Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - MANUFACTURED HOUSING PROPERTIES INC. | roko_8k.htm |
| EX-10.1 - PURCHASE AND SALE AGREEMENT - MANUFACTURED HOUSING PROPERTIES INC. | roko_ex101.htm |
Exhibit 99.1
CAPROCK OIL, INC.
PRO FORMA BALANCE SHEET
MARCH 31, 2015
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As Reported
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Pro Forma Adjustments
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As Adjusted
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 54,650 | $ | 3,100,000 | (A) | $ | (3,000,000 | ) (B) | $ | 154,650 | ||||||
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Accounts receivable
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145,633 | (84,350 | ) (A) | - | 61,283 | |||||||||||
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Prepaid expenses and other
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34,909 | - | - | 34,909 | ||||||||||||
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Total current assets
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235,192 | 3,015,650 | (3,000,000 | ) | 250,842 | |||||||||||
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Property and equipment:
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Oil and gas properties, evaluated
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16,137,554 | (3,629,550 | ) (A) | - | 12,508,004 | |||||||||||
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Oil and gas properties, unevaluated
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604,589 | - | - | 604,589 | ||||||||||||
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Other property and equipment
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40,978 | - | - | 40,978 | ||||||||||||
| 16,783,121 | (3,629,550 | ) | - | 13,153,571 | ||||||||||||
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Less: Accumulated DD&A
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(11,631,146 | ) | (431,050 | ) (C) | - | (12,062,196 | ) | |||||||||
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Net property and equipment
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5,151,975 | (4,060,600 | ) | - | 1,091,375 | |||||||||||
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Other assets:
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||||||||||||||||
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Other noncurrent assets
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5,237 | - | - | 5,237 | ||||||||||||
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Total other assets
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5,237 | - | - | 5,237 | ||||||||||||
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Total assets
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$ | 5,392,404 | $ | (1,044,950 | ) | (3,000,000 | ) | $ | 1,347,454 | |||||||
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Liabilities and Stockholders’ Equity (Deficit)
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Current liabilities:
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Current portion of long term debt
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$ | 2,072,797 | $ | - | $ | (2,046,000 | ) (B) | $ | 26,797 | |||||||
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Accounts payable
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1,080,995 | - | (729,000 | ) (B) | 351,995 | |||||||||||
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Accrued liabilities
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1,629,778 | - | (140,000 | ) (B) | 1,489,778 | |||||||||||
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Total current liabilities
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4,783,570 | - | (2,915,000 | ) | 1,868,570 | |||||||||||
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Deferred income taxes
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263,900 | (263,900 | ) (A) | - | - | |||||||||||
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Asset retirement obligations
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487,150 | (350,000 | ) (A) | - | 137,150 | |||||||||||
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Total liabilities
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5,534,620 | (613,900 | ) | (2,915,000 | ) | 2,005,720 | ||||||||||
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Stockholders’ equity (deficit):
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Preferred stock
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- | - | - | - | ||||||||||||
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Common stock
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518,134 | - | - | 518,134 | ||||||||||||
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Additional paid-in capital
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15,172,004 | - | - | 15,172,004 | ||||||||||||
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Accumulated deficit
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(15,832,354 | ) | (431,050 | ) (C) | (85,000 | ) (B) | (16,348,404 | ) | ||||||||
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Total stockholders’ equity (deficit)
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(142,216 | ) | (431,050 | ) | (85,000 | ) | (658,266 | ) | ||||||||
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Total liabilities and stockholders equity (deficit)
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$ | 5,392,404 | $ | (1,044,950 | ) | $ | (3,000,000 | ) | $ | 1,347,454 | ||||||
1
CAPROCK OIL, INC.
