Exhibit 99.3
IMPERIAL PETROLEUM, INC.
Pro Forma Consolidated Balance Sheet
(Unaudited)
Imperial | e-biofuels | Consolidated | ||||||||||||
31-Jul 2009 | 31-Jul 2009 | Adjustments | 31-Jul 2009 | |||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash | $ | 17,153 | $ | 224,282 | $ | 241,435 | ||||||||
Certificates of deposit | 52,500 | — | 52,500 | |||||||||||
Accounts Receivable | 60,651 | 646,625 | 707,276 | |||||||||||
Inventories | — | 164,165 | 164,165 | |||||||||||
Prepaids | — | 145,603 | 145,603 | |||||||||||
Total Current Assets | $ | 130,304 | $ | 1,180,675 | $ | 1,310,979 | ||||||||
Property, Plant & Equipment | ||||||||||||||
Fixed Assets | — | 10,917,611 | 10,917,611 | |||||||||||
Oil & gas properties (full cost method) | 3,509,514 | — | 3,509,514 | |||||||||||
3,509,514 | 10,917,611 | 14,427,125 | ||||||||||||
Less: accumulated DD&A | (501,009 | ) | (1,251,730 | ) | (1,752,739 | ) | ||||||||
Net property, plant & equipment | 3,008,505 | 9,665,881 | 12,674,386 | |||||||||||
Other Assets | ||||||||||||||
Deferred financing expense, net of accumulated amortization of $3,212,333 | — | — | — | |||||||||||
Total Assets | $ | 3,138,809 | $ | 10,846,556 | $ | 13,985,365 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts Payable | $ | 471,948 | $ | 2,570,894 | $ | 3,042,842 | ||||||||
Accrued expenses | 718,444 | 794,168 | 1,512,612 | |||||||||||
Notes payable-current portion | 12,858 | — | 12,858 | |||||||||||
Notes payable- related parties | 515,618 | 42,193 | 557,811 | |||||||||||
Line of credit | — | 3,248,397 | 3,248,397 | |||||||||||
Other current liabilities | 120,819 | 1,207,170 | 1,327,989 | |||||||||||
Total current liabilities | 1,839,687 | 7,862,822 | 9,702,509 | |||||||||||
Long Term Liabilities | ||||||||||||||
Asset retirement obligation | 406,562 | — | 406,562 | |||||||||||
Senior debt | — | 1,436,891 | 1,436,891 | |||||||||||
Long Term Notes | — | 10,548,825 | 10,548,825 | |||||||||||
Total long term liabilities | 406,562 | 11,985,716 | 12,392,278 | |||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||
Common Stock | 101,788 | — | 101,788 | |||||||||||
Paid In Capital | 11,511,265 | (574,925 | ) | 10,936,340 | ||||||||||
Retained Deficit | (10,013,189 | ) | (8,427,057 | ) | (18,440,246 | ) | ||||||||
Treasury Stock | (707,304 | ) | — | (707,304 | ) | |||||||||
Total Stockholders’ Equity | 892,560 | (9,001,982 | ) | (8,109,422 | ) | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,138,809 | $ | 10,846,556 | $ | 13,985,365 | ||||||||
Imperial Petroleum, Inc.
Pro Forma Income Statement
For the year ended 7/31/2009
UNAUDITED
Imperial Petroleum | e-biofuels LLC | Total | |||||||||
Operating income: | |||||||||||
Biofuels Revenue | — | 29,370,636 | 29,370,636 | ||||||||
Oil & Gas Revenue | 1,069,361 | — | 1,069,361 | ||||||||
Other | — | — | — | ||||||||
Total operating income | 1,069,361 | 29,370,636 | 30,439,997 | ||||||||
Operating expenses: | |||||||||||
Biofuels Expenses | — | 30,043,380 | 30,043,380 | ||||||||
Oil & Gas Expenses | 985,753 | — | 985,753 | ||||||||
General and administrative expenses | 383,101 | 2,405,923 | 2,789,024 | ||||||||
Merger expenses | — | — | — | ||||||||
Depreciation, depletion and amortization | 137,043 | 780,102 | 917,145 | ||||||||
Total operating expenses | 1,505,897 | 33,229,405 | 34,735,302 | ||||||||
Gain/ Loss from operations | (436,536 | ) | (3,858,769 | ) | (4,295,305 | ) | |||||
Other income(loss): | |||||||||||
Interest expense | (1,600,431 | ) | (1,200,475 | ) | (2,800,906 | ) | |||||
Interest income | 2,594 | 989 | 3,583 | ||||||||
Amortization of loan fees | (246,146 | ) | — | (246,146 | ) | ||||||
Other income (expense) | (14,615 | ) | (3,100,563 | ) | (3,115,178 | ) | |||||
Gain (loss) on sale of assets | 13,080,577 | — | 13,080,577 | ||||||||
Total other income and (expense) | 11,221,979 | (4,300,049 | ) | 6,921,930 | |||||||
Net income (loss) before income taxes | 10,785,443 | (8,158,818 | ) | 2,626,625 | |||||||
Provision for income taxes: | — | — | — | ||||||||
Net Income (Loss) | $ | 10,785,443 | (8,158,818 | ) | 2,626,625 | ||||||
Wt Avg Shares | 16,694,441 | — | 16,694,441 | ||||||||
Income/Loss per Share | $ | 0.646 | $ | 0.157 |
IMPERIAL PETROLEUM, INC.
