Attached files
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8-K/A - FORM 8-K/A - RADIANT LOGISTICS, INC | d622851d8ka.htm |
EX-99.2 - EX-99.2 - RADIANT LOGISTICS, INC | d622851dex992.htm |
EX-99.1 - EX-99.1 - RADIANT LOGISTICS, INC | d622851dex991.htm |
EX-23.1 - EX-23.1 - RADIANT LOGISTICS, INC | d622851dex231.htm |
EX-99.3 - EX-99.3 - RADIANT LOGISTICS, INC | d622851dex993.htm |
EX-99.5 - EX-99.5 - RADIANT LOGISTICS, INC | d622851dex995.htm |
Exhibit 99.4
On Time Express, Inc.
Pro Forma Balance Sheets (Unaudited)
June 30, 2013 | June 30, 2012 | |||||||||||||||||||||||
Consolidated | Pro Forma Adjustments |
Pro Forma | Consolidated | Pro Forma Adjustments |
Pro Forma | |||||||||||||||||||
On Time Express, Inc. and Consolidated Variable Interest Entity |
On Time Logistics, Inc. |
On Time Express, Inc., as adjusted |
On Time Express, Inc. and Consolidated Variable Interest Entity |
On Time Logistics, Inc. |
On Time Express, Inc., as adjusted |
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Assets |
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Current Assets |
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Cash and cash equivalents |
$ | 193,159 | $ | (28,910 | ) (a) | $ | 164,249 | $ | 117,147 | $ | (12,783 | ) (a) | $ | 104,364 | ||||||||||
Trade accounts receivable, net of allowance |
3,875,740 | | 3,875,740 | 3,036,628 | | 3,036,628 | ||||||||||||||||||
Other receivables |
36,517 | | 36,517 | 16,067 | | 16,067 | ||||||||||||||||||
Receivable from On Time Logistics, Inc. |
1,420,242 | (b) | 1,420,242 | | 396,303 | (b) | 396,303 | |||||||||||||||||
Prepaid expenses and other assets |
175,763 | (244 | ) (a) | 175,519 | 94,713 | (232 | ) (a) | 94,481 | ||||||||||||||||
Deferred tax asset |
22,000 | | 22,000 | 27,000 | | 27,000 | ||||||||||||||||||
Income tax receivable |
| | | 76,000 | | 76,000 | ||||||||||||||||||
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Total current assets |
4,303,179 | 1,391,088 | 5,694,267 | 3,367,555 | 383,288 | 3,750,843 | ||||||||||||||||||
Due from stockholder |
91,421 | | 91,421 | 155,000 | | 155,000 | ||||||||||||||||||
Capitalized Loan Fees, Net |
| | | 4,666 | | 4,666 | ||||||||||||||||||
Deferred Tax Asset |
203,000 | | 203,000 | 266,000 | | 266,000 | ||||||||||||||||||
Property and Equipment, Net |
2,981,040 | (2,573,225 | ) (a) | 407,815 | 2,946,496 | (2,640,694 | ) (a) | 305,802 | ||||||||||||||||
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$ | 7,578,640 | $ | (1,182,137 | ) | $ | 6,396,503 | $ | 6,739,717 | $ | (2,257,406 | ) | $ | 4,482,311 | |||||||||||
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Liabilities and Stockholders Equity |
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Current Liabilities |
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Accounts payable |
$ | 2,211,962 | $ | | $ | 2,211,962 | $ | 2,418,013 | $ | | $ | 2,418,013 | ||||||||||||
Accrued expenses |
230,471 | | 230,471 | 83,873 | | 83,873 | ||||||||||||||||||
Income tax liability |
292,000 | | 292,000 | | | | ||||||||||||||||||
Current portion of capital lease obligation |
1,177 | | 1,177 | 4,708 | | 4,708 | ||||||||||||||||||
Current portion of long-term debt |
14,634 | | 14,634 | | | | ||||||||||||||||||
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Total current liabilities |
2,750,244 | | 2,750,244 | 2,506,594 | | 2,506,594 | ||||||||||||||||||
Long-Term Liabilities |
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Line of credit |
1,511,627 | | 1,511,627 | 1,388,260 | | 1,388,260 | ||||||||||||||||||
Capital lease obligation, net of current portion |
| | | 1,759 | | 1,759 | ||||||||||||||||||
Long-term debt, net of current portion |
45,735 | | 45,735 | | | | ||||||||||||||||||
Notes payable, related party |
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Total liabilities |
4,307,606 | | 4,307,606 | 3,896,613 | | 3,896,613 | ||||||||||||||||||
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Stockholders Equity |
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Controlling interest in equity |
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Common stock |
1,000 | | 1,000 | 1,000 | | 1,000 | ||||||||||||||||||
Additional paid-in capital |
1,946,218 | | 1,946,218 | 1,946,218 | | 1,946,218 | ||||||||||||||||||
Retained earnings (deficit) |
141,679 | | 141,679 | (1,361,520 | ) | | (1,361,520 | ) | ||||||||||||||||
Non-controlling interest in equity |
1,182,137 | (1,182,137 | ) (c) | | 2,257,406 | (2,257,406 | ) (c) | | ||||||||||||||||
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Total stockholders equity |
3,271,034 | (1,182,137 | ) | 2,088,897 | 2,843,104 | (2,257,406 | ) | 585,698 | ||||||||||||||||
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$ | 7,578,640 | $ | (1,182,137 | ) | $ | 6,396,503 | $ | 6,739,717 | $ | (2,257,406 | ) | $ | 4,482,311 | |||||||||||
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(a) | Eliminate assets of On Time Logistics, Inc. a Variable Interest Entity that was not acquired |
(b) | Recognize the receivable due from On Time Logistics, Inc. |
(c) | Eliminate the non-controlling interest in the equity of On Time Logistics, Inc. a Variable Interest Entity that was not acquired |
On Time Express, Inc.
