Exhibit 99.2
PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
DECEMBER 31, 2010
FLUOROPHARMA, INC. | ||||||||||||||||
FLUOROPHARMA MEDICAL, INC. | ||||||||||||||||
Pro Forma Balance Sheet | ||||||||||||||||
as of December 31, 2010 | ||||||||||||||||
Historical | ||||||||||||||||
Consolidated FluoroPharma, Inc. | Consolidated FluoroPharma Medical, Inc. | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash and cash equivalents 1 | $ | 11,413 | $ | 14 | $ | 2,471,539 | $ | 2,482,966 | ||||||||
Deposits | - | - | - | - | ||||||||||||
Prepaid expenses | 15,765 | - | - | 15,765 | ||||||||||||
Total Current Assets | 27,178 | 14 | 2,471,539 | 2,498,731 | ||||||||||||
Fixed Assets: | ||||||||||||||||
Fixed assets, net | 29,952 | 1,279 | - | 31,231 | ||||||||||||
Intangible assets, net | 55,890 | - | - | 55,890 | ||||||||||||
Total Fixed Assets | 85,842 | 1,279 | - | 87,121 | ||||||||||||
TOTAL ASSETS | $ | 113,021 | $ | 1,293 | $ | 2,471,539 | $ | 2,585,852 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
Current Liabilities: | ||||||||||||||||
Accounts payable | $ | 842,358 | $ | 485 | $ | - | $ | 842,843 | ||||||||
Accrued expenses | 649,998 | - | - | 649,998 | ||||||||||||
Accrued interest | - | 10,270 | - | 10,270 | ||||||||||||
Notes payable | 538,828 | 47,757 | - | 586,585 | ||||||||||||
Total Current Liabilities | 2,031,184 | 58,512 | - | 2,089,696 | ||||||||||||
TOTAL LIABILITIES | 2,031,184 | 58,512 | - | 2,089,696 | ||||||||||||
Stockholder's Equity: | ||||||||||||||||
Preferred Stock 2 | - | - | 1,807 | 1,807 | ||||||||||||
Common Stock 3 | 8,470 | 11,000 | (1,287 | ) | 18,183 | |||||||||||
Capital Surplus | 6,541,603 | 51,986 | 2,471,019 | 9,064,608 | ||||||||||||
Accumulated deficit | (8,468,236 | ) | (120,205 | ) | - | (8,588,441 | ) | |||||||||
Total Stockholder's Equity | (1,918,163 | ) | (57,219 | ) | 2,471,539 | 496,157 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 113,021 | $ | 1,293 | $ | 2,471,539 | $ | 2,585,853 |
1) | Pro Forma Adjustment includes bridge loan gross proceeds to FluoroPharma, Inc. of $195,000 received subsequent to December 31, 2010 plus gross proceeds in the Qualified Financing of 2,624,235 less: i) Placement Agent Fees of $227,696; and ii) Out-of-pocket expenses of $120,000. |
2) | FluoroPharma Medical, Inc. Preferred Stock: 100,000,000 shares authorized and 1,807,229 shares of Series A Preferred outstanding. |
3) | FluoroPharma, Inc. Common Stock: 15,000,000 shares authorized for Class A, $0.001 par value and 3,500,000 shares authorized for Class B, $0.001 par value; FluoroPharma Medical, Inc. Common Stock: 100,000,000 shares authorized and $0.001 par value. Pro Forma Adjustments include (A) FluoroPharma, Inc. adjustments: (i) Walter Witoshkin exchanged 215,000 options @ $0.25 for 107,500 shares of FluoroPharma, Inc. common stock; (ii) FluoroPharma, Inc. exchanged 2 shares of FluoroPharma, Inc. common stock for 3 shares of FluoroPharma Medical, Inc. common stock; (iii) 2,611,375 shares of common stock were issued pursuant to the Qualified Financing; (iv) FluoroPharma Medical, Inc. cancelled 9,500,000 shares. |
P-1
FLUOROPHARMA, INC. | ||||||||||||||||
FLUOROPHARMA MEDICAL, INC. | ||||||||||||||||
Pro Forma Income Statement | ||||||||||||||||
as of December 31, 2010 | ||||||||||||||||
Historical | ||||||||||||||||
Consolidated FluoroPharma, Inc. | Consolidated FluoroPharma Medical, Inc. | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||
Revenue | $ | - | $ | - | $ | - | $ | - | ||||||||
Cost of Sales | - | - | - | - | ||||||||||||
- | ||||||||||||||||
Gross Profit | - | - | - | - | ||||||||||||
Expenses: | ||||||||||||||||
General and administrative expenses | 441,402 | 9,167 | - | 450,569 | ||||||||||||
Amortization | 15,643 | - | - | 15,643 | ||||||||||||
Sales & Marketing | 1,022 | - | - | 1,022 | ||||||||||||
