EX-99.3 4 v194394_ex99-3.htm
 
Exhibit 99.3

RVUE, INC.
INDEX TO PRO FORMA FINANCIAL STATEMENTS
March 31, 2010
(as restated)

   
PAGE
     
PRO FORMA FINANCIAL STATEMENTS
   
Pro Forma Combined Balance Sheet – March 31, 2010
 
F-1
Pro Forma Combined Statement of Operations for the period from September 15, 2009 (inception ) through December 31, 2009
 
F-2
Pro Forma Combined Statement of Operations for the three month period ended March 31, 2010
 
F-3
Significant notes and assumptions to Pro Forma Financial Statements
 
F-4
 


         RVUE HOLDINGS, INC.
PRO FORMA COMBINED BALANCE SHEET
March 31, 2010
(as restated)
(Unaudited)

   
Historical
                 
Pro Forma
 
   
Rvue, Inc.
   
Rvue Holdings, Inc.
     
Pro Forma Adjustments
   
Combined
 
   
3/31/2010
   
1/31/2010
     
Dr.
   
Cr.
   
3/31/2010
 
   
(as restated)
                           
ASSETS
                               
Current Assets
                               
Cash and cash equivalents
  $ 21,302     $ 13,858   2   $ -     $ 13,858     $ 1,106,732  
                  4   $ 100,000                  
      -       -   5     985,430       -       -  
Accounts receivable
    2,250       -         -       -       2,250  
Prepaid expenses and other current assets
    761       -         -       -       761  
Total Current Assets
    24,313       13,858         1,085,430       13,858       1,109,743  
Property and equipment, net
    8,744       -   5     1,906       -       10,650  
Software development costs
    309,658       -         -       -       309,658  
                                           
    $ 342,715     $ 13,858       $ 1,087,336     $ 13,858     $ 1,430,051  
                                           
LIABILITIES AND STOCKHOLDERS' EQUITY
                                         
Current Liabilities
                                         
Advance from director
  $ -     $ 1,189   2   $ 1,189     $ -     $ -  
Accounts payable
    18,051       -         -       -       18,051  
Accrued liabilities
    5,424       -                         5,424  
Capital lease obligations
    3,678       -         -       -       3,678  
Deferred revenue
    83,968                                 83,968  
Notes payable
    105,000       -   4, 5     205,000       100,000       -  
Total Current Liabilities
    216,121       1,189         206,189       100,000       111,121  
                                           
Commitments and Contingencies
    -       -         -       -       -  
                                           
Stockholders' Equity
                                         
Preferred stock
    -       -                         -  
Common stock
    10,000       3,510   1     -       39,505       24,899  
      -       -   2     36,765       -       -  
      -       -   5     -       8,649       -  
Additional paid-in capital
    242,464       19,890   2     -       24,096       1,484,647  
      -       -   3     50,236       -       -  
      -       -   5     -       1,248,433       -  
Retained earnings (accumulated deficit)
    (125,870 )     (10,731 ) 1     39,505       -       (190,616 )
      -       -   3     -       50,236       -  
      -       -   5     64,746       -       -  
Total Stockholders' Equity
    126,594       12,669         191,252       1,370,919       1,318,930  
                                           
    $ 342,715     $ 13,858       $ 397,441     $ 1,470,919     $ 1,430,051  

See summary of significant notes and assumptions to Pro Forma Financial Statements.

 
F-1

 

Pro Forma Combined Statement of Operations
For the year ended December 31, 2009
(as restated)
(Unaudited)

   
Historical
                     
   
Rvue, Inc.
September 15,
2009 (Inception)
through
December 31,
2009
   
Rvue
Holdings, Inc.
Year Ended
January 31,
2010
     
Pro Forma Adjustments
   
Pro Forma
 
   
(Audited)
   
(Audited)
     
Dr.
   
Cr.
   
