Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - INDESTRUCTIBLE 1, INC | f8k032510_indestruc1.htm |
| EX-2.1 - SHARE EXCHANGE AGREEMENT BY AND BETWEEN THE COMPANY AND DYNAMIC BHORIZON LIMITED, DATED MARCH 25, 2010 - INDESTRUCTIBLE 1, INC | f8k032510ex2i_indestruc1.htm |
| EX-99.1 - THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF XINTAI AS OF JUNE 30, 2009 AND 2008 - INDESTRUCTIBLE 1, INC | f8k032510ex99i_indestruc1.htm |
| EX-16.1 - LETTER FROM GATELY & ASSOCIATES, LLC, DATED MARCH 25, 2010 - INDESTRUCTIBLE 1, INC | f8k032510ex16i_indestruc1.htm |
| EX-99.2 - THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS OF XINTAI AS OF DECEMBER 31, 2009 AND 2008 - INDESTRUCTIBLE 1, INC | f8k032510ex99ii_indestruc1.htm |
Exhibit
99.3
INDESTRUCTIBLE
I, INC.
UNAUDITED
PRO FORMA CONDENSED CONSOLODATED
FINANCIAL
STATEMENTS
DECEMBER
31, 2009
INDESTRUCTIBLE
I, INC.
INDEX
TO UNAUDITED PRO FORMA CONDENSED CONSOLODATED
FINANCIAL
STATEMENTS
| Pages | |
|
Introduction
to Unaudited Pro Forma Condensed Consolidated Financial
statements
|
1-2 |
|
Pro
Forma Condensed Consolidated Balance Sheet as of December 31, 2009
(Unaudited)
|
3 |
|
Pro
Forma Condensed Consolidated Statement of Operations for the Year Ended
December
31, 2009 (Unaudited)
|
4 |
|
Notes
to Condensed Consolidated Pro Forma Financial Statements
(Unaudited)
|
5 |
-2-
|
UNAUDITED
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||||||||||
|
AS
OF DECEMBER 31, 2009
|
||||||||||||||||
|
Indestructible
I,
|
Sichuan
Xintai
Pharmaceuticals
|
Pro
Forma
|
Pro
Forma
|
|||||||||||||
|
Inc.
|
Inc.
|
Adjustments
|
Combined
Total
|
|||||||||||||
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
|
ASSETS
|
||||||||||||||||
|
Current
assets:
|
||||||||||||||||
|
Cash
& cash equivalents
|
$ | 1,332 | $ | 104,271 | (1,332 | ) | a | $ | 104,271 | |||||||
|
Accounts
receivable, net of allowance for doubtful accounts
|
- | 4,913,640 | 4,913,640 | |||||||||||||
|
Other
receivables, net of allowance for doubtful accounts
|
- | 214,495 | 214,495 | |||||||||||||
|
Inventories
|
- | 9,752 | 9,752 | |||||||||||||
|
Advance
to vendors
|
- | 339,295 | 339,295 | |||||||||||||
|
Deferred
tax assets
|
- | 282,578 | 282,578 | |||||||||||||
|
Loans
to outside parties
|
- | 181,090 | 181,090 | |||||||||||||
|
Due
from shareholder
|
- | 86,890 | 86,890 | |||||||||||||
|
Total
current assets
|
1,332 | 6,132,011 | 6,132,011 | |||||||||||||
|
Property,
plant and equipment, net
|
- | 117,451 | 117,451 | |||||||||||||
| - | ||||||||||||||||
|
Long-term
loans to outside parties
|
- | 1,083,931 | 1,083,931 | |||||||||||||
| - | ||||||||||||||||
|
Long-term
loans to related party
|
- | 1,438,704 | 1,438,704 | |||||||||||||
| - | ||||||||||||||||
|
Other
Asset
|
- | 1,453,449 | 1,453,449 | |||||||||||||
|
Total
Assets
|
$ | 1,332 | $ | 10,225,546 | $ | 10,225,546 | ||||||||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||||||||||
|
Current
liabilities:
|
||||||||||||||||
|
Accounts
payable
|
$ | - | $ | 5,318,221 | $ | 5,318,221 | ||||||||||
|
Advance
from customers
|
- | 804,832 | 804,832 | |||||||||||||
|
Other
payable and accured liabilities
|
3,525 | 124,509 | (3,525 | ) | a | 124,509 | ||||||||||
|
Taxes
payable
|
- | 1,444,805 | 1,444,805 | |||||||||||||
|
Loan
from unrelated party
|
