Attached files
| file | filename |
|---|---|
| 8-K - ROYAL BEES 8-K - FITWEISER HOLDINGS, INC. | royaslbeeseightk.htm |
| EX-2.1 - SHARE EXCHANGE AGREEMENT - FITWEISER HOLDINGS, INC. | extwoone.htm |
| EX-3.1 - AMENDMENT TO ARTICLES OF INCORPORATION - FITWEISER HOLDINGS, INC. | exthreeone.htm |
| EX-99.1 - AUDITED FINANCIAL STATEMENTS OF FITWEISER, INC. - FITWEISER HOLDINGS, INC. | exninetynineone.htm |
| EX-99.3 - REVIEWED FINANCIAL STATEMENTS OF FITWEISER,INC. - FITWEISER HOLDINGS, INC. | exninetyninethree.htm |
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Fitweiser Holdings, Inc.
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(Formerly Royal Bees, Inc.)
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Balance Sheets
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Royal Bees
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Fitweiser
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December 31,
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December 31,
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Elim
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Pro Forma
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2013
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2013
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Entries
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Consolidated
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ASSETS
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CURRENT ASSETS
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Cash and Cash Equivalents
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$ | 216 | $ | 63,063 | $ | (216 | ) | $ | 63,063 | |||||||
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Inventories
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878 | 0 | (878 | ) | 0 | |||||||||||
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Total Current Assets
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1,094 | 63,063 | (1,094 | ) | 63,063 | |||||||||||
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Property, plant and equipment, net
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9,949 | 0 | (9,949 | ) | 0 | |||||||||||
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Deposits
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0 | 7,500 | 0 | 7,500 | ||||||||||||
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TOTAL ASSETS
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$ | 11,043 | $ | 70,563 | $ | (11,043 | ) | $ | 70,563 | |||||||
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LIABILITIES AND STOCKHOLDERS' (DEFICIT)
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CURRENT LIABILITIES
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Accounts Payable and accrued expenses
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$ | 0 | $ | 19,315 | $ | 0 | $ | 19,315 | ||||||||
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Accounts payable related party
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0 | 7,500 | 0 | 7,500 | ||||||||||||
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Accrued Interest
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30,290 | 625 | (30,290 | ) | 625 | |||||||||||
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Loans payable
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0 | 75,000 | 0 | 75,000 | ||||||||||||
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Total Current Liabilities
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30,290 | 102,440 | (30,290 | ) | 102,440 | |||||||||||
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Notes Payable
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133,758 | 0 | 11,242 | 145,000 | ||||||||||||
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TOTAL LIABILITIES
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164,048 | 102,440 | (19,048 | ) | 247,440 | |||||||||||
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STOCKHOLDERS' (DEFICIT)
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Common Stock, $001 par value; 200,000,000
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shares authorized, 85,855,000
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issued and outstanding
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10,855 | 500 | 74,500 | 85,855 | ||||||||||||
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Additional paid-in-capital
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19,743 | 0 | (250,098 | ) | (230,355 | ) | ||||||||||
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Accumulated Deficit
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(183,603 | ) | (32,377 | ) | 183,603 | (32,377 | ) | |||||||||
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Total Stockholders' (Deficit)
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(153,005 | ) | (31,877 | ) | 8,005 | (176,877 | ) | |||||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY(DEFICIT)
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$ | 11,043 | $ | 70,563 | $ | (11,043 | ) | $ | 70,563 | |||||||
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"See Notes to Financial Statements"
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- 1 -
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Fitweiser Holdings, Inc.
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(Formerly Royal Bees, Inc.)
