TRAQIQ, INC. AND SUBSIDIARIES
PROFORMA CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2020
TRAQ | ROHUMA | ADJUSTMENTS | CONSOLIDATED | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||
Cash | $ | 2,606 | $ | 7,225 | $ | 27,052 | B | $ | 36,883 | |||||||||||||
Accounts receivable, net of allowance | 531,861 | 13,412 | B | 2,064 | 543,209 | |||||||||||||||||
Note receivable - related party | 203,755 | - | 24,122 | B | 227,877 | |||||||||||||||||
Prepaid expenses and other current assets | 276,855 | 7,593 | 45,431 | B | 329,879 | |||||||||||||||||
Total current assets | 1,015,077 | 28,230 | 96,605 | 2,064 | 1,137,848 | |||||||||||||||||
Fixed assets, net | 37,824 | 4,799 | B | 1,451 | 41,172 | |||||||||||||||||
Intangible assets, net | 452,894 | - | B | 8,310 | 444,584 | |||||||||||||||||
Goodwill | 4,405,903 | A | 4,405,903 | |||||||||||||||||||
Restreicted cash | 28,455 | - | 291 | B | 28,746 | |||||||||||||||||
Right-of-use asset | 461,175 | - | B | 335,057 | 126,118 | |||||||||||||||||
Long-term investments | 40,192 | - | 411 | B | 40,603 | |||||||||||||||||
Other assets | 31,521 | - | B | 28,325 | 3,196 | |||||||||||||||||
Total non-current assets | 1,052,061 | 4,799 | 4,406,605 | 373,143 | 5,090,322 | |||||||||||||||||
TOTAL ASSETS | $ | 2,067,138 | $ | 33,029 | $ | 4,503,210 | $ | 375,207 | $ | 6,228,170 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||
Current portion of long-term debt | $ | 165,427 | $ | 7,470 | $ | 38,816 | B | $ | 134,081 | |||||||||||||
Current portion of long-term debt - related parties | 1,536,006 | - | B | 315,572 | 1,851,578 | |||||||||||||||||
Current portion of convertible debt - long-term debt | 241,334 | - | B | 241,334 | ||||||||||||||||||
Cash overdraft | 273,977 | - | 30,693 | B | 243,284 | |||||||||||||||||
Accounts payable and accrued expenses | 1,193,833 | 60,544 | 30,328 | B | 1,224,049 | |||||||||||||||||
Current portion of lease liabilities | 56,955 | - | 48,176 | B | 8,779 | |||||||||||||||||
Accrued payroll | 285,907 | - | B | 39,124 | 325,031 | |||||||||||||||||
Accrued taxes and duties payable | 86,376 | - | 39,799 | B | 46,577 | |||||||||||||||||
Total current liabilities | 3,839,815 | 68,014 | 187,812 | 354,696 | 4,074,713 | |||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||
Long-term debt - related parties, net of current portion | 32,000 | - | 32,000 | B | - | |||||||||||||||||
Lease liabilities - net of current portion | 429,870 | - | 304,651 | B | 125,219 | |||||||||||||||||
Long-term debt, net of current portion | 100,856 | 35,776 | 88,413 | B | 48,219 | |||||||||||||||||
Total non-current liabilities | 562,726 | 35,776 | 425,064 | - | 173,438 | |||||||||||||||||
COMMITMENTS AND CONTINGENCIES | - | - | - | - | - | |||||||||||||||||
Total liabilities | 4,402,541 | 103,790 | 612,876 | 354,696 | 4,248,151 | |||||||||||||||||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||||||||
Preferred Stock | 5 | - | 5 | |||||||||||||||||||
Common Stock | 2,730 | - | A | 429 | 3,159 | |||||||||||||||||
Additional paid-in-capital | 12,623 | 297,612 | B | 105,563 | 4,452,899 | |||||||||||||||||
297,612 | A | |||||||||||||||||||||
A | 4,334,713 | |||||||||||||||||||||
Accumulated other comprehenive income (loss) | (14,715 | ) | - | B | 9,005 | (5,710 | ) | |||||||||||||||
Accumulated deficit | (2,336,046 | ) | (368,373 | ) | A | 368,373 | (2,470,334 | ) | ||||||||||||||
134,288 | B | |||||||||||||||||||||
Total stockholders’ equity (deficit) | (2,335,403 | ) | (70,761 | ) | 431,900 | 4,818,083 | 1,980,019 | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 2,067,138 | $ | 33,029 | $ | 1,044,776 | $ | 5,172,779 | $ | 6,228,170 |
Adjustment Notes
A | Represents the issuance of 4,292,220 shares for the acquisition of Rohuma on January 22, 2021 (value per share was $1.01 per share on Janaury 22, 2021) | |
B | Represents estimated change in value of assets and liabilities through January 22, 2021 from September 30, 2020. |
TRAQIQ, INC. AND SUBSIDIARIES
PROFORMA STATEMENTS OF OPERATIONS
Nine Months Ended September 30, 2020
TRAQ | ROHUMA | ADJUSTMENTS | CONSOLIDATED | |||||||||||||||||||
REVENUES | ||||||||||||||||||||||
Revenue from services | $ | 739,177 | $ | 176,028 | $ | 915,205 | ||||||||||||||||
739,177 | 176,028 | 915,205 | ||||||||||||||||||||
