EXHIBIT 99.3
ANVIA HOLDINGS CORPORATION
UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
The following unaudited pro forma combined financial statements give effect to the sale purchase transaction (the “Transaction”) between ANVIA Holdings Corporation (the “Company”, “ANVIA”, “we”, “us”, “our”), Acquire Insurance Brokers Pty. Ltd. (“AIB”) and Online Insurance Group Pty. Ltd. (“Online”).
Anvia Holdings Corporation
Pro Forma
Balance Sheet - Unaudited
March 31, 2019
Anvia Holdings Corporation (#) | AIB | Pro forma adjustments (acquisition of AIB) | Pro forma results (adjusted for acquisition of AIB) | Online | Pro forma adjustments (acquisition of Online) | Pro forma results (combined) | ||||||||||||||||||||||
March 31, 2019 | March 31, 2019 | March 31, 2019 | March 31, 2019 | March 31, 2019 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||
Cash and cash equivalents | 455,924 | 16,324 | - | 472,248 | 710 | - | 472,958 | |||||||||||||||||||||
Accounts receivable | 572,166 | - | - | 572,166 | - | - | 572,166 | |||||||||||||||||||||
Other receivables | 1,062,331 | 17,358 | - | 1,079,689 | - | - | 1,079,689 | |||||||||||||||||||||
Tax assets | 16,630 | - | - | 16,630 | - | - | 16,630 | |||||||||||||||||||||
Total Current Assets | 2,107,051 | 33,682 | - | 2,140,733 | 710 | - | 2,141,443 | |||||||||||||||||||||
Property, plant and equipment, net | 793,129 | - | - | 793,129 | - | - | 793,129 | |||||||||||||||||||||
Intangible assets | 55,755 | - | - | 55,755 | - | - | 55,755 | |||||||||||||||||||||
Other investments | 912,294 | - | - | 912,294 | - | - | 912,294 | |||||||||||||||||||||
Goodwill | 10,200,451 | - | 1,069,809 | 11,270,260 | - | (710 | ) | 11,269,550 | ||||||||||||||||||||
Total Non-Current Assets | 11,961,629 | - | 1,069,809 | 13,031,438 | - | (710 | ) | 13,030,728 | ||||||||||||||||||||
Total Assets | 14,068,680 | 33,682 | 1,069,809 | 15,172,171 | 710 | (710 | ) | 15,172,171 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||||||
Account payables | 602,902 | 2,762 | - | 605,664 | - | - | 605,664 | |||||||||||||||||||||
Accounts payable and accrued liabilities | 3,170,205 | 92,654 | - | 3,262,859 | - | - | 3,262,859 | |||||||||||||||||||||
Embedded Conversion option liability | 9,232,412 | - | - | 9,232,412 | - | - | 9,232,412 | |||||||||||||||||||||
Convertible notes payable | 1,575,858 | - | - | 1,575,858 | - | - | 1,575,858 | |||||||||||||||||||||
Amount owing to Directors | 564,187 | - | - | 564,187 | - | - | 564,187 | |||||||||||||||||||||
Borrowings | 3,804,883 | - | 76,574 | 3,881,457 | - | - | 3,881,457 | |||||||||||||||||||||
Provision for taxation | 620,555 | - | - | 620,555 | - | - | 620,555 | |||||||||||||||||||||
Total Current Liabilities | 19,571,002 | 95,416 | 76,574.00 | 19,742,992 | - | - | 19,742,992 | |||||||||||||||||||||
Total Liabilities | 19,571,002 | 95,416 | 76,574.00 | 19,742,992 | - | - | 19,742,992 | |||||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||||||||
Series A Preferred stock, $0.0001 par value, 100,000,000 shares authorized; 42,257,877 shares issued and outstanding at March 31, 2019 | 4,317 | 228,692 | (228,658 | ) | 4,351 | 782 | (782 | ) | 4,351 | |||||||||||||||||||
Discount on common stock | (500 | ) | - | - | (500 | ) | - | - | (500 | ) | ||||||||||||||||||
Additional paid-in capital | 6,147,572 | - | 956,161 | 7,103,733 | - | - | 7,103,733 | |||||||||||||||||||||
Stock subscriptions | (262,768 | ) | - | - | (262,768 | ) | - | - | (262,768 | ) | ||||||||||||||||||
Accumulated deficit | (11,246,233 | ) | (285,805 | ) | 285,805 | (11,246,233 | ) | - | - | (11,246,233 | ) | |||||||||||||||||
Accumulated other comprehensive loss | (118,560 | ) | (4,621 | ) | 4,621 | (118,560 | ) | (72 | ) | 72 | (118,560 | ) | ||||||||||||||||
