EX-99 2 couv_ex991.htm EX-99 couv_ex991
 
  Exhibit 99.1
 
CORPORATE UNIVERSE AND SUBSIDIARY. 
INDEX TO PRO FORMA FINANCIAL INFORMATION
 
Unaudited Pro Forma Combined Financial Information
of Corporate Universe, Inc. and Oxicon Limited
 
 
 
Page
Unaudited Pro Forma Financial Information
 
2
Unaudited Pro Forma Condensed Combined Balance Sheets as of March 31, 2021
 
3
Unaudited Pro Forma Condensed Combined Statements of Operations for the Three Months Ended March 31, 2021
 
4
Notes to the Unaudited Pro Forma Condensed Combined Financial Statements
 
5

 

 
 
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
 
The unaudited pro forma condensed combined balance sheet presents the historical balance sheets of Corporate Universe, Inc. (“COUV”), and Oxicon Limited (“Oxicon”) as of March 31, 2021 and accounts for the merger of Oxicon with COUV as the accounting acquirer giving effect to the transaction as if it had occurred as of March 31, 2021. On December 10, 2020, the Company signed a Letter of Intent (the “Binding Letter of Intent”) to acquire 100% of the equity interest of Oxicon Limited, an entity incorporated and registered under the laws of England and Wales (Registration Number 06826090), which was formerly known as Solutions for Start Up Ventures Limited (“Solutions”), (the “Acquisition”) the owner of the ongoing business and assets of Zapgo Limited. The consideration for the Acquisition is 100,000,000 shares of newly issued common stock in the Company and 100,000 newly created series of preferred stock (“Series D Preferred Stock”) in the Company which shall be convertible into 60% of the issued and outstanding shares of the Company. Upon signing the Binding Letter of Intent, the Company loaned $100,000.00 (See Note 7) to be forgiven at Closing. As required by the Binding Letter of Intent, the Company also loaned an additional $400,000.00, of which $270,000.00 was an immediate payment of fees owed to the Administrator of Zapgo Limited (the “Administrator”).
 
The Corporate Universe, Inc. balance sheet information was derived from its unaudited balance sheet as of March 31, 2021, whereas the Oxicon Limited balance sheet information was derived from its unaudited balance sheet as of March 31, 2021. The statement of operations information for Corporate Universe, Inc. was based on its unaudited statement of operations for the three months ended March 31, 2021. The statement of operations information for Oxicon Limited was based on its unaudited statement of operations for the three months ended March 31, 2021. The results of operations were combined giving effect to the transaction as if it occurred on January 1, 2021, and reflecting the pro forma adjustments expected to have a continuing impact on the combined results.
 
The unaudited pro forma condensed combined financial statements are for informational purposes only. They do not purport to indicate the results that would have actually been obtained had the acquisitions been completed on the assumed dates or for the periods presented, or that may be realized in the future. Furthermore, while the pro forma financial information reflects transaction costs incurred with the merger on March 31, 2021, the pro forma financial information does not reflect the impact of any reorganization or restructuring expenses or operating efficiencies resulting from the transaction. The unaudited pro forma condensed combined financial statements, including the notes thereto, are qualified in their entirety by reference to, and should be read in conjunction with, the historical financial statements referred to above.
 
 
2
 
CORPORATE UNIVERSE , INC. AND SUBSIDIARY
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS
AS OF MARCH 31, 2021
 
 
 
Corporate Universe, Inc.
 
 
Oxicon Limited
 
 
Pro Forma Adjustments  
 
 
Pro Forma Combined
 
ASSETS
 
 
 
 
 
 
 
     
 
 
 
 
Current assets
 
 
 
 
 
 
 
     
 
 
 
 
Cash
 $651,654 
 $12,181 
 $- 
 $663,835 
Accounts receivable
  - 
  64,370 
  - 
  64,370 
Total current assets
  651,654 
  76,551 
  - 
  728,205 
 
    
    
    
    
Intercompany
  507,935 
  (507,935)
  - 
  - 
Related party advance
  200,000 
  - 
  - 
  200,000 
Investment in Subsidiary
  - 
  - 
  - 
  - 
Investment in Zapgo
  - 
  634,065 
  -(a),(c)
  634,065 
Investment in Medicevo Corp
  430,800 
  - 
  - 
  430,800 
Goodwill
  - 
  - 
  8,674,745(b)
  8,674,745 
                       Total assets
 $1,790,389 
 $202,681 
 $8,674,745 
 $10,667,815 
 
    
    
    
    
LIABILITIES AND STOCKHOLDERS' DEFICIT
    
    
    
    
Current liabilities:
    
    
    
    
           Accounts payable
 $- 
 $277,974 
 $- 
 $277,974 
           Accrued liabilities
  - 
  371,574 
  - 
  371,574 
           Loans payable
  - 
  189,497 
  - 
  189,497 
           Loan payable, administrator/liquidator
  - 
  - 
  - 
  - 
                       Total liabilities
  - 
  839,045 
  - 
  839,045 
 
