Attached files
file | filename |
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8-K/A - CURRENT REPORT AMENDMENT - Longwen Group Corp. | f8k051811a1_paymobile.htm |
Exhibit 99.1
PAYMOBILE INC.
PROFORMA
BALANCE SHEET
DECEMBER 31, 2010
UNAUDITED
Paymobile Inc.
|
Expertelligence, Inc |
Proforma
Adjustments
|
Proforma as
Adjusted
|
||||||||||||||
CURRENT ASSETS:
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Cash
|
$ | 88 | 7,031 |
(a)
|
125,000 | 132,119 | |||||||||||
Promissory note receivable
|
1,250 | 1,250 | |||||||||||||||
TOTAL CURRENT ASSETS AND TOTAL ASSETS
|
$ | 88 | 8,281 | 133,369 | |||||||||||||
LIABILITIES and STOCKHOLDERS' DEFICIENCY
|
|||||||||||||||||
CURRENT LIABILITIES:
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|||||||||||||||||
Accrued interest payable
|
13,092 | 13,092 | |||||||||||||||
Accrued liabilities
|
$ | 130,000 | 2,747 | 132,747 | |||||||||||||
CURRENT LIABILITIES
|
130,000 | 15,839 | 145,839 | ||||||||||||||
Line of credit payable
|
40,000 | 40,000 | |||||||||||||||
TOTAL LIABILITIES
|
130,000 | 55,839 | 185,839 | ||||||||||||||
STOCKHOLDER'S DEFICIENCY:
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|||||||||||||||||
Common stock, par value $0.0001
|
240 | 9,496 |
(a)
|
125 | 12,621 | ||||||||||||
(b)
|
3,000 | ||||||||||||||||
(c)
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(240 | ) | |||||||||||||||
Additional paid-in capital
|
9,360 | 14,831,465 |
(a)
|
124,875 | 74,421 | ||||||||||||
(b)
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(2,760 | ) | |||||||||||||||
(c)
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(14,888,519 | ) | |||||||||||||||
Other comprehensive loss
|
(14 | ) | - | (14 | ) | ||||||||||||
Deficit accumulated during development stage
|
(139,498 | ) | (14,888,519 | ) |
(c)
|
14,888,519 | (139,498 | ) | |||||||||
$ | (129,912 | ) | (47,558 | ) | (52,470 | ) | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS'
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|||||||||||||||||
DEFICIENCY
|
$ | 88 | 8,281 | 133,369 |
(a) on closing, $125,000 will be invested and 1,250,000 common shares will be issued
(b) on closing, 80,000,000 shares are issued to Paymobile Inc., 50,000,000 existing shares are cancelled
(c) on closing eliminate the accumulated deficit and common stock to reflect legal capitalization of the combined entity.
PAYMOBILE INC.
PROFORMA STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31,2010
UNAUDITED
Paymobile Inc. |
Expertelligence,
Inc
|
Proforma Adjustments
|
Proforma as
Adjusted
|
Expertell
Dec 2010 Qtr
|
Expertell
Sept 2010-
Dec2009
|
|||||||||||||||||||
REVENUES
|
- | |||||||||||||||||||||||
COSTS AND EXPENSES:
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Legal and audit expense
|
$ | 13,950 | $ | 16,250 | (a) | (16,250 | ) | $ | 13,950 | 9,250 | 7000 | |||||||||||||
Processing fees
|
125,000 | 125,000 | ||||||||||||||||||||||
General and administrative expenses
|
548 | 271,605 | (a) | (271,605 | ) | 548 | 7,809 | 263796 | ||||||||||||||||
Interest expense
|
13,091 | (a) | (13,091 | ) | - | 756 | 12335 | |||||||||||||||||
17,815 | 283131 | |||||||||||||||||||||||
NET LOSS FOR THE PERIOD
|
$ | 139,498 | $ | 300,946 | $ | 139,498 | ||||||||||||||||||
Basic and fully diluted earnings per share
|
||||||||||||||||||||||||
$ | (5.81 | ) | (b) | $ | 0.00 | |||||||||||||||||||
Weighted Average Shares Outstanding
|
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
(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.