EX-99.3 6 mirage_ex993.htm UNAUDITED PRO FORMA bridge_ex993.htm

Exhibit 99.3

 

MIRAGE ENERGY CORPORATION

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

 

The following unaudited pro forma combined financial statements give effect to the reverse acquisition transaction (the "Transaction") between Mirage Energy Corporation. (the “Company”, “Mirage”, “we”, “us”, “our”) and 4Ward Resources, Inc. (“4Ward Resources”).

 

 

 

 

 

 

 
 
Table of Contents

 

MIRAGE ENERGY CORPORATION  

Unaudited Pro Forma Condensed Combined Financial Statements 

October 31, 2016 

 

 

 

Index

 

 

 

 

 

Unaudited Pro Forma Condensed Combined Balance Sheet as at October 31, 2016

 

PF-1

 

 

 

 

 

Unaudited Pro Forma Condensed Combined Statement of Operations for the Three Months Ended October 31, 2016

 

PF-2

 

 

 

 

 

Unaudited Pro Forma Condensed Combined Statement of Operations for the Year Ended July 31, 2016

 

PF-3

 

 

 

 

 

Notes to Unaudited Pro Forma Condensed Combined Financial Statements

 

PF-4

 

 
 
 
Table of Contents

MIRAGE ENERGY CORPORATION 

Unaudited Pro Forma Condensed Combined Balance Sheet 

As at October 31, 2016 

 

 

 

Historical

 

 

 

 

 

 

 

Mirage Energy Corporation

 

 

4Ward Resources, Inc.

 

 

Pro Forma Adjustments

 

 

Pro Forma Combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

 $ 2,667

 

 

 $ 15,971

 

 

 $ -

 

 

 $ 18,638

 

Loans Receivable - Officer

 

 

 -

 

 

 

 22,409

 

 

 

 -

 

 

 

 22,409

 

Accounts Receivable

 

 

 1,713

 

 

 

 -

 

 

 

 -

 

 

 

 1,713

 

Salary Advances

 

 

 -

 

 

 

 30,000

 

 

 

 -

 

 

 

 30,000

 

Prepaid Expenses

 

 

 -

 

 

 

 11,237

 

 

 

 -

 

 

 

 11,237

 

Total Current Assets

 

 

 4,380

 

 

 

 79,617

 

 

 

 -

 

 

 

 83,997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 

 -

 

 

 

 107,922

 

 

 

 -

 

 

 

 107,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Assets

 

 

 -

 

 

 

 6,920

 

 

 

 -

 

 

 

 6,920

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

 $ 4,380

 

 

 $ 194,459

 

 

 $ -

 

 

 $ 198,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDER'S (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Payable, Related Party

 

 $ -

 

 

 $ 135,000

 

 

 $ -

 

 

 $ 135,000

 

Accounts Payable and Accrued Liabilities

 

 

 32,573

 

 

 

 199,135

 

 

 

 -

 

 

 

 231,708

 

Other Payables

 

 

 6,998

 

 

 

 -

 

 

 

 -

 

 

 

 6,998

 

Accrued Salaries Payable, Related Party

 

 

 -

 

 

 

 371,250

 

 

 

 -

 

 

 

 371,250

 

Total Current Liabilities

 

 

 39,571

 

 

 

 705,385

 

 

 

 -

 

 

 

 744,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

 39,571

 

 

 

 705,385

 

 

 

 -

 

 

 

 744,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholder's Equity (Deficit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock, Par Value $0.001, 900,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

shares authorized; 310,000,456 shares issued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and outstanding

 

 

 300,000

 

 

 

 -

 

 

 

 10,000

 

 

 

 310,000

 

Preferred Stock, Par Value $0.001, 10,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shares authorized; 10,000,000 shares issued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and outstanding

 

 

 -

 

 

 

 -

 

 

 

 10,000

 

 

 

 10,000

 

Additional Paid-in Capital

 

 

 (228,430 )

 

 

 144,079

 

 

 

 (125,296 )

 

 

 (209,647 )

Accumulated (Deficit)

 

 

 (105,296 )

 

 

 (654,994 )

 

 

 105,296

 

 

 

 (654,994 )

