MULTIMEDIA PLATFORMS INC. - FORM 8-K/A - EX-99.2 - July 18, 2011

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8-K/A - MULTIMEDIA PLATFORMS INC.explore8kav502042011.htm
EX-10.1 - MULTIMEDIA PLATFORMS INC.exhibit101.htm
EX-99.1 - MULTIMEDIA PLATFORMS INC.exhibit991.htm
 
Unaudited Condensed Pro forma Combined Financial
Statements of Profavor. and Explorer Anywhere, Inc
as of and for the Year Ended December 31, 2010
 
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
 
The following unaudited pro forma condensed combined balance sheet and statements of operations are presented to give effect to the purchase of all of the assets, including the intellectual property portfolio, and the assumption of liabilities, (the “Transaction”) of Explorer Anywhere, Inc. (“Explorer”) by Porfavor Corporation. (“Porfavor”). The pro forma information was prepared based on the historical financial statements and related notes of Porfavor and Explorer after giving effect to the Transaction using the acquisition method of accounting. In addition, certain historical Explorer balances have been reclassified to conform to Porfavor’s presentation.
 
The unaudited pro forma combined balance sheet as of December 31, 2010 is presented as if the Transaction had occurred on December 31, 2010. The unaudited pro forma combined statement of operations combine the results of operations of Porfavor and Explorer for the year ended December 31, 2010 and are presented as if the Transaction had occurred on January 1, 2010.
 
The preliminary allocation of the purchase price used in the unaudited pro forma condensed combined financial statements is based upon an estimated valuation of certain assets and liabilities acquired as if the Transaction had occurred on December 31, 2010. The estimates and assumptions are subject to change upon the finalization of the valuation of the Transaction as of the actual acquisition date of February 4, 2011.
 
The unaudited pro forma condensed combined financial statements have been prepared for illustrative purposes only and are not intended to represent or be indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been achieved had Porfavor and Explorer been a combined company during the respective periods presented. The unaudited pro forma condensed combined financial statements do not reflect any operating efficiencies and/or cost savings that Porfavor may achieve with respect to the combined companies. The unaudited pro forma financial statements also do not include the effects of restructuring activities and post merger synergy.
 
These unaudited pro forma condensed combined financial statements should be read in conjunction with Porfavor’s historical consolidated financial statements and related notes included in its Form 10-K for the year ended December 31, 2010, filed on March 31, 2011, as well as Explorer’s historical financial statements and related notes for the year ended December 31, 2010 and 2009, which are included as Exhibits 99.1 and 99.2, respectively, to this Form 8-K/A.
 

 
 
 
 

Pro forma Condensed Combined Balance Sheet as of December 31, 2010
     
Historical
        
     
Explore Anywhere Holding (audited)
  
Explorer Anywhere (audited)
  
Pro Forma Adjustments
  
Combined Companies
           
     
 December 31,
        
   
2010
  
2010
      
ASSETS
        
                   
Current assets
                
 
Cash and cash equivalents
$
                -
  
              $12,643
      
                12,643
                   
Total current assets
  
                -
  
              12,643
      
                12,643
                   
 
Acquisition related intangible assets
          
                 20,000
(2)
                20,000
 
Goodwill
          
             1,283,414
(4)
            1,283,414
 
Property and equipment, net
  
                -
  
              22,183
      
                22,183
                 
Total assets
$
                -
  
              $34,826
  
             1,303,414
  
            1,338,240
                   
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
        
                   
Current liabilities
                
 
Accounts payable and accrued expenses
  
         $2,022
  
              $58,825
      
              $60,847
 
Accrued Interest
  
                -
  
16,065
      
                16,065
 
Loan from shareholders
  
       12,100
          
                12,100
 
Note Payable
  
                -
  
             100,231
  
                         -
  
              100,231
Total liabilities (all current)
  
       14,122
  
             175,121
  
                         -
  
              189,243
                   
Stockholders' (Deficit) Equity
                
 
Common Stock: $.001 par value, 300,000,000 shares authorized, 31,923,750 shares issued and outstanding as of December 31, 2010 and 2009
  
      262,500
  
                2,614
  
                   2,614
(1)
  
             
                   (2,614)   (3)
  
              265,114
 
Additional paid-in capital
  
      545,708
  
             345,886
  
             1,160,505
(1)
  
             
              (345,886)
(3)
            1,706,213
 
Accumulated deficit
  
    (822,330)
  
           (488,795)
  
               488,795
(3)
             (822,330)
                   
Total stockholders' (deficit) equity
  
      (14,122)
  
           (140,295)
  
             1,303,414
  
            1,148,997
                   
Total liabilities and stockholders' (deficit) equity
$
                -
  
              $34,826
  
             1,303,414
  
          $1,338,240



 
 
 
 
 
Pro forma Condensed Combined Statement of  Operations as of December 31, 2010
 
Historical
        
 
 Explore Anywhere Holding Corp (audited)
 Explorer Anywhere (audited)
  
 Pro Forma Adjustments
  
 Combined Companies
 
December 31, 2010
December 31, 2010
        
 Net revenues
                             -
                            11,683
      
                11,683
 Cost of revenues
                             -
                                    -
  
                         (556)
   (5)
                    (556)
 Gross profit
                             -
                            11,683
  
                         (556)
  
                11,127
             
 Operating expenses:
          
                        -
 SG&A
                     15,616
                            88,441
      
              104,057
 Total operating expenses
                     15,616
                            88,441
  
                             -
  
              104,057
             
 Income (loss) from operations
                    (15,616)
                           (76,758)
  
                         (556)
  
               (92,930)
             
 Interest expense
                             -
                             (6,104)
      
                 (6,104)
 Other income (expense), net
                             -
                            73,291
      
                73,291
           
                        -
 Income (loss) before provision for income taxes
                    (15,616)
                             (9,571)
  
                         (556)
  
               (25,743)
 Provision for income taxes
                             -
                                    -
      
                        -
 Net income (loss)
                    (15,616)
                             (9,571)
  
                         (556)
  
            $(25,743)
             
 Net income (loss) per shares - Basis
                        (0.00)
        
                   (0.00)
 Net income (loss) per shares - Diluted
                        (0.00)
        
                   (0.00)
             
 Shares used in computing NI (loss) - Basic
            262,500,000
                                    -
      
       262,507,000
 Shares used in computing NI (loss) - Diluted
            262,500,000
        
       262,507,000
             



 
 
 


Pro forma Adjustments
 
The accompanying unaudited pro forma condensed combined financial statements have been prepared as if the acquisition was completed on December 31, 2010 for balance sheet purposes and on January 1, 2010 for statement of operations and reflect the following pro forma adjustments:
   
(1) To record the purchase price of $1,163,119 of stock issuance.
(2) To record the value of intangible assets recorded as a result of the acquisition. Intangibles are comprised of Existing Technology of $20,000 with an estimated useful life of three years.
(3) To eliminate the historical equity of Explorer Anywhere, Inc. prior to the acquisition.
(4) To record the value of goodwill resulting from the acquisition.
(5) To eliminate the acquisition related intangible assets.

 
 
 

MULTIMEDIA PLATFORMS INC. Reports