Exhibit 99.3
ALTERNATIVE SOLUTIONS L.L.C. / CLS HOLDINGS USA, INC.
PRO FORMA CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
For the Year Ended | ||||||||||||||||
May 31, 2018 | ||||||||||||||||
Alternative | CLS USA | Pro Forma | ||||||||||||||
Solutions, LLC | Holdings, Inc. | Elimination | Combined | |||||||||||||
ASSETS | ||||||||||||||||
Current assets | $ | 2,337,736 | $ | 54,374 | $ | - | $ | 2,392,110 | ||||||||
Other assets | 1,106,277 | 2,050,898 | (2,050,000 | ) | 1,107,175 | |||||||||||
Total assets | $ | 3,444,013 | $ | 2,105,272 | $ | (2,050,000 | ) | $ | 3,499,285 | |||||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||||||||||
Current liabilities | $ | 1,260,540 | $ | 2,689,148 | $ | - | $ | 3,949,688 | ||||||||
Long-term liabilities | - | 43,904 | - | 43,904 | ||||||||||||
Total liabilities | 1,260,540 | 2,733,052 | - | 3,993,592 | ||||||||||||
Equity (deficit): | ||||||||||||||||
Partners' capital | 7,303,971 | - | (7,303,971 | ) | - | |||||||||||
Common stock | - | 5,013 | - | 5,013 | ||||||||||||
Additional paid-in capital | - | 17,628,717 | 133,473 | 17,762,190 | ||||||||||||
Stock payable | - | 307,584 | - | 307,584 | ||||||||||||
Accumulated deficit | (5,120,498 | ) | (18,569,094 | ) | 5,120,498 | (18,569,094 | ) | |||||||||
Total equity (deficit) | 2,183,473 | (627,780 | ) | (2,050,000 | ) | (494,307 | ) | |||||||||
Total liabilities and equity (deficit) | $ | 3,444,013 | $ | 2,105,272 | $ | (2,050,000 | ) | $ | 3,499,285 |
For the Year Ended | ||||||||||||||||
May 31, 2017 | ||||||||||||||||
Alternative | CLS USA | Pro Forma | ||||||||||||||
Solutions, LLC | Holdings, Inc. | Elimination | Combined | |||||||||||||
ASSETS | ||||||||||||||||
Current assets | $ | 675,185 | $ | 79,720 | $ | - | $ | 754,905 | ||||||||
Other assets | 1,225,783 | 52,220 | - | 1,278,003 | ||||||||||||
Total assets | $ | 1,900,968 | $ | 131,940 | $ | - | $ | 2,032,908 | ||||||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||||||||||
Current liabilities | $ | 1,207,180 | $ | 1,826,478 | $ | - | $ | 3,033,658 | ||||||||
Long-term liabilities | - | 192,000 | - | 192,000 | ||||||||||||
Total liabilities | 1,207,180 | 2,018,478 | - | 3,225,658 | ||||||||||||
Equity (deficit): | ||||||||||||||||
Partners' capital | 4,578,971 | - | (4,578,971 | ) | - | |||||||||||
Common stock | - | 3,286 | - | 3,286 | ||||||||||||
Additional paid-in capital | - | 7,032,836 | 693,788 | 7,726,624 | ||||||||||||
Stock payable | - | 68,950 | - | 68,950 | ||||||||||||
Accumulated deficit | (3,885,183 | ) | (8,991,610 | ) | 3,885,183 | (8,991,610 | ) | |||||||||
Total equity (deficit) | 693,788 | (1,886,538 | ) | - | (1,192,750 | ) | ||||||||||
Total liabilities and equity (deficit) | $ | 1,900,968 | $ | 131,940 | $ | - | $ | 2,032,908 |
ALTERNATIVE SOLUTIONS L.L.C. / CLS HOLDINGS USA, INC.
PRO FORMA STATEMENTS OF OPERATIONS
(Unaudited)
For the Year Ended | ||||||||||||
May 31, 2018 | ||||||||||||
Alternative | CLS USA | Pro Forma | ||||||||||
Solutions, LLC | Holdings, Inc. | Combined | ||||||||||
Revenue | $ | 7,258,443 | $ | - | $ | 7,258,443 | ||||||
Cost of goods sold | 4,586,221 | - | 4,586,221 | |||||||||
Gross Profit | 2,672,222 | - | 2,672,222 | |||||||||
Operating expenses | 3,877,117 | 3,116,040 | 6,993,157 | |||||||||
Net operating loss | (1,204,895 | ) | (3,116,040 | ) | (4,320,935 | ) | ||||||
Other income (expense) | (67,641 | ) | (6,461,444 | ) | (6,529,085 | ) | ||||||
Net loss | $ | (1,272,536 | ) | $ | (9,577,484 | ) | $ | (10,850,020 | ) | |||
Weighted average number of common | ||||||||||||
shares outstanding - basic and fully diluted | 39,224,613 | 60,053,738 | ||||||||||
Net (loss) per share - basic and fully diluted | $ | (0.24 | ) | $ | (0.18 | ) |
For the Year Ended | ||||||||||||
May 31, 2017 | ||||||||||||
Alternative | CLS USA | Pro Forma | ||||||||||
Solutions, LLC | Holdings, Inc. | Combined | ||||||||||
Revenue | $ | 1,367,196 | $ | - | $ | 1,367,196 | ||||||
Cost of goods sold | 1,164,617 | - | 1,164,617 | |||||||||
Gross Profit | 202,579 | - | 202,579 | |||||||||
Operating expenses | 1,811,702 | 1,610,955 | 3,422,657 | |||||||||
Net operating loss | (1,609,123 | ) | (1,610,955 | ) | (3,220,078 | ) | ||||||
Other income (expense): | (459,020 | ) | (3,254,769 | ) | (3,713,789 | ) | ||||||
Net loss | $ | (2,068,143 | ) | $ | (4,865,724 | ) | $ | (6,933,867 | ) | |||
Weighted average number of common | ||||||||||||
shares outstanding - basic and fully diluted | 20,778,785 | 42,837,608 | ||||||||||
Net (loss) per share - basic and fully diluted | $ | (0.23 | ) | $ | (0.16 | ) |