Attached files
| file | filename |
|---|---|
| 8-K/A - CURRENT REPORT - NeuBase Therapeutics, Inc. | ohr-8ka_053014.htm |
| EX-99.2 - UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - NeuBase Therapeutics, Inc. | ex99-2.htm |
| EX-99.1 - AUDITED CONSOLIDATED FINANCIAL STATEMENTS - NeuBase Therapeutics, Inc. | ex99-1.htm |
Ohr Pharmaceutical, Inc. 8-K/A
Exhibit 99.3
| OHR PHARMACEUTICAL, INC. | |||||||||||||
| (A Development Stage Company) | |||||||||||||
| Unaudited Pro Forma Consolidated Condensed Balance Sheet | |||||||||||||
| As of March 31, 2014 |
| Ohr | SKS | Adjustments | Totals | |||||||||||||||||
| ASSETS | ||||||||||||||||||||
| CURRENT ASSETS | ||||||||||||||||||||
| Cash | $ | 3,474,112 | $ | 184,000 | 1 | (184,000 | ) | $ | — | |||||||||||
| 2 | (3,474,112 | ) | ||||||||||||||||||
| Prepaid expenses | 236,901 | — | 236,901 | |||||||||||||||||
| Total Current Assets | 3,711,013 | 184,000 | 236,901 | |||||||||||||||||
| EQUIPMENT, net | 23,913 | 90,437 | 2 | 92,437 | 206,787 | |||||||||||||||
| OTHER ASSETS | ||||||||||||||||||||
| Security deposit | — | 12,243 | 12,243 | |||||||||||||||||
| Deferred charges | — | 158,729 | 1 | (158,729 | ) | — | ||||||||||||||
| License rights, net | — | 556,797 | 2 | 16,886,603 | 17,443,400 | |||||||||||||||
| Patent costs, net | 507,076 | — | 507,076 | |||||||||||||||||
| Goodwill | — | — | 2 | 8,766,983 | 8,766,983 | |||||||||||||||
| TOTAL ASSETS | $ | 4,242,002 | $ | 1,002,206 | $ | 27,173,390 | ||||||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| CURRENT LIABILITIES | ||||||||||||||||||||
| Accounts payable and accrued expenses | $ | 720,878 | $ | 2,418,226 | 1 | (2,392,338 | ) | $ | 746,766 | |||||||||||
| Notes payable | 194,000 | 1,552,500 | 1 | (1,552,500 | ) | 194,000 | ||||||||||||||
| Accrued liability - litigation | — | 465,750 | 1 | (465,750 | ) | — | ||||||||||||||
| Contingent consideration | — | — | 2 | 12,725,276 | 12,725,276 | |||||||||||||||
| Total Current Liabilities | 914,878 | 4,436,476 | 13,666,042 | |||||||||||||||||
| TOTAL LIABILITIES | 914,878 | 4,436,476 | 13,666,042 | |||||||||||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| Preferred stock, Series B; 6,000,000 shares authorized, $0.0001 par value, zero shares issued and outstanding | — | — | — | |||||||||||||||||
| Common stock; 180,000,000 shares authorized, $0.0001 par value, 21,800,538 shares issued and outstanding | 2,181 | — | 2 | 119 | 2,300 | |||||||||||||||
| Members' equity | — | 789 | 1 | (789 | ) | — | ||||||||||||||
| Additional paid-in capital | 41,498,003 | — | 2 | 10,180,105 | 51,678,108 | |||||||||||||||
| Accumulated deficit | (21,628,748 | ) | — | (21,628,748 | ) | |||||||||||||||
| Deficit accumulated during the development stage | (16,544,312 | ) | (4,955,997 | ) | 1 | 4,955,997 | (16,544,312 | ) | ||||||||||||
| Total Stockholders' Equity | 3,327,124 | (4,955,208 | ) | 13,507,348 | ||||||||||||||||
| Non-controlling interests | — | 1,520,938 | 1 | (1,520,938 | ) | — | ||||||||||||||
| TOTAL LIABILITIES AND | ||||||||||||||||||||
| STOCKHOLDERS' EQUITY | $ | 4,242,002 | $ | 1,002,206 | $ | 27,173,390 | ||||||||||||||
See accompanying notes to pro forma unaudited consolidated condensed financial statements.
