EX-99.1 400 v107432_ex99-1.htm

PRO FORMA COMBINED CONDENSED FINANCIAL DATA
 
The Unaudited Pro Forma Combined Statement of Operations of the Company for the fiscal year ended June 30, 2007 and the six-month period ended December 31, 2007 (the “Pro Forma Statements of Operations”), and the Unaudited Pro Forma Combined Balance Sheet of the Company as of December 31, 2007 (the “Pro Forma Balance Sheet”), have been prepared to illustrate the estimated effect of the reverse merger between Provision Interactive Technologies, Inc and MailTec, Inc. The Pro Forma Financial Statements do not reflect any anticipated cost savings from the merger, or any synergies that are anticipated to result from the merger, and there can be no assurance that any such cost savings or synergies will occur. The Pro Forma Statements of Operations give pro forma effect to the merger as if it had occurred on July 1, 2006 (beginning of fiscal year). The Pro Forma Balance Sheet gives pro forma effect to the merger as if it had occurred on December 31, 2007. The Pro Forma Financial Statements do not purport to be indicative of the results of operations or financial position of the company that would have actually been obtained and such transactions been completed as of the assumed dates and for the period presented, or which may be obtained in the future. The pro forma statements include the accompanying notes and are based upon available information and certain assumptions that the company believes are reasonable. The Pro Forma Financial Statements should be read in conjunction with the separate historical combined financial statements of Provision and MailTec and the notes thereto. These pro forma statements represent the Company’s preliminary determination of the reverse merger and are based upon available information and certain assumptions that the Company believes to be reasonable. Consequently, the amounts reflected in the Pro Forma Financial Statements are subject to change, and the final amounts may differ substantially.
 
Notes to the Pro Forma Balance Sheet at December 31, 2007
 
1. Reflects the conversion of $243,698 of pre-merger debt and $58,251 of pre-merger accrued interest for MailTec
 
2. Reflects the cancellation of 357,462 pre-merger shares of MailTec
 
3. Reflects a balance of 68,054 of pre-merger MailTec shares
 
4. Reflects the issuance of 87,174 shares of Provision for accrued interest of $87,174
 
5. Reflects the issuance of 1,675,000 shares of Provision for conversion of $1,675,000 in debt
 
6. Reflects the issuance of 1,000,000 shares of Provision for 1,000,000 previously issued zero-cost warrants
 
7. Reflects a balance of 10,439,674 pre-split Provision shares
 
8. Reflects the issuance of a 2-for-1 stock split of Provision shares, leaving 20,879,348 Provision shares
 
9. Reflects the swap of 1 Provision share for 1 MailTec share
 
10. Reflects a balance of 24,126,340 post-merger shares

 
 

 
 
Provision Interactive Technologies, Inc.
Unaudited Proforma Income Statement
For the year ended June 30, 2007
 
MailTec, Inc.
 
Provision
Interactive
Technologies, Inc.
 
Combined
 
 
 
 
 
 
 
 
 
Revenue
 
$
3,856
 
$
622,799
 
$
626,655
 
 
             
Cost of Goods Sold
   
-
   
(257,188
)
 
(257,188
)
 
             
Gross Profit
   
3,856
   
365,611
   
369,467
 
                     
Operating Expenses:
             
 
             
Selling, general and administrative
   
34,337
   
860,709
   
895,046
 
 
   
   
    
   
    
   
 
Total Operating Expenses
   
34,337
   
860,709
   
895,046
 
 
             
Operating Loss
   
(30,481
)
 
(495,098
)
 
(525,579
)
 
             
Interest expense
   
(31,999
)
 
(90,690
)
 
(122,689
)
Miscellaneous Income
       
20,248
   
20,248
 
Other Expense
       
(836,950
)
 
(836,950
)
 
             
Net Loss
 
$
(62,480
)
$
(1,402,490
)
$
(1,464,970
)

 
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Provision Interactive Technologies, Inc.
Unaudited Proforma Income Statement
For the Six month period ended December 31, 2007
 
 
 
MailTec, Inc.
 
Provision
Interactive
Technologies, Inc.
 
 
 
Combined
 
 
 
 
 
 
 
 
 
Revenue
 
$
-
 
$
370,141
 
$
370,141
 
 
             
Cost of Goods Sold
   
-
   
(499,321
)
 
(499,321
)
 
             
Gross Profit
   
-
   
(129,180
)
 
(129,180
)
 
             
Operating Expenses:
             
 
             
Selling, general and administrative
   
14,152
   
625,860
   
640,012
 
 
   
   
   
   
    
   
 
Total Operating Expenses
   
14,152
   
625,860
   
640,012
 
 
             
Operating Loss
   
(14,152
)
 
(755,040
)
 
(769,192
)
 
             
Other Incone (expense):
             
Interest expense
   
(21,620
)
 
(9,728
)
 
(31,348
)
Miscellaneous Income
   
-
   
-
   
-
 
Other Expense
   
-
   
(237,363
)
 
(237,363
)
 
             
Net Loss
 
$
35,772
)
$
(1,002,131
)
$
(1,037,903
)

 
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Provision Interactive Technologies, Inc.
Unaudited Proforma Balance Sheet
December 31, 2007
 
MailTec, Inc.
 
Provision
Interactive
Technologies, Inc.
 
Combined
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
$
878
 
$
692,217
 
$
693,095
 
Inventory
       
228,162
   
228,162
 
Investments
       
20,000
   
20,000
 
 
   
   
   
   
   
  
 
Total Current Assets
   
   
    
   
    
693,095
 
 
             
PPE
       
45,956
   
45,956
 
Intangibles
       
1,386,243
   
1,386,243
 
Other Assets
   
   
    
124,128
   
124,128
 
Total Assets
 
$
878
 
$
2,496,706
 
$
2,497,584
 
 
             
Liabilities & Stockholders Equity
             
 
             
Accounts Payable and accrued liabilities
 
$
8,804
 
$
107,226
 
$
116,030
 
Deferred Income
       
52,140
   
52,140
 
Loss Contingency Payable
       
592,312
   
592,312
 
 
   
   
    
   
    
   
 
Total Current Liabilities
   
8,804
   
751,678
   
760,482
 
 
             
Notes payable
   
   
    
1,982,323
   
1,982,323
 
 
             
Total Liabilities
   
8,804
   
2,734,001
   
2,742,805
 
                     
Stockholders Equity
             
 
             
Common Stock
   
3,248
   
20,879
   
24,127
 
Additional Paid in Capital
   
(11,174
)
 
7,393,621
   
7,382,447
 
Accumulated Deficit
   
-
   
7,651,795
)
 
(7,651,795
)
 
             
Total Stockholder Equity
   
(7,926
)
 
(237,295
)
 
(245,221
)
 
   
    
    
   
    
   
 
Total Liabilities & Stockholders Equity
 
$
878
 
$
2,496,706
 
$
2,497,584
 
 
 
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