Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Home Bistro, Inc. /NV/ | f8k123014_vapirenter.htm |
| EX-3.1 - CERTIFICATE OF AMENDMENT - Home Bistro, Inc. /NV/ | f8k123014ex3i_vapirenter.htm |
| EX-2.1 - SHARE EXCHANGE AGREEMENT - Home Bistro, Inc. /NV/ | f8k123014ex2i_vapirenter.htm |
| EX-99.1 - AUDITED BALANCE SHEETS - Home Bistro, Inc. /NV/ | f8k123014ex99i_vapirenter.htm |
| EX-16.1 - LETTER FROM SALBERG AND COMPANY - Home Bistro, Inc. /NV/ | f8k123014ex16i_vapirenter.htm |
| EX-99.2 - UNAUDITED BALANCE SHEETS - Home Bistro, Inc. /NV/ | f8k123014ex99ii_vapirenter.htm |
Exhibit 99.3
VAPIR ENTERPRISES, INC.
PRO FORMA COMBINED FINANCIAL INFORMATION
(UNAUDITED)
VAPIR ENTERPRISES, INC.
Index to Unaudited Pro Forma Combined Financial Information
| Pages | ||
| Introduction to Unaudited Pro Forma Combined Financial Information | 2 | |
| Unaudited Pro Forma Combined Balance Sheet | 3 | |
| Notes to Unaudited Pro Forma Combined Balance Sheet | 4 |
| 1 |
VAPIR ENTERPRISES, INC.
Introduction to Unaudited Pro Forma Combined Financial Information
The following unaudited pro forma combined financial information is presented to illustrate the estimated effects of our merger with Vapir, Inc.
On December 30, 2014, we entered into a Share Exchange Agreement (the “Exchange Agreement”) with Vapir, Inc., a California corporation (“Vapir”), all of the stockholders of Vapir (the “Vapir Shareholders”), and our controlling stockholders.
Pursuant to the Exchange Agreement, we will acquire all of the outstanding shares of Vapir in exchange for the issuance of 38,624,768 shares of our common stock to the Vapir Shareholders. The shares to be issued to the Vapir Shareholders shall constitute 80% of our issued and outstanding shares of common stock as of and immediately after the consummation of the Exchange Agreement.
Upon closing of the Exchange Agreement, Vapir became our wholly owned subsidiary and the Company ceases its prior operations.
The Exchange Agreement is being accounted for as a reverse merger and recapitalization of Vapir whereby Vapir is deemed to be the acquirer in the reverse merger for accounting purposes. The consolidated financial statements after the acquisition include the balance sheets of both companies at historical cost, the historical results of Vapir and the results of the Company from the acquisition date.
Upon the closing of the transaction, a new board of directors and new officers were appointed which consists of Mr. Hamid Emarlou and Dr. Shadi Shayegan. Following the closing, Mr. Emarlou was also appointed as Chief Executive Officer and President of the Company.
The unaudited pro forma combined financial information assumes the Exchange Agreement was consummated as of September 30, 2014. The financial statements of the Company included in the following unaudited pro forma combined financial information are derived from the unaudited financial statements of the Company for the interim period September 30, 2014 contained on Form 10-Q as filed with the Securities and Exchange Commission. The financial statements of Vapir, included in the following unaudited pro forma combined financial information are derived from the unaudited financial statements for the interim period ended September 30, 2014 contained elsewhere in the Form 8-K. The unaudited pro forma combined balance sheet is prepared as though the transactions occurred at the close of business on September 30, 2014.
The information presented in the unaudited pro forma combined financial information does not purport to represent what our financial position would have been had the Exchange Agreement occurred as of the dates indicated, nor is it indicative of our future financial position for any period. You should not rely on this information as being indicative of the historical results that would have been achieved had the companies always been consolidated or the future results that the consolidated company will experience after the Share Exchange Agreement Transaction.
The pro forma adjustments are based upon available information and certain assumptions that the Company believes is reasonable under the circumstances. The unaudited pro forma combined financial information should be read in conjunction with the historical financial statements and related notes of the Company.
| 2 |
VAPIR ENTERPRISES, INC.
