Attached files
| file | filename |
|---|---|
| EX-99.1 - Crypto Co | ex99-1.htm |
| 8-K/A - Crypto Co | form8-ka.htm |
EXHIBIT 99.2
The Crypto Company and Blockchain Training Alliance, Inc.
Unaudited Proforma Consolidated Balance Sheets
For the Year Ended December 31, 2020
| Blockchain | ||||||||||||||||||||||||
| The Crypto | Training | |||||||||||||||||||||||
| Company | Alliance, Inc. | |||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||
| 2020(a) | 2020(a) | Adjustment (b) | Adjustment (c) | Adjustment (a) | Consolidated | |||||||||||||||||||
| Assets | ||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||
| Cash | $ | 26,326 | $ | 1,204 | $ | 825,000 | $ | (600,000 | ) | $ | 252,530 | |||||||||||||
| Accounts Receivable - Net | 3,900 | - | - | - | 3,900 | |||||||||||||||||||
| Total Current Assets | 30,226 | 1,204 | 825,000 | - | (600,000 | ) | 256,430 | |||||||||||||||||
| Goodwill | - | - | 1,082,010 | 1,082,010 | ||||||||||||||||||||
| Intangible Assets | - | - | 270,503 | 270,503 | ||||||||||||||||||||
| Total Assets | $ | 30,226 | $ | 1,204 | $ | 825,000 | $ | - | $ | 752,513 | 1,608,943 | |||||||||||||
| Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||
| Accounts Payable and Accrued Liabilities | $ | 1,933,281 | 1,933,281 | |||||||||||||||||||||
| Loans payable | 83,443 | (83,443 | ) | |||||||||||||||||||||
| Notes payable | 300,000 | - | 150,000 | 450,000 | ||||||||||||||||||||
| Total Current Liabilities | 2,233,281 | $ | 83,443 | - | (83,443 | ) | 150,000 | 2,383,281 | ||||||||||||||||
| Long Term Liabilities: | ||||||||||||||||||||||||
| Convertible Debt | 125,000 | - | - | - | - | 125,000 | ||||||||||||||||||
| Notes payable other | 67,592 | - | - | - | 67,592 | |||||||||||||||||||
| Total Long Term Liabilities | 192,592 | - | - | - | - | 192,592 | ||||||||||||||||||
| Total liabilities | 2,425,873 | 83,443 | - | (83,443 | ) | 150,000 | 2,575,873 | |||||||||||||||||
| Commitments and Contingencies | - | - | - | - | - | - | ||||||||||||||||||
| Stockholders’ Equity | ||||||||||||||||||||||||
| Common stock - Par value (0.001) | 21,418 | 600 | 550 | (600 | ) | 201 | 22,169 | |||||||||||||||||
| Additional Paid-In Capital | 30,665,823 | 824,450 | 604,116 | 32,094,389 | ||||||||||||||||||||
| Accumulated Deficit | (33,082,888 | ) | (82,239 | ) | 84,043 | (1,804 | ) | (33,082,888 | ) | |||||||||||||||
| Total Stockholders’ Equity | (2,395,647 | ) | (82,239 | ) | 825,000 | 83,443 | 602,513 | (966,930 | ) | |||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 30,226 | $ | 1,204 | $ | 825,000 | $ | - | $ | 752,513 | $ | 1,608,943 | ||||||||||||
The Crypto Company and Blockchain Training Alliance, Inc.
Unaudited Proforma Consolidated Statements of Operations
For the Year Ended December 31, 2020
| Blockchain | ||||||||||||||||
| The Crypto | Training | |||||||||||||||
| Company | Alliance, Inc. | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2020 | 2020 | Adjustment (d) | Consolidated | |||||||||||||
| Revenue | ||||||||||||||||
| Services | $ | 14,400 | $ | 570,070 | 584,470 | |||||||||||
| Cost of goods sold | - | 101,092 | 101,092 | |||||||||||||
| Gross Profit | 14,400 | 468,978 | 483,378 | |||||||||||||
| - | ||||||||||||||||
| Operating expense: | - | |||||||||||||||
| General and administrative expenses | 749,930 | 486,775 | 1,236,705 | |||||||||||||
| Share based compensation -employee | 175,018 | 175,018 | ||||||||||||||
| Share based compensation - non-employee | 2,146,655 | 2,146,655 | ||||||||||||||
| Total operating expenses | 3,071,603 | 486,775 | 3,558,378 | |||||||||||||
| Loss from operations | (3,057,203 | ) | (17,797 | ) | (3,075,000 | ) | ||||||||||
| Other Income (Expense) | - | |||||||||||||||
| Other Income | 307,522 | 8,000 | 315,522 | |||||||||||||
| Interest expense | (68,036 | ) | - | (68,036 | ) | |||||||||||
| Total other income | 239,486 | 8,000 | 247,486 | |||||||||||||
| Loss from operations before income taxes | (2,817,717 | ) | (9,797 | ) | (2,827,514 | ) | ||||||||||
| Provision for Income Taxes | - | - | - | |||||||||||||
| Net Loss | $ | (2,817,717 | ) | $ | (9,797 | ) | $ | (2,827,514 | ) | |||||||
| - | ||||||||||||||||
| Basic and fully diluted loss per share | $ | (0.13 | ) | $ | (0.00 | ) | $ | (0.13 | ) | |||||||
| Weighted average number of shares outstanding | 21,401,204 | 6,000,000 | (5,248,561 | ) | 22,152,643 | |||||||||||
Notes
| (a) | The Company entered into a Stock Purchase Agreement (“the SPA”) effective as of March 24, 2021 with Blockchain Training Alliance (“BTA”) and its stockholders On April 8, 2021 the Company completed the acquisition of all of the issued and outstanding stock of BTA and BTA became a wholly-owned subsidiary of the Company. At closing the Company delivered to the Sellers, $600,000 in cash, a 1%, one year promissory note and 201,439 shares of common stock. |
The closing price of the Company’s common stock on April 8, 2021 was $3.00 per share. For the purposes of this proforma analysis, 20% of the goodwill is assumed to be the value of intangible assets.
| (b) | Subsequent to December 31, 2020 the Company raised $825,000 from five accredited investors through the private placement of 412,500 common shares at $2.00 per share along with a matching number of five year warrants exercisable at $0.50 per share. These proceeds were used to consummate the acquisition. |
| (c) | Under the terms of the SPA the Sellers were required to pay off all liabilities prior to closing. |
| (d) | To adjust shares outstanding as if the transaction had occurred at the beginning of the 2020 year. |