Exhibit 99.3
RVUE, INC.
INDEX TO PRO FORMA FINANCIAL STATEMENTS
March 31, 2010
PAGE | |
PRO FORMA FINANCIAL STATEMENTS | |
Pro Forma Combined Balance Sheet – March 31, 2010 | F-30 |
Pro Forma Combined Statement of Operations for the period from September 15, 2009 (inception ) through December 31, 2009 | F-31 |
Pro Forma Combined Statement of Operations for the three month period ended March 31, 2010 | F-32 |
Significant notes and assumptions to Pro Forma Financial Statements | F-33 |
Exhibit 99.3
RVUE HOLDINGS, INC.
PRO FORMA COMBINED BALANCE SHEET
March 31, 2010
(Unaudited)
Historical | Pro Forma | |||||||||||||||||||||||
Rvue, Inc. | Rvue Holdings, Inc. | Combined | ||||||||||||||||||||||
3/31/2010 | 1/31/2010 | Notes | Pro Forma Adjustments | 3/31/2010 | ||||||||||||||||||||
Dr. | Cr. | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 21,302 | $ | 13,858 | 2 | $ | - | $ | 13,858 | $ | 1,106,732 | |||||||||||||
4 | 100,000 | |||||||||||||||||||||||
- | - | 5 | 985,430 | - | - | |||||||||||||||||||
Accounts receivable | 2,250 | - | - | - | 2,250 | |||||||||||||||||||
Prepaid expenses and other current assets | 761 | - | - | - | 761 | |||||||||||||||||||
Total Current Assets | 24,313 | 13,858 | 1,085,430 | 13,858 | 1,109,743 | |||||||||||||||||||
Property and equipment, net | 11,040 | - | 5 | 1,906 | - | 12,946 | ||||||||||||||||||
Software development costs | 314,074 | - | - | - | 314,074 | |||||||||||||||||||
$ | 349,427 | $ | 13,858 | $ | 1,087,336 | $ | 13,858 | $ | 1,436,763 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Advance from director | $ | - | $ | 1,189 | 2 | $ | 1,189 | $ | - | $ | - | |||||||||||||
Accounts payable | 18,051 | - | - | - | 18,051 | |||||||||||||||||||
Accrued liabilities | 5,424 | - | 5,424 | |||||||||||||||||||||
Capital lease obligations | 3,678 | - | - | - | 3,678 | |||||||||||||||||||
Notes payable | 105,000 | - | 4, 5 | 205,000 | 100,000 | - | ||||||||||||||||||
Total Current Liabilities | 132,153 | 1,189 | 206,189 | 100,000 | 27,153 | |||||||||||||||||||
Commitments and Contingencies | - | - | - | - | - | |||||||||||||||||||
Stockholders' Equity | ||||||||||||||||||||||||
Preferred stock | - | - | - | |||||||||||||||||||||
Common stock | 10,000 | 3,510 | 1 | - | 39,505 | 24,899 | ||||||||||||||||||
- | - | 2 | 36,765 | - | - | |||||||||||||||||||
- | - | 5 | - | 8,649 | - | |||||||||||||||||||
Additional paid-in capital | 256,675 | 19,890 | 2 | - | 24,096 | 1,498,858 | ||||||||||||||||||
- | - | 3 | 50,236 | - | - | |||||||||||||||||||
- | - | 5 | - | 1,248,433 | - | |||||||||||||||||||
Retained earnings (accumulated deficit) | (49,401 | ) | (10,731 | ) | 1 | 39,505 | - | (114,147 | ) | |||||||||||||||
- | - | 3 | - | 50,236 | - | |||||||||||||||||||
- | - | 5 | 64,746 | - | - | |||||||||||||||||||
Total Stockholders' Equity | 217,274 | 12,669 | 191,252 | 1,370,919 | 1,409,610 | |||||||||||||||||||
$ | 349,427 | $ | 13,858 | $ | 397,441 | $ | 1,470,919 | $ | 1,436,763 |
See summary of significant notes and assumptions to Pro Forma Financial Statements.
F-30
RVUE HOLDINGS, INC.