- | 86,246 | 86,246 | |||||||||||||
|
Due
to shareholder
|
- | 342,355 | 342,355 | |||||||||||||
|
Total
current liabilities
|
3,525 | 8,120,968 | 8,120,968 | |||||||||||||
|
Total
Liabilities
|
3,525 | 8,120,968 | 8,120,968 | |||||||||||||
|
Shareholders'
equity
|
||||||||||||||||
|
Preferred
Stock, $0.0001 par value, 50,000,000 shares authorized,
|
||||||||||||||||
|
-0-
shares issued and oustanding at December 31, 2009
|
- | - | - | |||||||||||||
|
Common
Stock, $0.0001 par value, 200,000,000 shares authorized,
|
||||||||||||||||
|
17,000,000
shares issued and oustanding at December 31, 2009
|
1,670 | 50,000 | (34,670 | ) | b | 17,000 | ||||||||||
|
Additional
paid-in capital
|
- | 200,973 | 33,000 | b | 233,973 | |||||||||||
|
Retained
earnings
|
49,427 | 2,298,643 | (49,427 | ) | a,b | 2,298,643 | ||||||||||
|
Accumulated
other comprehensive loss
|
(53,290 | ) | (445,038 | ) | 53,290 | a,b | (445,038 | ) | ||||||||
|
Total
shareholders' equity
|
(2,193 | ) | 2,104,578 | 2,104,578 | ||||||||||||
|
Total
Liabilities and Shareholders' Equity
|
$ | 1,332 | $ | 10,225,546 | $ | 10,225,546 | ||||||||||
The
accompanying notes are an integral part of these condensed consolidated
financial statements
-3-
|
INDESTRUCTIBLE
I, INC.
|
||||||||||||||||
|
UNAUDITED
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
|
FOR
THE YEAR ENDED DECEMBER 31, 2009
|
||||||||||||||||
|
Indestructible
I
|
Sichuan
Xintai
Pharceuticals,
|
Pro
Forma
|
Pro
Forma
|
|||||||||||||
|
Inc.
|
Inc.
|
Adjustments
|
Combined
Total
|
|||||||||||||
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
|
Revenues
|
$ | - | $ | 19,087,265 | $ | 19,087,265 | ||||||||||
|
Cost
of sales
|
- | 13,300,775 | 13,300,775 | |||||||||||||
|
Gross
profit
|
- | 5,786,490 | 5,786,490 | |||||||||||||
|
Operating
expenses
|
||||||||||||||||
|
Selling
and distribution expenses
|
- | 629,507 | 629,507 | |||||||||||||
|
General
and administrative expenses
|
33,259 | 1,208,381 | (33,259 | ) | a | 1,208,381 | ||||||||||
|
Total
operating expenses
|
33,259 | 1,837,888 | 1,837,888 | |||||||||||||
|
Operating
income
|
(33,259 | ) | 3,948,602 | 3,948,602 | ||||||||||||
|
Other
income (expenses)
|
||||||||||||||||
|
Interest
expenses
|
- | (7,901 | ) | (7,901 | ) | |||||||||||
|
Other
income
|
- | 303,613 | 303,613 | |||||||||||||
|
Total
other income
|
- | 295,712 | 295,712 | |||||||||||||
|
Income
before income taxes
|
(33,259 | ) | 4,244,314 | 4,244,314 | ||||||||||||
|
Provision
for income taxes
|
- | 1,067,420 | 1,067,420 | |||||||||||||
|
Net
income
|
$ | (33,259 | ) | $ | 3,176,894 | $ | 3,176,894 | |||||||||
|
Other
comprehensive loss
|
||||||||||||||||
|
Foreign
currency translation adjustment
|
- | 3,196 | 3,196 | |||||||||||||
|
Comprehensive
income
|
$ | (33,259 | ) | $ | 3,180,090 | $ | 3,180,090 | |||||||||
|
Basic
and diluted income per common share
|
||||||||||||||||
|
Basic
|
$ | (0.002 | ) | $ | 1.590 | $ | 0.187 | |||||||||
|
Diluted
|
$ | (0.002 | ) | $ | 1.590 | $ | 0.187 | |||||||||
|
Weighted
average common shares outstanding
|
||||||||||||||||
|
Basic
|
16,700,000 | 2,000,000 | 17,000,000 | |||||||||||||
|
Diluted
|
16,700,000 | 2,000,000 | 17,000,000 | |||||||||||||
The
accompanying notes are an integral part of these condensed consolidated
financial statements
-4-
INDESTRUCTIBLE
I, INC.
