Attached files
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| 8-K/A - REPORT 8-K - AMENDMENT NO. 1 - KollagenX Corp. | kollangenx8ka1_81714.htm |
| EX-99.1 - EXHIBIT 99.1 - KollagenX Corp. | ex99_1.htm |
| EX-2.1 - EXHIBIT 2.1 - KollagenX Corp. | ex2_1.htm |
Exhibit 99.2
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KOLLAGENX, CORP.(formerly Integrated Electric Systems, Corp.)
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KOLLAGENX, INC.
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UNAUDITED CONSOLIDATED PROFORMA BALANCE SHEETS
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KOLLAGENX,
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KOLLAGENX,
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INC.
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CORP.
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pro-forma
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February 28,
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March 31,
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pro-forma
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KollagenX,
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2014
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2014
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adjustments
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Corp.
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ASSETS
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Current assets
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Cash
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$ | 4,905 | $ | 22 | $ | (22 | ) | $ | 4,905 | |||||||
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Prepaid
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$ | - | 1,260 | (1,260 | ) | - | ||||||||||
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Inventory
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82,244 | - | - | 82,244 | ||||||||||||
| Total current assets | 87,149 | 1,282 | (1,282 | ) | 87,149 | |||||||||||
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Long term assets
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Related party receivable
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10,000 | - | - | 10,000 | ||||||||||||
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Computer and production equipment
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31,140 | - | - | 31,140 | ||||||||||||
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less: accumulated depreciation
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(31,140 | ) | - | - | (31,140 | ) | ||||||||||
| Total long term assets | 10,000 | - | - | 10,000 | ||||||||||||
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Total assets
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$ | 97,149 | $ | 2,564 | $ | (2,564 | ) | $ | 97,149 | |||||||
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current liabilities
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Accounts payable and accrued liabilities
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$ | 39,108 | $ | 3,450 | $ | (3,450 | ) | $ | 39,108 | |||||||
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Accrued interest
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- | 5,450 | (5,450 | ) | - | |||||||||||
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Related party payable
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45,654 | - | - | 45,654 | ||||||||||||
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Note payable
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75,000 | 120,000 | - | 195,000 | ||||||||||||
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Loans payable
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89,350 | - | - | 89,350 | ||||||||||||
| Total current liabilities | 249,112 | 128,900 | (8,900 | ) | 369,112 | |||||||||||
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Common stock $0.001 par value; 750,000,000 authorized;
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64,000,000 issued and outstanding
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1,000 | 54,000 | 9,000 | 64,000 | ||||||||||||
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Additional paid in capital
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- | 3,000 | 30,581 | 33,581 | ||||||||||||
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Deficit
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(152,963 | ) | (184,618 | ) | (31,963 | ) | (369,545 | ) | ||||||||
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Total stockholders' deficit
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(151,963 | ) | (127,618 | ) | 7,618 | (271,963 | ) | |||||||||
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Total liabilities and stockholders' deficit
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$ | 97,149 | $ | 1,282 | $ | (1,282 | ) | $ | 97,149 | |||||||
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KOLLAGENX, INC.
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UNAUDITED CONSOLIDATED PROFORMA STATEMENT OF OPERATIONS
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KollagenX,
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KollagenX,
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Corp.
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Inc.
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March 31,
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February 28,
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pro-forma
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pro-forma
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2014
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2014
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adjustments
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consolidation
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Income
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Revenue
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$ | - | $ | 287,604 | $ | 287,604 | ||||||||||
| Total revenue | - | 287,604 | 287,604 | |||||||||||||
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Cost of sales
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Purchases
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- | 25,031 | 25,031 | |||||||||||||
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Freight and packaging
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- | 26,538 | 26,538 | |||||||||||||
| Total cost of sales | - | 51,569 | 51,569 | |||||||||||||
| Gross profit | - | 236,035 | 236,035 | |||||||||||||
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Operating expenses
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Advertising and promotion
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- | 47,810 | 47,810 | |||||||||||||
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Depreciation
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- | 16,961 | 16,961 | |||||||||||||
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General and administrative
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36,651 | 47,945 | (36,651 | ) | 47,945 | |||||||||||
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Professional fees
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10,482 | - | (10,482 | ) | - | |||||||||||
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Management salaries
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- | 18,000 | 18,000 | |||||||||||||
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Trade shows
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- | 83,413 | 83,413 | |||||||||||||
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Wages
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- | 30,216 | 30,216 | |||||||||||||
| Total operating expenses | 47,133 | 244,345 | (47,133 | ) | 244,345 | |||||||||||
| Loss from operations | 47,133 | 8,310 | (47,133 | ) | 8,310 | |||||||||||
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Other expenses
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Interest
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4,114 | 8603 | (4,114 | ) | 8603 | |||||||||||
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Total other expenses
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4,114 | 8603 | (4,114 | ) | 8603 | |||||||||||
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Loss for the year
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$ | 51,247 | $ | 16,913 | $ | (51,247 | ) | $ | 16,913 | |||||||
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KollagenX, Corp and KollagenX, Inc.
Notes to unaudited pro-forma consolidated financial statements
1. BASIS OF PRESENTATION FOR PRO-FORMA FINANCIAL STATEMENTS
On August 4, 2104, KollagenX, Corp.(formerly Integrated Electric Systems, Corp., a Nevada Corporation, acquired 100% of the outstanding common shares of KollagenX, Inc. a California corporation, in exchange for a total of 10,000,000 restricted shares of KollagenX, Corp. common stock. The Company issued 10,000,000 shares upon closing of acquisition.
The unaudited pro forma financial statements have been developed from the audited records of KollagenX, Corp. for the year ended March 31, 2014 and the audited records of KollagenX, Inc for the year ended February 28, 2014.
The unaudited pro-forma condensed consolidated statement of operations is based upon the historical financial statements of KollagenX, Inc. and KollagenX, Corp, after giving effect to the acquisition. The unaudited pro-forma condensed consolidated statement of operations is presented as if the acquisition had occurred at the beginning of the period.
2. PRO-FORMA ADJUSTMENTS
The pro-forma adjustments included in the unaudited condensed consolidated financial statements are as follows:
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(1)
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Net effect of the elimination of all of the assets, liabilities, equity, operations and retained earnings of KollagenX, Corp. except for a note payable of $120,000.
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(2)
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Issuance of the 10,000,000 shares of KollagenX, Corp. in exchange for 100% of the issued common shares of KollagenX, Inc.
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- 3 -