Pulse Beverage Corp - FORM 8-K - EX-99.2 - PRO FORMA FINANCIAL INFORMATION - February 22, 2011

Attached files

file filename
8-K - CURRENT REPORT - Pulse Beverage Corpform8k.htm
EX-3.1 - ARTICLES OF MERGER DATED FEBRUARY 17, 2011 - Pulse Beverage Corpexhibit3-1.htm
EX-10.1 - AGREEMENT FOR THE PURCHASE OF ASSETS BETWEEN THE PULSE BEVERAGE CORPORATION AND HEALTH BEVERAGE, LLC DATED JULY 26, 2010 AND CLOSED JANUARY 31, 2011 - Pulse Beverage Corpexhibit10-1.htm
EX-10.2 - LETTER AGREEMENT BETWEEN THE PULSE BEVERAGE CORPORATION AND CATALYST DEVELOPMENT INC. DATED DECEMBER 24, 2010 - Pulse Beverage Corpexhibit10-2.htm
EX-2.1 - SHARE EXCHANGE AGREEMENT DATED FEBRUARY 15, 2011 - Pulse Beverage Corpexhibit2-1.htm
EX-99.1 - AUDITED FINANCIAL STATEMENT OF THE PULSE BEVERAGE CORPORATION FOR THE PERIOD FROM MARCH 17, 2010 (INCEPTION) TO DECEMBER 31, 2010 AND THE ONE MONTH PERIOD ENDED JANUARY 31, 2011 - Pulse Beverage Corpexhibit99-1.htm
 
 

The Pulse Beverage Corporation
Pro Forma Balance Sheet
(Unaudited – Prepared by Management)

    Darlington     Pulse     Acquisition
of Pulse 		    Merger
Adjustments 		    Private
Placement 		    Merged  
    (Notes 1 and 2)     (Note 1)     (Note 3)     (Note 4)     (Note 2)        
    $     $     $     $     $     $  
ASSETS                                    
                                     
Current Assets                                    
     Cash   603,842     56     -     -     325,000     928,898  
          Total current assets   603,842     56     -     -     325,000     928,898  
Property and Equipment   -     244,999     -     670,001     -     915,000  
Intangible Assets   -     1     -     970,489     -     970,490  
Investment in The Pulse Beverage Corporation   -     -     1,620,104     (1,620,104 )   -     -  
Advances to The Pulse Beverage Corporation   100,000     -     -     (100,000 )   -     -  
                                     
TOTAL ASSETS   703,842     245,056     1,620,104     (79,614 )   325,000     2,814,388  
                                     
LIABILITIES AND STOCKHOLDERS’ EQUITY                                    
                                     
Current Liabilities                                    
Accounts payable   16,562     -     -     -     -     16,562  
   Short-term loans payable   20,000     265,442     -     (100,000 )   -     185,442  
          Total current liabilities   36,562     265,442     -     (100,000 )   -     202,004  
                                     
STOCKHOLDERS’ EQUITY                                    
                                     
Common Stock, Par Value $0.00001                                    
     Authorized: 100,000,000 common shares                                    
     Issued:  29,825,000 common shares   155     1,328     133     (1,328 )   10     298  
Additional Paid in Capital   801,395     -     1,619,971     -     324,990     2,746,356  
Donated Capital   47,500     -     -     -     -     47,500  
Deficit accumulated during the development stage   (181,770 )   (21,714 )   -     21,714     -     (181,770 )
          Total stockholders’ equity   667,280     (20,386 )   1,620,104     20,386     325,000     2,612,384  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   703,842     245,056     1,620,104     (79,614 )   325,000     2,814,388  

Pro Forma Statements of Operations
(Unaudited – Prepared by Management)

