Attached files
| file | filename |
|---|---|
| 8-K - NATURAL BLUE RESOURCES, INC. | naturalblue-8ka_020510.htm |
Exhibit
99.2
Natural
Blue Resources
Pro
Forma Balance Sheet
For
the Proforma Period Ending December 31,2008
|
NBR
Del
|
AMS
|
AMS
Pro Forma Adj
|
Pro
Forma for AMS Divestiture
|
NBR
Nev
|
NBR
Nev Pro Forma Adj
|
Pro
Forma Total
|
||||||||||||||||||||||
|
12/31/08
|
12/31/08
|
07/31/09
|
||||||||||||||||||||||||||
|
Audited
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Audited
|
(unaudited)
|
(unaudited)
|
||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||
|
CURRENT
ASSETS
|
||||||||||||||||||||||||||||
|
Cash
and cash equivalents
|
$ | 398,978 | $ | 379,907 | $ | - | $ | 19,071 | $ | 1,928,607 | $ | - | $ | 1,947,678 | ||||||||||||||
|
Stock
subscription receivable
|
3,000 | - | - | 3,000 | - | - | 3,000 | |||||||||||||||||||||
|
Available
for sale investment
|
- | - | 378,750 | - | 378,750 | |||||||||||||||||||||||
|
Accounts
receivable, net
|
1,250,973 | 1,222,648 | - | 28,325 | - | - | 28,325 | |||||||||||||||||||||
|
Inventory
|
310,186 | 284,221 | - | 25,965 | - | - | 25,965 | |||||||||||||||||||||
|
Prepaid
expenses
|
9,540 | - | - | 9,540 | - | - | 9,540 | |||||||||||||||||||||
|
Intercompany
receivable
|
- | 754,175 | 754,175 | - | - | - | - | |||||||||||||||||||||
|
Other
current assets
|
- | - | - | - | 1,704 | - | 1,704 | |||||||||||||||||||||
|
Total
Current Assets
|
1,972,677 | 2,640,951 | 754,175 | 85,901 | 2,309,061 | - | 2,394,962 | |||||||||||||||||||||
|
PROPERTY
AND EQUIPMENT - NET
|
2,319,341 | 1,508,819 | - | 810,522 | - | - | 810,522 | |||||||||||||||||||||
|
OTHER
ASSETS
|
||||||||||||||||||||||||||||
|
Held
to maturity investment
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
TOTAL
ASSETS
|
$ | 4,292,018 | $ | 4,149,770 | $ | 754,175 | $ | 896,423 | $ | 2,309,061 | $ | - | $ | 3,205,484 | ||||||||||||||
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
CURRENT
LIABILITIES
|
||||||||||||||||||||||||||||
|
Accounts
payable & accrued liabilities
|
$ | 2,362,979 | $ | 416,041 | $ | - | $ | 1,946,938 | $ | 31,101 | $ | - | $ | 1,978,039 | ||||||||||||||
|
Due
to related parties
|
12,200 | - | - | 12,200 | - | - | 12,200 | |||||||||||||||||||||
|
Judgements
payable
|
455,000 | - | - | 455,000 | - | - | 455,000 | |||||||||||||||||||||
|
Notes
payable - current portion
|
364,329 | - | (69,224 | ) | 295,105 | - | - | 295,105 | ||||||||||||||||||||
|
Total
Current Liabilities
|
3,194,508 | 416,041 | (69,224 | ) | 2,709,243 | 31,101 | - | 2,740,344 | ||||||||||||||||||||
|
NOTES
PAYABLE, LONG TERM
|
4,209,497 | 278,721 | (3,930,776 | ) | - | - | - | - | ||||||||||||||||||||
