EX-99.3 4 ex99-3.htm

 

Exhibit 99.3

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Unaudited Pro Forma Condensed Consolidated Balance Sheets

 

   GTII   Bronx Family       Proforma Combined 
   September 30   September 30,   Proforma   September 30, 
   2021   2021   Adjustments   2021 
                 
ASSETS                
CURRENT ASSETS                    
Cash and cash equivalents  $295,083   $220,909   $-   $515,992 
Accounts receivable   -    129,710    -    129,710 
Receivables-related party   -    169,027    -    169,027 
Marketable securities   195,000    -    -    195,000 
                     
Total Current Assets   490,083    519,646    -    1,009,729 
                     
PROPERTY AND EQUIPMENT (NET)   2,143    126,043    -    128,186 
                     
OTHER ASSETS                    
Inventory   -    54,706    -    54,706 
Security deposit   -    56,000    -    56,000 
Goodwill   -    -    6,489,868(a)   6,489,868 
Fine art   67,845    -    -    67,845 
License   3,958    -    -    3,958 
                     
TOTAL ASSETS  $564,029   $756,395   $6,489,868   $7,810,292 
                     
LIABILITIES AND STOCKHOLDERS’ DEFICIT                    
                     
CURRENT LIABILITIES                    
Accounts payable and accrued expenses  $1,210,007   $126,763    -   $1,336,770 
Accrued interest payable   376,007    -    -    376,007 
Notes payable in default   871,082    -    -    871,082 
Due to officers and directors   83,883    -    -    83,883 
Notes payable   200,000    -    -    200,000 
Stock deposits   490,000    -    -    490,000 
                     
Total Current Liabilities   3,230,979    126,763         3,357,742 
                     
LONG-TERM LIABILITIES                    
                     
Notes payable-long term   -    150,000    -    150,000 
Total Long-Term Liabilities   -    150,000         150,000 
                     
Total Liabilities   3,230,979    276,763    -    3,507,742 
                     
STOCKHOLDERS’ (DEFICIT)                    
Preferred Stock, par value $.001, 50,000 authorized, 1,000 issued   1    -    -    1 
Common stock, par value $0.001 per share, 550,000,000 shares authorized; 246,722,140 and 236,572,140 issued and outstanding, respectively   246,722    200    2,450(a)   249,372 
Additional paid-in-capital   229,725,779    -    6,486,786(a)   236,212,565 
Retained (Deficit)   (232,639,452)   479,432   632(a)   (232,159,388)
                     
Total Stockholders’ (Deficit)   (2,666,950)   479,632    6,489,868    4,302,550 
                     
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT)  $564,029   $756,395   $6,489,868   $7,810,292 

 

 

 

 

GLOBAL TECH INDUSTRIES GROUP, INC.

Unaudited Pro Forma Consdensed Consolidated Statements of Operations

 

   GTII   Bronx Family       Proforma 
   September 30,   September 30,   Proforma   September 30, 
   2021   2021   Adjustments   2021 
                 
                 
REVENUES, net  $-   $2,490,966   $-   $2,490,966 
                     
COST OF SALES, net   -    535,718    -    535,718 
                     
GROSS PROFIT/(LOSS)   -    1,955,248    -    1,955,248 
                     
OPERATING EXPENSES                    
                     
General and administrative   258,526    1,475,184         1,733,710 
Compensation and professional fees   3,860,868    -    -    3,860,868 
Charitable donations   540,113    -    -    540,113 
Depreciation   1,845    -    -    1,845 
                     
Total Operating Expenses   4,661,352    1,475,184         6,136,536 
                     
OPERATING INCOME (LOSS)   (4,661,352)   480,064         (4,181,288)
                     
OTHER INCOME (EXPENSES)                    
                     
Gain/(Loss) on sale of marketable securities   164,000    -    -    164,000 
Interest expense   (49,111)   -    -    (49,111)
                   - 
Total Other Income (Expenses)   114,889    -    -    114,889 
                     
INCOME (LOSS) BEFORE INCOME TAXES   (4,546,463)   480,064         (4,066,399)
                     
INCOME TAX EXPENSE   -    -    -    - 
                     
NET LOSS  $(4,546,463)  $480,064        $(4,066,399)
                     
OTHER COMPREHENSIVE INCOME   -    -    -    - 
                     
COMPREHENSIVE LOSS  $(4,546,463)  $480,064        $(4,066,399)
                     
BASIC AND DILUTED LOSS PER SHARE  $(0.02)   2,400.32        $(0.02)
                     
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED   234,303,915    200    2,649,800(b)   236,953,915 

 

 

 

 

Global Tech Industries Group, Inc.

 

Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements

 

1. ORGANIZATION AND BASIS OF PRESENTATION

 

On April 1, 2021, Global Tech Industries Group, Inc. (‘us”, “Public Co”, or “the Company”) acquired 100% equity interest in Bronx Family Eye Care, Inc. (“BRONX”), a New York corporation for purchase consideration of $6,969,500, payable in common stock of the company through the issuance of 2,650,000 shares (but subject to certain conditions being met by BRONX prior to closing. On December 30, 2021 the conditions were met and the share transfer agreement became effective.

 

The purchase price for BRONX was allocated to the fair value of the common stock issued by the Company. tangible assets acquired and liabilities assumed, customer lists, pharmaceutical formulas, and other intangible assets. All tangible assets acquired and liabilities assumed are recorded using the historical cost basis. The excess of the purchase price over the fair value of the net assets was allocated to goodwill.

 

The unaudited pro forma condensed consolidated financial statements (“pro forma statements”) have been compiled from and include the pro forma statements of income for the nine months ended September 30, 2021, give effect to the business combination of BRONX, as if it had occurred at the beginning of the period presented. The unaudited pro forma condensed consolidated balance sheet combining the balance sheet of Public Co as of September 30, 2021 with balance sheet of BRONX as of September 30, 2021, as if the business combination had occurred on that date. This pro forma statement does not contain all the information required for annual financial statements. Accordingly, it should be read in conjunction with the most recent annual and interim financial statements of the Company.

 

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 statement information has been provided for informational purposes only and should not be considered indicative of the Company’s financial position or results of operations. In addition, the unaudited pro forma financial statement information does not purport to represent the future financial position or results of operations of the Company.

 

It is management's opinion that this unaudited pro forma financial statement includes all adjustments necessary for the fair presentation of the proposed transaction in accordance with US GAAP. The pro forma statement is not intended to reflect the financial position of the Company which would have actually resulted had the proposed transaction been effected on the dates indicated.

 

2. Pro-forma Adjustments

 

The pro forma statement incorporates the following pro forma adjustments:

 

(a) The adjustment reflects the value of the share issuance of 2,650,000 shares of the Company to the shareholders of BRONX, as if the acquisition occurred on April 1, 2021. In addition, the adjustments also eliminate the original capitalization and retained earnings of BRONX, and records goodwill for the excess in common stock value over net asset value.

 

(b) The adjustments reflect the effect on basic and diluted earnings per share for combining BRONX net income for the period presented.