Exhibit 99.1
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PROFORMA CONSOLIDATED BALANCE SHEET | | | | | | | | | | | | |
December 31, 2007 | | | | | | | | | | | | |
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| | | | | | | | Effect of | | | Post | |
| | MAP VI | | | BTRN | | | BTRN Acquisition | | | Acquisition | |
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ASSETS | | | | | | | | | | | | |
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CURRENT ASSETS | | | | | | | | | | | | |
Cash | | $ | 4,082 | | | $ | 52,726 | | | $ | - | | | $ | 56,808 | |
Accounts Receivable, net | | | - | | | | 388,826 | | | | - | | | | 388,826 | |
Prepaid Expenses | | | - | | | | 34,193 | | | | - | | | | 34,193 | |
TOTAL CURRENT ASSETS | | | 4,082 | | | | 475,745 | | | | - | | | | 479,827 | |
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Property and equipment, net | | | - | | | | 3,027,600 | | | | - | | | | 3,027,600 | |
Note Receivable, net | | | - | | | | 250,000 | | | | | | | | 250,000 | |
Goodwill | | | - | | | | 2,325,577 | | | | | | | | 2,325,577 | |
Intangible Assets, net | | | - | | | | 760,445 | | | | - | | | | 760,445 | |
Other Assets | | | - | | | | 39,241 | | | | | | | | 39,241 | |
TOTAL ASSETS | | $ | 4,082 | | | $ | 6,878,608 | | | $ | - | | | $ | 6,882,690 | |
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LIABILITIES AND STOCKHOLDERS' EQUITY: | | | | | | | | | | | | | | | | |
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CURRENT LIABILITIES: | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 4,184 | | | $ | 229,652 | | | $ | - | | | $ | 233,836 | |
Other Current Liabilities | | | - | | | | 250,204 | | | | - | | | | 250,204 | |
Deferred Revenue | | | - | | | | 268,970 | | | | - | | | | 268,970 | |
Short-term debt and current maturities of long-term debt | | | - | | | | 685,152 | | | | - | | | | 685,152 | |
Loans from Shareholders | | | 14,263 | | | | - | | | | - | | | | 14,263 | |
TOTAL CURRENT LIABILITIES | | | 18,447 | | | | 1,433,978 | | | | - | | | | 1,452,425 | |
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Deposits | | | - | | | | 53,300 | | | | - | | | | 53,300 | |
Long-term debt, less current maturities | | | - | | | | 4,851,719 | | | | - | | | | 4,851,719 | |
TOTAL LIABILITIES | | | 18,447 | | | | 6,338,997 | | | | - | | | | 6,357,444 | |
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STOCKHOLDERS' EQUITY: | | | | | | | | | | | | | | | | |
Preferred stock, $.001 par value, 5,000,000 shares authorized; | | | | | | | | | | | | | | | | |
zero issued and oustanding at December 31, 2007 | | | - | | | | - | | | | - | | | | - | |
Common stock, $.001 par value, 70,000,000 shares authorized; | | | | | | | | | | | | | | | | |
64,419,242 and 57,242,242 issued and outstanding at | | | | | | | | | | | | | | | | |
December 31, 2007 | | | - | | | | 64,419 | | | | (64,419 | ) | | | - | |
Preferred stock, $.0001 par value, 10,000,000 shares authorized; | | | | | | | | | | | | | | | | |
zero issued and oustanding at December 31, 2007 | | | - | | | | - | | | | - | | | | - | |
Common stock, $.0001 par value, 75,000,000 shares authorized; | | | | | | | | | | | | | | | | |
2,500,000 issued and outstanding at December 31, 2007 | | | 250 | | | | - | | | | 7,231 | | | | 7,481 | |
Additional Paid In Capital | | | - | | | | 6,717,250 | | | | 57,188 | | | | 6,774,438 | |
Accumulated Deficit | | | (14,615 | ) | | | (6,242,058 | ) | | | - | | | | (6,256,673 | ) |
TOTAL STOCKHOLDERS' EQUITY | | | (14,365 | ) | | | 539,611 | | | | - | | | | 525,246 | |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 4,082 | | | $ | 6,878,608 | | | $ | - | | | $ | 6,882,690 | |
The following pro forma unaudited consolidated finanical information gives effect to the share exchange. This pro forma balance sheet assumes the transaction occurred as of December 31, 2007. The pro forma unaudited consolidated finanacial information is presented to illustrative purposed only. December 31, 2007. The pro forma unaudited consolidated finanacial information is presented to illustrative purposed only.
(a) To reflect the efect at the closing of the Merger. Each share of BTRN, common stock issued and outstanding immediately prior to the closing of the Merger
was converted into 72,311,304 shares of the Company's (MAP VI) common stock, par value $0.0001 per shares. An aggregate of 72,311,304 shares of the Company's common stock was issued to the holders of the BTRN's common stock.