|
Total
Liabilities
|
7,404,005 | 694,762 | (4,000,000 | ) | 2,709,243 | 31,101 | - | 2,740,344 | ||||||||||||||||||||
|
MINORITY
INTEREST
|
(67,939 | ) | - | - | (67,939 | ) | - | - | (67,939 | ) | ||||||||||||||||||
|
STOCKHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
stock
|
40,970 | 1,000 | 1,000 | 40,970 | 4,069 | - | 45,039 | |||||||||||||||||||||
|
Paid
in Capital
|
33,360,781 | 317,044 | 4,371,044 | 37,414,781 | 2,466,195 | - | 39,880,976 | |||||||||||||||||||||
|
Stock
subscription receivable
|
(105,000 | ) | - | - | (105,000 | ) | - | - | (105,000 | ) | ||||||||||||||||||
|
Other
comprehensive items
|
(36,750 | ) | - | - | (36,750 | ) | 293,750 | - | 257,000 | |||||||||||||||||||
|
Deficit
accumulated during the development stage
|
(36,296,209 | ) | 3,136,964 | 382,131 | (39,051,042 | ) | (486,054 | ) | - | (39,537,096 | ) | |||||||||||||||||
|
Total
Stockholders' Deficit (before Treasury Stock)
|
(3,036,208 | ) | 3,455,008 | 4,754,175 | (1,737,041 | ) | 2,277,960 | - | 540,919 | |||||||||||||||||||
|
Less
Treasury stock
|
(7,840 | ) | - | - | (7,840 | ) | - | - | (7,840 | ) | ||||||||||||||||||
| (3,044,048 | ) | 3,455,008 | 4,754,175 | (1,744,881 | ) | 2,277,960 | - | 533,079 | ||||||||||||||||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 4,292,018 | $ | 4,149,770 | $ | 754,175 | $ | 896,423 | $ | 2,309,061 | $ | - | $ | 3,205,484 | ||||||||||||||
|
The
Notes to the Financial Statements are an integral part of these financial
statements.
|
Natural
Blue Resources
Pro
Forma Statement of Operations
For
the Proforma Period Ending December 31,2008
|
NBR
Del
|
AMS
|
AMS
Pro Forma Adj
|
Pro
Forma for AMS Divestiture
|
NBR
Nev
|
NBR
Nev Pro Forma Adj
|
Pro
Forma Total
|
||||||||||||||||||||||
|
12/31/08
|
12/31/08
|
07/31/09
|
||||||||||||||||||||||||||
|
Audited
|
(unaudited)
|
(unaudited)
|
Audited
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
|
NET
SALES
|
$ | 10,916,314 | $ | 10,912,794 | $ | $ | 3,520 | $ | $ | $ | 3,520 | |||||||||||||||||
|
COST
OF SALES
|
9,414,299 | 9,135,894 | - | 278,405 | - | - | 278,405 | |||||||||||||||||||||
|
GROSS
MARGIN
|
1,502,015 | 1,776,900 | - | (274,885 | ) | - | - | (274,885 | ) | |||||||||||||||||||
|
OPERATING
EXPENSES
|
||||||||||||||||||||||||||||
|
Impairment
of investment
|
- | - | - | - | 203,068 | - | 203,068 | |||||||||||||||||||||
|
General
and administrative
|
2,130,406 | - | - | 2,130,406 | 238,183 | - | 2,368,589 | |||||||||||||||||||||
|
Selling
and marketing
|
406,773 | 1,047,490 | - | (640,717 | ) | 2,500 | - | (638,217 | ) | |||||||||||||||||||
|
Research
and development
|