COST OF REVENUES | ||||||||||||||||||||||
Cost of services | 399,720 | 79,691 | 479,411 | |||||||||||||||||||
399,720 | 79,691 | 479,411 | ||||||||||||||||||||
GROSS PROFIT | 339,457 | 96,337 | 435,794 | |||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||
Salaries and salary related costs | 180,123 | 80,564 | 260,687 | |||||||||||||||||||
Professional fees and consulting | 138,817 | 30,449 | 169,266 | |||||||||||||||||||
General and administrative | 89,373 | 24,910 | 114,283 | |||||||||||||||||||
Depreciation and amortization | 36,284 | 2,747 | 39,031 | |||||||||||||||||||
Rent | 95,151 | 1,035 | B | 70,000 | 26,186 | |||||||||||||||||
Total operating expenses | 539,748 | 139,705 | 609,453 | |||||||||||||||||||
Gain (Loss) from operations | (200,291 | ) | (43,368 | ) | (173,659 | ) | ||||||||||||||||
OTHER EXPENSE: | ||||||||||||||||||||||
Other income (loss) | 10,000 | - | 25,000 | B | 35,000 | |||||||||||||||||
Interest expense, net of interest income | (247,162 | ) | (1,592 | ) | (248,754 | ) | ||||||||||||||||
Other income (expense), net | (237,162 | ) | (1,592 | ) | (213,754 | ) | ||||||||||||||||
Loss from before provision for income taxes | (437,453 | ) | (44,960 | ) | (422,413 | ) | ||||||||||||||||
PROVISION FOR INCOME TAXES | (1,609 | ) | - | (1,609 | ) | |||||||||||||||||
NET LOSS | $ | (439,062 | ) | $ | (44,960 | ) | $ | (424,022 | ) | |||||||||||||
NET LOSS PER SHARE | ||||||||||||||||||||||
Basic | $ | (0.02 | ) | N/A | $ | (0.01 | ) | |||||||||||||||
Diluted | $ | (0.02 | ) | N/A | $ | (0.01 | ) | |||||||||||||||
SHARES USED IN CALCULATION OF NET LOSS PER SHARE | ||||||||||||||||||||||
Basic | 27,297,960 | A | 4,292,220 | 31,590,180 | ||||||||||||||||||
Diluted | 27,297,960 | A | 4,292,220 | 31,590,180 |
Adjustment Notes
A | Represents the issuance of 4,292,220 shares for the acquisition of Rohuma on January 22, 2021 (value per share was $1.01 per share on Janaury 22, 2021) | |
B | Represents estimated change in value of based on events occuring subsequent to September 30, 2020 |
TRAQIQ, INC. AND SUBSIDIARIES
PROFORMA STATEMENTS OF OPERATIONS
Year Ended December 31, 2019
TRAQ | ROHUMA | ADJUSTMENTS | CONSOLIDATED | |||||||||||||||
REVENUES | ||||||||||||||||||
Revenue from services | $ | 680,732 | $ | 228,632 | $ | 909,364 | ||||||||||||
680,732 | 228,632 | 909,364 | ||||||||||||||||
COST OF REVENUES | ||||||||||||||||||
Cost of services | 431,363 | 88,776 | 520,139 | |||||||||||||||
431,363 | 88,776 | 520,139 | ||||||||||||||||
GROSS PROFIT | 249,369 | 139,856 | 389,225 | |||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||
Salaries and salary related costs | 114,615 | 196,336 | 310,951 | |||||||||||||||
Professional fees and consulting | 287,775 | 13,785 | 301,560 | |||||||||||||||
General and administrative | 160,919 | 34,573 | 195,492 | |||||||||||||||
Depreciation and amortization | 42,840 | 331 | 43,171 | |||||||||||||||
Rent | 88,863 | 14,437 | B | 60,000 | 43,300 | |||||||||||||
Total operating expenses | 695,012 | 259,462 | 894,474 | |||||||||||||||
Loss from operations | (445,643 | ) | (119,606 | ) | (505,249 | ) | ||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Bargain purchase gain | 417,148 | - | B | 417,148 | - | |||||||||||||
Forgiveness of debt | 55,450 | - | 55,450 | |||||||||||||||
Interest expense, net of interest income | (250,164 | ) | - | (250,164 | ) | |||||||||||||
Other income (expense), net | 222,434 | - | (194,714 | ) | ||||||||||||||
Loss from before provision for income taxes | (223,209 | ) | (119,606 | ) | (699,963 | ) | ||||||||||||
PROVISION FOR INCOME TAXES | - | - | - | |||||||||||||||
NET LOSS | $ | (223,209 | ) | $ | (119,606 | ) | $ | (699,963 | ) | |||||||||
NET LOSS PER SHARE | ||||||||||||||||||
Basic | $ | (0.01 | ) | N/A | $ | (0.02 | ) | |||||||||||
Diluted | $ | (0.01 | ) | N/A | $ | (0.02 | ) | |||||||||||
SHARES USED IN CALCULATION OF NET LOSS PER SHARE | ||||||||||||||||||
Basic | 27,297,960 | A | 4,292,220 | 31,590,180 | ||||||||||||||
Diluted | 27,297,960 | A | 4,292,220 | 31,590,180 |
Adjustment Notes
A | Represents the issuance of 4,292,220 shares for the acquisition of Rohuma on January 22, 2021 (value per share was $1.01 per share on Janaury 22, 2021) | |
B | Represents estimated change in value of based on events occuring subsequent to September 30, 2020 |