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EX-99.1 - AUDITED CONSOLIDATED FINANCIAL STATEMENTS - GREEN VISION BIOTECHNOLOGY CORP.vibx_ex991.htm
8-K/A - FORM 8-K/A - GREEN VISION BIOTECHNOLOGY CORP.vibx_8ka.htm

EXHIBIT 99.2

 

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL DATA

 

The following unaudited pro forma condensed combined statement of operations of Lutu International Biotechnology Limited, (“Lutu International” or the "Company") gives effect to the merger of Lutu International and Green Vision Biotechnology Corp. ("GVBT") as if such transaction occurred at the beginning of the periods presented. The unaudited pro forma condensed combined statement of operations for the period ended March 31, 2017 is derived from the unaudited financial statements of Lutu International for the period ended March 31, 2017 and unaudited financial statements of GVBT for the three months ended March 31, 2017.

 

The unaudited pro forma condensed combined balance sheet at March 31, 2017 gives effect to the Merger of Lutu International and GVBT as if such transaction occurred on March 31, 2017.  The unaudited pro forma condensed combined balance sheet is derived from the unaudited balance sheets of Lutu International as of March 31, 2017 and unaudited balance sheet of GVBT as of March 31, 2017.

 

The unaudited pro forma condensed combined financial data do not reflect the effects of any anticipated changes to be made by Lutu International in its operations from the historical operations and are presented for informational purposes only and should not be construed to be indicating (i) the results of operations or the financial position of Lutu International that actually would have occurred had the proposed merger been consummated as of the dates indicated or (ii) the results of operation or the financial position of Lutu International in the future.

 

The proposed Merger is expected to be accounted for as a reverse merger and it is the intention of the parties to discontinue the operations of GVBT immediately upon closing.

 

The following pro forma condensed combined financial data and notes are qualified in their entirety by reference to, and should be read in conjunction with, "Management's Discussion and Analysis of Financial Condition and Results of Operation," the consolidated financial statements and notes thereto of Lutu International and other historical information included elsewhere in this filing.

 

 
FF-1
 
 

  

Green Vision Biotechnology Corp.  

Proforma Condensed Combined Balance Sheet  

As of March 31, 2017

 

 

 

Lutu

 

 

 

 

 

 

 

 

Pro Forma

 

 

 

International

 

 

GVBT

 

 

Adjustments

 

 

Combined

 

 

 

(unudited)

 

 

(unaudited)

 

 

 

 

 

(unaudited)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$ 188,620

 

 

$ -

 

 

$ -

 

 

$ 188,620

 

Accounts receivable, net

 

 

785,318

 

 

 

 

 

 

 

 

 

 

 

785,318

 

Inventories

 

 

271,012

 

 

 

 

 

 

 

 

 

 

 

271,012

 

Advance to suppliers

 

 

43,686

 

 

 

 

 

 

 

 

 

 

 

43,686

 

Other receivables

 

 

108,759

 

 

 

 

 

 

 

 

 

 

 

108,759

 

Amount due from related parties

 

 

1,549,225

 

 

 

 

 

 

 

 

 

 

 

1,549,225

 

Property, plant and equipment

 

 

3,088,435

 

 

 

 

 

 

 

 

 

 

 

3,088,435

 

Intangible assets

 

 

867,445

 

 

 

 

 

 

 

 

 

 

 

867,445

 

Long term lease prepayment

 

 

19,623

 

 

 

 

 

 

 

 

 

 

 

19,623

 

Total assets

 

$ 6,922,123

 

 

$ -

 

 

$ -

 

 

$ 6,922,123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$ 140,153

 

 

$ -

 

 

$ -

 

 

$ 140,153

 

Advance from customer

 

 

14

 

 

 

 

 

 

 

 

 

 

 

14

 

Other payable

 

 

190,239

 

 

 

84,704

 

 

 

 

 

 

 

274,943

 

Other tax payable

 

 

2,233

 

 

 

 

 

 

 

 

 

 

 

2,233

 

Accrued expenses

 

 

105,418

 

 

 

29,595

 

 

 

 

 

 

 

135,013

 

Amount due to related parties

 

 

6,231,093

 

 

 

50,000

 

 

 

 

 

 

 

6,281,093

 

Amount due to holding company

 

 

3,756,122

 

 

 

 

 

 

 

 

 

 

 

3,756,122

 

Total liabilities

 

 

10,425,272

 

 

 

164,299

 

 

 

 

 

 

 

10,589,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

100

 

 

 

60,790

 