NOTES
TO THE UNAUDITED PRO FORMA
CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
On March
25, 2010, Indestructible I, Inc., a corporation formed under the laws of the
State of Delaware (“Indestructible” or the “Company”) and its majority
shareholder, Mr. Patrick Day, entered into a Share Exchange Agreement with
Dynamic Bhorizon Limited (“DBL”), a Cayman Islands corporation, and its
shareholders.
Pursuant
to the Share Exchange Agreement, the shareholders of DBL shall transfer and
assign to Indestructible all of its issued and outstanding shares of the capital
stock of DBL, in exchange for 15,830,000 issued shares of Indestructible’s common stock, $0.0001
par value, (the “Share Exchange”), representing, in the aggregate, 93.12% of our
issued and outstanding capital stock as of and immediately after the
consummation of the transactions contemplated by the Share Exchange
Agreement. As a result of this Share Exchange, DBL will become a
wholly-owned subsidiary of Indestructible.
Prior to
the Closing Date, Mr. Patrick Day, the majority shareholder of Indestructible,
will cancel a total number of 12,000,000 Indestructible common
shares.
In
connection with the change of control contemplated by the Share Exchange, Mr.
Patrick Day, the sole director of Indestructible, will be resigning from his
positions at the closing of the reverse acquisition of
DBL. Simultaneously, Mr. Xiaodong Zhu and Ms. Shimin Cai shall be
appointed to the Board of Directors of Indestructible. Mr.
Patrick Day and Mr. Richard M. Day, Jr. shall resign from all their officer
positions of Indestructible and four persons shall be appointed as Officers of
Indestructible after the
Closing Date. Mr. Xiaodong Zhu will be appointed as Indestructible’s
Chief Executive Officer and Chairman of the Board.
The
transaction will be accounted for as a reverse merger under the purchase method
of accounting since there was a change of control. Accordingly, DBL will be
treated as the continuing entity for accounting purposes.
The
accompanying unaudited pro forma condensed consolidated balance sheet has been
presented with consolidated subsidiaries at December 31, 2009. The unaudited pro
forma condensed consolidated statement of operations for the year ended December
31, 2009 has been presented as if the share exchange had occurred on January 1,
2009. The unaudited pro forma condensed consolidated financial
statements do not necessarily represent the actual results that would have been
achieved had the companies been combined at the beginning of the year, nor may
they be indicative of future operations. These unaudited pro forma condensed
consolidated financial statements should be read in conjunction with the
companies’ respective historical financial statements and notes included
thereto.
-5-
INDESTRUCTIBLE
I, INC.
NOTES
TO THE UNAUDITED PRO FORMA
CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
The
following unaudited pro forma adjustments are included in the accompanying
unaudited pro forma condensed consolidated balance sheet as of December 31, 2009
and the unaudited pro forma condensed consolidated statement of operations for
the year ended December 31, 2009 to reflect the Share Exchange between
Indestructible and Xintai:
|
a.
|
To
record the spin-off of the Shell Company’s (Indestructible) assets and
liabilities prior to the Share
Exchange;
|
|
b.
|
These
adjustments reflect the recapitalization as a result of the transactions
related to the Share Exchange.
|
-6-