EX-99.1 5 wholelivingincorporate1.htm PRO FORMA AS OF SEPTEMBER 30, 2006 Whole Living Incorporated

Exhibit 99.1





Whole Living, Inc.


PROFORMA

FINANCIAL STATEMENTS


September 30, 2006




Whole Living Incorporated

 

 

 

 

 

 Proforma Balance Sheet

 

 

 

 

 

 For period Ended September 30, 2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 WHLV

 ForeverGreen

 

 Proforma Adjustments

 Consolidated Balance Sheet 09/30/06

 ASSETS

 

 

 

 

 

 Current Assets

 

 

 

 

 

 

 Cash

 

             51,431 

            (19,827)

 

- 

                   31,604 

 

 Accounts Receivable

                  629 

                    - 

 

- 

                       629 

 

 Other Receivables

                  633 

               6,161 

 

- 

                     6,794 

 

 Prepaids

             51,150 

           137,574 

 

- 

                 188,724 

 

 Inventory

         1,123,164 

           171,005 

 

- 

              1,294,170 

 

 Reserve for Obsolete Inventory

                    - 

                    - 

 

- 

                          - 

 

 

 Total

         1,227,009 

           294,913 

 

                   - 

              1,521,921 

 

 

 

 

 

 

 

 

 Fixed Assets

 

 

 

 

 

 

 At Cost

         1,908,767 

           343,917 

 

- 

              2,252,684 

 

 Accumulated Depreciation

        (1,631,404)

          (135,638)

 

- 

             (1,767,042)

 

 

 Net Fixed Assets

           277,364 

           208,279 

 

                   - 

                 485,643 

 

 

 

 

 

 

 

 

 

 Other Long Term Assets

         2,331,163 

               3,990 

d 

      (2,300,623)

                   34,530 

 

 Investment in subsidiary

- 

- 

a 

       8,646,906 

- 

 

 

 

- 

- 

b 

      (8,646,906)

(0)

 

 Goodwill

- 

- 

b 

      12,971,703 

12,971,703 

 

 Customer Base

- 

- 

b 

          839,810 

- 

 

 

 

- 

- 

 c 

           (62,986)

                 776,824 

 Total Assets

         3,835,535 

           507,181 

 

      11,447,903 

             15,790,620 

 

 

 

   

 

 

 

 

 LIABILITIES & EQUITY

 

 

 

 

 

 Current Liabilities

 

 

 

 

 

 

 Accounts Payable

         1,132,558 

             35,396 

 

- 

              1,167,954 

 

 Accrued Expense

              (4,953)

           627,626 

 

- 

                 622,673 

 

 Payroll Liabilities

             54,188 

           183,525 

 

- 

                 237,713 

 

 Taxes Payable

                  (94)

               4,220 

 

- 

                     4,125 

 

 Other Accrued Expenses

           217,947 

          (124,188)

 

- 

                   93,759 

 

 

 Total Current Liabilities

         1,399,645 

           726,579 

 

                   - 

              2,126,224 

 Long-Term Liabilities

 

 

 

 

 

 

 Notes Payable

         2,130,049 

         1,625,825 

 

                   - 

              3,755,874 

 

 

 Total  Liabilities

         3,529,694 

         2,352,403 

 

                   - 

              5,882,098 

 

 

 

 

 

 

 

 

 Stockholders' Equity

 

 

 

 

 

 

 Net Income

          (973,679)

           178,951 

 c 

           (62,986)

                (857,713)

 

Retained Earnings

 (16,081,450)

(2,196,421)

 b 

2,196,421 

(16,081,450)

 

 Common Stock

               6,668 

           104,748 

a 

              4,241 

- 

 

 

 

- 

- 

 b

         (104,748)

                   10,909 

 

  Common Stock Class B

                    - 

               5,000 

 b

             (5,000)

                          - 

 

   Prepaid Equity Balance

              (9,780)

- 

 

- 

                    (9,780)

 

  Foreign Currency Translation

                    - 

                    - 

 

- 

                          - 

 

 Additional Paid in Capital

       17,364,082 

             62,500 

 a

       9,482,475 

 - 

 

 

 

- 

- 

 b

           (62,500)

             26,846,557 

 

 

 Total Stockholders' Equity

           305,841 

        (1,845,222)

 

      11,447,903 

              9,908,522 

 

 

 

 

 

 

 

 

 

 

 Total Liabilities & Equity

         3,835,535 

           507,181 

 

      11,447,903 

             15,790,620 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Whole Living Incorporated

 

 

 

 

 

 Proforma Income Statement

 

 

 

 

 

 For the Nine Months of January through September 30, 2006

 

 

 

 

 

 

 

 

 

 

 

 

 WHLV

 ForeverGreen

 

 Proforma Adjustments

 Consolidated Income Statement 09/30/06

 Income Statement

 

 

 

 

 

 

 Sales

 

         2,742,196 

       12,926,887 

 

- 

             15,669,084 

 

 

 

 

 

 

 

 

 

 Cost of Goods Sold

         2,078,845 

         9,654,914 

 

- 

             11,733,759 

 

 Salary and Wages

           739,944 

         1,685,847 

 

- 

              2,425,792 

 

 General and Administrative

           674,420 

           952,934 

 

- 

              1,627,354 

 

 Amortization Expense

- 

- 

 a 

            62,986 

                   62,986 

 

 Professional Fees

           284,219 

           366,048 

 

- 

                 650,267 

 

 

 

 

 

 

 

 

 

 Other Income/Expense

            (61,553)

             88,193 

 

- 

                   26,639 

 

 

 

 

 

 

 

 

 

 

 Net Income

          (973,679)

           178,951 

 

            62,986 

                (857,713)







Whole Living, Inc.

Notes to Pro Forma Consolidated Financial Statements

September 30, 2006



NOTE 1 - Summary of Transaction


Whole Living, Inc. executed an Agreement and Plan of Share Exchange, dated December 14, 2006 with ForeverGreen International LLC.  The Exchange Agreement will be effective no later than December 31, 2006.  Under the Exchange Agreement we will issue 4,240,549 shares of Whole Living common stock in exchange for ForeverGreen’s member interests and we will issue 1,000,000 shares of Whole Living common stock in exchange for ForeverGreen’s preferred member interests.   The Company valued the acquisition price at $1.65 per share.


NOTE 2 - Management Assumptions


The pro forma balance sheet and statements of operations assume that the entities were together at the beginning of the nine month period ended September 30, 2006.  


The pro forma adjustments to the balance sheet are as follows:


a

The issuance of 4,240,549 shares of common stock valued at $1.65 per share to

acquire the ForeverGreen member interests.


b

The issuance of 1,000,000 shares of common stock valued at $1.65 per share to

acquire the ForeverGreen preferred member interests.


c

The adjustment for the consolidation of Whole Living and Forever Green with the

elimination of Forever Green’s equity, and the recording of goodwill and

customer base in connection with this business combination.  


d

The amortization of the customer base.  



The pro forma adjustments to the income statement are as follows:


a

See amortization of customer base.