EX-99.3 5 ex99-3.htm

 

Exhibit 99.3

 

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

 

On June 28, 2024, Trustfeed Corp. (“Trustfeed” or the “Company”) entered into an Agreement and Plan of Merger and Reorganization, as amended on September 30, 2024 (the “Merger Agreement”) with Polomar Acquisition, L.L.C., a Florida limited liability company and the Company’s wholly owned subsidiary (“Merger Sub”) and Polomar Specialty Pharmacy, LLC, a Florida limited liability company (“Polomar”) to acquire 100% of the issued and outstanding membership interests of Polomar. The transactions contemplated by the Merger Agreement were consummated on September 30, 2024, and, pursuant to the terms of the Merger Agreement, among other things, all outstanding membership interests of Polomar, or the Polomar Membership Interests, were exchanged for shares of the Company’s common stock, par value $0.001 per share (“Common Stock”) based on the exchange ratio of 2,074,141.47 shares of Common Stock for every one percent of Polomar Membership Interests (the “Acquisition”). Accordingly, the Company acquired 100% of Polomar in exchange for the issuance of shares of Common Stock and Polomar became the Company’s wholly-owned subsidiary. As of the closing of the Acquisition (the “Closing”), CWR 1, LLC, the Company’s majority owner with an 83.3% beneficial ownership stake in the Company pre-Closing, transferred back to the Company and canceled 50,000,000 shares of our common stock owned beneficially and of record by it as part of the conditions to Closing.

 

At the Closing, each one percent of Polomar Membership Interests outstanding immediately prior to the Closing was converted into the right to receive 2,074,141.47 shares of our common stock, with all fractional shares rounded up to the nearest whole share. Accordingly, we issued an aggregate of approximately 207,414,147 shares of our common stock for all of the then-outstanding Polomar Membership Interests.

 

The unaudited pro forma condensed combined balance sheet as of June 30, 2024 gives pro forma effect to the Acquisition as if it had been consummated as of that date. The unaudited pro forma condensed combined statements of operations for the six months ended June 30, 2024 and twelve months ended December 31, 2023 give pro forma effect to the Acquisition as if it had occurred as of January 1, 2023, the beginning of the earliest period presented:

 

The unaudited pro forma condensed combined balance sheet as of June 30, 2024 has been prepared using the following:

 

● The Company’s unaudited historical balance sheet as of June 30, 2024, as filed with the Securities and Exchange Commission on in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024; and

 

● Polomar’s unaudited historical balance sheet as of June 30, 2024, as included in this Current Report on Form 8-K as Exhibit 99.2.

 

The unaudited pro forma condensed combined statements of operation for the six months ended June 30, 2024 and year ended December 31, 2023 have been prepared using the following:

 

● The Company’s unaudited historical statements of operation for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024;

 

● The Company’s audited historical statements of operations for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024;

 

● Polomar’s unaudited historical statement of operations for the quarter ended June 30, 2024, as included in this Current Report on Form 8-K as Exhibit 99.2.

 

● Polomar’s audited historical statement of operations for the period from inception to December 31, 20230, included in this Current Report on Form 8-K as Exhibit 99.1.

 

The unaudited pro forma condensed consolidated financial information has been presented for informational purposes only and is not necessarily indicative of what the combined company’s financial position or results of operations actually would have been had the merger been completed as of the dates indicated. In addition, the unaudited pro forma condensed consolidated financial information does not purport to project the future financial position or operating results of the combined company. The historical consolidated financial information has been adjusted in the accompanying unaudited pro forma condensed consolidated financial information to give effect to unaudited pro forma events that are directly attributable to the Acquisition, factually supportable and, with respect to the unaudited pro forma condensed consolidated statement of operations, expected to have a continuing impact on the results of operations of the combined company. The accompanying unaudited pro forma condensed consolidated statement of operations does not include any pro forma adjustments to reflect certain expected financial benefits of the Acquisition, such as tax savings, cost synergies or revenue synergies, or the anticipated costs to achieve those benefits, including the cost of integration activities, or restructuring actions which may be achievable or the impact of any non-recurring activity and one-time transaction related costs.

