Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - SharkReach, Inc. | shrk161114_99z1.htm |
| 8-K/A - 161114 SHRK FORM 8-K/A#3 - SharkReach, Inc. | shrk161114_8kz.htm |
Exhibit 99.2
SHARKREACH INC.
UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
| SharkReach Inc. | |||||||
| Unaudited ProForma Combined Balance Sheet | |||||||
| September 30, 2015 | |||||||
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| Historical |
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| SharkReach Inc. (formerly Online Secretary, Inc.) |
| SRI Seller, Inc. |
| Pro Forma Adjustments (4) |
| Pro Forma Combined |
| ASSETS |
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| Current assets: |
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| Cash | $ 414 |
| $ 101,325 |
| $ (414) |
| $ 101,325 |
| Accounts receivable | - |
| 39,275 |
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| 39,275 |
| Prepaid rent | - |
| 2,673 |
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| 2,673 |
| Total current assets | 414 |
| 143,273 |
| (414) |
| 143,273 |
| Property and equipment, net | - |
| 295 |
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| 295 |
| Security deposits | - |
| 5,344 |
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| 5,344 |
| Total assets | $ 414 |
| $ 148,912 |
| $ (414) |
| $ 148,912 |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
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| Current liabilities: |
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| Accounts payable | $ 43,011 |
| $ 49,317 |
| $ (43,011) |
| $ 49,317 |
| Related party loan | 2,854 |
| 150,200 |
| (152,854) |
| 200 |
| Total current liabilities | 45,865 |
| 199,517 |
| (195,865) |
| 49,517 |
| Total liabilities | 45,865 |
| 199,517 |
| (195,865) |
| 49,517 |
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| Stockholders' equity (deficit): |
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| Common stock; $0.01 par value; 1,000,000 shares authorized; 275,000 shares issued and outstanding as of September 30, 2015 (1) (2) | 12,740 |
| 2,750 | (3) | (12,740) |
| 2,750 |
| Additional paid-in capital | 5,760 |
| 17,250 |
| (5,760) |
| 17,250 |
| Common stock subscription issuable | - |
| 20,000 |
| - |
| 20,000 |
| Accumulated deficit | (63,951) |
| (90,605) |
| 213,951 |
| 59,395 |
| Total stockholders’ equity (deficit) | (45,451) |
| (50,605) |
| 195,451 |
| 99,395 |
| Total liabilities and stockholders' equity (deficit) | $ 414 |
| $ 148,912 |
| $ (414) |
| $ 148,912 |
The notes to unaudited pro forma combined financial statements are an integral part of these financial statements.
| SharkReach Inc. | |||||||
| Unaudited ProForma Combined Statement of Operations | |||||||
| For the Nine Months Ended September 30, 2015 | |||||||
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| Historical |
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| SharkReach Inc. (formerly Online Secretary, Inc.) |
| SRI Seller, Inc. |
| Pro Forma Adjustments |
| Pro Forma Combined |
| Revenues | $ - |
| $ 49,275 |
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| $ 49,275 |
| Cost of revenues | - |
| 25,894 |
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| 25,894 |
| Gross margin | - |
| 23,381 |
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| 23,381 |
| Operating expenses: |
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| Selling and marketing | - |
| 11,681 |
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| 11,681 |
| General and administrative | 33,686 |
| 102,399 |
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| 136,085 |
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| 33,686 |
| 114,080 |
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| 147,766 |
| Loss from operations | (33,686) |
| (90,699) |
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| (124,385) |
| Other income | - |
| 99 |
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| 99 |
| Net loss before provision for income taxes | (33,686) |
| (90,600) |
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| (124,286) |
| Provision for income taxes | - |
| - |
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| - |
| Net loss | $ (33,686) |
| $ (90,600) |
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| $ (124,286) |
SRI SELLER, INC.
NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
(1)
All common share amounts and per share amounts in these financial statements reflect a 83-for-1 share forward split of the issued and outstanding shares of common stock of the Company, effective October 21, 2015 including retroactive adjustment of common share amounts.
(2)
On October 13, 2015 Mr. Grant redeemed 12,198,796 shares of common stock with Online Secretary, leaving Mr. Grant holding 301,204 shares of common stock. Following the redemption, the issued and outstanding shares of the Company amounts to 44,919,932. As of December 31, 2015, the Company has not granted any stock options and has not incurred any stock- based compensation.
(3)
Authorized 1,000,000 shares of common stock, $0.01 par value, 275,000 shares issued and outstanding as of September 30, 2015.
(4)
Pro forma adjustments reflect the following:
a.
Elimination of cash of $414 not acquired in connection with the acquisition of assets pursuant to an Asset Purchase Agreement dated October 13, 2015 (the “Transaction”).
b.
Elimination of $43,011 of accounts payable not assumed in connection with the Transaction.
c.
Elimination of $2,854 of loans not assumed in connection with the transaction, and the cancellation of $150,000 loan from Mr. Grant (the “Grant Note”) subsequent to September 30, 2015 resulting in an aggregate elimination of $152,854.
d.
Elimination of SharkReach, Inc. (formerly Online Secretary, Inc.) equity as follows: (i) elimination of common stock in the amount of $12, 740, and (ii) elimination of additional paid-in capital of $5,760.
e.
Elimination of (i) $63,951 of SharkReach, Inc. (formerly Online Secretary, Inc.) accumulated deficit and (ii) record the effect of the cancellation of the Grant Note of $150,000.