AirTouch Communications, Inc. - FORM 8-K - EX-99.3 - PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND FOR THE YEAR ENDED DECEMBER 31, 2009 - February 9, 2011

Attached files

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8-K - WAXESS HOLDINGS, INC. FORM 8-K 020311 - AirTouch Communications, Inc.waxessform8k020311.htm
EX-2.2 - CERTIFICATE OF MERGER, DATED FEBRUARY 4, 2011 MERGING WAXESS ACQUISITION CORP. WITH AND INTO WAXESS USA, INC. - AirTouch Communications, Inc.waxessex22.htm
EX-2.1 - AGREEMENT AND PLAN OF MERGER, DATED AS OF FEBRUARY 4, 2011, BY AND AMONG WAXESS HOLDINGS, INC.,WAXESS USA, INC.. AND WAXESS ACQUISITION CORP. - AirTouch Communications, Inc.waxessex21.htm
EX-3.2 - AMENDED AND RESTATED BYLAWS - AirTouch Communications, Inc.waxessex32.htm
EX-3.1 - AMENDED AND RESTATED CERTIFICATE OF INCORPORATION - AirTouch Communications, Inc.waxessex31.htm
EX-10.3 - FORM OF 2011 INCENTIVE STOCK OPTION AGREEMENT - AirTouch Communications, Inc.waxessex103.htm
EX-14.0 - CODE OF ETHICS - AirTouch Communications, Inc.waxessex140.htm
EX-10.2 - WAXESS HOLDINGS, INC. 2011 EQUITY INCENTIVE PLAN - AirTouch Communications, Inc.waxessex102.htm
EX-10.4 - FORM OF 2011 NON-QUALIFIED STOCK OPTION AGREEMENT - AirTouch Communications, Inc.waxessex104.htm
EX-21.0 - LIST OF SUBSIDIARIES - AirTouch Communications, Inc.waxessex210.htm
EX-99.1 - WAXESS USA, INC. AUDITED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 - AirTouch Communications, Inc.waxessex991.htm
EX-99.2 - WAXESS USA, INC. UNAUDITED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009 - AirTouch Communications, Inc.waxessex992.htm
EX-10.1 - FORM OF DIRECTORS AND OFFICERS INDEMNIFICATION AGREEMENT - AirTouch Communications, Inc.waxessex101.htm
Exhibit 99.3
 
Waxess Holdings, Inc.
Proforma Balance Sheet
September 30, 2010
(Unaudited)
 
   
Waxess USA, Inc. (1)
    
Waxess Holdings,
Inc. (2)
    
Proforma
Adjustments
      
Proforma As
Adjusted
  
ASSETS
                          
                           
Current Assets:
                          
Cash and cash equivalents
   $ 133,310     $ 6,443     $ (6,443 ) b   $ 133,310  
Accounts receivable
     31,942                         31,942  
Inventory
     418,128                         418,128  
Total current assets
     583,380       6,443       (6,443 )       583,380  
                                   
Equipment, net
     159,290                         159,290  
                                   
Deferred financing costs
     55,800                         55,800  
Other assets
     34,773                         34,773  
Patents, net
     182,238                         182,238  
Total Assets
   $ 1,015,481     $ 6,443     $ (6,443 )     $ 1,015,481  
                                   
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                                  
                                   
Current Liabilities:
                                  
Accounts payable
   $ 300,564     $ 27,179     $ (27,179 ) b   $ 300,564  
Accrued expenses
     55,113                         55,113  
Current portion of capital lease
     6,843                         6,843  
 Notes payable, related party
             29,617       (29,617 ) c     -  
Convertible notes payable
     2,510,000                         2,510,000  
                                   
Total current liabilities
     2,872,520       56,796       (56,796 )       2,872,520  
                                -  
Capital lease, net of current portion
     13,774                         13,774  
                                -  
Total liabilities
     2,886,294       56,796       (56,796 )       2,886,294  
                                   
STOCKHOLDERS' EQUITY (DEFICIT)
                                  
Common stock
             9,224       (8,141 ) a     1,083  
                                -  
Additional paid-in capital
     2,708,808       123,726       8,141   a     2,707,725  
                      20,736   b        
                      29,617   c        
                      (183,303 ) d        
                                -  
                                   
Accumulated deficit
     (4,579,621 )     (183,303   )   183,303   d     (4,579,621 )
                                -  
Total accumulated deficit
     (1,870,813 )     (50,353   )   50,353         (1,870,813 )
                                   
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
   $ 1,015,481     $ 6,443     $ (6,443 )     $ 1,015,481  
                                   
 
 
 
1
Waxess Holdings, Inc.
Proforma Balance Sheet
September 30, 2010
(Unaudited)
 

(1)
  
Derived from the historical balance sheet of Waxess USA, Inc. appearing elsewhere inthis form 8K
  
     
(2)
  
Derived from the historical balance sheet of Waxess Holdings, Inc.
  
       
     
(a)
  
Represents the cancellation of 8,141,042 shares at the closing of the Merger, leaving 1,083,333 shares remaining.
  
       
(b)
  
Represents the payoff of outstanding obligations to third parties.
    
       
(c)
  
Represents cancellation of $29,617 note payable to the stockholder.
   