Total Anvia Holdings Corporation stockholders’ equity | (5,476,172 | ) | (61,734 | ) | 1,017,929 | (4,519,977 | ) | 710 | (710 | ) | (4,519,977 | ) | ||||||||||||||||
Non-controlling interest | (26,150 | ) | - | (24,694 | ) | (50,844 | ) | - | - | (50,844 | ) | |||||||||||||||||
Total Stockholders’ Equity | (5,502,322 | ) | (61,734 | ) | 993,235 | (4,570,821 | ) | 710 | (710 | ) | (4,570,821 | ) | ||||||||||||||||
Total Liabilities and Stockholders’ Equity | 14,068,680 | 33,682 | 1,069,809 | 15,172,171 | 710 | (710 | ) | 15,172,171 |
# Please refer to Form 8-K/A announced on September 18, 2019
See notes to the unaudited pro forma combined financial statements
Anvia Holdings Corporation
Pro Forma
Statement of Operations and Comprehensive Loss for the three months ended March 31, 2019
(Unaudited)
Anvia Holdings Corporation (#) | AIB | Pro forma adjustments (acquisition of AIB) | Pro forma results (adjusted for acquisition of AIB) | Online | Pro forma adjustments (acquisition of Online) | Pro forma results (combined) | ||||||||||||||||||||||
March 31, 2019 | March 31, 2019 | March 31, | March 31, 2019 | March 31, 2019 | ||||||||||||||||||||||||
Revenue | 5,808,368 | 131,239 | - | 5,939,607 | - | - | 5,939,607 | |||||||||||||||||||||
Cost of goods sold | (3,572,889 | ) | (14,796 | ) | - | (3,587,685 | ) | - | - | (3,587,685 | ) | |||||||||||||||||
Gross Profit | 2,235,479 | 116,443 | - | 2,351,922 | - | - | 2,351,922 | |||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||
General and administrative | (2,696,104 | ) | - | - | (2,696,104 | ) | - | - | (2,696,104 | ) | ||||||||||||||||||
Other income | 1,321 | - | - | 1,321 | - | - | 1,321 | |||||||||||||||||||||
Operating Expenses | (3,405,328 | ) | (162,886 | ) | - | (3,568,214 | ) | - | - | (3,568,214 | ) | |||||||||||||||||
Loss From Operations | (3,864,632 | ) | (46,443 | ) | - | (3,911,075 | ) | - | - | (3,911,075 | ) | |||||||||||||||||
Finance costs | ||||||||||||||||||||||||||||
Interest expense | (4,623,123 | ) | - | - | (4,623,123 | ) | - | - | (4,623,123 | ) | ||||||||||||||||||
Loss Before Income Taxes | (8,487,755 | ) | (46,443 | ) | - | (8,534,198 | ) | - | - | (8,534,198 | ) | |||||||||||||||||
Provision for income taxes | (598 | ) | - | - | (598 | ) | - | - | (598 | ) | ||||||||||||||||||
Net Loss | (8,488,353 | ) | (46,443 | ) | - | (8,534,796 | ) | - | - | (8,534,796 | ) | |||||||||||||||||
Net income loss attributable to the non-controlling interest | (412 | ) | - | - | (412 | ) | - | - | (412 | ) | ||||||||||||||||||
Net Loss Attributable To The Shareholders of The Company | (8,488,765 | ) | (46,443 | ) | - | (8,535,208 | ) | - | - | (8,535,208 | ) | |||||||||||||||||
Other comprehensive income/(expense): | ||||||||||||||||||||||||||||
Foreign currency translation gain/(loss) | 3,932 | (10 | ) | - | 3,922 | 6 | - | 3,928 | ||||||||||||||||||||
Comprehensive (loss)/profit | (8,484,833 | ) | (46,453 | ) | - | (8,531,286 | ) | 6 | - | (8,531,280 | ) | |||||||||||||||||
Other comprehensive income attributable to non-controlling interests | (112 | ) | - | - | (112 | ) | - | - | (112 | ) | ||||||||||||||||||
Total Comprehensive (Loss)/Income Attributable To The Shareholders of The Company | (8,484,945 | ) | (46,453 | ) | - | (8,531,398 | ) | 6 | - | (8,531,392 | ) | |||||||||||||||||
Basic and Diluted Loss per Common Share | (0.20 | ) | (0.15 | ) | 0.00 | (0.02 | ) | 0.01 | 0.00 | (0.20 | ) | |||||||||||||||||
Basic and Diluted Weighted Average Common Shares Outstanding* | 42,257,877 | 300,002 | (300,002 | ) | 42,257,877 | 1,000 | (1,000 | ) | 42,257,877 |
# Please refer to Form 8-K/A announced on September 18, 2019
(1) Proforma as adjusted shares are not weighted and are actual shares issued and outstanding.
