Exhibit 99.1
Monster, LLC and Subsidiaries | |||||||||||||
Pro-Forma Balance Sheet | |||||||||||||
Monster | Atlantic Acquisition | Pro-Forma | |||||||||||
Consolidated | Inc | Adjustments | Consolidated | ||||||||||
Assets | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 7,796,202 | $ | 20,000 | $ | 7,816,202 | |||||||
Restricted cash | 501,225 | 501,225 | |||||||||||
Accounts receivable, net | 34,327,644 | 34,327,644 | |||||||||||
Accounts receivables, assigned | 2,798,826 | 2,798,826 | |||||||||||
Inventories, net | 10,627,883 | 10,627,883 | |||||||||||
Prepaid expenses & deposits | 12,662,136 | 12,662,136 | |||||||||||
Total current assets | 68,713,916 | 20,000 | 68,733,916 | ||||||||||
Property and equipment, net | 1,769,970 | 1,769,970 | |||||||||||
Trademarks, net | 4,401,950 | 4,401,950 | |||||||||||
Related party receivables | 1,943,594 | 1,943,594 | |||||||||||
Total assets | $ | 76,829,430 | $ | 20,000 | $ | 76,849,430 | |||||||
Liabilities and Shareholders' Equity | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | 7,308,756 | 2,000 | 7,310,756 | ||||||||||
Accrued liabilities | 70,377,587 | 70,377,587 | |||||||||||
Factoring Payable | 1,960,540 | 1,960,540 | |||||||||||
Note payables to shareholders | 64,964,680 | 52,332 | 65,017,012 | ||||||||||
Total current liabilities | 144,611,563 | 54,332 | 144,665,895 | ||||||||||
Notes payable to shareholders, non-current | 35,557,742 | 35,557,742 | |||||||||||
Other liabilities | 1,869,591 | 1,869,591 | |||||||||||
Total liabilities | 182,038,896 | 54,332 | 182,093,228 | ||||||||||
Shareholders' equity: | |||||||||||||
Common stock; no par value | 30,470 | 2,100 | 32,570 | ||||||||||
Additional paid in capital | 73,610,704 | 19,900 | 73,630,604 | ||||||||||
Members equity | 4,121,374 | 4,121,374 | |||||||||||
Accumulated other comprehensive loss | (9,284,376 | ) | (9,284,376 | ) | |||||||||
Retained earnings at end | (173,687,638 | ) | (56,332 | ) | (173,743,970 | ) | |||||||
Total shareholders' equity | (105,209,466 | ) | (34,332 | ) | (105,243,798 | ) | |||||||
Total Liabilities and Shareholders' Equity | $ | 76,829,430 | $ | 20,000 | $ | 76,849,430 |
Exhibit 99.1 -- Page 1
Monster, Inc. and Subsidiaries and | ||||||||||||||||
Monster, LLC and Subsidiaries | ||||||||||||||||
Pro-Forma Income Statement | ||||||||||||||||
Monster | Atlantic Acquisition | Pro-Forma | ||||||||||||||
Consolidated | Inc | Adjustments | Consolidated | |||||||||||||
Net Sales | 57,486,610 | - | - | 57,486,610 | ||||||||||||
Costs of Sales | 35,761,909 | - | - | 35,761,909 | ||||||||||||
Gross Profit | 21,724,701 | - | - | 21,724,701 | ||||||||||||
Selling, general and administration expenses | 44,197,523 | 9,750 | - | 44,207,273 | ||||||||||||
Loss from operations | (22,472,822 | ) | (9,750 | ) | - | (22,482,572 | ) | |||||||||
Other income (expenses) | ||||||||||||||||
Interest expense | (4,208,652 | ) | - | - | (4,208,652 | ) | ||||||||||
Gain (loss) from foreign currency transactions | 1,053,481 | - | - | 1,053,481 | ||||||||||||
Other, net | (1,022,569 | ) | - | - | (1,022,569 | ) | ||||||||||
Loss before income taxes | (26,650,562 | ) | (9,750 | ) | - | (26,660,312 | ) | |||||||||
Provision for income taxes | 92,582 | - | - | 92,582 | ||||||||||||
Net loss | (26,743,144 | ) | (9,750 | ) | - | (26,752,894 | ) | |||||||||
Other comprehensive loss, net of tax | ||||||||||||||||
Foreign currency translation adjustments | (306,730 | ) | - | - | (306,730 | ) | ||||||||||
Comprehensive loss | (27,049,874 | ) | (9,750 | ) | - | (27,059,624 | ) |
Exhibit 99.1 -- Page 2