Attached files
| file | filename |
|---|---|
| 8-K/A - AMENDMENT NO. 1 - AUTRIS | j12231318ka1.htm |
| EX-23 - EXHIBIT 23 - AUTRIS | ex23.htm |
| EX-99.1 - EXHIBIT 99.1 - AUTRIS | ex99_1.htm |
Exhibit 99.2
|
Big Sky
Productions,
Inc.
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NitroHeat,
LLC
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Pro Forma
Adjustments
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Pro Forma
BigSky
Productions,
Inc.
|
|||||||||||||
| ASSETS | ||||||||||||||||
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Current assets
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||||||||||||||||
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Cash
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$ | - | $ | 19,323 | $ | - | $ | 19,323 | ||||||||
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Accounts receivable
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- | 117,995 | - | 117,995 | ||||||||||||
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Inventory
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- | 109,964 | - | 109,964 | ||||||||||||
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Total current assets
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- | 247,282 | - | 247,282 | ||||||||||||
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Equipment, net of accumulated depreciation
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463 | - | - | 463 | ||||||||||||
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Goodwill
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- | - | 2,138,987 | 2,138,987 | ||||||||||||
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Total assets
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$ | 463 | $ | 247,282 | $ | 2,138,987 | $ | 2,386,732 | ||||||||
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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||||||||||||||||
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Current liabilities
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||||||||||||||||
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Bank overdraft
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$ | 120 | $ | - | $ | - | $ | 120 | ||||||||
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Accounts payable and accrued liabilities
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44,823 | 17,832 | - | 62,655 | ||||||||||||
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Note payable, related party, net of discount of $913
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12,432 | - | - | 12,432 | ||||||||||||
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Total current liabilities
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57,375 | 17,832 | - | 75,207 | ||||||||||||
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Stockholders' equity (deficit)
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||||||||||||||||
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Common stock, $0.001 par value; 75,000,000 shares
authorized; 32,063,381 issued and outstanding
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12,063 | - | 20,000 | 32,063 | ||||||||||||
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Additional paid in capital
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83,413 | - | 2,118,987 | 2,202,400 | ||||||||||||
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Accumulated deficit
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(152,388 | ) | 261,013 | - | 108,625 | |||||||||||
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Total stockholders' equity (deficit)
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(56,912 | ) | 261,013 | 2,138,987 | 2,343,088 | |||||||||||
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Total liabilities and stockholders' equity (deficit)
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$ | 463 | $ | 278,845 | $ | 2,138,987 | $ | 2,418,295 | ||||||||
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See notes to pro forma combined financial statements.
|
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BIG SKY PRODUCTIONS, INC.
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NITRO HEAT, LLC
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UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS
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YEAR ENDED JUNE 30, 2013
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Big Sky
Productions,
Inc.
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NitroHeat,
LLC
|
Pro Forma
Adjustments
|
Pro Forma Big
Sky Productions,
Inc.
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|||||||||||||
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Revenue
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$ | 12,213 | $ | 652,809 | $ | - | $ | 665,022 | ||||||||
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Cost of revenue
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6,883 | 340,037 | - | 346,920 | ||||||||||||
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Gross profit
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5,330 | 312,772 | - | 318,102 | ||||||||||||
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Operating expenses
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||||||||||||||||
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Professional fees
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3,290 | 3,798 | - | 7,088 | ||||||||||||
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Depreciation
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5,016 | 2,603 | - | 7,619 | ||||||||||||
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Travel
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- | 28,516 | - | 28,516 | ||||||||||||
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Promotional and advertising
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- | 5,419 | - | 5,419 | ||||||||||||
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Research and development
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- | 82,990 | - | 82,990 | ||||||||||||
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General and administrative
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2,544 | (2,534 | ) | - | 10 | |||||||||||
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Total operating expenses
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10,850 | 120,792 | - | 131,642 | ||||||||||||
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Income (loss) from operations
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(5,520 | ) | 191,980 | - | 186,460 | |||||||||||
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Other income (expense)
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||||||||||||||||
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Gain of foreign currency exchange
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- | - | - | - | ||||||||||||
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Interest income
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- | 20 | - | 20 | ||||||||||||
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Other income
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500 | - | - | 500 | ||||||||||||
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Interest expense
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(833 | ) | - | - | (833 | ) | ||||||||||
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Total other income (expense)
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(333 | ) | 20 | - | (313 | ) | ||||||||||
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Net income (loss)
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$ | (5,853 | ) | $ | 192,000 | $ | - | $ | 186,147 | |||||||
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Pro forma income (loss) per common share
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$ | (0.00 | ) | $ | 0.01 | |||||||||||
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Shares used in pro forma per share
computation
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12,063,381 | 32,063,381 | ||||||||||||||
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See notes to pro forma combined financial statements.
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BIG SKY PRODUCTIONS, INC.