93,896 | - | - | 93,896 | 45,371 | - | 139,267 | |||||||||||||||||||||
|
Litigation
loss
|
85,551 | - | - | 85,551 | - | - | 85,551 | |||||||||||||||||||||
|
Total
Operating Expenses
|
2,716,626 | 1,047,490 | - | 1,669,136 | 489,122 | - | 2,158,258 | |||||||||||||||||||||
|
LOSS
FROM OPERATIONS
|
(1,214,611 | ) | 729,410 | - | (1,944,021 | ) | (489,122 | ) | - | (2,433,143 | ) | |||||||||||||||||
|
OTHER
INCOME (EXPENSES)
|
||||||||||||||||||||||||||||
|
Interest,
net
|
(399,528 | ) | (16,243 | ) | - | (383,285 | ) | 3,068 | - | (380,217 | ) | |||||||||||||||||
|
Gain
on trade-in of fixed assets
|
46,221 | - | - | 46,221 | - | - | 46,221 | |||||||||||||||||||||
|
Accounts
payable reserve amortization
|
16,000 | - | - | 16,000 | - | - | 16,000 | |||||||||||||||||||||
|
Debt
write-off
|
2,342,302 | - | - | 2,342,302 | - | - | 2,342,302 | |||||||||||||||||||||
|
Other
income
|
4,408 | - | - | 4,408 | - | - | 4,408 | |||||||||||||||||||||
|
Total
Other Income (Expenses)
|
2,009,403 | (16,243 | ) | - | 2,025,646 | 3,068 | - | 2,028,714 | ||||||||||||||||||||
|
LOSS
BEFORE INCOME TAXES
|
794,792 | 713,167 | - | 81,625 | (486,054 | ) | - | (404,429 | ) | |||||||||||||||||||
|
PROVISION
FOR INCOME TAXES
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
NET
LOSS
|
$ | 794,792 | $ | 713,167 | $ | - | $ | 81,625 | $ | (486,054 | ) | $ | - | $ | (404,429 | ) | ||||||||||||
|
The
Notes to the Financial Statements are an integral part of these financial
statements.
|
Natural
Blue Resources, Inc.
(A
Development Stage Enterprise)
Notes
to the Proforma Financial Statements
For the Proforma Period ending December 31,
2008
Notes A
through H:
See the
accompanying Notes to the Financial Statements, for the period from inception
(March 2, 2009) to July 31, 2009.
Proforma
Adjustments:
The
Company has developed their Proforma Financial Statements using the same
accounting policies and practices as more fully described in the Accompanying
Notes to the Financial Statements, for the Period from Inception(March 2, 2009)
to July 31, 2009. In addition, they have made the following proforma
adjustments:
Extinguishment
of Note: On July 1, 2009 the Company entered into an agreement with
Blue Earth Solutions, Inc to sell their wholly-owned subsidiary knows as the
American Marketing & Sales (“AMS”) As part of the transaction, the Natural
Blue Resources, Inc (formerly known as DataMeg) was able to extinguish
collateralized Note along with the related accrued interest. Accordingly, these
amounts have been adjusted in the Proforma Financial Statements as of December
31, 2008.
The Notes
to the Financial Statements are an integral part of these financial
statements.
