EX-99.6 9 ex99-6.htm
Expedition Leasing, Inc.
and Sinary Bio-Technology Holdings Group, Inc. and Subsidiary
Pro forma Combined Balance Sheet
As of September 30, 2007
(unaudited) 
 
   
Expedition
     
Pro forma
  
Pro forma
  
   
Leasing (1)
  
Sinary (2)
  
Adjustments
  
Combined
  
   
(historical)
  
 
          
                   
ASSETS
                  
                   
CURRENT ASSETS
                  
Cash and cash equivalents
  
$
1,979
  
$
101,180
   $  
$
103,159
  
Accounts receivable, net
          
7,207
         
7,207
 
Other receivables
          
16,004
         
16,004
 
Due from shareholder
          
2,737,408
         
2,737,408
 
Due from related parties
          
4,089
         
4,089
 
Inventory
          
324,216
         
324,216
 
                                   
TOTAL CURRENT ASSETS
    
1,979
   
3,190,104
   
-
   
3,192,083
 
                           
ADVANCES FOR CONSTRUCTION AND EQUIPMENT
          
191,430
         
191,430
 
                           
PROPERTY AND EQUIPMENT, NET
          
4,109,798
         
4,109,798
 
CONSTRUCTION IN PROGRESS
          
2,669
         
2,669
 
INTANGIBLE ASSETS
          
252,807
         
252,807
 
                                   
TOTAL ASSETS
  
$
1,979
  
$
7,746,808
  
$
-
  
$
7,748,787
  
                           
                           
LIABILITIES AND STOCKHOLDERS' EQUITY
                          
                           
CURRENT LIABILITIES
                          
Accounts payable
  
$
46,812
  
$
82,318
  
$
(46,812)
(a)
$
82,318
  
Other payables
          
7,664,490
         
7,664,490
 
Accrued expenses
    
24,350
         
(24,350)
(a)
  
-
 
Due to related party
    
60,000
         
(60,000)
(a)
  
-
 
Due to shareholder
          
650,000
(d)
        
650,000
 
                                   
TOTAL CURRENT LIABILITIES
    
131,162
   
8,396,808
   
(131,162
)
  
8,396,808
 
                           
STOCKHOLDERS' EQUITY
                          
Common Stock
    
252
         
-
(b)
  
252
 
Additional paid in capital
    
119,489
         
(117,762)
(a)
  
1,727
 
Subscription Receivable
                      
-
 
Statutory reserve
                      
-
 
Retained earnings (accumulated deficit)
    
(248,924
)
  
(650,000)
(d)
  
248,924
(a)
  
(650,000
)
                                   
TOTAL STOCKHOLDERS' EQUITY
    
(129,183
)
  
(650,000
)
  
131,162
   
(648,021
)
                           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
1,979
  
$
7,746,808
  
$
-
  
$
7,748,787
  
 
(1)
Source: unaudited financial statements of Expedition Leasing, Inc. as of September 30, 2007 as filed in Quarterly Report on Form 10QSB filed with the SEC on November 14, 2007.
 
(2)
Source: unaudited financial statements of Heilongjiang Weikang Bio-Technology Group Co., Ltd. ("Weikang") (a wholly owned subsidiary of Sinary) as of September 30, 2007 included in this 8-K, consolidated with Sinary on a pro forma basis. Sinary acquired Weikang on October 25, 2006 for $7.6 million by assumption of debt.
 
(a)
Elimination of accumulated deficit, capital accounts as a result of recapitalization, and reflection of payment of all liabilities of EXDG prior to closing.
 
(b)
After cancellation of 24,725,200 shares by the old shareholders of Expedition and issuance of 24,725,200 shares to the shareholder of Sinary 
 
See accompanying notes to pro forma combined financial statements
 
F-1
 
Expedition Leasing, Inc.
and Sinary Bio-Technology Holdings Group, Inc. and Subsidiary
Pro forma Combined Statement of Operations
For the Nine Months Ended September 30, 2007
(unaudited)

   
 Expedition
 
 
 
 Pro forma
 
 Pro forma
 
 
 
 Leasing (1)
 
Sinary (2)
 
 Adjustments
 
 Combined
  
   
 (historical)
  
 
            
                      
Net Revenue
  
$
9,287
 
$
2,935,010
  
$ 
    
$
2,944,297
 
                           
Cost of Revenue
    
-
   
1,474,004
         
1,474,004
 
                                   
Gross Profit
   
9,287
   
1,461,006
   
-
   
1,470,293
 
                           
Operating expenses:
                          
Selling expenses
    
-
   
7,651
         
7,651
 
General and administrative expenses
    
56,585
   
230,816
         
287,401
 
                                   
Total operating expenses
    
56,585
   
238,467
   
-
   
295,052
 
                           
Income (loss) from operations
    
(47,298
)
  
1,222,539
   
-
   
1,175,241
 
                           
Non-operating expenses:
                          
Interest income expense
    
(5,043
)
              
(5,043
)
Finance expenses
          
(128
)
        
(128
)
Other expenses
          
(1,721
)
        
(1,721
)
                                   
Total non-operating expenses
    
(5,043
)
  
(1,849
)
  
-
   
(6,892
)
                           
Income (loss) before income tax
   
(52,341
)
  
1,220,690
   
-
   
1,168,349
 
                                   
Net income (loss)
  
$
(52,341
)
$
1,220,690
  
$
-
 
$
1,168,349
 
                           
Earnings per share
  
$
(0.00
)
            
$
0.05
 
                           
Weighted average shares outstanding
    
25,229,800
               
25,229,800
 
 
(1)
Source: unaudited financial statements of Expedition Leasing, Inc. as of September 30, 2007 as filed in Quarterly Report on Form 10QSB filed with the SEC on November 14, 2007.
 
