Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AMAYA Global Holdings Corp. | v318545_8k.htm |
| EX-21 - EXHIBIT 21 - AMAYA Global Holdings Corp. | v318545_ex21.htm |
| EX-2.1 - EXHIBIT 2.1 - AMAYA Global Holdings Corp. | v318545_ex2-1.htm |
| EX-10.4 - EXHIBIT 10.4 - AMAYA Global Holdings Corp. | v318545_ex10-4.htm |
| EX-16.1 - EXHIBIT 16.1 - AMAYA Global Holdings Corp. | v318545_ex16-1.htm |
| EX-10.6 - EXHIBIT 10.6 - AMAYA Global Holdings Corp. | v318545_ex10-6.htm |
| EX-10.2 - EXHIBIT 10.2 - AMAYA Global Holdings Corp. | v318545_ex10-2.htm |
| EX-10.5 - EXHIBIT 10.5 - AMAYA Global Holdings Corp. | v318545_ex10-5.htm |
| EX-99.2 - EXHIBIT 99.2 - AMAYA Global Holdings Corp. | v318545_ex99-2.htm |
| EX-10.3 - EXHIBIT 10.3 - AMAYA Global Holdings Corp. | v318545_ex10-3.htm |
| EX-99.1 - EXHIBIT 99.1 - AMAYA Global Holdings Corp. | v318545_ex99-1.htm |
Exhibit 99.3
Unaudited Pro Forma Condensed Financial Statements
As of March 31, 2012
and
For the Year Ended December 31, 2011 & the Three Months Ended March 31, 2012
The accompanying unaudited pro forma condensed financial statements have been prepared to present the balance sheet and statements of operations of Geltology Inc. (the "Company"), to indicate how the consolidated financial statements of the Company might have looked like if the share exchange with General Red Holding, Inc. (“GRH”) and transactions related to the share exchange had occurred as of the beginning of the periods presented.
The unaudited pro forma condensed balance sheet has been prepared using the unaudited historical balance sheet of the Company and unaudited consolidated balance sheet of GRH as of March 31, 2012. The unaudited pro forma condensed statements of operations have been prepared using the unaudited historical statements of operations of the Company and unaudited consolidated statements of operations of GRH for the year ended December 31, 2011 and for the three months ended March 31, 2012. For accounting purposes, because the Company is a shell company, the share exchange will be treated as a recapitalization of GRH, the accounting acquirer.
The pro forma condensed financial statements should be read in conjunction with a reading of the historical financial statements of the Company and audited consolidated financial statements of GRH. These pro forma condensed financial statements are presented for illustrative purposes only and are not intended to be indicative of actual consolidated financial condition and consolidated results of operations had the share exchange been in effect during the periods presented, or of consolidated financial condition or consolidated results of operations that may be reported in the future.
Note that the pro forma adjustments contained in the pro forma condensed financial statements relate to the assumptions of all prior and existing liabilities of the Company upon consummation of the share exchange.
| 1 |
GELTOLOGY INC.
Unaudited Pro Forma Condensed Balance Sheet
March 31, 2012
| Historical | Pro Forma | |||||||||||||||||
| GRH | GELTOLOGY INC. | Adjustments | Notes | Combined | ||||||||||||||
| Assets | ||||||||||||||||||
| Current assets: | ||||||||||||||||||
| Cash and cash equivalents | $ | 647,778 | $ | 1,203 | $ | (1,203 | ) | (a) | $ | 647,778 | ||||||||
| Accounts receivable | 3,642,804 | - | - | 3,642,804 | ||||||||||||||
| Inventory | 2,159,729 | - | - | 2,159,729 | ||||||||||||||
| Advance payments | 185,577 | - | - | 185,577 | ||||||||||||||
| Prepaid leases - current | 1,560,632 | - | - | 1,560,632 | ||||||||||||||
| Other current assets | 45,547 | - | - | 45,547 | ||||||||||||||
| Total current assets | 8,242,067 | 1,203 | (1,203 | ) | 8,242,067 | |||||||||||||
