OMNIQ (OMQS) 8-K/A Completion of Acquisition or Disposition of Assets

Quest Solution, Inc.
Pro-Forma Consolidated Balance Sheet
December 31, 2012
(unaudited)
	Quest Solution, Inc.		Quest Marketing, Inc		Bar Code Specialties, Inc.		Pro-Forma		Pro-Forma
							Adjustments		Consolidated
ASSETS
Current assets:
Cash	$	55	$	117,366	$	576,070		-	$	693,491
Account receivable		-		2,861,084		2,790,245		-		5,651,329
Inventory		-		149,166		576,748		-		725,914
Prepaids		-		19,592		82,226		-		101,818
Prepaids, related party		-		645,333		-		-		645,333
Deferred tax asset, current		-		-		57,186		-		57,186
Loan receivable, related party		-		544,575		-		-		544,575
Total current assets		55		4,337,116		4,082,475		-		8,419,646
Fixed assets:
Total fixed assets		-		60,308		789,485		-		849,793
Other assets:
Other assets		-		-		879,774		-		879,774
Deposits		950		3,450		-		-		4,400
Intangibles		-		44,759		400,000		-		444,759
Total other assets		950		48,209		1,279,774		-		1,328,933
Total assets	$	1,005	$	4,445,633	$	6,151,734	$	-	$	10,598,372
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	38,087	$	1,972,401	$	1,471,789	$	-	$	3,482,277
Accounts payable - related party		154,732		-		-		-		154,732
Sales tax payable				126,645		-		-		126,645
Payroll liabilities		108,000		487,707		185,348		-		781,055
Accrued Interest - related Parties		36,571		-		-		-		36,571
Unearned revenue				88,787		315,618		-		404,405
Line of credit & interest accrued		-		92,199		-		-		92,199
Note payable, current		-		-		147,267		-		147,267
Judgment payable		120,000		-		-		-		120,000
Total current liabilities		457,390		2,767,739		2,120,024		-		5,345,153
Long-term liabilities
Long term debt		-		-		652,733		-		652,733
Deferred Taxes		-		-		60,455		-		60,455
Long term debt, related party		-		-		2,263,370		-		2,263,370
Total liabilities		457,390		2,767,739		5,096,581		-		8,321,710
						-
Stockholders' equity:
Preferred stock; $0.001 par value; 25,000,000 shares authorized  500,000 shares outstanding as of December 31, 2012		500		-		-		-		500
Common stock; $0.001 par value; 100,000,000 shares authorized; 24,124,824 shares outstanding as of December 31, 2012		24,124		1,677,894		1,616,648		(3,294,542)		24,124
Additional paid-in capital		15,441,512		-		-		2,494,542		17,936,054
Shareholder note receivable		-		-		(800,000)		800,000		-
Accumulated (deficit)		(15,922,521)		-		238,506		-		(15,684,015)
Total Stockholders' Equity		(456,385)		1,677,894		1,055,154		-		2,276,663
Total Liabilities and Stockholders' Equity	$	1,005	$	4,445,633	$	6,151,734	$	-	$	10,598,372

Quest Solution, Inc.
Pro-Forma Consolidated Statement
For the Year Ended December 31, 2012
(unaudited)
	Quest Solution, Inc.		Quest Marketing, Inc		Bar Code Specialties, Inc.		Pro-Forma		Pro-Forma
							Adjustments		Consolidated
Revenue
Sales	$	1,248	$	20,666,119	$	21,630,372	$	-	$	42,297,739
Allowance and discounts		-		(625,536)		-		-		(625,536)
Net sales		1,248		20,040,583		21,630,372		-		41,672,203
Cost of sales		-		16,168,572		18,184,833		-		34,353,405
Cost of sales - related party		-		700,333		-		-		700,333
Gross profit		1,248		3,171,678		3,445,538		-		6,618,464
Expenses:
Lease operating expenses		671		-		-		-		671
Depreciation and amortization		-		109,997		84,120		-		194,118
Salary and employee benefits		-		2,584,198		1,768,721		-		4,352,919
Professional fees		186,326		-		-		-		186,326
General and administrative expenses		4,635		822,075		1,508,813		-		2,335,524
Total expenses		191,632		3,516,271		3,361,654		-		7,069,557
Other (income) expense		-		(98,820)		(8,330)		-		(107,150)
Provision for income taxes		-		-		(264,270)				(264,270)
Interest expenses, net		980		2,158		142,241		-		145,379
		980		(96,662)		(130,359)		-		(226,041)
Net income (loss)	$	(191,364)	$	(247,931)	$	214,243	$	-	$	(225,051)
Discontinued Operations		-		-		(597,741)				(597,741)
Net income (loss) after discontinued operations	$	(191,364)	$	(247,931)	$	(383,497)	$	-	$	(822,792)
Weighted average number of common shares outstanding - basic										24,194,398
Net loss per share - basic									$	(0.01)
Net loss after discontinued operations per share - basic									$	(0.01)

