Exhibit 99.1
SCHEDULE OF ACQUISITION PRO-FORMA INFORMATION
ALTITUDE INTERNATIONAL HOLDINGS, INC. and BREUNICH HOLDINGS, INC.
Unaudited Proforma Consolidated Balance Sheets
June 30, 2021
ALTD | BHI | Adjustments | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 4,122 | $ | 655,784 | $ | - | $ | 659,906 | ||||||||
Accounts receivable | - | 443,076 | - | 443,076 | ||||||||||||
Inventory | - | 187,031 | - | 187,031 | ||||||||||||
Due from related party | - | 212,380 | - | 212,380 | ||||||||||||
Prepaid expense | 39,208 | 122,187 | - | 161,395 | ||||||||||||
Total current assets | 43,330 | 1,620,458 | - | 1,663,788 | ||||||||||||
Fixed assets, net | - | 266,976 | - | 266,976 | ||||||||||||
Other assets - long-term | - | 1,816 | - | 1,816 | ||||||||||||
Goodwill | - | - | 98,779,773 | (b) | 98,779,773 | |||||||||||
Notes receivable, non-current | - | 37,467 | - | 37,467 | ||||||||||||
Total assets | $ | 43,330 | $ | 1,926,717 | $ | 98,779,773 | $ | 100,749,820 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||
Current liabilities | ||||||||||||||||
Notes payable | $ | 20,800 | $ | - | $ | - | $ | 20,800 | ||||||||
Accounts payable and accrued expenses | 55,008 | 509,124 | - | 564,132 | ||||||||||||
Due to Breunich Holding Inc. | 193,328 | - | (193,328 | )(a) | - | |||||||||||
Stockholders’ advance | 36,211 | - | - | 36,211 | ||||||||||||
Deferred revenue | 126,037 | 814,918 | - | 940,955 | ||||||||||||
Total current liabilities | 431,384 | 1,324,042 | (193,328 | ) | 1,562,098 | |||||||||||
Notes payable, non-current | - | 1,530,444 | - | 1,530,444 | ||||||||||||
Total liabilities | 431,384 | 2,854,486 | (193,328 | ) | 3,092,542 | |||||||||||
Commitments and contingencies | - | - | - | - | ||||||||||||
Stockholders’ equity (deficit) | ||||||||||||||||
Preferred stock | - | - | - | - | ||||||||||||
Common stock | 6,175,574 | 5,643 | 29,599 | (a) | 6,210,816 | |||||||||||
Additional paid in capital | (175,279 | ) | 2,140,857 | 163,729 | (a) | 100,909,080 | ||||||||||
98,779,773 | (b) | |||||||||||||||
Accumulated deficit | (6,388,349 | ) | (3,074,269 | ) | - | (9,462,618 | ) | |||||||||
Total stockholders’ equity (deficit) | (388,054 | ) | (927,769 | ) | 98,973,101 | 97,657,278 | ||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 43,330 | $ | 1,926,717 | $ | 98,779,773 | $ | 100,749,820 |
(a) | To reflect the issuance of 295,986,724 shares of Altitude Holdings, Inc.’s common stock pursuant to the Exchange Ratio in the merger agreement. | |
(b) | To reflect the goodwill related to the acquisition. |
ALTITUDE INTERNATIONAL HOLDINGS, INC.
Unaudited Proforma Statement of Operations
For the Six Months ended June 30, 2021
(unaudited)
ALTD | BHI | Adjustments | Consolidated | |||||||||||||
Revenue | $ | - | $ | 3,575,981 | $ | - | $ | 3,575,981 | ||||||||
Operating expenses | ||||||||||||||||
Direct costs of revenue | - | 697,569 | - | 697,569 | ||||||||||||
Professional fees | 107,567 | 183,210 | - | 290,777 | ||||||||||||
Salary expenses | 65,435 | 1,323,500 | - | 1,388,935 | ||||||||||||
Stock-based compensation | 2,978,108 | - | - | 2,978,108 | ||||||||||||
Impairment expense | - | 960,000 | - | 960,000 | ||||||||||||
Travel and entertainment | - | 33,622 | - | 33,622 | ||||||||||||
Depreciation and amortization | - | 21,085 | - | 21,085 | ||||||||||||
General and administrative - expense - related party | - | 3,500 | - | 3,500 | ||||||||||||
Other general and administrative expenses | 60,444 | 1,335,118 | - | 1,395,562 | ||||||||||||
Total operating expenses | 3,211,554 | 4,557,604 | - | 7,769,158 | ||||||||||||
Loss from operations | (3,211,554 | ) | (981,623 | ) | - | (4,193,177 | ) | |||||||||
Other income (expenses) | ||||||||||||||||
Gain on settlement of debt | 41,254 | - | - | 41,254 | ||||||||||||
Interest expense | (3,991 | ) | (17,865 | ) | - | (21,856 | ) | |||||||||
Total other income (expenses) | 37,263 | (17,865 | ) | - | 19,398 | |||||||||||
Net loss | $ | (3,174,291 | ) | $ | (999,488 | ) | $ | - | $ | (4,173,779 | ) | |||||
Earnings per share - basic and fully diluted | $ | (0.06 | ) | $ | (0.07 | ) | ||||||||||
Weighted average number of shares of common stock - basic and fully diluted | 56,940,822 | 56,940,822 |
SCHEDULE OF ACQUISITION PRO-FORMA INFORMATION
ALTITUDE INTERNATIONAL HOLDINGS, INC. and BREUNICH HOLDINGS, INC.
