Attached files
| file | filename |
|---|---|
| EX-99.1 - Transportation & Logistics Systems, Inc. | ex99-1.htm |
| EX-4.03 - Transportation & Logistics Systems, Inc. | ex4-03.htm |
| EX-2.1 - Transportation & Logistics Systems, Inc. | ex2-1.htm |
| 8-K - Transportation & Logistics Systems, Inc. | form8-k.htm |
SAVE ON TRANSPORT, INC.
Pro Forma Combined Balance Sheet as of December 31, 2016
| Petroterra Corp. | Save On Transport | Pro-Forma Adjustments | JE# | Combined | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||
| Cash | $ | - | $ | 11,725 | $ | - | $ | 1, 2, 3 | $ | 11,725 | ||||||||||
| Cash held in escrow | 10,000 | 3 | 10,000 | |||||||||||||||||
| Prepaid expenses | 676 | - | 676 | |||||||||||||||||
| Deferred expense - asset | - | 1,950 | - | 1,950 | ||||||||||||||||
| Total current assets | - | 14,351 | 10,000 | 24,351 | ||||||||||||||||
| Property and equipment, net | 693 | - | (693 | ) | 1 | - | ||||||||||||||
| Total Assets | $ | 693 | $ | 14,351 | $ | 9,307 | $ | - | $ | 24,351 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||
| Bank overdraft | $ | 78 | $ | - | $ | (78 | ) | $ | 1 | $ | - | |||||||||
| Accounts payable and accrued expenses | 211,075 | 1,318 | (201,075 | ) | 1,3 | 11,318 | ||||||||||||||
| Accrued liabilities, former director | 54,000 | - | (54,000 | ) | 1 | - | ||||||||||||||
| Payroll taxes payable | - | 2,107 | - | 2,107 | ||||||||||||||||
| Deferred revenue | - | 2,800 | - | 2,800 | ||||||||||||||||
| Notes payable, related party | 15,187 | - | (15,187 | ) | 1 | - | ||||||||||||||
| Total current liabilities | 280,340 | 6,225 | (270,340 | ) | 16,225 | |||||||||||||||
| Total liabilities | 280,340 | 6,225 | (270,340 | ) | 16,225 | |||||||||||||||
| Stockholders' deficit | ||||||||||||||||||||
| Series A Convertible Preferred Stock, $0.001 par value, 4,000,000 authorized, 4,000,000 shares issued and outstanding | - | - | 4,000 | 2 | 4,000 | |||||||||||||||
| Common stock, 500,000,000 authorized, 944,120 shares outstanding pre-merger, and 115,147,064 shares post-merger | 944 | 100 | 114,103 | 1,4 | 115,147 | |||||||||||||||
| Additional paid in capital | 2,532,232 | 8,000 | (2,651,279 | ) | 1, 2, 4, 5 | (111,047 | ) | |||||||||||||
| Accumulated deficit | (2,812,823 | ) | 26 | 2,812,823 | 1, 5 | 26 | ||||||||||||||
| Total stockholders' deficit | (279,647 | ) | 8,216 | 279,647 | 8,126 | |||||||||||||||
| Total liabilities and stockholders' deficit | $ | 693 | $ | 14,351 | $ | 9,307 | $ | - | $ | 24,351 | ||||||||||
Notes to Pro-Forma Combined Balance Sheet (Unaudited) December 31, 2016
| 1. | To account for pre-merger year 2017 settlements of all assets and liabilities of Petroterra, Corp. | |
| 2. | To record sale of Series A Preferred Stock in January 2017 for $146,091 and contribution of $63,909 capital by former CEO. | |
| 3. | To record $10,000 held in a cash escrow for a six month period to pay unpaid liabilities. At the end of the six months, remaining balance due to former CEO. | |
| 4. | To record share exchange agreement, dated March 30, 2017 between the Petroterra Corp. and Save On Transport, Inc. | |
| 5. | To close out accumulated deficit of Petroterra Corp. to additional paid-in capital. |
| F-10 |
SAVE ON TRANSPORT, INC.