    Darlington     Pulse     Acquisition
of Pulse 		    Merger
Adjustments 		    Private
Placement 		    Combined     Combined  
                                  2011     2010  
    (Notes 1 and 2)     (Note 1)     (Note 3)     (Note 4)     (Note 5)              
    $     $     $     $     $     $     $  
Sales, net   -     -     -     -     -     -     -  
Operating Expenses                                          
  Marketing and sales   -     -     -     -     -     -     -  
  General and administration   20,386     21,714     -     10,618     -     52,718     32,684  
  Salaries and benefits   -     -     -     -     -     -     -  
  Depreciation and amortization   -     -     -     -     -     -     -  
                                           
Total Expenses   20,386     21,714     -     10,618     -     52,718     32,684  
                                           
Net Loss from Operations   (20,386 )   (21,714 )   -     (10,618 )   -     (52,718 )   (32,684 )
Gain on Forgiveness of Debt   36,018     -     -     -     -     36,018     -  
                                           
Net Income (Loss)   15,632     (21,714 )   -     (10,618 )   -     (16,700 )   (32,684 )
Net Loss per Share (Note 5)   -     -     -     -     -     -     -  

(See Accompanying Notes to Financial Statements)

The Pulse Beverage Corporation (formerly Darlington Mines Ltd.)
Notes to Pro Forma Financial Statements
(Unaudited – Prepared by Management)

1. The pro forma financial statements have been derived from the financial statements of Darlington Mines Ltd. ("Darlington") and The Pulse Beverage Corporation ("Pulse") as at January 31, 2011 and the twelve months then ended. Darlington and Pulse merged on February 17, 2011 pursuant to Articles of Merger filed in Nevada and Colorado subject to approval from the Financial Industry Regulatory Authority (“FINRA”). The pro forma balance sheet reflects the acquisition of Pulse by Darlington, the merger thereof, and a $1,025,000, in total, non-brokered private placement of 1,025,000 Darlington post-split common shares at $1.00 per post-split share. The pro forma financial statements should be read in conjunction with the audited financial statements of Pulse as of January 31, 2011 and the interim unaudited financial statements of Darlington as of January 31, 2011 included in Form 10Q filed with the Securities and Exchange Commission on February 21, 2011. The pro forma financial statements do not purport to represent what the merged Company's results of operations and financial condition would have been if the acquisition of Pulse and related financing occurred on February 15, 2010 and are based on available information and the assumptions set forth in the footnotes below, which management believes are reasonable.

2. Darlington completed a $1,025,000 non-brokered private placement and will issue 1,025,000 post-split common shares at $1.00 per share. A total of $700,000 was received as of January 31, 2011 and an additional $325,000 was subscribed for, $100,000 of which has been received, as of February 18, 2011.

3. On February 15, 2011 Darlington issued 13,280,000 restricted post-split common shares to acquire 100% of the issued and outstanding common shares of Pulse and on February 16, 2011 merged with and into Darlington pursuant to Articles of Merger filed in Nevada and Colorado. The Company has requested approval from FINRA for the name change to The Pulse Beverage Corporation and a symbol change. Darlington’s acquisition of Pulse did not result in a change of control of Darlington and for accounting purposes, has been treated as a business acquisition of Pulse by Darlington. The consideration paid of 13,280,000 restricted post-split common shares has been valued a $1,640,490, based on the fair value of the assets acquired.

4. The excess purchase price over the net negative book value of assets acquired, totaling $1,640,490, has been allocated as follows: $670,001 to property, plant and equipment and $970,489 to intangible assets such as formulations, trademarks, patents pending and labeling rights. No depreciation has been taken on such assets as they have not been put in use as of February 15, 2011.

5. Net loss per share and weighted average shares outstanding for the twelve month periods ending February 15, 2011 and 2010 was based on 29,825,000 post-split common shares issued as follows: 15,520,000 post-split common shares issued prior to the Share Exchange Transaction and after giving effect to 26,660,000 restricted common shares returned to treasury and cancelled, 13,280,000 post-split common shares issued (See Note 3) and 1,025,000 non-brokered private placement post-split common shares to be issued pursuant to $1,025,000 funds received pursuant to subscription agreements.

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