Attached files
| file | filename |
|---|---|
| EX-10.3 - fuboTV Inc. /FL | ex10-3.htm |
| EX-10.2 - fuboTV Inc. /FL | ex10-2.htm |
| 8-K/A - fuboTV Inc. /FL | form8-ka.htm |
Carolco Pictures, Inc. and Subsidary
Unaudited Pro Forma Condensed Consolidated Balance Sheet
For the Three Months Ended March 31, 2017
| Historical | Pro Forma Adjustments | Pro Forma | |||||||||||
| ASSETS | |||||||||||||
| Current Assets: | |||||||||||||
| Cash | $ | 18,000 | $ | (1,000 | ) | b | $ | 27,000 | |||||
| 10,000 | a | ||||||||||||
| Accounts receivable | 1,000 | (1,000 | ) | b | - | ||||||||
| Prepaid expenses and other current assets | 15,000 | (3,000 | ) | b | 12,000 | ||||||||
| Total current assets | 34,000 | 5,000 | 39,000 | ||||||||||
| Total Assets | $ | 34,000 | $ | 5,000 | $ | 39,000 | |||||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||||||||
| Current Liabilities: | |||||||||||||
| Accounts payable and accrued expenses | $ | 150,000 | $ | (76,000 | ) | b | $ | 74,000 | |||||
| Accrued interest related parties | 124,000 | - | 124,000 | ||||||||||
| Accrued payroll - officers | 553,000 | (77,000 | ) | b | 476,000 | ||||||||
| Advances from related parties | 41,000 | (10,000 | ) | b | 31,000 | ||||||||
| Deposits on future sales of equity | 55,000 | - | 55,000 | ||||||||||
| Note payable | 75,000 | (75,000 | ) | b | - | ||||||||
| Convertible notes payable related party | 484,000 | - | 484,000 | ||||||||||
| Derivative laibility | 3,602,000 | - | 3,602,000 | ||||||||||
| Total current liabilities | 5,084,000 | (238,000 | ) | 4,846,000 | |||||||||
| Commitments and Contingencies | |||||||||||||
| Stockholders' Deficit: | |||||||||||||
| Series A Preferred stock, $.0001 par value, 5,000,000 shares authorized: 5,000,000 issued and outstanding | 1,000 | - | 1,000 | ||||||||||
| Series B Preferred stock, $.0001 par value, 1,000,000 shares authorized: 1,000,000 issued and outstanding | - | - | - | ||||||||||
| Series C Preferred stock, $.0001 par value, 41,000,000 shares authorized: 40,511,991 issued and outstanding | 4,000 | - | 4,000 | ||||||||||
| Common stock, $.0001 par value, 300,000,000 shares authorized: 33,940 issued and outstanding | - | - | - | ||||||||||
| Additional paid-in capital | 10,201,000 | (516,000 | ) | b | 9,685,000 | ||||||||
| Accumulated deficit | (15,059,000 | ) | 562,000 | b,d | (14,497,000 | ) | |||||||
| Total stockholders Deficit Allocated to Carolco Pictures, Inc. | (4,853,000 | ) | 46,000 | (4,807,000 | ) | ||||||||
| Non-controlling Interest in Subsidiaries | (197,000 | ) | 197,000 | b | - | ||||||||
| Total Stockholders' Deficit | (5,050,000 | ) | 243,000 | (4,807,000 | ) | ||||||||
| Total Liabilities and Stockholders' Deficit | $ | 34,000 | $ | 5,000 | $ | 39,000 | |||||||
Carolco Pictures, Inc. and Subsidary
Unaudited Pro Forma Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2017
| Historical | Pro Forma Adjustments | Proforma | |||||||||||
| Revenue | $ | 53,000 | $ | (48,000 | ) | c | $ | 5,000 | |||||
| Cost of goods sold | 31,000 | (31,000 | ) | c | - | ||||||||
| Gross margin (loss) | 22,000 | (17,000 | ) | 5,000 | |||||||||
| Operating expenses | |||||||||||||
| Compensation | 94,000 | (42,000 | ) | c | 52,000 | ||||||||
