Phunware, Inc. - FORM 8-K - EX-99.1 - PRO FORMA BALANCE SHEET - September 30, 2016

Attached files

file filename
EX-99.2 - PRESS RELEASE, DATED SEPTEMBER 28, 2016 - Phunware, Inc.f8k092816ex99ii_stellar.htm
8-K - CURRENT REPORT - Phunware, Inc.f8k092816_stellaracquisition.htm

Exhibit 99.1

 

pro forma balance sheet

 

   August 24, 2016   Pro Forma Adjustments     As Adjusted 
       (unaudited)     (unaudited) 
Assets                  
Current assets                  
Cash   674,633    80,122   c    674,633 
         (80,122)  b      
Total current assets   674,633    -       674,633 
Cash held in Trust Account   66,300,000    4,006,100   a    70,386,222 
         80,122   c      
Total Assets   66,974,633    4,086,222       71,060,855 
                   
Liabilities and Shareholders' Equity                  
Current liabilities:                  
Accrued liabilities   33,307    -       33,307 
Total current liabilities   33,307    -       33,307 
Deferred Underwriting Fees   1,625,000    100,153   d    1,725,153 
Total liabilities   1,658,307    100,153       1,758,460 
Common stock subject to possible redemption: 5,913,365 and 6,304,156 shares, actual and as adjusted (at a redemption value of approximately $10.20)   60,316,325    3,986,070   g    64,302,395 
Shareholders’ Equity        -         
Preferred shares, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding   -    -       - 
Shares of common stock, $0.0001 par value, 200,000,000 shares authorized, 2,856,796 shares issued and outstanding and 2,706,021 as adjusted (excluding 5,913,365 and 6,304,156 shares, actual and as adjusted shares subject to redemption)   286    40    a    271 
         1   e      
         (17)  f      
         (39)  g      
Additional paid-in capital   5,001,287    4,006,060    a    5,001,302 
         (80,122)  b      
         160,244   c      
         (100,153)  d      
         (61,640)  e      
         61,639   e      
         17   f      
         (3,986,031)  g      
Accumulated deficit   (1,572)   -       (1,572)
Total shareholders’ equity   5,000,001    -       5,000,001 
Total liabilities and shareholders’ equity   66,974,633    4,086,222       71,060,855 

 


See accompanying note to pro forma balance sheet

 

 F-1 

 

STELLAR ACQUISITION III INC.

NOTE TO PRO FORMA BALANCE SHEET

(unaudited)

 

NOTE 1 - CLOSING OF OVERALLOTMENT OPTION, ADDITIONAL PRIVATE PLACEMENT AND FORFEITED SHARES

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of August 24, 2016, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on September 28, 2016 as described below.

 

On September 28, the Company consummated the closing of the sale of 400,610 additional Units upon receiving notice of the underwriters’ election to partially exercise their overallotment option (“Overallotment Units”), generating an additional gross proceeds of approximately $4.1 million and incurred additional offering cost of approximately $80,000 in underwriting fees and 6,164 shares of common stock issued to the underwriters as additional compensation. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 320,488 Private Placement Warrants to the Sponsor, generating gross proceeds of approximately $160,000. Additional underwriting fees of approximately $100,000 were deferred until the completion of the Company’s initial business combination. Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:

 

    Pro forma entry          
a.   Cash held in Trust Account   4,006,100     
    Common stock        40 
    Additional paid-in capital        4,006,060 
    To record sale of 400,610 Overallotment Units at $10.00 per Unit          
b.   Additional paid-in capital   80,122      
    Cash        80,122 
    To record payment of 2% of cash underwriting fee on overallotment option          
c.   Cash   80,122      
    Cash held in trust account   80,122      
    Additional paid-in capital        160,244 
    To record sale of 320,488 Private Placement Warrants at $0.50 per warrant          
d.   Additional paid-in capital   100,153      
    Deferred underwriting fees        100,153 
    To record the liability for deferred underwriting fees on overallotment option          
e.   Additional paid-in capital   61,640      
    Additional paid-in capital        61,639 
    Common stock        1 
    To record the issuance of 6,164 shares to the underwriters part of the underwriting compensation.          
f.   Common stock   17      
    Additional paid-in capital        17 
    To record the forfeiture of 166,758 sponsor shares for the unexcercised portion of the overallotment          
g.   Additional paid-in capital   3,986,031      
    Common stock   39      
    Common stock subject to possible redemption        3,986,070 
    To restore total equity above $5,000,001          

 

 

F-2

 

Phunware, Inc. Reports