Depreciation expense | 25,450 | 1,095 | - | 26,545 | ||||||||||||
Research and development | 44,504 | - | - | 44,504 | ||||||||||||
Professional fees | 364,528 | - | - | 364,528 | ||||||||||||
Total expenses | 892,549 | 10,262 | - | 902,811 | ||||||||||||
Loss from Operations | (892,549 | ) | (10,262 | ) | - | (902,811 | ) | |||||||||
Other (Income) expense: | ||||||||||||||||
Loss on disposition of fixed assets | (8,346 | ) | - | - | (8,346 | ) | ||||||||||
Interest expense | (53,223 | ) | (2,625 | ) | - | (55,848 | ) | |||||||||
Total other expenses | (61,569 | ) | (2,625 | ) | - | (64,194 | ) | |||||||||
(Loss) before provision for income taxes | (954,118 | ) | (12,887 | ) | - | (967,005 | ) | |||||||||
Provision for income taxes | - | (50 | ) | - | (50 | ) | ||||||||||
Net (loss) | $ | (954,118 | ) | $ | (12,937 | ) | $ | - | $ | (967,055 | ) | |||||
Number of common shares outstanding | ||||||||||||||||
Net (loss) per share |
P-2
FLUOROPHARMA, INC. | ||||||||||||||||
FLUOROPHARMA MEDICAL, INC. | ||||||||||||||||
Pro Forma Cash Flow Statement | ||||||||||||||||
as of December 31, 2010 | ||||||||||||||||
Historical | ||||||||||||||||
Consolidated FluoroPharma, Inc. | Consolidated FluoroPharma Medical, Inc. | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net (loss) | $ | (954,118 | ) | $ | (12,937 | ) | $ | - | $ | (967,055 | ) | |||||
Adjustments to reconcile net (loss) to net cash (used) by operating activities: | ||||||||||||||||
Amortization of debt discount | 10,646 | - | - | 10,646 | ||||||||||||
Depreciation & amortization | 41,093 | 1,095 | - | 42,188 | ||||||||||||
Expenses related to employee stock options | 86,985 | - | - | 86,985 | ||||||||||||
Non-cash fair value of stock options issued to non-employees for consulting | - | - | - | - | ||||||||||||
Loss on fixed asset dispositions | 8,346 | - | - | 8,346 | ||||||||||||
Expenses paid by debt issuance | - | - | - | - | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Increase (decrease) in accounts receivable | 50,000 | - | - | 50,000 | ||||||||||||
Increase (decrease) in prepaid expenses | (5,974 | ) | - | - | (5,974 | ) | ||||||||||
Increase (decrease) in deposits | - | - | - | - | ||||||||||||
Increase (decrease) in accounts payable | 56,568 | - | - | 56,568 | ||||||||||||
Increase (decrease) in accrued interest | - | 2,625 | - | 2,625 | ||||||||||||
Increase (decrease) in accrued expenses | 230,898 | - | - | 230,898 | ||||||||||||
Net cash (used) by operating activities | (475,556 | ) | (9,217 | ) | - | (484,773 | ) | |||||||||
Cash flows from investing activities | ||||||||||||||||
Purchase of fixed assets | (4,755 | ) | - | - | (4,755 | ) | ||||||||||
Net cash (used) by investing activities | (4,755 | ) | - | - | (4,755 | ) | ||||||||||
Cash flows from financing activities | ||||||||||||||||
Net proceeds from Qualified Financing 1 | - | - | 2,861,539 | 2,861,539 | ||||||||||||
Donated capital | - | 100 | - | 100 | ||||||||||||
Proceeds from issuance of short-term convertible notes | 490,000 | - | - | 490,000 | ||||||||||||
Proceeds from notes payable | - | 9,059 | - | 9,059 | ||||||||||||
Net cash provided by financing activities | 490,000 | 9,159 | 2,861,539 | 3,360,698 | ||||||||||||
Net increase (decrease) in cash | 9,689 | (58 | ) | 2,861,539 | 2,871,170 | |||||||||||
Cash - beginning | 1,724 | 72 | - | 1,796 | ||||||||||||
Cash - ending | $ | 11,413 | $ | 14 | $ | 2,861,539 | $ | 2,872,966 | ||||||||
Supplemental disclosures: | ||||||||||||||||
Income taxes paid | $ | - | $ | 50 | $ | - | $ | 50 |
Footnote:
1) | Pro Forma Adjustment includes bridge loan gross proceeds to FluoroPharma, Inc. of $195,000 received subsequent to December 30, 2010; total gross proceeds to NewCo. of $3,667,442 includes Qualified Financing and Bridge Loan less: i) Placement Agent Fees of $227,696; and ii) Out-of-pocket expenses of $120,000. |