PRO FORMA STATEMENT OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2015
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Pro Forma
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As Reported
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Adjustments
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As Adjusted
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Revenues:
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Oil and gas sales
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$ | 162,200 | $ | (114,256 | ) (C) | $ | 47,944 | |||||
| 162,200 | (114,256 | ) | 47,944 | |||||||||
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Operating expenses:
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Lease operating expense
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257,663 | (187,334 | ) (C) | 70,329 | ||||||||
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Depreciation, depletion and amortization
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96,561 | (45,300 | ) (C) | 51,261 | ||||||||
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Impairment expense
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997,924 | 431,050 | (C) | 1,428,974 | ||||||||
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Accretion expense
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10,720 | (7,500 | ) (C) | 3,220 | ||||||||
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Workover expense
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68,185 | (66,434 | ) (C) | 1,751 | ||||||||
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Selling, general and administrative
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401,436 | (173,772 | ) (C) | 227,664 | ||||||||
| 1,832,489 | (49,290 | ) | 1,783,199 | |||||||||
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Operating loss
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(1,670,289 | ) | (64,966 | ) | (1,735,255 | ) | ||||||
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Other income (expense):
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Interest income
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14 | - | 14 | |||||||||
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Interest expense
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(67,587 | ) | 29,943 | (C) | (37,644 | ) | ||||||
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Loss before income taxes
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(1,737,862 | ) | (35,023 | ) | (1,772,885 | ) | ||||||
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Benefit for income taxes
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539,900 | 11,900 | (C) | 551,800 | ||||||||
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Net loss
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$ | (1,197,962 | ) | $ | (23,123 | ) | $ | (1,221,085 | ) | |||
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Net loss per share, basic and diluted
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$ | (0.02 | ) | $ | (0.02 | ) | ||||||
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Weighted average shares outstanding
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51,811,781 | 51,811,781 | ||||||||||
2
CAPROCK OIL, INC.
PRO FORMA STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
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Pro Forma
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As Reported
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Adjustments
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As Adjusted
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Revenues:
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Oil and gas sales
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$ | 2,361,828 | $ | (1,643,842 | ) (C) | $ | 717,986 | |||||
| 2,361,828 | (1,643,842 | ) | 717,986 | |||||||||
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Operating expenses:
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Lease operating expense
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1,514,507 | (1,217,685 | ) (C) | 296,822 | ||||||||
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Depreciation, depletion and amortization
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573,216 | (391,200 | ) (C) | 182,016 | ||||||||
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Accretion expense
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40,590 | (30,000 | ) (C) | 10,590 | ||||||||
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Workover expense
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941,606 | (902,111 | ) (C) | 39,495 | ||||||||
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Selling, general and administrative
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1,618,861 | (382,395 | ) (C) | 1,236,466 | ||||||||
| 4,688,780 | (2,923,391 | ) | 1,765,389 | |||||||||
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Operating loss
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(2,326,952 | ) | 1,279,549 | (1,047,403 | ) | |||||||
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Other income (expense):
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Interest income
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525 | - | 525 | |||||||||
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Interest expense
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(162,245 | ) | 82,564 | (C) | (79,681 | ) | ||||||
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Loss before income taxes
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(2,488,672 | ) | 1,362,113 | (1,126,559 | ) | |||||||
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Benefit for income taxes
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496,700 | (463,100 | ) (C) | 33,600 | ||||||||
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Net loss
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$ | (1,991,972 | ) | $ | 899,013 | $ | (1,092,959 | ) | ||||
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Net loss per share, basic and diluted
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$ | (0.04 | ) | $ | (0.02 | ) | ||||||
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Weighted average shares outstanding
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51,135,235 | 51,135,235 | ||||||||||
3
NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS
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(A)
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To record the sale of the subject producing oil and gas properties by the Company to the Buyer for a cash sales price of $3,100,000, and to adjust the historical Balance Sheet accounts as of March 31, 2015.
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(B)
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To record application of the gross sales proceeds to the payment of long-term debt, accounts payable and accrued liabilities, including prepayment penalties to the bridge loan lenders in the cash amount of $85,000.
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(C)
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To record the following: (i) Elimination of revenues and expenses of the subject producing oil and gas properties from the historical Statement of Operations; (ii) Estimation of impairment allowance at March 31, 2015 resulting from sale of the subject producing oil and gas properties; and (iii) Recognition of income tax effects of such adjustments.
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4