UNAUDITED PRO FORMA COMBINED BALANCE SHEET
| Vapir Enterprises, Inc. | Vapir, Inc. | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2014 | 2014 | Pro Forma Adjustments | Pro Forma | |||||||||||||||||
| Historical | Historical | Dr | Cr. | Balances | ||||||||||||||||
| ASSETS | ( see Note) | ( see Note) | (Unaudited) | |||||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||||||
| Cash | $ | 140,065 | $ | - | $ | - | $ | - | $ | 140,065 | ||||||||||
| Accounts receivable | - | 944 | - | - | 944 | |||||||||||||||
| Inventory | - | 56,253 | - | - | 56,253 | |||||||||||||||
| Total Current Assets | 140,065 | 57,197 | - | - | 197,262 | |||||||||||||||
| Other assets: | ||||||||||||||||||||
| Property and equipment, net | 400,000 | 4,122 | - | - | 404,122 | |||||||||||||||
| Intangible assets, net | - | 459,146 | - | - | 459,146 | |||||||||||||||
| Total other assets | 400,000 | 463,268 | - | - | 863,268 | |||||||||||||||
| Total Assets | $ | 540,065 | $ | 520,465 | $ | - | $ | - | $ | 1,060,530 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||||||
| Bank overdraft | $ | - | $ | 1,434 | $ | - | $ | - | $ | 1,434 | ||||||||||
| Accounts payable and accrued expenses | 54,181 | 68,276 | - | - | 122,457 | |||||||||||||||
| Interest payable | 947 | - | - | - | 947 | |||||||||||||||
| Accounts payable and accrued expenses - related party | 54,500 | - | - | - | 54,500 | |||||||||||||||
| Loan payable | - | 197,000 | - | - | 197,000 | |||||||||||||||
| Notes payable - current maturities | 45,000 | 19,800 | - | - | 64,800 | |||||||||||||||
| Customer deposits | - | 188,809 | - | - | 188,809 | |||||||||||||||
| Total Current Liabilities | 154,628 | 475,319 | - | - | 629,947 | |||||||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||||||||||
| Notes payable, net of current maturities | 137,500 | 30,000 | - | - | 167,500 | |||||||||||||||
| Notes payable - related party | 62,500 | - | - | - | 62,500 | |||||||||||||||
| Interest payable - net of current portion | 240 | - | - | - | 240 | |||||||||||||||
| Interest payable - related party | 109 | - | - | - | 109 | |||||||||||||||
| Total Long-term Liabilities | 200,349 | 30,000 | - | - | 230,349 | |||||||||||||||
| Total Liabilities | 354,977 | 505,319 | - | - | 860,296 | |||||||||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||
| STOCKHOLDERS' EQUITY : | ||||||||||||||||||||
| Preferred stock $0.001 par value; 20,000,000 shares authorized; none issued and outstanding | - | - | - | - | - | |||||||||||||||
| Common stock ($0.001 par value; 100,000,000 shares authorized; 6,816,194 shares issued and outstanding prior to merger; $0.001 par value; 100,000,000 shares authorized; 45,440,962 issued and outstanding after the merger) | 6,816 | - | (a) | 38,625 | 45,441 | |||||||||||||||
| Additional paid-in capital | 3,107,752 | 400,000 | (a) | 2,968,105 | 539,647 | |||||||||||||||
| Accumulated deficit | (2,929,480 | ) | (384,854 | ) | (a) | 2,929,480 | (384,854 | ) | ||||||||||||
| Total Stockholders' Equity | 185,088 | 15,146 | 2,968,105 | 2,968,105 | 200,234 | |||||||||||||||
| Total Liabilities and Stockholders' Equity | $ | 540,065 | $ | 520,465 | $ | 2,968,105 | $ | 2,968,105 | $ | 1,060,530 | ||||||||||
See accompanying notes to unaudited pro forma combined financial statements.
| 3 |
NOTES TO UNAUDITED PRO FORMA COMBINED BALANCE SHEET
Unaudited pro forma adjustments reflect the following transaction:
| a) | ||||||
| Additional paid in capital | 2,968,105 | |||||
| Common stock, at par | 38,625 | |||||
| Accumulated deficit | 2,929,480 | |||||
| To recapitalize for the Share Exchange Agreement. On December 30, 2014, the Company entered into a Share Exchange Agreement with Vapir and the shareholders of Vapir whereby the Company agreed to acquire all of the issued and outstanding capital stock of Vapir in exchange for 38,624,768 shares of the Company’s common stock. | ||||||
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