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||||||||||||
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NITRO HEAT, LLC
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||||||||||||
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UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS
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||||||||||||
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THREE MONTHS ENDED SEPTEMBER 30, 2013
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Big Sky
Productions,
Inc.
|
NitroHeat,
LLC
|
Pro Forma
Adjustments
|
Pro Forma Big
Sky Productions,
Inc.
|
|||||||||||||
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Revenue
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$ | - | $ | 392,589 | $ | - | $ | 392,589 | ||||||||
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Cost of revenue
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- | 236,549 | - | 236,549 | ||||||||||||
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Gross profit
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- | 156,040 | - | 156,040 | ||||||||||||
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Operating expenses
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||||||||||||||||
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Professional fees
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25,432 | 13,353 | - | 38,785 | ||||||||||||
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Depreciation
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256 | 1,517 | - | 1,773 | ||||||||||||
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Travel
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- | 26,242 | - | 26,242 | ||||||||||||
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Promotional and advertising
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- | 3,698 | - | 3,698 | ||||||||||||
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Research and development
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- | 30,034 | - | 30,034 | ||||||||||||
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General and administrative
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3,292 | 53,911 | - | 57,203 | ||||||||||||
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Total operating expenses
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28,980 | 128,755 | - | 157,735 | ||||||||||||
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Income (loss) from operations
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(28,980 | ) | 27,285 | - | (1,695 | ) | ||||||||||
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Other income (expense)
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||||||||||||||||
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Gain of foreign currency exchange
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- | - | - | - | ||||||||||||
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Interest income
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- | 14 | - | 14 | ||||||||||||
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Other income
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788 | - | - | 788 | ||||||||||||
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Interest expense
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(115 | ) | - | - | (115 | ) | ||||||||||
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Total other income (expense)
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673 | 14 | - | 687 | ||||||||||||
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Net income (loss)
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$ | (28,307 | ) | $ | 27,299 | $ | - | $ | (1,008 | ) | ||||||
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Pro forma income (loss) per common share
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$ | (0.00 | ) | $ | (0.00 | ) | ||||||||||
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Shares used in pro forma per share computation
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12,063,381 | 32,063,381 | ||||||||||||||
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See notes to pro forma combined financial statements.
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BIG SKY PRODUCTIONS, INC.
NITRO HEAT, LLC
NOTES TO UNAUDITED PRO FORMA
COMBINED FINANCIAL INFORMATION
1. BASIS OF PRESENTATION
The accompanying Pro Forma Income Statements for the year ended June 30, 2013, and for the three month period ended September 30, 2013, give effect to Big Sky’s acquisition of NitroHeat as discussed in Note 3, as if such acquisition had occurred on July 1, 2012, combining the results of Big Sky and NitroHeat for the year ended June 30, 2013 and for the three month period ended September 30, 2013. The accompanying Pro Forma Balance Sheet as of June 30, 2013 gives effect to the NitroHeat acquisition as if it had occurred on June 30, 2013, combining the balance sheet of Big Sky and NitroHeat as of June 30, 2013. The Pro Forma Financial Information is unaudited and does not purport to represent what Big Sky's consolidated results of operations would have been if the NitroHeat acquisition had occurred on July 1, 2012, or what those results will be for any future periods; or what Big Sky’s consolidated balance sheet would have been if the NitroHeat acquisition had occurred on June 30, 2013.
(a) Year Ended June 30, 2013
NitroHeats’ financial statements for the year ended June 30, 2013 were derived by removing the financial results for the six month period ended December 31, 2012 from its year ended December 31, 2012 financial results and adding the financial results for the six month period ended June 30, 2013.
(b) Three Month Period Ended September 30, 2013
The financial statements of NitroHeat for the three month period ended September 30, 2013 were derived by adding the financial results for the three month period ended September 30, 2013 to the June 30, 2013 financial results. No duplicated operating information is included in the periods presented.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Pro Forma Financial Information has been compiled in a manner consistent with the accounting policies adopted by Big Sky Productions. The accounting policies of NitroHeat were not deemed to be materially different from those adopted by Big Sky Productions.
3. NITROHEAT ACQUISITION
On October 15, 2013, Big Sky Productions announced that on October 10, 2013, the Company entered into a Membership Interest Purchase Agreement (the “Agreement”) with the members of NitroHeat pursuant to which Big Sky Productions collectively acquired all of the interest of NitroHeat in exchange for $0.001 par value common stock.
Big Sky Productions acquired the interest of NitroHeat for total consideration of 20,000,000 shares of its $0.001 par value common stock valued at $0.12 per share for a total consideration of $2,400,000.
In connection with the acquisition, Big Sky Productions has entered into new employment agreements with the key manager of NitroHeat.
BIG SKY PRODUCTIONS, INC.
NITRO HEAT, LLC
NOTES TO UNAUDITED PRO FORMA
COMBINED FINANCIAL INFORMATION
3. NITROHEAT ACQUISITION (CONTINUED)
The total purchase price and related preliminary excess total purchase price over fair value of net assets acquired is as follows:
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Total purchase price
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$
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2,400,000
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Book value of net assets acquired
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$
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261,013
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Fair value adjustments to assets and liabilities
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-
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||||
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Fair value of tangible net assets acquired
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$
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261,013
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Identifiable intangibles at acquisition-date fair value
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Trademark/Trade Name
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-
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Developed Technology
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-
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||||
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Customer Relationships
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-
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Total identifiable intangibles
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-
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|||||
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|||||||
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Residual goodwill
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$
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2,138,987
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|||
The carrying value of assets and liabilities in NitroHeats’ financial statements are considered to be a reasonable estimate of the fair value of those assets and liabilities.
The total purchase price allocation is considered preliminary and is subject to change once Big Sky Productions receives certain information it believes is necessary to finalize its determination of the fair value of assets acquired and liabilities assumed. Thus the allocation of total purchase price is subject to refinement, and additional adjustments to record the fair value of all assets acquired and liabilities assumed may be required.