| Property and equipment, net | 15,909,346 | - | - | 15,909,346 | ||||||||||||||
| Other assets: | ||||||||||||||||||
| Intangibles, net | 159,012 | - | - | 159,012 | ||||||||||||||
| Prepaid leases – non current | 12,098,897 | - | - | 12,098,897 | ||||||||||||||
| Total other assets | 12,257,909 | - | - | 12,257,909 | ||||||||||||||
| Total assets | $ | 36,409,322 | $ | 1,203 | $ | (1,203 | ) | $ | 36,409,322 | |||||||||
| Liabilities | ||||||||||||||||||
| Current liabilities: | ||||||||||||||||||
| Accounts payable and accrued expenses | $ | 3,730,398 | $ | 25,901 | $ | (25,901 | ) | (a) | $ | 3,730,398 | ||||||||
| Short-term bank loans | 5,385,600 | - | - | 5,385,600 | ||||||||||||||
| Due to related parties | 329,048 | - | - | 329,048 | ||||||||||||||
| Other current liabilities | 232,572 | - | - | 232,572 | ||||||||||||||
| Total current liabilities | 9,677,618 | 25,901 | (25,901 | ) | 9,677,618 | |||||||||||||
| Total liabilities | 9,677,618 | 25,901 | (25,901 | ) | 9,677,618 | |||||||||||||
| Stockholders’ equity | ||||||||||||||||||
| Common stock, $0.0001 par value, 200,000,000 shares authorized, 127,349,551 shares issued and outstanding | 12,511 | 675 | (451 | ) | (a),(b) | 12,735 | ||||||||||||
| Additional paid-in capital | 4,590,933 | 17,978 | (18,202 | ) | (a),(b),(c) | 4,590,709 | ||||||||||||
| Statutory reserves | 1,762,042 | - | - | 1,762,042 | ||||||||||||||
| Retained earnings | 18,429,683 | (43,351 | ) | 43,351 | (a) | 18,429,683 | ||||||||||||
| Accumulated other comprehensive income | 1,936,535 | - | - | 1,936,535 | ||||||||||||||
| Total stockholders’ equity | 26,731,704 | (24,698 | ) | 24,698 | 26,731,704 | |||||||||||||
| Total liabilities and stockholders’ equity | $ | 36,409,322 | $ | 1,203 | $ | (1,203 | ) | $ | 36,409,322 | |||||||||
| 2 |
GELTOLOGY INC.
Unaudited Pro Forma Condensed Statement of Operations
For the three months Ended March 31, 2012
| Historical | Pro Forma | |||||||||||||||||
| GRH | GELTOLOGY INC. | Adjustments | Notes | Combined | ||||||||||||||
| Sales | $ | 7,650,288 | $ | 65,700 | $ | (65,700 | ) | (a) | $ | 7,650,288 | ||||||||
| Cost of sales | 3,515,041 | - | - | 3,515,041 | ||||||||||||||
| Gross profit | 4,135,247 | 65,700 | (65,700 | ) | 4,135,247 | |||||||||||||
| Operating expenses | ||||||||||||||||||
| Selling expenses | 429,820 | - | - | (a) | 429,820 | |||||||||||||
| General and administrative expenses | 179,631 | 85,950 | (85,950 | ) | (a) | 179,631 | ||||||||||||
| Total operating expenses | 609,451 | 85,950 | (85,950 | ) | 609,451 | |||||||||||||
| Income from operations | 3,525,796 | (20,250 | ) | 20,250 | (a) | 3,525,796 | ||||||||||||
| Other income (expenses): | ||||||||||||||||||
| Interest income | 2,564 | - | - | 2,564 | ||||||||||||||
| Interest expense | (89,531 | ) | - | - | (89,531 | ) | ||||||||||||
| Other income, net | 19,596 | - | - | 19,596 | ||||||||||||||
| Total other income | (67,371 | ) | - | - | (67,371 | ) | ||||||||||||
| Income before provision for income taxes | 3,458,425 | (20,250 | ) | 20,250 | (a) | 3,458,425 | ||||||||||||
| Provision for income taxes | - | - | - | - | ||||||||||||||
| Net income | 3,458,425 | (20,250 | ) | 20,250 | (a) | 3,458,425 | ||||||||||||
| Other comprehensive income | ||||||||||||||||||
| Foreign currency translation adjustment | 140,902 | - | - | 140,902 | ||||||||||||||
| Total comprehensive income | $ | 3,599,327 | $ | (20,250 | ) | $ | 20,250 | (a) | $ | 3,599,327 | ||||||||
| Basic Earnings Per Share | $ | 0.03 | ||||||||||||||||
| Diluted Earnings Per Share | $ | 0.03 | ||||||||||||||||
| Weighted Average Number of Common Shares | ||||||||||||||||||
| Outstanding | ||||||||||||||||||
| Basic | 127,349,551 | |||||||||||||||||
| Diluted | 127,349,551 | |||||||||||||||||
| 3 |
GELTOLOGY INC.
