Attached files
| file | filename |
|---|---|
| EX-99.1 - RAYONT INC. | ex99-1.htm |
| 8-K/A - RAYONT INC. | form8-ka.htm |
Exhibit 99.2
RAYONT, INC. AND SUBSIDIARIES
Unaudited Pro Forma Combined Balance Sheet
As of September 30, 2020
| Rayont, Inc | Rayont International (L) Limited | Pro Forma Adjustment | Note | Pro Forma Combined | ||||||||||||||
| ASSETS | ||||||||||||||||||
| Current assets: | ||||||||||||||||||
| Cash | $ | 1,729 | $ | 1,082 | $ | - | $ | 2,811 | ||||||||||
| Accounts receivable | 216,525 | - | - | 216,525 | ||||||||||||||
| Loan receivable owed by a related party | 93,000 | 91,823 | - | 184,823 | ||||||||||||||
| Other receivables | 9,061 | - | - | 9,061 | ||||||||||||||
| Total current assets | 320,315 | 92,905 | - | 413,220 | ||||||||||||||
| Property and equipment, net | 844,544 | - | - | 844,544 | ||||||||||||||
| Intangible assets, net | - | 2,000,000 | - | 2,000,000 | ||||||||||||||
| Other assets | 21 | - | - | 21 | ||||||||||||||
| TOTAL ASSETS | $ | 1,164,880 | $ | 2,092,905 | $ | - | $ | 3,257,785 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ Equity | ||||||||||||||||||
| Current liabilities: | ||||||||||||||||||
| Accounts payable | $ | 2,789 | $ | - | $ | - | $ | 2,789 | ||||||||||
| Due to related parties | 280,429 | 2,018,164 | - | 2,298,593 | ||||||||||||||
| Accrued and other payables | 25,143 | 357 | - | 25,500 | ||||||||||||||
| Total current liabilities | 308,361 | 2,018,521 | - | 2,326,882 | ||||||||||||||
| TOTAL LIABILITIES | 308,361 | 2,018,521 | - | 2,326,882 | ||||||||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||
| Stockholders’ Equity: | ||||||||||||||||||
| Common stock, $0.001 par value; 500,000,000 shares authorized; 13,157,532 shares issued and outstanding | 13,158 | - | 25,714 | 2 | 38,872 | |||||||||||||
| Preferred stock, $0.001 par value; 20,000,000 shares authorized; nil share issued and outstanding | - | - | - | - | ||||||||||||||
| Common stock, $1 par value; 100,000 shares authorized, issued and outstanding | 100,000 | (100,000 | ) | 2 | - | |||||||||||||
| Additional paid-in capital | 3,589,287 | - | 48,670 | 2 | 3,637,957 | |||||||||||||
| Accumulated deficit | (2,725,209 | ) | (25,616 | ) | 25,616 | 2 | (2,725,209 | ) | ||||||||||
| Accumulated other comprehensive loss | (20,717 | ) | - | - | (20,717 | ) | ||||||||||||
| TOTAL STOCKHOLDERS’ EQUITY | 856,519 | 74,384 | - | 930,903 | ||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,164,880 | $ | 2,092,905 | $ | - | $ | 3,257,785 | ||||||||||
See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information
RAYONT, INC. AND SUBSIDIARIES
Unaudited Pro Forma Combined Statement of Operations and Comprehensive LOSS
For the year ended September 30, 2020
| Rayont, Inc | Rayont International (L) Limited | Pro Forma Adjustment | Note | Pro Forma Combined | ||||||||||||||
| Revenues | $ | 186,663 | $ | - | $ | - | $ | 186,663 | ||||||||||
| Cost of goods sold | - | - | - | - | ||||||||||||||
| Gross profit | 186,663 | - | - | 186,663 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Selling, general and administrative expenses | 311,432 | 4,233 | - | 315,665 | ||||||||||||||
| Depreciation expense | 101,593 | - | - | 101,593 | ||||||||||||||
| Total operating expenses | 413,025 | 4,233 | 417,258 | |||||||||||||||
| Operating loss | (226,362 | ) | (4,233 | ) | (230,595 | ) | ||||||||||||
| Other income (expense): | ||||||||||||||||||
| Interest income | 8,316 | - | - | 8,316 | ||||||||||||||
| Interest expense | (4,120 | ) | - | - | (4,120 | ) | ||||||||||||
| Other income (expense), net | 3,385 | (7,037 | ) | - | (3,652 | ) | ||||||||||||
| Total other income (expense), net | 7,581 | (7,037 | ) | - | 544 | |||||||||||||
| Loss before income taxes | (218,781 | ) | (11,270 | ) | (230,051 | ) | ||||||||||||
| Income tax expense | - | |||||||||||||||||
| Net loss | (218,781 | ) | (11,270 | ) | - | (230,051 | ) | |||||||||||
| Other comprehensive loss, net of tax: | ||||||||||||||||||
| Foreign currency translation gain | 34,074 | - | 34,074 | |||||||||||||||
| Other comprehensive income | 34,074 | - | - | 34,074 | ||||||||||||||
| Comprehensive loss | $ | (184,707 | ) | $ | (11,270 | ) | $ | - | $ | (195,977 | ) | |||||||
| Weighted average shares outstanding, basic and diluted | 13,026,710 | 100,000 | (100,000 | ) | 2 | 13,026,710 | ||||||||||||
| Net loss per common share, basic and diluted | (0.02 | ) | (0.11 | ) | (0.02 | ) | ||||||||||||
See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information
RAYONT, INC. AND SUBSIDIARIES
Notes to the Unaudited Pro Forma Condensed Combined Financial Information
| 1. | On September 30, 2020, Rayont Inc. (the “Company”) entered into an Agreement (the “Agreement”) with Rayont International (L) Limited (formerly Natural Health Farm INC.), an Labuan, Malaysia Company (“Target”) and Taleo Holdings (L) Limited ,the shareholder of Rayont International (L) Limited, being the owners of record of 100% of the issued and outstanding common stock of Rayont International (L) Limited. After the acquisition, Rayont International (L) Limited is now a wholly-owned subsidiary of the Company. | |
| 2. | The purchase price is USD $ 1,800,000.00 to be paid in form of shares of the Company based on the closing price on September 29, 2020 that is USD 0.07 per share for 100% shares of Rayont International (L) Limited. A total of 25,714,286 were issued by the Company in exchange of the 100% interest in of Rayont International (L) Limited. | |
| 3. | The Company determined that Rayont International (L) Limited did not meet the definition of a business found in ASC 805 Business Combinations and the acquisition should be considered as a common control transaction. |