Attached files
| file | filename |
|---|---|
| 8-K - Valmie Resources, Inc. | form8-k.htm |
| EX-10.1 - Valmie Resources, Inc. | ex10-1.htm |
| EX-99.1 - Valmie Resources, Inc. | ex99-1.htm |
Valmie Resources, Inc.
INTRODUCTION TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED NOVEMBER 30, 2014 AND FOR THE THREE MONTHS ENDED FEBRUARY 28, 2015
The following unaudited pro forma balance sheets and income statements and the explanatory notes give effect to the acquisition by Valmie Resources, Inc. of Vertitek Inc. on March 31, 2015.
The pro forma consolidated balance sheets and income statements and explanatory notes are based on the estimates and assumptions set forth in the explanatory notes.
The pro forma statements have been prepared as if the acquisition had occurred on the first day of each period presented.
This pro forma consolidated financial data is provided for comparative purposes only, and does not purport to be indicative of the actual financial position or results of operations had the acquisition occurred at the beginning of the periods presented, nor is it necessarily indicative of the results of future operations.
Valmie Resources, Inc.
Unaudited
Pro forma balance sheet
| Valmie Resources, Inc. | Vertitek Inc. | Adjustments | Consolidated | |||||||||||||||
| Nov 30, 2014 | Jan 31, 2015 | Entries | Totals | |||||||||||||||
| Cash and cash equivalents | $ | 12,565 | $ | 21,251 | $ | (23,500 | ) | a | $ | 10,316 | ||||||||
| Prototype development (at cost) | - | 3,141 | - | 3,141 | ||||||||||||||
| Goodwill | - | - | 2,748,024 | b | 2,748,024 | |||||||||||||
| $ | 12,565 | $ | 24,392 | $ | 2,724,524 | $ | 2,761,481 | |||||||||||
| Accounts payable & accrued liabilities | $ | 83,250 | $ | - | $ | - | $ | 83,250 | ||||||||||
| Short term advances - Valmie | - | 23,500 | (23,500 | ) | a | - | ||||||||||||
| Due to related party | 44,809 | 2,416 | - | 47,225 | ||||||||||||||
| Promissory notes | 67,805 | - | - | 67,805 | ||||||||||||||
| Share capital - common | 296,400 | 1,000 | 1,000 | b | 297,400 | |||||||||||||
| (1,000 | ) | c | ||||||||||||||||
| Additional paid-in capital | (155,657 | ) | - | 2,747,024 | b | 2,592,367 | ||||||||||||
| 1,000 | c | |||||||||||||||||
| Deficit - opening | (159,887 | ) | - | - | (159,887 | ) | ||||||||||||
| Income (loss) | (164,155 | ) | (2,524 | ) | - | (166,679 | ) | |||||||||||
| $ | 12,565 | $ | 24,392 | $ | 2,724,524 | $ | 2,761,481 | |||||||||||
| a | To record $23,500 cash advanced to Vertitek Inc. subsequent to November 30, 2014 ($23,500 cash advance eliminated on consolidation) |
| b | Common stock issued to acquire Vertitek Inc. - 1,000,000 shares with a par value of $1,000 |
| Purchase price (1,000,000 shares @ $2.77 per share) | $ | 2,770,000 | ||||||
| Net assets acquired | ||||||||
| Cash and cash equivalents | $ | 21,251 | ||||||
| Prototype development (at cost) | 3,141 | |||||||
| Due to related party | (2,416 | ) | (21,976 | ) | ||||
| Goodwill | 2,748,024 | |||||||
| Common stock - par value | (1,000 | ) | ||||||
| Additional paid-in capital | $ | 2,747,024 |
| c | Eliminate Vertitek $1,000 common stock on consolidation |
Valmie Resources, Inc.
Unaudited
Pro forma income statement
For the year ended November 30, 2014
| Valmie Resources, Inc. | Vertitek Inc. | Adjustments | Consolidated | |||||||||||||
| Nov 30, 2014 | Jan 31, 2015 | Entries | Totals | |||||||||||||
| Revenue | $ | - | $ | - | $ | - | $ | - | ||||||||
| General & administrative | 5,815 | 1,024 | - | 6,839 | ||||||||||||
| Management fees | 20,000 | - | - | 20,000 | ||||||||||||
| Professional fees | 136,415 | - | - | 136,415 | ||||||||||||
| Transfer agent fees | 1,925 | - | - | 1,925 | ||||||||||||
| Compensation expense | - | 1,500 | - | 1,500 | ||||||||||||
| Total expenses | $ | 164,155 | $ | 2,524 | $ | - | $ | 166,679 | ||||||||
| Net income (loss) | $ | (164,155 | ) | $ | (2,524 | ) | $ | - | $ | (166,679 | ) | |||||
| Basic and diluted loss per common share | $ | 0.00 | $ | 0.00 | ||||||||||||
| Weighted average number of common shares outstanding | 296,400,000 | 297,400,000 | ||||||||||||||
Valmie Resources, Inc.