(as of 1-31-10)
Pro Forma Consolidated Balance Sheet
(Unaudited)
Imperial | e-biofuels | Consolidated | ||||||||||||
31-Jan 2010 | 31-Jan 2010 | Adjustments | 31-Jan 2010 | |||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash | $ | 29,673 | $ | 306,578 | $ | 336,251 | ||||||||
Certificates of deposit | 53,326 | — | 53,326 | |||||||||||
Accounts Receivable | 100,847 | 166,796 | 267,643 | |||||||||||
Inventories | — | 216,638 | 216,638 | |||||||||||
Prepaids | — | 28,667 | 28,667 | |||||||||||
Total Current Assets | $ | 183,846 | $ | 718,679 | $ | 902,525 | ||||||||
Property, Plant & Equipment | ||||||||||||||
Fixed Assets | — | 10,750,084 | 10,750,084 | |||||||||||
Oil & gas properties (full cost method) | 3,586,144 | — | 3,586,144 | |||||||||||
3,586,144 | 10,750,084 | 14,336,228 | ||||||||||||
Less: accumulated DD&A | (513,123 | ) | (1,517,780 | ) | (2,030,903 | ) | ||||||||
Net property, plant & equipment | 3,073,021 | 9,232,304 | 12,305,325 | |||||||||||
Other Assets | ||||||||||||||
Deferred financing expense, net of accumulated amortization of $3,212,333 | — | — | — | |||||||||||
Total Assets | $ | 3,256,867 | $ | 9,950,983 | $ | 13,207,850 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts Payable | $ | 719,376 | $ | 3,287,315 | $ | 4,006,691 | ||||||||
Accrued expenses | 813,850 | 2,588,776 | 3,402,626 | |||||||||||
Notes payable-current portion | 111,358 | 11,251,874 | 11,363,232 | |||||||||||
Notes payable- related parties | 514,618 | 77,876 | 592,494 | |||||||||||
Other current liabilities | 120,819 | — | 120,819 | |||||||||||
Total current liabilities | 2,280,021 | 17,205,841 | 19,485,862 | |||||||||||
Long Term Liabilities | ||||||||||||||
Asset retirement obligation | 406,562 | — | 406,562 | |||||||||||
Senior debt | — | 2,297,795 | 2,297,795 | |||||||||||
Long Term Notes | — | 1,460,105 | 1,460,105 | |||||||||||
Total long term liabilities | 406,562 | 3,757,900 | 4,164,462 | |||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||
Common Stock | 108,388 | — | 108,388 | |||||||||||
Paid In Capital | 11,657,233 | (785,975 | ) | 10,871,258 | ||||||||||
Retained Deficit | (10,488,033 | ) | (10,226,783 | ) | (20,714,816 | ) | ||||||||
Treasury Stock | (707,304 | ) | — | (707,304 | ) | |||||||||
Total Stockholders’ Equity | 570,284 | (11,012,758 | ) | (10,442,474 | ) | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,256,867 | $ | 9,950,983 | $ | 13,207,850 | ||||||||
Imperial Petroleum, Inc.
Pro Forma Income Statement
(Six Months Ending 1/31/2010)
UNAUDITED
Imperial Petroleum | e-biofuels LLC | Total | |||||||||
Operating income: | |||||||||||
Biofuels Revenue | — | 5,610,480 | 5,610,480 | ||||||||
Oil & Gas Revenue | 98,271 | — | 98,271 | ||||||||
Total operating income | 98,271 | 5,610,480 | 5,708,751 | ||||||||
Operating expenses: | |||||||||||
Biofuels Expenses | — | 5,464,306 | 5,464,306 | ||||||||
Oil & Gas Expenses | 292,420 | — | 292,420 | ||||||||
General and administrative expenses | 237,407 | 666,231 | 903,638 | ||||||||
Merger expenses | — | — | — | ||||||||
Depreciation, depletion and amortization | 12,114 | 341,633 | 353,747 | ||||||||
Total operating expenses | 541,941 | 6,472,170 | 7,014,111 | ||||||||
Gain/ Loss from operations | (443,670 | ) | (861,690 | ) | (1,305,360 | ) | |||||
Other income(loss): | |||||||||||
Interest expense | (31,207 | ) | (344,714 | ) | (375,921 | ) | |||||
Interest income | 528 | — | 528 | ||||||||
Other income (expense) | — | (128,586 | ) | (128,586 | ) | ||||||
Gain (loss) on sale of assets | — | — | — | ||||||||
Total other income and (expense) | (30,679 | ) | (473,300 | ) | (503,979 | ) | |||||
Net income (loss) before income taxes | (474,349 | ) | (1,334,990 | ) | (1,809,339 | ) | |||||
Provision for income taxes: | — | — | — | ||||||||
Net Income (Loss) | $ | (474,349 | ) | (1,334,990 | ) | (1,809,339 | ) | ||||
Wt Avg Shares | 17,250,155 | — | 17,250,155 | ||||||||
Income/Loss per Share | $ | (0.027 | ) | $ | (0.105 | ) |