Attached files
| file | filename |
|---|---|
| 8-K - Eco-Tek Group, Inc. | sandalwood8k.htm |
| EX-99.1 - Eco-Tek Group, Inc. | ex99-1.htm |
| EX-99.2 - Eco-Tek Group, Inc. | ex99-2.htm |
| EX-10.27 - Eco-Tek Group, Inc. | ex10-27.htm |
| EX-10.26 - Eco-Tek Group, Inc. | ex10-26.htm |
| EX-10.30 - Eco-Tek Group, Inc. | ex10-30.htm |
| EX-10.28 - Eco-Tek Group, Inc. | ex10-28.htm |
| EX-10.29 - Eco-Tek Group, Inc. | ex10-29.htm |
| EX-10.25 - Eco-Tek Group, Inc. | ex10-25.htm |
Exhibit 99.3
Sandalwood Ventures, Ltd. and Eco-Tek Group Inc.
Unaudited Pro Forma Balance Sheet
March 31, 2012
The following unaudited pro forma balance sheet gives effect to the Share Exchange Agreement entered into between Sandalwood Ventures, Ltd., a Nevada corporation (“Sandalwood” or the “Company”) and Eco-Tek Group Inc., an Ontario corporation organized pursuant to the laws of the province of Ontario, Canada (“Eco-Tek”) on May 4, 2005. The unaudited pro forma balance sheet has been prepared from the historical financial statements of Sandalwood and Eco-Tek and should be read in conjunction therewith.
On June 29, 2012 the Company consummated a Share Exchange Agreement, whereby it acquired 100% of the shares of Eco-Tek in exchange for the issuance of 125,000,000 shares of common stock of the Company, par value $0.001 and 1,000 shares of Series A preferred stock of the Company, par value $0.001. As a result of the transaction, the former shareholders of Eco-Tek will have received approximately 49.8% ownership of the Company’s common stock and 100% ownership of the Company’s Series A preferred stock, providing them 51% voting rights in the Company.
The above transaction has been accounted for as a reverse merger (recapitalization) with the Company being deemed the legal acquirer and Eco-Tek being deemed the accounting acquirer. Accordingly, the historical financial information presented in the financial statements is that of Eco-Tek (since May 4, 2005, the date of inception) as adjusted to give effect to any difference in the par value of the issuer’s and the accounting acquirer’s stock with an offset to additional paid in capital. The basis of the assets and liabilities of Eco-Tek, the accounting acquirer, has been carried over in the recapitalization. The terms of the Agreement were consummated on June 29, 2012 and Sandalwood now owns 100% of the equity interests of Eco-Tek.
Management believes that the assumptions used provide a reasonable basis on which to present the unaudited pro forma financial data. The unaudited pro forma financial statement information has been provided for informational purposes only and should not be considered indicative of the Company’s financial position or results of operations. In addition, the unaudited pro forma financial statement information does not purport to represent the future financial position or results of operations of the Company. The unaudited pro forma financial statement information should be read in conjunction with the Company’s audited financial statements as of June 30, 2011.
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Historical
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Sandalwood
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Eco-Tek
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Pro forma
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Consolidated
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Ventures Ltd
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Group Inc.
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Adjustments
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Pro forma
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March 31, 2012
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Assets
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Current assets
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Cash
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$ | 2,826 | $ | 5,834 | $ | - | $ | 8,660 | ||||||||||||
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Account receivable
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- | 55,863 | - | 55,863 | ||||||||||||||||
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Inventory
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- | 25,908 | - | 25,908 | ||||||||||||||||
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Income tax recoverable
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- | 13,263 | - | 13,263 | ||||||||||||||||
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Prepaid and sundry assets
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215 | 2,884 | - | 3,099 | ||||||||||||||||
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Total current assets
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3,041 | 103,752 | - | 106,793 | ||||||||||||||||
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Long term assets
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Equipment
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- | 9,234 | - | 9,234 | ||||||||||||||||
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Total assets
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$ | 3,041 | $ | 112,986 | $ | - | $ | 116,027 | ||||||||||||
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Liabilities and stockholders' deficit
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Current liabilities
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Account payable
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$ | 14,272 | $ | 46,462 | $ | - | $ | 60,734 | ||||||||||||
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Accrued liabilities
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- | 69,903 | - | 69,903 | ||||||||||||||||
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Convertible notes payable
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84,957 | - | - | 84,957 | ||||||||||||||||
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Advances from stockholders
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- | 417,225 | - | 417,225 | ||||||||||||||||
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Total current liabilities
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99,229 | 533,590 | - | 632,819 | ||||||||||||||||
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Stockholders' deficit
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Common stock
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1,195,820 | 407,684 | 125,000 | 1 | ||||||||||||||||
| (407,684 | ) | 1 | 1,320,820 | |||||||||||||||||
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Additional paid in capital
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(1,001,663 | ) | 87,719 | (7,661 | ) | 1 | (921,605 | ) | ||||||||||||
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Accumulated and ther comprehensive loss
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- | (39,687 | ) | - | (39,687 | ) | ||||||||||||||
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Accumulated deficit
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(290,345 | ) | (876,320 | ) | 290,345 | 1 | (876,320 | ) | ||||||||||||
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Total stockholders' deficit
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(96,188 | ) | (420,604 | ) | - | (516,792 | ) | |||||||||||||
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Total liabilities and stockholders' deficit
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$ | 3,041 | $ | 112,986 | $ | - | $ | 116,027 | ||||||||||||
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1
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To record the reverse merger and recapitalization of Eco-Tek Group Inc. including the elimination of Sandalwood Ventures Ltd.’s accumulated deficit, adjustment of additional paid-in capital and the issuance of 125,000,000 common shares at a par value of $0.001.
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