Exhibit 99.2
VISTA EXPLORATION CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
Attached are the historical audited financial statements of ICOP Digital, Inc.
("ICOP") for the acquisition of ICOP by Vista Exploration Corporation ("Vista"),
(formerly Bail Corporation). The unaudited pro forma consolidated financial
statements have been prepared utilizing the historical financial statements of
Vista. The unaudited pro forma consolidated financial statements should be read
in conjunction with the historical financial statements of Vista and the
attached historical financial statements of ICOP.
The following unaudited pro forma consolidated statements of operations for the
year ended March 31, 2003 and the six months ended September 30, 2003, and the
unaudited pro forma consolidated balance sheet as of September 30, 2003 give
effect to the acquisition of ICOP including the related pro forma adjustments
described in the notes thereto. The unaudited pro forma consolidated statements
of operations for the year ended March 31, 2003 and for the six months ended
September 30, 2003 give effect to the acquisition by Vista as if the
acquisition, accounted for as a purchase, had occurred on April 1, 2002 and
2003, respectively. The unaudited pro forma consolidated balance sheet as of
September 30, 2003 gives effect to the acquisition as if it had occurred on
September 30, 2003.
The unaudited pro forma consolidated financial statements may not be indicative
of the results that actually would have occurred if the acquisition had been
effective on the dates indicated or which may be obtained in the future.
F-1
Vista Exploration Corporation
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
- --------------------------------------------------------------------------------
ASSETS
Unaudited
Historical September 30, 2003 Pro Forma
------------------------------- Pro Forma September 30,
Vista ICOP Adjustments 2003
------------- -------------- -------------- --------------
CURRENT ASSETS
Cash $ 43 $ 101,010 $ - $ 101,053
Bond - - -
Accounts receivable - 558,372 - 558,372
Inventories, at cost 567,455 - 567,455
Prepaid expenses - 48,136 48,136
------------- -------------- --------------- ---------------
TOTAL CURRENT ASSETS 43 1,274,973 - 1,275,016
PROPERTY AND EQUIPMENT, NET - 103,603 - 103,603
OTHER ASSETS:
Goodwill - 672,283 672,283
Deposits - 3,000 - 3,000
------------- -------------- --------------- ---------------
TOTAL ASSETS $ 43 $ 2,053,859 $ - $ 2,053,902
============= ============== =============== ===============
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued
expenses $ 172,661 $ 1,807,099 (c)$ (172,661) $ 1,807,099
Unearned revenue - 416,845 - 416,845
Notes payable - related party 31,700 41,033 (c) (31,700) 41,033
Notes Payable 158,697 646,912 (c) (158,697) 646,912
Accrued interest payable 1,258 6,100 (c) (1,258) 6,100
------------- -------------- --------------- ---------------
TOTAL CURRENT LIABILITIES 364,316 2,917,989 (364,316) 2,917,989
------------- -------------- --------------- ---------------
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock - - - -
Common stock 65,119 140,395 (a) (47,219) 158,295
Additional paid-in-capital - 2,485,305 (b) (17,857) 2,387,448
Stock options outstanding 80,000 - (b) (80,000) -
Accumulated Earnings (509,392) (3,489,829) (b) 509,392 (3,489,829)
------------- -------------- --------------- ---------------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (364,273) (864,129) 364,316 (944,086)
------------- -------------- --------------- ---------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT) $ 43 $ 2,053,860 $ - $ 1,973,903
============= ============== =============== ===============
See notes to unaudited pro forma consolidated financial statements.
F-2
Vista Exploration Corporation
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Year Ended March 31, 2003
--------------------------------------------------------------
Pro Forma Unaudited
Vista ICOP Adjustments Pro Forma
------------- -------------- -------------- -------------
REVENUE $ - $ - $ - $ -
EXPENSES
Cost of Sales - - - -
Selling, general and administrative 241,016 358,429 (b) (241,016) 358,429
Research and development - 178,003 - 178,003
Interest, net 379 1,183 (b) (379) 1,183
------------- -------------- -------------- -------------
TOTAL EXPENSES 241,395 537,615 (241,395) 537,615
------------- -------------- -------------- -------------
------------- -------------- -------------- -------------
OPERATING INCOME (LOSS) (241,395) (537,615) 241,395 (537,615)
Provision for income taxes - - - -
------------- -------------- -------------- -------------
Net Income (Loss) $ (241,395) $ (537,615) $ 241,395 $ (537,615)
============= -------------- -------------- -------------
Net Income per common share $ (0.03)
=============
Weighted Average Shares Outstanding 17,754,705
=============
See notes to unaudited pro forma consolidated financial statements.
F-3
Vista Exploration Corporation
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Six Months Ended September 30, 2003
------------------------------------------------------------------
Pro Forma Unaudited
Vista ICOP Adjustments Pro Forma
------------- -------------- -------------- ---------------
REVENUE $ - $ 2,109,041 (b) $ - $ 2,109,041
EXPENSES
Cost of Sales - 1,716,083 - 1,716,083
Selling, general and administrative 14,163 915,850 (b) (14,163) 915,850
Research and development - 1,420,353 - 1,420,353
Interest, net 944 26,601 (b) (944) 26,601
------------- -------------- -------------- ---------------
TOTAL EXPENSES 15,107 4,078,887 (15,107) 4,078,887
------------- -------------- -------------- ---------------
OPERATING INCOME (LOSS) (15,107) (1,969,845) 15,107 (1,969,845)
Provision for income taxes - 2,553 - 2,553
------------- -------------- -------------- ---------------
Net Income (Loss) $ (15,107) $ (1,967,292) $ 15,107 $ (1,967,292)
============= -------------- -------------- ---------------
Net Income per common share $ (0.13)
===============
Weighted Average Shares Outstanding 15,729,500
===============
See notes to unaudited pro forma consolidated financial statements.
F-4
VISTA EXPLORATION CORPORATION
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Acquisition of ICOP
On December 31, 2003, Vista entered into an agreement to acquire 100% of ICOP in
a stock exchange. As a result, Vista exchanged approximately 14,039,500 shares
of its stock for all the issued and outstanding common stock of ICOP and granted
options to purchase another 2,500,000 shares of common stock at a price of $1.00
per share to replace outstanding options of ICOP. The shares issued represent
approximately 89% of the total shares outstanding after the transaction;
therefore this transaction will be recorded as a reverse acquisition. The
historical operating results of Vista will be replaced by the historical
operating results of ICOP, as if ICOP was the acquiring company and the
continuing operating company.
This transaction occurred on January 13, 2004. Vista (previously known as Bail
Corporation) had operated in the oil and gas industry. It had incurred
significant operating losses and had discontinued operations earlier in 2003. In
conjunction with the acquisition, Vista received $300,000 from the sale of
600,000 shares of common stock, which was used to pay or settle all liabilities
of the company. In addition, shareholders of Vista cancelled 500,000 shares of
common stock and all outstanding options for the purchase of common stock..
The unaudited pro forma adjustments are as follows:
a. To record the common stock issued in conjunction with the acquisition
of ICOP.
b. To record elimination of pre-acquisition operating results of Vista.
c. Record sale of common stock and repayment or settlement of all
existing liabilities.
F-5
