Exhibit 99(i)
ASIA8, INC.
(A Development Stage Company)
PRO FORMA CONSOLIDATED
FINANCIAL STATEMENTS
March 31, 2007
Unaudited - Prepared by Management
The information presented below is for informational purposes only and is not necessarily indicative of the actual results that would have occurred had the acquisition been consummated as at December 31, 2006, nor are they necessarily indicative of future operating results under the ownership and management of the Corporation.
Exhibit 99(i)
ASIA8 |
UNAUDITED CONDENSED COMBINED PRO FORMA BALANCE SHEET |
|
| | | | | | | Furukawa | | Trident | | Atomix | | | | | | | Adjusted |
| | | | | Asia8 | | Cranes | | Tri-Car | | Boats | | | Combined | | Pro Forma | | ProForma |
| | | | | As of March 31, 2007 | | Totals | | Adjustments | | Totals |
ASSETS | | | | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | | |
| Cash | | | $ 9,634 | | $ - | | $ - | | $ - | | | $ 9,634 | | $ - | | $ 9,634 |
| Accounts receivable | - | | - | | - | | - | | | - | | - | | - |
| | Total Current Assets | 9,634 | | - | | - | | - | | | 9,634 | | - | | 9,634 |
Fixed Assets, Net: | 1,148 | | 415,000 | | - | | - | | | 416,148 | | - | | 416,148 |
Other Assets | | | | | | | | | | | | | | |
| Other receivables | 101,500 | | - | | - | | - | | | 101,500 | | - | | 101,500 |
| Deposits | 4,360 | | - | | - | | - | | | - | | - | | - |
| Equity investment | 2,352,268 | | - | | - | | - | | | 2,352,268 | | - | | 2,352,268 |
| Other investments | 6,480 | | - | | - | | - | | | 6,480 | | 224,000 | | 230,480 |
| Notes receivable | 900,000 | | - | | - | | - | | | 900,000 | | - | | 900,000 |
| | Total Other Assets | 3,364,608 | | - | | - | | - | | | 3,364,608 | | 224,000 | | 3,588,608 |
| | TOTAL ASSETS | $ 3,375,390 | | $ 415,000 | | $ - | | $ - | | | $ 3,790,390 | | $ 224,000 | | $ 4,014,390 |
| | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS' | | | | | | | | | | | | | | |
| EQUITY (DEFICIT) | | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | | |
| Accounts payable | $ 6,829 | | $ 128,000 | | $ 65,000 | | $ 96,000 | | | $ 295,829 | | $ - | | $ 295,829 |
| Notes payable | 966,889 | | 415,000 | | - | | - | | | 1,381,889 | | - | | 1,381,889 |
| Notes payable - related party | - | | - | | - | | - | | | - | | - | | - |
| | Total Current Liabilities | 973,718 | | 543,000 | | 65,000 | | 96,000 | | | 1,677,718 | | - | | 1,677,718 |
Long-Term Liabilities: | | | | | | | | | | | | | | |
| Other long-term liabilities | - | | - | | - | | - | | | - | | - | | - |
| | Total Long-Term Payables | - | | - | | - | | - | | | - | | - | | - |
| | Total Liabilities | 973,718 | | 543,000 | | 65,000 | | 96,000 | | | 1,677,718 | | - | | 1,677,718 |
Stockholders' Equity: | | | | | | | | | | | | | | |
| Common stock | 21,169 | | - | | - | | - | | | 21,169 | | - | | 22,569 |
| | | | | | | | | | | | | | - | | 800 | | |
| | | | | | | | | | | | | | - | | 600 | | |
| Additional paid-in capital | 2,913,130 | | - | | - | | - | | | 2,913,130 | | - | | 3,135,730 |
| | | | | | | | | | | | | | | | 127,200 | | |
| | | | | | | | | | | | | | | | 95,400 | | |
| Retained earnings (deficit) | (532,627) | | (128,000) | | (65,000) | | (96,000) | | | (821,627) | | - | | (821,627) |
| | Total Stockholders' Equity | 2,401,672 | | (128,000) | | (65,000) | | (96,000) | | | 2,112,672 | | 224,000 | | 2,336,672 |
TOTAL LIABILITIES AND STOCK- | | | | | | | | | | | | | | |
| HOLDERS' EQUITY (DEFICIT) | $ 3,375,390 | | $ 415,000 | | $ - | | $ - | | | $ 3,790,390 | | $ 224,000 | | $ 4,014,390 |
Exhibit 99(i)
ASIA8, INC. |
UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Pro-Forma |
| | | | | | | Furukawa | | Trident | | Atomix | | | | | | | Adjusted |
| | | | | Asia8 | | Cranes | | Tri-Car | | Boats | | | Combined | | | | Combined |
| | | | | For the Period Ended March 31, 2007 | | Totals | | Adjustments | | Totals |
| | | | | | | | | | | | | | | | | | |
REVENUES | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| Sales revenue | $ - | | $ - | | $ - | | $ - | | | $ - | | $ - | | $ - |
| Other revenue | - | | - | | - | | - | | | - | | - | | - |
| | | | | | | | | | | | | | | | | | |
| | Total Revenues | - | | - | | - | | - | | | - | | - | | - |
| | | | | | | | | | | | | | | | | | |
COST OF SALES | - | | - | | - | | - | | | - | | - | | - |
| | | | | | | | | | | | | | | | | | |
GROSS PROFIT | - | | - | | - | | - | | | - | | - | | - |
| | | | | | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| General and administrative | 16,338 | | 128,000 | | 65,000 | | 96,000 | | | 305,338 | | - | | 305,338 |
| Depreciation and amortization | 382 | | - | | - | | - | | | 382 | | - | | 382 |
| | | | | | | | | | | | | | | | | | |
| | Total Costs and Expenses | 16,720 | | 128,000 | | 65,000 | | 96,000 | | | 305,720 | | - | | 305,720 |
| | | | | | | | | | | | | | | | | | |
| | OPERATING INCOME (LOSS) | (16,720) | | (128,000) | | (65,000) | | (96,000) | | | (305,720) | | - | | (305,720) |
| | | | | | | | | | | | | | | | | | |
OTHER INCOME (EXPENSE) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| Income from equity investment | (87,508) | | - | | - | | - | | | (87,508) | | - | | (87,508) |
| Interest income | 9,016 | | - | | - | | - | | | 9,016.00 | | - | | 9,016 |
| | | | | | | | | | | | | | | | | | |
| | Total Other Income (Expense) | (78,492) | | - | | - | | - | | | (78,492) | | - | | (78,492) |
| | | | | | | | | | | | | | | | | | |
| | NET INCOME (LOSS) | $ (95,212) | | $ (128,000) | | $ (65,000) | | $ (96,000) | | | $(384,212) | | $ - | | $ (384,212) |
Exhibit 99(i)
Asia 8, Inc. (A Development Stage Company) | |
Notes to Pro Forma Consolidated Financial Statements |
March 31, 2007 | |
Unaudited - Prepared by Management | |
| | |
1. | Proposed Arrangement and Basis of Presentation |
The accompanying pro forma consolidated financial statements have been compiled for purposes of inclusion in the 8K filing by Asia 8, Inc. (the “Company”) relating to the entrance into the distribution agreements with Unic Cranes (manufactured by Furukawa Co., Ltd), Trident Tri-Car, and Atomix Boats.
The pro forma consolidated financial statements should be read in conjunction with the historical financial statements of the Company. The unaudited balance sheet of Company as at March 31, 2007 and the unaudited statement of operations of Company for the three months ended March 31, 2007 were used in the preparation of the pro forma consolidated financial statements as at March 31, 2007 and for the three months then ended.
The pro forma consolidated financial statements for the three months ended March 31, 2007 have been prepared assuming that the entrance into the distribution agreements had occurred on December 31, 2006.
Management has made the requisite pro forma adjustments.
3. | Pro Forma Loss for the Period |
The pro forma consolidated loss for the period is not necessarily indicative of the results of operations that would have been attained had the entrance into the distribution agreements taken place as at December 31, 2006 and does not purport to be indicative of the effects that may be expected to occur in the future.