Attached files
| file | filename |
|---|---|
| 8-K/A - AMENDMENT TO CURRENT REPORT - Bioquest Corp | selecttv_8ka.htm |
| EX-99.1 - AUDITED CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2014 AND 2013 - Bioquest Corp | selecttv_8ka-ex9901.htm |
| EX-23.1 - CONSENT - Bioquest Corp | selecttv_8ka-ex2301.htm |
| EX-99.2 - UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - Bioquest Corp | selecttv_8ka-ex9902.htm |
| EX-99.4 - PRO FORMA - Bioquest Corp | selecttv_8ka-ex9904.htm |
Exhibit 99.3
Select-TV Solutions, Inc.
Pro Forma Combined Balance Sheet
April 30, 2014
(Unaudited)
| Historical | ||||||||||||||||||
| Select-TV | Select-TV | Pro Forma | ||||||||||||||||
| Solutions, Inc. | Solutions (USA), Inc. | Adjustments | Ref | Combined | ||||||||||||||
| ASSETS | ||||||||||||||||||
| Current assets | ||||||||||||||||||
| Cash and cash equivalents | $ | 543,853 | $ | 342 | $ | 544,195 | ||||||||||||
| Accounts receivable | – | 2,864 | 2,864 | |||||||||||||||
| Other receivables | – | 56,293 | 56,293 | |||||||||||||||
| Due from related parties | 346,050 | – | (346,050 | ) | (1) | – | ||||||||||||
| Prepaid expenses | – | – | – | |||||||||||||||
| Inventory | – | 161,450 | 161,450 | |||||||||||||||
| Total current assets | 889,903 | 220,949 | (346,050 | ) | 764,802 | |||||||||||||
| Equipment, net | – | 27,711 | 27,711 | |||||||||||||||
| Licenses, net | – | 96,433 | 96,433 | |||||||||||||||
| Goodwill | – | – | 2,495,759 | (2) | 2,495,759 | |||||||||||||
| Total assets | $ | 889,903 | $ | 345,093 | $ | 2,149,709 | $ | 3,384,705 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||||||||||||
| Current liabilities | ||||||||||||||||||
| Accounts payable | $ | 14,700 | $ | 173,486 | $ | 188,186 | ||||||||||||
| Accrued liabilities | – | 11,183 | 11,183 | |||||||||||||||
| Loans payable | – | 136,335 | 136,335 | |||||||||||||||
| Total current liabilities | 14,700 | 321,004 | – | 335,704 | ||||||||||||||
| Due to Select-TV | – | 346,050 | (346,050 | ) | (1) | – | ||||||||||||
| Total liabilities | 14,700 | 667,054 | (346,050 | ) | 335,704 | |||||||||||||
| Stockholders' equity (deficit) | ||||||||||||||||||
| Common stock | 54,134 | 39,743 | 9,936 | (2) | 103,813 | |||||||||||||
| Paid-in-capital (deficiency) | (34,614 | ) | 2,221,970 | 709,058 | (2) | 2,896,414 | ||||||||||||
| Common stock issuable | 1,482,366 | – | 1,482,366 | |||||||||||||||
| Deferred issuance costs | (128,194 | ) | – | (128,194 | ) | |||||||||||||
| Accumulated other comprehensive gain | – | 5,600 | 5,600 | |||||||||||||||
| Accumulated deficit | (498,489 | ) | (2,589,274 | ) | 1,776,765 | (2) | (1,310,998 | ) | ||||||||||
| Total stockholders' equity (deficit) | 875,203 | (321,961 | ) | 2,495,759 | 3,049,001 | |||||||||||||
| Total liabilities and stockholders' equity (deficit) | $ | 889,903 | $ | 345,093 | $ | 2,149,709 | $ | 3,384,705 | ||||||||||
| 1 |
Select-TV Solutions, Inc.
Pro Forma Condensed Combined Statement of Operations
For the year ended April 30, 2014
(Unaudited)
| Historical | ||||||||||||||||||
| Select-TV | Select-TV | Pro Forma | ||||||||||||||||
| Solutions, Inc. | Solutions (USA), Inc. | Adjustments | Ref | Combined | ||||||||||||||
| Revenue | $ | – | $ | 8,914 | $ | 8,914 | ||||||||||||
| Operating expenses | 123,709 | 808,494 | 932,203 | |||||||||||||||
| Loss from operations | (123,709 | ) | (799,580 | ) | – | (923,289 | ) | |||||||||||
| Other income (expense) | (364,283 | ) | (12,929 | ) | (377,212 | ) | ||||||||||||
| Income before taxes | (487,992 | ) | (812,509 | ) | – | (1,300,501 | ) | |||||||||||
| Provision for income taxes | – | – | – | |||||||||||||||
| Net loss | $ | (487,992 | ) | $ | (812,509 | ) | $ | – | $ | (1,300,501 | ) | |||||||
| Net loss per share - basic and diluted | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.01 | ) | |||||||||
| Weighted average number of shares | ||||||||||||||||||
| outstanding - basic and diluted | 54,134,000 | 34,716,182 | 14,962,261 | (3) | 103,812,443 | |||||||||||||
The accompanying unaudited pro-forma financial information reflects the financial statements of Select-TV Solutions, Inc. and Select-TV Solutions (USA), Inc. The pro-forma adjustments to the balance sheet and statement of operations give effect to the merger as if it occurred on May 1, 2013.
Specific pro forma adjustments are:
| (1) | The elimination of intercompany balances between the entities of $346,050 as of April 30, 2014. |
| (2) | To record the issuance of 49,678,443 shares of Select-TV Solutions, Inc. common stock at a value of $2,980,707 and the cancellation of 39,742,754 shares of Select-TV Solutions (USA), Inc. common stock. Goodwill is calculated as $2,980,707 of consideration given in the merger less net assets acquired of $484,948. |
| (3) | To reflect the issuance of the 49,678,443 shares issued in the merger and outstanding during the period, less the cancellation of 34,716,182 average shares outstanding of Select-TV Solutions (USA), Inc. |
| 2 |