Unaudited
Pro forma balance sheet
| Valmie Resources, Inc. | Vertitek Inc. | Adjustments | Consolidated | ||||||||||||||
| Feb 28, 2015 | Jan 31, 2015 | Entries | Totals | ||||||||||||||
| Cash and cash equivalents | $ | 5,277 | $ | 21,251 | $ | 2,000 | a | $ | 28,528 | ||||||||
| Prepaid expenses | 350 | - | - | 350 | |||||||||||||
| Due from intercompany | 25,500 | - | (25,500 | ) | b | - | |||||||||||
| Prototype Development (at cost) | - | 3,141 | - | 3,141 | |||||||||||||
| Goodwill | - | - | 2,748,024 | c | 2,748,024 | ||||||||||||
| $ | 31,127 | $ | 24,392 | $ | 2,724,524 | $ | 2,780,043 | ||||||||||
| Accounts payable & accrued liabilities | $ | 30,321 | $ | - | $ | $ | 30,321 | ||||||||||
| Short term advances - Valmie | - | 23,500 | 2,000 | a | - | ||||||||||||
| (25,500 | ) | b | |||||||||||||||
| Due to related party | 44,809 | 2,416 | - | 47,225 | |||||||||||||
| Promissory notes | 274,616 | - | - | 274,616 | |||||||||||||
| Share capital - preferred | 2,000 | - | - | 2,000 | |||||||||||||
| Share capital - common | 59,040 | 1,000 | 1,000 | c | 60,040 | ||||||||||||
| (1,000 | ) | d | |||||||||||||||
| Additional paid-in capital | 79,703 | - | 2,747,024 | c | 2,827,727 | ||||||||||||
| 1,000 | d | ||||||||||||||||
| Deficit - opening | (324,042 | ) | - | - | (324,042 | ) | |||||||||||
| Income (loss) | (135,320 | ) | (2,524 | ) | - | (137,844 | ) | ||||||||||
| $ | 31,127 | $ | 24,392 | $ | 2,724,524 | $ | 2,780,043 | ||||||||||
| a | To record $2,000 cash in transit from Valmie Resources, Inc. |
| b | To eliminate cash advances on consolidation |
| c | Common stock issued to acquire Vertitek Inc. - 1,000,000 shares with a par value of $1,000 |
| Purchase price (1,000,000 shares @ $2.77 per share) | $ | 2,770,000 | ||||||
| Net assets acquired | ||||||||
| Cash and cash equivalents | $ | 21,251 | ||||||
| Prototype development (at cost) | 3,141 | |||||||
| Due to related party | (2,416 | ) | (21,976 | ) | ||||
| Goodwill | 2,748,024 | |||||||
| Common stock - par value | (1,000 | ) | ||||||
| Additional paid-in capital | $ | 2,747,024 |
| d | Eliminate Vertitek $1,000 common stock on consolidation |
Valmie Resources, Inc.
Unaudited
Pro forma income statement
For the three months ended February 28, 2015
| Valmie Resources, Inc. | Vertitek Inc. | Adjustments | Consolidated | ||||||||||||||
| Feb 28, 2015 | Jan 31, 2015 | Entries | Totals | ||||||||||||||
| Revenue | $ | - | $ | - | $ | - | $ | - | |||||||||
| General & administrative | 7,003 | 1,024 | - | 8,027 | |||||||||||||
| Management fees | 11,000 | - | - | 11,000 | |||||||||||||
| Professional fees | 110,060 | - | - | 110,060 | |||||||||||||
| Transfer agent fees | 446 | - | - | 446 | |||||||||||||
| Compensation expense | - | 1,500 | - | 1,500 | |||||||||||||
| Total expenses | $ | 128,509 | $ | 2,524 | $ | - | $ | 131,033 | |||||||||
| Interest | $ | (6,811 | ) | $ | - | $ | - | $ | (6,811 | ) | |||||||
| Net income (loss) | $ | (135,320 | ) | $ | (2,524 | ) | $ | - | $ | (137,844 | ) | ||||||
| Basic and diluted loss per common share | $ | 0.00 | $ | 0.00 | |||||||||||||
| Weighted average number of common shares outstanding | 59,040,000 | 60,040,000 | |||||||||||||||