Pro Forma Financial Statements for Westmoore Holdings, Inc. and Bear Holdings, Inc. (December 31, 2007)
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Summary
This document presents unaudited pro forma financial statements for Westmoore Holdings, Inc. and Bear Holdings, Inc. (including its subsidiary) as of December 31, 2007. It combines the balance sheets and income statements of both companies to show their consolidated financial position and results as if a merger or acquisition had occurred. The statements outline assets, liabilities, equity, sales, expenses, and net income or loss, providing a snapshot of the combined entities' financial health for stakeholders and regulatory purposes.
EX-2.0 3 westmoore_8k-ex02.htm PRO FORMA FINANCIAL STATEMENTS westmoore_8k-ex02.htm
EXHIBIT 2.0
PRO FORMA FIANANCIAL STATEMENTS
Westmoore Holdings, Inc.
Pro Forma Condensed Consolidated Balance Sheet
December 31, 2007
(UNAUDITED)
ASSSETS | ||||||||||||||||
Westmoore Holdings, Inc. | Bear Holdings, Inc. and Subsidiary | Pro Forma Adjustments | Pro Forma | |||||||||||||
Current Assets: | ||||||||||||||||
Cash | $ | 849 | $ | 51,827 | $ | - | $ | 52,676 | ||||||||
Accounts receivable | 50,000 | 389,414 | - | 439,414 | ||||||||||||
Other receivable | 400,000 | 3,373 | - | 403,373 | ||||||||||||
Inventory | - | 141,879 | - | 141,879 | ||||||||||||
Prepaid expenses | 6,228 | 15,493 | - | 21,721 | ||||||||||||
Deferred financing costs, net of amortization | - | 41,868 | - | 41,868 | ||||||||||||
Total current assets | 457,077 | 643,854 | - | 1,100,931 | ||||||||||||
Property, plant and equipment, net of accumulated depreciation | 7,500 | 399,516 | - | 407,016 | ||||||||||||
Deferred finance cost, net of current portion and amortization | - | 41,564 | - | 41,564 | ||||||||||||
Deposits | 5,816 | 18,495 | - | 24,311 | ||||||||||||
Total assets | $ | 470,393 | $ | 1,103,429 | $ | - | $ | 1,573,822 |
LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT) | ||||||||||||||||
Westmoore Holdings, Inc. | Bear Holdings, Inc. and Subsidiary | Pro Forma Adjustments | Pro Forma | |||||||||||||
Current Liabilities: | ||||||||||||||||
Accounts payable | $ | 83,246 | $ | 263,892 | $ | - | $ | 347,138 | ||||||||
Accrued expenses – related party | 83,865 | - | - | 83,865 | ||||||||||||
Accrued liabilities | 10,170 | 54,879 | - | 65,049 | ||||||||||||
Accrued interest | - | 34,960 | - | 34,960 | ||||||||||||
Line of Credit | - | 586,140 | - | 586,140 | ||||||||||||
Total current liabilities | 177,281 | 939,871 | - | 1,117,152 | ||||||||||||
Long term liabilities: | - | |||||||||||||||
Secured line of credit - related party | - | 52,100 | - | 52,100 | ||||||||||||
Notes payable – related parties | - | 385,000 | - | 385,000 | ||||||||||||
Accrued interest, net of current portion | - | 112,921 | - | 112,921 | ||||||||||||
Stockholders' Equity (deficit) | ||||||||||||||||
Common stock | 78,298 | 434,000 | - | 512,298 | ||||||||||||
Additional paid in capital | 4,668,742 | - | - | 4,668,742 | ||||||||||||
Accumulated deficit | (4,453,928 | ) | (820,463 | ) | - | (5,274,391 | ) | |||||||||
Total stockholders' equity (deficit) | 293,112 | (386,463 | ) | - | (93,351 | ) | ||||||||||
Total liabilities and stockholder's equity (deficit) | $ | 470,393 | $ | 1,103,429 | $ | - | $ | 1,573,822 |
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Westmoore Holdings, Inc.
Pro Forma Condensed Consolidated Statement of Income
For the Year Ended December 31, 2007
(UNAUDITED)
ASSSETS | ||||||||||||||||
Westmoore Holdings, Inc. | Bear Holdings, Inc. and Subsidiary | Pro Forma Adjustments | Pro Forma | |||||||||||||
Sales | $ | 32,300 | $ | 1,962,512 | $ | - | $ | 1,994,812 | ||||||||
Cost of goods sold | 31,733 | 1,610,186 | - | 1,641,919 | ||||||||||||
Gross profit | 567 | 352,326 | - | 352,893 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Selling | 7,344 | 74,804 | - | 82,148 | ||||||||||||
General and administrative | 622,260 | 271,533 | - | 893,793 | ||||||||||||
Net income (loss) from operations | (629,037 | ) | 5,989 | - | (623,048 | ) | ||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | - | (195,602 | ) | - | (195,602 | ) | ||||||||||
Other income | 27,000 | - | - | 27,000 | ||||||||||||
Net loss before provision for income taxes | (602,037 | ) | (189,613 | ) | - | (791,650 | ) | |||||||||
Provision for income tax expense | 800 | 800 | - | 1,600 | ||||||||||||
Net loss | $ | (602,837 | ) | $ | (190,413 | ) | $ | - | $ | (793,250 | ) | |||||
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