Exhibit 99.1
VNUE, Inc. and Stage It Corp.
Unaudited Proforma Consolidated Balance Sheets
For the Year Ended December 31, 2021
Vnue, Inc. | StageIt Corp. | Consolidated | ||||||||||||||
December 31, | December 31, | Acquisition | December 31, | |||||||||||||
2021 | 2021 | Entries | 2021 | |||||||||||||
Assets | ||||||||||||||||
Current Assets: | ||||||||||||||||
Cash | $ | 36,958 | $ | 19,970 | $ | 56,928 | ||||||||||
Accounts receivable -net | - | - | ||||||||||||||
Prepaid expenses | 464,336 | 743 | (b) | (246,275 | ) | 218,804 | ||||||||||
Total current assets | 501,294 | 20,713 | (246,275 | ) | 275,732 | |||||||||||
Property and equipment, net | - | 54,403 | 54,403 | |||||||||||||
Goodwill | - | - | (a)(b)(c) | 10,339,907 | 10,339,907 | |||||||||||
Intangible Assets | - | - | (c)(d) | 1,723,318 | 1,723,318 | |||||||||||
Total Assets | $ | 501,294 | $ | 75,116 | $ | 11,816,951 | $ | 12,393,360 | ||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||
Current Liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 1,579,713 | 2,957,648 | (455,226 | ) | $ | 4,082,135 | |||||||||
Accrued payroll officer | 209,750 | - | - | 209,750 | ||||||||||||
Accrued interest | 995,660 | (a) | (995,660 | ) | - | |||||||||||
Accrued interest related party | 939,106 | (a) | (939,106 | ) | - | |||||||||||
Notes payable | 869,157 | 497,578 | (a) | 1,366,735 | ||||||||||||
Convertible notes | 635,714 | 315,000 | (a) | (315,000 | ) | 635,714 | ||||||||||
Due to VNUE | 246,275 | (e) | (246,275 | ) | ||||||||||||
Convertible notes related party | - | 547,500 | (a) | (547,500 | ) | - | ||||||||||
Derivative liability | - | 2,670,164 | (a) | (2,670,164 | ) | - | ||||||||||
Total Current Liabilities | 3,294,334 | 9,168,930 | (6,168,930 | ) | 6,294,334 | |||||||||||
Total liabilities | 3,294,334 | 9,168,930 | (6,168,930 | ) | 6,294,334 | |||||||||||
Commitments and Contingencies | - | - | - | - | ||||||||||||
Stockholders’ Equity | ||||||||||||||||
Common stock | 141,177 | 97 | (a)(b) | 23,403 | 164,677 | |||||||||||
Series A preferred stock | 425 | 4 | (a)(b) | (4 | ) | 425 | ||||||||||
Series A-1 preferred stock | 25 | (a)(b) | (25 | ) | - | |||||||||||
Series A-2 preferred stock | 20 | (a)(b) | (20 | ) | - | |||||||||||
Series A-3 preferred stock | 20 | (a)(b) | (20 | ) | - | |||||||||||
Additional Paid-In Capital | 10,900,652 | 4,454,592 | (a)(b) | 5,275,634 | 20,630,877 | |||||||||||
Accumulated Deficit | (13,835,294 | ) | (13,548,572 | )(a)(b)(d) | 12,686,913 | (14,696,953 | ) | |||||||||
Total Stockholders’ Equity | (2,793,040 | ) | (9,093,815 | ) | 17,985,881 | 6,099,026 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 501,294 | $ | 75,116 | $ | 11,816,951 | $ | 12,393,360 |
Notes
(a) | To record acquisition purchase price of $10,000,000 comprised of $1,500,000 in cash and up to $8,500,000 of common stock based upon certain acquisition performance milestone being achieved. Additionally, the amount of liabilities assumed by the Company at closing will be capped at $3,000,000. For the purposes of the proforma analysis, it is estimated that all of performance milestones will be achieved. The acquisition consideration of $1,500,000 was raised by selling common stock at a price of approximately $0.01 per share and the $8,500,000 is estimated to issued at an average price of $0.15. Addtionally, 80% of the acquisition consideration paid was allocated to goodwill and 20% was allocated to intangible assets with an expected amortization period of 3 years. These estimates will be subject to further analysis and adjustment by the Company as it completes its acquisition accounting |
(b) | To cancel and reclass the capital structure of Stage It |
(c) | To record intangible assets at 20% of goodwill |
(d) | To record amortization expense of $861,658, as if the acquisition had occurred at the beginning of the year (based on a three year estimated life |
(e) | To offset intercompany activity pre-acquisition |
VNUE, Inc. and Stage It Corp.
Unaudited Proforma Consolidated Statements of Operations
For the Year Ended December 31, 2021
Vnue, Inc. | StageIt Corp. | Consolidated | ||||||||||||||
December 31, | December 31, | Acquisition | December 31, | |||||||||||||
2021 | 2021 | Entries | 2021 | |||||||||||||
Revenue-net | $ | 100,476 | $ | 923,305 | $ | 1,023,781 | ||||||||||
Cost of Sales | 153,181 | 559,405 | 712,586 | |||||||||||||
Gross Profit | (52,705 | ) | 363,900 | 311,195 | ||||||||||||
Operating expenses | ||||||||||||||||
Amortization of intangible assets | - | - | (a) | 861,659 | 861,659 | |||||||||||
General and administrative expenses | 932,134 | 257,002 | 1,189,136 | |||||||||||||
Contractor expenses | - | 259,686 | 259,686 | |||||||||||||
Payroll expense | - | 1,352,397 | 1,352,397 | |||||||||||||
Legal and professional fees | - | 154,654 | 154,654 | |||||||||||||
Total operating expenses | 932,134 | 2,023,740 | 861,659 | 3,817,533 | ||||||||||||
Loss from operations | (984,839 | ) | (1,659,840 | ) | (861,659 | ) | (3,506,338 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Loss on the extinguishment of debt | (80,227 | ) | (80,227 | ) | ||||||||||||
Other income (expense) | 1,172,789 | 1,172,789 | ||||||||||||||
Change in the fair value of derivative liability | 3,156,582 | (265,182 | ) | 2,891,400 | ||||||||||||
Interest expense | (343,923 | ) | (562,782 | ) | (906,705 | ) | ||||||||||
Total other income | 3,905,221 | (827,964 | ) | 3,077,257 | ||||||||||||
Net loss | $ | 2,920,382 | (2,487,803 | ) | (861,659 | ) | $ | (429,080 | ) | |||||||
Basic and fully diluted loss per share | $ | 0.00 | $ | (2.56 | ) | $ | (0.00 | ) | ||||||||
Weighted average number of shares outstanding | 1,300,621,328 | 972,614 | (b) | 234,027,386 | 1,534,648,714 |
(a) | To record amortization expense of intangible assets as if the acquisition had occurred on January 1, 2021 |
(b) | To adjust share count to reflect potential shares issuance based on Company estimated avg. share price at the time of issuance |