Attached files
| file | filename |
|---|---|
| 8-K/A - CURRENT REPORT - MANUFACTURED HOUSING PROPERTIES INC. | stth_8ka.htm |
| EX-99.1 - AUDITED FINANCIAL STATEMENTS - MANUFACTURED HOUSING PROPERTIES INC. | stth_ex991.htm |
Exhibit 99.2
STRATUM HOLDINGS, INC.
PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2013
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Stratum
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Cinco
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Pro Forma
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Holdings, Inc.
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NRG, LLC
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Adjustments
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As Adjusted
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 148,381 | $ | 27,042 | $ | - | $ | 175,423 | ||||||||
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Accounts receivable
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297,471 | 28,020 | - | 325,491 | ||||||||||||
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Prepaid expenses and other
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80,590 | 31,015 | - | 111,605 | ||||||||||||
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Notes receivable
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1,174,363 | - | - | 1,174,363 | ||||||||||||
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Total current assets
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1,700,805 | 86,077 | - | 1,786,882 | ||||||||||||
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Property and equipment:
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Oil and gas properties (full cost method)
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14,939,987 | 881,535 | - | 15,821,522 | ||||||||||||
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Other property and equipment
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138,274 | - | - | 138,274 | ||||||||||||
| 15,078,261 | 881,535 | - | 15,959,796 | |||||||||||||
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Less: Accumulated DD&A
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(9,943,168 | ) | (12,492 | ) | - | (9,955,660 | ) | |||||||||
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Net property and equipment
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5,135,093 | 869,043 | - | 6,004,136 | ||||||||||||
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Other assets:
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Other assets
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5,238 | 15,000 | - | 20,238 | ||||||||||||
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Total other assets
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5,238 | 15,000 | - | 20,238 | ||||||||||||
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Total assets
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$ | 6,841,136 | $ | 970,120 | $ | - | $ | 7,811,256 | ||||||||
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Liabilities and Stockholders’ Equity
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Current liabilities:
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Current portion of long term debt
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$ | 2,177,575 | $ | - | $ | - | $ | 2,177,575 | ||||||||
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Accounts payable
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669,354 | 1,567 | - | 670,921 | ||||||||||||
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Accrued liabilities
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1,704,962 | - | - | 1,704,962 | ||||||||||||
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Fair value of oil and gas derivatives
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4,508 | - | - | 4,508 | ||||||||||||
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Total current liabilities
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4,556,399 | 1,567 | - | 4,557,966 | ||||||||||||
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Long-term debt, net of current portion
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96,978 | 50,000 | - | 146,978 | ||||||||||||
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Deferred income taxes
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310,500 | - | (18,200 | )(B) | 292,300 | |||||||||||
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Asset retirement obligations
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426,250 | 2,735 | - | 428,985 | ||||||||||||
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Total liabilities
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5,390,127 | 54,302 | (18,200 | ) | 5,426,229 | |||||||||||
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Stockholders’ equity:
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Preferred stock
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- | - | - | - | ||||||||||||
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Common stock
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26,557 | - | 469,425 | (A) | 495,982 | |||||||||||
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Additional paid-in capital
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12,894,490 | 969,283 | (469,425 | )(A) | 13,394,348 | |||||||||||
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Accumulated deficit
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(11,470,038 | ) | (53,465 | ) | 18,200 | (B) | (11,505,303 | ) | ||||||||
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Total stockholders’ equity
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1,451,009 | 915,818 | 18,200 | 2,385,027 | ||||||||||||
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Total liabilities and stockholders equity
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$ | 6,841,136 | $ | 970,120 | $ | - | $ | 7,811,256 | ||||||||
1
STRATUM HOLDINGS, INC.
PRO FORMA STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2013
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Stratum
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Cinco
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Pro Forma
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Holdings, Inc.
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NRG, LLC
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Adjustments
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As Adjusted
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Revenues:
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Oil and gas sales
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$ | 2,044,447 | $ | 48,953 | $ | - | $ | 2,093,400 | ||||||||
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Total revenues
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2,044,447 | 48,953 | - | 2,093,400 | ||||||||||||
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Operating expenses:
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Lease operating expenses
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1,014,718 | 2,776 | - | 1,017,494 | ||||||||||||
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Depreciation, depletion and amortization
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345,288 | 12,492 | - | 357,780 | ||||||||||||
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Accretion expense
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27,540 | - | - | 27,540 | ||||||||||||
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Workover expenses
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162,501 | - | - | 162,501 | ||||||||||||
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Selling, general and administrative
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743,431 | 87,150 | - | 830,581 | ||||||||||||
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Total operating expenses
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2,293,478 | 102,418 | - | 2,395,896 | ||||||||||||
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Operating loss
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(249,031 | ) | (53,465 | ) | - | (302,496 | ) | |||||||||
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Other income (expense):
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Interest income
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50,063 | - | - | 50,063 | ||||||||||||
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Interest expense
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(103,523 | ) | - | - | (103,523 | ) | ||||||||||
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Loss on expected settlement of notes receivable
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(286,235 | ) | - | - | (286,235 | ) | ||||||||||
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Gain on oil and gas derivatives
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392 | - | - | 392 | ||||||||||||
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Loss before income taxes
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(588,334 | ) | (53,465 | ) | - | (641,799 | ) | |||||||||
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Benefit for income taxes
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198,300 | - | 18,200 | (B) | 216,500 | |||||||||||
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Net loss
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$ | (390,034 | ) | $ | (53,465 | ) | $ | 18,200 | $ | (425,299 | ) | |||||
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Net loss per share, basic and diluted
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$ | (0.15 | ) | $ | (0.01 | ) | ||||||||||
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Weighted average shares outstanding, basic and diluted
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2,655,738 | 35,206,901 | (C) | 37,862,639 | ||||||||||||
2
NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS
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(A)
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To record the acquisition of the outstanding membership units of Cinco NRG, LLC, an entity which is under common control with the Company, by the issuance of 46,942,535 new shares of the Company’s Common Stock.
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(B)
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To record an income tax benefit on the net loss of Cinco NRG, LLC, an entity which is treated as a partnership for income tax purposes, for the period from its inception on April 5, 2013 to October 31, 2013.
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(C)
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To reflect the weighted average issuance of 46,942,535 new shares of the Company’s Common Stock for the nine month period ended September 30, 2013.
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3