LiquidValue Development Inc. - FORM 8-K - EX-99.3 - PRO FORMA FINANCIAL INFORMATION - December 29, 2017

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EX-99.2 - SED HOME, INC.'S UNAUDITED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEM - LiquidValue Development Inc.sed_ex992.htm
EX-99.1 - SED HOME, INC.'S AUDITED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2 - LiquidValue Development Inc.sed_ex991.htm
EX-21 - SUBSIDIARIES OF THE COMPANY - LiquidValue Development Inc.sed_ex21.htm
EX-10.8 - CONSULTING SERVICES AGREEMENT - LiquidValue Development Inc.sed_ex108.htm
EX-10.7 - AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT - LiquidValue Development Inc.sed_ex107.htm
EX-10.6 - MANAGEMENT AGREEMENT - LiquidValue Development Inc.sed_ex106.htm
EX-10.5 - FORM OF LOT PURCHASE AGREEMENT - LiquidValue Development Inc.sed_ex10-5.htm
EX-10.4 - AMENDMENT OF AGREEMENT OF LIMITED PARTNERSHIP OF 150 CCM BLACK OAK, LTD. - LiquidValue Development Inc.sed_ex104.htm
EX-10.3 - AMENDMENT OF AGREEMENT OF LIMITED PARTNERSHIP OF 150 CCM BLACK OAK, LTD. - LiquidValue Development Inc.sed_ex103.htm
EX-10.2 - AMENDMENT OF AGREEMENT OF LIMITED PARTNERSHIP OF 150 CCM BLACK OAK, LTD. - LiquidValue Development Inc.sed_ex102.htm
EX-10.1 - AGREEMENT OF LIMITED PARTNERSHIP OF 150 CCM BLACK OAK, LTD. - LiquidValue Development Inc.sed_ex101.htm
EX-3.5 - BYLAWS OF SED HOME, INC. - LiquidValue Development Inc.sed_ex35.htm
EX-3.4 - CERTIFICATE OF INCORPORATION OF SED HOME, INC. - LiquidValue Development Inc.sed_ex34.htm
EX-2.1 - ACQUISITION AGREEMENT AND PLAN OF MERGER - LiquidValue Development Inc.sed_ex2-1.htm
8-K - CURRENT REPORT - LiquidValue Development Inc.sed_8k.htm
  Exhibit 99.3
 
SeD Intelligent Home Inc. and Subsidiaries
Pro Forma Consolidated Balance Sheets
September 30, 2017
(Unaudited)
 
 
 
  As Reported  
 
 
  Pro Forma  
 
 
 
 SeD Home Inc.
 
 
SeD Intelligent Home Inc.
 
 
 
 
 
 
 
 
 
09/30/2017
 
 
09/30/2017
 
 
Adjustments
 
 
Combined
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate
 
 
 
 
 
 
  0 
 
 
 
Construction in Progress
 $31,262,668 
 $- 
    
 $31,262,668 
Land Held for Development
  25,206,357 
  - 
    
  25,206,357 
Real Estate Held For Sale
  119,738 
  - 
    
  119,738 
 
  56,588,763 
  - 
    
  56,588,763 
 
    
    
    
  - 
Cash
  595,457 
  13,178 
    
  608,635 
Restricted Cash
  2,650,718 
  - 
    
  2,650,718 
Rent Receivable
  1,600 
  - 
    
  1,600 
Prepaid Expenses
  35,099 
  - 
    
  35,099 
Fixed Assets, Net
  27,311 
  - 
    
  27,311 
Deposits
  23,603 
  - 
    
  23,603 
 
    
    
    
  - 
Total Assets
 $59,922,551 
 $13,178 
    
 $59,935,729 
 
    
    
    
    
 
    
    
    
    
Liabilities and Shareholders' Equity
    
    
    
    
 
    
    
    
    
Liabilities
    
    
    
    
Accounts Payable and Accrued Expenses
 $980,175 
 $29,616 
    
 $1,009,791 
Accrued Interest - Related Parties
  1,800,339 
  - 
    
  1,800,339 
Tenant Security Deposits
  2,625 
  - 
    
  2,625 
Builder Deposits
  5,754,295 
  - 
    
  5,754,295 
Notes Payable, Net of Debt Discount
  9,771,821 
  - 
    
  9,771,821 
Notes Payable - Related Parties, Net of Debt Discount
  8,319,408 
  20,000 
    
  8,339,408 
Total Liabilities
  26,628,663 
  49,616 
    
  26,678,279 
 
    
    
    
    
Shareholders' Equity
    
    
    
    
Common Stock, at par $0.0001, 500,000,000 shares authorized, issued, and outstanding
  50,000 
  74,043 
    
  124,043 
Subscription Receivable - 500,000,000 shares
  (50,000)
    
    
  (50,000)
Additional Paid In Capital
  33,238,322 
  100,694 
    
  33,339,016 
Accumulated Deficit
  (2,163,517)
  (211,176)
    
  (2,374,693)
Total Shareholders' Equity
  31,074,805 
  (36,438)
    
  31,038,367 
Non-controlling Interest
  2,219,083 
  - 
    
  2,219,083 
Total Shareholders' Equity
  33,293,888 
  (36,438)
    
  33,257,450 
 
    
    
    
  - 
Total Liabilities and Shareholders' Equity
 $59,922,551 
 $13,178 
    
 $59,935,729 
 
 
 
 
SeD Intelligent Home Inc. and Subsidiaries
Pro Forma Consolidated Statements of Operations
For the Nine Months Ended September 30
(Unaudited)
 
 
 
  As Reported  
 
 
  Pro Forma  
 
 
 
 SeD Home Inc.
 
