Attached files
| file | filename |
|---|---|
| EX-99.1 - BARFRESH FOOD GROUP INC. | ex99-1.htm |
| 8-K - BARFRESH FOOD GROUP INC. | form8-k.htm |
Exhibit 99.2
Barfresh Food Group Inc.
Proforma Condensed Consolidated Balance Sheet
March 31, 2021
Unaudited
| As presented in Form 10-Q as of March 31, 2021 as Filed | Adjustments | March 31, 2021 - Proforma | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash | $ | 1,969,797 | $ | 5,160,000 | 1,2 | $ | 7,129,797 | |||||
| Restricted cash | 142,382 | - | 142,382 | |||||||||
| Accounts receivable, net | 578,687 | - | 578,687 | |||||||||
| Inventory, net | 764,023 | - | 764,023 | |||||||||
| Prepaid expenses and other current assets | 58,649 | - | 58,649 | |||||||||
| Total current assets | 3,513,538 | 5,160,000 | 8,673,538 | |||||||||
| Property, plant and equipment, net of depreciation | 1,820,243 | - | 1,820,243 | |||||||||
| Operating lease right-of-use assets, net | 133,202 | - | 133,202 | |||||||||
| Intangible assets, net of amortization | 415,373 | - | 415,373 | |||||||||
| Deposits | 14,817 | - | 14,817 | |||||||||
| Total Assets | $ | 5,897,173 | $ | 5,160,000 | $ | 11,057,173 | ||||||
| Liabilities And Stockholders’ Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 336,684 | $ | - | $ | 336,684 | ||||||
| Accrued expenses | 416,780 | 15,000 | 431,780 | |||||||||
| Advance payment | 401,306 | - | 401,306 | |||||||||
| Accrued payroll | 231,720 | - | 231,720 | |||||||||
| Accrued vacation | 85,272 | - | 85,272 | |||||||||
| Accrued interest | 240,047 | (240,047 | )2 | - | ||||||||
| Lease liability | 67,223 | - | 67,223 | |||||||||
| Loan payable – Paycheck Protection Program | 505,005 | (505,005 | )3 | - | ||||||||
| Convertible note - related party, net of discount | 200,625 | (200,625 | )2 | - | ||||||||
| Convertible note, net of discount | 981,753 | (981,753 | )2 | - | ||||||||
| Derivative liabilities | 24,688 | (24,688 | )2 | - | ||||||||
| Total current liabilities | 3,491,103 | (1,937,118 | ) | 1,553,985 | ||||||||
| Long term liabilities: | ||||||||||||
| Lease liability | 76,731 | - | 76,731 | |||||||||
| Loan payable – Paycheck Protection Program | 631,257 | (63,126 | )3 | 568,131 | ||||||||
| Total liabilities | 4,199,091 | (2,000,244 | ) | 2,198,847 | ||||||||
| Stockholders’ equity: | ||||||||||||
| Preferred stock, $0.000001 par value, 5,000,000 shares authorized, none issued or outstanding | ||||||||||||
| Common stock, $0.000001 par value; 295,000,000 | ||||||||||||
| shares authorized; 149,133,372 shares issued | ||||||||||||
| and outstanding at March 31, 2021 and 167,601,435 shares on a pro forma basis | 149 | 18 | 1,2 | 167 | ||||||||
| Additional paid in capital | 53,189,080 | 6,749,389 | 1,2 | 59,938,469 | ||||||||
| Accumulated deficit | (51,491,147 | ) | 410,837 | (51,080,310 | ) | |||||||
| Total stockholders’ equity | 1,698,082 | 7,160,244 | 8,858,326 | |||||||||
| Total Liabilities and Stockholders’ Equity | $ | 5,897,173 | $ | 5,160,000 | $ | 11,057,173 | ||||||
Note 1. Presentation
The unaudited pro forma condensed consolidated balance sheet has been prepared in accordance with Rule 8-05 of Regulation S-X. The unaudited pro forma condensed consolidated balance sheet as of March 31, 2021 gives effect to only the actions described below as if they had occurred at March 31, 2021, and no other changes to the balance sheet that have occurred subsequent to March 31, 2021.
The unaudited pro forma condensed consolidated balance sheet is presented for illustrative purposes only. The pro forma condensed consolidated balance sheet may not be useful in predicting the future financial condition of the Company. The Company’s actual financial position may differ significantly from the pro forma amounts reflected herein due to a variety of factors.
The assumptions and estimates underlying the unaudited adjustments to the pro forma condensed consolidated balance sheet are described in the note below. The unaudited pro forma condensed consolidated balance sheet should be read together with the Company’s historical financial statements which are included in the Company’s latest annual report on Form 10-K and quarterly report on Form 10-Q.
Note 2. Pro Forma Adjustments
The following pro forma adjustments are included in the Company’s unaudited pro forma condensed consolidated balance sheet:
(1) Capital Raise: On June 1, 2021, the Company completed a Private Placement offering of its common stock in the amount of $6,000,000 and issued 16,666,666 shares of stock.
(2) Extinguishment of Debt: On June 1, 2021, the Company extinguished convertible debt in the principal amount of $1,239,000 and accrued interest of $280,610. The consideration included $840,000 in cash and 1,741,873 shares of the Company’s common stock valued at $679,610, which resulted in an extinguishment loss of $69,798.
(3) Paycheck Protection Program forgiveness: On May 20, 2021, the loan payable of $568,131 with the Paycheck Protection Program was forgiven. As a result, loan payable was reduced with the offset taken to the current earnings.