Swingplane Ventures, Inc. - FORM 8-K - EX-99.2 - PROFORMA FINANCIAL STATEMENTS - February 25, 2013

Attached files

file filename
8-K - 8-K - Swingplane Ventures, Inc.form8k.htm
EX-4.1 - CERTIFICATE OF DESIGNATION - Swingplane Ventures, Inc.ex41.htm
EX-2.1 - SHARE EXCHANGE AGREEMENT BY AND BETWEEN THE COMPANY, MID AMERICAS CORP., AND THE STOCKHOLDERS OF MID AMERICAS CORP. DATED FEBRUARY 15, 2013 - Swingplane Ventures, Inc.ex21.htm
EX-3.2 - CERTIFICATE OF AMENDMENT - Swingplane Ventures, Inc.ex32.htm
EX-99.1 - AUDITED FINANCIAL STATEMENTS OF MID AMERICAS CORP. - Swingplane Ventures, Inc.ex991.htm
EX-10.5 - CONSULTING AGREEMENT - VOYER - Swingplane Ventures, Inc.ex105.htm

Exhibit 99.2


The unaudited pro forma condensed consolidated balance sheet and statement of operations reflects amounts as if the transaction had occurred on December 31, 2012.  As a result of this business combination, Mid Americas Corp. (“Mid Americas”) became a wholly owned subsidiary of the Company.  
 
The information presented in the unaudited pro forma combined financial statements does not purport to represent what the financial position or results of operations would have been had the acquisition occurred as of December 31, 2012, nor is it indicative of future financial position or results of operations.  You should not rely on this information as being indicative of the historical results that would have been achieved had the companies always been combined, or the future result that the combined company will experience after the Exchange Transaction is consummated.
 
The pro forma adjustments are based upon available information and certain assumptions that the Company believes is reasonable under the circumstances. The unaudited pro forma financial statements should be read in conjunction with the accompanying notes and assumptions and the historical financial statements of the Company and Mid Americas.

 
 
 
 

SWINGPLANE VENTURES, INC.
(An Exploration Stage Corporation)
PROFORMA CONSOLIDATED BALANCE SHEET
December 31, 2012
(UNAUDITED)

 
   
The Company
    
Mid
Americas
    
Adjustments
    
Note
    
Pro Forma
  
                               
Assets
                              
Current
                              
Cash
  
$
49,099
    
$
-
                  
$
49,099
  
Prepaid expenses
    
242,465
      
-
                      
242,465 
  
Total current assets
    
291,564
      
-
      
-
              
291,564
  
                                         
Investment in Mineral Property Option
    
-
      
951,000
                      
951,000
  
Total assets
  
$
291,564
    
$
951,000
    
$
              
$
1,242,564
  
                                         
Liabilities
                                        
Accounts payable and accrued liabilities
  
$
26,965
    
$
2,850
                    
$
29,815
  
Accrued interest
    
7,520
      
-
                      
7,520
  
Accounts payable -  related party
    
15,100
      
-
                      
15,100
  
Short term loans
    
425,000
      
-
                      
425,000
  
Total current liabilities
    
474,585
      
2,850
                      
477,435
  
                                         
Stockholders’ Equity (Deficit)
                                        
Preferred stock: $0.001 par value preferred shares
      -         -         5,000         (a )       5,000  
Capital stock - $0.001 par value common shares
     435,000       50,000          (50,000 )       (a )     535,000  
 Shares held for cancellation
    
(300,000
)
    
- 
                      
(300,000 
)
Additional paid-in capital
    
(90,000
)
    
950,000 
      
(333,021
)
    
(a
)
    
576,979
  
Deficit accumulated during the exploration stage
    
(228,021
)
    
(51,850
)
    
228,021
      
(b
)
    
(51,850
)
Total stockholders’ equity (deficit)
    
(183,021
)
    
948,150
      
-
              
765,129
  
Total liabilities and stockholders’ equity (deficit)
  
$
291,564
    
$
951,000
    
$
-
            
$
1,242,564
  

 

 
2
 

SWINGPLANE VENTURES, INC.
(An Exploration Stage Corporation)
PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS
For the period ended December 31, 2012
(UNAUDITED)

 
   
The Company
    
Mid Americas
    
Adjustments
    
Pro Forma
  
                         
REVENUE
      -      -      -      -  
                         
OPERATING EXPENSES
                        
Professional fees
  
$
5,577
    
$
-
    
$
-
    
$
5,577
  
Consulting fees
    
48,829
      
50,000
      
-
      
98,829
  
Legal fees
    
16,089
      
-
      
-
      
1,6089
  
Management fees – related party
    
30,000
      
-
      
-
      
30,000
  
Property investigation expenses
    
65,726
      
-
      
-
      
65,726
  
Incorporation costs
    
-
      
1,850
              
1,850
  
Other general and administrative expenses
    
24,324
      
-
      
-
      
24,324
  
OPERATING LOSS
    
(190,545
)
    
(51,850
)
    
-
      
(242,395
)
                                 
Interest expense
    
(7,520
)
    
-
      
-
      
(7,520
)
                                 
NET LOSS
  
$
(198,065
)
  
$
(51,850
)
  
$
-
    
$
(249,915
)
                                 

 
Pro Forma adjustments:
 
(a)
Reflects the effect of  the business combination on the acquisition of Mid Americas for the impact of the issuance of a total of 100,000,000 shares of the Company’s common stock and 5,000,000 shares of the Company’s preferred stock in exchange for all issued and outstanding 5,000 shares of Mid Americas.
(b)
Transfer of the accumulated deficit during the exploration stage to additional paid in capital.
 
 
 
3
 

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