EX-99.1 5 vnue_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

VNUE, Inc. and Stage It Corp.

Unaudited Proforma Consolidated Balance Sheets

For the Year Ended December 31, 2021

 

Vnue, Inc. StageIt Corp. Consolidated
December 31, December 31, Acquisition December 31,
2021 2021 Entries 2021
Assets
Current Assets:               
Cash $36,958  $19,970     $56,928 
Accounts receivable -net  -          - 
Prepaid expenses  464,336   743 (b)  (246,275)  218,804 
Total current assets  501,294   20,713  (246,275)  275,732 
Property and equipment, net  -   54,403      54,403 
Goodwill  -   - (a)(b)(c)  10,339,907   10,339,907 
Intangible Assets  -   - (c)(d)  1,723,318   1,723,318 
Total Assets $501,294  $75,116 $11,816,951  $12,393,360 
              
Liabilities and Stockholders’ Equity:               
              
Current Liabilities:               
Accounts payable  and accrued liabilities $1,579,713   2,957,648  (455,226) $4,082,135 
Accrued payroll officer  209,750   -  -   209,750 
Accrued interest      995,660 (a)  (995,660)  - 
Accrued interest related party      939,106 (a)  (939,106)  - 
Notes payable  869,157   497,578 (a)      1,366,735 
Convertible notes  635,714   315,000 (a)  (315,000)  635,714 
Due to VNUE      246,275 (e)  (246,275)    
Convertible notes related party  -   547,500 (a)  (547,500)  - 
Derivative liability  -   2,670,164 (a)  (2,670,164)  - 
Total Current Liabilities  3,294,334   9,168,930  (6,168,930)  6,294,334 
Total liabilities  3,294,334   9,168,930  (6,168,930)  6,294,334 
              
Commitments and Contingencies  -   -  -   - 
              
Stockholders’ Equity               
Common stock  141,177   97 (a)(b)  23,403   164,677 
Series A preferred stock  425   4 (a)(b)  (4)  425 
Series A-1 preferred stock      25 (a)(b)  (25)  - 
Series A-2 preferred stock      20 (a)(b)  (20)  - 
Series A-3 preferred stock      20 (a)(b)  (20)  - 
Additional Paid-In Capital  10,900,652   4,454,592 (a)(b)  5,275,634   20,630,877 
Accumulated Deficit  (13,835,294)  (13,548,572 )(a)(b)(d)  12,686,913   (14,696,953)
  Total Stockholders’ Equity  (2,793,040)  (9,093,815 )  17,985,881   6,099,026 
Total Liabilities and Stockholders’ Equity $501,294  $75,116 $11,816,951  $12,393,360 

 

Notes

(a)To record acquisition purchase  price of $10,000,000 comprised of $1,500,000 in cash and up to $8,500,000 of common stock based upon certain acquisition performance milestone being achieved. Additionally, the amount of liabilities assumed by the Company at closing will be capped at $3,000,000. For the purposes of the proforma analysis, it is estimated that all of performance milestones will be achieved. The acquisition consideration of $1,500,000 was raised by selling common stock at a price of approximately $0.01 per share and the $8,500,000 is estimated to issued at an average price of $0.15. Addtionally, 80% of the acquisition consideration paid was allocated to goodwill and 20% was allocated to intangible assets with an expected amortization period of 3 years. These estimates will be subject to further analysis and adjustment by the Company as it completes its acquisition accounting
(b)To cancel and reclass the capital structure of Stage It
(c)To record intangible assets at 20% of goodwill
(d)To record amortization expense of $861,658, as if the acquisition had occurred at the beginning of the year (based on a three year estimated life
(e)To offset intercompany activity pre-acquisition

 

 

 

VNUE, Inc. and Stage It Corp.

Unaudited Proforma Consolidated Statements of Operations

For the Year Ended December 31, 2021

 

Vnue, Inc. StageIt Corp. Consolidated
December 31, December 31, Acquisition December 31,
2021 2021 Entries 2021
Revenue-net $100,476  $923,305      $1,023,781 
Cost of Sales  153,181   559,405       712,586 
Gross Profit  (52,705)  363,900       311,195 
               
Operating expenses                
     Amortization of intangible assets  -   -(a)  861,659   861,659 
General and administrative expenses  932,134   257,002       1,189,136 
Contractor expenses  -   259,686       259,686 
Payroll expense  -   1,352,397       1,352,397 
Legal and professional fees  -   154,654       154,654 
Total operating expenses  932,134   2,023,740   861,659   3,817,533 
Loss from operations  (984,839)  (1,659,840)  (861,659)  (3,506,338)
               
Other income (expense)                
Loss on the extinguishment of debt  (80,227)          (80,227)
Other income (expense)  1,172,789           1,172,789 
Change in the fair value of derivative liability  3,156,582   (265,182)      2,891,400 
Interest expense  (343,923)  (562,782)      (906,705)
Total other income  3,905,221   (827,964)      3,077,257 
Net loss $2,920,382   (2,487,803)  (861,659) $(429,080)
               
Basic and fully diluted loss per share $0.00  $(2.56)     $(0.00)
               
Weighted average number of shares outstanding  1,300,621,328   972,614(b)  234,027,386   1,534,648,714 

 

(a)To record amortization expense of intangible assets as if the acquisition had occurred on January 1, 2021
(b)To adjust share count to reflect potential shares issuance based on Company estimated avg. share price at the time of issuance