| OHR PHARMACEUTICAL, INC. | ||||||||||||||
| (A Development Stage Company) | ||||||||||||||
| Unaudited Pro Forma Consolidated Condensed Statements of Operations | ||||||||||||||
| For the Six Months Ended March 31, 2014 |
| Ohr | SKS | Adjustments | Totals | |||||||||||||
| REVENUES | $ | — | $ | 1,379,250 | $ | 1,379,250 | ||||||||||
| COST OF SALES | — | — | — | |||||||||||||
| GROSS PROFIT | — | 1,379,250 | 1,379,250 | |||||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| General and administrative | 204,554 | 171,826 | 376,380 | |||||||||||||
| Professional fees | 785,019 | 428,113 | 1,213,132 | |||||||||||||
| Research and development | 1,960,196 | 1,324,464 | 3,284,660 | |||||||||||||
| Salaries and wages | 1,040,107 | — | 1,040,107 | |||||||||||||
| Total Operating Expenses | 3,989,876 | 1,924,403 | 5,914,279 | |||||||||||||
| OPERATING LOSS | (3,989,876 | ) | (545,153 | ) | (4,535,029 | ) | ||||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||||||
| Interest expense | (513 | ) | (37,719 | ) | (38,232 | ) | ||||||||||
| Other income and expense | 213 | — | 213 | |||||||||||||
| Total Other Income (Expense) | (300 | ) | (37,719 | ) | (38,019 | ) | ||||||||||
| NET LOSS | $ | (3,990,176 | ) | $ | (582,872 | ) | $ | (4,573,048 | ) | |||||||
| BASIC DILUTED LOSS PER SHARE | $ | (0.20 | ) | $ | (0.23 | ) | ||||||||||
| WEIGHTED AVERAGE NUMBER | ||||||||||||||||
| OF SHARES OUTSTANDING: | ||||||||||||||||
| BASIC AND DILUTED | 20,053,535 | 20,053,535 | ||||||||||||||
See accompanying notes to pro forma unaudited consolidated condensed financial statements.
| OHR PHARMACEUTICAL, INC. | ||||||||||||||
| (A Development Stage Company) | ||||||||||||||
| Unaudited Pro Forma Consolidated Condensed Statements of Operations | ||||||||||||||
| For the Year Ended September 30, 2013 |
| Ohr | SKS | Adjustments | Totals | |||||||||||||
| REVENUES | $ | — | $ | 2,049,375 | $ | 2,049,375 | ||||||||||
| COST OF SALES | — | — | — | |||||||||||||
| GROSS PROFIT | — | 2,049,375 | 2,049,375 | |||||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| General and administrative | 312,541 | 633,919 | 946,460 | |||||||||||||
| Professional fees | 608,408 | 228,984 | 837,392 | |||||||||||||
| Research and development | 2,610,120 | 2,538,620 | 5,148,740 | |||||||||||||
| Salaries and wages | 1,089,847 | — | 1,089,847 | |||||||||||||
| Total Operating Expenses | 4,620,916 | 3,401,523 | 8,022,439 | |||||||||||||
| OPERATING LOSS | (4,620,916 | ) | (1,352,148 | ) | (5,973,064 | ) | ||||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||||||
| Interest expense | (4,689 | ) | (78,241 | ) | (82,930 | ) | ||||||||||
| Gain/(Loss) on derivative liability | (1,117,642 | ) | — | (1,117,642 | ) | |||||||||||
| Other income and expense | 90,759 | — | 90,759 | |||||||||||||
| Total Other Income (Expense) | (1,031,572 | ) | (78,241 | ) | (1,109,813 | ) | ||||||||||
| NET LOSS | $ | (5,652,488 | ) | $ | (1,430,389 | ) | $ | (7,082,877 | ) | |||||||
| BASIC AND DILUTED LOSS PER SHARE | $ | (0.30 | ) | $ | (0.38 | ) | ||||||||||
| WEIGHTED AVERAGE NUMBER | ||||||||||||||||
| OF SHARES OUTSTANDING: | ||||||||||||||||
| BASIC AND DILUTED | 18,707,759 | 18,707,759 | ||||||||||||||
See accompanying notes to unaudited pro forma consolidated condensed financial statements.