MAP VI ACQUISITION, INC. | | | | | | | | | | | | |
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PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS | | | | | | | | | | | | |
December 31, 2007 | | | | | | | | | | |
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| | | | | | | | Effect of | | | Post | |
| | MAP VI | | | BTRN | | | BTRN Acquisition | | | Acquisition | |
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REVENUE | | $ | - | | | $ | 4,234,815 | | | $ | - | | | $ | 4,234,815 | |
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OPERATING EXPENSES: | | | - | | | | - | | | | | | | | - | |
General and administrative | | | - | | | | 4,657,837 | | | | - | | | | 4,657,837 | |
Depreciation and amortization | | | - | | | | 684,740 | | | | - | | | | 684,740 | |
Loss on disposal of property and equipment | | | - | | | | 125,032 | | | | - | | | | 125,032 | |
Professional Fees | | | 9,800 | | | | - | | | | - | | | | 9,800 | |
Formation and other costs | | | 1,703 | | | | - | | | | - | | | | 1,703 | |
Total operating expenses | | | 11,503 | | | | 5,467,609 | | | | | | | | 5,479,112 | |
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OPERATING LOSS | | | (11,503 | ) | | | (1,232,794 | ) | | | | | | | (1,244,297 | ) |
| | | 11,503 | | | | (1,232,794 | ) | | | - | | | | (1,244,297 | ) |
OTHER (INCOME) AND EXPENSES | | | | | | | | | | | | | | | | |
Interest income | | | - | | | | (6,481 | ) | | | - | | | | (6,481 | ) |
Income expense | | | - | | | | 836,509 | | | | - | | | | 836,509 | |
Rental income | | | - | | | | (3,600 | ) | | | - | | | | (3,600 | ) |
Trade income | | | - | | | | (240,178 | ) | | | - | | | | (240,178 | ) |
Trade expense | | | - | | | | 236,220 | | | | - | | | | 236,220 | |
Discontinued local marketing agreement | | | - | | | | 209,903 | | | | - | | | | 209,903 | |
Total other expense | | | - | | | | 1,032,373 | | | | | | | | 1,032,373 | |
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NET LOSS | | $ | (11,503 | ) | | $ | (2,265,167 | ) | | $ | - | | | $ | (2,276,670 | ) |
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Weighted average number of shares outstanding | | | 2,500,000 | | | | 60,830,742 | | | | - | | | | 63,330,742 | |
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Basic and diluted | | $ | - | | | $ | (0.04 | ) | | $ | - | | | $ | - | |
MAP VI ACQUISITION, INC. | | | | | | | | | | | | | |
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PROFORMA CONSOLIDATED BALANCE SHEET | | | | | | | | | | | | | |
September 30, 2008 | | | | | | | | | | | | | |
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| | | | | | | | | | | | | |
| | | | | | | | Effect of | | | | Post | |
| | MAP VI | | | BTRN | | | BTRN Acquisition | | | | Acquisition | |
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ASSETS | | | | | | | | | | | | | |
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CURRENT ASSETS | | | | | | | | | | | | | |
Cash | | | 4,082 | | | | - | | | | - | | | | | 4,082 | |
Accounts Receivable, net | | | - | | | | 357,099 | | | | - | | | | | 357,099 | |
Short-term investment | | | - | | | | 42,000 | | | | - | | | | | 42,000 | |
Prepaid Expenses | | | - | | | | 44,209 | | | | - | | | | | 44,209 | |
TOTAL CURRENT ASSETS | | | 4,082 | | | | 443,308 | | | | - | | | | | 447,390 | |
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Property and equipment, net | | | - | | | | 2,613,513 | | | | - | | | | | 2,613,513 | |
Note Receivable, net | | | - | | | | 250,000 | | | | - | | | | | 250,000 | |
Goodwill | | | - | | | | 2,325,577 | | | | - | | | | | 2,325,577 | |
Intangible Assets, net | | | - | | | | 640,699 | | | | - | | | | | 640,699 | |
Other Assets | | | - | | | | 102,266 | | | | - | | | | | 102,266 | |
TOTAL ASSETS | | $ | 4,082 | | | $ | 6,375,363 | | | $ | - | | | | $ | 6,379,445 | |
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LIABILITIES AND STOCKHOLDERS' EQUITY: | | | | | | | | | | | | | | | | | |
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CURRENT LIABILITIES: | | | | | | | | | | | | | | | | | |
Bank Overdraft | | $ | - | | | $ | 29,309 | | | $ | - | | | | $ | 29,309 | |
Accounts payable | | | 4,184 | | | | 266,288 | | | | - | | | | | 270,472 | |
Other Current Liabilities | | | - | | | | 129,926 | | | | - | | | | | 129,926 | |
Deferred Revenue | | | - | | | | 240,538 | | | | - | | | | | 240,538 | |
Short-term debt and current maturities of long-term debt | | | - | | | | 833,689 | | | | - | | | | | 833,689 | |