Natural
Blue Resources
Pro
Forma Balance Sheet
For
the Proforma Period Ending June 30, 2009
|
NBR
Del
|
AMS
|
AMS
Pro Forma Adj
|
Pro
Forma for AMS Divestiture
|
NBR
Nev
|
NBR
Nev Pro Forma Adj
|
Pro
Forma Total
|
||||||||||||||||||||||
|
06/30/09
|
06/30/09
|
07/31/09
|
||||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(audited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||
|
CURRENT
ASSETS
|
||||||||||||||||||||||||||||
|
Cash
and cash equivalents
|
$ | 160,030 | $ | - | $ | - | $ | 160,030 | $ | 1,928,607 | $ | - | $ | 2,088,637 | ||||||||||||||
|
Available
for sale investment
|
- | - | - | - | 378,750 | - | 378,750 | |||||||||||||||||||||
|
Accounts
receivable, net
|
28,325 | - | - | 28,325 | - | 28,325 | ||||||||||||||||||||||
|
Inventory
|
27,465 | - | - | 27,465 | - | 27,465 | ||||||||||||||||||||||
|
Other
current assets
|
- | - | - | - | 1,704 | - | 1,704 | |||||||||||||||||||||
|
Total
Current Assets
|
215,820 | - | - | 215,820 | 2,309,061 | - | 2,524,881 | |||||||||||||||||||||
|
PROPERTY
AND EQUIPMENT - NET
|
2,603 | - | - | 2,603 | - | - | 2,603 | |||||||||||||||||||||
|
OTHER
ASSETS
|
||||||||||||||||||||||||||||
|
Held
to maturity investments, net
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Assets
of Subsidiary held for sale
|
4,784,236 | (4,784,236 | ) | - | - | - | - | - | ||||||||||||||||||||
|
TOTAL
ASSETS
|
$ | 5,002,659 | $ | (4,784,236 | ) | $ | - | $ | 218,423 | $ | 2,309,061 | $ | - | $ | 2,527,484 | |||||||||||||
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
CURRENT
LIABILITIES
|
||||||||||||||||||||||||||||
|
Accounts
payable & accrued liabilities
|
$ | 971,363 | $ | - | $ | (360,000 | ) | $ | 611,363 | $ | 31,101 | $ | - | $ | 642,464 | |||||||||||||
|
Due
to related parties
|
6,850 | - | - | 6,850 | - | - | 6,850 | |||||||||||||||||||||
|
Liabilities
of subsidiary held for sale
|
1,441,007 | (1,441,007 | ) | - | - | - | - | - | ||||||||||||||||||||
|
Notes
payable - current portion
|
4,226,605 | - | (4,000,000 | ) | 226,605 | - | 226,605 | |||||||||||||||||||||
|
Total
Current Liabilities
|
6,645,825 | (1,441,007 | ) | (4,360,000 | ) | 844,818 | 31,101 | - | 875,919 | |||||||||||||||||||
|
Total
Liabilities
|
6,645,825 | (1,441,007 | ) | (4,360,000 | ) | 844,818 | 31,101 | - | 875,919 | |||||||||||||||||||
|
MINORITY
INTEREST
|
(67,939 | ) | - | - | (67,939 | ) | - | - | (67,939 | ) | ||||||||||||||||||
|
STOCKHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
stock
|
430 | - | 0 | 430 | 4,069 | - | 4,499 | |||||||||||||||||||||
|
Paid
in Capital
|
35,378,698 | - | 4,360,000 | 39,738,698 | 2,466,195 | - | 42,204,893 | |||||||||||||||||||||
|
Stock
subscription receivable
|
(105,000 | ) | - | - | (105,000 | ) | - | - | (105,000 | ) | ||||||||||||||||||
|
Other
comprehensive items
|
- | - | - | - | 293,750 | - | 293,750 | |||||||||||||||||||||
|
Deficit
accumulated during the development stage
|
(36,841,515 | ) | (3,343,229 | ) | - | (40,184,744 | ) | (486,054 | ) | - | (40,670,798 | ) | ||||||||||||||||
|
Total
Stockholders' Deficit (before Treasury Stock)
|
(1,567,387 | ) | (3,343,229 | ) | 4,360,000 | (550,616 | ) | 2,277,960 | - | 1,727,344 | ||||||||||||||||||
|
Less
Treasury stock
|
(7,840 | ) | - | - | (7,840 | ) | - | - | (7,840 | ) | ||||||||||||||||||
| (1,575,227 | ) | - | - | (558,456 | ) | 2,277,960 | - | 1,719,504 | ||||||||||||||||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 5,002,659 | $ | (4,784,236 | ) | $ | - | $ | 218,423 | $ | 2,309,061 | $ | - | $ | 2,527,484 | |||||||||||||
|
The
Notes to the Financial Statements are an integral part of these financial
statements.