(d)
  
At the closing of the Merger, each share of Waxess USA common stock issued and outstanding immediately prior to the closing of the Merger
   
was exchanged for the right to receive 1.20849037 shares of Waxess Holdings, Inc. common stock.  An aggregate of 7,500,000 common shares of Waxess Holdings, Inc.
   
were issued to the holders of our common stock.  Accordingly, immediately following the Merger, the former Waxess USA, Inc. shareholders owned
   
approximately 68% of Waxess Holdings, Inc. common stock.  The accumulated deficit of Waxess Holdings, Inc. was
   
eliminated to reflect the legal capitalization of the combined entity upon the completion of the Merger.
  

 

 
2
 
Waxess Holdings, Inc.
Proforma Statement of Operations
Year ended December 31, 2009
(Audited)
 

   
Waxess USA, Inc. (1)
    
Waxess Holdings,
Inc. (2)
    
Proforma
Adjustments
  
Proforma
  
                         
Revenue
   $ 147,661                 $ 147,661  
                             
Cost of Sales
      116,886                    116,886  
Gross profit (loss)
     30,775                       30,775  
                                 
Operating expenses
                                
Research and development costs
     79,084                       79,084  
   Interest expense
     63,370     $  231               63,601  
Selling, general, and administrative
     914,272       42,698               956,970  
     Total operating expenses
     1,056,726       42,929       -       1,099,655  
                                 
Loss from continued operations
     (1,025,951 )           $  (42,929 )a     (1,068,880 )
Loss from discontinued operations
             (42,929 )     42,929  a        
                                 
                              -  
Net loss
   $ (1,089,321 )   $ (43,160 )   $ (42,929 )   $ (1,132,481 )
                                 
Net loss per share
                                
  Continuing operations
           $ (0.00 )           $ (0.12 )
  Discontinued operations
           $ -             $ -  
  Net loss
           $ (0.00 )           $ (0.12 )
                                 
Weighted average common shares outstanding
             9,224,375               8,583,333  
                                 

(1)
  
Derived from the historical statement of operation of Waxess USA, Inc. appearing elsewhere inthis form 8K
     
(2)
  
Derived from the historical statement of operation of Waxess Holdings, Inc.


 
3
 
Waxess Holdings, Inc.
Proforma Statement of Operations
Nine Months Ended September 30, 2010
(Unaudited)

   
Waxess USA, Inc. (1)
    
Waxess Holdings,
Inc. (2)
  
Proforma
Adjustments
       Proforma  
                             
Revenue
   $  306,997                  $              306,997  
Less: sales returns, discounts and allowances
    
                  (164,153
 )   
                                
            
                  (164,153
 ) 
Net revenue
    
                    142,844
    
                                
    
                               
      
                    142,844
  
                             
Cost of Sales
                                 133,091                                               133,091  
Gross profit (loss)
    
                         9,753
    
                                
    
                                
      
                         9,753
  
                             
Operating Expenses
                            
Research and development costs
    
                    954,238
                  
                    954,238
  
Selling, general, and administrative
    
                 1,632,474
   $ 
                       34,822
            
                 1,667,296
  
       Total operating expensesl
    
                 2,586,712
    
                       34,822
    
                               
      
                 2,621,534
  
                             
Loss from operations
    
              (2,576,959
 )   
                    (34,822
 )   
                               
      
              (2,611,781
 ) 
                             
Other Income/(Expenses):
                            
Gain on cancellation of debt
    
                    227,376
                  
                    227,376
  
Interest expense
    
                  (368,537
 )   
                             (69
 )           
                  (368,606
 ) 
Other expenses
    
                    (25,080
 )                 
                    (25,080
 ) 
     
                  (166,241
 )   
                             (69
 )   
                                
      
                  (166,310
 ) 
                             
Loss from continued operations
    
              (2,743,200
 )        $
                    (34,891
) a
    
              (2,778,091
 ) 
Loss from discontinued operations
          
                    (34,891
 )   
                       34,891
  a
    
                                
  
                             
Net loss
   $
(2,743,200
 )   $
(34,891
 )  $
 
     $ 
       (2,778,091
 ) 
                             
Net loss per share
                            
  Continuing operations
          $
(0.00
 )          $ 
                 (0.32
 ) 
  Discontinued operations
          $
        -
           $ 
                          -
  
  Net loss
          $
(0.00
 )          $ 
                  (0.32
 ) 
                             
Weighted average common shares outstanding
          
                 9,224,375
            
                 8,583,333
  
                             
 
 
4
 
Waxess Holdings, Inc.
Proforma Statement of Operations
Nine Months Ended September 30, 2010
(Unaudited)

(1)
  
Derived from the statement of operation of Waxess USA, Inc. appearing elsewhere inthis form 8K
     
(2)
  
Derived from the historical statement of operation of Waxess Holdings, Inc.
     
(a)
  
Elimination of operations of Waxess Holdings, Inc. which have been characterized as discontinued operations as they are not being continued in the combined entity following the Merger.
   
 
(b)
  
The computation of proforma weighted average number of shares outstanding takes into account all of the proforma transactions enumerated in the proforma financial statements as if the shares were issued at the beginning of the periods presented.  A reconciliation of shares included in the computation is as follows:
     

Shares of Waxess Holdings, Inc. outstanding prior to Merger
    
                 9,224,375
  
Shares of Waxess Holdings, Inc. stock issued to stockholders in exchange for their Waxess USA, Inc. common shares
       7,500,000  
Shares of Waxess Holdings, Inc. cancelled at the time of the Merger
  
              (8,141,042)
  
         
     
                 8,583,333
  

5 

AirTouch Communications, Inc. Reports