EX-99.3 35 f8k0210ex99iii_envision.htm PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL f8k0210ex10ex99iii_envision.htm
 
Exhibit 99.3
 
 
Casita Inc
PRO-FORMA FINANCIAL STATEMENTS
September 30, 2009
(Unaudited)
 
 
 
 
 
 
 
 
Casita Inc
 
CONTENTS


PAGE
1
PRO-FORMA COMBINED BALANCE SHEET AT SEPTEMBER 30, 2009, (Unaudited)
     
PAGE
2
PRO-FORMA COMBINED STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTMEBER 30, 2009 (Unaudited)
     
PAGE
3
SIGNIFICANT NOTES AND ASSUMPTIONS TO PRO-FORMA COMBINED FINANCIAL STATEMENTS (Unaudited)

 
 
 
 
 
 
Casitas Inc
Pro Forma Combined Balance Sheet
September 30, 2009
(Unaudited)
  
                               
                               
               
Pro Forma Adjustments
        
ASSETS
  
Envision Solar Interantional, Inc
    
Casita, Inc
      Dr      Cr    
Pro Forma
  
                               
Current Assets
                              
Cash and Cash Equivalents
     20,376       165   (1)         165       20,376  
Trade Accounts Receivable
     39,488                             39,488  
Costs in excess of billings on uncompleted contracts
     14,254                             14,254  
                                    -  
Total Current Assets
     74,118       165                     74,118  
                                       
Other Assets
                                      
Net Property, Plant and Equipment
     313,700                             313,700  
Deposits
     33,390                             33,390  
Total Other Assets
     347,090                             347,090  
                                       
Total Assets
     421,208       165                     421,208  
                                       
                                       
LIABILITIES AND STOCKHOLDERS' EQUITY
                                      
                                       
Current Liabilities
                                      
Accounts Payable
     1,122,545       100   (1)   100               1,122,545  
Accounts Payable-related party
     1,168                               1,168  
Accrued expenses
     415,245                               415,245  
Sales tax Payable
     36,828                               36,828  
Billings in excess of costs on uncompleted contracts
     125,324                               125,324  
Niotes Payable Officer
     34,204                               34,204  
Note Payable net of discount
     452,377                               452,377  
Note Payable-Evey
     100,000                               100,000  
Loan Paayble Director
             18,145   (1)   18,145               -  
                                         
                                         
                                         
Total Current Liabilities
     2,287,691       18,245                       2,287,691  
                                         
                                         
                                         
Total Liabilities
     2,287,691       18,245                       2,287,691  
                                         
Stockholders' Equity
                                        
Common stock
     5,048,852       9,000   (2)   5,013,852               39,000  
                  (1)   5,000                  
                                         
                                         
Additional Paid-In Capital
     9,807,150       27,000   (1)           23,080       14,817,002  
                  (2)           4,959,772          
                                         
                                         
Accumulated deficit
     (16,722,485 )     (54,080 ) (2)           54,080       (16,722,485 )
                                         
                                         
                                         
Total Stockholders' Equity
     (1,866,483 )     (18,080 )                     (1,866,483 )
                                         
Total Liabilities and Stockholders' Equity
     421,208       165                       421,208  
                                         
                                         
 
See Summary of Significant Notes and Assumptions to Pro Forma Financial Statements
 
 
1
 
 
Casita Inc
Proforma Statement of Operations
Nine Months Ended September 30, 2009
(Unaudited)
  
                               
                               
                               
                               
                 
Pro Forma Adjustments
    
Nine Months Ended
  
   
Historical
      
Dr
  
Cr
    
September 30, 2009
  
   
Envision Solar International Inc
    
Casita, Inc
                
Pro Forma
  
                               
Revenues
   $ 715,522     $ -                 $ 715,522  
                                     
Cost of Sales
                                 -  
   Materials
     -                           -  
   Consultants
     331,647                           331,647  
   Desgin
     9,900                           9,900  
  Subcontractors
     -                           -  
  Other Cost of Revenues
     24,869                           24,869  
                                     
