PANEX RESOURCES INC. AND SUBSIDIARY PRO FORMA CONDENSED | ||||||
CONSOLIDATED BALANCE SHEET | ||||||
UNAUDITED | ||||||
| Panex Resources Inc. | Amani Sprl | Giro Sprl | Adjustments | Reference | Pro Forma |
| 31 December, | 31 December, | 31 December, | 31 December, |
| 31 December, |
(Unaudited) | 2013 | 2013 | 2013 | 2013 |
| 2013 |
(Expressed in U.S. Dollars) | $ | $ |
| $ |
| $ |
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash | 5,937 | - | 1,000,000 |
|
| 1,005,937 |
Receivables | - | 10,000 | 1,182,177 |
|
| 1,192,177 |
Accounts receivable related parties | - | 4,381,821 | 3,500,000 | (4,381,821) | (A) & (B) | 3,500,000 |
Accruals and prepayments | - | 30,000 | - |
|
| 30,000 |
Total current assets | 5,937 | 4,421,821 | 5,682,177 | (4,381,821) |
| 5,728,115 |
Non-Current assets |
|
|
|
|
|
|
Equipment | - | 13,083 | - |
|
| 13,083 |
Intangible Assets | - | 19,505 | - |
|
| 19,505 |
Exploration and evaluation assets | - | - | - | - |
| - |
Investments | - | 650,000 | 1,112,400 | (1,112,400) | (A) | 650,000 |
Total non-current assets | - | 682,588 | 1,112,400 | (1,112,400) |
| 682,588 |
Total assets | 5,937 | 5,104,409 | 6,794,577 | (5,494,221) |
| 6,410,703 |
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity (Deficiency) |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable and accrued expenses | 70,822 | 30,000 | 1,000,000 |
|
| 1,100,822 |
Accounts payable and accrued expenses related parties | 126,653 | 5,031,821 | 3,269,421 | (4,381,821) | (A) & (B) | 4,046,074 |
Accrued liabilities, other | - | 1,753 | 1,112,400 | (1,112,400) | (A) | 1,753 |
Loans and borrowings, related party | 50,000 | - | - |
|
| 50,000 |
Advances received for common stock subscriptions | 329,375 | - | - |
|
| 329,375 |
Loans and borrowings | - | - | 2,500,000 |
|
| 2,500,000 |
Total liabilities (all current) | 576,850 | 5,063,574 | 7,881,821 | (5,494,221) |
| 8,028,024 |
Stockholders’ Equity (Deficiency) |
|
|
|
|
|
|
Common stock |
|
|
|
|
|
|
Authorized: 500,000,000 (2013: 500,000,000) |
|
|
|
|
|
|
common shares with par value of $0.001 each |
|
|
|
|
|
|
Issued and outstanding: |
|
|
|
|
|
|
366,261,507 (August 31, 2013: 118,261,507) common shares | 366,261 | 46,000 | 1,000,000 |
|
| 1,412,261 |
Additional paid-in capital | 13,131,129 | - | - |
|
| 13,131,129 |
Donated capital | 77,627 | - | - | - |
| 77,627 |
Accumulated deficit during the exploration stage | (14,145,930) | (5,165) | (2,087,243) | - |
| (16,238,338) |
Stockholder’ equity (deficiency) | (570,913) | 40,835 | (1,087,243) | - |
| (1,617,321) |
Total liabilities and stockholders’ equity (deficiency) | 5,937 | 5,104,409 | 6,794,578 | (5,494,221) |
| 6,410,703 |
PANEX RESOURCES INC. AND SUBSIDIARY PRO FORMA CONDENSED | |||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||
UNAUDITED | |||||
| Panex Resources Inc. | Amani Sprl | Giro Sprl | Adjustments | Pro Forma |
| For the | Incorporation to | Incorporation to | for | For the |
| Four Months |
|
|
| Four Months |
| Ended |
|
|
| Ended |
| 31 December | 31 December | 31 December | 31 December | 31 December |
(Unaudited) | 2013 | 2013 | 2013 | 2013 | 2013 |
(Expressed in U.S. Dollars) | $ | $ | $ | $ | $ |
Donated rent | - | - | - |
| - |
Donated services | - | - | - |
| - |
Listing and filing fees | 3,631 | - | - |
| 3,631 |
Investor relation expenses | 80,975 | - | 77,636 |
| 80,975 |
Directors fees | - | - | - |
| - |
Management fees | - | - | - |
| - |
Stock option compensation | - | - | - |
| - |
Professional fees | 42,900 | - | - |
| 42,900 |
Travel costs | - | - | - |
| - |
General and administrative | 76,290 | 5,165 | 2,009,607 |
| 81,455 |
Foreign currency transaction loss (gain) | - | - | - |
| - |
Mineral property and exploration costs | 329,080 | - | - |
| 329,080 |
Write-off deferred acquisition cost | - | - | - |
| - |
Provision against Minanca loan | - | - | - |
| - |
| 532,876 | 5,165 | 2,087,243 |
| 538,041 |
Other income (expense) | - | - | - |
| - |
Interest income | - | - | - |
| - |
Interest expense | - | - | - |
| - |
Loss on sale of investment | - | - | - |
| - |
Extinguishment of liabilities | - | - | - |
| - |
Gain on sale of mineral property right | - | - | - |
| - |
| - | - | - |
| - |
(Net Loss) / Income | (532,876) | (5,165) | (2,087,243) |
| (538,041) |
Net Loss Per Share – Basic and Diluted | * | * | * |
| * |
Weighted Average Shares Outstanding | 159,594,840 | 1,000 | 100 |
|
|
* Amount is less than $0.01 per share
PANEX RESOURCES INC. AND SUBSIDIARY
NOTES TO PRO FORMA CONDENSED CONSILIDATED
FINANCIAL STATEMENTS
UNAUDITED
NOTE A - The pro forma adjustments to the condensed consolidated balance sheet are as follows:
To reflect the intercompany elimination of the group entities:
Accounts receivable, related parties recorded in Amani |
| 1,112,400 |
|
Investment recorded in Giro |
| 1,112,400 |
|
Accounts payable recorded in Amani |
| (1,112,400) |
|
Accrued liability recorded in Giro |
| (1,112,400) |
|
|
|
|
|
|
| - |
|
NOTE B - The pro forma adjustments to the condensed consolidated balance sheet are as follows:
To reflect the intercompany elimination of the group entities:
Accounts receivable recorded in Amani |
| 3,269,421 |
|
Accounts payable recorded in Giro |
| (3,269,421) |
|
|
|
|
|
|
| - |
|