Quest Solution, Inc.
Pro-Forma Consolidated Balance Sheet
December 31, 2013
(unaudited)
	Quest Solution, Inc.		Quest Marketing, Inc		Bar Code Specialties, Inc.		Pro-Forma		Pro-Forma
							Adjustments		Consolidated
ASSETS
Current assets:
Cash	$	13,302	$	1,950,121	$	170,973		-	$	2,134,396
Account receivable		1,559		3,444,744		3,753,091		-		7,199,394
Inventory		-		59,741		361,255		-		420,996
Prepaids		76,032		39,276		57,057		-		172,365
Note receivable		23,262		-		-		-		23,262
Deferred tax asset, current		-		-		55,879		-		55,879
Prepaids, related party		-		1,273,292		-		-		1,273,292
Loan receivable, related party		78,733		688,676		-		-		767,409
Total current assets		192,888		7,455,850		4,398,255		-		12,046,993
Fixed assets:
Total fixed assets		-		68,081		157,941		-		226,022
Other assets:
Other assets		-		-		774,823		-		774,823
Assets held for sale		-		-		636,431		-		636,431
Deposits		950		3,450		-		-		4,400
Intangibles		2,212,400		26,246		-		-		2,238,646
Total other assets		2,213,350		29,696		1,411,254		-		3,654,300
Total assets	$	2,406,238	$	7,553,627	$	5,967,450	$	-	$	15,927,315
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	278,010	$	3,939,641	$	1,953,262	$	-	$	6,170,913
Accounts payable - related party		42,000		-		-		-		42,000
Sales tax payable		-		217,509		-		-		217,509
Payroll liabilities		45,000		781,343		57,102		-		883,445
Advances, related party		32,442		-		-		-		32,442
Unearned revenue		-		44,992		278,992		-		323,984
Line of credit & interest accrued		97,491		-		-		-		97,491
Other liabilities, short term		20,000		-		153,132		-		173,132
Current portion of long term convertible debt		25,000		-		-		-		25,000
Total current liabilities		539,943		4,983,485		2,442,488		-		7,965,916
Long-term liabilities
Long term debt		1,975,000		-		499,674		-		2,474,674
Deferred Taxes		-		-		45,119		-		45,119
Long term debt, related party		-		-		2,163,597		-		2,163,597
Total liabilities		2,514,943		4,983,485		5,150,878		-		12,649,306
Stockholders' equity:
Preferred stock; $0.001 par value; 25,000,000 shares authorized  3,500,000 shares outstanding as of December 31, 2013		3,500		-		-		-		3,500
Common stock; $0.001 par value; 100,000,000 shares  authorized; 34,935,416 shares outstanding as of December 31, 2013		34,935		293,156		1,616,648		(1,909,804)		34,935
Unamortized stock-based compensation		(23,400)								(23,400)
Unissued shares		360								360
Shareholder note receivable		-		-		(800,000)		800,000		-
Additional paid-in capital		16,919,705		-		-		1,109,804		18,029,509
Accumulated (deficit)		(17,043,805)		2,276,986		(76)		-		(14,766,895)
Total Stockholders' Equity		(108,705)		2,570,142		816,572		-		3,278,009
Total Liabilities and Stockholders' Equity	$	2,406,238	$	7,553,627	$	5,967,450	$	-	$	15,927,315

Quest Solution, Inc.
Pro-Forma Consolidated Statement
For the Year Ended December 31, 2013
(unaudited)
	Quest Solution, Inc.		Quest Marketing, Inc		Bar Code Specialties, Inc.		Pro-Forma		Pro-Forma
							Adjustments		Consolidated
Revenue
Sales	$	4,069	$	33,922,760	$	26,299,243	$	-	$	60,226,072
Allowance and discounts		-		(471,357)		-		-		(471,357)
Net sales		4,069		33,451,403		26,299,243		-		59,754,715
Cost of sales		-		27,716,990		21,448,916		-		49,165,906
Cost of sales - related party		-		914,542		-		-		914,542
Gross profit		4,069		4,819,871		4,850,327		-		9,674,267
Expenses:
Lease operating expenses		366		-		-		-		366
Depreciation and amortization		-		49,506		69,713		-		119,219
Salary and employee benefits		274,375		2,849,280		2,063,489		-		5,187,144
Professional fees		710,374		-		-		-		710,374
General and administrative expenses		11,397		966,056		1,627,626		-		2,605,079
Total expenses		996,512		3,864,842		3,760,828		-		8,622,182
Other (income) expense		-		(163,588)		58,014		-		(105,574)
Gain on debt settlement		(133,593)		-		-		-		(133,593)
Interest income		(16,266)		-		-		-		(16,266)
Provision for income taxes		-		-		117,775		-		117,775
Interest expenses, net		278,700		1,762		170,176		-		450,638
Total other (income) expense		128,841		(161,826)		345,965		-		312,980
Net income (loss)	$	(1,121,284)	$	1,116,855	$	743,534	$	-	$	739,105
Discontinued Operations		-		-		(982,116)		-		(982,116)
Net income (loss) after discontinued operations	$	(1,121,284)	$	1,116,855	$	(238,582)	$	-	$	(243,011)
Weighted average number of common shares outstanding - basic										26,396,051
Net income per share - basic									$	0.03
Net income per share - diluted									$	0.03
Net loss after discontinued operations per share - basic									$	(0.01)

