Attached files
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| 8-K - CURRENT REPORT - ECOSPHERE TECHNOLOGIES INC | esph_8k.htm |
EXHIBIT 99.1
Ecosphere Technologies, Inc.
Pro Forma Balance Sheet
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| March 31, |
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| March 31, |
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| 2013 |
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| 2013 |
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| (Unaudited) |
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| Pro Forma |
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| (Unaudited) |
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| As Reported |
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| Adjustments |
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| Pro Forma |
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Assets |
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Current assets |
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Cash and cash equivalents |
| $ | 433,694 |
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| (423,238 | ) |
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| 1 |
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| $ | 10,456 |
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Cash and cash equivalents |
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| — |
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| 4,919,439 |
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| 2 |
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| 4,919,439 |
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Restricted cash |
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| 25,000 |
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| 25,000 |
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Receivables, net |
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| 456,788 |
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| (449,770 | ) |
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| 1 |
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| 7,018 |
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Inventory |
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| 4,053,006 |
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| (235,753 | ) |
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| 1 |
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| 3,817,253 |
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Prepaid expenses and other current assets |
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| 129,666 |
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| (19,835 | ) |
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| 1 |
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| 109,831 |
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Total current assets |
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| 5,098,154 |
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| 8,888,997 |
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Investment in EES |
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| — |
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| 19,546,600 |
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| 3 |
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| 19,546,600 |
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Property, plant and equipment, net |
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| 4,262,338 |
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| (4,144,896 | ) |
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| 1 |
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| 117,442 |
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Debt issuance costs |
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| 61,286 |
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| 61,286 |
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Intangible assets, net |
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| 80,206 |
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| 80,206 |
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Deposits |
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| 22,441 |
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| (4,200 | ) |
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| 1 |
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| 18,241 |
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Total Assets |
| $ | 9,524,424 |
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| $ | 28,712,771 |
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Liabilities, Redeemable Convertible Cumulative Preferred Stock |
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Current liabilities |
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Accounts payable |
| $ | 3,238,593 |
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| (145,717 | ) |
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| 1 |
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| $ | 3,092,876 |
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Accrued expenses |
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| 767,764 |
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| (11,892 | ) |
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| 1 |
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| 755,872 |
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Convertible notes payable |
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| 1,195,000 |
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| 1,195,000 |
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Other notes payable |
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| 85,125 |
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| 85,125 |
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Derivative instruments - warrants |
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| 282,977 |
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| 282,977 |
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Capital lease obligation |
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| 14,778 |
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| 14,778 |
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Financing obligations - equipment and other |
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| 86,409 |
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| (8,400 | ) |
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| 1 |
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| 78,009 |
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Total current liabilities |
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| 5,670,647 |
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| 5,504,638 |
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Notes payable |
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| 119,174 |
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| 119,174 |
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Convertible notes payable, net of discounts |
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| 380,202 |
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| 380,202 |
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Capital lease obligation |
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| 53,512 |
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| 53,512 |
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Financing obligations - equipment and other |
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| 95,752 |
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| (7,743 | ) |
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| 1 |
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| 88,009 |
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Total liabilities |
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| 6,319,286 |
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| 6,145,534 |
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Redeemable convertible cumulative preferred stock |
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Series A |
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| 1,186,619 |
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| 1,186,619 |
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Series B |
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| 2,471,844 |
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| 2,471,844 |
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Total redeemable convertible cumulative preferred stock |
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| 9,977,749 |
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| 9,803,997 |
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Stockholders' Equity (Deficit) |
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Ecosphere Technologies, Inc. stockholders' equity (deficit) |
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Common stock |
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| 1,536,179 |
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| 1,536,179 |
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Common stock issuable |
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| 14,957 |
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| 14,957 |
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Additional paid-in capital |
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| 108,413,311 |
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| 108,413,311 |
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Accumulated deficit |
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| (119,670,335 | ) |
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| 28,614,663 |
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| 4 |
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| (91,055,672 | ) |
Total Ecosphere Technologies, Inc. stockholders' equity (deficit) |
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| (9,705,888 | ) |
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| 18,908,775 |
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Noncontrolling interest in consolidated subsidiary |
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| 9,252,564 |
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| (9,252,564 | ) |
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| 5 |
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| — |
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Total stockholders' equity (deficit) |
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| (453,324 | ) |
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| 18,908,775 |
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Total Liabilities, Redeemable Convertible Cumulative Preferred Stock and Stockholders' Equity (Deficit) |
| $ | 9,524,424 |
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| $ | 28,712,771 |
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———————
1
Represents reduction of assets and liabilities for carrying amounts on EES on March 31, 2013.
2
Represents cash proceeds of $6 million from sale of 12% interest in EES, less cash payment from proceeds to EES to settle amounts due, less $150,000 broker fee paid to Ladenburg Thalmann & Co.
3
Represents the fair value of ETI’s 39.1% retained interest in EES.
4
Represents the gain on deconsolidation.
5
Removal on non-controlling interest as of March 31, 2013.