EX-99.2 5 ex992.htm Summary Allianex PL

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS


The following unaudited pro forma condensed combined balance sheet combines our historical unaudited balance sheet as of March 31, 2010 and the historical audited balance sheet of Allianex as of March 31, 2010, giving effect to the acquisition as if it had occurred on March 31, 2010.


 

The following unaudited pro forma condensed combined statements of operations combine (i) the historical unaudited statements of operations of us and Allianex, LLC (“Allianex”) for the three months ended March 31, 2010, giving effect to the acquisition as if it had occurred on January 1, 2010, and (ii) the historical unaudited statements of operations of us and Allianex for the twelve months ended December 31, 2009, giving effect to the acquisition as if it had occurred on January 1, 2009.


 

 

The following information should be read in conjunction with the pro forma condensed combined financial statements:  

  

·

Accompanying notes to the unaudited pro forma condensed combined statements;

  

·

Separate historical financial statements of Allianex included elsewhere in this Report; and

  

· 

Our separate historical financial statements, which are included in our Annual Reports filed on Form 10-K and our Quarterly Reports filed on Form 10-Q.

 

 

The unaudited pro forma information is not necessarily indicative of the financial position or results of operations that may have actually occurred had the acquisition taken place on the dates noted, or the future financial position or operating results of the combined company.






Kensington Leasing, Ltd. and Allianex LLC
Consolidated Pro Forma Balance Sheets (Unaudited)


  

Historical

 

Pro Forma Consolidated (Unaudited)

   

Kensington Leasing, Ltd.
Three Months Ended March 31,      2010    

  

Allianex LLC
Three Months Ended March 31,     2010 (a)   

  

Adjustments

   

As Adjusted

ASSETS

  


  


  


   


   


  


  


   


Current assets

  


  


  


   


Cash

 

$

346,805

 

$

101,238

 

$

--

  

$

448,043

Accounts receivable

  

--

  

3,900

  

--

   

3,900

Other current assets

  

 102,380

  

             --

  

           --

   

102,380

Total current assets

  

449,185

  

105,138

  

--

   

554,323

   


  


  


   


Property and equipment, net

  

--

  

38,782

  

--

   

38,782

Intangible assets and goodwill

  

      5,000

  

             --

  

  88,587

(b)

  

  93,587

Total assets

  

  454,185

  

 143,920

  

  88,587

   

686,692

   


  


  


   


LIABILITIES AND

  


  


  


   


  SHAREHOLDERS' DEFICIT

  


  


  


   


   


  


  


   


Liabilities

  


  


  


   


Notes payable

  

763

  

100,000

  

--

   

100,763

Accounts payable and accrued

  

789

  

11,507

  

--

   

12,296

  expenses

  


  


  


   


Due to related parties

  

   15,000

  

            --

  

            --

   

   15,000

Total liabilities

  

16,552

  

111,507

  

--

   

128,059

   


  


  


   


Stockholders' Equity (Deficit)

  


  


  


   


Common stock

  

7,313

  

--

  

575 

(b)

  

7,888

Paid in capital

  

490,512

  

--

  

120,425

(b)

  

610,937

Deficit accumulated during

  

(60,193)

  

(819,855)

  

819,855

(b)

  

(60,193)

    development stage

  


  


  


   


Member contributions during

  

             --

  

852,268

  

(852,268)

(b)

  

             --

   development stage

  


  


  


   


Total shareholders' equity

  

 437,632

  

   32,413

  

  88,587

   

 558,632

  (deficit)

  


  


  


   


   


  


  


   


Total liabilities and

  

$  454,185

 

$

143,920

 

$

   88,587

  

$

686,692

shareholders' equity (deficit)

  


  


  


   


   


  


  


   


See accompanying notes to pro forma financial information









 Kensington Leasing, Ltd. and Allianex LLC
Consolidated Pro Forma Statements of Operations


  

Historical (Audited)