Combined
 
   
(as restated)
                           
                                 
Revenue
  $ 7,079     $ 726   5   $ 726     $ -     $ 7,079  
Cost of revenue
    14,491       -         -       -       14,491  
Gross profit (loss)
    (7,412 )     726         726       -       (7,412 )
Selling, general and administrative expenses
    48,575       10,931   5,9     160,000       10,931       208,575  
Depreciation and amortization
    4,029       -         -       -       4,029  
Operating loss
    (60,016 )     (10,205 )       (159,274 )     (10,931 )     (220,016 )
Interest expense
    249       -   8     64,746       -       64,995  
Loss before income taxes
    (60,265 )     (10,205 )       (224,020 )     (10,931 )     (285,011 )
Income taxes
    -       -         -       -       -  
Net loss
  $ (60,265 )   $ (10,205 )     $ (224,020 )   $ (10,931 )   $ (285,011 )
                                           
Net loss per share - basic and diluted
  $ (0.006 )   $ (0.003 )                     $ (0.011 )
Weighted average number of common
                                         
shares outstanding - basic and diluted
    10,000,000       3,510,000                         24,898,730  

See summary of significant notes and assumptions to Pro Forma Financial Statements.

 
F-2

 

RVUE HOLDINGS, INC.
Pro Forma Combined Statement of Operations
For the three months ended March 31, 2010
(as restated)
(Unaudited)

   
Historical
     
Pro Forma Adjustments
   
Pro Forma
 
   
Rvue, Inc.,
Three Months
Ended March
31, 2010
   
Rvue
Holdings, Inc.
Three Months
Ended January
31, 2010
     
Dr.
   
Cr.
   
Combined
 
   
(as restated)
                           
                                 
Revenue
  $ 149,968     $ -             $ -     $ 149,968  
Cost of revenue
    37,777       -         -       -       37,777  
Gross profit
    112,191       -         -       -       112,191  
Selling, general and administrative expenses
    157,261       1,752   7,9     160,000       1,752       317,261  
Depreciation and amortization
    19,933       -         -       -       19,933  
Operating loss
    (65,003 )     (1,752 )       (160,000 )     (1,752 )     (225,003 )
Interest expense
    602       -   8     64,746       -       65,348  
Loss before income taxes
    (65,605 )     (1,752 )       (224,746 )     (1,752 )     (290,351 )
Income taxes
    -       -         -       -       -  
Net loss
  $ (65,605 )   $ (1,752 )     $ (224,746 )   $ (1,752 )   $ (290,351 )
                                           
Net loss per share - basic and diluted
  $ (0.007 )   $ -                       $ (0.012 )
Weighted average number of common
                                         
   shares outstanding - basic and diluted
    10,000,000       3,510,000                         24,898,730  

See summary of significant notes and assumptions to Pro Forma Financial Statements.

 
F-3

 

RVUE HOLDINGS, INC.
Significant Notes And Assumtions To Pro Forma Financial Statements
(as restated)
(Unaudited)

1.
 
Reflect the effect of the stock dividend.
           
                 
   
Retained earnings
  $ 39,505        
   
Common stock
          $ 39,505  
                     
2.
 
Reflect the effect of the Stock Purchase Agreement with Rivulet International Holdings, Inc.
 
                     
   
Common stock
  $ 36,765          
   
Advance from director
  $ 1,189          
   
Cash
          $ 13,858  
   
Additional paid-in capital
          $ 24,096  
                     
3.
 
Reverse the accumulated deficit of accounting acquiree RVUE Holdings, Inc.
 
                     
   
Additional paid-in capital
  $ 50,236          
   
Accumulated deficit
          $ 50,236  
                     
4.
 
Reflect additional bridge loans
               
                     
   
Cash
  $ 100,000          
   
Notes Payable
          $ 100,000  
                     
5.
 
Reclassify equity for the effects of the recapitalization
         
   
Cash
  $ 985,430          
   
Property and Equipment, Net
  $ 1,906          
   
Bridge Loans
  $ 205,000          
   
Retained Earnings
  $ 64,746          
   
Common stock
          $ 8,649  
   
Additional paid-in capital
          $ 1,248,433  
                     
6.
 
Reverse the Statement of Operations of RVUE Holdings, Inc. at 12/31/09
 
   
Revenue
  $ 726          
   
General and administrative expenses
          $ 10,931  
                     
7.
 
Reverse the Statement of Operations of RVUE Holdings, Inc. at 3/31/10
 
   
General and administrative expenses
          $ 1,752  
                     
8.
 
Record Bonus Shares Expense
               
   
Interest Expense
  $ 64,746          
                     
9.
 
Record Investor Relations Expense
               
   
General and administrative expenses
  $ 160,000          
 
F-4