Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Sunworks, Inc. | solar3d8k121714.htm |
| EX-10.1 - EX-10.1 - Sunworks, Inc. | ex10-1.htm |
| EX-10.2 - EX-10.2 - Sunworks, Inc. | ex10-2.htm |
| EX-10.3 - EX-10.3 - Sunworks, Inc. | ex10-3.htm |
Exhibit 99.1
Proforma Consolidated Balance Sheet
As of September 30, 2014
(Unaudited)
|
Pro Forma
|
||||||||||||
|
September 30, 2014
|
Pro Forma Adjustments
|
September 30, 2014
|
||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||
|
Assets
|
||||||||||||
|
Current Assets
|
||||||||||||
|
Cash and cash equivalents
|
$ | 1,288,855 | - | 1,288,855 | ||||||||
|
Accounts receivable
|
1,082,436 | - | 1,082,436 | |||||||||
|
Inventory
|
89,821 | - | 89,821 | |||||||||
|
Cost in excess of billing
|
1,551,854 | - | 1,551,854 | |||||||||
|
Prepaid expense
|
289,422 | - | 289,422 | |||||||||
|
Other receivable
|
107,458 | - | 107,458 | |||||||||
|
Total Current Assets
|
4,409,846 | 4,409,846 | ||||||||||
|
Property and Equipment, at cost
|
||||||||||||
|
Equipment, computer, software, furniture & fixtures, and automotives
|
126,989 | 126,989 | ||||||||||
|
Less accumulated depreciation
|
(85,567 | ) | (85,567 | ) | ||||||||
|
Net Property and Equipment
|
41,422 | 41,422 | ||||||||||
|
Other Assets
|
||||||||||||
|
Other deposits
|
7,000 | 7,000 | ||||||||||
|
Patents
|
23,161 | 23,161 | ||||||||||
|
Goodwill
|
2,599,268 | 2,599,268 | ||||||||||
|
Total Other Assets
|
2,629,429 | 2,629,429 | ||||||||||
|
Total Assets
|
$ | 7,080,697 | $ | 7,080,697 | ||||||||
|
Liabilities and Shareholders' Deficit
|
||||||||||||
|
Current Liabilities:
|
||||||||||||
|
Accounts payable
|
$ | 1,829,926 | 1,829,926 | |||||||||
|
Accrued expenses
|
310,616 | 21,800.57 | 288,815 | |||||||||
|
Billing in excess of cost and estimated earnings
|
939,364 | 939,364 | ||||||||||
|
Customer deposits
|
48,141 | 48,141 | ||||||||||
|
Other payable
|
10,810 | 10,810 | ||||||||||
|
Derivative liability
|
12,879,105 | 12,799,180.34 | 25,678,285 | |||||||||
|
Convertible promissory notes, net of beneficial conversion feature of $478,723
|
646,277 | 646,277 | ||||||||||
|
Convertible promissory notes
|
1,262,000 | 314,000.00 | 948,000 | |||||||||
|
Debt discount
|
(164,385 | ) | (162,185.19 | ) | (2,200 | ) | ||||||
|
Total Current Liabilities
|
17,761,854 | 12,972,795.72 | 4,789,058 | |||||||||
|
Shareholders' Deficit
|
||||||||||||
|
Preferred stock, $.001 par value;
5,000,000 authorized shares; |
- | - | ||||||||||
|
Common stock, $.001 par value;
1,000,000,000 authorized shares; |
330,154 | (26,115.00 | ) | 356,269 | ||||||||
|
Additional paid in capital
|
22,513,814 | (20,366,282.11 | ) | 42,880,096 | ||||||||
|
Accumulated Deficit
|
(33,525,125 | ) | 7,419,601.39 | (40,944,726 | ) | |||||||
|
Total Shareholders' Deficit
|
(10,681,157 | ) | (12,972,795.72 | ) | 2,291,639 | |||||||
|
Total Liabilities and Shareholders' Deficit
|
$ | 7,080,697 | $ | - | $ | 7,080,697 | ||||||
Proforma Consolidated Statement of Operations
For the Nine Months ended September 30, 2014
(Unaudited)
|
Pro Forma
|
||||||||||||
|
Nine Months Ended
|
Pro Forma
|
Nine Months Ended
|
||||||||||
|
September 30, 2014
|
Adjustments
|
September 30, 2014
|
||||||||||
|
Sales
|
$ | 14,956,077 | - | $ | 14,956,077 | |||||||
|
Cost of Goods Sold
|
10,909,254 | - | 10,909,254 | |||||||||
|
Gross Profit
|
4,046,823 | - | 4,046,823 | |||||||||
|
Operating Expenses
|
||||||||||||
|
Selling and marketing expenses
|
1,030,915 | 1,030,915 | ||||||||||
|
General and administrative expenses
|
3,028,954 | 3,028,954 | ||||||||||
|
Research and development cost
|
86,025 | 86,025 | ||||||||||
|
Depreciation and amortization
|
5,747 | 5,747 | ||||||||||
|
Total Operating Expenses
|
4,151,641 | 4,151,641 | ||||||||||
|
Income (Loss) before Other Income/(Expenses)
|
(104,818 | ) | (104,818 | ) | ||||||||
|
Other Income/(Expenses)
|
||||||||||||
|
Interest and other income
|
323 | 323 | ||||||||||
|
Penalties
|
(7,170 | ) | (7,170 | ) | ||||||||
|
Gain/(Loss) on settlement of debt
|
(14,355 | ) | (19,223,240.84 | ) | (19,237,596 | ) | ||||||
|
Change in fair value of derivative liability
|
(14,533,218 | ) | 12,799,180.34 | (1,734,038 | ) | |||||||
|
Interest expense
|
(2,918,779 | ) | (995,540.89 | ) | (3,914,320 | ) | ||||||
|
Total Other Income/(Expenses)
|
(17,473,199 | ) | (7,419,601 | ) | (24,892,800 | ) | ||||||
|
Income (Loss) before Income Taxes
|
(17,578,017 | ) | (7,419,601 | ) | (24,997,618 | ) | ||||||
|
Income Tax Expense
|
- | - | ||||||||||
|
Net Loss
|
$ | (17,578,017 | ) | $ | (7,419,601 | ) | $ | (24,997,618 | ) | |||
|
EARNINGS PER SHARE:
|
||||||||||||
|
Basic
|
$ | (0.07 | ) | |||||||||
|
Diluted
|
$ | (0.07 | ) | |||||||||
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||
|
Basic
|
255,633,764 | |||||||||||
|
Diluted
|
255,633,764 | |||||||||||