Attached files
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8-K/A - FORM 8-K/A - Gamzio Mobile, Inc. | form8ka.htm |
EX-99.1 - AUDITED FINANCIAL STATEMENTS OF I LIKE A DEAL, LLC. - Gamzio Mobile, Inc. | ex991.htm |
UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
Balance Sheet as at September 30, 2011
Statement of Operations for the period from March 10, 2010 (date of inception) to September 30, 2010
Statement of Operations for the period from October 1, 2010 to September 30, 2011
Notes to the Unaudited Pro Forma Combined Financial Statements
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UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
On October 3, 2011 (the “Closing Date”), Marine Drive Mobile Corp (MDM) completed the Membership Interests Purchase Agreement, dated August 26, 2011 (the “Purchase Agreement”) with the members of I Like A Deal ( ILAD). As a result of the Purchase Agreement, the members of ILAD acquired 1,000,000 of the issued and outstanding common stock of MDM, ILAD became our wholly-owned subsidiary, and the Company acquired the business and operations of ILAD.
The following Unaudited Pro Forma Combined Financial Statements give effect to the aforementioned acquisition based on the assumptions and adjustments set forth in the accompanying notes to the Unaudited Pro Forma Combined Financial Statements which management believes are reasonable. The Unaudited Pro Forma Combined Balance Sheet represents the combined financial position of Marine Drive Mobile Corp and I Like A Deal, LLC as of September 30, 2011 as if the merger occurred on September 30, 2011. The Unaudited Pro Forma Combined Financial Statements of Operations give effect to the merger of Marine Drive Mobile and I Like A Deal, LLC as if it took place on the beginning of the first accounting period presented in these pro forma combined financial statements. These unaudited Pro Forma Combined Financial Statements and accompanying notes should be read in conjunction with the audited historical financial statements and related notes of I Like A Deal, LLC, which are included in this document.
The Unaudited Pro Forma Combined financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved if the merger of Marine Drive Mobile and I Like A Deal, LLC had been consummated as of the beginning of the period indicated, nor is it necessarily indicative of the results of future operations.
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Marine Drive Mobile Corp.
(A Development Stage Company)
Pro Forma Combined Balance Sheet
(Unaudited)
September 30, 2011
Marine Drive
Mobile Corp
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I Like A Deal
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Note
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Pro Forma
Adjustments
|
Pro Forma
Combined
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Assets
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Current Assets
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Cash
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$ | 17,393 | $ | - | $ | - | $ | 17,393 | ||||||||||||
Total Current Assets
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17,393 | - | - | 17,393 | ||||||||||||||||
Investment
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Acquisition of ILAD
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390,000 | - | 2 | (a) | (390,000 | ) | - | |||||||||||||
Total Investment
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390,000 | - | (390,000 | ) | - | |||||||||||||||
Other Assets
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Website costs, net of accumulated amortization of
$5,000
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- | 10,000 | - | 10,000 | ||||||||||||||||
Goodwill
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44,669 | - | 2 | (d) | 380,080 | 424,749 | ||||||||||||||
Total other Assets
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44,669 | 10,000 | 380,080 | 434,749 | ||||||||||||||||
Total Assets
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452,062 | 10,000 | (9,920 | ) | 452,142 | |||||||||||||||
LIABILITIES and STOCKHOLDERS’ (DEFICIT)
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Current Liabilities
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Accounts payable
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68,417 | 80 | 68,497 | |||||||||||||||||
Advances payable
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181,346 | - | 181,346 | |||||||||||||||||
Advance payable to related party
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27,523 | - | 27,523 | |||||||||||||||||
Loan payable to related party
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- | 36,559 | 2 | (c) | (36,559 | ) | - | |||||||||||||
Total Current Liabilities
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277,286 | 36,639 | (36,559 | ) | 277,366 | |||||||||||||||
STOCKHOLDERS’ (DEFICIT)
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Common shares
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110,220 | - | 2 | (b) | - | 110,220 | ||||||||||||||
Additional paid-in capital
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427,110 | - | 2 | (b,c,d) | 26,639 | 453,749 | ||||||||||||||
Deficit accumulated during development stage
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(362,354 | ) | (26,639 | ) | (388,193 | ) | ||||||||||||||
Total Stockholders’ (Deficit)
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174,126 | (26,639 | ) | 26,639 | (174,776 | ) | ||||||||||||||
Total Liabilities and Stockholders’ (Deficit)
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$ | 452,062 | $ | 10,000 | (9,920 | ) | $ | 452,142 | ||||||||||||
The accompanying notes are an integral part of these unaudited pro forma combined financial statements.
