Attached files
| file | filename |
|---|---|
| EX-3.D - WATERS CLUB HOLDINGS, INC. | ex3_d.htm |
| 8-K/A - WATERS CLUB HOLDINGS, INC. | petrus8ka_12192016.htm |
Exhibit 99.1
UNAUDITED PRO FORMA FINANCIAL STATEMENTS
Petrus Resources Corporation and Waters Club Worldwide, Inc.
Exhibit 99.1 -- Page 1
NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS
Unaudited Pro Forma Financial Information.
The unaudited pro forma financial statements have been prepared in order to present consolidated financial position and results of operations of Petrus Resources Corporation and Waters Club Worldwide, Inc. as if the acquisitions occurred as of June 30, and to give effect to the acquisition as if the transactions had taken place at January 1, 2016 and January 1, 2015 for the pro forma consolidated statement of operations for the six months ended June 30, 2016 and the year ended December 31, 2015.
The unaudited pro forma combined financial statements were prepared using the reverse acquisition application of the acquisition method of accounting as described in ASC 805-40-05-2, with Waters Club Worldwide, Inc. treated as the acquiror for U.S. GAAP accounting and financial reporting purposes. Accordingly, the unaudited pro forma combined financial statements are presented as a continuation of Waters Club Worldwide, Inc.'s financial statements with an adjustment to reflect the issued equity capital of Petrus Resources Corporation, the legal parent, including the equity issued by Petrus Resources Corporation to effect the business combination.
Exhibit 99.1 -- Page 2
|
WATERS CLUB WORLDWIDE, INC.
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|||||||||||||||||||
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UNAUDITED PRO FORMA BALANCE SHEET
|
|||||||||||||||||||
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AS OF JUNE 30, 2016
|
|||||||||||||||||||
|
Petrus
Resources
Corporation
|
Waters Club
Worldwide
|
Pro Forma
Adjustments to
Reflect the
Acquisitions
|
Consolidated
Pro Forma
|
||||||||||||||||
|
Cash
|
$
|
-
|
$
|
93,636
|
$
|
93,636
|
|||||||||||||
|
Accounts receivable
|
180,000
|
180,000
|
|||||||||||||||||
|
Deposits
|
-
|
152,500
|
152,500
|
||||||||||||||||
|
Total current assets
|
-
|
426,136
|
-
|
426,136
|
|||||||||||||||
|
Yacht improvements, net
|
-
|
293,498
|
293,498
|
||||||||||||||||
|
Total assets
|
-
|
719,633
|
-
|
719,633
|
|||||||||||||||
|
|
|||||||||||||||||||
|
Accounts payable
|
6,680
|
121
|
6,801
|
||||||||||||||||
|
Refunds due to customer
|
18,000
|
18,000
|
|||||||||||||||||
|
Deferred revenue
|
666,750
|
666,750
|
|||||||||||||||||
|
Loan payable
|
91,667
|
91,667
|
|||||||||||||||||
|
Related party payable
|
22,789
|
324,075
|
346,864
|
||||||||||||||||
|
Total current liabilities
|
29,469
|
1,100,613
|
-
|
1,130,082
|
|||||||||||||||
|
|
|||||||||||||||||||
|
Total liabilities
|
29,469
|
1,100,613
|
-
|
1,130,082
|
|||||||||||||||
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|
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Stockholders' equity
|
|||||||||||||||||||
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Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued or outstanding
|
-
|
2,000
|
2,000
|
||||||||||||||||
|
Common stock, $0.0001 par value; 100,000,000 shares authorized; 8,000,000 shares issued and outstanding
|
800
|
6,100
|
|
(1)
|
|
6,900
|
|||||||||||||
|
Common stock, $0.0001 par value; 200,000,000 shares authorized; 80,000,000 shares issued and outstanding
|
8,000
|
(8,000
|
)
|
(1)
|
|
-
|
|||||||||||||
|
Additional paid in capital
|
-
|
167,000
|
(30,369
|
)
|
(1)
|
|
136,631
|
||||||||||||
|
Accumulated deficit
|
(30,269
|
)
|
(555,980
|
)
|
30,269
|
(555,980
|
)
|
||||||||||||
|
Total stockholders' equity
|
(29,469
|
)
|
(380,980
|
)
|
-
|
(410,449
|
)
|
||||||||||||
|
|
|||||||||||||||||||
|
Total liabilities and stockholders' equity
|
$
|
-
|
$
|
719,633
|
$
|
-
|
$
|
719,633
|
|||||||||||
|
(1) 60,000,000 shares of Petrus Resources Corporation ("Petrus") common stock and 20,000,000 shares of Petrus preferred stock will be issued to Waters Club Worldwide, Inc. ("WCW") shareholders in exchange for their 80,000,000 shares of WCW. 1,000,000 shares of Petrus common stock will be issued to Petrus shareholders.