 
SeD Intelligent Home Inc.
 
 
 
 
 
 
 
 
 
2017
 
 
2017
 
 
Adjustments
 
 
Combined
 
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
Rental Income
 $88,438 
 $- 
     
 $88,438 
Property Sales
  2,703,736 
  - 
    
  2,703,736 
 
  2,792,174 
  - 
    
  2,792,174 
Operating Expenses
    
    
    
  - 
Cost of Sales
  2,570,182 
  - 
    
  2,570,182 
 
    
    
    
  - 
General and Administrative Expenses
  814,568 
  10,152.00 
    
  824,720.00 
 
  3,384,750 
  10,152.00 
    
  3,394,902.00 
 
    
    
    
  - 
Loss From Operations
  (592,576)
  (10,152.00)
    
  (602,728.00)
 
    
    
    
  - 
Other Income
    
    
    
  - 
Interest Income
  18,957 
  - 
    
  18,957 
Other Income
  34,455 
  - 
    
  34,455 
 
  53,412 
  - 
    
  53,412 
 
    
    
    
  - 
Net Loss Before Income Taxes
  (539,164)
  (10,152.00)
    
  (549,316.00)
 
    
    
    
  - 
Provision for Income Taxes
  - 
  - 
    
  - 
 
    
    
    
  - 
Net Loss
  (539,164)
  (10,152.00)
    
  (549,316.00)
 
    
    
    
  - 
Net Loss Attributable to Non-controlling Interest
  (58,799)
  - 
    
  (58,799)
 
    
    
    
  - 
Net Loss Attributable to SeD Home Inc. and Subsidiaries
 $(480,365)
 $(10,152)
    
 $(490,517)
 
 
 
 
SeD Intelligent Home Inc. and Subsidiaries
Pro Forma Consolidated Statements of Cash Flows
For the Nine Months Ended September 30
(Unaudited)
 
 
 
  As Reported  
 
 
  Pro Forma  
 
 
 
 SeD Home Inc.
 
 
SeD Intelligent Home Inc.
 
 
 
 
 
 
 
 
 
2017
 
 
2017
 
 
Adjustments
 
 
Combined
 
Cash Flows From Operating Activities
 
 
 
 
 
 
 
 
 
 
 
 
Net Loss
 $(539,164)
 $(28,469)
     
 $(567,633)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
    
    
    
  - 
Depreciation
  15,203 
  - 
    
  15,203 
Changes in Operating Assets and Liabilities
    
    
    
  - 
Rent Receivable
  16,660 
  - 
    
  16,660 
Prepaid Expenses
  50,350 
  - 
    
  50,350 
Accounts Payable and Accrued Expenses
  (472,703)
  (10,729)
    
  (483,432)
Accrued Interest - Related Parties
  76,122 
  - 
    
  76,122 
Tenant Security Deposits
  (2,550)
  - 
    
  (2,550)
Builder Deposits
  (145,705)
  - 
    
  (145,705)
Net Cash (Used In) Provided By Operating Activities
  (1,001,787)
  (39,198)
    
  (1,040,985)
 
    
    
    
  - 
Cash Flows From Investing Activities
    
    
    
  - 
Change in Restricted Cash
  (18,957)
  - 
    
  (18,957)
Real Estate Purchases and Development Costs
  (3,388,317)
  - 
    
  (3,388,317)
Purchase of Fixed Assets
  (7,891)
  - 
    
  (7,891)
Net Cash Used In Investing Activities
  (3,415,165)
  - 
    
  (3,415,165)
 
    
    
    
  - 
Cash Flows From Financing Activities
    
    
    
  - 
Capital Contribution - Related Party
  178,600 
  20,000 
    
  198,600 
Proceeds from Notes Payable
  2,732,229 
  - 
    
  2,732,229 
Repayments to Note Payable
  (6,000,000)
    
    
  (6,000,000)
Financing Fees Paid
  (110,000)
  - 
    
  (110,000)
Net Proceeds (Repayments) from Notes Payable - Related Parties
  7,819,408 
  - 
    
  7,819,408 
Net Cash Provided By Financing Activities
  4,620,237 
  20,000 
    
  4,640,237 
 
    
    
    
  - 
Net Increase (Decrease) in Cash
  203,285 
  (19,198)
    
  184,087 
Cash - Beginning of Year
  392,172 
  32,376 
    
  424,548 
Cash - End of Year
 $595,457 
 $13,178 
    
 $608,635 
 
    
    
    
    
Supplementary Cash Flow Information
    
    
    
    
Cash Paid For Interest
 $905,376
 $- 
    
 $905,376
Cash Paid For Taxes
 $- 
 $- 
    
 $- 
 
    
    
    
  - 
Supplemental Disclosure of Non-Cash Investing and Financing Activities
    
    
    
  - 
Debt Discount From Related Party Imputed Interest
 $- 
 $- 
    
 $- 
Forgiveness of Notes Payable - Related Parties
 $4,560,085 
 $- 
    
 $4,560,085 
Amortization of Debt Discount Capitalized
 $284,880 
 $- 
    
 $284,880 
 
 

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