| General and administrative | 98,000 | (8,000 | ) | c | 90,000 | ||||||||
| Total operating expenses | 192,000 | (50,000 | ) | 142,000 | |||||||||
| Loss from operations | (170,000 | ) | 33,000 | (137,000 | ) | ||||||||
| Other (income) expense | |||||||||||||
| Interest expense | 7,000 | (1,000 | ) | c | 6,000 | ||||||||
| Change in fair value of derivatives | (6,807,000 | ) | - | (6,807,000 | ) | ||||||||
| Other (income) expense, net | (6,800,000 | ) | (1,000 | ) | (6,801,000 | ) | |||||||
| Net income (loss) | |||||||||||||
| Income before non-controlling interest | 6,630,000 | 34,000 | 6,664,000 | ||||||||||
| Loss attributable to non-controlling interest | (8,000 | ) | 8,000 | c | - | ||||||||
| Net income attributable to Carolco Pictures, Inc. | $ | 6,638,000 | $ | 26,000 | $ | 6,664,000 | |||||||
| Net income (loss) per common share | |||||||||||||
| Basic | $ | 195.58 | $ | 196.30 | |||||||||
| Diluted | $ | 0.08 | $ | 0.10 | |||||||||
| Weighted average common shares outstanding | |||||||||||||
| Basic | 33,940 | 33,940 | |||||||||||
| Diluted | 87,399,072 | 87,399,072 | |||||||||||
Carolco Pictures, Inc. and Subsidary
Unaudited Pro Forma Condensed Consolidated Statements of Operations
For the Year Ended December 31, 2016
| Historical | Pro Forma Adjustments | Proforma | |||||||||||
| Revenue | $ | 208,000 | $ | (184,000 | ) | c | $ | 24,000 | |||||
| Cost of goods sold | 113,000 | (107,000 | ) | c | $ | 6,000 | |||||||
| Gross margin (loss) | 95,000 | (77,000 | ) | 18,000 | |||||||||
| Operating expenses | |||||||||||||
| Compensation | 943,000 | (187,000 | ) | c | 756,000 | ||||||||
| Professional fees | 272,000 | - | 272,000 | ||||||||||
| General and administrative | 94,000 | (90,000 | ) | c | 4,000 | ||||||||
| Research and development | 161,000 | - | 161,000 | ||||||||||
| Impairment | 250,000 | - | 250,000 | ||||||||||
| Total operating expenses | 1,720,000 | (277,000 | ) | 1,443,000 | |||||||||
| Loss from operations | (1,625,000 | ) | 200,000 | (1,425,000 | ) | ||||||||
| Other (income) expense | |||||||||||||
| Interest expense | 227,000 | (4,000 | ) | c | 223,000 | ||||||||
| Change in fair value of derivatives | 8,870,000 | - | 8,870,000 | ||||||||||
| Gain on extinguishment of debt | (28,000 | ) | - | (28,000 | ) | ||||||||
| Gain on extinguishment of derivative liability | (558,000 | ) | - | (558,000 | ) | ||||||||
| Other (income) expense, net | 8,511,000 | (4,000 | ) | 8,507,000 | |||||||||
| Net income (loss) | |||||||||||||
| Income before non-controlling interest | (10,136,000 | ) | 204,000 | (9,932,000 | ) | ||||||||
| Loss attributable to non-controlling interest | (33,000 | ) | 33,000 | c | - | ||||||||
| Net income attributable to Carolco Pictures, Inc. | $ | (10,103,000 | ) | $ | 171,000 | $ | (9,932,000 | ) | |||||
| Net income (loss) per common share | |||||||||||||
| Basic | $ | (360.74 | ) | $ | (354.64 | ) | |||||||
| Diluted | $ | (360.74 | ) | $ | (354.64 | ) | |||||||
| Weighted average common shares outstanding | |||||||||||||
| Basic | 28,006 | 28,006 | |||||||||||
| Diluted | 28,006 | 28,006 | |||||||||||
Carolco Pictures, Inc. and Subsidary
Unaudited Pro Forma Condensed Consolidated Statements of Operations