 

 

(100 )

 

 

60,790

 

Additional paid in capital

 

 

42,780

 

 

 

(16,862 )

 

 

100

 

 

 

26,018

 

Accumulated other comprehensive loss

 

 

(149,115 )

 

 

 

 

 

 

 

 

 

 

(149,115 )

Accumulated deficit

 

 

(3,396,914 )

 

 

(208,227 )

 

 

 

 

 

 

(3,605,141 )

Total stockholders’ deficit

 

 

(3,503,149

 

 

 

(164,299 )

 

 

 

 

 

 

(3,667,448 )

Total liabilities and stockholders’ deficit

 

$ (6,922,123 )

 

$ -

 

 

$ -

 

 

$ (6,922,123 )

 

 
FF-2
 
 

  

Green Vision Biotechnology Corp.

Proforma Condensed Combined Statement of Operations

For the Three Months Ended March 31, 2017

 

 

 

Lutu

International

 

 

GVBT

 

 

Adjustments

 

 

Pro Forma

Combined

 

 

 

(unaudited)

 

 

(unaudited)

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$ 62,909

 

 

$ -

 

 

$ -

 

 

$ 62,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

38,566

 

 

 

-

 

 

 

 

 

 

 

38,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

24,343

 

 

 

-

 

 

 

 

 

 

 

24,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

217,362

 

 

 

74,716

 

 

 

 

 

 

 

292,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(193,019 )

 

 

(74,716 )

 

 

 

 

 

 

(267,735 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

(3,945 )

 

 

-

 

 

 

 

 

 

 

(3,945 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations before income taxes

 

 

(196,964 )

 

 

(74,716 )

 

 

 

 

 

 

(271,680 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(196,964 )

 

 

(74,716 )

 

 

 

 

 

 

(271,680 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation loss

 

 

24,983

 

 

 

-

 

 

 

 

 

 

 

24,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

$ (171,981 )

 

$ (74,716 )

 

$ -

 

 

$ (246,697 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share information – basic and fully diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,790,000

 

Net loss per share, basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

$ (0.004 )

 

 
FF-3
 
 

  

Green Vision Biotechnology Corp.

Notes to Condensed Combined Proforma Financial Statements

 

Note 1.  Description of the Transaction

 

On May 12, 2017, Green Vision Biotechnology Corp., a Nevada corporation (“GVBT”), entered into separate Investment Agreements (the “Investment Agreements”) with 3 shareholders (the “Investors”) of Lutu International Biotechnology Limited a Cayman Islands corporation (“Lutu International”) who are the owners of one hundred percent (100%) of the outstanding shares of Lutu International.  Pursuant to the terms of the Investment Agreements, each of the Investors agreed to make a direct investment in GVBT in the form of a contribution to GVBT of all shares of common stock of Lutu International owned by the Investor (“Lutu International Shares”), and GVBT agreed to issue to each of the Investors approximately 1,000,000 shares of common stock of the Registrant for each Lutu International Cayman Share invested in GVBT Nevada.  At the time of closing under the Investment Agreements, the Investors will invest a total of 100 Lutu International Cayman Shares (representing 100% of the outstanding stock of Lutu International) in GVBT, by transferring ownership of such shares to GVBT, and GVBT will issue a total of 100,000,000 shares of common stock of GVBT to the Investors in exchange for their Lutu International Cayman Shares.   The effect of the transaction will be to make Lutu International and its subsidiaries wholly-owned subsidiaries of GVBT, and to cause a change of control of GVBT.  Upon the completion of the closing, the Investors will own a total of 100,000,000 shares of common stock of GVBT representing 62.2% of its issued and outstanding common stock.

 

The transaction is being accounted for as a “reverse merger,” since the stockholders of Lutu International will own a majority of the outstanding shares of GVBT’s common stock immediately following the completion of the transaction.  Lutu International is deemed to be the accounting acquirer in the reverse merger.  Consequently, the assets and liabilities and the historical operations that will be reflected in the financial statements for periods prior to the transaction will be those of Lutu International and its subsidiaries, and will be recorded at the historical cost basis of Lutu International.  After completion of the transaction, GVBT’s consolidated financial statements will include the assets and liabilities of GVBT and Lutu International and its subsidiaries, the historical operations of Lutu International and its subsidiaries, and the operations of GVBT from the closing date of the transaction.

 

Note 2.  Presentation

 

The proforma condensed combined financial statements gives effect to the transaction as if occurred at the beginning of the periods presented.

 

 

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