Attached files
| file | filename |
|---|---|
| 8-K - Ecco Auto World Corp | form8-k.htm |
| EX-3 - Ecco Auto World Corp | ex3.htm |
| EX-2 - Ecco Auto World Corp | ex2.htm |
| EX-1 - Ecco Auto World Corp | ex1.htm |
Exhibit 4
ECCO AUTO WORLD CORP.
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited pro forma condensed consolidated balance sheet as of September 30, 2019 as well as the unaudited pro forma condensed statements of operations for the period ending September 30, 2019 presented herein, gives effect to the Merger as if the transaction had occurred at the beginning of such period and includes certain adjustments within the Stockholder’s Equity section that are directly attributable to the transaction.
Ecco Auto World Corp.
Pro Forma
Condensed Consolidated Balance Sheet
(Unaudited)
| Ecco Auto World Corp. | Free Share X-Change Limited (Anguilla) | |||||||||||||||
| September 30, 2019 | September 30, 2019 | Proforma Adjustments | Proforma As Adjusted | |||||||||||||
| Assets | ||||||||||||||||
| Current assets | ||||||||||||||||
| Account Receivable | $ | 10,000 | $ | $ | - | $ | 10,000 | |||||||||
| Prepayment | 14,565 | 605 | - | 15,170 | ||||||||||||
| Cash and cash equivalent | 16,193 | 5,618 | - | 21,811 | ||||||||||||
| Total Current assets | 40,758 | 6,223 | 46,981 | |||||||||||||
| - | ||||||||||||||||
| Non-current assets | ||||||||||||||||
| Plant and equipment | $ | 2,315 | $ | 36,105 | $ | - | $ | 38,420 | ||||||||
| Other Receivables | - | 120 | 120 | |||||||||||||
| Investment in a subsidiary | - | - | - | |||||||||||||
| Total non-current assets | 2,315 | 36,225 | 38,540 | |||||||||||||
| Total Assets | 43,073 | 42,448 | 85,521 | |||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| Current liabilities | ||||||||||||||||
| Other payables and accrued liabilities | $ | 1,621 | $ | 278,135 | $ | 15 | $ | 279,771 | ||||||||
| Due to related party | 10,150 | - | - | 10,150 | ||||||||||||
| Deferred revenue | - | 38,500 | - | 38,500 | ||||||||||||
| Total current liabilities | 11,771 | 316,635 | 15 | 328,421 | ||||||||||||
| Total liabilities | 11,771 | 316,635 | 15 | 328,421 | ||||||||||||
| Stockholders’ Equity | ||||||||||||||||
| Preferred stock – Authorized 200,000,000 shares of preferred stock, $0.001 par value, None issued and outstanding. | ||||||||||||||||
| Common stock - Authorized 600,000,000 shares of common stock, $0.001 par value, Issued and outstanding 93,089,643 shares as of September 30, 2019 | 9,309 | - | - | 9,309 | ||||||||||||
| Additional paid in capital | 622,147 | - | - | 622,147 | ||||||||||||
| Share capital | - | 15 | (15 | ) | - | |||||||||||
| Accumulated loss | (598,777 | ) | (282,169 | ) | (880,947 | ) | ||||||||||
| Accumulated other comprehensive gain | (1,377 | ) | 7,967 | 6,591 | ||||||||||||
| Total Stockholders’ Equity | 31,302 | (274,187 | ) | (15 | ) | (242,900 | ) | |||||||||
| Total Liabilities and stockholders’ equity | $ | 43,073 | $ | 42,448 | $ | $ | 85,521 | |||||||||
See notes to the unaudited pro forma combined financial statements
Ecco Auto World Corp.
Pro Forma
Condensed Consolidated Statement of Operation and Comprehensive Income
(Unaudited)
| Ecco Auto World Corp. | Free Share X-Change Limited (Anguilla) | |||||||||||||||
September 30, 2019 |
September 30, 2019 |
Proforma Adjustments |
Proforma As Adjusted |
|||||||||||||
| Revenue | $ | - | $ | 70,750 | $ | (13,000 | ) | $ | 57,750 | |||||||
| Cost of revenue | - | (30,212 | ) | - | (30,212 | ) | ||||||||||
| Gross profit | - | 40,538 | (13,000 | ) | 27,538 | |||||||||||
| Other income | 61 | 6 | - | 67 | ||||||||||||
| General and administrative expenses | (28,354 | ) | (135,278 | ) | 13,000 | (150,632 | ) | |||||||||
| Loss before income tax | (28,293 | ) | (94,734 | ) | - | (123,027 | ) | |||||||||
| Income tax provision | - | - | - | - | ||||||||||||
| Net loss | (28,293 | ) | (94,734 | ) | - | (123,027 | ) | |||||||||
| Other comprehensive income: | ||||||||||||||||
| - Foreign exchange translation adjustment | (13 | ) | 4,423 | - | 4,410 | |||||||||||
| Total comprehensive loss | (28,306 | ) | (90,311 | ) | - | (118,617 | ) | |||||||||
Ecco Auto World Corp.
NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET AS
OF SEPTEMBER 30, 2019
On February 18, 2020, Ecco Auto World Corp (herein referred as “ECCO”), a company incorporated under the laws of the State of Nevada, USA, acquired 100% of the equity shares in Free Share X-Change Limited (herein referred as “FSXC”), a private limited company incorporated in Anguilla, from Joson Yeo Hung Kwang, Chai Kok Leong and Loke Che Chan Gilbert (the “SELLERS”).
1. BASIS OF PRO FORMA PRESENTATION
The unaudited pro forma condensed consolidated balance sheet as of September 30, 2019 as well as the pro forma condensed consolidated statements of operations for the period ended September 30, 2019 presented herein, gives effect to the Merger as if the transaction had occurred at the beginning of such period and includes certain adjustments within the Stockholder’s Equity section that are directly attributable to the transaction.
The unaudited pro forma consolidated financial information is for illustrative purposes only. These companies may have performed differently had they actually been consolidated for the periods presented. You should not rely on the pro forma condensed consolidated financial information as being indicative of the historical results that would have been achieved had the companies always been consolidated or the future results that the consolidated companies will experience after the merger. Unaudited pro forma financial information and the notes thereof should be read in conjunction with the accompanying historical financial statements of FSXC included elsewhere in this report.
2. PRO FORMA ADJUSTMENTS
The adjustments included in the pro forma condensed consolidated balance sheet and statement of operations and comprehensive loss are as follows:
| ● | To eliminate the inter-company transactions |