Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - GO EZ Corp | gezc_8k.htm |
| EX-99.1 - AUDITED FINANCIAL STATEMENTS - GO EZ Corp | gezc_ex991.htm |
| EX-10.1 - THE STOCK PURCHASE AGREEMENT - GO EZ Corp | gezc_ex101.htm |
| EX-10.2 - CONSULTING AGREEMENT - GO EZ Corp | gezc_ex102.htm |
EXHIBIT 99.2
Go Ez Corporation and Subsidiary
Pro Forma Condensed Combined Balance Sheets
September 30, 2014
(Unaudited)
| Historical Statements | ||||||||||||||||
| Federal | Pro Forma | |||||||||||||||
| Go Ez | Technology | Pro Forma | Condensed | |||||||||||||
| Corporation | Agency, Inc. | Adjustments | Combined | |||||||||||||
|
ASSETS |
||||||||||||||||
|
Current assets: |
||||||||||||||||
|
Cash and cash equivalents |
$ |
- |
$ |
131,898 |
$ |
- |
$ |
131,898 |
||||||||
|
Accounts receivable |
- |
6,550 |
- |
6,550 |
||||||||||||
|
Prepaid expenses and other current assets |
- |
700 |
- |
700 |
||||||||||||
|
Total current assets |
- |
139,148 |
- |
139,148 |
||||||||||||
|
Computer equipment, less accumulated depreciation |
- |
6,490 |
- |
6,490 |
||||||||||||
|
Total Assets |
$ |
- |
$ |
145,638 |
$ |
- |
$ |
145,638 |
||||||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||||||
|
Current liabilities: |
||||||||||||||||
|
Amount due to Golden Valley Development Inc. |
$ |
- |
$ |
38,355 |
$ |
- |
$ |
38,355 |
||||||||
|
Accounts payable and accrued expenses payable |
20,540 |
- |
- |
20,540 |
||||||||||||
|
Accrued income taxes payable |
- |
21,764 |
- |
21,764 |
||||||||||||
|
Amounts due to related parties |
16,945 |
22,640 |
- |
39,585 |
||||||||||||
|
Convertible Debenture, net of debt discount |
19,637 |
- |
- |
19,637 |
||||||||||||
|
Total current liabilities and total liabilities |
57,122 |
82,759 |
- |
139,881 |
||||||||||||
|
Stockholders’ Equity (Deficit): |
||||||||||||||||
|
Series B Preferred Stock |
- |
- |
(1) |
1 5,000 |
|
5,000 |
||||||||||
|
Common Stock |
137 |
- |
(1) |
7 |
|
144 |
||||||||||
|
Additional paid-in capital |
660,337 |
200 |
(1) |
38,808 |
|
699,345 |
) | |||||||||
|
Retained earnings (deficit) |
(717,596 |
) |
62,679 |
(1) |
(62,679 |
) |
(717,596 |
) |
||||||||
|
Total Go Ez Corporation stockholders’ equity (deficit) |
(57,122 |
) |
62,879 |
(18,864 |
) |
(13,107 |
) |
|||||||||
|
Noncontrolling interest in Federal Technology Agency, Inc. |
- |
- |
(1) |
18,864 |
|
18,864 |
||||||||||
|
Total stockholders’ equity (deficit) |
(57,122 |
) |
62,879 |
- |
5,757 |
|||||||||||
|
Total Liabilities and Stockholders’ Equity |
$ |
- |
$ |
145,638 |
$ |
- |
$ |
145,638 |
||||||||
See Notes to Pro Forma Condensed Combined Financial Statements.
