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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)