Attached files
file | filename |
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8-K - FORM 8-K - PROGRESSIVE GREEN SOLUTIONS, INC. | v371513_8k.htm |
EX-2.1 - EXHIBIT 2.1 - PROGRESSIVE GREEN SOLUTIONS, INC. | v371513_ex2-1.htm |
EX-4.1 - EXHIBIT 4.1 - PROGRESSIVE GREEN SOLUTIONS, INC. | v371513_ex4-1.htm |
EX-99.1 - EXHIBIT 99.1 - PROGRESSIVE GREEN SOLUTIONS, INC. | v371513_ex99-1.htm |
EX-10.1 - EXHIBIT 10.1 - PROGRESSIVE GREEN SOLUTIONS, INC. | v371513_ex10-1.htm |
EX-3.1 - EXHIBIT 3.1 - PROGRESSIVE GREEN SOLUTIONS, INC. | v371513_ex3-1.htm |
INTRODUCTION TO UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION
On March 7, 2014, MarketingMobileText, Inc. (the “Registrant” or the “Company”) authorized an amendment to its Articles of Incorporation (the “Amendment”) to (i) change its name to Green Remanufacturing Solutions, Inc., (ii) to increase the number of its authorized shares of capital stock from 300,000,000 to 310,000,000 shares of which 300,000,000 shares were designated common stock, par value $0.001 per share (the “Common Stock”) and 10,000,000 shares were designated “blank check” preferred stock, par value $0.001 per share (the “Preferred Stock”) and (iii) to effect a forward split such that 10 shares of Common Stock were issued for every 1 share of Common Stock issued and outstanding immediately prior to the Amendment (the “Split”). Also on March 7, 2014, the Registrant entered into and consummated the Agreement and Plan of Share Exchange (the “Exchange Agreement”) with Slimko Holdings LLC, the principal stockholder of the Registrant (the “Majority Shareholder”), Green Remanufacturing Solutions LLC (“GRS”) and the members of GRS (the “Exchange”), whereby the Registrant acquired all of the issued and outstanding membership interests of GRS in exchange (the “Exchange”) for approximately 2,300,000 pre-Split shares of the Company’s Common Stock. Pursuant to the terms of the Exchange Agreement, the Company’s Majority Shareholder agreed to retire 9,944,000 of the 10,000,000 shares of Common Stock of the Company held immediately prior to the Exchange. Simultaneously with the Exchange, the Registrant accepted subscriptions in a private placement offering (the “Offering”) of its Common Stock at a post-Split purchase price of $0.75 per share, offered pursuant to Regulation D of the Securities Act of 1933, as amended (the “Securities Act”). The Company sold an aggregate of 352,568 shares of Common Stock for the aggregate offering price of $2,644,250.
The unaudited pro forma combined balance sheet as of December 31, 2013 combines the unaudited balance sheet of the Registrant as of September 30, 2013 and the unaudited balance sheet of GRS as of December 31, 2013 and assumes that the Exchange was consummated on September 30, 2013.
The information presented in the unaudited pro forma condensed combined financial statements does not purport to represent what our financial position or results of operations would have been had the Exchange occurred as of the dates indicated, nor is it indicative of our future financial position or results of operations for any period. You should not rely on this information as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined company will experience after the Exchange.
The unaudited pro forma adjustments are based upon available information and certain assumptions that we believe are reasonable under the circumstances.
GREEN REMANUFACTURING SOLUTIONS, INC |
PRO FORMA BALANCE SHEET |
December 31, 2013 | September 30, 2013 | |||||||||||||||||||||||
GRS LLC | MMTX | Adjustments | Consolidated | Note | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash | $ | 75,114 | $ | - | 2,644,250 | 1 | 2,719,364 | 1 | ||||||||||||||||
Accounts receivable | 277,603 | - | - | 277,603 | ||||||||||||||||||||
Inventories | 548,275 | - | - | 548,275 | ||||||||||||||||||||
Advances to related party | - | - | - | - | ||||||||||||||||||||
Advance on purchases | 1 | - | - | 1 | ||||||||||||||||||||
Prepayments and other current assets | 47,180 | - | - | 47,180 | ||||||||||||||||||||
Total Current Assets | 948,173 | - | 2,644,250 | 3,592,423 | ||||||||||||||||||||
PROPERTY AND EQUIPMENT | ||||||||||||||||||||||||
Property and equipment | 40,562 | - | - | 40,562 | ||||||||||||||||||||
Accumulated depreciation | (2,976 | ) | - | - | (2,976 | ) | ||||||||||||||||||
PROPERTY AND EQUIPMENT, net | 37,587 | - | - | 37,587 | ||||||||||||||||||||
