Attached files
| file | filename |
|---|---|
| EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Coeptis Therapeutics Inc. | vinings_ex2301.htm |
| EX-99.1 - FINANCIAL STATEMENTS - Coeptis Therapeutics Inc. | vinings_ex9901.htm |
| 8-K/A - FORM 8-K AMENDMENT - Coeptis Therapeutics Inc. | vinings_8ka.htm |
Exhibit 99.2
VININGS HOLDINGS, INC.
PRO FORMA COMBINED CONSOLIDATED BALANCE SHEET DATA
DECEMBER 31, 2020 (UNAUDITED)
| Assets | Coeptis | Vinings | Pro forma Adjustments | NR | Combined | ||||||||||||
| Current Assets | |||||||||||||||||
| Cash | $ | 202,965 | $ | 6,355 | $ | (51,045 | ) | 2 | $ | 158,275 | |||||||
| Accounts receivable | 21,786 | – | 21,786 | ||||||||||||||
| Inventories | – | – | – | ||||||||||||||
| Total Current Assets | 224,751 | 6,355 | (51,045 | ) | 180,061 | ||||||||||||
| Furniture and equipment, net | 15,507 | – | – | 15,507 | |||||||||||||
| License right | – | – | – | ||||||||||||||
| Right of use asset, net of accumulated amortization | 58,225 | 58,225 | |||||||||||||||
| Other assets | 2,000 | 2,000 | |||||||||||||||
| $ | 300,484 | $ | 6,355 | $ | (51,045 | ) | $ | 255,794 | |||||||||
| Liabilities and Stockholders' Equity (Deficit) | |||||||||||||||||
| Current Liabilities | |||||||||||||||||
| Accounts payable | $ | 1,623,840 | $ | – | $ | 1,623,840 | |||||||||||
| Accrued expenses | 732,146 | 732,146 | |||||||||||||||
| Notes payable, current portion | 1,277,500 | – | 1,277,500 | ||||||||||||||
| Notes payable, related parties, current portion | 604,000 | 604,000 | |||||||||||||||
| Right of use liability, current portion | 41,618 | – | 41,618 | ||||||||||||||
| Other Payable | – | – | – | ||||||||||||||
| Advances from related parties | 51,045 | (51,045 | ) | 2 | – | ||||||||||||
| Deferred revenue | 1,000,000 | – | 1,000,000 | ||||||||||||||
| TOTAL CURRENT LIABILITIES | 5,279,104 | 51,045 | (51,045 | ) | 5,279,104 | ||||||||||||
| LONG TERM LIABILITIES | |||||||||||||||||
| Note payable | 150,000 | – | 150,000 | ||||||||||||||
| Right of use liability, non-current portion | 14,723 | – | 14,723 | ||||||||||||||
| Total Non current liab | 164,723 | – | 164,723 | ||||||||||||||
| Total Liabilities | 5,443,826 | 51,045 | (51,045 | ) | 5,443,826 | ||||||||||||
| COMMITMENTS AND CONTINGENCIES | – | ||||||||||||||||
| – | |||||||||||||||||
| STOCKHOLDERS' EQUITY (DEFICIT) | – | ||||||||||||||||
| Series B Preferred shares | 1 | 1 | |||||||||||||||
| Vinings' common stock, $ .0001 par value | – | ||||||||||||||||
| 1,588,800 shares issued and outstanding | 171 | (171 | ) | 1 | – | ||||||||||||
| Coeptis' Common stock, $ .0001 par value | – | ||||||||||||||||
| 25,178,840 shares issued and outstanding | 2,519 | – | 2,519 | ||||||||||||||
| Additional paid-in capital | 8,954,985 | 545,527 | (590,218 | ) | 1 | 8,910,294 | |||||||||||
| Common stock Subscribed | – | – | – | ||||||||||||||
| Accumulated deficit | (14,100,846 | ) | (590,389 | ) | 590,389 | 1 | (14,100,846 | ) | |||||||||
| Total stockholders' equity | (5,143,342 | ) | (44,690 | ) | – | (5,188,032 | ) | ||||||||||
| Total liabilities and stockholders' equity | $ | 300,484 | $ | 6,355 | $ | (51,045 | ) | $ | 255,794 | ||||||||
| Shares | 25,178,840 | 1,588,800 | 26,767,640 | ||||||||||||||
| Book value per share | $ | (0.20 | ) | $ | (0.03 | ) | $ | (0.19 | ) | ||||||||
| 1 |
VININGS HOLDINGS, INC.
