NEONODE INC
PRO FORMA CONSOLIDATED BALANCE SHEET
(in thousands)
(Unaudited)
October 31, 2008 Balance Sheet Prior to Transactions | Adjustments Related to Transactions | Proforma October 31, 2008 Balance sheet After Adjustments | ||||||||||
ASSETS | ||||||||||||
Current Assets | ||||||||||||
Cash | 8 | 959 | a | 967 | ||||||||
Prepaid expenses and accrued income | 322 | (241 | )b | 81 | ||||||||
Other receivables | 70 | - | 70 | |||||||||
Total Current Assets | 400 | 718 | 1,118 | |||||||||
Goowill from purchase of NewCO AB | - | 7,135 | c | 7,135 | ||||||||
Property and equipment - net | 90 | - | 90 | |||||||||
Deferred financing fees related to convertible debt | 141 | (141 | )b | - | ||||||||
Total Assets | 631 | 7,712 | 8,343 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||||||
Current liabilities | - | |||||||||||
Notes payable - current portion | 1,208 | (1,208 | )d | - | ||||||||
Accounts payable and other liabilities | 558 | (206 | )d | 352 | ||||||||
Deferred revenue | - | - | - | |||||||||
Embedded derivatives of convertible debt & warrants | 18,472 | (18,472 | )d | - | ||||||||
Total Current Liabilities | 20,238 | (19,886 | ) | 352 | ||||||||
Notes payable - long-term portion | 72 | (72 | )d | - | ||||||||
Total Liabilities | 20,310 | (19,958 | ) | 352 | ||||||||
Stockholders' Equity (Deficit) | ||||||||||||
Preferred Stock | - | 959 | a | 959 | ||||||||
7,135 | c | 7,135 | ||||||||||
Common stock | 60,636 | 19,958 | d | 80,594 | ||||||||
Retained earning (deficit) | (80,315 | ) | (382 | )b | (80,697 | ) | ||||||
Total Stockholders' Equity (Deficit) | (19,679 | ) | 27,670 | 7,991 | ||||||||
Total Liabilities and Stockholders' Equity (Deficit) | 631 | 7,712 | 8,343 |
Notes:
a) | Adjustment to reflect the $959,000 investment in Neonode and the issuance of 95,900 shares of Series A Preferred Stock |
b) | Adjustment to reflect to wrtie off of prepaid financing fees related to the convertible debt that was converted to equity. |
c) | Adjustment to reflect the recording of goodwill related to the acquisition of Newco and the issuance of 495,000 shares of Series A Preferred Stock to acquire Newco. |
d) | Adjustments to reflect the conversion of convertible notes and warrants into shares of Series A and Series B Preferred Stock |