Micro Imaging Technology, Inc. and Success Mater Investment Limited
Consolidated (Unaudited) Condensed Pro Forma Balance Sheet
as of October 31, 2006
(Unaudited) | |||||||||||||||||
Shanxi Qinyuan | Shanxi Zhongke | Proforma Combined | Micro | (Unaudited) | |||||||||||||
Success Mater | Agriculture | Spaceflight | (Unaudited) | Success Mater | Imaging | (Unaudited) | ProForma | ||||||||||
Investment | Technology | Agriculture | ProForma | Investment Limited | Technology, Inc. | ProForma | Consolidated | ||||||||||
Limited | Development Co. | Development Stock | Adjustments | and Subsidiaries | and Subsidiaries | Adjustments | Total | ||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash | $ 1 | $ 128,200 | $ 107,276 | $ (480,000) | $ (244,523) | $ 13,349 | $ (13,349) | $ (244,523) | |||||||||
Prepaid expenses | - | - | 25,001 | - | 25,001 | 12,587 | (12,587) | 25,001 | |||||||||
Supplies | - | - | 3,913 | - | 3,913 | - | - | 3,913 | |||||||||
Total current assets | 1 | 128,200 | 136,190 | (480,000) | (215,609) | 25,936 | (25,936) | (215,609) | |||||||||
Fixed assets, net | - | - | 835,104 | - | 835,104 | 111,388 | (111,388) | 835,104 | |||||||||
Land use right, net | - | - | 51,182 | - | 51,182 | - | - | 51,182 | |||||||||
Long-Term investment | - | - | 769,200 | - | 769,200 | - | 769,200 | ||||||||||
Prepaid taxes | - | - | 27,730 | - | 27,730 | - | - | 27,730 | |||||||||
Total assets | $ 1 | $ 128,200 | $ 1,819,406 | $ (480,000) | $ 1,467,607 | $ 137,324 | $ (137,324) | $ 1,467,607 | |||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT |
Current liabilities: | |||||||||||||||||
Trade accounts payable | - | - | 61,915 | - | 61,915 | 88,392 | (88,392) | 61,915 | |||||||||
Accounts payable to officers | - | - | - | - | 32,229 | (32,229) | - | ||||||||||
Accrued payroll | - | - | - | - | 117,246 | (117,246) | - | ||||||||||
Other accrued expenses | 222 | - | 19,235 | - | 19,457 | 395,850 | (395,850) | 19,457 | |||||||||
Security deposit | - | - | 34,614 | - | 34,614 | - | - | 34,614 | |||||||||
Redeemable convertible preferred stock, $0.01 par value; 2,600,000 | - | ||||||||||||||||
shares authorized, issued and outstanding at October 31, 2006. | - | - | - | - | 26,000 | (26,000) | - | ||||||||||
Total current liabilities | 222 | - | 115,764 | - | 115,986 | 659,717 | (659,717) | 115,986 | |||||||||
Notes payable to stockholder | - | - | - | - | - | 1,970,000 | (1,970,000) | - | |||||||||
Notes payable | - | - | - | - | - | 30,000 | (30,000) | - | |||||||||
Total liabilities | 222 | - | 115,764 | - | 115,986 | 2,659,717 | (2,659,717) | 115,986 | |||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders' deficit: | |||||||||||||||||
Series C convertible preferred stock; $1.00 par value; 250,000 | |||||||||||||||||
shares authorized, 250,000 and 0 shares issued and outstanding | |||||||||||||||||
at October 31, 2006 and October 31, 2006 (proforma), respectively; | |||||||||||||||||
liquidation preference of $1,000,000. | - | - | - | - | - | 250,000 | (250,000) | - | |||||||||
Series D convertible preferred stock; $1.00 par value; 250,000 | |||||||||||||||||
shares authorized, 250,000 and 0 shares issued and outstanding | |||||||||||||||||
at October 31, 2006 and October 31, 2006 (proforma), respectively; | |||||||||||||||||
liquidation preference of $500,000. | - | - | - | - | - | 250,000 | (250,000) | - | |||||||||
Common stock, $0.01 par value; 100,000,000 shares authorized; | |||||||||||||||||
15,732,043 and 81,800,000 shares issued and outstanding at | |||||||||||||||||