PRO FORMA COMBINED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2020 (UNAUDITED)
| Coeptis | Vinings | Pro forma Adjustments | NR | Combined | |||||||||||||
| SALES | |||||||||||||||||
| $ | 14,561 | $ | 14,561 | ||||||||||||||
| Sales | 16,200 | 16,200 | |||||||||||||||
| Total Sales | 30,761 | 30,761 | |||||||||||||||
| Cost of goods, including obsolesence | 964,217 | 964,217 | |||||||||||||||
| Gross Profit | (933,456 | ) | – | (933,456 | ) | ||||||||||||
| – | |||||||||||||||||
| COST OF OPERATIONS | – | ||||||||||||||||
| Research and development | 3,543 | 3,543 | |||||||||||||||
| General and administrative expenses | 5,769,604 | 566,678 | (566,678 | ) | 3 | 5,769,604 | |||||||||||
| Selling and marketing | 6,608 | 6,608 | |||||||||||||||
| Interest expense | 148,192 | 148,192 | |||||||||||||||
| 5,927,947 | 566,678 | (566,678 | ) | 5,927,947 | |||||||||||||
| LOSS FROM OPERATIONS | (6,861,403 | ) | (566,678 | ) | 566,678 | (6,861,403 | ) | ||||||||||
| – | |||||||||||||||||
| OTHER INCOME (EXPENSE) | – | ||||||||||||||||
| Royalties & Licensing Fees | (2,294,883 | ) | (2,294,883 | ) | |||||||||||||
| Gain on sale of research and development | – | – | |||||||||||||||
| Interest (expense) -related party | (5,306 | ) | 5,306 | 3 | – | ||||||||||||
| Gain (loss) on divestitures of subsidiaries | (5,000 | ) | 5,000 | 3 | – | ||||||||||||
| TOTAL OTHER INCOME (EXPENSE) | (2,294,883 | ) | (10,306 | ) | 10,306 | (2,294,883 | ) | ||||||||||
| – | |||||||||||||||||
| LOSS BEFORE INCOME TAXES | (9,156,287 | ) | (576,984 | ) | 576,984 | (9,156,287 | ) | ||||||||||
| INCOME TAXES (BENEFIT) | – | – | – | ||||||||||||||
| NET LOSS | $ | (9,156,287 | ) | $ | (576,984 | ) | $ | 576,984 | $ | (9,156,287 | ) | ||||||
| LOSS PER SHARE | |||||||||||||||||
| Loss per share, basic and fully diluted | $ | (0.51 | ) | $ | (0.36 | ) | $ | (0.36 | ) | $ | (0.51 | ) | |||||
| Weighted average number of common shares outstanding | 18,083,430 | 1,609,498 | (1,609,498 | ) | 18,083,430 | ||||||||||||
| 2 |
Vinings Holdings, Inc.
Notes to Unaudited Pro Forma Combined Financial Information
Note 1 – Description of transactions
On February 12, 2021, Vinings Holdings, Inc. (“Vinings”, ‘‘we’’, ‘‘us’’ or the “Company”) acquired Coeptis Pharmaceuticals, Inc. (“Coeptis”) in an all-stock transaction. The acquisition of Coeptis was accomplished through a reverse merger of Coeptis and into Vinings, with Coeptis determined to be the accounting acquirer of Vinings. As such, the proforma financial statements of the registrant are those of Coeptis and, in connection with the acquisition, Coeptis’ shares of common stock was exchanged for an equal number of shares of common stock of Vinings.
Note 2 – Basis of presentation
The unaudited pro forma combined financial information is based on the historical consolidated financial information of Vinings and Coeptis and has been prepared to give the effect of the Vinings and Coeptis Merger.
The unaudited pro forma combined financial information was prepared using the acquisition method of accounting, with Coeptis considered the accounting acquirer and Vinings the legal survivor. The merger is a reverse merger where the accounting acquirer is not the same as the legal acquirer.
To prepare the unaudited pro forma combined financial information, the accounts and balances of Coeptis were continued as the accounting survivor of the reverse merger with the operating results of Vinings adjusted through the accumulated deficit and additional paid-in-capital accounts of Vinings such that the post-merger accounts and balances remain those of Coeptis and the equity accounts remain those of Vinings, the legal surviving entity, giving effect to the exchange of shares between the stockholders. As a result, the following proforma adjustments have been made. Accordingly, the final acquisition accounting adjustments may be materially different from the unaudited transaction accounting adjustments contained herein.
Note 3 – Pro Forma Adjustments
| 1. | At the time of the merger, all of the outstanding common shares of Vinings were exchanged one for one for the outstanding shares of Coeptis. Additionally, 25,178,840 common stock shares of Vinings were issued to the new controlling shareholders. |
| 2. | At the time of the merger, cash was paid by Coeptis to Vinings repaying in full the liability for advances and accrued interest to related parties. |
| 3. | At the time of the merger, Vinings’ accumulated deficit totaling $590,389, including $576,984 related to operations for the year ended December 31, 2020, was eliminated and adjusted into the additional paid-in-capital of Coeptis. |
| 3 |