Accumulated Other, Comprehensive Loss

 

 

 (1,465 )

 

 

 (11 )

 

 

 -

 

 

 

 (1,476 )

Total Stockholder's (Deficit)

 

 

 (35,191 )

 

 

 (510,926 )

 

 

 -

 

 

 

 (546,117 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholder's (Deficit)

 

 $ 4,380

 

 

 $ 194,459

 

 

 $ -

 

 

 $ 198,839

 

 

See notes to the unaudited pro forma condensed combined financial statements 

 
 

PF-1

Table of Contents

 

MIRAGE ENERGY CORPORATION 

Unaudited Pro Forma Condensed Combined Statement of Operations    

Three Months Ended October 31, 2016 

 

 

 

Historical

 

 

 

 

 

 

 

 

 

Mirage Energy Corporation

 

 

4Ward Resources, Inc.

 

 

Pro Forma Adjustments

 

 

Pro Forma

Combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 $ 1,969

 

 

 $ -

 

 

 $ -

 

 

 $ 1,969

 

Cost of Goods Sold

 

 

 2,061

 

 

 

 -

 

 

 

 -

 

 

 

 2,061

 

Gross loss

 

 

 (92 )

 

 

 -

 

 

 

 -

 

 

 

 (92 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and Administrative

 

 

 2,129

 

 

 

 190,926

 

 

 

 -

 

 

 

 193,055

 

Professional Fees

 

 

 19,485

 

 

 

 14,488

 

 

 

 -

 

 

 

 33,973

 

Total Operating Expenses

 

 

 21,614

 

 

 

 205,414

 

 

 

 -

 

 

 

 227,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from Operations

 

 

 (21,706 )

 

 

 (205,414 )

 

 

 -

 

 

 

 (227,120 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 -

 

 

 

 1,029

 

 

 

 -

 

 

 

 1,029

 

Total Other Expense

 

 

 -

 

 

 

 1,029

 

 

 

 -

 

 

 

 1,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before Income Taxes

 

 

 (21,706 )

 

 

 (206,443 )

 

 

 -

 

 

 

 (228,149 )

Income Tax Recovery

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

Income Tax Expense

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 (21,706 )

 

 

 (206,443 )

 

 

 -

 

 

 

 (228,149 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Translation Adjustments

 

 

 457

 

 

 

 -

 

 

 

 -

 

 

 

 457

 

Total Comprehensive Income

 

 $ (21,249 )

 

 $ (206,443 )

 

 $ -

 

 

 $ (227,692 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss per Common Share

 

 $ (0.00 )

 

 

 

 

 

 

 

 

 

 $ (0.00 )

Outstanding

 

 

 300,000,456

 

 

 

 

 

 

 

 10,000,000

 

 

 

 310,000,456

 

 

See notes to the unaudited pro forma condensed combined financial statements 

 

 

PF-2

Table of Contents

 

MIRAGE ENERGY CORPORATION 

Unaudited Pro Forma Condensed Combined Statement of Operations 

Year Ended July 31, 2016 

 

 

 

Historical

 

 

 

 

 

 

 

 

 

Mirage Energy Corporation

 

 

4Ward Resources, Inc.

 

 

Pro Forma Adjustments

 

 

Pro Forma

Combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 $ 28,560

 

 

 $ -

 

 

 $ -

 

 

 $ 28,560

 

Cost of Goods Sold

 

 

 24,335

 

 

 

 -

 

 

 

 -

 

 

 

 24,335

 

Gross Profit

 

 

 4,225

 

 

 

 -

 

 

 

 -

 

 

 

 4,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and Administrative

 

 

 12,411

 

 

 

 397,639

 

 

 

 -

 

 

 

 410,050

 

Professional Fees

 

 

 27,800

 

 

 

 12,155

 

 

 

 -

 

 

 

 39,955

 

Total Operating Expenses

 

 

 40,211

 

 

 

 409,794

 

 

 

 -

 

 

 

 450,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from Operations

 

 

 (35,986 )

 

 

 (409,794 )

 

 

 -

 

 

 

 (445,780 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 -

 

 

 

 867

 

 

 

 -

 

 

 

 867

 