Unaudited Pro Forma Condensed Statement of Operations
For the Year Ended December 31, 2011
| Historical | Pro Forma | |||||||||||||||||
| GRH | GELTOLOGY INC. | Adjustments | Notes | Combined | ||||||||||||||
| Sales | $ | 17,096,403 | $ | 77,430 | $ | (77,430 | ) | (a) | $ | 17,096,403 | ||||||||
| Cost of sales | 8,007,614 | - | - | 8,007,614 | ||||||||||||||
| Gross profit | 9,088,789 | 77,430 | (77,430 | ) | 9,088,789 | |||||||||||||
| Operating expenses | ||||||||||||||||||
| Selling expenses | 748,149 | - | - | (a) | 748,149 | |||||||||||||
| General and administrative expenses | 746,618 | 100,433 | (100,433 | ) | (a) | 746,618 | ||||||||||||
| Total operating expenses | 1,494,767 | 100,433 | (100,433 | ) | 1,494,767 | |||||||||||||
| Income from operations | 7,594,022 | (23,003 | ) | 23,003 | (a) | 7,594,022 | ||||||||||||
| Other income (expenses): | ||||||||||||||||||
| Government subsidy | - | - | - | - | ||||||||||||||
| Interest income | 12,730 | - | - | 12,730 | ||||||||||||||
| Interest expense | (214,597 | ) | - | - | (214,597 | ) | ||||||||||||
| Other income, net | 270,125 | - | - | 270,125 | ||||||||||||||
| Total other income | 68,258 | - | - | 68,258 | ||||||||||||||
| Income before provision for income taxes | 7,662,280 | (23,003 | ) | 23,003 | (a) | 7,662,280 | ||||||||||||
| Provision for income taxes | - | - | - | - | ||||||||||||||
| Net income | 7,662,280 | (23,003 | ) | 23,003 | (a) | 7,662,280 | ||||||||||||
| Other comprehensive income | ||||||||||||||||||
| Foreign currency translation adjustment | 883,187 | - | - | 883,187 | ||||||||||||||
| Total comprehensive income | $ | 8,545,467 | $ | (23,003 | ) | $ | 23,003 | (a) | $ | 8,545,467 | ||||||||
| Basic Earnings Per Share | $ | 0.07 | ||||||||||||||||
| Diluted Earnings Per Share | $ | 0.07 | ||||||||||||||||
| Weighted Average Number of Common Shares | ||||||||||||||||||
| Outstanding | ||||||||||||||||||
| Basic | 127,349,551 | |||||||||||||||||
| Diluted | 127,349,551 | |||||||||||||||||
| 4 |
Notes to Pro Forma Condensed Financial Statements
Note 1 - Basis of Presentation
The Company entered into a Share Exchange Agreement with GRH. Pursuant to the terms of the Exchange Agreement, GRH Shareholders transferred to the Company all of the outstanding shares of common stock of GRH. In return, the Company issued, in the aggregate, 125,112,803 shares of the Company common stock, par value $0.0001 per share (“Common Stock”) (such transaction is hereinafter referred to as the “Share Exchange”).This transaction is treated as a reverse merger, and therefore, after the share exchange, GRH became the wholly owned subsidiary of the Company. Simultaneous with the Closing, the Company cancelled an aggregate number of 4,513,252 shares of restricted common stock.
The Unaudited Pro Forma financial statements reflect financial information, which gives effect to the acquisition of all the outstanding common stock of GRH. The acquisition has been accounted for as a reverse acquisition under the purchase method for business combination. The combination of the two companies is recorded as a recapitalization of GRH pursuant to which GRH is treated as the continuing entity. Because the acquisition was accounted for as a reverse acquisition, there was neither goodwill recognized nor any adjustments to the book value of the net assets of GRH that would affect the Pro Forma Statements of Operations.
Note 2 – Adjustments
| (a) | Per the terms of the Share Exchange, the Company was delivered with zero assets and zero liabilities at time of closing. |
| (b) | At closing and pursuant to the Exchange Agreement, the Company acquired all of the issued and outstanding capital stock of GRH in exchange for the issuance of 125,112,803 shares of common stock. Simultaneous with the Closing, the Company cancelled an aggregate number of 4,513,252 shares of restricted common stock. |
| (c) | At closing, common stock of GRH will be reclassified to additional paid-in capital to reflect the additional shares of common stock issued as part of the Share Exchange. |
| 5 |