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Statements of Operations
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Royal Bees
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Fitweiser
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For the Year Ended
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December 31,
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December 31,
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Elim
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Pro Forma
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2013
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2013
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Entries
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Consolidated
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REVENUES
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$ | 17,971 | $ | 0 | $ | (17,971 | ) | $ | 0 | |||||||
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OPERATING EXPENSES
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19,252 | 0 | (19,252 | ) | 0 | |||||||||||
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GROSS PROFIT
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(1,281 | ) | 0 | 1,281 | 0 | |||||||||||
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OPERATING EXPENSES:
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51,281 | 31,752 | (51,281 | ) | 31,752 | |||||||||||
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NET INCOME(LOSS) FROM OPERATIONS
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(52,562 | ) | (31,752 | ) | 52,562 | (31,752 | ) | |||||||||
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OTHER INCOME (EXPENSE):
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Interest Expense
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(10,404 | ) | (625 | ) | 10,404 | (625 | ) | |||||||||
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NET INCOME(LOSS) BEFORE
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PROVISION FOR INCOME TAXES
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(62,966 | ) | (32,377 | ) | 62,966 | (32,377 | ) | |||||||||
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Provision for income taxes
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0 | 0 | 0 | 0 | ||||||||||||
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NET INCOME(LOSS)
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$ | (62,966 | ) | $ | (32,377 | ) | $ | 62,966 | $ | (32,377 | ) | |||||
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BASIC AND DILUTED LOSS PER SHARE
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(0.01 | ) | (0.00 | ) | (0.00 | ) | ||||||||||
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WEIGHTED AVERAGE NUMBER
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OF SHARES OUTSTANDING
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10,855,000 | 75,000,000 | 85,855,000 | |||||||||||||
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"See Notes to Financial Statements"
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- 2 -
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Fitweiser Holdings, Inc.
|
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|
(Formerly Royal Bees, Inc.)
|
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Balance Sheets
|
||||||||||||||||
|
Royal Bees
|
Fitweiser
|
|||||||||||||||
|
March 31,
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March 31,
|
Elim
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Pro Forma
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2014
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2014
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Entries
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Consolidated
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ASSETS
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CURRENT ASSETS
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Cash and Cash Equivalents
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$
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216
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$
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29,239
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$
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(216)
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$
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29,239
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Inventories
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878
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0
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(878)
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0
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Prepaid Expenses
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0
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1,500
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0
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1,500
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Total Current Assets
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1,094
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30,739
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(1,094)
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30,739
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Property, plant and equipment, net
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9,949
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0
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(9,949)
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0
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Deposits
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0
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12,500
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0
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12,500
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TOTAL ASSETS
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$
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11,043
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$
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43,239
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$
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(11,043)
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$
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43,239
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LIABILITIES AND STOCKHOLDERS' (DEFICIT)
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CURRENT LIABILITIES
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Accounts Payable and accrued expenses
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0
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$
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30,000
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$
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0
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$
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30,000
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Accounts payable related party
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0
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0
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0
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0
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Accrued Interest
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30,290
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2,500
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(30,290)
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2,500
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Loans payable
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0
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75,000
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0
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75,000
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Total Current Liabilities
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30,290
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107,500
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(30,290)
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107,500
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Notes Payable
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133,758
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0
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11,242
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145,000
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TOTAL LIABILITIES
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164,048
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107,500
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(19,048)
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252,500
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STOCKHOLDERS' (DEFICIT)
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Common Stock, $001 par value; 200,000,000
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shares authorized, 85,855,000
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issued and outstanding
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10,855
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75,000
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0
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85,855
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Additional paid-in-capital
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19,743
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0
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(175,598)
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(155,855)
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Accumulated Deficit
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(183,603)
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(139,261)
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183,603
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(139,261)
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Total Stockholders' (Deficit)
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(153,005)
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(64,261)
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8,005
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(209,261)
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY(DEFICIT)
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11,043
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$
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43,239
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$
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(11,043)
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$
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43,239
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"See Notes to Financial Statements"
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- 3 -
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Fitweiser Holdings, Inc.
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(Formerly Royal Bees, Inc.)
