Exhibit 99.2
SITO Mobile, Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| March 31, | Pro Forma | Pro Forma March 31, | |||||||||||
| 2015 | Adjustments | 2015 | |||||||||||
| Assets | |||||||||||||
| Current Assets | |||||||||||||
| Cash and cash equivalents | $ | 4,815,907 | $ | (1,300,000 | ) | [A] | $ | 3,515,907 | |||||
| Accounts receivable, net - current portion | 3,412,297 | - | 3,412,297 | ||||||||||
| Other receivables | 525,000 | - | 525,000 | ||||||||||
| Prepaid expenses | 239,384 | - | 239,384 | ||||||||||
| Total current assets | 8,992,588 | (1,300,000 | ) | 7,692,588 | |||||||||
| Property and equipment, net | 325,073 | - | 325,073 | ||||||||||
| Other assets | |||||||||||||
| Accounts receivable, net | 225,000 | - | 225,000 | ||||||||||
| Capitalized software development costs, net | 989,263 | - | 989,263 | ||||||||||
| Intangible assets: | |||||||||||||
| Patents, net | 384,171 | - | 384,171 | ||||||||||
| Patent applications cost | 834,483 | - | 834,483 | ||||||||||
| Software license | 831,000 | 1,500,000 | [A] | 2,331,000 | |||||||||
| Customer relationships | - | 1,300,000 | [A] | 1,300,000 | |||||||||
| Goodwill | 4,482,884 | 1,044,917 | [A] | 5,594,845 | |||||||||
| 67,044 | [B] | ||||||||||||
| Deferred loan costs, net | 120,653 | - | 120,653 | ||||||||||
| Other assets including security deposits | 83,326 | - | 83,326 | ||||||||||
| Total other assets | 7,950,780 | 3,911,961 | 11,862,741 | ||||||||||
| Total assets | $ | 17,268,441 | $ | 2,611,961 | $ | 19,880,402 | |||||||
SITO Mobile, Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| March 31, | Pro Forma | Pro Forma March 31, | |||||||||||
| 2015 | Adjustments | 2015 | |||||||||||
| Liabilities and Stockholders' Equity | |||||||||||||
| Current liabilities | |||||||||||||
| Accounts payable | $ | 2,994,687 | $ | - | $ | 2,994,687 | |||||||
| Accrued expenses | 459,867 | - | 459,867 | ||||||||||
| Accrued compensation - related party | 374,673 | - | 374,673 | ||||||||||
| Deferred revenue | 567,214 | - | 567,214 | ||||||||||
| Current obligation under capital lease | 19,855 | - | 19,855 | ||||||||||
| Purchase price payable | 1,000,000 | (1,000,000 | ) | [B] | - | ||||||||
| Note payable net - current portion | 2,000,004 | - | 2,000,004 | ||||||||||
| Total current liabilities | 7,416,300 | (1,000,000 | ) | 6,416,300 | |||||||||
| Long-term liabilities | |||||||||||||
| Obligations under capital lease | 12,883 | - | 12,883 | ||||||||||
| Note payable net | 6,776,248 | - | 6,776,248 | ||||||||||
| Total long-term liabilities | 6,789,131 | - | 6,789,131 | ||||||||||
| Total liabilities | 14,205,431 | (1,000,000 | ) | 13,205,431 | |||||||||
| Commitments and contingencies | |||||||||||||
| Stockholders' Equity | |||||||||||||
| Preferred stock, $.0001 par value, 5,000,000 shares authorized; none issued and outstanding | - | - | - | ||||||||||
| Common stock, $.001 par value; 300,000,000 shares authorized, 153,898,166 shares issued and outstanding - March 31, 2015 and [*] shares issued and outstanding – Pro Forma March 31, 2015 | 153,898 | 6,206 | [A] | 163,065 | |||||||||
| 2,961 | [B] | ||||||||||||
| Additional paid-in capital | 138,193,405 | 2,538,711 | [A] | 141,796,199 | |||||||||
| 1,064,083 | [B] | ||||||||||||
| Accumulated deficit | (135,284,293 | ) | - | (135,284,293 | ) | ||||||||
| Total stockholders' equity | 3,063,010 | 3,611,961 | 6,674,971 | ||||||||||
| Total liabilities and stockholders' equity | $ | 17,268,441 | $ | 2,611,961 | $ | 19,880,402 | |||||||
Notes
| [A] | The Company purchased the Purchased Assets by issuing to Hipcricket 6,205,602 shares of the Company’s common stock and $1,300,000 in cash. The Company acquired all rights in, to contracts with Hipcricket’s mobile advertising customers, customer lists and records as well as certain intellectual assets and properties used in Hipcricket’s mobile advertising business. The Company issued 6,205,602 shares of its common stock that is valued at $2,544,917 based on a $0.4101 market value share price on July 8, 2015, the date of issuance. The purchase price is allocated as $1,500,000 for a royalty-free perpetual license to Hipcricket’s software based mobile advertising platform, $1,300,000 for customer lists, records and sales orders and $1,044,917 to goodwill. |
| [B] | On June 30, 2015, under contractual terms for an additional payment should the Company achieve at least $3,000,000 in media placement revenue in the twelve-month period starting August 1, 2014, the Company determined that additional consideration was due and the Company issued 2,961,159 shares of its common stock that is valued at $1,067,044 based on a $0.36 market value share price on the date of issuance. With the stock issuance, the Company paid the $1,000,000 purchase price reducing the purchase price payable, increased goodwill by $67,044 and recognized the $2,961 in par value and $1,064,083 in additional paid in capital. |