Attached files
| file | filename |
|---|---|
| 8-K - Idle Media, Inc. | idlm_8k.htm |
| EX-99.1 - Idle Media, Inc. | idlm_ex99-1.htm |
Idle Media, Inc. (formerly National Golf Emporium, Inc.) and Datpiff, LLC
Pro-Forma Condensed Consolidated Balance Sheet
March 31, 2010
(unaudited)
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Historical
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Pro-Forma
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Pro-Forma
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||||||||||||||
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Idle Media, Inc.
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DatPiff, LLC
|
Adjustments
|
Consolidated
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ASSETS
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Current assets:
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||||||||||||||||
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Cash
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$ | 103 | $ | 257,560 | - | $ | 257,663 | |||||||||
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Accounts receivable
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- | 182,574 | - | 182,574 | ||||||||||||
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Total current assets
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103 | 440,134 | - | 440,237 | ||||||||||||
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Property and equipment, net
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833 | - | - | 833 | ||||||||||||
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Other assets
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||||||||||||||||
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Security desposit
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500 | - | - | 500 | ||||||||||||
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Total assets
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$ | 1,436 | $ | 440,134 | - | $ | 441,570 | |||||||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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||||||||||||||||
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Accounts payable
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$ | 32,850 | $ | 34,930 | - | $ | 67,780 | |||||||||
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Deferred revenue
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- | 16,279 | - | 16,279 | ||||||||||||
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Related party advance
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17,223 | - | - | 17,223 | ||||||||||||
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Total current liabilities
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50,073 | 51,209 | - | 101,282 | ||||||||||||
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Total liabilities
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50,073 | 51,209 | - | 101,282 | ||||||||||||
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Stockholders’ equity
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||||||||||||||||
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Preferred stock
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- | - | - | - | ||||||||||||
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Common stock
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81,484 | - | 40,000 | 121,484 | ||||||||||||
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Additional paid in capital
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7,792,944 | (118,929 | ) | (7,941,098 | ) | (267,083 | ) | |||||||||
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Retained earnings
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(7,923,065 | ) | 507,854 | 7,901,098 | 485,887 | |||||||||||
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Total member’s equity
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(48,637 | ) | 388,925 | - | 340,288 | |||||||||||
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Total liabilities and member’s equity
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$ | 1,436 | $ | 440,134 | - | $ | 441,570 | |||||||||
1
Idle Media, Inc. (formerly National Golf Emporium, Inc.) and Datpiff, LLC
Pro-Forma Condensed Consolidated Balance Sheet
September 30, 2009
(unaudited)
|
Historical
|
Pro-Forma
|
Pro-Forma
|
||||||||||||||
|
Idle Media, Inc.
|
DatPiff, LLC
|
Adjustments
|
Consolidated
|
|||||||||||||
|
ASSETS
|
||||||||||||||||
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Current assets:
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||||||||||||||||
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Cash
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$ | 509 | $ | 70,694 | - | $ | 71,203 | |||||||||
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Accounts receivable
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- | 120,421 | - | 120,421 | ||||||||||||
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Total current assets
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509 | 191,115 | - | 191,624 | ||||||||||||
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Property and equipment, net
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13,858 | - | - | 13,858 | ||||||||||||
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Other assets
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||||||||||||||||
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Security desposit
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500 | - | - | 500 | ||||||||||||
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Total assets
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$ | 14,867 | $ | 191,115 | - | $ | 205,982 | |||||||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$ | 23,958 | $ | 29,569 | - | $ | 53,527 | |||||||||
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Deferred revenue
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- | 14,347 | - | 14,347 | ||||||||||||
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Related party advance
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9,142 | - | - | 9,142 | ||||||||||||
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Total current liabilities
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33,100 | 43,916 | - | 77,016 | ||||||||||||
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Total liabilities
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33,100 | 43,916 | - | 77,016 | ||||||||||||
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Stockholders’ equity
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||||||||||||||||
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Preferred stock
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- | - | - | - | ||||||||||||
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Common stock
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81,484 | - | 40,000 | 121,484 | ||||||||||||
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Additional paid in capital
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7,784,974 | (73,929 | ) | (7,941,098 | ) | (213,646 | ) | |||||||||
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Retained earnings
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(7,884,691 | ) | 221,128 | 7,901,098 | 221,128 | |||||||||||
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Total member’s equity
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(18,233 | ) | 147,199 | - | 128,966 | |||||||||||
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Total liabilities and member’s equity
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$ | 14,687 | $ | 191,115 | - | $ | 205,982 | |||||||||
2
Idle Media, Inc. (formerly National Golf Emporium, Inc.) and Datpiff, LLC
Pro-Forma Condensed Consolidated Balance Sheet
September 30, 2008
(unaudited)
|
Historical
|
Pro-Forma
|
Pro-Forma
|
||||||||||||||
|
Idle Media, Inc.
