EX-99.3 5 acrop063008exh993.htm EXHIBIT 99.3 Acropolis Precious Metals, Inc.: Exhibit 99.3

Exhibit 99.3

PRO FORMA FINANCIAL STATEMENTS (UNAUDITED).
ACROPOLIS PRECIOUS METALS INC.
SUCCESSOR TO ORIGIN ORBIT GREEN RESOURCE COMPANY, LTD.
MARCH 31 2008

The following unaudited pro forma combined financial statements give effect to the Share Exchange as if it had occurred at an earlier date. The unaudited pro forma condensed combined consolidated balance sheet as of March 31, 2008 gives effect to the Share Exchange as if it occurred on March 31, 2008 and combines the historical balance sheets of Origin Orbit Green Resource Company, Ltd. (“Origin Orbit”) and Acropolis Precious Metals, Inc. (the “Company” or “AOPM”) at March 31, 2008. The Origin Orbit balance sheet information was derived from its unaudited March 31, 2008 consolidated balance sheet included herein. The AOPM balance sheet information was derived from its unaudited March 31, 2008 balance sheet. The unaudited pro forma combined statement of operations for the three months ended March 31, 2008 is presented as if the transaction was consummated on January 1, 2008 and combines the historical results of Origin Orbit and AOPM for the three months ended March 31, 2008. The historical results of Origin Orbit were derived from its unaudited March 31, 2008 consolidated statement of operations included herein. The historical results of AOPM were derived from its unaudited March 31, 2008 statement of operations.

The unaudited pro forma combined financial statements have been prepared by Origin Orbit’s and AOPM’s management for illustrative purposes only and are not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had Origin Orbit and AOPM been a combined company during the specified periods. The pro forma adjustments are based on the preliminary information available at the time of the preparation of this document. The unaudited pro forma combined financial statements, including the notes thereto, are qualified in their entirety by reference to, and should be read in conjunction with, the historical consolidated financial statements of Origin Orbit as of and for the three months ended March 31, 2008 included herein and the historical financial statements of AOPM as of and for the three months ended March 31, 2008, incorporated by reference herein.

Because the former shareholder of Origin Orbit now owns approximately 86.6% of the total shares of the common stock of the Company, the former shareholder of Origin Orbit has control over the Company, Origin Orbit’s designees are serving as the Company’s directors and the former Origin Orbit management team is managing the Company.  As a result, Origin Orbit is deemed to have been the acquiring company for accounting purposes.  Accordingly, the purchase price has been allocated among the fair values of the assets and liabilities of AOPM, while the historical results of Origin Orbit are reflected in the results of the combined company post-Share Exchange. The transaction shall be accounted for under the purchase method of accounting in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 141, “Business Combinations.”

The unaudited pro forma combined financial statements are based on estimates and assumptions that are preliminary. The data is presented for informational purposes only and is not intended to represent or be indicative of the results of operations or financial condition of the Company that would have been reported had the proposed transaction been completed as of the dates presented, and should not be taken as representative of future results of operations or financial condition of the combined company. Please also read the section in this Current Report entitled “Cautionary Note Regarding Forward Looking Statements” for more information on the statements made in this section.


ACROPOLIS PRECIOUS METALS INC.
Successor to Origin Orbit Green Resource Company, Ltd.
PRO FORMA COMBINED BALANCE SHEET (UNAUDITED)
MARCH 31 2008

 

 

Historical

 

Historical

 

Pro Forma

 

Pro Forma

 

 

AOPM

 

Origin Orbit

 

Adjustments(1)

 

Combined

 

 

---------------

 

---------------

 

----------------------

 

---------------

                 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

                  991

$

         1,199,576

 

 

$

         1,200,567

Restricted cash

 

                    -   

 

           712,352

 

 

 

           712,352

Accounts receivable, net

 

                    -   

 

           633,332

 

 

 

           633,332

Inventories

 

                    -   

 

         1,508,573

 

 

 

         1,508,573

Deposit, prepayment and other current assets

 

                    -   

 

         7,570,874

 

 

 

         7,570,874

Refundable investment deposit

 

                    -   

 

           213,706

 

 

 

           213,706

Investment income receivable

 

                    -   

 

             95,334

 

 

 

             95,334

 

 

 

 

 

 

 

 

 

Total current assets

 

                  991

 

       11,933,747

 

 

 

       11,934,738

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

 

 

 

Deferred income tax assets

 

                    -   

 

49,249

 

 

 

             49,249

Goodwill

 

                    -   

 

