Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 AUDITED FINANCIAL STATEMENTS - Value Exchange International, Inc. | f8ka2040717_ex99z1.htm |
| 8-K/A - FORM 8-K/A AMENDED CURRENT REPORT - Value Exchange International, Inc. | f8ka2040717_8kz.htm |
VALUE EXCHANGE INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
AS OF DECEMBER 31, 2016
|
| VEII |
|
| TSI |
|
| Pro Forma Adjustments |
|
| VEII Pro Forma |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents | $ | 448,053 |
| $ | 10,763 |
| $ | - |
| $ | 458,816 |
Accounts receivable, net |
| 451,122 |
|
| 218,048 |
|
| - |
|
| 669,170 |
Amounts due from related parties |
| 760,302 |
|
| - |
|
| (178,285) |
|
| 582,017 |
Other receivables and prepayments |
| 108,141 |
|
| 44,697 |
|
| - |
|
| 152,838 |
Inventories |
| - |
|
| 15,307 |
|
| - |
|
| 15,307 |
Deposit for acquisition |
| 200,000 |
|
| - |
|
| (200,000) |
|
| - |
Property, plant and equipment |
| 178,624 |
|
| 94,724 |
|
| - |
|
| 273,348 |
Total assets | $ | 2,146,242 |
| $ | 383,539 |
| $ | (378,285) |
| $ | 2,151,496 |
|
|
|
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|
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|
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|
|
LIABILITIES AND EQUITY |
|
|
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|
|
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|
|
Accounts payable | $ | 255,854 |
| $ | 7,817 |
| $ | - |
| $ | 263,671 |
Other payables and accrued liabilities |
| 448,227 |
|
| 254,336 |
|
| - |
|
| 702,563 |
Deferred income and Receipt in advance |
| 653,686 |
|
| 20,386 |
|
| - |
|
| 674,072 |
Amounts due to related parties |
| 187,403 |
|
| 221,464 |
|
| (221,340) |
|
| 187,527 |
Loan |
| - |
|
| 25,087 |
|
| - |
|
| 25,087 |
Total liabilities |
| 1,545,170 |
|
| 529,090 |
|
| (221,340) |
|
| 1,852,920 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
| 297 |
|
| 179,160 |
|
| (179,160) |
|
| 297 |
Additional paid-in capital |
| 690,589 |
|
| - |
|
| (20,840) |
|
| 669,749 |
Accumulated deficit |
| (30,977) |
|
| (310,701) |
|
| - |
|
| (341,678) |
Accumulated other comprehensive loss |
| (58,837) |
|
| (14,010) |
|
| 43,055 |
|
| (29,792) |
Total shareholders’ deficit |
| 601,072 |
|
| (145,551) |
|
| (156,945) |
|
| 298,576 |
Total liabilities and shareholders’ deficit | $ | 2,146,242 |
| $ | 383,539 |
| $ | (378,285) |
| $ | 2,151,496 |
See accompanying notes to unaudited pro forma condensed combined financial statements.
1
VALUE EXCHANGE INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE ELEVEN MONTHS ENDED NOVEMBER 30, 2016
|
| VEII |
| TSI |
| Pro Forma Adjustments |
| VEII Pro Forma | ||||
Net Revenues |
| $ | 3,999,395 |
| $ | 866,936 |
| $ | - |
| $ | 4,866,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
| (2,870,638) |
|
| (711,802) |
|
| - |
|
| (3,582,440) |
|
|
|
|
|
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|
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Gross profit |
|
| 1,128,757 |
|
| 155,134 |
|
| - |
|
| 1,283,891 |
|
|
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|
|
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|
General and administrative expenses |
|
| (1,068,279) |
|
| (168,262) |
|
| - |
|
| (1,236,541) |
Foreign exchange gain |
|
| 3,045 |
|
| - |
|
|
|
|
| 3,045 |
|
|
|
|
|
|
|
|
|
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|
|
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Income (loss) from operations |
|
| 63,523 |
|
| (13,128) |
|
| - |
|
| 50,395 |
|
|
|
|
|
|
|
|
|
|
|
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Other income (expenses) |
|
| 25,570 |
|
| 23,058 |
|
| - |
|
| 48,628 |
|
|
|
|
|
|
|
|
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Income before provision for income taxes |
|
| 89,093 |
|
| 9,930 |
|
| - |
|
| 99,023 |
|
|
|
|
|
|
|
|
|
|
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Income taxes |
|
| (35,204) |
|
| (3,629) |
|
| - |
|
| (38,833) |
|
|
|
|
|
|
|
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Net income |
|
| 53,889 |
|
| 6,301 |
|
| - |
|
| 60,190 |
|
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|
|
|
|
|
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Other comprehensive loss: |
|
|
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Foreign currency translation loss |
|
| (21,892) |
|
| (14,010) |
|
| 43,055 |
|
| 7,153 |
|
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Comprehensive income / (loss) |
| $ | 31,997 |
| $ | (7,709) |
| $ | 43,055 |
| $ | 67,343 |
|
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Net loss per share, basic and diluted |
| $ | 0.00 |
|
|
|
|
|
|
| $ | 0.00 |
Weighted average number of shares outstanding |
|
| 29,656,130 |
|
|
|
|
|
|
|
| 29,656,130 |
See accompanying notes to unaudited pro forma condensed combined financial statements.
2
VALUE EXCHANGE INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
NOTES TO THE UNAUDITED PRO FORMA CONDENSED
COMBINED FINANCIAL STATEMENTS
Note 1. Basis of Presentation
The historical financial information is derived from our historical financial statements and the historical financial statements of TSI. The pro forma adjustments have been prepared as if the acquisition occurred on December 31, 2016, for the balance sheet, and on January 1, 2016, for the statements of operations.
Note 2. Pro Forma Adjustments and Assumptions
(a)
Reflects 100% of the assets, liabilities, income and expenses of TSI.
(b)
Reflects elimination of intercompany balances.
(c)
Peso:USD exchange rates: 49.84
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