EX-99 7 exhibit993proformaconsolidat.htm UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL DATA

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL DATA


     The following unaudited pro forma condensed combined statement of operations of Fuwaysun Technology, Ltd (“FTUS” or the “Company”) gives effect to the merger of FTUS and AgriSolar Solutions, Inc. (“AGSO”) as if such transaction occurred at the beginning of the periods presented.  The unaudited pro forma condensed combined statement of operations for the year ended March 31, 2009 is derived from the audited financial statements of FTUS and unaudited financial statements of AGSO.  The unaudited pro forma condensed combined statement of operations for the none months ended December 31, 2009 is derived from the unaudited financial statements of FTUS and AGSO.


     The unaudited pro forma condensed combined balance sheet at December 31, 2009 gives effect to the Merger of FTUS and AGSO as if such transaction occurred on December 31, 2009.  The unaudited pro forma condensed combined balance sheet is derived from the historical balance sheets of FTUS and AGSO as of December 31, 2009.


     The unaudited pro forma condensed combined financial data do not reflect the effects of any anticipated changes to be made by FTUS in its operations from the historical  operations and are presented for  informational purposes only and should not be construed to be  indicating  (i) the results of  operations or the financial  position of FTUS that  actually  would have  occurred had the proposed merger  been  consummated  as of the  dates  indicated  or (ii) the  results  of operation or the financial position of FTUS in the future.  


     The proposed Merger is expected to be accounted for as a reverse merger and it is the intention of the parties to discontinue the operations of AGSO immediately upon closing.


     The following pro forma  condensed  combined  financial  data and notes are qualified in their  entirety by reference to, and should be read in  conjunction with, "Management’s Discussion and Analysis of Financial Condition and Results of Operation," the consolidated  financial  statements and notes thereto of FTUS and AGSO and other historical information included elsewhere in this filing.




Fuwaysun Technology, Ltd.

 

 

 

 

Pro Forma Balance Sheet

 

 

 

 

As At December 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

FTUS

 

AGSO

 

Adjustments

 

Pro Forma

 

 

 

 

 

 

 

 

 

   Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

    1,017,671

$

        22,334

$

        (22,334)

$

  1,017,671

Cash – restricted

 

                    -

 

           5,058

 

(5,058)

 

                 -

Accounts Receivable

 

       612,053

 

      137,189

 

(137,189)

 

612,053

Current portion of notes receivable

 

                    -

 

        14,231

 

(14,231)

 

                 -

Inventory

 

    1,067,879

 

                   -

 

                   -

 

  1,067,879

Prepayments and other receivables

 

       184,975

 

        13,007

 

(13,007)

 

184,975

Fixed assets, net

 

    1,597,881

 

        13,660

 

(13,660)

 

1,597,881

Patent

 

            7,500

 

                   -

 

0

 

         7,500

 

 

 

 

 

 

 

 

 

Total Assets

$

4,487,959

$

205,479

$

(205,479)

$

4,487,959

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

$

         53,816

$

      542,519

$

      (542,519)

$

       53,816

Advances from customers

 

         91,673

 

                   -

 

                    -

 

91,673

Current portion of debt obligations

 

       147,815

 

      268,996

 

(83,996)

 

332,815

Note payable

 

    1,315,607

 

                   -

 

                    -

 

1,315,607

Amount due to a stockholder

 

       539,166

 

                   -

 

                    -

 

539,166

Accrued liabilities and other payables

 

       335,014

 

      194,657

 

(194,657)

 

335,014

Notes payable-related parties

 

                    -

 

   1,079,963

 

(1,079,963)

 

                 -

 

 

 

 

 

 

 

 

 

Total liabilities

 

2,483,091

 

2,086,135

 

(1,901,135)

 

2,668,091

 

 

 

 

 

 

 

 

 

  Shareholder's equity (deficit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

1,448,119

 

298

 

                    -

 

1,448,417

Additional paid in capital

 

2,015,607

 

2,271,344

 

(2,227,597)

 

2,059,354

Accumulated other comprehensive income

 

38,952

 

                   -

 

                    -

 

38,952

Retained earnings (deficit)

 

(1,587,810)

 

(4,152,298)

 

3,967,298

 

(1,772,810)

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

1,914,868

 

(1,880,656)

 

1,739,701

 

1,773,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

4,397,959

$

205,479

$

(161,434)

$

4,442,004





Fuwaysun Technology, Ltd.

