EX-99.2 11 exhibit992.htm EXHIBIT 99.2 PRO FORMA FINANCIAL MARCH 31, 2011 AND 2010 AND DECEMBER 31, 2010 AND 2009 exhibit992.htm - Generated by SEC Publisher for SEC Filing

EXHIBIT 99.2

 

PARKVIDA GROUP, INC.

INDEX TO UNAUDITED CONSOLIDATED PRO-FORMA FINANCIAL STATEMENTS
June 30, 2011 and December 31, 2010

 

                                                                                                                                         Page

 

Introduction to Pro-Forma Financial Statements                                   

F-2

 

Balance Sheets as at June 30, 2011                                                 

F-3

 

Statements of Operations for the six months ended June 30, 2011     

F-4

 

Statements of Operations for the year ended December 31, 2010                 

F-5

 

Notes to Pro-Forma Financial Statements                                                   

F-6

 

 

F-1

 

PARKVIDA GROUP, INC.

INTRODUCTION TO UNAUDITED PRO-FORMA CONSOLIDATED

BALANCE SHEETS AND STATEMENTS OF OPERATIONS

June 30, 2011 and December 31, 2010

 

The following unaudited pro-forma consolidated balance sheets and statements of operations give effect to ParkVida Group Inc.’s (ParkVida) purchase of all of the outstanding shares of JBP, S.R.L. (JBP), pursuant to their August 20, 2010 purchase agreement, and are based on the estimates and assumptions set forth below and in the notes to such statements which include pro-forma adjustments. This pro-forma information has been prepared utilizing the historical financial statements of ParkVida and JBP. This information should be read in conjunction with the historical financial statements and notes thereto. The pro-forma financial data has been included as required by the rules and regulations of the SEC and is provided for comparative purposes only. The pro-forma financial data does not purport to be indicative of the results which actually would have been obtained if the purchase agreement had been effected on the date or dates indicated or of those results which may be obtained in the future.

 

On August 20, 2010, ParkVida (formerly “Montana Mining Corp.”) agreed to buy all of the outstanding shares of JBP in exchange for fifteen million two hundred and eighty-two thousand one hundred and twenty (15,282,120) shares of $0.001 par value common stock and six million eight hundred and twenty-four thousand and three hundred (6,824,300) share purchase warrants exercisable within ten years of the date of grant at an exercise price of $0.005 a share.

 

As part of the August 20, 2010 purchase agreement, ParkVida agreed to issue at closing of the purchase agreement a finder’s fee of one million five hundred twenty-eight thousand two hundred and twelve (1,528,212) shares of $0.001 par value common stock and six hundred eighty-two thousand four hundred and thirty (682,430) share purchase warrants exercisable within ten years of the date of grant at an exercise price of $0.06 a share.

 

The acquisition was accounted for as a recapitalization effected by a share exchange, wherein JBP is considered the acquirer for accounting and financial reporting purposes. The assets and liabilities of the acquired entity have been brought forward at their historical book value and no goodwill has been recognized, as required by the rules and regulations of the SEC. The issued common stock is that of ParkVida, and the accumulated deficit is that of JBP.

 

The unaudited pro-forma consolidated balance sheet set forth below represents the combined financial position of ParkVida and JBP as of June 30, 2011, as if the reverse acquisition occurred on June 30, 2011.  The unaudited pro-forma consolidated statements of operations set forth below represent the combined results of operations of ParkVida and JBP, as if the reverse acquisition occurred on the first day of the periods presented therein.

 

 

F-2

 

Exhibit 99.2

 

PARKVIDA GROUP, INC.

(A Development Stage Company)

UNAUDITED CONSOLIDATED PRO-FORMA BALANCE SHEETS

June 30, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro-Forma

 

Pro-Forma

ASSETS

 

ParkVida

 

JBP

 

 

Adjustments

 

Consolidated

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

    132,136

 

               -  

 

 

               -  

 

      132,136

Prepaid expenses

 

              -  

 

        41,788

 

 

               -  

 

        41,788

 

 

 

 

 

 

 

 

 

 

Total current assets

 

    132,136

 

        41,788

 

 

               -  

 

      175,924

 

 

 

 

 

 

 

 

 

 

Interest receivable

 

      19,260

 

               -  

 

(1)

      (19,260)

 

                -  

Note receivable

 

    556,771

 

               -  

 

(1)

    (556,771)

 

                -  

Property and equipment, net

 

              -  

 

      692,731

 

 

               -  

 

      692,731

 

 

 

 

 

 

 

 

 

 

Total assets

$

    708,167

 

      734,519

 

 

    (576,031)

 

      866,655

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

$

        3,622

 

        28,151

 

 

               -  

 

        31,773

Accrued expenses

 

              -  

 

        19,260

 

(1)

      (19,260)

 

                -  

Related party payable

 

        3,300

 

               -  

 

 

               -  

 

          3,300

Note payable

 

              -  

 

      556,771

 

(1)

    (556,771)

 

                -  

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

        6,922

 

      604,182

 

 

    (576,031)

 

