Attached files
| file | filename |
|---|---|
| 8-K - INFRASTRUCTURE DEVELOPMENTS CORP. | f8kamendedfinaloct14vedgar1.htm |
| EX-3 - INFRASTRUCTURE DEVELOPMENTS CORP. | articlesofamendment.htm |
| EX-99 - INFRASTRUCTURE DEVELOPMENTS CORP. | exh99iii.htm |
| EX-10 - INFRASTRUCTURE DEVELOPMENTS CORP. | orbislease.htm |
| EX-99 - INFRASTRUCTURE DEVELOPMENTS CORP. | exh99i.htm |
| EX-10 - INFRASTRUCTURE DEVELOPMENTS CORP. | exh10.htm |
INFRASTRUCTURE DEVELOPMENTS CORP.
Pro Forma Financial Statements
March 31, 2014
NOTE 1 - ORGANIZATION AND HISTORY
Infrastructure Developments Corp. (the “Company”), formerly 1st Home Buy and Sell Ltd., was incorporated under the laws of the state of Nevada on August 10, 2006. The Company changed its name to “Infrastructure Developments Corp.” on March 1, 2010.
The Company conducts its business through its wholly-owned subsidiaries focusing on project management in the Middle East, East Asia, and Oceania. The Company aims to fill an underserved niche in the global project spectrum. It targets specialized projects and subcontracts that are too small to attract the attention of the giant multinational firms but which still require world class engineering expertise. The company also markets mobile shelters to the mining, oil and gas, and industrial industries around the world.
On June 22, 2014, the Company and Orbis Real Estate (“Orbis”), engaged in real estate brokerage business in Dubai executed an acquisition agreement, whereby the Company agreed to acquire full control of Orbis’ business in exchange for 160,000,000 restricted shares of the Company’s common stock.
NOTE 2 – ASSUMPTIONS
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liabilities in the normal course of business.
The management has assumed all the book value of the assets and liabilities of Orbis are equal to the market value. All the pro forma adjustments are made as per the management’s assumptions.
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Infrastructure Developments Corporation Proforma Combined Financial Information Balance Sheet (Unaudited) As at March 31, 2014 | |||||||||
| Infrastructure Developments Corporation |
| Orbis Real Estate |
| Proforma adjustment 1- Issuance of 160,000,000 restricted shares to take control of Orbis | Proforma adjustment 2- Elimination of inter company equity & investment |
| Proforma Combined | |
Assets | |||||||||
Current assets: | |||||||||
Cash | 4,220 | 134 | - | - | 4,355 | ||||
Other current assets | - | 22,568 | - | - | 22,568 | ||||
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Total current assets | 4,220 | 22,702 | - | - | 26,922 | ||||
Investment | - | - | 160,000 | (160,000) | - | ||||
Property and equipment, net | - | 18,145 | - | - | 18,145 | ||||
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4,220 | 40,847 |
| 160,000 | (160,000) | 45,067 | ||||
Liabilities and Stockholders' Equity | |||||||||
Current liabilities: | |||||||||
Notes Payable | 22,610 | - | - | - | 22,610 | ||||
Accounts payable | - | - | - | - | - | ||||
Accrued expenses | 99,584 | 16,380 | - | - | 115,964 | ||||
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Total current liabilities | 122,194 | 16,380 | - | 138,574 | |||||
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Long-term debt | - | 123,153 | - | - | 123,153 | ||||
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Total liabilities | 122,194 | 139,533 | - | - | 261,727 | ||||
Continued | |||||||||
Shareholders' Equity |
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Common stock: |
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Authorized: 500,000,000 common shares with $0.001 | |||||||||
Issued : 493,774,657 | 493,775 | - | 160,000 | (160,000) | 493,775 | ||||
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Preferred stock: |
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Authorized: 10,000,000 preferred shares with $0.001 | |||||||||
Issued : 9,000,000 | 9,000 | - | - | - | 9,000 | ||||
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Additional paid-in capital | 8,707,141 | - | - | - | 8,707,141 | ||||
Retained earnings (deficit) | (9,327,890) | (98,685) | - | (9,426,575) | |||||
Equity Funds | (117,974) | (98,685) |
| 160,000 | (160,000) | (216,659) | |||
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4,220 | 40,847 |
| 160,000 | (160,000) | 45,067 | ||||
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Infrastructure Developments Corporation Proforma Combined Financial Information Income Statement (Unaudited) For the three months ended March 31, 2014 | |||||
Infrastructure Developments Corporation | Orbis Real Estate | Proforma Combined | |||
Revenues: | |||||
Commission Revenue | - | 33,913 | 33,913 | ||
Total revenues | - | 33,913 | 33,913 | ||
Direct costs – Commission Split | - | 18,427 | 18,427 | ||
Gross profit | - | 15,486 | 15,486 | ||
Operating expenses: | |||||
General, selling and administrative expenses | 3,851 | 22,802 | 22,802 | ||
Salaries and wages | 6,000 | 15,001 | 21,001 | ||
Depreciation | - | 1,790 | 1,790 | ||
Total operating expenses | 9,851 | 39,593 | 49,444 | ||
Income (Loss) from operations | (9,851) | (24,107) | (33,958) | ||
Other income (expense): | |||||
Interest Income/(Expense) | - | - | - | ||
Other income (expense) | - | - | - | ||
Total other income (expense) | - | - | - | ||
(Loss) Income before Income Taxes | (9,851) | (24,107) | (33,958) | ||
Provision for income taxes | - | - | - | ||
NET INCOME/(LOSS) | (9,851) | (24,107) | (33,958) | ||
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