For the Year Ended December 31, 2015
| Historical | Pro Forma Adjustments | Proforma | |||||||||||
| Revenue | $ | 964,000 | $ | (964,000 | ) | c | $ | - | |||||
| Cost of goods sold | 792,000 | (792,000 | ) | c | $ | - | |||||||
| Gross margin (loss) | 172,000 | (172,000 | ) | - | |||||||||
| Operating expenses | |||||||||||||
| Compensation | 1,880,000 | (122,000 | ) | c | 1,758,000 | ||||||||
| Professional fees | 772,000 | (4,000 | ) | c | 768,000 | ||||||||
| General and administrative | 247,000 | (172,000 | ) | c | 75,000 | ||||||||
| Research and development | - | - | - | ||||||||||
| Impairment | 319,000 | - | 319,000 | ||||||||||
| Total operating expenses | 3,218,000 | (298,000 | ) | 2,920,000 | |||||||||
| Loss from operations | (3,046,000 | ) | 126,000 | (2,920,000 | ) | ||||||||
| Other (income) expense | |||||||||||||
| Interest expense | 340,000 | (2,000 | ) | c | 338,000 | ||||||||
| Financing cost | 530,000 | 530,000 | |||||||||||
| Change in fair value of derivatives | 2,263,000 | - | 2,263,000 | ||||||||||
| Gain on extinguishment of derivative liability | (76,000 | ) | (76,000 | ) | |||||||||
| Gain on extinguishment of debt | 1,500,000 | 1,500,000 | |||||||||||
| Other (income) expense | 6,000 | - | 6,000 | ||||||||||
| Other (income) expense, net | 4,563,000 | (2,000 | ) | 4,561,000 | |||||||||
| Net income (loss) | |||||||||||||
| Income (loss) before non-controlling interest | (7,609,000 | ) | 128,000 | (7,481,000 | ) | ||||||||
| Loss attributable to non-controlling interest | (32,000 | ) | 32,000 | c | - | ||||||||
| Net income attributable to Carolco Pictures, Inc. | $ | (7,577,000 | ) | $ | 96,000 | $ | (7,481,000 | ) | |||||
| Net income (loss) per common share | |||||||||||||
| Basic | $ | (1,237.87 | ) | $ | (1,222.19 | ) | |||||||
| Diluted | $ | (1,237.87 | ) | $ | (1,222.19 | ) | |||||||
| Weighted average common shares outstanding | |||||||||||||
| Basic | 6,121 | 6,121 | |||||||||||
| Diluted | 6,121 | 6,121 | |||||||||||
Notes to the Unaudited Pro Forma Financial Statements
The unaudited pro forma financial statements give effect to the sale of the High Five Entertainment business to be accounted for as a discontinued operation. The unaudited pro forma Statements of Operations for the three months ended March 31, 2017 and for the fiscal years ended December 31, 2016 and 2015 are presented as if the sale occurred as of January 1, 2015. The anticipated nonrecurring after-tax gain on the sale is not reflected in the pro forma statements of operations. The unaudited pro forma Balance Sheet as of March 31, 2017 is presented as if the sale occurred on that date. The nonrecurring after-tax gain is reflected in the pro forma balance sheet.
a. The pro forma adjustment represents proceeds received from the sale of the S&G Holdings, Inc. d/b/a High Five Entertainment. The Company expects to use the proceeds for general corporate purposes.
b. The pro forma adjustments represent the elimination of the assets and liabilities of High Five Entertainment.
c. The pro forma adjustment represents the elimination of the income and expenses of High Five Entertainment.
d. The pro forma adjustment represents the estimated gain of $243,000