Pro Forma Combined Statement of Operations for the period from July 12, 2016 (Inception) to December 31, 2016
| Petroterra Corp. (1) | Save On Transport (2) | Pro-Forma Adjustments | JE# | Combined | ||||||||||||||
| Net sales | $ | - | $ | 72,222 | $ | - | $ | 72,222 | ||||||||||
| Cost of sales | - | (50,954 | ) | - | (50,954 | ) | ||||||||||||
| Gross profit | - | 21,268 | - | 21,268 | ||||||||||||||
| Operating expenses | ||||||||||||||||||
| General and administrative | 115,504 | 21,242 | - | 136,746 | ||||||||||||||
| Total operating expenses | 115,504 | 21,242 | - | 136,746 | ||||||||||||||
| Operating loss | (115,504 | ) | 26 | - | (115,478 | ) | ||||||||||||
| Other Non-Operating Income and Expenses | ||||||||||||||||||
| Other income (expense) | 10,000 | - | - | 10,000 | ||||||||||||||
| Net Income (loss) before income taxes | (105,504 | ) | 26 | - | (105,478 | ) | ||||||||||||
| Provision for income taxes | - | - | - | |||||||||||||||
| Net loss | $ | (105,504 | ) | $ | 26 | $ | - | $ | (105,478 | ) | ||||||||
| Basic and Diluted Loss per Share - Common Stock | $ | (0.11 | ) | $ | 0.00 | $ | (0.00 | ) | ||||||||||
| Weighted Average Number of Shares Outstanding: | ||||||||||||||||||
| Basic and Diluted Common Stock | 931,949 | 10,000 | 115,147,064 | |||||||||||||||
Notes to Pro-Forma Combined Statement of Operations (Unaudited) for the Period from July 12, 2016 (Inception) to December 31, 2016
| 1. | The registrant (Petroterra Corp.) statement of operations is for the period of July 1, 2016 through December 31, 2016 | |
| 2. | The Save on Transport statement of operations is from the period of inception (July 12, 2016) through December 31, 2016. |
| F-11 |
Save on Transport / Petroterra merger
Pro Forma Adjustments
For the period from July 12, 2016 to December 31, 2016
| <1> | ||||||||
| Bank OD | 78 | |||||||
| Accounts Payable | 211,075 | |||||||
| Accrued Liabilities | 54,000 | |||||||
| Notes Payable | 15,187 | |||||||
| Property & Equipment | 693 | |||||||
| Cash | 200,000 | |||||||
| Retained Earnings - Gain on settlement of liabilities | 79,647 | |||||||
| $ | 280,340 | $ | 280,340 | |||||
(to account for the pre-merger year 2017 settlement of Petrotrerra assets and liabilities)
| <2> | ||||||||
| Cash | 210,000 | |||||||
| Preferred Stock | 4,000 | |||||||
| APIC-sale of preferred stock | 142,091 | |||||||
| APIC-capital contribution | 63,909 | |||||||
| $ | 210,000 | $ | 210,000 | |||||
(to record the sale of preferred stock fo $146,091 and capital contribution by former CEO for $63,909)
| <3> | ||||||||
| Cash Held in Escrow | 10,000 | |||||||
| Cash | 10,000 | |||||||
| APIC | 10,000 | |||||||
| Accrued liabilities | 10,000 | |||||||
| $ | 20,000 | $ | 20,000 | |||||
(to book cash held at closing for John Barton )
| <4> | ||||||||
| APIC | $ | 114,103 | ||||||
| Common Stock | $ | 114,103 | ||||||
(to record the share exchange agreement between Petroterra and Save On)
| <5> | ||||||||
| APIC | $ | 2,733,176 | ||||||
| Retained Earnings | $ | 2,733,176 | ||||||
(to close out accumulated deficit of Petroterra to APIC)
| F-12 |