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||||||||||||||||
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Statements of Operations
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Royal Bees
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Fitweiser
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For the Three Months ended
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March 31,
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March 31,
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Elim
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Pro Forma
|
|||||||||||||
|
2014
|
2014
|
Entries
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Consolidated
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|||||||||||||
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REVENUES
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$ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
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COST OF SALES
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0 | 0 | 0 | 0 | ||||||||||||
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GROSS PROFIT
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0 | 0 | 0 | 0 | ||||||||||||
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OPERATING EXPENSES:
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5,826 | 105,009 | (5,826 | ) | 105,009 | |||||||||||
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NET INCOME (LOSS) FROM OPERATIONS
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(5,826 | ) | (105,009 | ) | 5,826 | (105,009 | ) | |||||||||
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OTHER INCOME (EXPENSE):
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Interest Expense
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(3,165 | ) | (1,875 | ) | 3,165 | (1,875 | ) | |||||||||
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NET INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES
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(8,991 | ) | (106,884 | ) | 8,991 | (106,884 | ) | |||||||||
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Provision for income taxes
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0 | 0 | 0 | 0 | ||||||||||||
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NET INCOME (LOSS)
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$ | (8,991 | ) | $ | (106,884 | ) | $ | 8,991 | $ | (106,884 | ) | |||||
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BASIC AND DILUTED LOSS PER SHARE
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(0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||||||
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WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
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10,855,000 | 75,000,000 | 85,855,000 | |||||||||||||
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“See Notes to Financial Statements”
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- 4 -
Note 1. Financial Periods for Financial Statements
The financial statements presented here of Fitweiser Holdings, Inc. formerly Royal Bees Company, Inc. (the “Company”) have been prepared by management on the basis of United States Generally Accepted Accounting Principles (“US GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) from information derived from the financial statements of Royal Bees Company, Inc, and the financial statements of Fitweiser Inc for the periods presented.
In accordance with U.S. GAAP, the Acquisition will be accounted for as a reverse recapitalization, equivalent to the exchange of common shares by Fitweiser Inc. for the shares of the Company accompanied by a re-capitalization. The Company will be the legal acquirer but, for accounting purposes, Fitweiser Inc. will be treated as the accounting acquirer. Royal Bees Company Inc.’s represents it has no assets acquired and no liabilities to assume at the closing of this transaction.
Note 2. Significant Accounting Policies
The accounting policies used in the preparation of these unaudited pro forma consolidated financial statements are those set out in Fitweiser Inc.’s audited financial statements as at December 31, 2013 and Fitweiser Inc.’s unaudited condensed interim financial statements for the three months ended March 31, 2014. Management has determined that no material adjustments are necessary to conform the Company’s financial statements to the accounting policies used by Fitweiser Inc. in the preparation of these Pro Forma Consolidated Financial Statements.
Note 3. Share Exchange Transaction
On May 28, 2014 Fitweiser Inc. entered into a Share Exchange with the Company. As a result of this share exchange, the Company changed its name to Fitweiser Holding, Inc. At the closing of the Share Exchange, 75,000,000 shares of the Fitweiser Inc's common stock issued and outstanding immediately prior to the closing of the Share Exchange was exchanged for 75,000,000 shares of the Company’s Common Stock. Additionally a $145,000 pre-existing note will be assumed in the transaction.
For financial reporting purposes, the transaction will be accounted for as a “reverse Share Exchange” rather than a business combination, because the Fitweiser Inc. shareholders effectively control the combined companies immediately following the transaction. As such, Fitweiser Inc. is deemed to be the accounting acquirer in the transaction and, consequently, the transaction is being treated as a reverse acquisition by the Company. Accordingly, the assets and liabilities and the historical operations that will be reflected in the Company's ongoing financial statements will be those of the Fitweiser Inc. and will be recorded at the historical cost basis of the Company. All of the Company's assets and liabilities were split off as part of the transaction and results of operations will be those of the Company after consummation of the transaction. The Company's historic capital accounts and retained earnings will be retroactively adjusted to reflect the equivalent number of shares issued by it in the transaction while the Company’s historical retained earnings will be carried forward. The historical financial statements of the Company before the transaction will be replaced with the historical financial statements of Fitweiser, Inc. before the transaction in all future filings with the Securities and Exchange Commission, or SEC. The Share Exchange is intended to be treated as a tax-free exchange under Section 368(a) of the Internal Revenue Code of 1986, as amended.
Note 4. Earnings Per Share
The pro forma weighted average shares outstanding gives effect to the issuance of 75,000,000 shares of common stock in connection with the Share Exchange as if it occurred at the beginning of the periods presented.
- 5 -