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Marine Drive Mobile Corp.
(A Development Stage Company)
Pro Forma Combined Statement of Operations
(Unaudited)
From March 10, 2010 to September 30, 2010
Marine Drive
Mobile Corp
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I Like A
Deal
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Note
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Pro Forma
Adjustments
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Pro Forma
Combined
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Revenues
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$ | - | $ | - | $ | - | $ | - | ||||||||||||
Expenses
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General and administrative
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26,818 | 9,273 | - | 36,091 | ||||||||||||||||
Sales and marketing
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- | 593 | - | 593 | ||||||||||||||||
Total Expenses
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26,818 | 9,866 | - | 36,684 | ||||||||||||||||
Net Loss
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$ | (26,818 | ) | $ | (9,866 | ) | $ | - | (36,684 | ) | ||||||||||
Net Loss Per Common Share
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- basic and diluted
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | |||||||||||
Weighted Average Outstanding shares
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37,220,000 | 2 | (a) | 1,000,000 | 38,220,000 | |||||||||||||||
- basic and diluted
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The accompanying notes are an integral part of these unaudited pro forma combined financial statements.
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Marine Drive Mobile Corp.
(A Development Stage Company)
Pro Forma Combined Statement of Operations
(Unaudited)
From October 1, 2010 to September 30, 2011
Marine Drive
Mobile Corp
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I Like A
Deal
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Note
|
Pro Forma
Adjustments
|
Pro Forma
Combined
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Revenues
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$ | - | $ | 1, 012 | $ | (1,012 | ) | $ | - | ||||||||
Expenses
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Amortization
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- | 5,000 | - | 5,000 | |||||||||||||
General and administrative
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160,664 | 12,535 | (1,012 | ) | 172,187 | ||||||||||||
Sales and marketing
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12,315 | 250 | - | 12,565 | |||||||||||||
Total Expenses
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172,979 | 17,785 | (1,012 | ) | 189,752 | ||||||||||||
Net Loss
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$ | (172,979 | ) | $ | (16,773 | ) | - | (189,752 | ) | ||||||||
Net Loss Per Common Share
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- basic and diluted
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$ | (0.01 | ) | - | $ | (0.01 | ) | ||||||||||
Weighted Average Outstanding shares
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33,874,877 | 2(a) | 1,000,000 | 34,874,877 | |||||||||||||
The accompanying notes are an integral part of these unaudited pro forma combined financial statements.
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Marine Drive Mobile Corp
NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
(Amounts expressed in US dollars)
1. BASIS OF PRESENTATION
The Unaudited Pro Forma Combined Balance Sheet represents the combined financial position of Marine Drive Mobile Corp. and I Like A Deal, LLC as of September 30, 2011 as if the acquisition occurred on September 30, 2011.
The Unaudited Pro Forma Combined Statements of Operations represents the combined financial position of Marine Drive Mobile Corp. and I Like A Deal, LLC assuming that the acquisition took place on October 1, 2009.
2. PRO FORMA ADJUSTMENTS
a) Simultaneously with the closing of the Purchase Agreement, the members of I Like A Deal, LLC received 1,000,000 common shares and surrendered their 100% interest in I Like A Deal, LLC.
The issuance of the shares with a par value of $1,000 was recorded as an investment in the books of Marine Drive Mobile Corp and an increase in the value of common stock. The market value of the Company’s stock on the closing date was $0.39 resulting in $389,000 being recorded as additional paid-in capital.
b) As part of the acquisition of I Like A Deal, LLC, through the share purchase agreement, the loan to a related party was not taken over by the Company, therefore an elimination was recorded with the offset to additional paid-in capital.
c) In allocating the purchase price of I Like A Deal, LLC, the Company issued $390,000 worth of stock and assumed website costs of $10,000 and a debt of $80 resulting in an adjustment to Goodwill of $380,080 with a corresponding entry to additional paid-in capital.
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