Attached files
file | filename |
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8-K - 8-K - Apollo Entertainment Group, Inc. | v195155_8k.htm |
EX-99.1 - EX-99.1 - Apollo Entertainment Group, Inc. | v195155_ex99-1.htm |
EX-10.4 - Apollo Entertainment Group, Inc. | v195155_ex10-4.htm |
EX-10.3 - Apollo Entertainment Group, Inc. | v195155_ex10-3.htm |
EX-10.2 - Apollo Entertainment Group, Inc. | v195155_ex10-2.htm |
The
following tables summarize, on a pro forma basis, the unaudited combined results
of operations of the Company and Celestial as though the Acquisition occurred as
of the beginning of the periods presented. The pro forma adjustments are based
upon available information and assumptions that management believes reasonably
reflect the transaction. The Company presents the pro forma results of
operations for informational purposes only. The pro forma results of operations
are not necessarily indicative of what the Company's results of operations would
have been had the Company completed the Acquisition as of the dates indicated.
In addition, the pro forma financial statements do not purport to project the
future financial position or operating results of the combined
company.
APOLLO
CAPITAL GROUP
PRO FORMA
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF
JUNE 30, 2010
Historical
|
Pro
Forma
|
Historical
|
||||||||||||||||||||||
Apollo
|
Pro
Forma
|
Apollo
|
Celestial
|
Pro
Forma
|
Pro
Forma
|
|||||||||||||||||||
Capital
Group
|
Adjustment
|
Capital
Group
|
Investments
Ltd.
|
Adjustments
|
Consolidated
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Current
Assets:
|
||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | 525 | $ | - | $ | 525 | $ | - | $ | - | $ | 525 | ||||||||||||
Total
Current Assets
|
525 | - | 525 | - | - | 525 | ||||||||||||||||||
Investment
in subsidiary
|
166,447 | (166,447 | )A | - | - | - | - | |||||||||||||||||
Total
Assets
|
$ | 166,972 | $ | (166,447 | ) | $ | 525 | $ | - | $ | - | $ | 525 | |||||||||||
LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
||||||||||||||||||||||||
Current
Liabilities:
|
||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
$ | 34,353 | $ | - | $ | 34,353 | $ | 342 | $ | - | $ | 34,695 | ||||||||||||
Total
Current Liabilities
|
34,353 | - | 34,353 | 342 | - | 34,695 | ||||||||||||||||||
Loan
payable - stockholders
|
90,000 | - | 90,000 | 26,119 | (26,119 | )B | 90,000 | |||||||||||||||||
Total
Liabilities
|
124,353 | - | 124,353 | 26,461 | - | 124,695 | ||||||||||||||||||
Stockholders'
Deficit:
|
||||||||||||||||||||||||
Common
stock
|
16,645 | - | 16,645 | 2 | 5,998 | C,D | 22,645 | |||||||||||||||||
Additional
paid in capital
|
259,446 | (166,447 | )A | 92,999 | - | (6,342 | )B,C,D | 86,657 | ||||||||||||||||
Accumulated
deficit
|
(233,472 | ) | - | (233,472 | ) | (26,463 | ) | 26,463 | D | (233,472 | ) | |||||||||||||
Total
Stockholders' Deficit
|
42,619 | (166,447 | ) | (123,828 | ) | (26,461 | ) | 26,119 | (124,170 | ) | ||||||||||||||
Total
Liabilities and Stockholders' Deficit
|
$ | 166,972 | $ | (166,447 | ) | $ | 525 | $ | - | $ | - | $ | 525 |
Description of the pro forma
adjustments:
A - To
record spin-off of non-controlling interest in Alpha Music Mfg. Corp. to the
former Apollo shareholders
B – To
record forgiveness of Celestial stockholder debt ($26,119) upon consummation of
the acquisition transaction
C – To
record this issuance of 6,000,000 shares of Apollo capital stock ($6,000) in
exchange for 100% of the shares of Celestial.
The transaction is accounted for as a merger between entities under common
control.
D – To
record the elimination of Celestial capital stock acquired ($2) in
consolidation
2
APOLLO
CAPITAL GROUP
PRO FORMA
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE
YEAR ENDED DECEMBER 31, 2009
Historical
|
Pro
Forma
|
Historical
|
||||||||||||||||||||||
Apollo
|
Pro
Forma
|
Apollo
|
Celestial
|
Pro
Forma
|
Pro
Forma
|
|||||||||||||||||||
Capital
Group
|
Adjustment
|
Capital
Group
|
Investments
Ltd.
