Exhibit 99.1
ContraVir Pharmaceuticals, Inc.
Unaudited Pro Forma Condensed Consolidated Balance Sheet
As of June 30, 2018
| | Historical | | Pro Forma
Adjustments | | | | Pro Forma | |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash | | $ | 2,580,356 | | $ | 10,126,000 | | (1) | | $ | 12.706,356 | |
Prepaid expenses | | 146,925 | | — | | | | 146,925 | |
Deferred financing fees | | 13,781 | | — | | | | 13,781 | |
Total current assets | | 2,741,062 | | 10,126,000 | | | | 12,867,062 | |
Property and equipment, net | | 41,716 | | — | | | | 41,716 | |
In process research and development | | 3,190,000 | | — | | | | 3,190,000 | |
Goodwill | | 1,870,924 | | — | | | | 1,870,924 | |
Other assets | | 131,539 | | — | | | | 131,539 | |
Total assets | | $ | 7,975,241 | | $ | 10,126,000 | | | | $ | 18,101,241 | |
| | | | | | | | | |
Liabilities and Stockholders’ Equity\(Deficit) | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | | $ | 2,079,313 | | $ | — | | | | $ | 2,079,313 | |
Accrued liabilities | | 920,322 | | — | | | | 920,322 | |
Convertible debt | | 2,000,000 | | — | | | | 2,000,000 | |
Total current liabilities | | 4,999,635 | | — | | | | 4,999,635 | |
| | | | | | | | | |
Contingent consideration | | 3,220,000 | | — | | | | 3,220,000 | |
Deferred tax liability | | 360,700 | | — | | | | 360,700 | |
Deferred rent liability | | 7,406 | | — | | | | 7,406 | |
Derivative financial instruments at estimated value - warrants | | 139,017 | | 4,798,573 | | (1) | | 4,937,590 | |
Total liabilities | | 8,726,758 | | 4,798,573 | | | | 13,525,331 | |
| | | | | | | | | |
Stockholders’ (deficit)/equity | | | | | | | | | |
Convertible preferred stock, par value $0.0001 per share. Authorized 20,000,000 shares | | — | | — | | | | — | |
Series A convertible preferred stock, stated value $10.00 per share, 85,581 shares issued and outstanding at June 30, 2018 | | 855,808 | | — | | | | 855,808 | |
Series C convertible preferred stock, stated value $1,000 per share. 10,826 shares issued and outstanding at June 30, 2018. | | — | | 5.327,427 | | (1) | | 5.327,427 | |
Common stock, par value of $.0001 per share. Authorized 120,000,000 shares, 10,692,174 issued and outstanding at June 30, 2018. | | 1,069 | | — | | | | 1,069 | |
Additional paid-in capital | | 72,125,806 | | — | | | | 72,125,806 | |
Accumulated deficit | | (73,734,200 | ) | — | | | | (73,734,200 | ) |
Total stockholders’ (deficit)/equity | | (751,517 | ) | 5.327,427 | | | | 4.575,910 | |
Total liabilities and stockholders’ equity | | $ | 7,975,241 | | $ | 10,126,000 | | | | $ | 18,101,241 | |
(1) — On July 3, 2018, the Company completed a rights offering pursuant to its effective registration statement on Form S-1, as amended. The Company received net proceeds of $10.1 million after broker\dealer fees. Pursuant to the Rights Offering, the Company sold an aggregate of 10,826 units consisting of an aggregate 10,826 shares of Series C Preferred Stock and 6,223,204 warrants, with each warrant exercisable for one share of Common Stock at an exercise price of $1.55 per share. The Company evaluated the accounting for the warrants under ASC Topic 480, Distinguishing Liabilities from Equity, as well as ASC Topic 815, Derivatives and Hedging and determined that the warrants should be classified as a derivative liability totaling approximately $4.8 million.
