Exhibit 99.1
E-WASTE SYSTEMS, INC. | ||||||||
Pro Forma Consolidated Balance Sheets | ||||||||
ASSETS | ||||||||
December 31, | December 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | (Unaudited) | |||||||
CURRENT ASSETS | ||||||||
Cash | $ | 6,493 | $ | 621 | ||||
Inventory | 17,000 | - | ||||||
Total Current Assets | 23,493 | 621 | ||||||
PROPERTY AND EQUIPMENT, net | 9,865 | 10,091 | ||||||
OTHER ASSETS | ||||||||
Deposits | 4,405 | 2,500 | ||||||
Vendor relationships | - | - | ||||||
Goodwill | - | - | ||||||
Total Other Assets | 4,405 | 2,500 | ||||||
TOTAL ASSETS | $ | 37,763 | $ | 13,212 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 190,248 | $ | 25,146 | ||||
Accrued expenses-related parties | 530,308 | - | ||||||
Accrued interest | 13,845 | 1,039 | ||||||
Derivative liability | 7,371 | - | ||||||
Convertible notes payable | 85,500 | - | ||||||
Note payable related party | 50,240 | 13,877 | ||||||
Contingent consideration | 292,000 | 292,000 | ||||||
Total Current Liabilities | 1,169,512 | 332,062 | ||||||
LONG-TERM LIABILITIES | ||||||||
Deferred tax | - | - | ||||||
Total Long-Term Liabilities | - | - | ||||||
STOCKHOLDERS' DEFICIT | ||||||||
Preferred stock, 10,000,000 shares authorized | ||||||||
at par value of $0.001, 400 shares issued | ||||||||
and outstanding | 0 | - | ||||||
Common stock, 190,000,000 shares authorized | ||||||||
at par value of $0.001, 100,764,624 | ||||||||
shares issued and outstanding, respectively | 100,765 | 100,200 | ||||||
Additional paid-in capital | 222,456 | (22,681 | ) | |||||
Accumulated deficit | (1,454,971 | ) | (396,369 | ) | ||||
Total Stockholders' Deficit | (1,131,749 | ) | (318,850 | ) | ||||
TOTAL LIABILITIES AND | ||||||||
STOCKHOLDERS' DEFICIT | $ | 37,763 | $ | 13,212 |
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E-WASTE SYSTEMS, INC. | ||||||||
Pro Forma Consolidated Statements of Operations | ||||||||
(Unaudited) | ||||||||
For the 12 Months Ended | ||||||||
December 31 | ||||||||
2011 | 2010 | |||||||
REVENUES | $ | 575,972 | $ | 1,900 | ||||
COST OF SALES | 368,784 | 2,519 | ||||||
GROSS MARGIN | 207,188 | (619 | ) | |||||
OPERATING EXPENSES | ||||||||
Directors' and officers' accrued compensation | 499,417 | - | ||||||
Consultants' fees | 11,540 | - | ||||||
Professional fees | 524,221 | - | ||||||
General and administrative | 188,808 | 63,223 | ||||||
Depreciation | 2,526 | 484 | ||||||
Impairment expense | 367,973 | 319,044 | ||||||
Total Operating Expenses | 1,594,485 | 382,751 | ||||||
LOSS FROM OPERATIONS | (1,387,297 | ) | (383,370 | ) | ||||
OTHER EXPENSES | ||||||||
Interest expense | (39,709 | ) | (930 | ) | ||||
Gain on derivative liability | 19,533 | - | ||||||
Total Other Income/(Expenses) | (20,176 | ) | (930 | ) | ||||
LOSS BEFORE INCOME TAXES | (1,407,473 | ) | (384,300 | ) | ||||
PROVISION FOR INCOME TAXES | - | - | ||||||
NET LOSS | $ | (1,407,473 | ) | $ | (384,300 | ) | ||
BASIC AND DILUTED LOSS PER SHARE | $ | (0.01 | ) | $ | (0.05 | ) | ||
WEIGHTED AVERAGE NUMBER | ||||||||
OF SHARES OUTSTANDING | 100,283,303 | 7,457,534 |
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