Attached files
| file | filename |
|---|---|
| 8-K/A - AMENDMENT 1 TO FORM 8-K - Masterbeat Corp | g3969.txt |
| EX-99.1 - AUDITED FINANCIAL STATEMENTS - Masterbeat Corp | ex99-1.txt |
| EX-99.2 - INTERIM FINANCIAL STATEMENTS - Masterbeat Corp | ex99-2.txt |
Masterbeat Corp. and Subsidiaries
Unaudited Pro Forma Consolidated Balance Sheet
September 30, 2009
Masterbeat Corp.
(fka. Green
Mountain Pro Forma Pro Forma
Recovery, Inc.) Masterbeat, LLC Notes Adjustments Combined
--------------- --------------- ----- ----------- --------
ASSETS:
Cash and cash equivalents $ 18,561 $ 34,360 $ -- $ 52,921
Accounts receivable - net 162,747 7,856 170,603
----------- ----------- ----------- -----------
Total Current Assets 181,308 42,216 -- 223,524
----------- ----------- ----------- -----------
Fixed assets, net 106,234 106,234
Intangible assets, net 247,325 247,325
Security deposit 15,000 15,000
----------- ----------- ----------- -----------
TOTAL ASSETS $ 181,308 $ 410,775 $ -- $ 592,083
=========== =========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $ 26,228 $ 135,446 $ -- $ 161,674
Due to officer/shareholders 211,320 211,320
----------- ----------- ----------- -----------
Total Current Liabilities 237,548 135,446 -- 372,994
----------- ----------- ----------- -----------
Total Liabilities 237,548 135,446 -- 372,994
----------- ----------- ----------- -----------
EQUITY
Preferred Stock: $.0001 par value; 1,000,000 shares
authorized; no shares issued or outstanding -- -- -- --
Common stock: $.0001 par value; 99,000,000 shares
authorized; 10,000,000 shares issued and outstanding 2,500 a 7,500 10,000
Members' Equity 275,329 a (275,329) --
Additional paid-in capital $ 40,400 a 2,230,013 2,270,413
Accumulated earning/deficit (99,140) a (1,962,184) (2,061,324)
----------- ----------- ----------- -----------
Stockholders' Equity (56,240) 275,329 -- 219,089
----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 181,308 $ 410,775 $ -- $ 592,083
=========== =========== =========== ===========
See Notes to Unaudited Pro Forma Consolidated Financial Statements
1
Masterbeat Corp. and Subsidiaries
Unaudited Pro Forma Consolidated Statements of Operations
For the Nine Months Ended September 30, 2009
Masterbeat Corp.
(fka. Green
Mountain Pro Forma Pro Forma
Recovery, Inc.) Masterbeat, LLC Notes Adjustments Combined
--------------- --------------- ----- ----------- --------
Net sales $ 37,796 $ 623,934 $ 661,730
Cost of Sales 306,672 306,672
------------ ------------ ------------ ------------
GROSS PROFIT 37,796 317,262 355,058
Operating expense:
Depreciation expense 61,438 61,438
Selling, general and administrative $ 40,086 $ 1,041,947 $ 1,082,033
Professional fees 8,276 5,736 14,012
------------ ------------ ------------ ------------
TOTAL OPERATING EXPENSES 48,362 1,109,121 -- 1,157,483
------------ ------------ ------------ ------------
OPERATING INCOME (10,566) (791,859) -- (802,425)
Other income (expense):
Other income --
Interest expense
------------ ------------ ------------ ------------
Total other income(expense) -- -- --
------------ ------------ ------------ ------------
INCOME(LOSS) BEFORE INCOME TAXES (10,566) (791,859) -- (802,425)
Provision for income taxes 12,026 12,026
------------ ------------ ------------ ------------
Income (loss) from continuing operations $ (10,566) $ (803,885) $ -- $ (814,451)
============ ============ ============
NET INCOME (LOSS) PER COMMON SHARE FROM
CONTINUING OPERATIONS:
Basic & Diluted $ (0.00) $ (0.08)
------------ ------------ ------------ ------------
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic & Diluted 2,500,000 7,500,000 10,000,000
------------ ------------ ------------ ------------
See Notes to Unaudited Pro Forma Consolidated Financial Statements
2
Masterbeat Corp. and Subsidiaries
Unaudited Pro Forma Consolidated Statements of Operations
For the Year Ended December 31, 2008
Masterbeat Corp.
(fka. Green
Mountain Pro Forma Pro Forma
Recovery, Inc.) Masterbeat, LLC Notes Adjustments Combined
--------------- --------------- ----- ----------- --------
Net sales $ 22,465 $ 643,631 $ 666,096
Cost of Sales -- 243,561 243,561
------------ ------------ ------------ ------------
GROSS PROFIT 22,465 400,070 422,535
Operating expense:
Depreciation expense -- 80,423 80,423
Selling, general and administrative $ 24,474 $ 1,549,570 $ 1,574,044
Professional fees 31,375 14,920 46,295
------------ ------------ ------------ ------------
TOTAL OPERATING EXPENSES 55,849 1,644,913 -- 1,700,762
------------ ------------ ------------ ------------
OPERATING INCOME (33,384) (1,244,843) -- (1,278,227)
Other income (expense):
Other income --
Interest expense
------------ ------------ ------------ ------------
Total other income(expense) -- -- --
------------ ------------ ------------ ------------
INCOME(LOSS) BEFORE INCOME TAXES (33,384) (1,244,843) -- (1,278,227)
Provision for income taxes -- 12,596 12,596
------------ ------------ ------------ ------------
Income (loss) from continuing operations $ (33,384) $ (1,257,439) $ -- $ (1,290,823)
============ ============ ============ ============
NET INCOME (LOSS) PER COMMON SHARE FROM
CONTINUING OPERATIONS:
Basic & Diluted $ (0.01) $ (0.13)
------------ ------------ ------------ ------------
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic & Diluted 2,500,000 7,500,000 10,000,000
------------ ------------ ------------ ------------
See Notes to Unaudited Pro Forma Consolidated Financial Statements
3
PRO FORMA ADJUSTMENTS
The preceding unaudited condensed combined consolidated pro forma balance sheets
have been prepared as if the share exchange Transaction was completed on
September 30, 2009; the preceding unaudited condensed combined consolidated pro
forma statements of operations have been prepared as if the share exchange
transaction was completed, respectively, on January 1, 2009 and January 1, 2008.
The following pro forma adjustments:
(a) This adjustment reflects the share exchange between our company and
Masterbeat, LLC, resulting total 10,000,000 shares of common stock
outstanding after the merger.
INCOME (LOSS) PER SHARE FROM CONTINUING OPERATIONS
Pro forma basic and diluted shares outstanding include the weighted average
number of common shares outstanding for Masterbeat Corp. during the respective
periods, in addition to the common stock issued as a result of the share
exchange assuming they had been issued at the beginning of the period. The
common stock issued in connection with the share exchange Transaction is assumed
to be outstanding for the entire period presented.