Attached files
| file | filename |
|---|---|
| EX-99.1 - CONSOLIDATED FINANCIAL STATEMENTS OF SING KONG SUPPLY CHAIN MANAGEMENT CO., LTD. - Starlight Supply Chain Management Co | f8k111816a2ex99i_starlight.htm |
| EX-10.12 - AGREEMENT BETWEEN HEBEI PROVINCE SHA HE ECONOMIC DEVELOPMENT ZONE MANAGEMENT COM - Starlight Supply Chain Management Co | f8k111816a2ex10xii_starlight.htm |
| 8-K/A - AMENDMENT NO.2 TO FORM 8-K - Starlight Supply Chain Management Co | f8k111816a2_starlightsupply.htm |
EXHIBIT 99.2
Proforma Condensed Combined Financial Information
The accompanying unaudited proforma condensed combined financial information have been prepared to present the balance sheet and statements of operations of Starlight Supply Chain Management Company (the “Company”), to indicate how the combined financial statements of the Company might have looked like if the acquisition of Sing Kong Supply Chain Management Co. Limited, (“Sing Kong-HK”) (including its wholly-foreign owned entity, Starlight Consultation Service (Shenzhen) Co., Ltd. (“WFOE”)), and Sing Kong Supply Chain Management Co. Ltd. Shenzhen (“Sing Kong-China” or the “Operating Company”) and transactions related to the acquisition had occurred as of the beginning of the periods presented. Sing Kong-HK, the WFOE and Sing Kong-China shall be collectively referred to as “Sing Kong.”
The proforma condensed combined balance sheet as of April 30, 2016 is presented as if the acquisition of Sing Kong had occurred on April 30, 2016.
The proforma condensed combined statements of operations for the year ended April 30, 2016, are presented as if the acquisition of Sing Kong had occurred on May 1, 2015 and were carried forward through each of the aforementioned periods presented.
The proforma condensed combined financial statements should be read in conjunction with a reading of the historical financial statements and accompanying notes of the Company included in the Annual Report on Form 10-K for the fiscal year ended April 30, 2016 and of Sing Kong included in this Form 8-K for the year ended April 30, 2016.
These proforma condensed combined financial statements are presented for illustrative purposes only and are not intended to be indicative of actual consolidated financial position and consolidated results of operations had the purchase been in effect during the periods presented, or of consolidated financial condition or consolidated results of operations that may be reported in the future.
Note the pro forma adjustments contained in the pro forma condensed financial statements relate to the assumptions of all prior and existing liabilities of the Company upon consummation of the purchase.
| 1 |
Proforma Condensed Balance Sheet
As of April 30, 2016
(Stated in U.S. Dollars)
| Historical | Pro Forma | |||||||||||||||||||||
| Sing Kong-China | Sing Kong-HK & WOFE | Starlight | Adjustments | Note 2 | Combined | |||||||||||||||||
| ASSETS | ||||||||||||||||||||||
| Current assets | ||||||||||||||||||||||
| Cash and cash equivalents | $ | 14,481 | - | 14,481 | ||||||||||||||||||
| Account receivables | 103,924 | - | 103,924 | |||||||||||||||||||
| Other receivables | 9,543 | - | 9,543 | |||||||||||||||||||
| Escrow fund receivables | - | 50 | (50 | ) | (1) | - | ||||||||||||||||
| Total current assets | 127,948 | 50 | 127,948 | |||||||||||||||||||
| Non-current assets | ||||||||||||||||||||||
| Property, plant and equipment | 2,402 | - | 2,402 | |||||||||||||||||||
| Total non-current assets | 2,402 | - | 2,402 | |||||||||||||||||||
| Total assets | 130,350 | 50 | 130,350 | |||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||
| Account payables | - | 26,288 | (26,288 | ) | (1) | - | ||||||||||||||||
| Receipt in advance | 103,926 | - | 103,926 | |||||||||||||||||||
| Other payables | 6,152 | - | 6,152 | |||||||||||||||||||
| Amount due to shareholder | 65,672 | 593 | 23,000 | (23,000 | ) | (1) | 66,265 | |||||||||||||||
| Wages payables | 9,972 | - | 9,972 | |||||||||||||||||||
| Tax payables | 2,998 | - | 2,998 | |||||||||||||||||||
| Total current liabilities | 188,720 | 593 | 49,288 | 189,313 | ||||||||||||||||||
| Deferred tax liabilities | - | - | - | - | ||||||||||||||||||
| Total non-current liabilities | - | - | - | - | ||||||||||||||||||
| Total liabilities | 188,720 | 593 | 49,288 | 189,313 | ||||||||||||||||||
| Commitments and contingencies | ||||||||||||||||||||||
| STOCKHOLDERS’ DEFICIT | ||||||||||||||||||||||
