EX-99.2 8 exhibit99-2.htm PRO FORMA FINANCIAL STATEMENTS WITH RESPECT TO THE ACQUISITION OF GRANISOL??? Striker Energy Corp.: Exhibit 99.2 - Filed by newsfilecorp.com

Pro Forma Balance Sheet
As of May 31, 2010

          Adjustments for              
  Striker     Granisol     Assets and              
  Energy Corp.       Product Line       Liabilities not       Pro forma       Pro Forma  
  5/31/2010      5/31/2010      Acquired        Adjustments        Balance Sheet   
                       
Assets                         
Cash   2,092     225,043     (225,043 ) (1)   50,000   (2)   52,092  
Accounts receivable, net of related allowances   -     8,529     (8,529 ) (1)   -       -  
Inventories, net of reserve for obsolescence   -     10,152     (10,152 )     -       -  
Inventory receivable   -     -     -       117,180   (2)   117,180  
Deferred tax asset   -     47,803     (47,803 ) (1)   -       -  
Total current assets   2,092      291,527      (291,527 )      167,180        169,272   
                       
   Product rights and know-how   -     -     -       882,820   (2)   882,820  
                       
      Total assets    2,092      291,527     (291,527 )      1,050,000        1,052,092   
                       
                       
Current liabilities                        
Accounts payable   13,121     5,239     (5,239 ) (1)   -       13,121  
Accrued returns   -     35,047     (35,047 ) (1)   -       -  
Accrued income tax   -     52,518     (52,518 ) (1)   -       -  
   Total current liabilities   13,121      92,804      (92,804 )      -       13,121   
                       
Promissory note   52,402     -     -       -       52,402  
                       
   Total liabilities    65,523      92,804      (92,804 )      -       65,523   
                                   
Shareholders' equity                         
Capital stock
Authorized
   150,000,000 common shares, par value $0.0001
Issued and outstanding
   23,506,000 common shares, par value $0.0001








2,056











-











-
















300








(2)








2,356




Additional paid-in capital   200,723     -     -       1,049,700   (2)   1,250,423  
Retained earnings (deficit)   (266,210 )   198,723     (198,723 )     -       (266,210 )
   Total shareholders' equity   (63,431 )    198,723      (198,723 )  (1)   1,050,000    (2)   986,569  
                       
      Total liabilities & net assets   2,092      291,527      (291,527 )      1,050,000        1,052,092   



Pro Forma Statement of Operations
For the Three Months Ended May 31, 2010

                Pro Forma   
  Striker     Granisol     Pro forma       Statement of  
  5/31/2010     3/31/2010     Adjustments       Operations  
Gross sales   -     51,426     -       51,426  
Sales deductions   -     18,032     -       18,032  
Net sales    -     33,394      -       33,394   
Cost of goods sold   -     21,293     -       21,293  
Gross margin    -     12,101      -       12,101   
                           
General and administrative expenses                  
   Management fees   3,000     -     -       3,000  
   Legal and accounting fees   10,246     -     -       10,246  
   Other general and administrative expenses   3,268     -     -       3,268  
   Amortization of product rights and know-how   -     -     22,071   (3)   22,071  
      Total general and administrative expenses   16,514     -     22,071       38,585  
                 
Development expense   -     375     -       375  
                 
Income (loss) before income taxes   (16,514 )    11,726      (22,071 )      (26,858 ) 
                 
Income tax expense (benefit)   -     4,338     (4,338 ) (4)   -  
                 
Net income (loss)   (16,514 )    7,388      (17,733 )      (26,858 ) 


Pro Forma Statement of Operations
For the Year Ended February 28, 2010

                Pro Forma   
  Striker     Granisol     Pro forma       Statement of  
  2/28/2010     12/31/2009     Adjustments       Operations  
Gross sales   -     325,600     -       325,600  
Sales deductions   -     118,823     -       118,823  
Net sales    -     206,777      -       206,777   
Cost of goods sold   -     134,914     -       134,914  
Gross margin    -     71,863      -       71,863   
                           