 

Pro Forma Consolidated (Unaudited)

   

Kensington Leasing, Ltd.
December 31, 2009

  

Allianex LLC
December 31, 2009 (a)

  

Adjustments

   

As Adjusted

   


  


  


   


Income

  

$                --

 

$

7,293

 

$

--

  

$

7,293

   


  


  


   


Operating expenses

  


  


  


   


General and administrative

  

2,045

  

41,823

  

--

   

43,868

Legal and accounting

  

25,030

  

-- 

  

--

   

25,030

Selling

  

--

  

109,336

  

            --

   

109,336

Total operating expenses

  

    27,075

  

151,159

  

            --

   

178,234

   


  


  


   


Income from operations

  

(27,075)

  

(143,866)

  

--

   

(170,941)

   


  


  


   


Other income (expense)

  


  


  


   


LLC Fees

  

--

  

(800)

  

800

(c)

  

--

Interest income (expense)

  

        (327)

  

             --

  

            -- 

   

       (327)

Total other income (expense)

  

(327)

  

(800)

  

800

   

(327)

   


  


  


   


Net loss

 

$

   (27,402)

 

$

(144,666)

 

$

         800

  

$

(171,268)

   


  


  


   


Net loss per share

 

$

        (0.02)

  


  


  

$

       (0.09)

   


  


  


   


Weighted average shares outstanding

  

1,237,104

  


  


(b)

  

1,812,104

   


  


  


   



See accompanying notes to pro forma financial information







 Kensington Leasing, Ltd. and Allianex LLC
Consolidated Pro Forma Statements of Operations (Unaudited)


  

Historical

 

Pro Forma

   

Kensington Leasing, Ltd.
Three Months Ended March 31, 2010

  

Allianex LLC
Three Months Ended March 31, 2010(a)

  

Adjustments

   

As Adjusted

   


  


  


   


Income

  

$                --

 

$

--

 

$

--

  

$

--

   


  


  


   


Operating expenses

  


  


  


   


General and administrative

  

1,976

  

7,426

  

--

   

9,402

Legal and accounting

  

25,815

  

-

  


   

25,815

Selling

  

            -

  

18,854

  

            --

   

18,854

Total operating expenses

  

27,791

  

26,280

  

--

   

54,071

   


  


  


   


Income from operations

  

(27,791)

  

(26,280)

  

--

   

(54,071)

   


  


  


   


Other income (expense)

  


  


  


   


LLC Fees

  

--

  

(200)

  

200

(c)

  

--

Interest income (expense)

  

            --

  

            --

  

            --

   

            --

Total other income (expense)

  

--

  

(200)

  

200

   

--

   


  


  


   


Net loss

 

$

(27,791)

 

$

(26,480)

 

$

200

  

$

(54,071)

   


  


  


   


Net loss per share

 

$

(0.02)

  


  

 

  

$

(0.03)

   


  


  


   


Weighted average shares outstanding

  

1,379,667

  


  

 

(b)

  

1,954,667

   


  


  


   


   


  


  


   



See accompanying notes to pro forma financial information









Notes to Pro Forma Financial Information

(a)

The Unaudited Pro Forma Consolidated Financial Statements are based on the historical financial statements of Allianex, LLC.  

(b)

Adjustments reflect the opening balance sheet entries as determined by an internal valuation of the fair market value of the consideration paid.  We issued 575,000 shares of our common stock to Allianex LLC at a value of $.08 per share and $75,000 in cash for a total value of $121,000.  The assets we acquired from Allianex included principally: fixed assets (recorded at net book value); contracts and relationships with a network of retail aggregator partners, affinity groups and direct selling companies, and a call center; as well as a worldwide license to use, exploit, market, sell and distribute certain software products to the purchasers of prepaid cards.  

(c)

Adjustments reflect the reversal of fees incurred by the Allianex, LLC, as a limited liability company, which would not have been incurred as a Corporation.