Vystar Corp - FORM 8-K/A - EX-99.1 - UNAUDITED PRO FORMA CONDENSED STATEMENT OF OPERATIONS OF THE COMPANY

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8-K/A - AMENDMENT TO FORM 8-K - Vystar Corp	vyst-8ka_060116.htm

Vystar Corporation 8-K/A

EXHIBIT 99.1

Unaudited Pro Forma Condensed Combined Statement of Operations
for the Fiscal Year Ended December 31, 2015

	Historical Vystar Corporation			Pro Forma Adjustments			Notes		Pro Forma
Revenues, net	$	378,666		$	331,398			(a)	$	47,268
Cost of revenues		268,098			249,478			(b)		18,620
Gross profit		110,568			81,920					28,648
General and administrative		1,168,341			266,524			(c)		901,817
Total operating expenses		1,168,341			266,524					901,817
Loss from operations		(1,057,773	)		(184,604	)				(873,169	)
Other income (expense)
Interest income		42			—					42
Other income		(29,348	)		—					(29,348	)
Interest expense		(151,799	)		(4,911	)		(d)		(146,888	)

Net loss	$	(1,238,878	)	$	(189,515	)			$	(1,049,363	)

Basic and Diluted Loss per Share	($	0.02	)	($	0.00	)			($	0.01	)

Basic and Diluted Weighted Average Number of Common shares outstanding		83,806,582			83,806,582					83,806,582

Unaudited Pro Forma Condensed Combined Balance Sheet
for the Fiscal Year Ended December 31, 2015

	Historical Vystar Corporation			Pro Forma Adjustments			Notes		Pro Forma
ASSETS
Cash	$	29,059		$	—				$	29,059
Accounts receivable		—			—					—
Prepaid expense		233,816			—					233,816
Total Current Assets		262,875			—					262,875
Property & equipment, net		2,979			2,979			(e)		—
Intangible assets, net		155,423			—					155,423
TOTAL ASSETS		421,277			2,979					418,298

LIABILITIES
Related party line of credit		1,499,875			—					1,499,875
Accounts payable		592,739			117,702			(f)		475,037
Accrued compensation		40,137			2,739			(g)		37,398
Accrued expenses		209,486			(4,046	)		(h)		213,532
Total Current Assets		2,342,237			116,395					2,225,842
Shareholder notes payable		700,068								700,068
Total Liabilities		3,042,305			116,395					2,925,910
STOCKHOLDERS’ DEFICIT
Preferred Stock		1			—					1
Common Stock		9,644			—					9,644
Additional paid-in capital		22,962,678			—					22,962,678
Accumulated deficit		(25,593,351	)		(113,415	)		(i)		(25,479,935	)
Total Stockhlolders’ Deficit		(2,621,028	)		(113,416	)				(2,507,612	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT		421,277			2,979					418,298

The following pro forma adjustments are included in the Company’s unaudited pro forma combined financial statements:

(a)

This adjustment reflects the elimination of revenues for the Kiron division.

(b)

This adjustment reflects the elimination of cost of goods sold for the Kiron division.

(c)

This adjustment reflects the elimination of the general and administrative expenses for the Kiron division.

(d)

This adjustment reflects the elimination of the interest expense associated with the Kiron division.

(e)

This adjustment reflects the elimination of the property and equipment for the Kiron division.

(f)

This adjustment reflects the elimination of the accounts payable for the Kiron division.

(g)

This adjustment reflects the elimination of accrued compensation for the Kiron division.

(h)

This adjustment reflects the elimination of the accrued expenses for the Kiron division.

(i)

This adjustment reflects the elimination of the accumulated deficit for the Kiron division and a write-off of Vystar’s investment balance.

Unaudited Pro Forma Condensed Combined Statement of Operations
for the Quarter Year Ended March 31, 2016

	Historical Vystar Corporation			Pro Forma Adjustments			Notes		Pro Forma
Revenues, net	$	54,324		$	49,494			(a)	$	4,830
Cost of revenues		29,259			23,201			(b)		6,058
Gross profit		25,065			26,293					(1,228	)
General and administrative		306,625			(6,957	)		(c)		313,582
Total operating expenses		306,625			(6,957	)				313,582
Loss from operations		(281,560	)		33,250					(314,810	)
Other income (expense)
Interest income		1			—					1
Other income		—			—					—
Interest expense		(41,370	)		(1,721	)		(d)		(39,649	)

Net loss	$	(322,929	)	$	31,529				$	(354,458	)

Basic and Diluted Loss per Share	($	0.00	)	$	0.00				($	0.00	)

Basic and Diluted Weighted Average Number of Common shares outstanding		98,035,575			98,035,575					98,035,575

Unaudited Pro Forma Condensed Combined Balance Sheet
for the Quarter Ended March 31, 2016

	Historical Vystar Corporation			Pro Forma Adjustments			Notes		Pro Forma
ASSETS
Cash	$	5,854		$	—				$	5,854
Accounts receivable		47,678			—					47,678
Prepaid expense		139,162			—					139,162
Total Current Assets		192,694								192,694
Property & equipment, net		2,701			2,701			(e)		—
Intangible assets, net		151,503			—					151,503
TOTAL ASSETS		346,898			2,701					344,197

LIABILITIES
Related party line of credit		1,499,875			—					1,499,875
Accounts payable		602,854			143,187			(f)		459,667
Accrued compensation		29,801			475			(g)		29,326
Accrued expenses		255,144			(4,094	)		(h)		259,238
Total Current Assets		2,387,674			139,568					2,248,106
Shareholder notes payable		700,068								700,068
Total Liabilities		3,087,742			139,568					2,948,174
STOCKHOLDERS’ DEFICIT
Preferred Stock		1			—					1
Common Stock		9,963			—					9,963
Additional paid-in capital		23,165,472			—					23,165,472
Accumulated deficit		(25,916,280	)		(136,867	)		(i)		(25,779,416	)
Total Stockhlolders’ Deficit		(2,740,844	)		(136,867	)				(2,603,980	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	346,898		$	2,701				$	344,197