Attached files
| file | filename |
|---|---|
| EX-32.2 - CERTIFICATION - NOCERA, INC. | nocera_10q-ex3202.htm |
| EX-32.1 - CERTIFICATION - NOCERA, INC. | nocera_10q-ex3201.htm |
| EX-31.2 - CERTIFICATION - NOCERA, INC. | nocera_10q-ex3102.htm |
| EX-31.1 - CERTIFICATION - NOCERA, INC. | nocera_10q-ex3101.htm |
| EX-10.4 - SETTLEMENT AGREEMENT AND RELEASE - NOCERA, INC. | nocera_10q-ex1004.htm |
| 10-Q - FORM 10-Q - NOCERA, INC. | nocera_10q-093020.htm |
Exhibit 99.1
NOCERA, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED INCOME STATEMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020
| As reported | Adjustment 1 | Notes | Pro forma | ||||||||||
| Net sales | $1,162,573 | $(41,108) | (d) | $1,121,465 | |||||||||
| Cost of sales | (506,894) | 74,401 | (d) | (432,493) | |||||||||
| Gross profit | 655,679 | 33,293 | 688,972 | ||||||||||
| Operating expenses | |||||||||||||
| General and administrative expenses | (1,149,719) | 173,519 | (c)(d) | 976,200 | |||||||||
| Total operating expenses | (1,149,719) | 173,519 | 976,200 | ||||||||||
| (Loss) Income from operations | (494,040) | 206,812 | (287,228) | ||||||||||
| Other income | 3 | 27 | (d) | 30 | |||||||||
| (Loss) Income before income taxes | (494,037) | 206,839 | (287,198) | ||||||||||
| Income tax benefit | 24,544 | (44,929) | (d) | (20,385) | |||||||||
| Net (loss) income | (469,493) | 161,910 | (307,583) | ||||||||||
| Less: Net loss attributable to non-controlling interests | (6,705) | 6,705 | (d) | - | |||||||||
| Net (loss) income attributable to the company | (462,788) | 155,205 | (307,583) | ||||||||||
| Comprehensive income (loss) | |||||||||||||
| Net (loss) income | (469,493) | 161,910 | (307,583) | ||||||||||
| Foreign currency translation loss | 14,899 | - | 14,899 | ||||||||||
| Release of cumulative exchange difference on translation on foreign operations | - | 505 | (c) | 505 | |||||||||
| Total comprehensive (loss) income | (454,594) | 162,415 | (292,179) | ||||||||||
| Less: comprehensive loss attributable to non-controlling interest | (7,204) | 7,204 | (d) | - | |||||||||
| Comprehensive (loss) income attributable to the Company | (447,390) | 155,211 | (d) | (292,179) | |||||||||
| (Loss) income per share | |||||||||||||
| Basic | (0.0351) | - | (0.0365) | ||||||||||
| Diluted | (0.0351) | - | (0.0365) | ||||||||||
| Weighted average number of common shares outstanding | |||||||||||||
| Basic | 13,181,786 | - | 8,431,786 | ||||||||||
| Diluted | 17,703,568 | - | 12,953,568 | ||||||||||
| 1 |
NOCERA, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS
AS OF SEPTEMBER 30, 2020
| As reported | Adjustment 1 | Notes | Pro forma | ||||||||||
| $ | $ | $ | |||||||||||
| ASSETS | |||||||||||||
| Current assets | |||||||||||||
| Cash and cash equivalents | 251,866 | 251,866 | |||||||||||
| Account receivables, net | 109,055 | 109,055 | |||||||||||
| Inventories | 112,304 | 112,304 | |||||||||||
| Advance to suppliers | 1,732 | 1,732 | |||||||||||
| Prepaid expenses and other assets, net | 14,298 | 14,298 | |||||||||||
| Due from a related party | 19,453 | 19,453 | |||||||||||
| Total current assets | 508,708 | 508,708 | |||||||||||
| Non-current assets | |||||||||||||
| Deferred tax asset, net | 2,203 | 2,203 | |||||||||||
| Property and equipment, net | 399 | 399 | |||||||||||
| Operating lease right-of-use asset | – | – | |||||||||||
| Intangible assets, net | – | – | |||||||||||
| Total non-current assets | 2,602 | 2,602 | |||||||||||
| TOTAL ASSETS | 511,310 | 511,310 | |||||||||||
| 2 |
NOCERA, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS
AS OF NOVEMBER 30, 2020
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
| As reported | Adjustment 1 | Notes | Pro forma | ||||||||||
| $ | $ | $ | |||||||||||
| LIABILITIES | |||||||||||||
| Current liabilities | |||||||||||||
| Account payables | 13,723 | 13,723 | |||||||||||
| Advance from customers | – | – | |||||||||||
| Other payables and accrued liabilities | 881 | 881 | |||||||||||
| Due to related parties | 7,681 | 7,681 | |||||||||||
| Income tax payable | 18,138 | 18,138 | |||||||||||
| Bank borrowing | – | – | |||||||||||
| Deferred revenue - current portion | – | – | |||||||||||
| Operating lease liabilities - current | – | – | |||||||||||
| Total current liabilities | 40,423 | 40,423 | |||||||||||
| TOTAL LIABILITIES | 40,423 | 40,423 | |||||||||||
| Commitments and contingencies | – | – | |||||||||||
| EQUITY | |||||||||||||
| Common stock | 13,182 | (4,750) | (c) | 8,432 | |||||||||
| Additional paid-in capital | 434,155 | 434,155 | |||||||||||
| Statutory and other reserves | 191,219 | 191,219 | |||||||||||
| Retained earnings | (123,585 | ) | 26,618 | (c) | (96,967) | ||||||||
| Accumulated other comprehensive loss | (65,952 | ) | (505) |
(c) |
(65,952 | ) | |||||||
| TOTAL NOCERA, INC.’S STOCKHOLDERS’ EQUITY | 449,019 | 470,887 | |||||||||||
| Non-controlling interests | 21,868 | (21,868) | (b) | - | |||||||||
| TOTAL STOCKHOLDER EQUITY | 470,887 | 470,887 | |||||||||||
| TOTAL LIABILITIES AND STOCKHOLDER EQUITY | 511,310 | 511,310 | |||||||||||
| 3 |
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
| (a) | The carrying amounts of assets and liabilities of the Group as at September 30, 2020 are extracted from the unaudited consolidated statement of financial position as at September 30, 2020. | |
| (b) | These adjustments reflect the derecognition of assets and liabilities in GZ WFH which is to be spin-off or disposed of. | |
| (c) | This adjustment reflects the cancellation of 4,750,000 shares of Nocera Inc., at November 4, 2020 as a consideration of disposal GZ WFH as well as the loss on disposal of GZ WFH. | |
| (d) | These adjustments reflect the elimination of operating revenues, costs and expenses attributable to GZ WFH which is to be spin-off or disposed of. |
| 4 |