EX-99.2 11 v130328_ex99-2.htm

Unaudited Pro Forma Condensed Financial Statement of G & G Mining
Corporation and Acquired 310 Holdings, Inc.

The following unaudited pro forma condensed combined financial statements give effect to the Share Exchange Agreement (“Share Exchange”) entered into on July 17, 2008 between 310 Holdings, Inc. (the “Company’), a Nevada corporation, G & G Mining Corporation (“G & G”), a Florida corporation,. On July 17, 2008, G & G MINING CORP., a corporation organized under the laws of Florida, purchased 40,250,000 shares of Company common stock, representing 63.19% voting interest from the Company’s President and Chief Executive Officer, Nicole Wright. The Company would use the reverse merger purchase method of accounting for the business combination.

Pursuant to the Share Exchange, G & G MINING CORP., a corporation organized under the laws of Florida, purchased 40,250,000 shares of Company common stock, representing 63.19% voting interest from the Company’s President and Chief Executive Officer, Nicole Wright. The value of the acquisition was recorded at $402,500 based on the trading value of the Company’s common stock on the date of closing.

The transaction was accounted for as an acquisition of G & G under the reverse merger purchase method of accounting in accordance with Statement of Financial Accounting Standards No. 141, ‘Business Combinations”. Under the purchase method of accounting, the total purchase price is allocated to the net tangible and intangible assets acquired by the Company in connection with the transaction, based on their fair values as of the completion of the transaction.

The unaudited pro forma condensed combined balance sheet gives effect to the transaction as if it occurred on July 31, 2008. The unaudited pro forma condensed combined statements of operations for the years ended December 31, 2007 and 2006 and the period ended July 31, 2008 give effect to the transaction as if it had occurred on January 1, 2005.

The pro forma adjustments are based upon information and assumptions available at the time of the filing of this Form 8-K and result in preliminary allocation of the reverse merger purchase price based on estimates of the fair value of the assets acquired and liabilities assumed. Management believes that the assumptions used provide a reasonable basis on which to present the unaudited pro forma financial data. The unaudited pro forma financial data may not be indicative of the financial position or results that would have occurred if the transaction had been in effect on the dates indicated or which may be obtained in the future.

The unaudited pro forma financial data should be read in conjunction with the historical financial statements and notes thereto of the G& G and the Company’s historical financial statements are included in Company’s regulatory reports as filed from time to time with the Securities and Exchange Commission.
 

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET FOR JULY 31, 2008

   
Proforma
      
                       
   
G & G Mining Corporation
  
310 Holding, Inc.
 
Adjustments
  
Notes
  
Combined
  
                       
ASSETS
                                
                                 
CURRENT ASSETS
                                
Cash and cash equivalents
  
$
10,356
  
$
274,406
  
$
(274,406
)
  
(a)
 
$
10,356
  
Accounts recievables
    
15,000
   
-
   
-
         
15,000
 
Total Current Assets
    
25,356
   
274,406
   
(274,406
)
        
25,356
 
                                 
Property and equipment, net
    
1,735
   
-
   
-
         
1,735
 
                                 
Deposits
    
50,000
   
-
   
-
         
50,000
 
Total Assets
  
$
77,091
  
$
274,406
  
$
(274,406
)
      
$
77,091
  
                             
LIABILITIES AND SHAREHOLDERS' EQUITY
                                
                                 
CURRENT LIABILITIES
                                
Accounts payable and accrued liabilities
  
$
5,400
  
$
11,712
  
$
(11,712
)
  
(a)
 
$
5,400
  
Accrued expenses
    
66,941
   
148,600
   
(148,600
)
  
(a)
 
  
66,941
 
Notes affiliate - Produelec S. A.
   
120,000
   
-
   
-
         
120,000
 
Total Current Liabilities
    
192,341
   
160,312
   
(160,312
)
        
192,341
 
                               
 
  
Total Liabilities
    
192,341
   
160,312
   
(160,312
)
        
192,341
 
                                 
COMMITMENTS AND CONTIGENCIES
                                
                                 
Shareholders' Equity
                                
Preferred stock $.0001 par value, 10,000,000 shares authorized;
none issued and outstanding as of July 31, 2008
    
-
                         
Common stock, $.0001 par value, 500,000,000 shares authorized,
none issued and outstanding as of July 31, 2008
    
-
   
63,700
   
(63,700
)
  
(a)
 
  
-
 
Additional paid-in capital
    
7,500
   
41,800
   
(41,800
)
  
(a)
 
  
7,500
 
Common stock subscribed, 61,600,000
    
525,100
   
-
   
-
           
525,100
 
Accumulated deficit
    
(647,850
)
  
8,594
   
(8,594
)
  
(a)
 
  
(647,850
)
Total Shareholders' Equity
    
(115,250
)
  