| Preferred stock | - | - | - | - | ||||||||||||||||||
| Common stock | - | 129 | 20,700 | 4,772,917 | ||||||||||||||||||
| 4,752,217 | (2) | |||||||||||||||||||||
| (129 | ) | (3) | ||||||||||||||||||||
| Additional paid-in capital | - | 37,100 | (57,800 | ) | (1) | (4,772,917 | ) | |||||||||||||||
| (4,752,217 | ) | (2) | ||||||||||||||||||||
| 129 | (3) | |||||||||||||||||||||
| (129 | ) | (4) | ||||||||||||||||||||
| Accumulated deficit | (58,285 | ) | (593 | ) | (107,038 | ) | 107,038 | (1) | (58,878 | ) | ||||||||||||
| Subscription receivables | - | (129 | ) | 129 | (4) | - | ||||||||||||||||
| Accumulated other comprehensive loss | (85 | ) | - | (85 | ) | |||||||||||||||||
| Total stockholders’ (deficit) equity | (58,370 | ) | (593 | ) | (49,238 | ) | (58,963 | ) | ||||||||||||||
| Total liabilities and stockholders’ deficit | 130,350 | - | 50 | 130,350 | ||||||||||||||||||
| 2 |
Proforma Condensed Statement of Operations
For the Year Ended April 30, 2016
(Stated in U.S. Dollars)
| Historical | Pro Forma | |||||||||||||||||||||
| Sing Kong-China | Sing Kong-HK & WOFE | Starlight | Adjustments | Note 2 | Combined | |||||||||||||||||
| Revenue | $ | 14,791,123 | - | - | 14,791,123 | |||||||||||||||||
| Cost of revenue | (14,771,500 | ) | - | - | (14,771,500 | ) | ||||||||||||||||
| Gross profit | 19,623 | - | - | 19,623 | ||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||
| Selling | - | - | 13,979 | (13,979 | ) | (1) | - | |||||||||||||||
| General and administrative | 77,603 | 593 | 49,088 | (49,088 | ) | (1) | 78,196 | |||||||||||||||
| Income/(Loss) from operations | (57,980 | ) | (593 | ) | (63,067 | ) | (58,573 | ) | ||||||||||||||
| Other loss | (305 | ) | - | - | (305 | ) | ||||||||||||||||
| Income/(Loss) before income taxes | (58,285 | ) | (593 | ) | (63,067 | ) | (58,878 | ) | ||||||||||||||
| Provision for income taxes | - | - | - | - | ||||||||||||||||||
| Net Income/(Loss) | (58,285 | ) | (593 | ) | (63,067 | ) | (58,878 | ) | ||||||||||||||
| Foreign currency translation adjustment | (85 | ) | - | - | (85 | ) | ||||||||||||||||
| Comprehensive Income/(Loss) | (58,370 | ) | (593 | ) | (63,067 | ) | (58,963 | ) | ||||||||||||||
| 3 |
Proforma Condensed Statement of Operations
For the Period Ended October 31, 2016
(Stated in U.S. Dollars)
| Historical | Pro Forma | |||||||||||||||||||||
| Sing Kong-China | Sing Kong-HK & WOFE | Starlight | Adjustments | Note 2 | Combined | |||||||||||||||||
| Revenue | $ | 23,195,106 | - | - | 23,195,106 | |||||||||||||||||
| Cost of revenue | (23,159,551 | ) | - | - | (23,159,551 | ) | ||||||||||||||||
| Gross profit | 35,555 | - | - | 35,555 | ||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||
| Selling | - | - | 902 | (902 | ) | (1) | - | |||||||||||||||
| General and administrative | 131,028 | 4,332 | 34,869 | (34,869 | ) | (1) | 135,360 | |||||||||||||||
| Income/(Loss) from operations | (95,473 | ) | (4,332 | ) | (35,771 | ) | (99,805 | ) | ||||||||||||||
| Other loss | (203 | ) | (14 | ) | - | (217 | ) | |||||||||||||||
| Income/(Loss) before income taxes | (95,676 | ) | (4,346 | ) | (35,771 | ) | (100,022 | ) | ||||||||||||||
| Provision for income taxes | - | - | - | - | ||||||||||||||||||
| Net Income/(Loss) | (95,676 | ) | (4,346 | ) | (35,771 | ) | (100,022 | ) | ||||||||||||||
| Foreign currency translation adjustment | (1,782 | ) | 74 | - | (1,708 | ) | ||||||||||||||||
| Comprehensive Income/(Loss) | (97,458 | ) | (4,272 | ) | (35,771 | ) | (101,730 | ) | ||||||||||||||
| 4 |
Notes to Pro Forma Condensed Financial Statements
Note 1 – Basis of Presentation
The proforma condensed combined balance sheet as of April 30, 2016, and the proforma condensed combined statements of operations for the year ended April 30, 2016, are based on the historical financial statements of the Company and Sing Kong after giving effect of the reverse merger between the Company and Sing Kong on April 30, 2016, and the assumptions, reclassifications and adjustments described in the accompanying notes to the unaudited pro forma condensed combined financial information.
Note 2 – Adjustments
| (1) | To eliminate assets and liabilities retained by predecessor owners of the Company | |
| (2) | To add the issuance of common stock of 4,752,217,304 shares. | |
| (3) | To eliminate the common stock of Sing Kong-China. | |
| (4) | To eliminate the subscription receivables of Sing Kong-HK. |
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