OHR PHARMACEUTICAL, INC.
(A Development Stage Company)
Notes to Pro Forma Consolidated Condensed Financial Statements
Overview
The unaudited pro forma consolidated condensed financial statements as of March 31, 2014, for the six months ended March 31, 2014 and for the year ended September 30, 2013 are derived from the historical financial statements of Ohr Pharmaceutical, Inc. (the “Company”, “we”, “our”) set forth in our Annual Report on Form 10-K for the year ended September 30, 2013, and our Quarterly Report on Form 10-Q for the six-month period ended March 31, 2014, as filed with the Securities and Exchange Commission and are qualified in their entirety by reference to such historical financial statements and related notes contained in those reports. The historic financial statements of SKS Ocular, LLC were derived from audited financial statements for the year ended December 31, 2013. The pro forma consolidated condensed financial statements are presented for illustrative purposes only and are not necessarily indicative of the operating results or financial position that would have occurred if the acquisition of SKS Ocular, LLC’s assets had been consummated at the beginning of the period. The pro forma data presented reflect the preliminary purchase consideration and preliminary purchase price allocation in connection with our acquisition of SKS Ocular, LLC’s assets and do not necessarily represent the final purchase price allocation.
Acquisition of Assets of SKS Ocular, LLC
On May 30, 2014, the members of SKS Ocular, LLC sold significantly all its assets to the Company pursuant to the terms of an Asset Purchase Agreement dated May 14, 2014. The purchase price consisted of: (a) Cash in the amount of $3,500,000; (b) 1,194,862 shares of the Company’s common stock (valued at $10,180,224 based on the trading price on May 30, 2014 of the Company’s common stock) and (c) an additional 1,493,577 shares (the “contingent shares”) that will be issued contingent to achievement of certain milestones (valued at $12,725,276 based on the trading price on May 30, 2014).
The acquisition of the assets of SKS Ocular, LLC has been accounted for as an asset purchase combination whereby the purchase price was allocated to tangible and intangible assets acquired based on their fair values as of the acquisition date.
A summary of the pro forma purchase price allocation as of May 30, 2014 is as follows:
| Purchase Price | ||||
| Cash at closing | $ | 3,500,000 | ||
| Stock issued | 10,180,224 | |||
| Contingent consideration stock | 12,725,276 | |||
| Total Purchase Price | $ | 26,405,500 | ||
| Purchase Price Allocation | ||||
| Lab equipment | $ | 178,170 | ||
| Computer and software | 2,523 | |||
| Leasehold improvements | 2,181 | |||
| Security deposit | 12,243 | |||
| License rights | 17,443,400 | |||
| Goodwill | 8,766,983 | |||
| Total Purchase Price Allocation | $ | 26,405,500 | ||
Pro Forma Adjustments
Adjustment 1 – Removal of Assets and, Liabilities of SKS Ocular, LLC not acquired
This adjustment is to remove the assets, liabilities, and equity of SKS Ocular, LLC that were not acquired with the asset purchase transaction.
Adjustment 2 – Record the Assets acquired with the Asset Purchase from SKS Ocular, LLC
To record the assets acquired with the asset purchase agreement with SKS Ocular, LLC and the associated purchase price consideration.