PhoneBrasil International Inc - FORM 8-K - EX-99.3 - PRO FORMA FINANCIAL INFORMATION OF MIKAB CORPORATION - August 12, 2021

Attached files

file filename
8-K - CURRENT REPORT - PhoneBrasil International Incea145479-8k_phonebrasil.htm
EX-23.1 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - PhoneBrasil International Incea145479ex23-1_phonebrasil.htm
EX-99.1 - AUDITED FINANCIAL STATEMENTS OF MIKAB CORPORATION FOR THE FISCAL YEARS ENDED DEC - PhoneBrasil International Incea145479ex99-1_phonebrasil.htm
EX-99.2 - UNAUDITED FINANCIAL STATEMENTS OF MIKAB CORPORATION FOR THE FISCAL QUARTER ENDED - PhoneBrasil International Incea145479ex99-2_phonebrasil.htm
EX-10.1 - FORM OF SHARE EXCHANGE AGREEMENT - PhoneBrasil International Incea145479ex10-1_phonebrasil.htm

Exhibit 99.3

 

PhoneBrasil International, Inc. and Mikab Corporation

Unaudited Proforma Consolidated Balance Sheets

For the Three Months Ended March 31, 2021

 

   PhoneBrasil   Mikab            
   International Inc   Corporation            
   March 31,   March 31,            
   2021   2021   Adjustments      Consolidated 
                    
ASSETS                   
Cash  $-   $1,093,889   $-      $1,093,889 
Accounts receivable-net   -    919,042            919,042 
Prepaid insurance   -    60,701            60,701 
Total current assets   -    2,073,632            2,073,632 
Goodwill             23,037,000  (b)    23,037,000 
Fixed assets, net   -    129,545            129,545 
Total Assets  $-   $2,203,177    23,037,000      $25,240,177 
                        
LIABILITIES & STOCKHOLDERS' DEFICIT                       
                        
Current liabilities                       
Accounts payable       $632,337   $-      $632,337 
Notes payable related party   13,650    464,078            477,728 
Total current liabilities   13,650    1,096,415            1,110,065 
Total liabilities   13,650    1,096,415            1,110,065 
                        
Commitments and contingencies   -    -            - 
                        
Stockholders' Equity                     - 
Series A Convertible Stock   300                 300.00 
Common stock   18    91,720    (91,720) (a)    18 
Paid in capital   277,043    -    23,128,720  (a)(b)    23,405,763 
Retained earnings (Deficit)   (291,011)   1,015,042            724,031 
Total Stockholders' (Deficit)   (13,650)   1,106,762    23,037,000       24,130,112 
Total Liabilities and Stockholders' (Equity)  $-   $2,203,177    23,037,000      $25,240,177 

 

Notes

 

(a)To eliminate the capital structure of Mikab
(b)Based on the terms of the SPA the Mikab shareholders will 94.2% of the outstanding common stock on as converted basis. 29,034,000 common shares were outstanding as of June 30, 2021. 94.2% of the common stock equals approximately 471,552,000 shares of common stock which were valued at the closing price of the Company's stock on August 9th of $.0512 per share This results in approximately $24,143,000 in consideration paid less net assets acquired of $1,106,762 which results in goodwill of approximately $23,037,000

 

 

 

 

PhoneBrasil International, Inc. and Mikab Corporation

Unaudited Proforma Statements of Operations

For the Three Months Ended March 31, 2021

 

   PhoneBrasil   Mikab           
   International Inc   Corporation   Adjustments     Consolidated 
Revenue                      
Sales  $-   $1,345,655          $1,345,655 
COGS   -    926,358           926,358 
Gross profit   -    419,297           419,297 
                       
Operating Expenses:                      
Administrative expenses   13650    215,134           228,784 
Officers salaries        103,200           103,200 
Total operating expenses   13650    318,334           331,984 
Income (Loss) from operations   (13,650)   100,963           87,313 
Other income (expense)        11,336           11,336 
Income (loss) before provision for income taxes   (13,650)   112,299           98,649 
Provision for income taxes   -    -    28,075      28,075 
Net Income (Loss)  $(13,650)  $112,299           70,574 
                       
Basic and diluted earnings(loss) per common share  $(0.00)  $-          $0.00 
                       
Weighted average number of shares outstanding   29,034,000         471,552,207  (a)       500,586,207 

 

 

(a)To adjust share count for purchase consideration assuming preferred stock as if converted to common stock and assuming profitable operations
(b)To record tax provision at 25%

 

2

 

 

PhoneBrasil International, Inc. and Mikab Corporation

Unaudited Proforma statements of Operations

For the Year Ended December 31, 2020

 

   PhoneBrasil   Mikab           
   International Inc   Corporation   Adjustments     Consolidated 
Revenue                      
Sales  $-    4,713,541          $4,713,541 
COGS   -    3,277,920           3,277,920 
Gross profit   -    1,435,621           1,435,621 
                     - 
Operating Expenses:                    - 
Administrative expenses   264286    881,559           1,145,845 
Officers salaries        531,802           531,802 
Total operating expenses   264286    1,413,361           1,677,647 
Income (Loss) from operations   (264,286)   22,260           (242,026)
Other income (expense)        1,801           1,801 
PPP Expense forgiveness        351,370           351,370 
Income (loss) before provision for income taxes   (264,286)   375,431           111,145 
Provision for income taxes   -    -    27,786(b)       27,786 
Net Income (Loss)  $(264,286)  $375,431          $111,145 
                       
Basic and diluted earnings(loss) per common share  $(0.01)              $0.00 
                       
Weighted average number of shares outstanding   29,034,000         471,552,207(a)      $500,586,207 

 

 

(a)To adjust share count for purchase consideration assuming preferred stock as if converted to common stock and assuming profitable operations
(b)To record tax provision at 25%

 

 

3

 

 

PhoneBrasil International Inc Reports