General and administrative expenses                  
   Management fees   12,000     -     -       12,000  
   Legal and accounting fees   36,394     -     -       36,394  
   Other general and administrative expenses   9,807     -     -       9,807  
   Amotization of product rights and know-how   -     -     88,282   (3)   88,282  
      Total general and administrative expenses   58,201     -     88,282       146,483  
                 
Development expense   -     45,179     -       45,179  
                 
Income (loss) before income taxes   (58,201 )    26,684      (88,282 )      (119,799 ) 
                 
Income tax expense (benefit)   -     9,873     (9,873 ) (4)   -  
                 
Net income (loss)   (58,201 )    16,811      (78,409 )      (119,799 ) 


Notes to Pro Forma Consolidated Financial Information
(1) to remove the assets and liabilities not acquired in the acquistion of the Granisol product line.
(2) to record the two equity placements on June 17 and July 2, 2010, totaling 3 million common shares for proceeds of $1,050,000 necessary to acquire Granisol and to record the allocation of the $1 million purchase price, which includes $117,180 in inventory to be delivered to PediatRx, Inc. and to record the fair value of the product rights and know-how recognizing the ANDA and rights to manufacture and market the product acquired. Funding for the transaction was provided to PediatRx by Striker Energy Corp. which raised $ 1,050,000 in two equity placements prior to the transaction.
(3) to record the amortization of the acquired product rights and know-how using an estimated useful life of ten years on a straight -line basis.
(4) to record the income tax benefit associated with the amortization of the product rights and know-how net of the valuation allowance recorded against the deferred tax assets. The Company determined it was more likely than not the deferred tax assets would not be realized and recorded the pro forma adjustment net of the valuation allowance.



Striker Energy Corp. and
The Granisol Product Line Acquisition
SELECTED UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL DATA
Explanatory Notes

The unaudited pro forma financial data set forth below are presented to illustrate the estimated effects of the Purchase Agreement between PediatRx, Inc. and Cypress Pharmaceuticals, Inc., dated July 22, 2010, on our historical financial position and results of operations, adjusted to give effect to:
* The transaction wherein PediatRx, Inc., a wholly owned subsidiary of Striker Energy Corp. has acquired the assets of the Granisol product line. On July 22, 2010, PediatRx, Inc., entered into an Agreement with Cypress Pharmaceuticals, Inc., a private company.
Under the terms of the Purchase Agreement, PediatRx acquired all of the assets relating to the Granisol product line, including the ANDA, the Granisol trademark and the manufacturing and supply agreement with Therapex, a division of E-Z-EM Canada. As part of the agreement and prior to the closing, Cypress placed an order for inventory to be delivered to PediatRx after the closing date.
On July 23, 2010, PediatRx paid Cypress the consideration of $1 million for the assets and has assigned $117,180 to inventory receivable on the balance sheet as of May 31, 2010, with the remaining purchase price allocated to the product rights and know-how associated with the ANDA, the Granisol trademark, and the manufacturing and supply agreement with Therapex.

We have derived our historical financial data from our audited financial statements for the year ended February 28, 2010, and from our unaudited financial statements as of and for the three-month period ended May 31, 2010. We have derived Granisol's financial data from its audited financial statements for the year ended December 31, 2009, and its unaudited financial statements as of May 31, 2010 and for the three-month period ended March 31, 2010.

The unaudited pro forma combined balance sheet as of May 31, 2010 assumes the Agreement was completed on May 31, 2010. The information presented in the unaudited pro forma combined financial statements does not purport to represent what the financial position or results of operations would have been had the Agreement occurred as of May 31, 2010, nor is it indicative of future financial position or results of operations. You should not rely on this information as being indicative of the historical results that would have been achieved had the companies always been combined, or the future result that the combined company will experience after the Agreement is completed.

The pro forma adjustments are based upon availible information and certain assumptions that management believes is reasonable under the circumstances. The unaudited pro forma financial statements should be read in conjunction with the accompanying notes and assumptions and the historical financial statements of Striker Energy Corp. and the Granisol Product Line.