RegalWorks Media, Inc. - FORM 8-K/A - EX-99.2 - PRO FORMA COMBINED CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2013 (UNAUDITED). - September 30, 2013

Attached files

file filename
8-K/A - REGALWORKS MEDIA, INC. 8-K/A, AMENDMENT NO. 1 - RegalWorks Media, Inc.regalworks_8ka-15711.htm
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - RegalWorks Media, Inc.exhibit_23-1.htm
EX-99.1 - STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2013 AND FOR THE PERIOD MARCH 21, 2013 (DATE OF INCEPTION) THROUGH JUNE 30, 2013. - RegalWorks Media, Inc.exhibit_99-1.htm
EXHIBIT 99.2
 
The pro forma condensed combined consolidated balance sheet shown on these pro forma statements is based upon the historical figures for all of the combined entities at June 30, 2013, as if the acquisition had taken place on the balance sheet date. The pro forma condensed combined consolidated statement of operations for the six months ended June 30, 2013 assumes the acquisition took place on the first day of the fiscal period.   The pro forma condensed combined consolidated financial statements may not be indicative of the actual results of the acquisition and merger of the operations. In particular, the pro forma condensed combined consolidated financial statements are based upon management’s current estimate of the allocation of the purchase price, the final allocation of which may differ.

The accompanying pro forma condensed combined consolidated financial statements should be read in connection with the historical financial statements of AmerElite Solutions, Inc. and RegalWorks Media, Inc., including the related notes and other financial information included in the filing.


Pro forma adjustments:

A.  Elimination of intercompany item related to escrow fees and extension payments by RWI to AmerElite Solutions, Inc. $50,000.

B.  Recording of debt conversion, interest payable forgiveness and increase in stockholder equity for RWI $222,820.

C.  Recording of OID instruments entered into by RWI with AmerElite holders in the amount of $115,000.

D.  Elimination of intercompany payment, no income recognition to AmerElite Solutions, Inc $50,000.
 

 







 
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REGALWORKS MEDIA, INC.
(A DEVELOPMENT STAGE COMPANY)
PRO FORMA COMBINED CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2013 (unaudited)

   
AmerElite
                      
   
Solutions Inc.
    
RegalWorks
                
   
(Historical As
    
Media
    
Pro Forma
      
Consolidated
  
   
Reported)
    
Inc.
    
Adjustments
      
Pro Forma
  
                           
ASSETS
                          
 Cash and cash equivalents
   $ 242     $ 21,381     $ -       $ 21,623  
 Accounts receivable net of allowance
     -       -       -         -  
 Other assets
     -       50,000       (50,000 )
 (A)
     -  
                      -  
 (B)
     -  
 Total assets
   $ 242     $ 71,381     $ (50,000 )     $ 21,623  
                                   
LIABILITIES AND SHAREHOLDERS '
                                  
EQUITY (DEFICIT)
                                  
 Accounts payable
   $ 113,515     $ -     $ (93,515 )
 (C)
   $ 20,000  
 Accrued compensation – officer(s)
     -       82,862       -         82,862  
 Accrued expenses
     5,892       6,279       (5,892 )       6,279  
 Short term loans
     21,485       -       (21,485 )       -  
 Notes payable and OID
     230,000       130,000       (230,000 )       130,000  
 Additional OID instruments
     -       -       115,000         115,000  
 Total current liabilities
     370,892       219,141       (235,892 )       354,141  
 Other advances
     -       -       -  
 (A)
     -  
 Total liabilities
     370,892       219,141       (235,892 )       354,141  
                                   
 Common stock
     917       11       13,072  
 (B)
     14,000  
                      (27,180 )
 (D)
        
 Additional paid-in capital
     3,002,081       33,089       150,000  
 (B)
     3,157,990  
 Retained earnings (deficit)
     -       -       -  
 (D)
     -  
 Accumulated deficit development stage
     (3,373,648 )     (180,860 )     50,000  
(D)
     (3,504,508 )
 Total shareholders' equity (deficit)
     (370,650 )     (147,760 )     185,892         (332,518 )
Total liabilities and shareholders'
                                  
 equity (deficit)
   $ 242     $ 71,381     $ (50,000 )     $ 21,623  
                                   

 
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REGALWORKS MEDIA, INC.
(A DEVELOPMENT STAGE COMPANY)
PRO FORMA COMBINED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2013 (unaudited)
 
  
   
AmerElite
                      
   
Solutions Inc.
    
RegalWorks
                
   
(Historical As
    
Media
    
Pro Forma
      
Consolidated
  
   
Reported)
    
Inc.
    
Adjustments
      
Pro Forma
  
 Revenues
   $ -     $ -     $ -       $ -  
 Cost of revenues
     -       -       -         -  
 Gross profit
     -       -       -         -  
 General and administrative expenses
     22,686       151,454       -         174,140  
 Costs related to acquisition, net
     33,579       25,000       50,000  
 (D)
     108,579  
 Consulting expense - products
     20,000       -       -         20,000  
 Depreciation expense
     -       -       -         -  
 Total operating expense
     76,265       176,454       50,000         300,846  
 Operating income (loss)
     (76,265 )     (174,581 )     -         (300,846 )
 Interest expense
     4,750       6,279       -         11,029  
 Income (loss) before income taxes
     (81,015 )     (180,860 )     (50,000 )       (311,875 )
 Provision for taxes - pro forma
     50       -       -  
 
     50  
 Net income (loss)
   $ (81,065 )   $ (180,860 )   $ (50,000 )     $ (311,925 )
                                   
 Net loss per share - basic and diluted
   $ (0.00 )                     $ (0.03 )
                                   
 Weighted average shares outstanding
     917,148               10,940,000  
 
     11,857,148  



 
 
 
 
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