Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - NightCulture, Inc. | nght_8ka.htm |
| EX-99.2 - UNAUDITED FINANCIAL STATEMENTS - NightCulture, Inc. | nght_ex992.htm |
| EX-99.1 - AUDITED FINANCIAL STATEMENTS - NightCulture, Inc. | nght_ex991.htm |
EXHIBIT 99.3
NIGHTCULTURE, INC.
FULL ACCESS AND PROTOTYPE INDUSTRIES
Pro Forma Financial Statements
The following proforma balance sheet and income statement reflect the combination of NightCulture, Inc. and Full Access and Prototype Industries for the years ended December 31, 2011 and 2010 and the nine months period ended September 30, 2012. These financial statements are a combination of the separate financial statements of both entities; however they represent the combination of individual statements of each company as if they were combined during the periods stated when in fact they were separate operating entities.
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NIGHTCULTURE, INC.
CONSOLIDATED PROFORMA BALANCE SHEETS
For Periods Ended
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September 31,
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December 31.
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December 31,
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2012
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2011
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2010
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ASSETS
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Current assets:
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Cash
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$ | 5,801 | $ | 13,105 | $ | 226 | ||||||
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Inventory
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14,551 | 11,387 | -- | |||||||||
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Total current assets
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20,352 | 24,492 | -- | |||||||||
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Fixed assets net of depreciation of$ 22,823, $19,322 and $12,075
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9,093 | 9,713 | 3,925 | |||||||||
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Other asset net of amortization of $29,764, $21,064 and $ 3,832, respectively
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637,811 | 56,511 | 67,043 | |||||||||
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Total assets
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667,256 | 90,716 | 71,194 | |||||||||
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LIABILITIES AND SHAREHOLDERS' EQUITY(DEFICIT)
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Current liabilities:
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Bank overdraft
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-- | -- | 1,458 | |||||||||
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Accounts payable and accrued liabilities
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134,776 | 131,791 | 193,135 | |||||||||
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Accrued interest
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463,527 | 458,239 | 340,789 | |||||||||
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Advances – related parties
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22,500 | 22,500 | 43,525 | |||||||||
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Legal liability
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-- | 15,000 | -- | |||||||||
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Taxes
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6,246 | 3,537 | 1,429 | |||||||||
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Derivative liability
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118,211 | -- | -- | |||||||||
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Notes payable
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694,349 | 694,349 | 694,349 | |||||||||
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Total current liabilities
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1,439,609 | 1,325,326 | 1,274,911 | |||||||||
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Long term liabilities:
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Convertible debentures
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500,000 | 480,818 | -- | |||||||||
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Total liabilities
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1,939,609 | 1,806,144 | 1,274,911 | |||||||||
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Shareholders’ deficit:
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Preferred stock, par value of $.001; 10,000,000 shares authorized
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0 issued and outstanding
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-- | -- | ||||||||||
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Common stock; par value of $0.001; 100,000,000 shares authorized
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49,322,321, 46,453,152 and 806,644 issued and outstanding, respectively
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50,322 | 46,453 | 806 | |||||||||
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Additional paid in capital
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7,757,580 | 6,942,613 | 6,988,260 | |||||||||
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Accumulative deficit
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(9,080,255 | ) | (8,704,494 | ) | (8,192,783 | ) | ||||||
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Total shareholders' deficit
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(1,272,353 | ) | (1,715,428 | ) | (1,203,717 | ) | ||||||
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Total liabilities and shareholders' equity(deficit)
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$ | 667,256 | $ | 90,716 | $ | 71,194 | ||||||
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NIGHTCULTURE, INC.
CONSOLIDATED PROFORMA STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED
| September 31, | December 31, | |||||||||||||||
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2012
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2011
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2011
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2010
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Revenue
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$ | 2,089,379 | $ | 1,313,500 | $ | 1,740,776 | $ | 1,137,394 | ||||||||
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Direct costs
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1,051,429 | 720,600 | 925,030 | 578,201 | ||||||||||||
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Gross profit
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1,037,950 | 592,900 | 815,746 | 559,193 | ||||||||||||
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Operating expenses:
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Depreciation and amortization
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13,550 | 14,798 | 17,612 | 18,443 | ||||||||||||
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General and administrative expenses
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1,210,992 | 764,238 | 1,086,398 | 664,193 | ||||||||||||
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Income(loss) from operations
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(186,559 | ) | (186,136 | ) | (288,264 | ) | (123,443 | ) | ||||||||
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Other income(expense):
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Gain on debt forgiveness
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-- | 55,500 | -- | |||||||||||||
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Interest expense
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(56,541 | ) | (58,208 | ) | (118,489 | ) | (70,103 | ) | ||||||||
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Settlement on pending suit
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(20,000 | ) | -- | |||||||||||||
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Loss on equipment write down
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(900 | ) | (2,500 | ) | -- | |||||||||||
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Loss(gain) on change in fair value
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(118,211 | ) | -- | -- | -- | |||||||||||
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Total other income (expenses)
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(175,652 | ) | (58,208 | ) | (85,489 | ) | (70,103 | ) | ||||||||
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Net income(loss)
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$ | (362,211 | ) | $ | (244,344 | ) | $ | (373,752 | ) | $ | (193,546 | ) | ||||
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NIGHTCULTURE, INC.
NOTES TO CONSOLIDATED PRO FORMA FINANCIAL STATEMENTS
NOTE 1: BUSINESS AND COMBINATION
On September 31, 2012, NightCulture, Inc. (the “Company”) entered an agreement with two individuals to acquire Full Access and Prototype, a proprietorship which promoted music and entertainment venues in the Dallas, TX market.
Under the terms of the agreement the Company paid the two individuals $300,000 in cash and issued 1,000,000 of common stock with a value of $290,000 for a total purchase price of $590,000. In addition the Company entered into a three year employment agreement with one individual paying him $50,000 annually in salary plus 20% of the covered events in the subject market. The Company entered into a two year consulting agreement with the other individual to pay the consultant 10% of the net profit of the covered events in the subject market.
NOTE 2: PRESENTATION
The proforma balance sheet and income statement reflect the combination of NightCulture, Inc. and Stereo Live for the years ended December 31, 2011 and 2010 and the nine months ended September 31, 2012 and 2011
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