|
Adjustments
|
Consolidated
|
|||||||||||||||||||
Sales
|
$ | 112,419 | $ | (112,419 | )(i) | $ | - | $ | - | $ | - | $ | - | |||||||||||
Cost
of Sales
|
74,056 | (74,056 | )(i) | $ | - | - | - | - | ||||||||||||||||
Gross
Profit
|
38,363 | (38,363 | )(i) | $ | - | - | - | - | ||||||||||||||||
General
and administrative
|
||||||||||||||||||||||||
expenses
|
251,643 | (178,599 | )(i) | $ | 73,044 | 26,463 | - | 99,507 | ||||||||||||||||
Operating
loss
|
(213,280 | ) | 140,236 | (73,044 | ) | (26,463 | ) | - | (99,507 | ) | ||||||||||||||
Other
income (expense)
|
||||||||||||||||||||||||
Interest
income (expense)
|
(619 | ) | 3,781 | (i) | $ | 3,162 | - | - | 3,162 | |||||||||||||||
Loss
before income taxes
|
||||||||||||||||||||||||
Income
tax expense
|
- | 34,353 | 342 | - | 34,695 | |||||||||||||||||||
Net
profit (loss)
|
$ | (213,899 | ) | $ | 144,017 | $ | (69,882 | ) | $ | (26,463 | ) | $ | - | $ | (96,345 | ) | ||||||||
Basic
and diluted income
|
||||||||||||||||||||||||
(loss)
per common share
|
$ | (0.01 | ) | $ | (0.00 | ) | ||||||||||||||||||
Basic
and diluted weighted
|
||||||||||||||||||||||||
average
shares outstanding
|
15,633,141 |
6,000,000
|
(ii) | 21,633,141 |
Description of the pro forma
adjustments:
(i) — To
record spin-off of non-controlling interest in Alpha Music Mfg. Corp. to the
former Apollo shareholders on January 1, 2009
(ii) - To
record this issuance of 6,000,000 shares of Apollo capital stock ($6,000) in
exchange for 100% of the shares of Celestial
3
PRO FORMA
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE
SIX MONTHS ENDED JUNE 30, 2010
Historical
|
Pro
Forma
|
Historical
|
||||||||||||||||||||||
Apollo
|
Pro
Forma
|
Apollo
|
Celestial
|
Pro
Forma
|
Pro
Forma
|
|||||||||||||||||||
Capital
Group
|
Adjustment
|
Capital
Group
|
Investments
Ltd.
|
Adjustments
|
Consolidated
|
|||||||||||||||||||
Sales
|
$ | 38,354 | $ | (38,354 | )(i) | $ | - | $ | - | $ | - | $ | - | |||||||||||
Cost
of Sales
|
27,887 | (27,887 | )(i) | - | - | - | - | |||||||||||||||||
Gross
Profit
|
10,467 | (10,467 | )(i) | - | - | - | - | |||||||||||||||||
General
and administrative
|
||||||||||||||||||||||||
expenses
|
251,352 | (136,173 | )(i) | 115,179 | 26,463 | - | 141,642 | |||||||||||||||||
Operating
loss
|
(240,885 | ) | 125,706 | (115,179 | ) | (26,463 | ) | - | (141,642 | ) | ||||||||||||||
Other
income (expense)
|
||||||||||||||||||||||||
Forgiveness
of debt
|
1,793 | (1,793 | )(i) | - | - | - | - | |||||||||||||||||
Gain
on deconsolidation
|
||||||||||||||||||||||||
of
subsidiary shares
|
357,712 |
(357,712)(ii)
|
- | - | - | - | ||||||||||||||||||
Interest
expense
|
(3,662 | ) | 2,162 | (i) | (1,500 | ) | - | - | (1,500 | ) | ||||||||||||||
Loss
before income taxes
|
||||||||||||||||||||||||
Income
tax expense
|
34,353 | - | 34,353 | 342 | - | 34,695 | ||||||||||||||||||
Net
profit (loss)
|
$ | 114,958 | $ | (126,075 | ) | $ | (116,679 | ) | $ | (26,463 | ) | $ | - | $ | (143,142 | ) | ||||||||
Basic
and diluted income
|
||||||||||||||||||||||||
(loss)
per common share
|
$ | 0.01 | $ | (0.01 | ) | |||||||||||||||||||
Basic
and diluted weighted
|
||||||||||||||||||||||||
average
shares outstanding
|
16,644,659 | - |
6,000,000
|
(iii) | 22,644,659 |
Description of the pro forma
adjustments:
(i) — To
record spin-off of non-controlling interest in Alpha Music Mfg. Corp. to the
former Apollo shareholders on January 1, 2010
(ii) - to
eliminate the Gain recorded upon deconsolidation of Alpha Music Mfg.
Corp.
(iii) -
To record this issuance of 6,000,000 shares of Apollo capital stock ($6,000) in
exchange for 100% of the shares of Celestial
4