Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Synergy CHC Corp. | orocapital-8k.htm |
| EX-99.1 - EXHIBIT 99.1 - Synergy CHC Corp. | orocapital_8kex99z1.htm |
| EX-3.1(B) - EXHIBIT 3.1(B) - Synergy CHC Corp. | orocapital_8kex3z1b.htm |
| EX-10.1 - EXHIBIT 10.1 - Synergy CHC Corp. | orocapital_8kex10z1.htm |
PRO FORMA COMBINED BALANCE SHEET
On April 24, 2014, Oro Capital Corp. (the “Company”), a public reporting company without any business or operating activities, issued 16,000,000 unregistered shares of common stock in exchange for 100% equity interest in Synergy Strips Corp (“Synergy”), in connection with the merger of Synergy Merger Sub, Inc., a wholly-owned subsidiary of the Company, with an into Synergy, with Synergy as the surviving corporation. This merger transaction resulted in the shareholders of Synergy obtaining a minority voting interest in the Company. Accounting principles generally accepted in the United States of America require that the company whose shareholders retain the majority interest in a combined business be treated as the acquirer for accounting purposes, resulting in a reverse acquisition. Accordingly, the stock exchange transaction has been accounted for as the recapitalization of the Company.
The following Pro Forma Combined Balance Sheet gives effect to the aforementioned reverse acquisition based on the assumptions and adjustments set forth in notes thereto, which management believes are reasonable. The Pro Forma Combined Balance Sheet represents the combined financial position of the Company as of January 31, 2014, and of Synergy as of December 31, 2013, as if the reverse acquisition had occurred on January 31, 2014. This unaudited Pro Forma Combined Balance Sheet should be read in conjunction with the audited historical financial statements and related notes of Synergy that are included in this filing as Exhibit 99.1 and of the Company that are incorporated herein by reference to the Form 10-K filed April 24, 2014, for the fiscal year ended January 31, 2014.
The Unaudited Pro Forma Combined Balance Sheet is presented for illustrative purposes only and is not necessarily indicative of the position of the Company that would have been achieved if the reverse acquisition had been consummated as of the beginning of the period indicated, nor is it necessarily indicative of the Company’s future financial position.
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| ORO CAPITAL CORP. (CONSOLIDATED) | |
| Unaudited Pro Forma Combined Balance Sheet | |
| (Amounts expressed in US dollars) |
| Synergy Strips Corp. | Oro Capital Corp. | Pro Forma | Consolidated | |||||||||||||
| June 30, 2013 | July 31, 2013 | Adjustments | July 31, 2013 | |||||||||||||
| Assets | ||||||||||||||||
| Current Assets | ||||||||||||||||
| Cash | $ | — | $ | 33,908 | $ | — | $ | 33,908 | ||||||||
| Prepaid | — | — | — | — | ||||||||||||
| Total current assets | — | 33,908 | — | 33,908 | ||||||||||||
| Total Assets | $ | — | $ | 33,908 | $ | — | $ | 33,908 | ||||||||
| Liabilities and Stokholders' Deficit | ||||||||||||||||
| Current Liabilities | ||||||||||||||||
| Accounts payable | $ | 4,276 | $ | 3,000 | $ | — | $ | 7,276 | ||||||||
| Accounts payable – related party | — | — | — | — | ||||||||||||
| Due to Directors | — | 20,691 | — | 20,691 | ||||||||||||
| Total current liabilities | 4,276 | 23,691 | — | 27,967 | ||||||||||||
| Stockholders’ Equity | ||||||||||||||||
| Common Stock | 3 | 60 | (60 | )(a) | 3 | |||||||||||
| Subscription receivable | (3 | ) | — | — | (3 | ) | ||||||||||
| Additional paid-in capital | — | 58,405 | (58,405 | )(b) | — | |||||||||||
| Accumulated deficit | (4,276 | ) | (48,248 | ) | 58,465 | (c) | 5,941 | |||||||||
| Total stockholders' deficit | (4,276 | ) | 10,217 | — | 5,941 | |||||||||||
| Total Liabilities and Stockholders’ Equity | $ | — | $ | 33,908 | $ | — | $ | 33,908 | ||||||||
| (a) To eliminate common stock of Oro Capital Corp |
| (b) To eliminate additional paid-in capital of Oro Capital Corp |
| (c) To consolidate additional paid-in capital of Oro Capital Corp into Synergy Strips Corp |
| -2- |
| ORO CAPITAL CORP. (CONSOLIDATED) | |
| Unaudited Pro Forma Combined Statement of Operations | |
| (Amounts expressed in US dollars) |
| Synergy Strips Corp | Oro Capital Corp. | Pro Forma | Oro Capital Corp. | Synergy Strips Corp | Oro Capital Corp. | Pro Forma | Oro Capital Corp. | |||||||||||||||||||||||||
| Six Months Ended | Six Months Ended | Adjustments | Six Months Ended | Year Ended | Year Ended | Adjustments | Year Ended | |||||||||||||||||||||||||
| December 31, 2013 | January 1, 2014 | January 1, 2014 | June 30, 2013 | July 31, 2013 | July 31, 2013 | |||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||||||
| Sales | $ | 10,783 | $ | — | $ | — | $ | 10,783 | $ | — | $ | — | — | — | ||||||||||||||||||
| Cost of goods sold | 6,323 | — | — | 6,323 | — | — | — | — | ||||||||||||||||||||||||
| Gross Profit | 4,460 | — | — | 4,460 | — | — | — | — | ||||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||||||||
| Promotional and marketing | 50 | — | — | 50 | 185 | — | — | 185 | ||||||||||||||||||||||||
| General and administrative | 21,304 | 1,748 | — | 23,052 | 706 | 1,583 | — | 2,289 | ||||||||||||||||||||||||
| Travel | 18,443 | — | — | 18,443 | 385 | — | — | 385 | ||||||||||||||||||||||||
| Professional fees | 3,000 | 6,700 | — | 9,700 | 3,000 | 5,700 | — | 8,700 | ||||||||||||||||||||||||
| Consulting fees | 11,200 | 14,000 | — | 25,200 | — | 3,000 | — | 3,000 | ||||||||||||||||||||||||
| Exploration | — | 4,400 | — | 4,400 | — | 8,500 | — | 8,500 | ||||||||||||||||||||||||
| Rent | — | 1,500 | — | 1,500 | — | 3,000 | — | 3,000 | ||||||||||||||||||||||||
| Total operating expenses | 53,997 | 28,348 | — | 82,345 | 4,276 | 21,783 | — | 26,059 | ||||||||||||||||||||||||
| Net operating (loss) | (49,537 | ) | (28,348 | ) | — | (77,885 | ) | (4,276 | ) | (21,783 | ) | — | (26,059 | ) | ||||||||||||||||||
| Other expense | ||||||||||||||||||||||||||||||||
| Imputed interest | — | 740 | 740 | — | 1,418 | 1,418 | ||||||||||||||||||||||||||
| Net (Loss) | $ | (49,537 | ) | $ | (29,088 | ) | $ | — | $ | (78,625 | ) | $ | (4,276 | ) | $ | (23,201 | ) | — | (27,477 | ) | ||||||||||||
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