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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:
                         
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:
                                 
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:
                                 
                                   
                                   
Common stock, par value $0.0001
    240       9,496  
 (a)
    125       12,621  
                 
 (b)
    3,000          
                 
 (c)
    (240 )        
Additional paid-in capital
    9,360       14,831,465  
 (a)
    124,875       74,421  
                 
 (b)
    (2,760 )        
                 
 (c)
    (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'
                                 
                         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:
                                     
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.