(2)
Source: unaudited financial statements of Heilongjiang Weikang Bio-Technology Group Co., Ltd. ("Weikang") (a wholly owned subsidiary of Sinary) as of September 30, 2007 included in this Form 8-K, consolidated with Sinary on a pro forma basis. Sinary acquired Weikang on October 25, 2007 for $7.6 million by assumption of debt.
 
See accompanying notes to pro forma combined financial statements
 
F-2
 
Expedition Leasing, Inc.
and Sinary Bio-Technology Holdings Group, Inc. and Subsidiary
Pro forma Combined Statement of Operations
For the Year Ended December 31, 2006
(unaudited)
 
   
Expedition
      
 Pro forma
  
 Pro forma
  
   
Leasing (1)
  
Sinary (2)
  
 Adjustments
  
 Combined
  
   
(historical)
  
 
            
                     
Net Revenue
  
$
9,600
  
$
2,487,148
  
$
    
$
2,496,748
 
                           
Cost of Revenue
    
-
   
1,201,858
         
1,201,858
 
                                   
Gross Profit
    
9,600
   
1,285,290
   
-
   
1,294,890
 
                           
Operating expenses:
                          
Selling expenses
    
-
   
13,434
         
13,434
 
General and administrative expenses
    
109,790
   
210,562
         
320,352
 
                                   
Total operating expenses
    
109,790
   
223,996
   
-
   
333,786
 
                           
Income (loss) from operations
    
(100,190
)
  
1,061,294
   
-
   
961,104
 
                           
Non-operating income (expenses):
                          
Other expense
    
-
   
(4,458
)
        
(4,458
)
Interest income
    
3,573
   
3,556
         
7,129
 
Interest expense
    
(8,000
)
  
-
         
(8,000
)
                                   
Total non-operating expenses
    
(4,427
)
  
(902
)
  
-
   
(5,329
)
                           
Income (loss) before income tax
    
(104,617
)
  
1,060,392
   
-
   
955,775
 
                                   
Net income (loss)
  
$
(104,617
)
$
1,060,392
  
$
-
 
$
955,775
 
                           
Earnings per share
  
$
(0.00
)
            
$
0.04
 
                           
Weighted average shares outstanding
    
25,229,800
               
25,229,800
 
 
(1)
Source: audited financial statements of Expedition Leasing, Inc. for the year ended December 31, 2006 as filed in Annual Report on Form 10-KSB filed with the SEC on April 2, 2007.
 
(2)
Source: audited financial statements of Heilongjiang Weikang Bio-Technology Group Co., Ltd. ("Weikang") (a wholly owned subsidiary of Sinary) for the year ended December 31, 2006 included in Form 8-K, consolidated with Sinary on a pro forma basis.
 
See accompanying notes to pro forma combined financial statements
 
F-3

Expedition Leasing, Inc. and
Sinary Bio-Technology Holdings Group, Inc. and subsidiary
Notes to Pro forma Combined Financial Statements

NOTE 1 - BASIS OF PRESENTATION

The accompanying pro forma combined balance sheet presents the accounts of Expedition Leasing, Inc. ("Expedition Leasing") and Sinary Bio-Technology Holdings Group, Inc. and subsidiary (collectively “Sinary”) as if both the acquisition of subsidiary by Sinary and the acquisition of Sinary by Expedition Leasing occurred on September 30, 2007. The accompanying pro forma combined statements of operations present the accounts of Expedition Leasing and Sinary for the year ended December 31, 2006 and the nine months ended September 30, 2007 as if both the acquisition of subsidiary by Sinary and the acquisition of Sinary by Expedition Leasing occurred on January 1, 2006 and January 1, 2007 for income statement purposes, and on September 30, 2007 for balance sheet purposes. For accounting purposes, the acquisition of Sinary by Expedition Leasing is being accounted for as a recapitalization of Sinary.

The following adjustments would be required if the acquisition occurred as indicated above:

a.
Recapitalization of Sinary to account for issuance of an aggregate of 24,725,200 shares of Expedition Leasing to the shareholders of Sinary, the total issued and outstanding shares after the reverse merger were 25,229,800;

b.
Cancellation of 24,725,200 shares of Expedition Leasing common stock owned by major shareholder, president of Expedition Leasing and public float as part of the transaction;

c.
Elimination of accumulated deficit, capital accounts as a result of recapitalization, and reflection of payment of all liabilities of Expedition Leasing prior to closing.

d.
The payment of $650,000 for the cost of the shell is not reflected in the pro forma statement of operations as it is a non recurring expense. This amount however is reflected in the pro forma balance sheet.
   
e.  The pro forma consolidation of Weikang with Sinary is based on a preliminary allocation of purchase price.
   
f.  Sinary has no assets or operations other than the investment in Weikang of RMB 57 million by assumption of debt.
 
F-4