Exhibit 99.3
RVUE, INC.
INDEX TO PRO FORMA FINANCIAL STATEMENTS
March 31, 2010
(as restated)
PAGE | ||
PRO FORMA FINANCIAL STATEMENTS | ||
Pro Forma Combined Balance Sheet – March 31, 2010 | F-1 | |
Pro Forma Combined Statement of Operations for the period from September 15, 2009 (inception ) through December 31, 2009 | F-2 | |
Pro Forma Combined Statement of Operations for the three month period ended March 31, 2010 | F-3 | |
Significant notes and assumptions to Pro Forma Financial Statements | F-4 |
RVUE HOLDINGS, INC. |
PRO FORMA COMBINED BALANCE SHEET |
March 31, 2010 |
(as restated) |
(Unaudited) |
Historical | Pro Forma | ||||||||||||||||||||
Rvue, Inc. | Rvue Holdings, Inc. | Pro Forma Adjustments | Combined | ||||||||||||||||||
3/31/2010 | 1/31/2010 | Dr. | Cr. | 3/31/2010 | |||||||||||||||||
(as restated) | |||||||||||||||||||||
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 | 8,744 | - | 5 | 1,906 | - | 10,650 | |||||||||||||||
Software development costs | 309,658 | - | - | - | 309,658 | ||||||||||||||||
$ | 342,715 | $ | 13,858 | $ | 1,087,336 | $ | 13,858 | $ | 1,430,051 | ||||||||||||
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 | ||||||||||||||||
Deferred revenue | 83,968 | 83,968 | |||||||||||||||||||
Notes payable | 105,000 | - | 4, 5 | 205,000 | 100,000 | - | |||||||||||||||
Total Current Liabilities | 216,121 | 1,189 | 206,189 | 100,000 | 111,121 | ||||||||||||||||
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 | 242,464 | 19,890 | 2 | - | 24,096 | 1,484,647 | |||||||||||||||
- | - | 3 | 50,236 | - | - | ||||||||||||||||
- | - | 5 | - | 1,248,433 | - | ||||||||||||||||
Retained earnings (accumulated deficit) | (125,870 | ) | (10,731 | ) | 1 | 39,505 | - | (190,616 | ) | ||||||||||||
- | - | 3 | - | 50,236 | - | ||||||||||||||||
- | - | 5 | 64,746 | - | - | ||||||||||||||||
Total Stockholders' Equity | 126,594 | 12,669 | 191,252 | 1,370,919 | 1,318,930 | ||||||||||||||||
$ | 342,715 | $ | 13,858 | $ | 397,441 | $ | 1,470,919 | $ | 1,430,051 |
See summary of significant notes and assumptions to Pro Forma Financial Statements.
F-1
Pro Forma Combined Statement of Operations |
For the year ended December 31, 2009 |
(as restated) |
(Unaudited) |
Historical | |||||||||||||||||||||
Rvue, Inc. September 15, 2009 (Inception) through December 31, 2009 | Rvue Holdings, Inc. Year Ended January 31, 2010 | Pro Forma Adjustments | Pro Forma | ||||||||||||||||||
(Audited) | (Audited) | Dr. | Cr. | Combined | |||||||||||||||||
(as restated) | |||||||||||||||||||||
Revenue | $ | 7,079 | $ | 726 | 5 | $ | 726 | $ | - | $ | 7,079 | ||||||||||
Cost of revenue | 14,491 | - | - | - | 14,491 | ||||||||||||||||
Gross profit (loss) | (7,412 | ) | 726 | 726 | - | (7,412 | ) | ||||||||||||||
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 loss | (60,016 | ) | (10,205 | ) | (159,274 | ) | (10,931 | ) | (220,016 | ) | |||||||||||
Interest expense | 249 | - | 8 | 64,746 | - | 64,995 | |||||||||||||||
Loss before income taxes | (60,265 | ) | (10,205 | ) | (224,020 | ) | (10,931 | ) | (285,011 | ) | |||||||||||
Income taxes | - | - | - | - | - | ||||||||||||||||
Net loss | $ | (60,265 | ) | $ | (10,205 | ) | $ | (224,020 | ) | $ | (10,931 | ) | $ | (285,011 | ) | ||||||
Net loss per share - basic and diluted | $ | (0.006 | ) | $ | (0.003 | ) | $ | (0.011 | ) | ||||||||||||
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-2
RVUE HOLDINGS, INC. |
Pro Forma Combined Statement of Operations |
For the three months ended March 31, 2010 |
(as restated) |
(Unaudited) |
Historical | Pro Forma Adjustments | Pro Forma | |||||||||||||||||||
Rvue, Inc., Three Months Ended March 31, 2010 | Rvue Holdings, Inc. Three Months Ended January 31, 2010 | Dr. | Cr. | Combined | |||||||||||||||||
(as restated) | |||||||||||||||||||||
Revenue | $ | 149,968 | $ | - | $ | - | $ | 149,968 | |||||||||||||
Cost of revenue | 37,777 | - | - | - | 37,777 | ||||||||||||||||
Gross profit | 112,191 | - | - | - | 112,191 | ||||||||||||||||
Selling, general and administrative expenses | 157,261 | 1,752 | 7,9 | 160,000 | 1,752 | 317,261 | |||||||||||||||
Depreciation and amortization | 19,933 | - | - | - | 19,933 | ||||||||||||||||
Operating loss | (65,003 | ) | (1,752 | ) | (160,000 | ) | (1,752 | ) | (225,003 | ) | |||||||||||
Interest expense | 602 | - | 8 | 64,746 | - | 65,348 | |||||||||||||||
Loss before income taxes | (65,605 | ) | (1,752 | ) | (224,746 | ) | (1,752 | ) | (290,351 | ) | |||||||||||
Income taxes | - | - | - | - | - | ||||||||||||||||
Net loss | $ | (65,605 | ) | $ | (1,752 | ) | $ | (224,746 | ) | $ | (1,752 | ) | $ | (290,351 | ) | ||||||
Net loss per share - basic and diluted | $ | (0.007 | ) | $ | - | $ | (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-3
RVUE HOLDINGS, INC. |
Significant Notes And Assumtions To Pro Forma Financial Statements |
(as restated) |
(Unaudited) |
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-4