Pro Forma Statements of Operations (Unaudited)
Six months ended June 30, 2013 | Six months ended June 30, 2012 | |||||||||||||||||||||||
Consolidated | Pro Forma Adjustments |
Pro Forma | Consolidated | Pro Forma Adjustments |
Pro Forma | |||||||||||||||||||
On Time Express, Inc. |
On Time Logistics, Inc. |
On Time Express, Inc., as adjusted |
On Time Express, Inc. and Consolidated Variable Interest Entity |
On Time Logistics, Inc. |
On Time Express, Inc., as adjusted |
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Sales |
$ | 12,828,195 | $ | | $ | 12,828,195 | $ | 14,596,832 | $ | | $ | 14,596,832 | ||||||||||||
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Cost of Sales |
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Cost of purchased transportation |
8,550,292 | | 8,550,292 | 10,168,041 | | 10,168,041 | ||||||||||||||||||
Other direct costs |
1,077,835 | | 1,077,835 | 1,187,425 | | 1,187,425 | ||||||||||||||||||
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9,628,127 | | 9,628,127 | 11,355,466 | | 11,355,466 | |||||||||||||||||||
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Gross Profit |
3,200,068 | | 3,200,068 | 3,241,366 | | 3,241,366 | ||||||||||||||||||
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Selling, General, and Administrative Expenses |
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Payroll |
573,107 | | 573,107 | 695,605 | | 695,605 | ||||||||||||||||||
Travel and entertainment |
124,966 | | 124,966 | 101,535 | | 101,535 | ||||||||||||||||||
Marketing |
621 | | 621 | 1,463 | | 1,463 | ||||||||||||||||||
Motor vehicle |
29,574 | | 29,574 | 33,626 | | 33,626 | ||||||||||||||||||
Professional |
89,163 | (1,600 | ) (A) | 87,563 | 195,810 | | 195,810 | |||||||||||||||||
General and administrative |
184,124 | 196,628 | (B) | 380,752 | 154,597 | 196,655 | (B) | 351,252 | ||||||||||||||||
Repairs and maintenance |
5,454 | | 5,454 | 5,184 | | 5,184 | ||||||||||||||||||
Depreciation and amortization |
117,824 | (33,735 | ) (A) | 84,089 | 153,373 | (33,735 | ) (A) | 119,638 | ||||||||||||||||
IT and telecommunication |
225,557 | (243 | ) (A) | 225,314 | 194,182 | (232 | ) (A) | 193,950 | ||||||||||||||||
Insurance |
27,646 | | 27,646 | 20,364 | | 20,364 | ||||||||||||||||||
Finance |
34,579 | | 34,579 | 23,360 | | 23,360 | ||||||||||||||||||
Bad debt recoveries |
(8,037 | ) | | (8,037 | ) | (7,395 | ) | | (7,395 | ) | ||||||||||||||
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1,404,578 | 161,050 | 1,565,628 | 1,571,704 | 162,688 | 1,734,392 | |||||||||||||||||||
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Other Income (Expense) |
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Interest income |
3,550 | | 3,550 | 3,518 | | 3,518 | ||||||||||||||||||
Other income |
3,922 | 13,500 | (A) | 17,422 | 34,784 | 13,500 | (A) | 48,284 | ||||||||||||||||
Interest expense |
(39,268 | ) | 3,549 | (A) | (35,719 | ) | (52,227 | ) | 11,228 | (A) | (40,999 | ) | ||||||||||||
Gain on disposal of assets |
5,475 | | 5,475 | 5,250 | | 5,250 | ||||||||||||||||||
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(26,321 | ) | 17,049 | (9,272 | ) | (8,675 | ) | 24,728 | 16,053 | ||||||||||||||||
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Income Before Income Taxes |
1,769,169 | (144,001 | ) | 1,625,168 | 1,660,987 | (137,960 | ) | 1,523,027 | ||||||||||||||||
Provision for Income Taxes |
(918,868 | ) | | (918,868 | ) | (610,073 | ) | | (610,073 | ) | ||||||||||||||
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Net Income |
$ | 850,301 | $ | (144,001 | ) | $ | 706,300 | $ | 1,050,914 | $ | (137,960 | ) | $ | 912,954 | ||||||||||
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(A) | Eliminate expenses of On Time Logistics, Inc. a Variable Interest Entity that was not acquired |
(B) | Recognize rent expense to On Time Logistics, Inc. a Variable Interest Entity that was not acquired |