|
Natural
Blue Resources
Pro
Forma Statement of Operations
For
the Proforma Period Ending June 30, 2009
|
NBR
Nev
|
AMS
|
AMS
Pro Forma Adj
|
Pro
Forma for AMS Divestiture
|
NBR
Nev
|
NBR
Nev Pro Forma Adj
|
Pro
Forma Total
|
||||||||||||||||||||||
|
06/30/09
|
06/30/09
|
07/31/09
|
||||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(audited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||
|
NET
SALES
|
$ | 35,918 | $ | $ | $ | 35,918 | $ | $ | $ | 35,918 | ||||||||||||||||||
|
COST
OF SALES
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
GROSS
MARGIN
|
35,918 | - | - | 35,918 | - | - | 35,918 | |||||||||||||||||||||
|
OPERATING
EXPENSES
|
||||||||||||||||||||||||||||
|
Imparement
of investment
|
- | - | - | - | 203,068 | - | 203,068 | |||||||||||||||||||||
|
General
and administrative
|
797,265 | 797,265 | 238,183 | - | 1,035,448 | |||||||||||||||||||||||
|
Selling
and marketing
|
2,309 | 2,309 | 2,500 | - | 4,809 | |||||||||||||||||||||||
|
Research
and development
|
25,352 | 25,352 | 45,371 | - | 70,723 | |||||||||||||||||||||||
|
Total
Operating Expenses
|
824,926 | - | - | 824,926 | 489,122 | - | 1,314,048 | |||||||||||||||||||||
|
LOSS
FROM OPERATIONS
|
(789,008 | ) | - | - | (789,008 | ) | (489,122 | ) | - | (1,278,130 | ) | |||||||||||||||||
|
OTHER
INCOME (EXPENSES)
|
||||||||||||||||||||||||||||
|
Interest,
net
|
(121,143 | ) | (121,143 | ) | 3,068 | (118,075 | ) | |||||||||||||||||||||
|
Settlement
Income
|
190,524 | 190,524 | 190,524 | |||||||||||||||||||||||||
|
Other
income
|
2,649 | 2,649 | 2,649 | |||||||||||||||||||||||||
|
Total
Other Income (Expenses)
|
72,030 | - | - | 72,030 | 3,068 | - | 75,098 | |||||||||||||||||||||
|
LOSS
BEFORE INCOME TAXES AND MINORITY INTEREST
|
(716,978 | ) | - | - | (716,978 | ) | (486,054 | ) | - | (1,203,032 | ) | |||||||||||||||||
|
PROVISION
FOR INCOME TAXES
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
MINORITY
INTEREST IN SUBSIDIARIES LOSSES
|
- | |||||||||||||||||||||||||||
|
NET
LOSS FROM CONTINUING OPERATIONS
|
(716,978 | ) | - | - | (716,978 | ) | (486,054 | ) | - | (1,203,032 | ) | |||||||||||||||||
|
DISCONTINUED
OPERATIONS
|
171,672 | - | - | 171,672 | - | - | 171,672 | |||||||||||||||||||||
|
NET
INCOME (LOSS)
|
$ | (545,306 | ) | $ | - | $ | - | $ | (545,306 | ) | $ | (486,054 | ) | $ | - | $ | (1,031,360 | ) | ||||||||||
|
The
Notes to the Financial Statements are an integral part of these financial
statements.
|
Natural
Blue Resources, Inc.
(A
Development Stage Enterprise)
Notes
to the Proforma Financial Statements
For the Proforma Period ending June 30, 2009
Notes A
through H:
See the
accompanying Notes to the Financial Statements, for the period from inception
(March 2, 2009) to July 31, 2009.
Proforma
Adjustments:
The
Company has developed their Proforma Financial Statements using the same
accounting policies and practices as more fully described in the Accompanying
Notes to the Financial Statements, for the Period from Inception(March 2, 2009)
to July 31, 2009. In addition, they have made the following proforma
adjustment:
The
elimination of intercompany accounts with American Marketing & Sales
(AMS).
The Notes
to the Financial Statements are an integral part of these financial
statements.