|
DatPiff, LLC
|
Adjustments
|
Consolidated
|
|||||||||||||
|
ASSETS
|
||||||||||||||||
|
Current assets:
|
||||||||||||||||
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Cash
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$ | 54,226 | $ | - | - | $ | 54,226 | |||||||||
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Accounts receivable
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- | - | - | - | ||||||||||||
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Total current assets
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54,226 | - | - | 54,226 | ||||||||||||
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Property and equipment, net
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- | - | - | - | ||||||||||||
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Other assets
|
||||||||||||||||
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Security desposit
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- | - | - | - | ||||||||||||
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Total assets
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$ | 54,226 | $ | - | - | $ | 54,226 | |||||||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY
|
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Current liabilities:
|
||||||||||||||||
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Accounts payable
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$ | 1,114 | $ | - | - | $ | 1,114 | |||||||||
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Deferred revenue
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- | - | - | - | ||||||||||||
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Related party advance
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1,000 | - | - | 1,000 | ||||||||||||
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Total current liabilities
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2,114 | - | - | 2,114 | ||||||||||||
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Total liabilities
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2,114 | - | - | 2,114 | ||||||||||||
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Stockholders’ equity
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||||||||||||||||
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Preferred stock
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- | - | - | - | ||||||||||||
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Common stock
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5,543 | - | 40,000 | 45,543 | ||||||||||||
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Additional paid in capital
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54,732 | 2,677 | (48,163 | ) | 9,246 | |||||||||||
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Retained earnings
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(8,163 | ) | (2,677 | ) | 8,163 | (2,677 | ) | |||||||||
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Total member’s equity
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52,112 | - | - | 52,112 | ||||||||||||
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Total liabilities and member’s equity
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$ | 54,226 | $ | - | - | $ | 54,226 | |||||||||
3
Idle Media, Inc. (formerly National Golf Emporium, Inc.) and Datpiff, LLC
Pro-Forma Condensed Consolidated Statement of Operation
For the Six Months Ended
March 31, 2010
(unaudited)
|
Historical
|
Pro-Forma
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Pro-Forma
|
||||||||||||||
|
Idle Media, Inc.
|
DatPiff, LLC
|
Adjustments
|
Consolidated
|
|||||||||||||
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Revenue
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Advertising revenue
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$ | - | $ | 474,224 | - | $ | 474,224 | |||||||||
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Subscription revenue
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- | 35,296 | - | 35,296 | ||||||||||||
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Sponsorship revenue
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- | 11,100 | - | 11,100 | ||||||||||||
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Less: Returns and allowances
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- | (2,000 | ) | - | (2,000 | ) | ||||||||||
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Net revenue
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- | 518,620 | - | 518,620 | ||||||||||||
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Operating expenses:
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||||||||||||||||
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Server costs
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- | 195,810 | - | 195,810 | ||||||||||||
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Scanning software
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- | 29,122 | - | 29,122 | ||||||||||||
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Merchant fees
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- | 2,605 | - | 2,605 | ||||||||||||
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General and administrative
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16,589 | 4,357 | - | 20,946 | ||||||||||||
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Depreciation
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2,608 | - | - | 2,608 | ||||||||||||
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Impairment
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10,417 | - | - | 10,417 | ||||||||||||
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Salary expense
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5,760 | - | - | 5,760 | ||||||||||||
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Rent
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3,000 | - | 3,000 | |||||||||||||
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Total operating expenses
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38,374 | 231,897 | - | 270,268 | ||||||||||||
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Net income (loss)
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$ | (38,374 | ) | $ | 286,726 | - | $ | 248,352 | ||||||||
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Weighted average number of common
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||||||||||||||||
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shares outstanding – basic
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121,483,250 | 121,483,250 | ||||||||||||||
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Net income (loss) per share – basic
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$ | (0.00 | ) | $ | 0.00 | |||||||||||
4
Idle Media, Inc. (formerly National Golf Emporium, Inc.) and Datpiff, LLC
Pro-Forma Condensed Consolidated Statement of Operation
For the Year Ended
September 30, 2009
(unaudited)
|
Historical
|
Pro-Forma
|
Pro-Forma
|
||||||||||||||
|
Idle Media, Inc.