Quest Solution, Inc.
Pro-Forma Balance Sheet
September 30, 2014
(unaudited)
	Quest Solution, Inc.		Bar Code Specialties, Inc.		Pro-Forma		Pro-Forma
					Adjustments		Consolidated
ASSETS
Current assets:
Cash	$	1,584,699	$	655,845	$	-	$	2,240,544
Account receivable		4,505,617		4,151,628		-		8,657,245
Inventory		63,552		1,676,627		-		1,740,179
Prepaids		289,590		55,199		-		344,789
Prepaid related party		231,508		-		-		231,508
Loan receivable		500		1,014,099		-		1,014,599
Total current assets		6,675,466		7,553,398		-		14,228,864
Fixed assets:
Total fixed assets		69,530		102,955		-		172,485
Other assets:
Other assets		-		254,363		-		254,363
Assets held for sale		-		659,422		-		659,422
Deposits		4,400		-		-		4,400
Goodwill		14,691,372		-		-		14,691,372
Intangibles		469,214		-		-		469,214
Total other assets		15,164,986		913,785		-		16,078,771
Total assets	$	21,909,982	$	8,570,138	$	-	$	30,480,120
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	4,949,817	$	2,443,293	$	-	$	7,393,110
Accounts payable - related party		15,678		-		-		15,678
Deferred revenue		-		2,313,538		-		2,313,538
Payroll liabilities		413,670		391,456		-		805,126
Accrued payroll, related party		180,000		-		-		180,000
Advances, related party		101,456		-		-		101,456
Loan payable		10,000		153,132		-		163,132
Line of credit & interest accrued		-		75,000		-		75,000
Other liabilities		755,344		-		-		755,344
Note payable, related party		834,960		-		-		834,960
Current portion of  long-term debt		3,155,250		-		-		3,155,250
Total current liabilities		10,416,175		5,376,419		-		15,792,594
Long-term liabilities
Long term debt		-		385,519		-		385,519
Deferred Taxes		-		29,783		-		29,783
Long term debt, related party		11,251,000		2,028,700		-		13,279,700
Total liabilities		21,667,175		7,820,421		-		29,487,596
Stockholders' equity:
Preferred stock; $0.001 par value; 25,000,000 shares authorized 500,000 shares outstanding as of September 30, 2014		500		-		-		500
Common stock; $0.001 par value; 100,000,000 shares authorized;  33,460,416 shares outstanding of September 30, 2014		33,460		-		-		33,460
Common stock-authorized and unissued; 755,592 shares and no shares as of September 30, 2013		-		1,616,648		(1,616,648)		-
Shareholder note receivable				(800,000)		800,000		-
Additional paid-in capital		17,205,649		-		816,648		18,022,297
Accumulated (deficit)		(16,996,802)		(66,931)		-		(17,063,733)
Total Stockholders' Equity		242,807		749,717		-		992,524
Total Liabilities and Stockholders' Equity	$	21,909,982	$	8,570,138	$	-	$	30,480,120

Quest Solution, Inc.
Pro-Forma Consolidated Statement
For the Nine Months Ended September 30, 2014
(unaudited)
	Quest Solution, Inc.		Bar Code Specialties, Inc.		Pro-Forma		Pro-Forma
					Adjustments		Consolidated
Revenue
Sales	$	26,140,868	$	17,790,981	$	-	$	43,931,849
Net sales		26,140,868		17,790,981		-		43,931,849
Cost of sales, related party		1,041,784		-		-		1,041,784
Cost of sales		20,086,597		14,148,181		-		34,234,778
Gross profit		5,012,487		3,642,800		-		8,655,287
Expenses:
Lease operating expenses		-		-		-		-
Depreciation and amortization		17,889		30,893		-		48,782
Consulting expenses		84,215		-		-		84,215
Salary and employee benefits		3,895,458		1,437,973		-		5,333,431
Taxes		-		25,722		-		-
Professional fees		377,769		-		-		377,769
General and administrative expenses		723,447		1,635,281		-		2,358,728
Total expenses		5,098,778		3,129,869		-		8,202,925
Other (income) expenses:
(Gain) on settlement of debt		(181,948)		-		-		(181,948)
Other income		(65,294)		(1,074)		-		(66,368)
Loss on license settlement		93,578		-		-		93,578
Loss on note receivable settlement		18,995		-		-		18,995
Other expenses		-		462,101		-		462,101
Interest expenses, net		1,375		118,911		-		120,286
Total other (income) expenses		(133,294)		579,938		-		446,644
Net income (loss)	$	47,003	$	(67,007)	$	-	$	5,718
Weighted average number of common shares outstanding - basic								33,334,616
Weighted average number of common shares outstanding - diluted								40,061,030
Net income per share - basic							$	0.00
Net income per share - diluted							$	0.00