Pro Forma Combined Statement of Operations
For the year ended December 31, 2009
(Unaudited)
Historical | ||||||||||||||||||||||||
Rvue, Inc. September 15, 2009 (Inception) through December 31, 2009 | Rvue Holdings, Inc. Year Ended January 31, 2010 | Notes | Pro Forma Adjustments | Pro Forma Combined | ||||||||||||||||||||
Dr. | Cr. | |||||||||||||||||||||||
Revenue | $ | 96,360 | $ | 726 | 5 | $ | 726 | $ | - | $ | 96,360 | |||||||||||||
Cost of revenue | 14,491 | - | - | - | 14,491 | |||||||||||||||||||
Gross profit | 81,869 | 726 | 726 | - | 81,869 | |||||||||||||||||||
Selling, general and administrative expenses | 48,575 | 10,931 | 5,9 | 160,000 | 10,931 | 208,575 | ||||||||||||||||||
Depreciation and amortization | 4,029 | - | - | - | 4,029 | |||||||||||||||||||
Operating income (loss) | 29,265 | (10,205 | ) | (159,274 | ) | (10,931 | ) | (130,735 | ) | |||||||||||||||
Interest expense | 249 | - | 8 | 64,746 | - | 64,995 | ||||||||||||||||||
Income (loss) before income taxes | 29,016 | (10,205 | ) | (224,020 | ) | (10,931 | ) | (195,730 | ) | |||||||||||||||
Income taxes | 14,211 | - | - | - | 14,211 | |||||||||||||||||||
Net income (loss) | $ | 14,805 | $ | (10,205 | ) | $ | (224,020 | ) | $ | (10,931 | ) | $ | (209,941 | ) | ||||||||||
Net income per share - basic and diluted | $ | 0.001 | $ | (0.003 | ) | $ | (0.008 | ) | ||||||||||||||||
Weighted average number of common shares outstanding - basic and diluted | 10,000,000 | 3,510,000 | 24,898,730 |
See summary of significant notes and assumptions to Pro Forma Financial Statements.
F-31
RVUE HOLDINGS, INC.
Pro Forma Combined Statement of Operations
For the three months ended March 31, 2010
(Unaudited)
Historical | ||||||||||||||||||||||||
Rvue, Inc., Three Months Ended March 31, 2010 | Rvue Holdings, Inc. Three Months Ended January 31, 2010 | Notes | Pro Forma Adjustments | Pro Forma Combined | ||||||||||||||||||||
Dr. | Cr. | |||||||||||||||||||||||
Revenue | $ | 144,655 | $ | - | $ | - | $ | 144,655 | ||||||||||||||||
Cost of revenue | 37,777 | - | - | - | 37,777 | |||||||||||||||||||
Gross profit | 106,878 | - | - | - | 106,878 | |||||||||||||||||||
Selling, general and administrative expenses | 157,261 | 1,752 | 7,9 | 160,000 | 1,752 | 317,261 | ||||||||||||||||||
Depreciation and amortization | 13,221 | - | - | - | 13,221 | |||||||||||||||||||
Operating income (loss) | (63,604 | ) | (1,752 | ) | (160,000 | ) | (1,752 | ) | (223,604 | ) | ||||||||||||||
Interest expense | 602 | - | 8 | 64,746 | - | 65,348 | ||||||||||||||||||
Income (loss) before income taxes | (64,206 | ) | (1,752 | ) | (224,746 | ) | (1,752 | ) | (288,952 | ) | ||||||||||||||
Income taxes | - | - | - | - | - | |||||||||||||||||||
Net income (loss) | $ | (64,206 | ) | $ | (1,752 | ) | $ | (224,746 | ) | $ | (1,752 | ) | $ | (288,952 | ) | |||||||||
Net income per share - basic and diluted | $ | (0.006 | ) | $ | - | $ | (0.012 | ) | ||||||||||||||||
Weighted average number of common shares outstanding - basic and diluted | 10,000,000 | 3,510,000 | 24,898,730 |
See summary of significant notes and assumptions to Pro Forma Financial Statements.
F-32
RVUE HOLDINGS, INC.
Significant notes and assumptions to Pro Forma Financial Statements
Dr. | Cr. | ||||||||
1. | Reflect the effect of the stock dividend. | ||||||||
Retained earnings | $ | 39,505 | |||||||
Common stock | $ | 39,505 | |||||||
2. | Reflect the effect of the Stock Purchase Agreement with Rivulet International Holdings, Inc. | ||||||||
Common stock | $ | 36,765 | |||||||
Advance from director | $ | 1,189 | |||||||
Cash | $ | 13,858 | |||||||
Additional paid-in capital | $ | 24,096 | |||||||
3. | Reverse the accumulated deficit of accounting acquiree Rvue Holdings, Inc. | ||||||||
Additional paid-in capital | $ | 50,236 | |||||||
Accumulated deficit | $ | 50,236 | |||||||
4. | Reflect additional bridge loans | ||||||||
Cash | $ | 100,000 | |||||||
Notes Payable | $ | 100,000 | |||||||
5. | Reclassify equity for the effects of the recapitalization | ||||||||
Cash | $ | 985,430 | |||||||
Property and Equipment, Net | $ | 1,906 | |||||||
Bridge Loans | $ | 205,000 | |||||||
Retained Earnings | $ | 64,746 | |||||||
Common stock | $ | 8,649 | |||||||
Additional paid-in capital | $ | 1,248,433 | |||||||
6. | Reverse the Statement of Operations of Rvue Holdings, Inc. at 12/31/09 | ||||||||
Revenue | $ | 726 | |||||||
General and administrative expenses | $ | 10,931 | |||||||
7. | Reverse the Statement of Operations of Rvue Holdings, Inc. at 3/31/10 | ||||||||
General and administrative expenses | $ | 1,752 | |||||||
8. | Record Bonus Shares Expense | ||||||||
Interest Expense | $ | 64,746 | |||||||
9. | Record Investor Relations Expense | ||||||||
General and administrative expenses | $ | 160,000 |
F-33