 

 

Pro Forma Statement of Operations

 

 

For the Nine Months Ended December 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTUS

 

AGSO

 

Adjustments

 

Pro Forma

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

      2,735,455

$

  2,102,670

$

  (2,102,670)

$

    2,735,455

Cost of revenue

 

      1,601,330

 

  2,819,475

 

  (2,819,475)

 

    1,601,330

 

 

 

 

 

 

 

 

 

Gross profit

 

      1,134,125

 

     (716,805)

 

       716,805

 

    1,134,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   -   

Operating expenses

 

      1,859,568

 

704,559

 

     (704,559)

 

    1,859,568

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

      (725,443)

 

  (1,421,364)

 

   1,421,364

 

     (725,443)

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

   Interest Expense

 

        (30,765)

 

         (9,430)

 

          (7,220)

 

       (47,415)

   Interest Income

 

                  83

 

         18,341

 

       (18,341)

 

                83

   Other income (expense) net

 

                     -   

 

       147,893

 

     (147,893)

 

                   -   

 

 

 

 

         

 

 

 

 

Net other income (expense)

 

        (30,682)

 

       156,804

 

     (173,454)

 

       (47,332)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss)

$

      (756,125)

$

  (1,264,560)

$

   1,247,910

$

     (772,775)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - primary and fully diluted

 

 

 

 

 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





Fuwaysun Technology, Ltd.

 

 

Pro Forma Statement of Operations

 

 

For the Year Ended March 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTUS

 

AGSO

 

Adjustments

 

Pro Forma

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

      1,523,927

$

    4,687,615

$

  (4,687,615)

$

    1,523,927

Cost of revenue

 

      1,484,209

 

    3,773,739

 

  (3,773,739)

 

    1,484,209

 

 

 

 

 

 

 

 

 

Gross profit

 

           39,718

 

       913,876

 

     (913,876)

 

         39,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   -   

Operating expenses

 

         375,966

 

    1,854,264

 

  (1,854,264)

 

       375,966

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

      (336,248)

 

     (940,388)

 

       940,388

 

     (336,248)

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

   Interest Expense

 

        (38,043)

 

     (100,871)

 

         78,671

 

       (60,243)

   Interest Income

 

                483

 

                   -   

 

                  -   

 

              483

   Other income (expense) net

 

             7,267

 

         37,576

 

       (37,576)

 

           7,267

 

 

 

 

         

 

 

 

 

Net other income (expense)

 

        (30,293)

 

       (63,295)

 

         41,095

 

       (52,493)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss)

$

      (366,541)

$

  (1,003,683)

$

       981,483

$

     (388,741)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - primary and fully diluted

 

 

 

 

 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





(1)  On January 8, 2010, FTUS completed the transaction to acquire control of AGSO through the purchase of a total of 172,712 shares, or approximately 57.88%, of the then issued and outstanding common stock of the AGSO. The shares were purchased from Lotus Holdings, LLC, a shareholder of AGSO, for a total purchase price of $350,000, including $200,000 paid in cash and $150,000 through execution of a promissory note due and payable on or before January 8, 2011.


Concurrently, on January 8, 2010, FTUS entered into a Share Exchange Agreement (the “Agreements”) with AGSO among the stockholders of FTUS and AGSO. Pursuant to the Agreements, the stockholders of FTUS transferred all of the issued and outstanding shares in the Company to AGSO in exchange for an aggregate of 58,055,000 shares of common stock of AGSO, thus causing FTUS to become a subsidiary of AGSO.  



(2)  The pro forma condensed combined statements of operations gives effect to the Merger of FTUS with AGSO as if the merger occurred at the beginning of the periods presented.  Interest expense has been adjusted to reflect additional accrual of $22,200 for the year ended March 31, 2009 and $16,650 for the none months ended December 31, 2009 related to certain notes payable of AGSO that survive the merger.


(3)  The pro forma weighted average shares outstanding for basic earnings (loss) per share gives effect to the issuance of 58,055,000 shares of AGSO stock.