October 31, 2006 and October 31, 2006 (proforma), respectively. | - | - | - | - | - | 157,320 | (75,520) | 81,800 | |||||||||
Common stock, $0.13 par value; 10,000 shares authorized; | |||||||||||||||||
10 shares issued and outstanding at December 31, 2006. | 1 | - | - | (1) | - | - | - | - | |||||||||
Class B common stock, $0.01 par value; 839,825 shares authorized; | |||||||||||||||||
83,983 and 0 shares issued and outstanding at October 31, 2006 | |||||||||||||||||
and October 31, 2006 (proforma), respectively. | - | - | - | - | - | 840 | (840) | - | |||||||||
Additional paid-in capital | - | 128,200 | 3,749,263 | (479,999) | 3,397,464 | 28,464,981 | (28,546,559) | 3,315,886 | |||||||||
Notes receivable on common stock | - | - | - | - | - | (37,620) | 37,620 | - | |||||||||
Accumulated deficit from previous operating activities | - | - | - | - | - | (27,809,201)
| 27,809,201 | - | |||||||||
Accumlated other comprehensive income | - | - | (70,312) | - | (70,312) | - | - | (70,312) | |||||||||
Deficit accumulated during the development stage | (222) | - | (1,975,309) | - | (1,975,531) | (3,798,713) | 3,798,491
| (1,975,753) | |||||||||
Total stockholders' deficit | (221) | 128,200 | 1,703,642 | (480,000) | 1,351,621 | (2,522,393) | 2,522,393 | 1,351,621 | |||||||||
Total liabilities and stockholders' deficit |
$ 1 |
$ 128,200 |
$ 1,819,406
|
$ (480,000)
|
$ 1,467,607
|
$ 137,324
|
$ (137,324)
|
$ 1,467,607 |
Micro Imaging Technology, Inc. and Success Mater
Investment Limited
Consolidated (Unaudited) Condensed Pro Forma Statement of Operations
For the Twelve Months Ended October 31, 2006
(Unaudited) | ||||||||||||||||
Shanxi Qinyuan | Shanxi Zhongke | Proforma Combined | Micro | (Unaudited) | ||||||||||||
Success Mater | Agriculture | Spaceflight | (Unaudited) | Success Mater | Imaging | (Unaudited) | ProForma | |||||||||
Investment | Technology | Agriculture | ProForma | Investment Limited | Technology, Inc. | ProForma | Consolidated | |||||||||
Limited | Development Co. | Development Stock | Adjustments | and Subsidiaires | and Subsidiaries | Adjustments | Total | |||||||||
Operating costs and expenses: | ||||||||||||||||
Research and development | $ - | $ - | $ 293,124 | $ - | $ 293,124 | $ 704,002 | $ (704,002) | $ 293,124 | ||||||||
Sales, general and administrative | - | - | 350,333 | - | 350,333 | 733,383 | (733,383) | 350,333 | ||||||||
Loss from operations | - | - | (643,457) | - | (643,457) | (1,437,385) | 1,437,385 | (643,457) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income | - | - | 3,794 | - | 3,794 | 7,031 | (7,031) | 3,794 | ||||||||
Interest expense | - | - | - | - | - | (2,363,529) | 2,363,529 | - | ||||||||
Other income (expense), net | - | - | - | - | - | (3,230) | 3,230 | - | ||||||||
Other income (expense), net | - | - | 3,794 | - | 3,794 | (2,359,728) | 2,359,728 | 3,794 | ||||||||
Loss from continuing operations before | ||||||||||||||||
provision for income tax | - | - | (639,663) | - | (639,663) | (3,797,113) | 3,797,113 | (639,663) | ||||||||
Provision for income tax | - | - | - | - | - | (1,600) | 1,600 | - | ||||||||
Net loss from continuing operations | - | - | (639,663) | - | (639,663) | (3,798,713) | 3,798,713 | (639,663) | ||||||||
Other Comprehensive Loss | ||||||||||||||||
Effects of Foreign Currency Conversion | - | - | (54,039) | - | (54,039) | - | - | (54,039) | ||||||||
Net loss | $ - | $ - | $ (693,702) | $ - | $ (693,702) | $ (3,798,713) | $ 3,798,713 | $ (693,702) | ||||||||