See notes to the unaudited pro forma combined financial statements
Anvia Holdings Corporation
Pro Forma
Statement of Operations and Comprehensive Loss for the year ended December 31, 2018
(Audited)
Anvia Holdings Corporation (#) | AIB | Pro forma adjustments (acquisition of AIB) | Pro forma results (adjusted for acquisition of AIB) | Online | Pro forma adjustments (acquisition of Online) | Pro forma results (combined) | ||||||||||||||||||||||
Dec 31, 2018 | Dec 31, 2018 | Dec 31, 2018 | Dec 31, 2018 | Dec 31, 2018 | ||||||||||||||||||||||||
Revenue | 22,843,136 | 552,008 | - | 23,395,144 | - | - | 23,395,144 | |||||||||||||||||||||
Cost of goods sold | (18,665,758 | ) | (54,074 | ) | - | (18,719,832 | ) | - | - | (18,719,832 | ) | |||||||||||||||||
Gross Profit | 4,177,378 | 497,934 | - | 4,675,312 | - | - | 4,675,312 | |||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||
General and administrative | (1,357,024 | ) | - | - | (1,357,024 | ) | - | - | (1,357,024 | ) | ||||||||||||||||||
Other income | 23,249 | 11,358.00 | - | 34,607 | - | - | 34,607 | |||||||||||||||||||||
Operating Expenses | (4,007,278 | ) | (790,066 | ) | - | (4,797,344 | ) | - | - | (4,797,344 | ) | |||||||||||||||||
(Loss)/Profit From Operations | (1,163,675 | ) | (280,774 | ) | - | (1,444,449 | ) | - | - | (1,444,449 | ) | |||||||||||||||||
Finance costs | ||||||||||||||||||||||||||||
Interest expense | (1,320,476 | ) | (2,965 | ) | - | (1,323,441 | ) | - | - | (1,323,441 | ) | |||||||||||||||||
(Loss)/Profit Before Income Taxes | (2,484,151 | ) | (283,739 | ) | - | (2,767,890 | ) | - | - | (2,767,890 | ) | |||||||||||||||||
Provision for income taxes | (2,201 | ) | - | - | (2,201 | ) | - | - | (2,201 | ) | ||||||||||||||||||
Net (Loss)/Profit | (2,486,352 | ) | (283,739 | ) | - | (2,770,091 | ) | - | - | (2,770,091 | ) | |||||||||||||||||
Net income loss attributable to the non-controlling interest | 16,009 | - | - | 16,009 | - | - | 16,009 | |||||||||||||||||||||
Net (Loss)/Profit Attributable To The Shareholders of The Company | (2,470,343 | ) | (283,739 | ) | - | (2,754,082 | ) | - | - | (2,754,082 | ) | |||||||||||||||||
Other comprehensive income/(expense): | ||||||||||||||||||||||||||||
Foreign currency translation gain/(loss) | 44,127 | (5,222 | ) | - | 38,905 | (77 | ) | - | 38,828 | |||||||||||||||||||
Comprehensive (loss)/profit | (2,426,216 | ) | (288,961 | ) | - | (2,715,177 | ) | (77 | ) | - | (2,715,254 | ) | ||||||||||||||||
Other comprehensive income attributable to non-controlling interests | 564 | - | - | 564 | - | - | 564 | |||||||||||||||||||||
Total Comprehensive (Loss)/Income Attributable To The Shareholders of The Company | (2,425,652 | ) | (288,961 | ) | - | (2,714,613 | ) | (77 | ) | 0 | (2,714,690 | ) | ||||||||||||||||
Basic and Diluted Loss per Common Share | (0.06 | ) | (0.96 | ) | 0.00 | (0.06 | ) | (0.08 | ) | 0.00 | (0.06 | ) | ||||||||||||||||
Basic and Diluted Weighted Average Common Shares Outstanding* | 42,257,877 | 300,002 | (300,002 | ) | 42,257,877 | 1,000 | (1,000 | ) | 42,257,877 |
# Please refer to Form 8-K/A announced on September 18, 2019
(1) Proforma as adjusted shares are not weighted and are actual shares issued and outstanding.
