EX-99.2 3 dex992.htm PRO FORMA FINANCIAL INFORMATION FOR BLUE MOUNTAIN RESOURCES, INC. Pro Forma Financial Information for Blue Mountain Resources, Inc.

Exhibit 99.2

BLUE MOUNTAIN RESOURCES, INC.

UNAUDITED PRO FORMA CONDENSED

CONSOLIDATED FINANCIAL INFORMATION

Basis of Presentation

On March 31, 2008, Blue Mountain Resources, Inc. (the “Company”) entered into an Agreement and Plan of Reorganization (the “Plan of Reorganization”) with Patient Access Solutions, Inc., a New York corporation. The closing of the transaction took place on March 31, 2008 (the “Closing Date”) and resulted in the acquisition of Patient Access Solutions, Inc. (the “Acquisition”). Pursuant to the terms of the Plan of Reorganization, The Company acquired all of the outstanding capital stock and ownership interests of Patient Access Solutions, Inc. (the “Interests”) from the Patient Access Solutions, Inc. for an aggregate of 2,900,000 shares, or 35% of the Company’s common stock.

Under the Share Exchange Agreement, at the Closing on March 31, 2008, our authorized capital stock consists of 8,300,000 shares of common stock, par value $0.001 per share. As of March 31, 2008 and immediately after Closing, an aggregate of 8,300,000 shares of Common Stock were outstanding, including shares issued pursuant to the Closing. Generally accepted accounting principles require that the company whose shareholders retain the majority interest in a combined business be treated as the acquirer for accounting purposes, resulting in a reverse acquisition. Accordingly, the share exchange transaction has been accounted for as a recapitalization of the Company.

The unaudited pro forma condensed consolidated statements of income (loss) combine the historical condensed consolidated statements of income (loss) of the Company and Patient Access Solutions, Inc., giving effect to the share exchange and other related events as if it had occurred on January 1, 2006 and January 1, 2007. The unaudited pro forma condensed consolidated balance sheet combines the historical condensed consolidated balance sheets of the Company and Patient Access Solutions Inc., giving effect to the share exchange and other related events as if it had been consummated on December 31, 2007. These unaudited pro forma condensed consolidated financial statements have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which actually would have resulted had the transaction occurred on the date indicated and are not necessarily indicative of the results that may be expected in the future.

 

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BLUE MOUNTAIN RESOURCES, INC

PRO-FORMA CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2007

 

     Blue Mountain
Resources, Inc.
    Patient Access
Solutions
    Pro Forma
Adjustments
    Pro Forma
Amount
 
ASSETS         

Current assets:

        

Cash

   $ 3,692     $ 943 (1)   (3,692 )   $ 943  

Accounts receivable

     —         44,185         44,185  

Prepaid rent

     —         12,083         12,083  

Inventory

     —         19,250         19,250  

Current portion of investment in sales type leases

     —         216,503         216,503  
     —         —           —    

Other current assets

     —         1,000         1,000  
                          

Total current assets

     3,692       293,964         293,964  
                          

Property and equipment, net

     —         303,966         303,966  

Long term portion of investment in sales type leases

     —         505,173         505,173  
                          
       809,139         809,139  
   $ 3,692     $ 1,103,103       $ 1,103,103  
                          

Current liabilities:

        

Accounts payable

   $ 5,561     $ 125,136 (1)   (5,561 )   $ 125,136  

Payroll taxes payable

       76,599         76,599  

Current portion of obligations under capital leases

       216,335         216,335  

Loans from related parties

     10,329         (1)   (10,329 )     —    

Notes payable

     —         553,000         553,000  
                          

Total current liabilities

     15,890       971,070         971,070  
                          

Long Term portion of obligations under capital leases

       505,391         505,391  

Stockholders’ deficiency:

        

Common stock

     5,400       —       2,800       8,200  

Additional paid-in capital

     17,100       377,407 (1)   12,198       406,705  
         (2)   (34,698 )     (37,498 )
       (2,800 )  

Accumulated deficit

     (34,698 )     (750,765 )(2)   34,698       (750,765 )
                          

Total stockholders’ equity (deficiency)

     (12,198 )     (373,358 )       (373,358 )
                          
   $ 3,692     $ 1,103,103       $ 1,103,103  
                          

 

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   (1 )      

Cash

         3,692

Account payable

      5,561   

Loans from related party

      10,329   

Additional paid-in capital

         12,198

To record the elimination of Tradeshow Products Accumulated Deficit

        
   (2 )      

Accumulated deficit

      34,698   

Additional paid-in capital

         34,698

Elimination of accumulated deficit

        
   (3 )      

Additional paid-in capital

      2,800   

Common stock

         2,800

To record issuance of 2,800,000 shares of common stock to shareholders of Patient Access Solutions, Inc.

 

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BLUE MOUNTAIN RESOURCES, INC

PROFORMA CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2007

 

     Blue Mountain
Resources, Inc.
    Patient Access
Solutions
    Pro Forma
Adjustments
    Pro Forma Amount  

Revenues:

        

Revenue

   $ —       $ 322,643       $ 322,643  

Cost of Goods sold

       108,773         108,773  
                          
       213,870         213,870  

Operating expenses:

        

General and administrative expenses

     7,306       805,533     (7,306 )     805,533  

Mineral properties

     10,393       (10,393 )     —    

Professional fees

     9,542       (9,542 )     —    

Depreciation & Amortization

     —         23,657         23,657  
                          

Total operating expenses

     27,241       829,190         829,190  

(Loss) income from operations

     (27,241 )     (615,320 )       (615,320 )

Interest expense

       69,941         69,941  

(Loss) income before provision for income taxes

     (27,241 )     (685,261 )       (685,261 )

Provision for income taxes

     —         —           —    
                          

Net loss

   $ (27,241 )   $ (685,261 )     $ (685,261 )
                          

 

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BLUE MOUNTAIN RESOURCES, INC

PROFORMA CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2006

 

     Blue Mountain
Resources, Inc.
    Patient Access
Solutions
    Pro Forma
Adjustments
    Pro Forma Amount  

Revenues:

        

Revenue

   $ —       $ 219,991       $ 219,991  

Cost of Goods sold

       89,463         89,463  
                          
       130,528         130,528  

Operating expenses:

        

General and administrative expenses

     822       184,204     (822 )     184,204  

Depreciation & Amortization

     —         11,828         11,828  
                          

Total operating expenses

     822       196,032         196,032  

(Loss) income from operations

     (822 )     (65,504 )       (65,504 )

Interest expense

       —           —    

(Loss) income before provision for income taxes

     (822 )     (65,504 )       (65,504 )

Provision for income taxes

     —         —           —    
                          

Net loss

   $ (822 )   $ (65,504 )     $ (65,504 )
                          

 

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