Attached files

file filename
8-K/A - FORM 8-K (A/1) - Pacific Clean Water Technologies, Inc.form8ka1.htm
EX-99.1(B) - EX 99.1(B) - Pacific Clean Water Technologies, Inc.ex991b.htm

Pacific Clean Technologies, Inc.
               
(formerly Unseen Solar, Inc.)
               
Unaudited Pro Forma Balance Sheet
               
                 
   
Pacific Clean
 
Western Water
       
   
Water Technologies, Inc.
Consultants Inc.
 
Pro Forma
   
   
October 31, 2012
 
September 30, 2012
Adjustments
 
Pro Forma
ASSETS
               
Current assets:
               
  Cash
 
 $                                   -
 
 $                    90,762
     
 $         90,762
  Trade receivables, net of $0 allowance for doubtful accounts
                                      -
 
395,676
     
395,676
  Other
 
                                    319
 
6,185
     
6,504
  Property, Plant and Equipment, net of accumulated depreciation   of $0 and $87,982
           
   
                                        -
 
                       87,287
     
87,287
                 
    Total Assets
 
                                    319
 
                     579,910
     
          580,229
                 
     LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
           
Current Liabilities:
               
  Accounts Payable
 
 $                              1,731
 
 $                  104,539
     
 $        106,270
  Accrued Liabilities
 
659
 
10,825
     
11,484
  Deferred tax liability
 
                                      -
 
                       11,516
     
11,516
  Line of credit
 
                                      -
 
185,458
     
185,458
  Obligations under capital leases - short term
 
                                      -
 
26,066
     
26,066
  Notes payable - third party
 
                               34,642
         
34,642
  Notes payable - related party
 
                               15,701
         
            15,701
  Obligations under capital leases - long term
 
                                      -
 
24,192
     
24,192
                 
  Total Liabilities
 
52,733
 
362,596
     
415,329
                 
       Stockholder's equity (deficit)
               
Preferred stock, 20,000,000 and 0 shares authorized at par value
           
of $0.0001, no shares issued and outstanding
 
                                      -
 
                             -
     
                  -
Common stock, 500,000,000 shares authorized at par value of
             
$0.0001, 120,000,000 shares issued and outstanding
 
                               12,000
 
                             -
 
              18,000
 A
            30,000
  Common stock, 1,000,000 shares authorized
               
  140,000 issued and outstanding
 
                                      -
 
105,000
 
           (105,000)
A
                  -
Additional paid in capital
 
13,000
 
                             -
 
                9,586
A
            22,586
  Retained earnings/(deficit)
 
                              (77,414)
 
                     112,314
 
              77,414
 A
          112,314
                 
  Total shareholders' equity (deficit)
 
                              (52,414)
 
                     217,314
 
                    -
 
          164,900
                 
  Total liabilities and shareholders' equity (deficit)
 
                                    319
 
                     579,910
 
                      -
 
          580,229
 
See accompanying notes to the unaudited pro forma financial statements.

 
 

 
 
 
Western Water Consultants, Inc.
               
Unaudited Pro Forma Statement of Operations
           
                 
                 
   
Pacific Clean
 
Western Water
       
   
Water Technologies, Inc.
 
Consultants Inc.
 
Pro Forma
   
   
Nine Months Ended
 
Nine Months Ended
       
   
October 31, 2012
 
September 30, 2012
 
Adjustments
 
Pro Forma
Revenue
               
  Total Revenues
 
 $                                   -
 
 $                2,186,350
     
 $     2,186,350
                 
  Cost of sales
 
                                      -
 
                   1,337,126
     
        1,337,126
                 
  Gross profit
 
                                      -
 
                     849,224
 
                  -
 
          849,224
                 
Operating expenses
               
  Selling, General and Administrative
 
                               41,856
 
                     908,397
     
          950,253
  Depreciation and Amortization expense
 
                                      -
 
                       13,237
     
            13,237
  Total operating expenses
 
                               41,856
 
                     921,634
 
                  -
 
          963,490
                 
Other Income (Expense):
               
Interest expense
 
                                  (408)
 
                       (9,472)
     
            (9,880)
Income tax benefit
 
                                      -
 
                         7,615
     
              7,615
                 
Net Income (Loss) before income taxes
 
                              (42,264)
 
                     (74,267)
 
                  -
 
         (116,531)
                 
Pro Forma Income Tax Expense (Benefit)
 
                                      -
 
                             -
 
           (22,226)
 C
           (22,226)
                 
Pro Forma Net Income (Loss)
 
 $                           (42,264)
 
 $                   (74,267)
 
 $         22,226
 
 $        (94,305)
                 
Basic and diluted income (loss) per share
 
 $                              (0.00)
         
 $           (0.00)
                 
Basic and diluted weighted average common shares outstanding
           
   
                        120,000,000
     
    180,000,000
 
    300,000,000
                 
 
See accompanying notes to the unaudited pro forma financial statements.
           