SOFTWARE AND HARDWARE | ||||||||||||||||||||||||
Software and hardware | 121,092 | - | - | 121,092 | ||||||||||||||||||||
Accumulated amortization | (13,408 | ) | - | - | (13,408 | ) | ||||||||||||||||||
SOFTWARE AND HARDWARE, net | 107,684 | - | - | 107,684 | ||||||||||||||||||||
LEASEHOLD IMPROVEMENTS | ||||||||||||||||||||||||
Leasehold improvements | 539,623 | - | - | 539,623 | ||||||||||||||||||||
Accumulated amortization | (144,493 | ) | - | - | (144,493 | ) | ||||||||||||||||||
LEASEHOLD IMPROVEMENTS, net | 395,130 | - | - | 395,130 | ||||||||||||||||||||
OTHER ASSETS | 34,693 | - | - | 34,693 | ||||||||||||||||||||
Total Assets | $ | 1,523,266 | $ | - | $ | 2,644,250 | $ | 4,167,516 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT) | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 858,633 | $ | 85,190 | $ | - | $ | 943,823 | ||||||||||||||||
Notes payable - members | 226,674 | - | - | 226,674 | ||||||||||||||||||||
Advances from members | 563,137 | - | - | 563,137 | ||||||||||||||||||||
Total Current Liabilities | 1,648,443 | 85,190 | - | 1,733,633 | ||||||||||||||||||||
Total Liabilities | 1,648,443 | 85,190 | - | 1,733,633 | ||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||
STOCKHOLDERS'/MEMBERS' EQUITY (DEFICIT): | ||||||||||||||||||||||||
Authorized: 10,000,000 preferred shares with a par value of $0.001 per share | ||||||||||||||||||||||||
Issued and outstanding: nil preferred shares | - | - | - | - | ||||||||||||||||||||
Common stock no par: 1,000 shares authorized; | ||||||||||||||||||||||||
0 and 300 shares issued and outstanding, respectively | - | - | - | - | ||||||||||||||||||||
Common stock no par: 300,000,000 shares authorized; | ||||||||||||||||||||||||
0 and 31,389,603 shares issued and outstanding, respectively | - | 10,400 | 20,990 | 1,2,3,4 | 31,390 | 2 | ||||||||||||||||||
Paid-in Capital | - | 29,600 | 4,953,653 | 1,2,3,4 | 4,983,253 | 3 | ||||||||||||||||||
Members' capital | 2,330,392 | - | (2,330,392 | ) | 4 | - | 4 | |||||||||||||||||
Accumulated deficit | (2,455,569 | ) | (125,190 | ) | - | (2,580,759 | ) | |||||||||||||||||
Total Stockholders'/Members' Equity (Deficit) | (125,177 | ) | (85,190 | ) | 2,644,250 | 2,433,883 | ||||||||||||||||||
Total Liabilities and Members' Equity (Deficit) | $ | 1,523,266 | $ | - | $ | 2,644,250 | $ | 4,167,516 |
MMTX Share Transactions | Shares | Cash Consideration | Share Value | Paid-in Capital | Member's Capital | |||||||||||||||
Pro Forma Adjustments | ||||||||||||||||||||
(1) To reflect the retirement of 9,944,000 shares of MMTX common stock | (9,944,000 | ) | $ | (9,944 | ) | $ | 9,944 | |||||||||||||
(2) To give effect to the issuance of common stock to GRS in Share Exchange | 2,330,392 | $ | 2,330 | 2,328,062 | (2,330,392 | ) | ||||||||||||||
(3) To give effect to the sale of shares in private placement | 352,568 | 2,644,250 | $ | 353 | 2,643,897 | |||||||||||||||
(4) To give effect to forward stock split of 10 for 1 | 28,250,643 | $ | 28,251 | (28,251 | ) | |||||||||||||||
After Split | 31,389,603 | $ | 2,644,250 | $ | 31,390 | $ | 4,983,253 | $ | (2,330,392 | ) |
GREEN REMANUFACTURING SOLUTIONS, INC |
PRO FORMA STATEMENT OF OPERATIONS |
For the Year | For the Year | |||||||||
Ended | Ended | |||||||||
December 31, 2013 | September 30, 2013 | |||||||||
GRS LLC | MMTX | Adjustment | Consolidated | |||||||
NET REVENUES | $ | 3,245,547 | $ | - | $ | - | $ | 3,245,547 | ||
COST OF GOODS SOLD | 2,572,704 | - | - | 2,572,704 | ||||||
GROSS MARGIN | 672,842 | - | - | 672,842 | ||||||
OPERATING EXPENSES: | ||||||||||
Salary and wages | 627,790 | - | - | 627,790 | ||||||
Professional fees | 418,174 | - | - | 418,174 | ||||||
Rent | 265,964 | - | - | 265,964 | ||||||
Depreciation & amortization | 101,829 | - | - | 101,829 | ||||||
General and administrative | 423,109 | 52,405 | - | 475,514 | ||||||
Total operating expenses | 1,836,867 | 52,405 | - | 1,889,272 | ||||||
LOSS FROM OPERATIONS | (1,164,025) | (52,405) | - | (1,216,430) | ||||||
OTHER (INCOME) EXPENSE: | ||||||||||
Interest income | - | - | - | - | ||||||
Interest expense | 1,674 | 3,994 | - | 5,668 | ||||||
Other (income) expense | 40,590 | (38,000) | - | 2,590 | ||||||
Other (income) expense, net | 42,264 | (34,006) | - | 8,258 | ||||||
LOSS BEFORE INCOME TAX PROVISION | (1,206,288) | (18,399) | - | (1,224,687) | ||||||
INCOME TAX PROVISION | - | - | - | - | ||||||
NET LOSS | $ | (1,206,288) | $ | (18,399) | $ | - | $ | (1,224,687) |