Attached files
file | filename |
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8-K - CURRENT REPORT - Longwen Group Corp. | f8k051811_paymobile.htm |
Exhibit 99.1
PAYMOBILE INC.
PROFORMA
BALANCE SHEET
DECEMBER 31,2010
UNAUDITED
Paymobile Inc.
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Expertell igence, Inc |
Proforma
Adjustments |
Proforma
as Adjusted |
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CURRENT ASSETS:
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Cash
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$ | 88 | 7,031 |
(a)
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125,000 | 132,119 | |||||||||||
Promissory note receivable
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1,250 | 1,250 | |||||||||||||||
TOTAL CURRENT ASSETS AND TOTAL ASSETS
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$ | 88 | 8,281 | 133,369 | |||||||||||||
LIABILITIES and STOCKHOLDERS' DEFICIENCY
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CURRENT LIABILITIES:
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Accrued interest payable
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13,092 | 13,092 | |||||||||||||||
Accrued liabilities
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$ | 130,000 | 2,747 | 132,747 | |||||||||||||
CURRENT LIABILITIES
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130,000 | 15,839 | 145,839 | ||||||||||||||
Line of credit payable
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40,000 | 40,000 | |||||||||||||||
TOTAL LIABILITIES
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130,000 | 55,839 | 185,839 | ||||||||||||||
STOCKHOLDER'S DEFICIENCY:
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Common stock, par value $0.0001
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240 | 9,496 |
(a)
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125 | 12,621 | ||||||||||||
(b)
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3,000 | ||||||||||||||||
(c)
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(240 | ) | |||||||||||||||
Additional paid-in capital
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9,360 | 14,831,465 |
(a)
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124,875 | 74,421 | ||||||||||||
(b)
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(2,760 | ) | |||||||||||||||
(c)
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(14,888,519 | ) | |||||||||||||||
Other comprehensive loss
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(14 | ) | - | (14 | ) | ||||||||||||
Deficit accumulated during development stage
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(139,498 | ) | (14,888,519 | ) |
(c)
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14,888,519 | (139,498 | ) | |||||||||
$ | (129,912 | ) | (47,558 | ) | (52,470 | ) | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY
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$ | 88 | 8,281 | 133,369 | |||||||||||||
(a) on closing, $125,000 will be invested and 1,250,000 common shares will be issued
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(b) on closing, 80,000,000 shares are issued to Paymobile Inc., 50,000,000 existing shares are cancelled
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(c) on closing eliminate the accumulated deficit and common stock to reflect legal capitalization of the combined entity.
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PAYMOBILE INC.
PROFORMA STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31,2010
UNAUDITED
Paymobile Inc.
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Expertelligence, Inc
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Proforma Adjustments
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Proforma
as Adjusted
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Expertell
Dec 2010 Qtr
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Expertell
Sept 2010 - Dec 2009
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REVENUES
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- | ||||||||||||||||||||||||
COSTS AND EXPENSES:
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Legal and audit expense
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$ | 13,950 | $ | 16,250 |
(a)
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(16,250 | ) | $ | 13,950 | 9,250 | 7000 | ||||||||||||||
Processing fees
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125,000 | 125,000 | |||||||||||||||||||||||
General and administrative expenses
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548 | 271,605 |
(a)
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(271,605 | ) | 548 | 7,809 | 263796 | |||||||||||||||||
Interest expense
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13,091 |
(a)
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(13,091 | ) | - | 756 | 12335 | ||||||||||||||||||
17,815 | 283131 | ||||||||||||||||||||||||
NET LOSS FOR THE PERIOD
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$ | 139,498 | $ | 300,946 | $ | 139,498 | |||||||||||||||||||
Basic and fully diluted earnings per share
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$ | (5.81 | ) |
(b)
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$ | 0.00 | |||||||||||||||||||
Weighted Average Shares Outstanding
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24,000 | 126,214,138 |
(a) Elimination of operations of Expertelligence operations because they are not being continued in the combined entity following the merger.
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(b)The computation of proforma weighted average number of shares outstanding assumes all of the proforma transactions occurred at the beginning of the period presented
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