|
1
|
|
Go Ez Corporation and Subsidiary |
||||||||
|
Pro Forma Condensed Combined Statements of Operations |
||||||||
|
For the Nine Months Ended September 30, 2014 |
||||||||
|
(Unaudited) |
| Historical Statements | ||||||||||||||||
| Federal | Pro Forma | |||||||||||||||
| Go Ez | Technology | Pro Forma | Condensed | |||||||||||||
| Corporation | Agency, Inc. | Adjustments | Combined | |||||||||||||
|
Services revenue |
$ |
- |
$ |
195,850 |
$ |
- |
$ |
195,850 |
||||||||
|
Operating expenses: |
||||||||||||||||
|
Services provided by Golden Valley Development, Inc. |
- |
58,165 |
- |
58,165 |
||||||||||||
|
Salaries, payroll taxes, and fringe benefits |
- |
10,520 |
- |
10,520 |
||||||||||||
|
Non-cash contributed services |
31,400 |
- |
- |
31,400 |
||||||||||||
|
Other selling, general and administrative expenses |
59,024 |
41,899 |
- |
100,923 |
||||||||||||
|
Total operating expenses |
90,424 |
110,584 |
- |
201,008 |
||||||||||||
|
Income (loss) from operations |
(90,424 |
) |
85,266 |
- |
(5,158 |
) |
||||||||||
|
Other income (expense): |
||||||||||||||||
|
Gain on forgiveness of debt |
75,971 |
- |
- |
75,971 |
||||||||||||
|
Interest expense |
(23,758 |
) |
- |
- |
(23,758 |
) |
||||||||||
|
Other income (expense) – net |
52,213 |
- |
- |
52,213 |
||||||||||||
|
Income (loss) before provision for income taxes |
(38,211 |
) |
85,266 |
- |
47,055 |
|||||||||||
|
Provision for income taxes |
- |
21,764 |
- |
21,764 |
||||||||||||
|
Net income (loss) |
(38,211 |
) |
63,502 |
- |
25,291 |
|||||||||||
|
Less net income attributable to noncontrolling interest in Federal Technology Agency, Inc. |
- |
- |
(2) |
(19,651) |
|
(19,651 |
) |
|||||||||
|
Net income (loss) attributable to Go Ez Corporation |
$ |
(38,211 |
) |
$ |
63,502 |
$ |
(19,651 |
) |
$ |
5,640 |
||||||
See Notes to Pro Forma Condensed Combined Financial Statements.
|
2
|
Go Ez Corporation and Subsidiary
Notes to Pro Forma Condensed Combined Financial Statements
For The Nine Months Ended September 30, 2014
(Unaudited)
Note 1: Basis of Presentation
On December 22, 2014, Go Ez Corporation (“GEZC”) acquired 70% of the issued and outstanding capital stock of Federal Technology Agency, Inc. (“FTA”) in exchange for 5 shares ($5,000 face value) of GEZC convertible Series B preferred stock (convertible into up to 5,000,000 shares of GEZC common stock), 70,000 shares of GEZC common stock, and a warrant to purchase up to 143,820 shares of GEZC common stock at an exercise price equal to 75% of the volume weighted average closing price per share of GEZC common stock for the five (5) trading days immediately preceding GEZC’s receipt of a notice of exercise, exercisable from June 23, 2015 to December 22, 2016 (the “Transaction”).
Prior to the Transaction, GEZC had 1,368,200 shares of common stock and 106 shares of Series B preferred stock issued and outstanding. After the transaction, GEZC had 1,438,200 shares of common stock and 111 shares of Series B preferred stock issued and outstanding.
The unaudited pro forma condensed combined balance sheet gives effect to the Transaction as if it had occurred on September 30, 2014. The unaudited pro forma condensed combined statement of operations gives effect to the Transaction as if it had occurred on January 1, 2014. The pro forma adjustments are based on certain assumptions that management believes are reasonable under the circumstances.
The pro forma information is not necessarily indicative of the results that would have been reported had the Transaction actually occurred on the date specified, nor is it intended to project results of operations or financial position for any future period or date.
Note 2: Pro Forma Adjustments
The following pro forma adjustments have been included in the pro forma financial statements:
|
(1) |
To reflect the issuance of 5 shares ($5,000 face value) of GEZC convertible Series B preferred stock and 70,000 shares of GEZC common stock for the acquisition of 70% of the issued and outstanding capital stock of FTA. As there is no active market for either the GEZC Series B preferred stock or the GEZC common stock, the issuance has been reflected at a total amount equal to 70% of the $62,879 stockholders’ equity of FTA at September 30, 2014, or $44,015, and no goodwill recognized. The remaining 30% of the $62,879 stockholders’ equity of FTA at September 30, 2014, or $18,864, has been included in “Noncontrolling interest in Federal Technology Agency, Inc.” |
|
|
|
|
(2) |
To reflect reduction of net income attributable to Go Ez Corporation by an amount equal to 30% of the $63,502 net income of FTA for the nine months ended September 30, 2014, or $19,651. |
3