 
 

 

Western Water Consultants, Inc.
               
Unaudited Pro Forma Statement of Operations
               
                 
   
Pacific Clean
 
Western Water
       
   
Water Technologies, Inc.
 
Consultants Inc.
 
Pro Forma
   
   
Year Ended
 
Year Ended
       
   
January 31, 2012
 
December 31, 2011
 
Adjustments
 
Pro Forma
Revenue
               
  Total Revenues
 
 $                                   -
 
 $               2,290,463
     
 $     2,290,463
                 
  Cost of sales
 
                                      -
 
                  1,336,404
     
        1,336,404
                 
  Gross profit
 
                                      -
 
                    954,059
 
                  -
 
          954,059
                 
Operating expenses
               
  Selling, General and Administrative
 
                               17,410
 
                    638,198
 
          153,409
 B
          809,017
  Depreciation and Amortization expense
 
                                      -
 
                      15,462
     
            15,462
  Total operating expenses
 
                               17,410
 
                    653,660
 
          153,409
 
          824,479
                 
Other Income (Expense):
               
Interest Expense
 
                                  (128)
 
                    (10,393)
     
           (10,521)
Income Tax Expense
 
                                      -
 
                    (19,131)
     
           (19,131)
                 
Net Income (Loss) before income taxes
 
 $                           (17,538)
 
 $                 270,875
 
         (153,409)
 
 $         99,928
                 
Pro Forma Income Tax Expense (Benefit)
 
                                      -
 
                            -
 
            22,226
 C
            22,226
                 
Pro Forma Net Income (Loss)
 
 $                           (17,538)
 
 $                 270,875
 
 $      (175,635)
 
 $         77,702
                 
Basic and diluted income (loss) per share
 
 $                              (0.00)
         
 $             0.00
                 
Basic and diluted weighted average common shares outstanding
                        120,000,000
     
    180,000,000
 
    300,000,000
                 
 
See accompanying notes to the unaudited pro forma financial statements.
           

 
 

 

 
 
 
PACIFIC CLEAN TECHNOLOGIES, INC.
(formerly Unseen Solar, Inc.)
Notes to the Pro Forma Financial Statements
(Unaudited)

NOTE 1 – BASIS OF PRESENTATION

The unaudited pro forma consolidated balance sheet as of September 30, 2012 (Western Water) & October 31, 2012 (Pacific Clean Technologies, Inc. (PCWT), formerly Unseen Solar, Inc.) and the unaudited pro forma condensed statements of operations for the years ended December 31, 2011 and January 31, 2012 and the nine month period ended September 30, 2012 and October 31, 2012 (Western Water and PCWT, respectively) are based on the unaudited balance sheets of Pacific Clean Water Technologies, Inc. and Western Water Consultants, Inc., respectively, as of September 30, 2012 and October 31, 2012, the audited statements of operations for the year ended December 31, 2011 and January 31, 2012 and the unaudited statements of operations for the nine months ended September 30, 2012 and October 31, 2012 combined with pro forma adjustments to give effect to the merger as if it occurred on the first day of the earliest period presented.

These unaudited pro forma financial statements are provided for illustrative purposes and do not purport to represent what the combined companies’ financial position would have been if such transactions has occurred on the above mentioned dates. These statements were prepared based on accounting principles generally accepted in the United States. The use of estimates is required and actual results could differ from the estimates used. The Company believes the assumptions used provide a reasonable basis for presenting the significant effects directly attributable to the acquisition.

NOTE 2 – PRO FORMA ADJUSTMENTS TO BALANCE SHEET AND STATEMENTS OF OPERATIONS

A – To reflect the issuance of 180,000,000 shares of PCWT to the shareholders of Western Water in exchange for 100% of the outstanding stock of Western Water.

B – To reflect the incremental increase of salary expense due to the employment agreement signed on October 1, 2012 to increase the base salary of the Company’s CEO and CFO to $240,000 per year.

C – To reflect the additional tax expense or benefit to be incurred by the Company from being taxed as an S Corporation to being taxed as a C Corporation .

For accounting purposes, the purchase transaction is being accounted for as a reverse acquisition. The transaction has been treated as a recapitalization of Western, with Western, whose shareholders and management took control of PCWT (the legal acquirer), considered the accounting acquirer.  The combined entity was renamed Pacific Clean Water Technologies, Inc. subsequent to the business combination.