EX-99 3 savanna8ka1022511ex992.htm 99.2 PRO FORMA FINANCIAL INFORMATION Exhibit 99.2



Exhibit 99.2


Savanna East Africa, Inc.

and Savanna East Africa, Ltd.

 Pro Forma Combined Financial Statements

(unaudited)





Contents

 

 

 

 

Page

 

 

Pro Forma Combined Financial Statements:

 

 

 

Pro Forma Combined Statements of Operations for the three months September 30, 2010 (unaudited)

F-2

 

 

Pro Forma Combined Statements of Operations for the year ended June 30, 2010 (unaudited)

F-3

 

 

Notes to Pro Forma Combined Financial Statements (unaudited)

F-4





F-1




Savanna East Africa, Inc.

and Savanna East Africa, Ltd.

Pro Forma Combined Statement of Operations

For the Three Months Ended September 30, 2010

(unaudited)



 

 

 

Savanna East Africa, Inc. (1)

 

Savanna East Africa, Ltd. (2)

 

Pro forma Adjustments

 

Pro forma Combined

 

 

 

(historical)

 

(historical)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenue

$

-

$

-

$

-

$

-

 

 

 

 

 

 

 

 

 

 

Cost of Revenue

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

General and administrative

 

56,830

 

442,186

 

-

 

499,016

 

Professional fees

 

19,850

 

-

 

-

 

 

 

Consulting fees

 

30,000

 

-

 

-

 

30,000

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

106,680

 

442,186

 

-

 

529,016

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

(106,680)

 

(442,186)

 

-

 

(529,016)

 

 

 

 

 

 

 

 

 

 

Non-operating income (expense):

 

 

 

 

 

 

 

 

 

Change in fair value of derivative liabilities

 

(653,154)

 

-

 

-

 

(653,154)

 

Interest income

 

192

 

-

 

-

 

 

 

Interest and finance costs

 

(198,798)

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

     Total non-operating income (expense):

 

(851,760)

 

-

 

-

 

(653,154)

 

 

 

 

 

 

 

 

 

 

Loss before income tax

 

(958,440)

 

(442,186)

 

-

 

(1,400,626)

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Net loss

$

(958,440)

$

(442,186)

$

-

$

(1,400,626)

 

 

 

 

 

 

 

 

 

 

Loss per common share

$

(0.29)

$

(4.42)

$

-

$

(0.42)

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

3,297,938

 

100,000

 

-

 

297,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Source: unaudited financial statements of Savanna East Africa, Inc. included in Form 10Q for the three months ended September 30, 2010.

(2) Source:  unaudited financial statements of Savanna East Africa, Ltd. for the period from July 1, 2010 through December 10, 2010 included elsewhere in this Form 8K.

 

 

 

 

 

 

 

 

 

 

See accompanying notes to pro forma combined financial statements






F-2




Savanna East Africa, Inc.

and Savanna East Africa, Ltd.

Pro Forma Combined Statement of Operations

For the Year Ended June 30, 2010



 

 

 

Savanna East Africa, Inc. (1)

 

Savanna East Africa, Ltd. (2)

 

Pro forma Adjustments

 

Pro forma Combined

 

 

 

(historical)

 

(historical)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenue

$

-

$

-

$

-

$

-

 

 

 

 

 

 

 

 

 

 

Cost of Revenue

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

General and administrative

 

242,335

 

-

 

-

 

242,335

 

Professional fees

 

86,020

 

-

 

 

 

 

 

Consulting fees

 

10,000

 

-

 

-

 

10,000

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

338,355

 

-

 

-

 

252,335

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

(338,355)

 

-

 

-

 

(252,335)

 

 

 

 

 

 

 

 

 

 

Non-operating income (expense):

 

 

 

 

 

 

 

 

 

Gain (loss) on sale of assets

 

10,714

 

-

 

-

 

10,714

 

Change in fair value of derivative liability

 

3,220,177

 

-

 

-

 

3,220,177

 

Interest income

 

16

 

-

 

-

 

16

 

Interest and finance costs

 

(4,805,850)

 

-

 

-

 

(4,805,850)

 

 

 

 

 

 

 

 

 

 

 

     Total non-operating (expense) income

(1,574,943)

 

-

 

-

 

(1,574,943)

 

 

 

 

 

 

 

 

 

 

Loss before income tax

 

(1,913,298)

 

-

 

-

 

(1,913,298)

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Net loss

$

(1,913,298)

$

-

$

-

$

(1,913,298)

 

 

 

 

 

 

 

 

 

 

Loss per common share

$

(0.59)

$

-

$

-

$

(0.59)

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

3,268,248

 

-

 

-

 

3,268,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Source: audited financial statements of Savanna East Africa, Inc. for the year ended June 30, 2010 included in Form 10K.

(2) Source: unaudited financial statements of Savanna East Africa, Ltd. for the year ended June 30, 2010 included elsewhere in this Form 8K.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to pro forma combined financial statements





F-3






Savanna East Africa, Inc.

and Savanna East Africa, Ltd.

Notes to Pro form Combined Financial Statements



NOTE 1 - BASIS OF PRESENTATION


The accompanying pro forma combined balance sheet presents the accounts of Savanna East Africa, Inc. (“SEA”) and Savanna East Africa, Ltd. (“SEA Kenya”) as if the acquisition of SEA Kenya by SEA occurred on September 30, 2010.  The accompanying pro forma combined statement of operations presents the accounts of SEA for the three months ended September 30, 2010 and SEA Kenya for the period from July 1, 2010 through December 10, 2010 (acquisition date). The accompanying pro forma combined statement of operations also presents the accounts of SEA and SEA Kenya for the year ended June 30, 2010, as if the acquisition occurred on July 1, 2009.



F-4