Attached files
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| 8-K/A - FORM 8-K/A - VIZCONNECT, INC. | vbco_8ka.htm |
EXHIBIT 99.2
VB Clothing Inc.
Introduction of Pro Forma Condensed Financial Statements
(UNAUDITED).
The accompanying unaudited pro forma condensed balance sheet as of September 30, 2012 gives effect to the Acquisition as if the Acquisition occurred on that date. The accompanying unaudited pro forma condensed statement of operations for the twelve month’s ended September 30, 2012, gives effect to the Acquisition as if it occurred on the first day of the period presented.
The fiscal year end of VB Clothing Inc. is September 30, 2012 where as the fical year end for Vizconnect LLC is December 31, 2012. The historical statements of operations for the year ended September 30, 2012 were derived from VB Clothing, Inc.’s audited statement of operations for the year ended September 30, 2012 and Vizconnect LLC audited statement of operations for the ten month period ended October 31, 2012.
The unaudited pro forma condensed financial information is provided for information purposes only and is not necessarily indicative of the results that would have occurred if the Acquisition had occurred on the first day of each period presented. The unaudited pro forma financial statements should not be construed as being representative of future operating results or financial position of the Company and should be read in conjunction with the:
· Accompanying Notes to the Unaudited Pro Forma Condensed Financial Statements;
· The Company’s historical consolidated financial statements and notes included in the Company’s annual report is on Form 10-K for the fiscal year ended September 30, 2012
· Vizconnect LLC historical financial statements and notes for the ten months ended October 31, 2012 (included in the 8-K filing).
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VB Clothing Inc.
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( A Development Stage Company)
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Proforma Balance Sheets
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As of
September 30, 2012 VB |
As of
October 31, 2012 Viz |
Combined
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Proforma
Adjustments |
Proforma
Consolidated |
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ASSETS
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Current Assets:
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Cash and cash equivalents
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$ | 342 | $ | 20,422 | $ | 20,764 | $ | - | $ | 20,764 | ||||||||||
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Prepaid expenses
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- | 13,560 | 13,560 | - | 13,560 | |||||||||||||||
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Total assets
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$ | 342 | $ | 33,982 | $ | 34,324 | $ | - | $ | 34,324 | ||||||||||
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current Liabilities:
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Accounts payable
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$ | 2,630 | $ | 98,525 | $ | 101,155 | $ | - | $ | 101,155 | ||||||||||
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Advance from shareholder
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2,925 | - | 2,925 | - | 2,925 | |||||||||||||||
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Loans payable
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- | 270,000 | 270,000 | - | 270,000 | |||||||||||||||
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Note payable - related party
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- | 22,500 | 22,500 | - | 22,500 | |||||||||||||||
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Note payable
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- | 15,000 | 15,000 | - | 15,000 | |||||||||||||||
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Total current liabilities
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5,555 | 406,025 | 411,580 | - | 411,580 | |||||||||||||||
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Stockholders' (Deficit) Equity:
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Preferred stock: $0.001 par value, 5,000,000 shares authorized, none
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- | - | - | - | - | |||||||||||||||
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share issued and outstanding as of September 30, 2012 and 2011
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Common stock: $0.001 par value, 70,000,000 shares authorized,
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45,000,000 shares issued and outstanding at September 30, 2012
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48,500 | - | 48,500 | (3,500 | ) | 54,750 | ||||||||||||||
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Additional paid-in capital
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- | - | - | (50,213 | ) | (50,213 | ) | |||||||||||||
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Accumulated deficit
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(53,713 | ) | (372,043 | ) | (425,756 | ) | - | (372,043 | ) | |||||||||||
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Total stockholders’ deficit
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(5,213 | ) | (372,043 | ) | (377,256 | ) | (53,713 | ) | (367,506 | ) | ||||||||||
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Total liabilities and stockholders’ deficit
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$ | 342 | $ | 33,982 | $ | 34,324 | $ | (53,713 | ) | $ | 44,074 | |||||||||
See Notes to Financial Statements.
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VB Clothing Inc.
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( A Development Stage Company)
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Proforma Statement of Operations
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For the twelve
months eneded |
For the ten
months eneded |
Combined
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Proforma
Adjustments |
Proforma
Consolidated |
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REVENUE
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Subscription Revenue
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$ | - | $ | 13,600 | $ | 13,600 | $ | - | $ | 13,600 | ||||||||||
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Total Revnue
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- | 13,600 | 13,600 | - | 13,600 | |||||||||||||||
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OPERATING EXPENSES
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Programming, Hosting & Technology Expense
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- | 85,362 | 85,362 | 85,362 | ||||||||||||||||
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Professional Fees
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- | 65,369 | 65,369 | 65,369 | ||||||||||||||||
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General and Administrative
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41,098 | 37,950 | 79,048 | 79,048 | ||||||||||||||||
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Selling Expense
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- | 8,534 | 8,534 | - | 8,534 | |||||||||||||||
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Total Operating Expenses
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41,098 | 197,215 | 238,313 | - | 238,313 | |||||||||||||||
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Loss From Operations
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(41,098 | ) | (183,615 | ) | (224,713 | ) | - | (224,713 | ) | |||||||||||
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Interest expense
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- | (10,422 | ) | (10,422 | ) | (10,422 | ) | |||||||||||||
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NET LOSS
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$ | (41,098 | ) | $ | (173,193 | ) | $ | (214,291 | ) | $ | - | $ | (214,291 | ) | ||||||
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Basic and diluted loss pet common share
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$ | (0.01 | ) | |||||||||||||||||
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Weighted average shares outstanding
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23,110,530 | |||||||||||||||||||
See Notes to Financial Statements.
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VB Clothing Inc.
Notes to Unaudited Pro Forma Condensed Financial Statements
(1) Pro Forma Adjustments
VB Clothing Inc. ended its fiscal year on September 30, 2012. The Vizconnect LLC period ended on October 31, 2012. The unaudited pro forma condensed statement of income for the year ended September 30, 2012 is derived from VB Clothing Inc.’s audited statement of income for the year ended September 30, 2012 and the Vizconnect LLC’s audited statement of income for the ten month period ended October 31, 2012.
Pro forma adjustments were made to the unaudited pro forma condensed balance sheet to reflect the transaction to issue 6,250,000 shares of VB Clothing Inc. and cancel 10,000,000 shares from the principal stockholder of VB Clothing, Inc.
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