Total Other Expense

 

 

 -

 

 

 

 867

 

 

 

 -

 

 

 

 867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before Income Taxes

 

 

 (35,986 )

 

 

 (410,661 )

 

 

 -

 

 

 

 (446,647 )

Income Tax Recovery

 

 

 10,000

 

 

 

 -

 

 

 

 -

 

 

 

 10,000

 

Income Tax Expense

 

 

 (1,067 )

 

 

 -

 

 

 

 -

 

 

 

 (1,067 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 (27,053 )

 

 

 (410,661 )

 

 

 -

 

 

 

 (437,714 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Translation Adjustments

 

 

 (568 )

 

 

 (11 )

 

 

 -

 

 

 

 (579 )

Total Comprehensive Loss

 

 $ (27,621 )

 

 $ (410,672 )

 

 $ -

 

 

 $ (438,293 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss per Common Share

 

 $ (0.00 )

 

 

 

 

 

 

 

 

 

 $ (0.00 )

Outstanding

 

 

 300,000,456

 

 

 

 

 

 

 

 10,000,000

 

 

 

 310,000,456

 

 

See notes to the unaudited pro forma condensed combined financial statements 

  
 

PF-3

Table of Contents

 

MIRAGE ENERGY CORPORATION
Notes to the Unaudited Pro Forma Condensed Combined Financial Statements

 

1. Basis of Presentation

 

These unaudited pro forma condensed combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") and are expressed in US dollars. These unaudited pro forma condensed combined financial statements do not contain all of the information required for annual financial statements. Accordingly, they should be read in conjunction with the most recent annual financial statements of Mirage Energy Corporation (Formerly Bridgewater Platforms, Inc.) ("MEC") and 4Ward Resources, Inc. ("4WR").

 

These unaudited pro forma condensed combined financial statements have been compiled from and include:

 

(a) an unaudited pro forma condensed combined balance sheet combining the unaudited consolidated balance sheet of MEC as at October 31, 2016, with the unaudited balance sheet of 4WR as at October 31, 2016, giving effect to the transaction as if it occurred on October 31, 2016; and

 

(b) an unaudited pro forma condensed combined statement of operations combining the unaudited consolidated statement of operations of MEC for the three months ended October 31, 2016, with the unaudited statement of operations of 4WR for the three months ended October 31, 2016, giving effect to the transaction as if it occurred on August 1, 2016; and

 

(c) an unaudited pro forma condensed combined statement of operations combining the audited consolidated statement of operations of MEC for the year ended July 31, 2016, with the audited statement of operations of 4WR for the year ended July 31, 2016, giving effect to the transaction as if it occurred on August 1, 2015.

 

The unaudited pro forma condensed combined financial statements have been compiled using the significant accounting policies as set out in the audited consolidated financial statements of MEC and audited financial statements of 4WR for the year ended July 31, 2016. The unaudited pro forma condensed combined financial statements should be read in conjunction with the historical financial statements and notes thereto of MEC and 4WR.

 

It is management's opinion that these pro forma condensed combined financial statements include all adjustments necessary for the fair presentation, in all material respects, of the proposed transaction described above in accordance with US GAAP applied on a basis consistent with MEC 's accounting policies. No adjustments have been made to reflect potential cost savings that may occur subsequent to completion of the transaction. The pro forma condensed combined statement of operations does not reflect non-recurring charges or credits directly attributable to the transaction, of which none are currently anticipated.

 

The unaudited pro forma condensed combined financial statements are presented for informational purposes. The pro forma information is not necessarily indicative of what the financial position or results of operations actually would have been had the transaction been completed at the dates indicated. In addition, the unaudited pro forma condensed combined financial information does not purport the future financial position or operating results of the combined company after completion of the merger.

 

2. Pro Forma Adjustments

 

The unaudited pro forma condensed combined financial statements incorporate the following pro forma adjustment:

 

(a) The transaction has been accounted for as a reverse merger and recapitalization with 4WR identified as the accounting acquirer for financial reporting purposes. The pro forma adjustment reflects the issuance of 10,000,000 shares of common stock and 10,000,000 shares of Class A preferred stock.

 

 

 PF-4