|
DatPiff, LLC
|
Adjustments
|
Consolidated
|
|||||||||||||
|
Revenue
|
||||||||||||||||
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Advertising revenue
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$ | - | $ | 543,323 | - | $ | 543,323 | |||||||||
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Subscription revenue
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- | 65,682 | - | 65,682 | ||||||||||||
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Sponsorship revenue
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- | 17,321 | - | 17,321 | ||||||||||||
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Less: Returns and allowances
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- | (1,362 | ) | - | (1,362 | ) | ||||||||||
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Net revenue
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- | 624,964 | - | 624,964 | ||||||||||||
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Operating expenses:
|
||||||||||||||||
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Server costs
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- | 331,167 | - | 331,167 | ||||||||||||
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Scanning software
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- | 53,247 | - | 53,247 | ||||||||||||
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Merchant fees
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- | 4,720 | - | 4,720 | ||||||||||||
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General and administrative
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63,620 | 12,025 | - | 75,645 | ||||||||||||
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Depreciation
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2,225 | - | - | 2,225 | ||||||||||||
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Salary expense
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11,551 | - | - | 11,551 | ||||||||||||
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Rent
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5,082 | - | 5,082 | |||||||||||||
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Total operating expenses
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82,478 | 401,159 | - | 483,637 | ||||||||||||
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Net income (loss)
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$ | (82,478 | ) | $ | 223,805 | - | $ | 141,327 | ||||||||
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Weighted average number of common
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||||||||||||||||
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shares outstanding – basic
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51,653,091 | 51,653,091 | ||||||||||||||
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Net income (loss) per share – basic
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$ | (0.00 | ) | $ | 0.00 | |||||||||||
5
Idle Media, Inc. (formerly National Golf Emporium, Inc.) and Datpiff, LLC
Pro-Forma Condensed Consolidated Statement of Operation
For the Year Ended
September 30, 2008
(unaudited)
|
Historical
|
Pro-Forma
|
Pro-Forma
|
||||||||||||||
|
Idle Media, Inc.
|
DatPiff, LLC
|
Adjustments
|
Consolidated
|
|||||||||||||
|
Revenue
|
||||||||||||||||
|
Advertising revenue
|
$ | - | $ | - | - | $ | - | |||||||||
|
Subscription revenue
|
- | - | - | - | ||||||||||||
|
Sponsorship revenue
|
- | - | - | - | ||||||||||||
|
Less: Returns and allowances
|
- | - | - | - | ||||||||||||
|
Net revenue
|
- | - | - | - | ||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Server costs
|
- | - | - | - | ||||||||||||
|
Scanning software
|
- | - | - | - | ||||||||||||
|
Merchant fees
|
- | - | - | - | ||||||||||||
|
General and administrative
|
2,163 | 2,677 | - | 4,840 | ||||||||||||
|
Depreciation
|
- | - | - | - | ||||||||||||
|
Salary expense
|
5,000 | - | - | 5,000 | ||||||||||||
|
Rent
|
1,000 | - | - | 1,000 | ||||||||||||
|
Total operating expenses
|
8,163 | 2,677 | - | 10,840 | ||||||||||||
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Net income (loss)
|
$ | (8,163 | ) | $ | (2,677 | ) | - | $ | (10,840 | ) | ||||||
|
Weighted average number of common
|
||||||||||||||||
|
shares outstanding – basic
|
159,121,185 | 159,121,185 | ||||||||||||||
|
Net income (loss) per share – basic
|
$ | (0.00 | ) | $ | (0.00 | ) | ||||||||||
6
IDLE MEDIA, INC. (FORMERLY NATIONAL GOLF EMPORIUM INC.) AND DATPIFF, LLC
NOTES TO PRO-FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2010 and September 30, 2009 and September 30, 2008
1. BASIS OF PRESENTATION FOR PRO-FORMA FINANCIAL STATEMENTS
On March 18, 2010, Idle Media, Inc. (“IMI”) purchased 100% of the outstanding membership units of Datpiff, LLC (“Datpiff”) from its sole member and unitholder, Idle Media, LLC (“IMLLC”) in exchange for 40,000,000 restricted shares of IMI’s common stock.
The unaudited pro-forma condensed consolidated financial statements have been developed from the audited and unaudited records of IMI and the audited and unaudited records of Datpiff.
The unaudited pro-forma condensed consolidated balance sheets as of March 31, 2010, September 30, 2009 and September 30, 2008 is based upon the historical financial statements of IMI and Datpiff. The unaudited pro-forma condensed consolidated balance sheet is presented as if the acquisition had occurred on March 31, 2010, September 30, 2009 and September 30, 2008.
The unaudited pro-forma condensed consolidated statement of operations for the years ended September 30, 2009 and 2008 is based upon the historical financial statements of IMI and Datpiff, after giving effect to the acquisition. The unaudited pro-forma condensed consolidated statement of operations for the six months ended March 31, 2010 is based upon the historical financial statements of IMI and Datpiff, after giving effect to the acquisition. The unaudited pro-forma condensed consolidated statement of operations is presented as if the acquisition had occurred on the respective dates.
2. PRO-FORMA ADJUSTMENTS
The pro-forma adjustments included in the unaudited condensed consolidated financial statements are as follows:
|
|
(1)
|
Net effect of purchase of the sole member and unitholder interest in Datpiff.
|
7