Merger | NOTE 8 - Merger On June 28, 2010, the Company and Gold & Onyx Mining Company closed, a Securities Exchange Agreement. Pursuant to the terms of the Merger, the Company changed its corporate name from Viking Capital Group, Inc. to Arizona Gold & Onyx Mining Company, and issued 131,000,000 shares to the shareholders of GOMC such that GOMC shareholders acquired approximately 91.6% of the total 143,089,077 shares of Class A Common Stock outstanding after the Merger. The terms and conditions of the Merger gave rise to reverse merger accounting whereby Gold & Onyx Mining Company was deemed the acquirer for accounting purposes. Consequently, the assets and liabilities and the historical operations of Gold & Onyx Mining Company prior to the Merger are reflected in the financial statements and have been recorded at the historical cost basis of Gold & Onyx Mining Company. Our financial statements include the assets and liabilities of both the Company and GOMC. The Merger was accounted for under recapitalization accounting whereby the equity of GOMC is presented as the equity of the combined enterprise and the capital account of the Company is adjusted to reflect the par value of the outstanding stock of GOMC after giving effect to the number of shares issued in the Merger. Shares retained by the Company shareholders (12,089,077 Class A common shares and 61,000 Class B Common shares) are reflected as an issuance as of the reverse merger date for the historical amount of the net liabilities of GOMC. The following financial information has been developed by application of pro forma adjustments to the historical financial statements of the Company appearing elsewhere in this Current Report. The unaudited pro forma information gives effect to the Merger which has been assumed to have occurred on June 28, 2010 for purposes of the statement of operations. The Company evaluated the existence of intangible assets that should be recognized in business combinations, pursuant to ASC 805-20-25-4. No intangible assets were identified. The unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what the results of operations or financial position of the Company would have been had the transactions described above actually occurred on the dates indicated, nor do they purport to project the financial condition of the Company for any future period or as of any future date. The unaudited pro forma financial information should be read in conjunction with the Company's financial statements and notes thereto included elsewhere in this Current Report. The condensed consolidated pro forma results of operations for the six months ended June 28, 2010 and year ended December 31, 2009 are as follows: ARIZONA GOLD AND ONYX MINING COMPANY Unaudited Consolidated Statements of Operations Six Months Ended June 28, 2010 Year Ended December 31, 2009 GOMC AGOMC GOMC AGOMC Actual Actual Pro Forma Actual Actual Pro Forma Revenue $ — $ — $ — $ — $ — $ — Expenses Selling, general and administrative — — — 98,000 65,000 163,000 Total expenses — — — 98,000 65,000 163,000 Income (loss) from operations — — — (98,000 ) (65,000 ) (163,000 ) Provision for income taxes — — — — — — Net earnings (loss) $ — $ — $ — $ (98,000 ) $ (65,000 ) $ (163,000 ) Common stock outstanding 131,000,000 131,000,000 131,000,000 131,000,000 Common stock issued in Merger 12,089,077 12,089,077 12,089,077 12,089,077 Total common shares outstanding 143,089,077 143,089,077 Net income (loss) per common share $ — $ (0.00 ) The condensed consolidated pro forma financial position as of the date of merger is as follows: ARIZONA GOLD AND ONYX MINING COMPANY (f/k/a VIKING CAPITAL GROUP, INC.) UNAUDITED CONSOLIDATED PRO FORMA BALANCE SHEETS AS OF JUNE 28, 2010 Viking Capital Gold & Onyx Group, Inc. Mining Company (Public Co.) (Private Co.) (AGOMC) (GOMC) Accounting Accounting Merger Acquiree Acquiror Adjustments Pro Forma ASSETS Total assets $ — $ — $ — $ — LIABILITIES AND STOCKHOLDERS' DEFICIT Accounts payable and accrued liabilities $ 5,000 $ 75,000 $ (5,000 ) $ 75,000 Non interest bearing promissory note — 23,000 — 23,000 Total current liabilities 5,000 98,000 (5,000 ) 98,000 Total liabilities 5,000 98,000 (5,000 ) 98,000 Commitments and contingencies Stockholders' equity (deficit) Common stock; Class A, $0.001 par value, 500,000,000 shares authorized 12,089 306,000 (175,000 ) 143,089 Common stock; Class B, $0.001 par value, 100,000 shares authorized 61 — — 61 Additional paid-in capital 34,074,850 (306,000 ) (33,912,000 ) (143,150 ) Retained deficit (34,092,000 ) (98,000 ) 34,092,000 (98,000 ) Total stockholders' deficit (5,000 ) (98,000 ) 5,000 (98,000 ) Total liabilities and stockholders' deficit $ — $ — $ — $ — |