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Exhibit 99.1 -- Page 3
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WATERS CLUB WORLDWIDE, INC.
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UNAUDITED PRO FORMA STATEMENTS OF OPERATIONS
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SIX MONTHS ENDED JUNE 30, 2016
|
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|
Petrus
Resources
Corporation
|
Waters
Club
Worldwide
|
Pro Forma
Adjustments to
Reflect the
Acquisitions
|
Consolidated
Pro Forma
|
|||||||||||||
|
Revenues
|
$
|
-
|
$
|
1,052,088
|
$
|
1,052,088
|
||||||||||
|
Cost of revenue
|
-
|
963,297
|
963,297
|
|||||||||||||
|
Gross profit
|
-
|
88,791
|
-
|
88,791
|
||||||||||||
|
Operating expense
|
4,000
|
304,561
|
-
|
308,561
|
||||||||||||
|
Loss before provision for income taxes
|
(4,000
|
)
|
(215,770
|
)
|
-
|
(219,770
|
)
|
|||||||||
|
Provision for income taxes
|
-
|
-
|
-
|
-
|
||||||||||||
|
Net loss
|
(4,000
|
)
|
(215,770
|
)
|
-
|
(219,770
|
)
|
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Net los per share, basic and diluted
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
-
|
$
|
(0.00
|
)
|
|||||
|
Weighted average shares outstanding
|
8,000,000
|
79,626,374
|
18,626,374
|
69,000,000
|
||||||||||||
Exhibit 99.1 -- Page 4
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WATERS CLUB WORLDWIDE, INC.
|
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UNAUDITED PRO FORMA STATEMENTS OF OPERATIONS
|
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|
YEAR ENDED DECEMBER 31, 2015
|
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|
Petrus
Resources
Corporation
|
Waters
Club
Worldwide
|
Pro Forma
Adjustments to
Reflect the
Acquisitions
|
Consolidated
Pro
Forma
|
|||||||||||||
|
Revenues
|
$
|
-
|
$
|
2,412,366
|
$
|
2,412,366
|
||||||||||
|
Cost of revenue
|
-
|
2,161,428
|
2,161,428
|
|||||||||||||
|
Gross profit
|
-
|
250,938
|
-
|
250,938
|
||||||||||||
|
Operating expense
|
9,325
|
580,948
|
-
|
590,273
|
||||||||||||
|
Loss before provision for income taxes
|
(9,325
|
)
|
(330,010
|
)
|
-
|
(339,335
|
)
|
|||||||||
|
Provision for income taxes
|
-
|
-
|
-
|
-
|
||||||||||||
|
Net loss
|
(9,325
|
)
|
(330,010
|
)
|
-
|
(339,335
|
)
|
|||||||||
|
Net los per share, basic and diluted
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
$
|
-
|
$
|
(0.00
|
)
|
|||||
|
Weighted average shares outstanding
|
8,000,000
|
35,383,699
|
25,616,301
|
69,000,000
|
||||||||||||
Exhibit 99.1 -- Page 5