Phoenix Rising Companies, Inc. - FORM 8-K/A - EX-99.2 - December 14, 2015

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8-K/A - FORM 8-K AMENDMENT 1 - Phoenix Rising Companies, Inc.rssv_8-ka.htm
EX-99.1 - EX-99.1 - Phoenix Rising Companies, Inc.ex-99_1.htm
 
Exhibit 99.2
 
PROFORMA
The following unaudited pro forma condensed combined financial statements give effect to the Resort Savers Inc.'s (the "Company", "Resort Savers") acquisition of 60% outstanding shares of Shenzhen Amuli Development Company Limited (“Amuli”).
 
On October 1, 2015, the Company’s wholly-owned subsidiary, Xing Rui International Investment Holding Group, Ltd., by and through a newly formed a Peoples Republic of China corporation subsidiary Hua Xin Chang Rong (Shenzhen) Technology Service Company Limited (“Hua Xin Chang”), completed a purchase of sixty percent (60%) of the shares of Amuli, a Peoples Republic of China corporation from Xu Xiao Yun, for 3,033,926 shares of Resort Savers’ common stock. The purchase price is valued at $2,400,000. The shares of Amuli were sold in a private transaction, and the shares of the Company will be issued pursuant to an exemption from registration under Regulation S of the Securities Act of 1933.

There is no material relationship between the registrant or its affiliates and any of the parties, other than in respect of the material definitive agreement or amendments thereto.

Pro Forma
Balance Sheet
July 31, 2015
(Unaudited)
 
   
Resort Savers
    
Amuli
                  
   
July 31,
    
September 30,
    
Proforma
    
Proforma
    
Proforma
    
Proforma
  
   
2015
    
2015
    
Adjustments
    
Adjustments
    
Adjustments
    
As Adjusted
  
   
(Unaudited)
    
(Audited)
    
(a)
    
(b)
    
   
 
                         
ASSETS
                        
Current Assets
                        
Cash
  
$
1,069
    
$
2,063
    
$
-
    
$
  -    
$
-
    
$
3,132
  
Total current assets
    
1,069
      
2,063
      
-
      
-
      
-
      
3,132
  
                                                 
Fixed assets, net
    
-
      
200,996
                      
-
      
200,996
  
Goodwill
    
-
      
-
        -      
4,005,224
      
4,005,224
      
4,005,224
  
Investment
    
1,907,308
      
-
      
2,400,000
      
(2,400,000
)
    
-
      
1,907,308
  
Total Assets
  
$
1,908,377
    
$
203,059
    
$
2,400,000
    
$
1,605,224
    
$
4,005,224
    
$
6,116,660
  
                                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                
                                                 
Current Liabilities
                                                
Accounts payable
  
$
8,253
    
$
208,283
    
$
-
     $  -    
$
-
    
$
216,536
  
Due to related party
    
3,913
      
-
      
-
       -      
-
      
3,913
  
Total current liabilities
    
12,166
      
208,283
      
-
        -      
-
      
220,449
  
                                                 
Total Liabilities
    
12,166
      
208,283
      
-
      
-
      
-
      
220,449
  
                                                 
Stockholders' Equity
                                                
Preferred stock, $0.0001 par value; 15,000,000 shares authorized;0 shares issued and outstanding
    
-
      
-
        -        -      
-
      
-
  
Common stock, $0.0001 par value; 1,000,000,000 shares authorized;originally 67,142,315 shares issued and outstanding, 70,176,241 shares issued and outstanding after acquisiton
    
6,714
      
-
      
303
        -      
303
      
7,017
  
Additional paid-in capital
    
2,131,756
      
-
      
2,399,697
        -      
2,399,697
      
4,531,453
  
Accumulated deficit
    
(180,259
)
    
-
        -        -      
-
      
(180,259
)
Accumulated other comprehensive loss
    
(62,000
)
    
(5,224
)
      -      
5,224
      
5,224
      
(62,000
)
Total Resort Savers, Inc. stockholders' equity
    
1,896,211
      
(5,224
)
    
2,400,000
      
5,224
      
2,405,224
      
4,296,211
  
Non-controlling interest
    
-
      
-
        -      
1,600,000
      
1,600,000
      
1,600,000
  
Total equity
    
1,896,211
      
(5,224
)
    
2,400,000
      
1,605,224
      
4,005,224
      
5,896,211
  
Total Liabilities and Stockholders' Equity
  
$
1,908,377
    
$
203,059
    
$
2,400,000
    
$
1,605,224
    
$
4,005,224
    
$
6,116,660
  
 
 
Pro Forma
Statement of Operations
July 31, 2015
(Unaudited)

          Amuli               
          Period from              
   
Resort Savers
    
July 9, 2015
          
   
Six Months Ended
    
(date of incorporation to)
    
 
    
 
  
   
July 31,
    
September 30,
    
 
    
 
  
   
2015
    
2015
    
Proforma
    
Proforma
  
     (Unaudited)      (Audited)      Adjustments      As Adjusted  
                 
Revenue
  
$
-
    
$
-
    
$
-
    
$
-
  
                                 
Operating Expenses
                                
General and administrative
    
7,150
      
-
      
-
      
7,150
  
Professional fees
    
50,766
      
5,224
      
(5,224
)
    
50,766
  
Total Operating Expenses
    
57,916
      
5,224
      
(5,224
)
    
57,916
  
                                 
Loss from Operations
    
(57,916
)
    
(5,224
)
    
5,224
      
(57,916
)
                                 
Other expense
                                
Equity loss on unconsolidated affiliate investment
    
(30,692
)
    
-
      
-
      
(30,692
)
Total other expense, net
    
(30,692
)
    
-
      
-
      
(30,692
)
                                 
Provision for income taxes
    
-
      
-
      
-
      
-
  
                                 
Net Loss
  
$
(88,608
)
  
$
(5,224
)
  
$
5,224
    
$
(88,608
)
                                 
Basic and diluted net loss per common share
  
$
(0.00
)
  
$
 -     
 
      
$
(0.00
)
                                 
Basic and diluted weighted-average
                                
   number of common shares outstanding*
    
65,838,531
      
-
              
70,176,241
  
* Proformas as adjusted do not reflect weighted average and represents actual shares outstanding after acquisition of Amuli.
 
BASIS OF PRO FORMA PRESENTATION

The unaudited pro forma condensed combined balance sheets have been derived from the historical July 31, 2015, balance sheet of Resort Saver, after giving effect to the acquisition. The pro forma balance sheet and statement of operations presents this transaction as if they had been consummated as of July 31, 2015, as required under Article 11 of Regulation S-X.

PRO FORMA ADJUSTMENTS

The adjustments included in the pro forma balance sheet and statement of operations are as follows:
(a) To record the purchase of Amuli by issuance of 3,000,000 shares of common stock.
(b) To eliminate intercompany investment and calculation for goodwill and non-controlling interest.

Phoenix Rising Companies, Inc. Reports