58,955

 

 

 

             58,955

Available-for-sale securities

 

                    -   

 

3,332,397

 

 

 

         3,332,397

Investment deposit

 

                    -   

 

433,110

 

 

 

           433,110

Deposits for buildings, machinery and equipment

 

                    -   

 

2,497,195

 

 

 

         2,497,195

Buildings, machinery and equipment, net

 

                    -   

 

3,580,067

 

 

 

         3,580,067

 

 

 

 

 

 

 

 

 

    Total other assets

 

                    -   

 

9,950,973

 

 

 

         9,950,973

 

 

 

 

 

 

 

 

 

Total assets

$

                  991

$

       21,884,720

 

 

$

       21,885,711

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Short term secured bank loan

$

                    -   

$

           712,352

 

 

 

           712,352

Accounts payable

 

                    -   

 

         1,248,126

 

 

 

         1,248,126

Other payables and accruals

 

               1,121

 

         5,461,168

 

 

 

         5,462,289

Income tax payable

 

                    -   

 

           814,385

 

 

 

           814,385

Due to related parties

 

             38,897

 

                    -   

 

 

 

             38,897

 

 

 

 

 

 

 

 

 

Total non-current liabilities

 

             40,018

 

         8,236,031

 

 

 

         8,276,049

 

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

 

 

Long-term payables

 

                    -   

 

         8,172,458

 

 

 

         8,172,458

 

 

 

 

 

 

 

 

 

Total liabilities

 

             40,018

 

       16,408,489

 

 

 

       16,448,507

 

 

 

 

 

 

 

 

 

MINORITY INTERESTS

 

                    -   

 

           216,296

 

 

 

           216,296

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Common stock

 

                    61

 

                     1

 

               58

(2)

                  120

Additional paid-in capital

 

             17,629

 

         3,432,801

 

(56,775)

(2)

         3,393,655

Statutory reserves

 

                    -   

 

           169,932

 

 

 

           169,932

Accumulated other comprehensive income

 

                    -   

 

           100,991

 

 

 

           100,991

(Accumulated deficit) retained earning

 

            (56,717)

 

         1,556,210

 

         56,717

(2)

         1,556,210

 

 

 

 

 

 

 

 

 

Total stock holders' (deficit) equity

 

            (39,027)

 

         5,259,935

 

 

 

         5,220,908

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

                  991

$

       21,884,720

 

 

 

       21,885,711

 


ACROPOLIS PRECIOUS METALS INC.
Successor to Origin Orbit Green Resource Company, Ltd
PRO FORMA INCOME STATEMENT.

FOR THE THREE MONTHS ENDED MARCH 31 2008

 

Historical

 

Historical

 

Pro Forma

 

Pro Forma

 

AOPM

 

Origin Orbit

 

Adjustments

(1)

Combined

 

---------------

 

---------------

 

----------------------

---------------

 

 

 

 

 

 

 

 

REVENUE

                    -   

 

       12,231,674

 

 

 

       12,231,674

 

 

 

 

 

 

 

 

COST OF SALES

                    -   

 

     (10,713,634)

 

 

 

     (10,713,634)

 

 

 

 

 

 

 

 

GROSS PROFIT

                    -   

 

         1,518,040

 

 

 

         1,518,040

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

Selling expenses

                    -   

 

          (774,497)

 

 

 

          (774,497)

General and administrative expenses

              (3,312)

 

          (181,461)

 

 

 

          (184,773)

 

 

 

 

 

 

 

 

TOTAL OPERATING EXPENSES

              (3,312)

 

          (955,958)

 

 

 

          (959,270)

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

              (3,312)

 

           562,082

 

 

 

           558,770

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

Investment income

                    -   

 

             74,590

 

 

 

             74,590

Other income (expenses), net

                    -   

 

                  765

 

 

 

                  765

Finance costs, net

                    -   

 

              (5,175)

 

 

 

              (5,175)

 

 

 

 

 

 

 

 

TOTAL OTHER INCOME (EXPENSES)

                    -   

 

             70,180

 

 

 

             70,180

 

 

 

 

 

 

 

 

(LOSS) INCOME BEFORE INCOME TAXES

              (3,312)

 

           632,262

 

 

 

           628,950

 

 

 

 

 

 

 

 

INCOME TAXES

                    -   

 

          (148,862)

 

 

 

          (148,862)

 

 

 

 

 

 

 

 

(LOSS) INCOME BEFORE MINORITY INTERESTS

              (3,312)

 

           483,400

 

 

 

           480,088

 

 

 

 

 

 

 

 

MINORITY INTERESTS

                    -   

 

                  706

 

 

 

                  706

 

 

 

 

 

 

 

 

NET (LOSS) INCOME

              (3,312)

 

           484,106

 

 

 

           480,794

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

-Basic and diluted

 

 

               0.047

(2)

 

               0.040

 

 

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

 

 

 

-Basic and diluted

 

 

       10,389,231

(3)

 

       12,000,000

             

 

ACROPOLIS PRECIOUS METALS INC.