114,094
   
(114,094
)
        
(115,250
)
                                 
Total Liabilities & Shareholders' Equity
  
$
77,091
  
$
274,406
  
$
(274,406
)
      
$
77,091
  
                                 
Allocation of Purchase Price
                                
Cash
    
484,937
                         
Other current assets
    
5,000
                         
Property and equipment
   
10,000
                         
Other intangible assets
    
13,000
                         
Current liabilities
    
(14,272
)
                        
Working capital
    
498,665
                         
Goodwill
    
97,442
                         
Allocaton of purchase price
    
596,107
                          
 
 
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE PERIOD ENDED JULY 31, 2008

   
G & G Mining Corporation
  
310 Holding, Inc.
 
Proforma
  
   
Period Ended
 
Period Ended
         
Combined
  
   
July 31, 2008
  
July 31, 2008
  
Adjustments
  
Notes
  
July 31, 2008
  
                       
NET REVENUES
  
$
-
  
$
11,250
  
$
(11,250
)
  
(a)
 
$
-
  
                                 
OPERATING EXPENSES:
                                
General and administrative
    
102,692
   
2,213
   
(2,213
)
  
(a)
 
  
102,692
 
Depreciation and amortization
    
158
                     
158
 
 
      -    
-
   
-
         
-
 
                                 
OPERATING (LOSS) INCOME
    
(102,850
)
  
(2,213
)
  
2,213
         
(102,850
)
                                 
Other expenses/(income):
                                
Impairment of assets
    
545,000
   
-
   
-
         
545,000
 
Interest expense
    
-
   
-
   
-
         
-
 
Total other (income) expenses
    
545,000
   
-
   
-
         
545,000
 
                                 
INCOME (LOSS) INCOME BEFORE INCOME TAX (EXPENSE) BENEFIT
    
(647,850
)
  
(2,213
)
  
2,213
         
(647,850
)
                                 
Income tax expense
    
-
   
(2,547
)
  
2,547
   
(a)
 
  
-
 
                                 
NET LOSS (INCOME)
  
$
(647,850
)
$
(4,760
)
$
4,760
    
(a)
 
$
(647,850
)
                                 
NET LOSS PER SHARE:
                                
                                 
Basic and diluted:
  
$
-
  
$
(0.00
)
            
$
-
  
                                 
Weighted average per share
    
-
   
63,700,000
               
-
 
 
 
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
 
           
(b)
              
b
      
   
G & G Mining Corporation
  
310 Holdings, Inc.
  
Pro
     
G & G Mining Corporation
  
310 Holdings, Inc.
  
Pro
     
   
Twelve Months Ended
  
Twelve Months Ended
  
Forma
  
Combined
  
Twelve Months Ended
  
Twelve Months Ended
  
Forma
  
Combined
  
   
December 31, 2007
  
December 31, 2007
  
Adjust
  
December 31, 2007
  
December 31, 2006
  
December 31, 2006
  
Adjust
  
December 31, 2006
  
                                   
NET REVENUES
  
$
-
  
$
24,000
  
$
-
  
$
24,000
  
$
-
  
$
-
  
$
-
  
$
-
  
COST OF SALES
    
-
   
-
   
-
   
-
    
   
    
-
   
-
   
-
 
GROSS PROFIT
          
24,000
   
-
   
24,000
         
-
   
-
   
-
 
                                                   
OPERATING EXPENSES:
                                                  
General and administrative
    
-
   
9,920
   
-
   
9,920
   
-
   
1,510
   
-
   
1,510
 
Depreciation and amortization
    
-
   
-
   
-
   
-
   
-
         
-
   
-
 
Research and development expenses
    
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
                                                   
(LOSS) INCOME FROM OPERATIONS
    
-
   
14,080
   
-
   
14,080
   
-
   
(1,510
)
  
-
   
(1,510
)
                                                   
INCOME (LOSS) BEFORE INCOME TAXES
    
-
   
14,080
   
-
   
14,080
   
-
   
(1,510
)
  
-
   
(1,510
)
                                                   
PROVISION (BENEFIT) FOR INCOME TAXES
    
-
   
(4,902
)
  
-
   
-
   
-
   
-
   
-
   
-
 
                                                   
NET INCOME (LOSS)
  
$
-
  
$
9,178
  
$
-
  
$
14,080
  
$
-
  
$
(1,510
)
$
-
  
$
(1,510
)
                                                   
NET (LOSS) INCOME PER SHARE:
    
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
                                                   
Basic and diluted
  
$
-
  
$
-
        
$
0.00
  
$
-
  
$
(0.00
)
      
$
(0.00
)
                                                   
Weighted average per share
    
-
   
63,700,000
         
63,700,000
   
-
   
6,100,000
         
6,100,000