Total Cost of Revenues
     366,416       -                   366,416  
                                     
Gross Profit
     349,106       -                   349,106  
                                     
Selling, General and Administrative Expenses
     3,549,654       12,542   (3)         12,542       3,549,654  
                                       
Net Operating Income (loss)
     (3,200,548 )     (12,542 )                   (3,200,548 )
                                       
Other Inceom (Expense)
                                      
   Other Income
     33,692                             33,692  
   Interest Expense
     (387,604 )                           (387,604 )
Total Other Income (Expense)
     (353,912 )     -                     (353,912 )
                                       
Income (Loss) Before Income Tax Expense
     (3,554,460 )     (12,542 )                   (3,554,460 )
                                       
Income Tax Expense
     3,219                             3,219  
                                       
Net Income (Loss)
   $ (3,557,679 )   $ (12,542 )                 $ (3,557,679 )
                                       
 
See Summary of Significant Notes and Assumptions to Pro Forma Financial Statements
 
 
2
 
 
 
Casita Inc.
SIGNIFICANT NOTES AND ASSUMPTIONS TO PRO-FORMA FINANCIAL STATEMENTS
(Unaudited)
 
 
 
(1)  
The accompanying unaudited pro-forma financial information reflects the financial statements of Casita, Inc. and Envision Solar International, Inc. regarding a planned acquisition of Envision Solar International, Inc. The pro-forma adjustments to the balance sheet give effect to the acquisition as if it occurred on September 30, 2009 and the pro-forma statement of operations gives effect to the acquisition as if it occurred on January 1, 2009.  The acquisition is treated as a recapitalization of Envision Solar International, Inc. since Casita Inc. is an inactive publicly held corporation and the stockholders of Envision Solar International, Inc. will obtain a controlling 67% interest in the voting common stock of Casita Inc. as a result of the acquisition.  Accordingly, the assets and liabilities of Casita Inc. are recorded at their historical cost on the books of Envision Solar International, Inc with a balancing charge to additional paid-in capital.  In addition, the common stock issued to the Envision Solar International, Inc. stockholders is recorded as common stock at par value with a balancing charge to additional paid-in capital.  Under recapitalization accounting, the historical results of operations are those of Envision Solar International, Inc. and the results of operations of Casita, Inc. are included only from the acquisition date.

(2)  
Significant assumptions include (a) the stock holders of Envision Solar International, Inc. are issued 8,000,000 new Casita Inc. common shares,  (b) a transfer of all assets and liabilities of Casita, Inc. to its wholly owned subsidiary, Casita Enterprise Holdings, Inc. (“Splitco”) and then transfer of all common shares of Splitco to certain former shareholders of Casita, Inc. in exchange for the cancellation of 5,000,000 common shares of Casita, Inc. by such shareholders  (c) Casita, Inc forward splits its common stock by  3.25 (d)  no operations of Casita Inc.. are included from the acquisition date since it is assumed that if Envision Solar International, Inc. obtained control of Casita Inc on January 1, 2009 the operations of Casita, Inc. would have ceased at that time.  In addition, no transactions that may have occurred subsequent to September 30, 2009 have been considered.

(3)  
The following reflect the pro forma adjustments as of September 30, 2009

First adjustment is to reflect the split off and to reflect the related cancellation of 5,000,000 outstanding shares of common stock with a par value of $.001.
 
Accounts Payable
   $ 100        
Loan Payable Director
   $ 18,145        
Common Stock
   $ 5,000        
    Additional Paid in Capital
           $ 23,080  
    Cash
           $ 165  
 
 
3
 
Casita Inc.
SIGNIFICANT NOTES AND ASSUMPTIONS TO PRO-FORMA FINANCIAL STATEMENTS
(Unaudited)
 
 
 
The second adjustment is to reflect the issuance of 8,000,000 common shares to Envision Solar International, Inc. and adjustment of the common stock to 39,000,000 shares outstanding and to eliminate the accumulated deficit of Casita, Inc.
 
Common Stock
   $ 5,013,852          
     Accumulated Deficit
           $ 54,080  
    Additional Paid in Capital
           $ 4,959,772  
 
The third adjustment removes the operations of Casita, Inc. from January 1, 2009.


 
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