    
    
    
    
Stockholder's Equity
    
    
    
    
Preferred stock, $0.0001 par value, 1,000,000 shares authorized;
    
    
    
    
   Series E: 81,032 issued and outstanding
  8 
  - 
  - 
  8 
   Series F: 100,000 shares issued and outstanding
  10 
  - 
  - 
  10 
   Series D: 100,000 authorized; 10 shares issued and outstanding
    
    
  10 
  10 
Common stock, $0.0001 par value; 2,500,000,000 shares authorized 590,216,330 issued and outstanding
  48,272 
  138 
  9,862(a),(c)
  58,272 
Common stock to be issued
  750 
  - 
  - 
  750 
Additional paid in capital
  64,161,091 
  558,241 
  8,184,345(a),(b),(c)
  72,903,677 
Accumulated deficit
  (62,419,742)
  (1,194,743)
  480,528 
  (63,614,485)
                       Total stockholders' equity
  1,790,389 
  (636,364)
  8,674,745 
  9,828,770 
Total liabilities and stockholders' equity
  1,790,389 
  202,681 
  8,674,745 
  10,667,815 
 
See notes to the unaudited pro forma condensed combined financial statements
 
 
3
 
 
 
CORPORATE UNIVERSE , INC. AND SUBSIDIARY
UNAUDITED CONDENSED COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2021
 
 
 
Corporate Universe, Inc.
 
 
Oxicon Limited
 
 
Pro Forma Adjustments
 
 
Pro Forma Combined
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 $- 
 $- 
 $- 
 $- 
 
    
    
    
    
Operating expenses
    
    
    
    
Personnel expenses
 $22,497 
 $262,274 
 $- 
 $284,771 
Professional fees
  50,615 
  431,190 
  - 
  481,805 
General and administrative
  15,706 
  10,586 
  - 
  26,292 
Total operating expenses
  88,818 
  704,050 
  - 
  792,868 
 
    
    
    
    
Net operating income (loss)
  (88,818)
  (704,050)
  - 
  (792,868)
 
    
    
    
    
Other income (expenses)
    
    
    
    
Intercompany interest income (expense)
  7,520 
  (7,520)
  - 
  - 
Foreign currency translation adjustment
  - 
  (2,645)
  - 
  (2,645)
Total other income (expense)
  7,520 
  (10,165)
  - 
  (2,645)
 
    
    
    
    
Net income (loss)
 $(81,298)
 $(714,215)
 $- 
 $(795,513)
 
    
    
    
    
 
 $(0.00)
    
    
 $(0.00)
 
    
    
    
    
 
  480,494,108 
    
    
  480,494,108 
 
See notes to the unaudited pro forma condensed combined financial statements

 
4
 
 
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
 
On December 10, 2020, the Company signed a Letter of Intent (the “Binding Letter of Intent”) to acquire 100% of the equity interest of Oxicon Limited, an entity incorporated and registered under the laws of England and Wales (Registration Number 06826090), which was formerly known as Solutions for Start Up Ventures Limited (“Solutions”), (the “Acquisition”) the owner of the ongoing business and assets of Zapgo Limited. The consideration for the Acquisition is 100,000,000 shares of newly issued common stock in the Company and 100,000 newly created series of preferred stock (“Series D Preferred Stock”) in the Company which shall be convertible into 60% of the issued and outstanding shares of the Company.
 
The pro forma adjustments to the March 31, 2021 combined unaudited financial statements include the following:
 
a)
To record the investment in Oxicon Limited in the amount of $8,752,596.
 
b)
To record goodwill arising from the acquisition in the amount of $8,674,745.
 
c)
To eliminate the Investment in Oxicon Limited and associated equity accounts.
 
 
5
 
 
The fair value of the assets and liabilities of Oxicon Limited were equal to their book values. As such there was no purchased differential. The following is the calculation of goodwill (gain on bargain purchase)
 
Purchase price
 $8,752,596 
Less: net book value of assets
  (77,851)
Excess purchase price
  8,674,745 
Fair value adjustments
  - 
Excess purchase price after adjustments
  8,674,745 
Goodwill
  8,674,745 
 
Entry #1 as follows:
 
 
 
Debit
 
 
Credit
 
Investment in Oxicon
  8,752,596 
  -(a)
Additional Paid-In Capital
  - 
  8,742,586(a)
Series D Preferred Stock
  - 
  10(a)
Common stock
  - 
  10,000(a)
 
Entry #2 as follows:
 
 
 
Debit
 
 
Credit
 
Goodwill
  8,674,745 
  -(b)
Additional Paid-In Capital
    
  8,674,745(b)
 
Entry #3 as follows:
 
 
 
Debit
 
 
Credit
 
Investment in Oxicon
  - 
  8,752,596(c)
Additional Paid-In Capital
  9,232,986 
  -(c)
Accumulated deficit
    
  480,528(c)
Common stock
  138 
  -(c)
 
 
6