Attached files
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| 8-K/A - RAPTOR RESOURCES HOLDINGS INC. | v230428_8ka.htm |
Exhibit 99.1
LANTIS LASER INC.
PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited pro forma consolidated financial statements give effect to the merger of TAG Minerals Inc. (“TAG”) by Lantis Laser Inc. (“LLSR” and the “Company”) and are based on estimates and assumptions set forth herein and in the notes to such pro forma statements.
On April 22, 2011, the registrant, LLSR, entered into an agreement and plan of merger (the “Merger Agreement”) with Lantis Acquisition Corp., a wholly-owned subsidiary of LLSR (“Merger Sub”), and TAG, pursuant to which the Merger Sub was to be merged into TAG (the “Merger”), with TAG and becoming a wholly-owned subsidiary of LLSR. On May 23, 2011, Merger Sub merged with and into TAG and LLSR issued 50% of its issued and outstanding shares of common stock or 165,000,000 shares of its common stock to the three stockholders of TAG to complete the Merger.
This transaction is being accounted for as a reverse acquisition and a recapitalization. LLSR is the acquirer for accounting purposes and TAG will become a subsidiary of LLSR.
The following unaudited pro forma consolidated statement of operations for the three months ended March 31, 2011 and the year ended December 31, 2010 gives effect to the above as if the transactions had occurred at the beginning of the period. The unaudited pro forma consolidated balance sheet at March 31, 2011 assumes the effects of the above as if this transaction had occurred as of January 1, 2010.
LANTIS LASER INC.
PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The unaudited pro forma consolidated financial statements are based upon, and should be read in conjunctions with LLSR’s audited financial statements as of and for the year ended December 31, 2010 and interim financial statements for the three months ended March 31, 2011
The unaudited pro forma consolidated financial statements and notes thereto contained forward-looking statements that involve risks and uncertainties. Therefore, our actual results may vary materially from those discussed herein. The unaudited pro forma consolidated financial statements do not purport to be indicative of the results that would have been reported had such events actually occurred on the dates specified, nor is it indicative our future results.
LANTIS LASER INC.
NOTES TO UNAUDITED PRO FORMA
CONSOLIDATED FINANCIAL STATEMENTS
NOTE A – ADJUSTMENT
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(a)
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To record the issuance of 165,000,000 shares of LLSR to owners of TAG for acquisition of TAG. The acquisition brought with it, control to owners of TAG as they will own 50% of the then outstanding shares of LLSR.
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NOTE B – PRO FORMA WEIGHTED AVERAGES SHARES OUTSTANDING
Pro forma shares outstanding assuming the transaction occurred as of March 31, 2011:
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LLSR Shares Outstanding
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142,452,356
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Shares issued in merger with TAG
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165,000,000 | |
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Pro forma shares outstanding
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307,452,356
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UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
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MARCH 31, 2011
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Historical
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LLSR
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TAG
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Adjustments
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Consolidated
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ASSETS
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Current Assets
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Cash
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$ | 6,039 | $ | 50 | $ | - | $ | 6,089 | |||||||||||
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Total current assets
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6,039 | 50 | - | 6,089 | |||||||||||||||
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Fixed Assets
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Property and equipment
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18,970 | - | - | 18,970 | |||||||||||||||
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TOTAL ASSETS
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$ | 25,009 | $ | 50 | $ | - | $ | 25,059 | |||||||||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities
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Accounts payable and accrued expenses
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$ | 460,897 | $ | - | $ | - | $ | 460,897 | |||||||||||
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Accrued interest - convertible notes
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167,298 | - | - | 167,298 | |||||||||||||||
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Related party payables
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1,102,191 | 50 | - | 1,102,241 | |||||||||||||||
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Convertible notes payable
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466,266 | - | - | 466,266 | |||||||||||||||
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TOTAL LIABILITIES
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2,196,652 | 50 | - | 2,196,702 | |||||||||||||||
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Common stock
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151,561 | - | 165,000 | a | 316,561 | ||||||||||||||
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Additional paid-in capital
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8,141,107 | - | (165,000 | ) | a | 7,976,107 | |||||||||||||
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Deficits accumulated during the development
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(10,464,311 | ) | - | - | (10,464,311 | ) | |||||||||||||
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stage
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TOTAL STOCKHOLDERS' DEFICIT
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(2,171,643 | ) | - | - | (2,171,643 | ) | |||||||||||||
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TOTAL LIABILITIES & STOCKHOLDERS'
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EQUITY
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$ | 25,009 | $ | 50 | $ | - | $ | 25,059 | |||||||||||
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UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
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FOR THE THREE MONTHS ENDED MARCH 31, 2011
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Historical
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LLSR
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TAG
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Adjustment
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Consolidated
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Revenues, net
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$ | - | $ | - | $ | - | $ | - | ||||||||
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Expenses
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General and administration
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13,458 | - | - | 13,458 | ||||||||||||
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Depreciation and amortization expense
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5,620 | - | - | 5,620 | ||||||||||||
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Other (income) expense
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37,783 | - | - | 37,783 | ||||||||||||
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Total expenses
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56,861 | - | - | 56,861 | ||||||||||||
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Net loss before provision for
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income taxes
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$ | (56,861 | ) | $ | - | $ | - | $ | (56,861 | ) | ||||||
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Loss per share, basic and diluted
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$ | (0.00 | ) | $ | - | $ | (0.00 | ) | ||||||||
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Weighted average number of shares outstanding
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142,452,356 | 0 | 307,452,356 | |||||||||||||
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LANTIS LASER INC.
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UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
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FOR THE YEAR ENDED DECEMBER 31, 2010
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Historical
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LLSR
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TAG
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Adjustment
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Consolidated
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Revenues, net
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$ | - | $ | - | $ | - | $ | - | ||||||||
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Expenses
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General and administration
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133,928 | - | - | 133,928 | ||||||||||||
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Depreciation and amortization expense
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22,481 | - | - | 22,481 | ||||||||||||
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Other (income) expense
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464,988 | - | - | 464,988 | ||||||||||||
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Total expenses
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621,397 | - | - | 621,397 | ||||||||||||
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Net loss before provision for
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income taxes
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$ | (621,397 | ) | $ | - | $ | - | $ | (621,397 | ) | ||||||
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Loss per share, basic and diluted
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$ | (0.01 | ) | $ | - | $ | (0.00 | ) | ||||||||
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Weighted average number of shares outstanding
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108,351,161 | 0 | 273,351,161 | |||||||||||||