        35,073

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity (deficit):

 

 

 

 

 

 

 

 

 

Preferred stock

 

              -  

 

               -  

 

 

               -  

 

                -  

Common stock

 

      23,677

 

          3,144

 

(2)

        13,666

 

        40,487

Additional paid-in capital

 

 1,074,973

 

      751,880

 

(2)

    (411,071)

 

   1,415,782

Deficit accumulated during the

 

 

 

 

 

 

 

 

 

 development stage

 

   (397,405)

 

    (624,687)

 

(2)

      397,405

 

     (624,687)

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity (deficit)

 

    701,245

 

      130,337

 

 

               -  

 

      831,582

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders'

 

 

 

 

 

 

 

 

 

 equity (deficit)

$

    708,167

 

      734,519

 

 

    (576,031)

 

      866,655

 

F-3

 

PARKVIDA GROUP, INC.

(A Development Stage Company)

UNAUDITED CONSOLIDATED PRO-FORMA STATEMENTS OF OPERATIONS

Six Months Ended June 30, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro-Forma

 

Pro-Forma

 

 

ParkVida

 

JBP

 

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

Revenues, net

$

              -  

 

               -  

 

 

             -  

 

                -  

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

      30,112

 

      125,788

 

 

             -  

 

       155,900

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

     (30,112)

 

    (125,788)

 

 

             -  

 

     (155,900)

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

      14,762

 

               -  

 

(3)

    (14,391)

 

              371

Interest expense

 

              -  

 

      (14,391)

 

(3)

      14,391

 

                -  

 

 

 

 

 

 

 

 

 

 

 

 

      14,762

 

      (14,391)

 

 

             -  

 

              371

 

 

 

 

 

 

 

 

 

 

Loss before provision for

 

 

 

 

 

 

 

 

 

 income taxes

 

     (15,350)

 

    (140,179)

 

 

             -  

 

     (155,529)

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

              -  

 

               -  

 

 

             -  

 

                -  

 

 

 

 

 

 

 

 

 

 

Net loss

$

     (15,350)

 

    (140,179)

 

 

             -  

 

     (155,529)

 

F-4

 

PARKVIDA GROUP, INC.

(A Development Stage Company)

UNAUDITED CONSOLIDATED PRO-FORMA STATEMENTS OF OPERATIONS

Year Ended December 31, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro-Forma

 

Pro-Forma

 

 

ParkVida

 

JBP

 

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

Revenues, net

$

      -

 

     -

 

 

     -

 

      -

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

  55,582

 

  240,022

 

 

     -

 

  295,604

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

   (55,582)

 

  (240,022)

 

 

     -

 

   (295,604)

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

  11,343

 

     -

 

(4)

  (4,870)

 

    6,473

Interest expense

 

   (48,733)

 

    (4,870)

 

(4)

    4,870

 

   (48,733)

Gain on sale of PWS rights

 

  23,887

 

     -

 

 

     -

 

    23,887

 

 

 

 

 

 

 

 

 

 

 

 

   (13,503)

 

    (4,870)

 

 

     -

 

   (18,373)

 

 

 

 

 

 

 

 

 

 

Loss before provision for

 

 

 

 

 

 

 

 

 

 income taxes

 

   (69,085)

 

  (244,892)

 

 

     -

 

   (313,977)

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

      -

 

     -

 

 

     -

 

      -

 

 

 

 

 

 

 

 

 

 

Net loss

$

   (69,085)

 

  (244,892)

 

 

     -

 

   (313,977)

F-5

 

PARKVIDA GROUP, INC.

NOTES TO UNAUDITED CONSOLIDATED PRO-FORMA

BALANCE SHEETS AND STATEMENTS OF OPERATIONS

June 30, 2011 and December 31, 2010

 

The pro-forma consolidated financial statements do not purport to be indicative of the results which could actually have been obtained if the purchase agreement had been consummated on the date or dates indicated or which may be obtained in the future. The pro-forma adjustments were based on the preliminary information available at the time of the preparation of the unaudited pro-forma consolidated financial information.  In addition, the unaudited pro-forma consolidated financial information gives effect only to the adjustments set forth in the accompanying notes and does not reflect any restructuring or acquisition related costs, or any potential cost savings or other synergies that management expects to realize as a result of the acquisition.  The unaudited pro-forma consolidated financial information, including the notes thereto, are qualified in their entirety by reference to, and should be read in conjunction with, the historical consolidated financial statements attached to this Information Statement.

 

The adjustments to the unaudited pro-forma consolidated financial information as of June 30, 2011 and December 31, 2010 in connection with the proposed acquisition are presented below:

 

(1)    To eliminate an intercompany note receivable/payable and related accrued interest receivable/payable.

 

(2)    To record the acquisition of JBP by ParkVida as a recapitalization and to record a related faciliation fee through the collective issuance of 16,810,332 shares of ParkVida common stock.

 

(3)    To eliminate intercompany interest income and expense at June 30, 2011.

 

(4)    To eliminate intercompany interest income and expense at December 31, 2010.

 

 

 

F-6