Attached files
file | filename |
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8-K/A - ADM ENDEAVORS, INC. | form8-ka.htm |
EX-99.1 - ADM ENDEAVORS, INC. | ex99-1.htm |
Exhibit 99.2
Pro-Forma Financial Information
The following unaudited pro-forma data provides the balance sheet as of December 31, 2017 and summarizes the result of the operations for the years ended December 31, 2017 and 2016 as if the acquisition of Just Right Products, Inc. (“Just Right Products”) had been completed on January 1, 2016. The pro-forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2016.
December 31, 2017
ADM | Just Right | Pro-forma | ||||||||||||||
Endeavors | Products (a) | Adjustments | Combined | |||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 9,356 | $ | 45,589 | $ | - | $ | 54,945 | ||||||||
Accounts receivable, net | - | 284,071 | - | 284,071 | ||||||||||||
Inventory | - | 13,679 | - | 13,679 | ||||||||||||
Other receivable | - | 11,333 | - | 11,333 | ||||||||||||
Total current assets | 9,356 | 354,672 | - | 364,028 | ||||||||||||
Fixed assets, net | 7,180 | 117,261 | - | 124,441 | ||||||||||||
Goodwill | - | - | 936,760 | 936,760 | ||||||||||||
Total assets | $ | 16,536 | $ | 471,933 | $ | 936,760 | $ | 1,425,229 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||
Current liabilities | ||||||||||||||||
Note payable | $ | 4,606 | $ | - | $ | - | $ | 4,606 | ||||||||
Capital leases, current portion | - | 47,378 | - | 47,378 | ||||||||||||
Accounts payable | 112,689 | 78,551 | - | 191,240 | ||||||||||||
Accounts payable to related parties | - | 23,978 | - | 23,978 | ||||||||||||
Accrued expenses | 90,015 | 100,787 | - | 190,802 | ||||||||||||
Due to related party | 137,885 | - | - | 137,885 | ||||||||||||
Income tax payable | - | 33,500 | - | 33,500 | ||||||||||||
Total current liabilities | 345,195 | 284,194 | - | 629,389 | ||||||||||||
Non-current liabilities | ||||||||||||||||
Capital leases, net of current portion | - | 26,684 | - | 26,684 | ||||||||||||
Note payable, net of current portion | 10,328 | - | - | 10,328 | ||||||||||||
Total non-current liabilities | 10,328 | 26,684 | - | 37,012 | ||||||||||||
Total liabilities | 355,523 | 310,878 | - | 666,401 | ||||||||||||
Stockholders’ equity (deficit) | ||||||||||||||||
Preferred stock | - | - | 2,000 | 2,000 | ||||||||||||
Common stock | 129,316 | 5,100 | (5,100 | ) | 129,316 | |||||||||||
Additional paid-in capital | 15,464,309 | 76,800 | (14,992,752 | ) | 548,357 | |||||||||||
Retained earnings (accumulated deficit) | (15,932,612 | ) | 79,155 | 15,932,612 | 79,155 | |||||||||||
Total stockholders’ equity (deficit) | (338,987 | ) | 161,055 | 936,760 | 758,828 | |||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 16,536 | $ | 471,933 | $ | 936,760 | $ | 1,425,229 |
For the Year Ended December 31, 2017 | ||||||||||||||||
ADM | Just Right Products (a) | Pro-forma Adjustments | Combined | |||||||||||||
Revenue, net | $ | 159,836 | $ | 3,240,005 | $ | - | $ | 3,399,841 | ||||||||
Operating expenses | 835,169 | 3,047,741 | - | 3,882,910 | ||||||||||||
Income (loss) from operations | (675,333 | ) | 192,264 | - | (483,069 | ) | ||||||||||
Other income (expense) | (12,832 | ) | (6,103 | ) | - | (18,935 | ) | |||||||||
Income before income taxes | (688,165 | ) | 186,161 | - | (502,004 | ) | ||||||||||
Net income (loss) | $ | (688,165 | ) | $ | 152,661 | $ | - | $ | (535,504 | ) | ||||||
Net income (loss) per common share - basic and diluted | $ | (0.01 | ) | $ | (0.00 | ) | ||||||||||
Weighted average number of common shares outstanding during the period - basic and diluted | 128,272,703 | 128,272,703 |
For the Year Ended December 31, 2016 | ||||||||||||||||
Just Right | Pro-forma | |||||||||||||||
ADM | Products (a) | Adjustments | Combined | |||||||||||||
Revenue, net | $ | 189,406 | $ | 2,821,942 | $ | - | $ | 3,011,348 | ||||||||
Operating expenses | 954,201 | 2,790,245 | - | 3,744,446 | ||||||||||||
Income (loss) from operations | (764,795 | ) | 31,697 | - | (733,098 | ) | ||||||||||
Other income (expense) | (7,151 | ) | (772 | ) | - | (7,923 | ) | |||||||||
Income before income taxes | (771,946 | ) | 30,925 | - | (741,021 | ) | ||||||||||
Net income (loss) | $ | (771,946 | ) | $ | 30,925 | $ | - | $ | (741,021 | ) | ||||||
Net income (loss) per common share - basic and diluted | $ | (0.01 | ) | $ | (0.01 | ) | ||||||||||
Weighted average number of common shares outstanding during the period - basic and diluted | 125,908,651 | 125,908,651 |
(a) | Reflects 2017 and 2016 results of operations prior to the acquisition date. Just Right Products was acquired on April 1, 2018. Both entities are using their respective audited financials for the periods. |