Exhibit 99.1
Synergy CHC Corp.
(formerly Synergy Strips Corp.)
Pro Forma Consolidated Balance Sheets
(unaudited)
June 30, 2015 | Pro Forma | Reference | Pro Forma | |||||||||||||
As Reported | Adjustments | No. | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Current Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 637,238 | $ | (105,767 | ) | (1 | ) | $ | 531,441 | |||||||
Accounts Receivable | 1,720,385 | 1,720,385 | ||||||||||||||
Receivable from related party | 168,197 | 168,197 | ||||||||||||||
Prepaid expenses | 73,661 | 73,661 | ||||||||||||||
Inventory | 391,130 | 105,767 | (1 | ) | 496,927 | |||||||||||
Total Current Assets | 2,990,611 | - | 2,990,611 | |||||||||||||
Fixed assets, net | 1,441 | 1,441 | ||||||||||||||
Goodwill | 2,923,047 | 2,923,047 | ||||||||||||||
Intangible assets, net | 2,862,090 | 1,500,000 | (2 | ) | 4,362,090 | |||||||||||
Debt issuance cost, net | 225,693 | 225,693 | ||||||||||||||
Total Assets | $ | 9,002,882 | 1,500,000 | $ | 10,502,882 | |||||||||||
Liabilities and Stockholders’ Equity (Deficit) | ||||||||||||||||
Current Liabilities: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 1,263,012 | $ | 1,263,012 | ||||||||||||
Notes payable, related party | - | - | ||||||||||||||
Current portion of long-term debt | 750,000 | 750,000 | ||||||||||||||
Current portion of long-term debt, related party | 300,000 | 300,000 | ||||||||||||||
Total Current Liabilities | 2,313,012 | - | 2,313,012 | |||||||||||||
Long-term Liabilities: | ||||||||||||||||
Note payable | 750,000 | 750,000 | ||||||||||||||
Note payable, net of debt discount, related party | 5,130,561 | 5,130,561 | ||||||||||||||
Total Long-term Liabilities | 5,880,561 | - | 5,880,561 | |||||||||||||
Total Liabilities | 8,193,573 | - | 8,193,573 | |||||||||||||
Commitments and contingencies | - | - | ||||||||||||||
Stockholders’ Equity (Deficit): | ||||||||||||||||
Common stock, $0.00001 par value; 75,000,000 shares authorized; 67,095,187 and 62,100,000 shares issued and outstanding, respectively | 671 | 671 | ||||||||||||||
Common stock to be issued | 64,000 | 1,500,000 | (2 | ) | 1,564,000 | |||||||||||
Additional paid in capital | 4,382,469 | 4,382,469 | ||||||||||||||
Accumulated deficit | (3,637,831 | ) | (3,637,831 | ) | ||||||||||||
Total stockholders’ equity (deficit) | 809,309 | 1,500,000 | 2,309,309 | |||||||||||||
Total Liabilities and Stockholders’ Equity (Deficit) | $ | 9,002,882 | 1,500,000 | $ | 10,502,882 |
(1) To record cash paid for Hand MD inventory.
(2) To record acquisition of intangible property in exchange for 2,142,857 shares of common stock valued at $0.70 per share.