INCEPTION MINING INC. - FORM 8-K/A - EX-99.3 - December 15, 2015

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EX-99.1 - INCEPTION MINING INC.ex99-1.htm
EX-99.2 - INCEPTION MINING INC.ex99-2.htm

 

Clavo Rico, Ltd. and Subsidiaries

Combined Pro Forma Statements of Financial Position

As of September 30, 2015

 

   Clavo Rico   IMII      Adjustments   Total 
ASSETS                       
Current assets                       
Cash and cash equivalents  $154,169   $29,490      $-   $183,659 
Inventories   1,117,653    -       -    1,117,653 
Accounts receivable   26,783    -       -    26,783 
Accounts receivable - related companies   24,094    -       -    24,094 
Other current assets   -    71,213       -    71,213 
Total current assets   1,322,699    100,703       -    1,423,402 
                        
Non-current assets                       
Property, plant and equipment - net   2,631,947    -       -    2,631,947 
Intangible assets-mining rights and concessions   71,290    -       -    71,290 
Other assets   569,705    -   1   (151,724)   417,981 
Total non-current assets   3,272,942    -       (151,724)   3,121,218 
Total assets  $4,595,641   $100,703      $(151,724)  $4,544,620 
                        
LIABILITIES AND SHAREHOLDERS’ EQUITY                       
Current liabilities                       
Accounts payables  $197,002   $72,148      $-   $269,150 
Employee withholdings and payroll taxes   96,194    -       -    96,194 
Employee benefit obligations   97,791    -       -    97,791 
Accrued liabilities   -    529,723   1   (151,724)   377,999 
Accrued interst payable   -    55,336   1   3,394,326    3,449,662 
Mine reclamation   29,003    -       -    29,003 
Taxes other than income taxes   15,153    -       -    15,153 
Convertible notes payable, net of debt discount of $75,755   -    186,195       -    186,195 
Convertible note payable - related party, net of debt discount of $982   -    731,562       -    731,562 
Derivative liabilities   -    729,781       -    729,781 
Warrant liabilities   -    107,018       -    107,018 
Total current liabilities   435,143    2,411,763       3,242,602    6,089,508 
                        
Non-current liabilities                       
Notes payable   5,488,980    -       -    5,488,980 
Total non-current liabilities   5,488,980    -       -    5,488,980 
Total liabilities   5,924,123    2,411,763       3,242,602    11,578,488 
                        
Shareholders’ equity                       
Preferred stock, $0.00001 par value; 10,000,000 shares authorized, none issued and outstanding   -    -       -    - 
Common stock, $0.00001 par value; 500,000,000 shares authorized, 20,557,683   -    206       2,423    2,629 
Additional paid-in capital   -    9,095,099            9,095,099 
Share capital   1,051,116    -   2   (1,051,116)   - 
Supplementary equity contributions   582,639    -   2   (582,639)   - 
Retained earnings (loss)   (2,962,237)   (11,406,365)  1   (3,394,326)   (16,131,596)
             2   1,631,332      
Total shareholders’ equity   (1,328,482)   (2,311,060)      (3,394,326)   (7,033,868)
Total liabilities and shareholders’ equity  $4,595,641   $100,703      $(151,724)  $4,544,620 

 

 
   

 

Clavo Rico, Ltd. and Subsidiaries

Combined Pro Forma Statements of Comprehensive Income

For the Nine Months ended September 30, 2015

 

   Clavo Rico   IMII   Adjustments   Total 
Revenue                    
Sales of precious metal  $3,402,179   $-   $-   $3,402,179 
Other income   12,490    -    -    12,490 
Total revenue   3,414,669    -    -    3,414,669 
                     
Cost of sales   2,689,825    2,109    -    2,691,934 
Gross profit   724,844    (2,109)   -    722,735 
                     
Operating expenses                    
Exploration costs   -    118,339    -    118,339 
General and administrative expenses   423,011    1,654,400    -    2,077,411 
Depreciation and amortization expenses   340,619    -    -    340,619 
Interest expenses   6,216    1,360,718    3,394,326    4,761,260 
Total operating expenses   769,846    3,133,457    3,394,326    7,297,629 
                     
Change in derivative liabilities   -    (722,647)        (722,647)
Loss on extinguishment of debt   -    15,843         15,843 
Impairment charge - mining claim   -    950,160         950,160 
Change in foreign currency translation   (280,090)   -         (280,090)
Profit before tax   235,088    (3,378,922)   (3,394,326)   (6,538,160)
Income tax expense   -    -    -    - 
Profit (loss) for the year  $235,088   $(3,378,922)  $(3,394,326)  $(6,538,160)

 

 
   

 

Clavo Rico, Ltd. and Subsidiaries

Combined Pro Forma Statements of Comprehensive Income

For the Year ended December 31, 2014

 

   Clavo Rico   IMII      Adjustments   Total 
Revenue                       
Sales of precious metal  $3,120,825   $-      $-   $3,120,825 
Other income   27,965    -       -    27,965 
Total revenue   3,148,790    -       -    3,148,790 
                        
Cost of sales   1,984,684    -       -    1,984,684 
Gross profit   1,164,106    -       -    1,164,106 
                        
Operating expenses                       
Exploration costs   -    163,953       -    163,953 
General and administrative expenses   845,267    2,030,744       -    2,876,011 
Depreciation and amortization expenses   405,287    -       -    405,287 
Interest expenses   58,118    1,428,718   2   3,394,326    4,881,162 
Total operating expenses   1,308,672    3,623,415       3,394,326    8,326,413 
                        
Change in derivative liabilities   -    (195,945)           (195,945)
Gain on forgiveness of debt   -    (161,750)           (161,750)
Change in foreign currency translation   -    -            - 
Profit before tax   (144,566)   (3,265,720)      (3,394,326)   (6,804,612)
Income tax expense   (15,439)   -       -    (15,439)
Profit (loss) for the year  $(160,005)  $(3,265,720)     $(3,394,326)  $(6,820,051)

 

 
   

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