EXHIBIT C
Historical Per Share Data of the Company
UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS
AND
UNAUDITED PRO FORMA BALANCE SHEET
Attached are the historical financial statements of American Consolidated
Growth Corporation (the Company) for the sale of its wholly owned subsidiary
Eleventh Hour, Inc. The following unaudited pro forma financial statements
reflect the sale by the Company in its current reporting period.
The following unaudited pro forma statement of operations for the year ended
June 30, 1996 and the unaudited pro forma balance sheet as of June 30, 1996
give effect to the business disposition of Eleventh Hour, Inc., including the
related pro forma adjustments described in the notes thereto. The unaudited
pro forma statement of operations include the disposition of Eleventh Hour,
Inc. have been prepared as if the transaction occurred on July 1, 1995. The
unaudited pro forma balance sheet has been prepared as if the transaction
occurred June 30, 1996. These pro forma statements are not necessarily
indicative of the results of operations or the financial positions as they
may be in the future or as they might have been had the transaction become
effective on the above mentioned date.
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UNAUDITED PRO FORMA COMBINED BALANCE SHEET
JUNE 30, 1996
American
Consolidated
Growth
Corporation Pro Forma
and Eleventh Pro Forma Combined
Subsidiary Hour, Inc. Adjustments Total
------------ ----------- ----------- ------------
Current assets
Cash $ 156,067 $ - 150,000 C $ 306,067
Accounts receivable 1,060,389 1,077,883 17,494 B -
Prepaid expenses 34,149 - 34,149
------------ ----------- ------------
Total current assets 1,250,605 1,077,883 340,216
------------ ----------- ------------
Furniture and equipment 193,181 185,650 7,531
Investment - - 900,000 C 900,000
Other 20,723 1,586 19,137
------------ ----------- ------------
Total assets $ 1,464,509 $ 1,265,119 $ 1,266,884
------------ ----------- ------------
------------ ----------- ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $ 122,532 $ 3,163 $ 119,369
Common stock subject to put option 84,724 - 84,724
Notes payable 971,686 757,508 214,178
Accounts payable and accrued expenses 1,123,813 553,243 (17,494) B 553,076
------------ ----------- ------------
Total current liabilities 2,302,755 1,313,914 971,347
Long-term debt 1,230,594 135,849 (1,230,594) C -
Stockholders' equity
Common stock 757,597 11,100 11,100 A 757,597
Additional paid-in capital 29,576,028 3,700,446 3,700,446 A 29,576,028
2,364,377 C
(Accumulated deficit) retained
earnings (32,402,465) (3,896,190) (3,896,190) A (30,038,088)
------------ ----------- ------------
Total stockholders' equity (2,068,840) (184,644) 295,537
------------ ----------- ------------
Total liabilities and stockholders'
equity $ 1,464,509 $ 1,265,119 $ 1,266,884
------------ ----------- ------------
------------ ----------- ------------
See notes to unaudited pro forma combined financial statements.
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UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1996
American
Consolidated
Growth
Corporation Pro Forma
and Eleventh Pro Forma Combined
Subsidiary Hour, Inc. Adjustments Total
------------ ----------- ----------- ------------
Revenues $ 8,894,455 $ 8,953,247 55,792 B $ -
Direct expenses 6,638,234 6,638,588 354 B -
------------ ----------- ------------
Gross margin 2,259,221 2,314,659 55,438 -
Other expenses 3,045,232 1,716,363 (55,438) B 1,273,431
------------ ----------- ------------
(Loss) income from continuing
operations (786,011) 598,296 (1,384,307)
Income from discontinued operations 84,237 - 84,237
------------ ----------- ------------
Net loss $ (701,774) $ 598,296 $ (1,300,070)
------------ ----------- ------------
------------ ----------- ------------
Loss per common share
Continuing operations $ (.10) $ $ (.19)
Discontinued operations (.01) .01
------------ ----------- ------------
$ (.09) $ $ (.18)
------------ ----------- ------------
------------ ----------- ------------
See notes to unaudited pro forma combined financial statements.
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NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
In December 1996, the Company entered into a definitive agreement to sell its
wholly owned subsidiary. The transaction in effect disposes of the Company's
only significant operating asset.
(A) To eliminate the equity of Eleventh Hour, Inc..
(B) To eliminate intercompany transaction and balances.
(C) To record the consideration received as if the transaction occurred
June 30, 1996.
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