Successor to Origin Orbit Green Resource Company, Ltd.

PRO FORMA INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31 2007

 

 

 

 

 

 

 

 

 

Historical

 

Historical

 

Pro Forma

 

Pro Forma

 

AOPM

 

Origin Orbit

 

Adjustments

(1)

Combined

 

---------------

 

---------------

 

----------------------

---------------

 

 

 

 

 

 

 

 

REVENUE

                      -

 

       38,502,350

 

 

 

       38,502,350

 

 

 

 

 

 

 

                      -

COST OF SALES

                      -

 

     (34,471,783)

 

 

 

     (34,471,783)

 

 

 

 

 

 

 

 

GROSS PROFIT

                      -

 

         4,030,567

 

 

 

         4,030,567

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

Exploration costs

              (3,152)

 

                      -

 

 

 

              (3,152)

Selling expenses

                      -

 

       (1,762,422)

 

 

 

       (1,762,422)

General and administrative expenses

            (46,326)

 

          (638,031)

 

 

 

          (684,357)

 

 

 

 

 

 

 

 

TOTAL OPERATING EXPENSES

            (49,478)

 

       (2,400,453)

 

 

 

       (2,449,931)

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

            (49,478)

 

         1,630,114

 

 

 

         1,580,636

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

Investment income

                      -

 

           214,290

 

 

 

           214,290

Other income (expenses), net

                      -

 

           178,654

 

 

 

           178,654

Finance costs, net

                      -

 

            (48,925)

 

 

 

            (48,925)

 

 

 

 

 

 

 

 

TOTAL OTHER INCOME (EXPENSES)

                      -

 

           344,019

 

 

 

           344,019

 

 

 

 

 

 

 

 

(LOSS) INCOME BEFORE INCOME TAXES

            (49,478)

 

         1,974,133

 

 

 

         1,924,655

 

 

 

 

 

 

 

 

INCOME TAXES

                      -

 

          (731,269)

 

 

 

          (731,269)

 

 

 

 

 

 

 

 

INCOME BEFORE MINORITY INTERESTS

            (49,478)

 

         1,242,864

 

 

 

         1,193,386

 

 

 

 

 

 

 

 

MINORITY INTERESTS

                      -

 

                (537)

 

 

 

                (537)

 

 

 

 

 

 

 

 

NET INCOME

            (49,478)

 

         1,242,327

 

 

 

         1,192,849

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

- Basic and diluted

 

 

               0.120

(2)

 

               0.099

 

 

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

 

 

 

- Basic and diluted

 

 

       10,389,231

(3)

 

       12,000,000

 

 

 

 

 

 

 

 

 

 


Notes to Unaudited Pro Forma condensed Financial Statements

(1)

Because Origin Orbit's former owner has the majority voting rights in the combined entity and Origin Orbit's senior management has been appointed to represent the majority of the senior management of the combined entity following the Share Exchange, the Share Exchange is deemed to be a reverse acquisition. In accordance with the Accounting and Financial Reporting Interpretations and Guidance prepared by the staff of the U.S.

Securities and Exchange Commission, Acropolis Precious Metals Inc. ("AOPM", the legal acquirer) is considered the accounting acquiree and Origin Orbit (the legal acquiree) is considered the accounting acquirer. The consolidated financial statements of the combined entity will in substance be those of Origin Orbit, with the assets and liabilities, and revenue and expenses, of AOPM being included effective from the date of consummation of the Share Exchange.

AOPM is deemed to be a continuation of the business of Origin Orbit. The outstanding stock of Origin Orbit prior to the Share Exchange will be accounted for at their net book value and no goodwill will be recognized.

(2)

The historical earnings per share is computed based on the historical income of Origin Orbit as Origin Orbit is considered the accounting acquirer and thus the predecessor.

(3)

The weighted average number of share used for computing the historical earnings per share is based on the number of shares owned by Origin Orbit's former owner as a result of the reverse acquisition of Origin Orbit by AOPM.