Unaudited Proforma Consolidated Balance Sheets
December 31, 2020
ALTD | BHI | Adjustments | Consolidated | |||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 485 | $ | 133,518 | $ | - | $ | 134,003 | ||||||||
Accounts receivable | - | 269,962 | - | 269,962 | ||||||||||||
Inventory | - | 50,536 | - | 50,536 | ||||||||||||
Prepaid expense | 3,000 | 199,003 | - | 202,003 | ||||||||||||
Total current assets | 3,485 | 653,019 | - | 656,504 | ||||||||||||
Fixed assets, net | - | 286,099 | - | 286,099 | ||||||||||||
Goodwill | - | - | 98,779,773 | (b) | 98,779,773 | |||||||||||
Total assets | $ | 3,485 | $ | 939,118 | $ | 98,779,773 | $ | 99,722,376 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||
Current liabilities | ||||||||||||||||
Notes payable - related party | $ | 69,200 | $ | - | $ | - | $ | 69,200 | ||||||||
Notes payable | 20,800 | 913,768 | - | 934,568 | ||||||||||||
Accounts payable and accrued expenses | 62,053 | 400,328 | - | 462,381 | ||||||||||||
Accounts payable and accrued expenses - related party | 113,422 | - | - | 113,422 | ||||||||||||
Payroll taxes payable | - | 4,327 | - | 4,327 | ||||||||||||
Stockholders’ advance | 36,211 | - | - | 36,211 | ||||||||||||
PPP loan | - | 30,595 | - | 30,595 | ||||||||||||
Deferred revenue | - | 1,378,502 | - | 1,378,502 | ||||||||||||
Total current liabilities | 301,686 | 2,727,520 | - | 3,029,206 | ||||||||||||
SBA Loans | - | 263,300 | - | 263,300 | ||||||||||||
Total liabilities | 301,686 | 2,990,820 | - | 3,292,506 | ||||||||||||
Commitments and contingencies | - | - | - | - | ||||||||||||
Stockholders’ equity (deficit) | ||||||||||||||||
Preferred stock | - | - | - | - | ||||||||||||
Common stock | 3,091,136 | - | 29,599 | (a) | 3,120,735 | |||||||||||
Additional paid in capital | (175,279 | ) | 100 | (2,055,396 | )(a) | 96,549,198 | ||||||||||
98,779,773 | (b) | |||||||||||||||
Members’ deficit | - | (1,981,343 | ) | 1,981,343 | (a) | - | ||||||||||
Non-controlling member’s deficit | - | (44,454 | ) | 44,454 | (a) | - | ||||||||||
Accumulated deficit | (3,214,058 | ) | (26,005 | ) | (3,240,063 | ) | ||||||||||
Total stockholders’ equity (deficit) | (298,201 | ) | (2,051,702 | ) | 98,779,773 | 96,429,870 | ||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 3,485 | $ | 939,118 | $ | 98,779,773 | $ | 99,722,376 |
(a) | To reflect the issuance of 295,986,724 shares of Altitude Holdings, Inc.’s common stock pursuant to the Exchange Ratio in the merger agreement. | |
(b) | To reflect the goodwill related to the acquisition. |
ALTITUDE INTERNATIONAL HOLDINGS, INC.
Unaudited Proforma Statement of Operations
For the Year ended December 31, 2020
(unaudited)
ALTD | BHI | Adjustments | Consolidated | |||||||||||||
Revenue | $ | 1,186 | $ | 5,524,410 | $ | - | $ | 5,525,596 | ||||||||
Operating expenses | ||||||||||||||||
Direct costs of revenue | - | 874,348 | - | 874,348 | ||||||||||||
Professional fees | 52,833 | 106,639 | - | 159,472 | ||||||||||||
Salary expenses | 125,000 | 2,822,040 | - | 2,947,040 | ||||||||||||
Stock-based compensation | 13,168 | - | - | 13,168 | ||||||||||||
Impairment expense | 10,141 | 378,433 | - | 388,574 | ||||||||||||
Travel and entertainment | - | 260,679 | - | 260,679 | ||||||||||||
Depreciation and amortization | - | 51,189 | - | 51,189 | ||||||||||||
Other general and administrative expenses | 74,502 | 1,618,101 | - | 1,692,603 | ||||||||||||
Total operating expenses | 275,644 | 6,111,429 | - | 6,387,073 | ||||||||||||
Loss from operations | (274,458 | ) | (587,019 | ) | - | (861,477 | ) | |||||||||
Other income (expenses) | ||||||||||||||||
Loss on conversion of debt to common stock | (39,734 | ) | - | - | (39,734 | ) | ||||||||||
Other income | - | 507,207 | - | 507,207 | ||||||||||||
Interest expense | (14,355 | ) | (45,486 | ) | - | (59,841 | ) | |||||||||
Total other income (expenses) | (54,089 | ) | 461,721 | - | 407,632 | |||||||||||
Net loss | (328,547 | ) | (125,298 | ) | - | (453,845 | ) | |||||||||
Net loss attributable to noncontrolling interests | - | (20,011 | ) | - | - | |||||||||||
Net loss | $ | (328,547 | ) | $ | (105,287 | ) | $ | - | $ | (453,845 | ) | |||||
Earnings per share - basic and fully diluted | $ | (0.01 | ) | $ | (0.01 | ) | ||||||||||
Weighted average number of shares of common stock - basic and fully diluted | 45,323,448 | 45,323,448 |