Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - LOT78, INC. | lote040413form8k.htm |
| EX-99 - EXHIBIT 99.02 - LOT78, INC. | lote040413exh9902.htm |
| EX-99 - EXHIBIT 99.01 - LOT78, INC. | lote040413exh9901.htm |
| Unaudited Condensed Combined Pro Forma Balance Sheet December 31, 2012 | |||||||||
| Bold Energy, | Anio | Pro Forma | Adjusted Pro | ||||||
| Inc. | Ltd. | Adjustments | Forma Totals | ||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | - | $ | 2,442 | $ | - | $ | 2,442 | |
| Accounts receivable | - | 21,119 | - | 21,119 | |||||
| Inventories | - | 55,918 | - | 55,918 | |||||
| Prepaid expenses and other current assets | - | 34,064 | - | 34,064 | |||||
| Total current assets | - | 113,543 | - | 113,543 | |||||
| Property and equipment, net | 882 | 927 | - | 1,809 | |||||
| Other assets – intangibles, net | - | 25,369 | - | 25,369 | |||||
| Total assets | $ | 882 | $ | 139,839 | $ | - | $ | 140,721 | |
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities: |
|||||||||
| Accounts payable and accrued expenses | $ | 24,568 | $ | 552,577 | $ | - | $ | 577,145 | |
| Short term debt | 41,820 | 267,885 | - | 309,705 | |||||
| Due to shareholders | 69,537 | 727,246 | - | 796,783 | |||||
| Total current liabilities | 135,925 | 1,547,708 | - | 1,683,633 | |||||
| Total liabilities | 135,925 | 1,547,708 | - | 1,683,633 | |||||
|
Stockholders’ deficit: |
|||||||||
| Common stock | 57,052 | 18,191 | (18,191) | 57,052 | |||||
| Additional paid-in capital | 12,352,736 | 121,894 | (12,526,640) | (52,010) | |||||
| Accumulated other comprehensive loss | - | (23,743) | - | (23,743) | |||||
| Accumulated deficit | (12,544,831) | (1,524,211) | 12,544,831 | (1,524,211) | |||||
| Total stockholders' deficit | (135,043) | (1,407,869) | - | (1,542,912) | |||||
| Total liabilities and stockholders' deficit | $ | 882 | $ | 139,839 | $ | - | $ | 140,721 | |
|
Unaudited Condensed Combined Pro Forma Statements of Operations – Bold Energy, Inc. (Year Ended July 31, 2012) & Anio Ltd. (Year Ended September 30, 2012) | |||||||||
| Bold Energy, Inc. - Year Ended July 31, 2012 | Anio Ltd. – Year Ended September 30, 2012 |
Pro Forma Adjustments |
Pro Forma Adjusted Combined Totals | ||||||
| Revenue | $ | - | $ | 560,368 | $ | - |
$ |
560,368 | |
| Cost of goods sold | - | 349,791 | - | 349,791 | |||||
| Gross profit | - | 210,577 | - | 210,577 | |||||
| Operating Expenses | |||||||||
|
Selling, general and administrative expenses |
3,941,359 |
325,106 |
- |
4,266,465 | |||||
| Depreciation and amortization | 796 | 4,058 | - | 4,854 | |||||
| Total operating expenses | 3,942,155 | 329,164 | - | 4,271,319 | |||||
| Interest expense | (254) | (6,908) | - | (7,162) | |||||
| Net loss | $ | (3,942,409) | $ | (125,495) | $ | - |
$ |
(4,067,904) | |
| Foreign currency translation adjustments | - | (40,727) | - | (40,727) | |||||
| Comprehensive loss | $ | (166,222 | $ | $ | (4,108,631) | ||||
| Basic and diluted loss per share | $ | (0.11) | $ | n/a |
$ |
(0.12) | |||
| Weighted average shares of common stock outstanding – basic | 34,920,990 | n/a | 34,920,990 | ||||||
|
Unaudited Condensed Combined Pro Forma Statements of Operations – Bold Energy, Inc. (3 Months Ended January 31, 2013) & Anio Ltd. (3 Months Ended December 31, 2012) | |||||||||
| Bold Energy, Inc. – 3 Months Ended January 31, 2013 | Anio Ltd. – 3 Months Ended December 31, 2012 |
Pro Forma Adjustments |
Pro Forma Adjusted Combined Totals | ||||||
| Revenue | $ | - | $ | 58,695 | $ | - |
$ |
58,695 | |
| Cost of goods sold | - | 75,384 | - | 75,384 | |||||
| Gross profit | - | (16,689) | - | (16,689) | |||||
| Operating Expenses | |||||||||
|
Selling, general and administrative Expenses |
38,267 |
124,350 |
- |
162,617 | |||||
| Depreciation and amortization | 199 | 1,034 | - | 1,233 | |||||
| Total operating expenses | 38,466 | 125,384 | - | 163,850 | |||||
| Interest expense | - | (10,401) | - | (10,401) | |||||
| Net loss | $ | (38,466) | $ | (152,474) | $ | - |
$ |
(190,940) | |
| Foreign currency translation adjustments | - | (57) | - | (57) | |||||
| Comprehensive loss | $ | (38,466) | $ | (155,231) | $ | $ | (190,997) | ||
| Basic and diluted loss per share | $ | (0.00) | $ | n/a |
$ |
(0.00) | |||
| Weighted average shares of common stock outstanding – basic | 57,053,138 | n/a | 57,053,138 | ||||||
Notes to Unaudited Pro Forma Consolidated Financial Statements
Bold Energy, Inc. entered into a Share Exchange Agreement with Anio Ltd. whereby the Bold Energy, Inc. exchanged 54.3% of its outstanding shares of common stock for 100% of the outstanding shares of Anio Ltd. common stock. As of the closing date, Anio Ltd. will operate as a wholly owned subsidiary of Bold Energy, Inc.
As a result of the Share Exchange Agreement:
| a) | each outstanding share of Anio Ltd. common stock shall be transferred, conveyed and delivered to Bold Energy, Inc. in exchange for 30,954,388 newly-issued shares of common stock, $0.001 par value per share, of Bold Energy, Inc. |
| b) | Eden Clark and Patrick DeBlois shall irrevocably cancel a total of 30,954,388 restricted shares of common stock of Bold Energy, Inc. prior to the closing date of the Share Exchange Agreement. |
As of the closing date of the Share Exchange Agreement, the former shareholders of Anio Ltd. held approximately 54% of the issued and outstanding common shares of Bold Energy, Inc. The issuance of 30,954,388 common shares to the former shareholders of Anio Ltd. was deemed to be an acquisition for accounting purposes. The number of shares outstanding and per share amounts have been restated to recognize the recapitalization as reflected in proforma adjustments.
The proforma, consolidated balance sheets of Bold Energy, Inc. and Anio Ltd. are presented here as of December 31, 2012. The proforma, consolidated statements of operations for Bold Energy, Inc. and Anio Ltd. are presented here as of the years ended July 31, 2012 and September 30, 2012, and the three months ended January 31, 2013 and December 31, 2012, respectively.