EXHIBIT2.0 PROFORMA FIANANCIAL STATEMENTS WestmooreHoldings, Inc. ProForma Condensed Consolidated Balance Sheet December31, 2007 (UNAUDITED)
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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