EX-99.2 6 wholelivingincorporate2.htm PRO FORMA AS OF DECEMBER 31, 2005 Whole Living Incorporated

Exhibit 99.2




Whole Living, Inc.


PROFORMA

FINANCIAL STATEMENTS


December 31, 2005




Whole Living Incorporated

 

 

 

 

 

 Proforma Balance Sheet

 

 

 

 

 

 For period Ended December 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 WHLV

 ForeverGreen

 

 Proforma Adjustments

 Consolidated Balance Sheet 12/31/05

 ASSETS

 

 

 

 

 

 Current Assets

 

 

 

 

 

 

 Cash

 

             26,383 

           331,296 

 

- 

                357,679 

 

 Accounts Receivable

                  899 

                  100 

 

- 

                      999 

 

 Other Receivables

                    - 

                  778 

 

- 

                      778 

 

 Prepaids

                    - 

           121,632 

 

- 

                121,632 

 

 Inventory

           406,425 

           502,822 

 

- 

                909,246 

 

 Reserve for Obsolete Inventory

                    - 

            (96,412)

 

- 

                 (96,412)

 

 

 Total

           433,706 

           860,216 

 

                   - 

             1,293,922 

 

 

 

 

 

 

 

 

 Fixed Assets

 

 

 

 

 

 

 At Cost

         1,890,824 

           193,678 

 

- 

             2,084,502 

 

 Accumulated Depreciation

        (1,518,358)

          (102,271)

 

- 

            (1,620,629)

 

 

 Net Fixed Assets

           372,466 

             91,407 

 

                   - 

                463,873 

 

 

 

 

 

 

 

 

 

 Other Long Term Assets

             30,540 

- 

 

 

                  30,540 

 

 Investment in Subsidiary

- 

- 

 a

       8,646,906 

- 

 

 

 

- 

- 

 b

      (8,646,906)

                      - 

 

 Goodwill

- 

- 

 b

      10,155,242 

           10,155,242 

 

 Customer Base

- 

- 

 b

          839,810 

- 

 

 

 

- 

- 

 c

           (83,981)

                755,829 

 Total Assets

           836,712 

           951,623 

 

      10,911,071 

           12,699,406 

 

 

 

   

 

 

 

 

 LIABILITIES & EQUITY

 

 

 

 

 

 Current Liabilities

 

 

 

 

 

 

 Accounts Payable

           179,378 

           254,412 

 

- 

                433,790 

 

 Accrued Expense

             53,411 

           608,546 

 

- 

                661,957 

 

 Payroll Liabilities

 

             37,544 

 

- 

                  37,544 

 

 Taxes Payable

               1,408 

             21,116 

 

- 

                  22,524 

 

 Other Accrued Expenses

           145,000 

           189,877 

 

- 

                334,877 

 

 

 Total Current Liabilities

           379,197 

         1,111,495 

 

                   - 

             1,490,692 

 Long-Term Liabilities

 

 

 

 

 

 

 Notes Payable

         1,592,018 

         1,863,060 

 

                   - 

             3,455,078 

 

 

 Total  Liabilities

         1,971,215 

         2,974,555 

 

                   - 

             4,945,770 

 

 

 

 

 

 

 

 

 Stockholders' Equity

 

 

 

 

 

 

 Net Income

        (2,036,673)

          (506,028)

 c

           (83,981)

            (2,626,682)

 

 Retained Earnings

      (14,044,778)

        (1,689,197)

 b

       1,689,197 

          (14,044,778)

 

 Common Stock

             80,059 

           113,361 

 a

              4,241 

- 

 

 

 

- 

- 

 b

         (113,361)

                  84,300 

 

  Common Stock Class B

                    - 

               5,000 

 b

             (5,000)

                        - 

 

   Prepaid Equity Balance

            (53,802)

- 

 

- 

                 (53,802)

 

  Foreign Currency Translation

                    - 

              (8,568)

 

- 

                  (8,568)

 

 Additional Paid in Capital

       14,920,691 

             62,500 

 a

       9,482,475 

- 

 

 

 

- 

- 

 b

           (62,500)

           24,403,166 

 

 

 Total Stockholders' Equity

        (1,134,502)

        (2,022,933)

 

      10,911,071 

             7,753,636 

 

 

 

 

 

 

 

 

 

 

 Total Liabilities & Equity

           836,712 

           951,623 

 

      10,911,071 

           12,699,406 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Whole Living Incorporated

 

 

 

 

 

 Proforma Income Statement

 

 

 

 

 

 For the Twelve Months of January through December 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 WHLV

 ForeverGreen

 

 Proforma Adjustments

 Consolidated Income Statement  12/31/05

 Income Statement

 

 

 

 

 

 

 Sales

 

         3,796,690 

         6,542,200 

 

- 

           10,338,890 

 

 

 

 

 

 

 

 

 

 Cost of Goods Sold

         2,597,388 

         4,877,871 

 

- 

             7,475,260 

 

 Salary and Wages

         1,289,151 

           895,528 

 

- 

             2,184,679 

 

 Amortization

- 

- 

 a

            83,981 

                  83,981 

 

 General and Administrative

         1,296,021 

           778,532 

 

- 

             2,074,553 

 

 Professional Fees

           530,327 

           203,320 

 

- 

                733,647 

 

 

 

 

 

 

 

 

 

 Other Income/Expense

           120,475 

           292,977 

 

- 

                413,452 

 

 

 

 

 

 

 

 

 

 

 Net Income

        (2,036,673)

          (506,028)

 

           (83,981)

            (2,626,682)

 

 

 

 

 

 

 

 



Whole Living, Inc.

Notes to Pro Forma Consolidated Financial Statements

December 31, 2005



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 year ended December 31, 2005.  


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.