Attached files
| file | filename |
|---|---|
| 8-K/A - AMENDMENT NO. 6 TO FORM 8-K - MULTIMEDIA PLATFORMS INC. | g5517.txt |
| EX-99.1 - AUDITED FINANCIAL STATEMENTS - MULTIMEDIA PLATFORMS INC. | ex99-1.txt |
Exhibit 99.2
Pro forma Condensed Combined Balance Sheet as of December 31, 2010
Historical
Por Explorer
Favor Anywhere
(audited) (audited)
December 31,
---------------------------- Pro Forma Combined
2010 2010 Adjustments Companies
------------ ------------ ------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ -- $ 12,643 $ -- $ 12,643
Acquisition related intangible assets 20,000 (2) 20,000
Goodwill 1,283,414 (4)
(1,283,414) (6) --
Property and equipment, net -- 22,183 22,183
------------ ------------ ------------ ------------
TOTAL ASSETS $ -- $ 34,826 $ 20,000 $ 54,826
============ ============ ============ ============
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 Payble -- 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)
(1,283,414) (6) (2,105,744)
------------ ------------ ------------ ------------
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY (14,122) (140,295) 20,000 (134,417)
------------ ------------ ------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY $ -- $ 34,826 $ 20,000 $ 54,826
============ ============ ============ ============
(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 record the value of goodwill resulting from the acquisition
(4) To eliminate Explorer's historical stockholder's equity
(6) To write off goodwill as it is related to in-process R&D.
Pro forma Condensed Combined Statement of Operatons as of December 31, 2010
Historical
Por Explorer
Favor Anywhere
(audited) (audited)
December 31,
---------------------------- Pro Forma Combined
2010 2010 Adjustments Companies
------------ ------------ ------------ ------------
Net revenues $ -- $ 11,683 $ -- $ 11,683
Cost of revenues -- -- (556) (556)
------------ ------------ ------------ ------------
Gross profit -- 11,683 (556) 11,127
------------ ------------ ------------ ------------
Operating expenses:
R&D -- -- 1,283,414 (6) 1,283,414
SG&A 15,616 88,441 104,057
------------ ------------ ------------ ------------
Total operating expenses 15,616 88,441 1,283,414 1,387,471
------------ ------------ ------------ ------------
Income (loss) from operations (15,616) (76,758) (1,283,970) (1,376,344)
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) (1,283,970) (1,309,157)
Provision for income taxes -- -- -- --
------------ ------------ ------------ ------------
Net income (loss) $ (15,616) $ (9,571) $ (1,283,970) $ (1,309,157)
============ ============ ============ ============
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
(6) To write off goodwill as it is related to in-process R&D.