $ | (5,836,369 | ) |
2
TERRA TECH CORP.
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS – (PRO FORMA)
1. BUSINESS ACQUISITION
On April 24, 2013, Terra Tech Corp. (the “Company”) completed the acquisition of Edible Garden Corp. transaction whereby the Company acquired all of the issued and outstanding shares of Edible Garden Corp. in exchange for 1,250,000 shares of our common stock. As a result of the acquisition, Edible Garden Corp. became our wholly owned subsidiary.
2. ASSUMPTIONS IN CONSOLIDATION
The Pro Forma Consolidating Balance Sheet as of December 31, 2012 is adjusted as if the transaction took place as of January 1, 2012. There is an adjustment to intangible assets for the fair value of the customer list as if the transaction took place as of January 1, 2012. There is an adjustment for the common stock that would be issued to the existing shareholders of Edible Garden Corp. as if the transaction took place as of January 1, 2012.
No adjustments were required for the Pro Forma Consolidating Statements of Operations for the year ended December 31, 2012.
3
TERRA TECH CORP.
CONDENSED BALANCE SHEETS - (Pro Forma)
MARCH 31, 2013
Terra
|
Edible
|
Pro Forma
|
||||||||||||||
Tech Corp.
|
Garden Corp.
|
Adjustments
|
March 31, 2013
|
|||||||||||||
Assets
|
||||||||||||||||
Current Assets:
|
||||||||||||||||
Cash
|
$ | 436,158 | $ | 100 | $ | - | $ | 436,258 | ||||||||
Accounts receivable, net
|
781 | - | - | 781 | ||||||||||||
Inventories, net
|
259,423 | - | - | 259,423 | ||||||||||||
Current portion of notes receivable, net of allowance
|
- | - | - | - | ||||||||||||
Prepaid Inventory
|
51,988 | - | - | 51,988 | ||||||||||||
Total Current Assets
|
748,350 | 100 | - | 748,450 | ||||||||||||
Property and equipment, net
|
30,580 | - | - | 30,580 | ||||||||||||
Intangible assets
|
- | - | 212,400 | 212,400 | ||||||||||||
Deposits
|
700,000 | - | - | 700,000 | ||||||||||||
Total Assets
|
$ | 1,478,930 | $ | 100 | $ | 212,400 | $ | 1,691,430 | ||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||
Current Liabilities
|
||||||||||||||||
Accounts payable and accrued expenses
|
$ | 326,945 | $ | - | $ | - | $ | 326,945 | ||||||||
Note payable
|
1,192,780 | - | - | 1,192,780 | ||||||||||||
Loans from Related Party
|
117,500 | - | - | 117,500 | ||||||||||||
Derivative liability
|
718,000 | - | - | 718,000 | ||||||||||||
Total Current Liabilities
|
2,355,225 | - | - | 2,355,225 | ||||||||||||
Commitment and Contingencies
|
||||||||||||||||
Stockholders' Equity
|
||||||||||||||||
Preferred stock, Convertible Series A
|
- | - | - | - | ||||||||||||
Preferred stock, Convertible Series B
|
14,750 | - | - | 14,750 | ||||||||||||
Common stock
|
85,612 | - | - | 85,612 | ||||||||||||
Additional paid-in capital
|
9,140,680 | 100 | 212,400 | 9,353,180 | ||||||||||||
Common stock subscribed
|
120,000 | - | - | 120,000 | ||||||||||||
Accumulated Deficit
|
(10,237,337 | ) | - | - | (10,237,337 | ) | ||||||||||
Total Stockholders' Equity
|
(876,295 | ) | 100 | 212,400 | (663,795 | ) | ||||||||||
Total Liabilities and Stockholders' Equity
|
$ | 1,478,930 | $ | 100 | $ | 212,400 | $ | 1,691,430 |
4
TERRA TECH CORP.
CONDENSED STATEMENT OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2013
Terra
|
Edible
|
Pro Forma
Three Months Ended |
||||||||||||||
Tech Corp.
|
Gardens Corp.
|
Adjustments
|
March 31, 2013
|
|||||||||||||
Total Revenues
|
$ | 66,121 | $ | - | $ | - | $ | 66,121 | ||||||||
Cost of Goods Sold
|
68,005 | - | - | 68,005 | ||||||||||||
(1,884 | ) | - | - | (1,884 | ) | |||||||||||
Selling, general and administrative expenses
|
745,533 | - | - | 745,533 | ||||||||||||
Loss from operations
|
(747,417 | ) | - | - | (747,417 | ) | ||||||||||
Other Income (Expenses)
|
||||||||||||||||
Loss from derivatives issued with debt greater
|
||||||||||||||||
than debt carrying value
|
(718,000 | ) | - | - | (718,000 | ) | ||||||||||
Interest Expense
|
(82,953 | ) | - | - | (82,953 | ) | ||||||||||
Total Other Income (Expense)
|
(800,953 | ) | - | - | (800,953 | ) | ||||||||||
Loss before Provision of Income Taxes
|
(1,548,370 | ) | - | - | (1,548,370 | ) | ||||||||||
Provision for income taxes
|
- | - | - | - | ||||||||||||
Net Loss applicable to common shareholders
|
$ | (1,548,370 | ) | $ | - | $ | - | $ | (1,548,370 | ) |
5
TERRA TECH CORP.
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS – (PRO FORMA)
1. BUSINESS ACQUISITION
On April 24, 2013, Terra Tech Corp. (the “Company”) completed the acquisition of Edible Garden Corp. transaction whereby the Company acquired all of the issued and outstanding shares of Edible Garden Corp. in exchange for 1,250,000 shares of our common stock. As a result of the acquisition, Edible Garden Corp. became our wholly owned subsidiary.
2. ASSUMPTIONS IN CONSOLIDATION
The Pro Forma Consolidating Balance Sheet as of March 31, 2013 is adjusted as if the transaction took place as of January 1, 2013. There is an adjustment to intangible assets for the fair value of the customer list as if the transaction took place as of January 1, 2013. There is an adjustment for the common stock that would be issued to the existing shareholders of Edible Garden Corp. as if the transaction took place as of January 1, 2013.
No adjustments were required for the Pro Forma Consolidating Statements of Operations for the three months ended March 31, 2013.
6