Loans from shareholders | | | 14,263 | | | | - | | | | - | | | | | 14,263 | |
TOTAL CURRENT LIABILITIES | | | 18,447 | | | | 1,499,750 | | | | - | | | | | 1,518,197 | |
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Deposits | | | - | | | | 63,600 | | | | - | | | | | 63,600 | |
Long-term debt, less current maturities | | | - | | | | 4,961,208 | | | | - | | | | | 4,961,208 | |
TOTAL LIABILITIES | | | 18,447 | | | | 6,524,558 | | | | - | | | | | 6,543,005 | |
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STOCKHOLDERS' EQUITY: | | | | | | | | | | | | | | | | | |
Preferred stock, $.001 par value, 5,000,000 shares authorized; | | | | | | | | | | | | | | | | | |
zero issued and oustanding at September 30, 2008 | | | - | | | | - | | | | - | | | | | - | |
Common stock, $.001 par value, 70,000,000 shares authorized; | | | | | | | | | | | | | | | | | |
65,752,575 and 57,242,242 issued and outstanding at September 30, 2008 | | | - | | | | 65,753 | | | | (65,753 | ) | (a) | | | - | |
Preferred stock, $.0001 par value, 10,000,000 shares authorized; | | | | | | | | | | | | | | | | | |
zero issued and oustanding at September 30, 2008 | | | - | | | | - | | | | - | | | | | | |
Common stock, $.0001 par value, 75,000,000 shares authorized; | | | | | | | | | | | | | | | | | |
2,500,000 issued and outstanding at September 30, 2008 | | | 250 | | | | - | | | | 7,231 | | (a) | | | 7,481 | |
Additional Paid In Capital | | | - | | | | 7,221,172 | | | | 58,522 | | (a) | | | 7,279,694 | |
Accumulated Deficit | | | (14,615 | ) | | | (7,436,120 | ) | | | - | | | | | (7,450,735 | ) |
TOTAL STOCKHOLDERS' EQUITY | | | (14,365 | ) | | | (149,195 | ) | | | - | | | | | (163,560 | ) |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | | 4,082 | | | | 6,375,363 | | | | - | | | | | 6,379,445 | |
The following pro forma unaudited consolidated finanical information gives effect to the share exchange. This pro forma balance sheet assumes the transaction occurred as of September 30, 2008. The pro forma unaudited consolidated finanacial information is presented to illustrative purposed only.
(a) To reflect the efect at the closing of the Merger. Each share of BTRN, common stock issued and outstanding immediately prior to the closing of the Merger was converted into 72,311,304 shares of the Company's (MAP VI) common stock, par value $0.0001 per shares. An aggregate of 72,311,304 shares of the Company's common stock was issued to the holders of the BTRN's common stock.
MAP VI ACQUISITION, INC. | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS | | | | | | | |
September 30, 2008 | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | Effect of | | | Post | |
| | MAP VI | | | BTRN | | | BTRN Acquisition | | | Acquisition | |
| | | | | | | | | | | | |
REVENUE | | $ | - | | | $ | 2,613,897 | | | $ | - | | | $ | 2,613,897 | |
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OPERATING EXPENSES: | | | - | | | | - | | | | - | | | | - | |
General and administrative | | | - | | | | 3,307,714 | | | | - | | | | 3,307,714 | |
Depreciation and amortization | | | - | | | | 533,831 | | | | - | | | | 533,831 | |
Loss on disposal of property and equipment | | | - | | | | - | | | | - | | | | - | |
Total operating expenses | | | - | | | | 3,841,545 | | | | | | | | 3,841,545 | |
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OPERATING LOSS | | | - | | | | (1,227,648 | ) | | | - | | | | (1,227,648 | ) |
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OTHER (INCOME) AND EXPENSES | | | | | | | | | | | | | | | | |
Interest income | | | - | | | | (1,486 | ) | | | - | | | | (1,486 | ) |
Income expense | | | - | | | | - | | | | - | | | | - | |
Rental income | | | - | | | | (8,100 | ) | | | - | | | | (8,100 | ) |
Trade income | | | - | | | | (181,460 | ) | | | - | | | | (181,460 | ) |
Trade expense | | | - | | | | 157,460 | | | | - | | | | 157,460 | |
Discontinued local marketing agreement | | | - | | | | - | | | | - | | | | - | |
Total other expense | | | - | | | | (33,586 | ) | | | | | | | (33,586 | ) |
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NET LOSS | | $ | - | | | $ | (1,194,062 | ) | | $ | - | | �� | $ | (1,194,062 | ) |
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Weighted average number of shares outstanding | | | | 65,605,909 | | | | | | | | | |
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Basic and diluted | | $ | - | | | $ | (0.04 | ) | | $ | - | | | $ | - | |