EX-99.1 2 a18-22003_1ex99d1.htm EX-99.1

Exhibit 99.1

 

ContraVir Pharmaceuticals, Inc.

Unaudited Pro Forma Condensed Consolidated Balance Sheet

As of June 30, 2018

 

 

 

Historical

 

Pro Forma
Adjustments

 

 

 

Pro Forma

 

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash

 

$

2,580,356

 

$

10,126,000

 

(1)

 

$

12.706,356

 

Prepaid expenses

 

146,925

 

 

 

 

146,925

 

Deferred financing fees

 

13,781

 

 

 

 

13,781

 

Total current assets

 

2,741,062

 

10,126,000

 

 

 

12,867,062

 

Property and equipment, net

 

41,716

 

 

 

 

41,716

 

In process research and development

 

3,190,000

 

 

 

 

3,190,000

 

Goodwill

 

1,870,924

 

 

 

 

1,870,924

 

Other assets

 

131,539

 

 

 

 

131,539

 

Total assets

 

$

7,975,241

 

$

10,126,000

 

 

 

$

18,101,241

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity\(Deficit)

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,079,313

 

$

 

 

 

$

2,079,313

 

Accrued liabilities

 

920,322

 

 

 

 

920,322

 

Convertible debt

 

2,000,000

 

 

 

 

2,000,000

 

Total current liabilities

 

4,999,635

 

 

 

 

4,999,635

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

3,220,000

 

 

 

 

3,220,000

 

Deferred tax liability

 

360,700

 

 

 

 

360,700

 

Deferred rent liability

 

7,406

 

 

 

 

7,406

 

Derivative financial instruments at estimated value - warrants

 

139,017

 

4,798,573

 

(1)

 

4,937,590

 

Total liabilities

 

8,726,758

 

4,798,573

 

 

 

13,525,331

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ (deficit)/equity

 

 

 

 

 

 

 

 

 

Convertible preferred stock, par value $0.0001 per share. Authorized 20,000,000 shares

 

 

 

 

 

 

Series A convertible preferred stock, stated value $10.00 per share, 85,581 shares issued and outstanding at June 30, 2018

 

855,808

 

 

 

 

855,808

 

Series C convertible preferred stock, stated value $1,000 per share. 10,826 shares issued and outstanding at June 30, 2018.

 

 

5.327,427

 

(1)

 

5.327,427 

 

Common stock, par value of $.0001 per share. Authorized 120,000,000 shares, 10,692,174 issued and outstanding at June 30, 2018.

 

1,069

 

 

 

 

1,069

 

Additional paid-in capital

 

72,125,806

 

 

 

 

72,125,806

 

Accumulated deficit

 

(73,734,200

)

 

 

 

(73,734,200

)

Total stockholders’ (deficit)/equity

 

(751,517

)

5.327,427

 

 

 

4.575,910

 

Total liabilities and stockholders’ equity

 

$

7,975,241

 

$

10,126,000

 

 

 

$

18,101,241

 

 


(1) — On July 3, 2018, the Company completed a rights offering pursuant to its effective registration statement on Form S-1, as amended. The Company received net proceeds of $10.1 million after broker\dealer fees. Pursuant to the Rights Offering, the Company sold an aggregate of 10,826 units consisting of an aggregate 10,826 shares of Series C Preferred Stock and 6,223,204 warrants, with each warrant exercisable for one share of Common Stock at an exercise price of $1.55 per share. The Company evaluated the accounting for the warrants under ASC Topic 480, Distinguishing Liabilities from Equity, as well as ASC Topic 815, Derivatives and Hedging and determined that the warrants should be classified as a derivative liability totaling approximately $4.8 million.