 

 

 

 

Trustfeed Corp. (f.k.a. Healthmed Services, Ltd. and Polomar Specialty Pharmacy, LLC)

Unaudited Proforma Condensed Combined Balance Sheets

As of June 30, 2024

 

    Historical     Pro Forma Adjustments   Pro Forma  
    Polomar     Trustfeed     Adjustments     Notes   Condensed Combined  
ASSETS                            
Current assets                                    
Cash   $ 19,563     $ 294                 $ 19,857  
Inventory     108,109                           108,109  
Total current assets     127,672       294       -           127,966  
Property, plant and equipment at cost     41,458                           41,458  
Leasehold improvements     38,774                           38,774  
Net property and equipment     80,232       -       -           80,232  
Other assets                                    
Operating lease - right-of-use asset, net     65,645                           65,645  
Intellectual property                     18,975,000           18,975,000  
Security deposit     9,000                           9,000  
Total other assets     74,645       -       -           74,645  
Total assets   $ 282,549     $ 294     $ 18,975,000         $ 19,257,843  
                                     
LIABILITIES AND MEMBERS’ DEFICIT                                    
Current liabilities                                    
Accounts payable   $ 55,683     $ 22,802                 $ 78,485  
Due to related party     -       80,171                   80,171  
Operating lease - current liability     33,388                           33,388  
Short-term debt due related parties     454,288                           454,288  
Total current liabilities     543,359       102,973       -           646,332  
Long-term liabilities                                    
Operating lease - long-term liability     32,257                           32,257  
Total liabilities     575,616       102,973       -           678,589  
                                     
Stockholders’ deficit                                    
Members’ deficit     140,500               (140,500 )         -  
Series A Preferred stock             500       (500 )         -  
Common stock; $0.01 par value; 295,000,000 shares authorized; 47,655,219 and 47,655,219 shares issued and outstanding             109,138       367,414           476,552  
Additional paid-in capital             1,275,156       18,748,586           20,023,742  
Accumulated deficit     (433,567 )     (1,487,473 )                 (1,921,040 )
Total members’ deficit     (293,067 )     (102,679 )     18,975,000           18,579,254  
                                     
Total liabilities and members’ deficit   $ 282,549     $ 294     $ 18,975,000         $ 19,257,843  

 

 

 

 

Trustfeed Corp. (f.k.a. Healthmed Services, Ltd. and Polomar Specialty Pharmacy, LLC)

Unaudited Proforma Condensed Combined Statement of Income

For the six month ending June 30, 2024

 

   Historical   Pro Forma Adjustments  Pro Forma 
   Polomar   Trustfeed   Adjustments    Notes  Condensed Combined 
Revenue  $28,105   $-   $           -       $28,105 
                         
Cost of Goods Sold   15,136    -    -        15,136 
                         
Gross Profit   12,969    -    -        12,969 
                         
Operating expenses                        
General and administrative   235,879    89,140    -        325,019 
Sales and marketing   38,583    -    -        38,583 
Total operating expenses   274,462    89,140    -        363,602 
                         
Loss from operations   (261,493)   (89,140)   -        (350,633)
                         
Other expense   (577)                 (577)
Total other income (expense)   (577)   -    -        (577)
                         
Net loss  $(262,070)  $(89,140)  $-       $(351,210)
                         
Net loss per common share: basic and diluted  $(0.01)                $(0.01)
Basic weighted average common shares outstanding    47,655,219                  47,655,219 
                         
Net loss per common share: basic and diluted  $(0.01)                $(0.01)
Basic weighted average common shares outstanding    47,655,219                  47,655,219 

 

 

 

 

Trustfeed Corp. (f.k.a. Healthmed Services, Ltd. and Polomar Specialty Pharmacy, LLC)

Unaudited Proforma Condensed Combined Statement of Income

For the fiscal year ended December 31, 2023

 

   Historical   Pro Forma Adjustments  Pro Forma 
   Polomar   Trustfeed   Adjustments   Notes  Condensed Combined 
Revenue  $41,844   $-   $          -      $41,844 
                        
Cost of Goods Sold   4,294    -    -       4,294 
                        
Gross Profit   37,550    -    -       37,550 
                        
Operating expenses                       
General and administrative   185,422    269,830    -       455,252 
Sales and marketing   23,220    -    -       23,220 
Total operating expenses   208,642    269,830    -       478,472 
                        
Loss from operations   (171,092)   (269,830)   -       (440,922)
                        
Other expense                       
Interest   (405)   -            (405)
Foreign currency gain (loss)   -    (53)   -       (53)
Forgivness of receivable - related party   -    (146,617)   -       (146,617)
Total other income (expense)   (405)   (146,670)   -       (147,075)
                        
Net loss  $(171,497)  $(416,500)  $-      $(587,997)
                        
Net loss per common share: basic and diluted  $(0.00)               $(0.01)
Basic weighted average common shares outstanding   47,655,219                 47,655,219 
                        
Net loss per common share: basic and diluted  $(0.00)               $(0.01)
Basic weighted average common shares outstanding   47,655,219                 47,655,219