See notes to the unaudited pro forma combined financial statements
ANVIA HOLDINGS CORPORATION
NOTES TO THE UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
On June 25, 2019, pursuant to a Share Sale Agreement (“Agreement”) dated June 25, 2019, Anvia Holdings, Inc. (the “Company”), through its wholly-owned subsidiary, Anvia (Australia) Pty Ltd., acquire 60% of the issued and outstanding shares of Acquire Insurance Brokers Pty Ltd (“AIB”), an Australian corporation. Under the Agreement, the 60% stakes were transacted at a purchase price of USD$1,029,864 of which USD$75,000 was paid in cash at the closing and USD$954,864 will be paid in the common stock of the Company valued at the mean average price per share for the 30 days prior to the closing of the OTCQB on June 25, 2019. Acquire Insurance Group is a general insurance brokerage based on the Gold Coast. Acquire was established in August 2012 as a specialty broker offering trade credit solutions to businesses trading on credit terms. It quickly expanded to offer all lines of general insurance with a focus on SME, Mid-Market and Corporate accounts. As Online Insurance Group Pty. Ltd. (“Online”). is a dormant entity, the 60% shares were transferred to Anvia (Australia) Pty Ltd. for nil consideration.
1. BASIS OF PRO FORMA PRESENTATION
The unaudited pro forma condensed combined balance sheets have been derived from the historical March 31, 2019 balance sheet of acquired companies after giving effect to the acquisition with Anvia Holdings Corporation. The pro forma balance sheet and statement of operations and comprehensive loss present this transaction as if they had been consummated as of March 31, 2019 as required under Article 11 of Regulation S-X.
Historical financial information has been adjusted in the pro forma balance sheet to pro forma events that are: (1) directly attributable to the Acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the Company’s results of operations. The pro forma adjustments presented in the pro forma condensed combined balance sheet and statement of operations are described in Note 3— Pro Forma Adjustments.
The unaudited pro forma combined financial information is for illustrative purposes only. These companies may have performed differently had they actually been combined for the periods presented. You should not rely on the pro forma condensed combined financial information as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined companies will experience after the merger. Unaudited pro forma financial information and the notes thereof should be read in conjunction with the accompanying historical financial statements of acquire companies included elsewhere in this report.
2. ACCOUNTING PERIODS PRESENTED
Certain pro forma adjustments were made to conform ANVIA’s accounting policies to the Company’s accounting policies as noted below.
The unaudited pro forma condensed combined balance sheet as of March 31, 2019 is presented as if the acquired companies acquisition had occurred on March 31, 2019 and combines the historical balance sheet of the Company at March 31, 2019 and the historical balance sheet of companies at March 31, 2019.
The unaudited pro forma condensed combined statement of operations and comprehensive loss of the Company and acquired companies for the period ended March 31, 2019 are presented as if the acquisition had taken place on March 31, 2019. The pro forma statement of operations and comprehensive loss for the period ended March 31, 2019 combines the historical results of the Company for the three months ended March 31, 2018 and the historical results of acquired companies for three months ended March 31, 2019.
The unaudited pro forma combined statement of operations and comprehensive loss for the year ended March 31, 2019 has been prepared by combining the Company’s historical consolidated statement of operations for the period ended March 31, 2019, with the historical consolidated statement of income of acquired companies for the period ended March 31, 2019.
3. PRO FORMA ADJUSTMENTS
The adjustments included in the pro forma balance sheet and statement of operations and comprehensive loss are as follows:
● | To eliminate the equity account of acquired companies incurred before the date of the acquisition and adjust share capital of acquired companies. |
● | To record the acquisition through debt financing. |
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