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-99.3 - PRO FORMAS - Bioquest Corp | selecttv_8ka-ex9903.htm |
Exhibit 99.4
Pro Forma Combined Balance Sheet
July 31, 2014
(Unaudited)
| Historical | ||||||||||||||||||
| Select-TV | Select-TV | Pro Forma | ||||||||||||||||
| Solutions, Inc. | Solutions (USA), Inc. | Adjustments | Ref | Combined | ||||||||||||||
| ASSETS | ||||||||||||||||||
| Current assets | ||||||||||||||||||
| Cash and cash equivalents | $ | 848,000 | $ | 912 | $ | 848,912 | ||||||||||||
| Accounts receivable | – | 2,272 | 2,272 | |||||||||||||||
| Other receivables | – | 57,755 | 57,755 | |||||||||||||||
| Due from related parties | 1,017,400 | – | (1,017,400 | ) | (1) | – | ||||||||||||
| Prepaid expenses | 31,067 | 100,000 | 131,067 | |||||||||||||||
| Inventory | – | 265,145 | 265,145 | |||||||||||||||
| Total current assets | 1,896,467 | 426,084 | (1,017,400 | ) | 1,305,151 | |||||||||||||
| Equipment, net | – | 25,537 | 25,537 | |||||||||||||||
| Licenses, net | – | 83,283 | 83,283 | |||||||||||||||
| Goodwill | – | – | 3,308,268 | (2) | 3,308,268 | |||||||||||||
| Total assets | $ | 1,896,467 | $ | 534,904 | $ | 2,290,868 | $ | 4,722,239 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||||||||||||
| Current liabilities | ||||||||||||||||||
| Accounts payable | $ | – | $ | 133,780 | $ | 133,780 | ||||||||||||
| Accrued liabilities | 25,000 | 11,442 | 36,442 | |||||||||||||||
| Loans payable | – | 136,335 | 136,335 | |||||||||||||||
| Total current liabilities | 25,000 | 281,557 | – | 306,557 | ||||||||||||||
| Due to Select-TV | – | 717,400 | (717,400 | ) | (1) | – | ||||||||||||
| Total liabilities | 25,000 | 998,957 | (717,400 | ) | 306,557 | |||||||||||||
| Stockholders' equity (deficit) | ||||||||||||||||||
| Common stock | 62,134 | 39,743 | 9,936 | (2) | 111,813 | |||||||||||||
| Paid-in-capital | 757,386 | 2,221,970 | 709,058 | (2) | 3,688,414 | |||||||||||||
| Common stock issuable | 2,945,737 | – | (300,000 | ) | (1) | 2,645,737 | ||||||||||||
| Deferred issuance costs | (252,237 | ) | – | (252,237 | ) | |||||||||||||
| Accumulated other comprehensive gain | – | 1,734 | 1,734 | |||||||||||||||
| Accumulated deficit | (1,641,553 | ) | (2,727,500 | ) | 2,589,274 | (2) | (1,779,779 | ) | ||||||||||
| Total stockholders' equity (deficit) | 1,871,467 | (464,053 | ) | 3,008,268 | 4,415,682 | |||||||||||||
| Total liabilities and stockholders' equity (deficit) | $ | 1,896,467 | $ | 534,904 | $ | 2,290,868 | $ | 4,722,239 | ||||||||||
| 1 |
Select-TV Solutions, Inc.
Pro Forma Condensed Combined Statement of Operations
For the three months ended July 31, 2014
(Unaudited)
| Historical | ||||||||||||||||||
| Select-TV | Select-TV | Pro Forma | ||||||||||||||||
| Solutions, Inc. | Solutions (USA), Inc. | Adjustments | Ref | Combined | ||||||||||||||
| Revenue | $ | – | $ | – | $ | – | ||||||||||||
| Operating expenses | 1,143,064 | 138,226 | 1,281,290 | |||||||||||||||
| Loss from operations | (1,143,064 | ) | (138,226 | ) | – | (1,281,290 | ) | |||||||||||
| Other income (expense) | – | – | – | |||||||||||||||
| Income before taxes | (1,143,064 | ) | (138,226 | ) | – | (1,281,290 | ) | |||||||||||
| Provision for income taxes | – | – | – | |||||||||||||||
| Net loss | $ | (1,143,064 | ) | $ | (138,226 | ) | $ | – | $ | (1,281,290 | ) | |||||||
| Net loss per share - basic and diluted | $ | (0.02 | ) | $ | (0.00 | ) | $ | (0.01 | ) | |||||||||
| Weighted average number of shares | ||||||||||||||||||
| outstanding - basic and diluted | 56,568,783 | 39,742,754 | 9,935,689 | (3) | 106,247,226 | |||||||||||||
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, 2014.
Specific pro forma adjustments are:
| (1) | The elimination of intercompany balances between the entities of $1,017,400 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 plus net liabilities acquired of $327,561. |
| (3) | To reflect the issuance of the 49,678,443 shares issued in the merger and outstanding during the period, less the cancellation of 34,742,754 average shares outstanding of Select-TV Solutions (USA), Inc. |
| 2 |