EX-99 8 exhibit992_07.htm EX. 99.2 - PROFORMA UNAUDITED COMBINED FINANCIALS

TASKPORT, INC.

PRO FORMA STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2004

(Unaudited)

 

The following Unaudited Pro Forma Statement of operations has been derived from the audited financial statements of Taskport, Inc., (A) for the year ended December 31, 2004 and the audited financial statements of Expert Systems, Inc. (B) for the year ended December 31, 2004. The Pro Forma Statements of Operations reflects the acquisition of A by B (a reporting company) on February 13, 2006 in an acquisition accounted for using the reverse acquisition method of accounting and assumes that such acquisition was consummated as of December 31, 2004.

 

The Pro Forma Statement of Operations and financial conditions should be read in conjunction with the Financial Statements of A, the Financial Statements of B and the Notes to the financial statements. The Pro Forma Statements do not purport to represent what the Company’s results of operations and financial conditions would actually have been if the acquisition of A had occurred on the date indicated or to project the company’s results of operations for any future period or date. The Pro Forma adjustments, as described in the accompanying data, are based on available information and the assumption set forth in the foot notes below, which management believes are reasonable.

 

 

 

 

 

A

 

 

 

B

 

 

 

Pro Forma

 

 

 

Pro Forma

 

 

 

 

 

(Historical)

 

 

 

(Historical)

 

 

 

Adjustment

 

 

 

Combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenue

 

$

 

—

 

$

 

—

 

$

 

 

—

 

$

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

2,591,239

 

 

 

11,609

 

 

 

 

—

 

 

 

 

2,602,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

 

(2,591,239)

 

 

 

(11,609)

 

 

 

 

—

 

 

 

 

(2,602,848)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating income (expenses),

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

minority interest and income tax

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss)

 

$

 

(2,591,239)

 

$

 

(11,609)

 

$

 

 

—

 

$

 

 

(2,602,848)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted -average number of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shares outstanding

 

 

 

13,920,559

 

 

 

13,659,375

 

 

 

 

—

(3)

 

 

 

24,968,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) per share

 

$

 

(0.19)

 

$

 

(0.00)

 

$

 

 

—

 

$

 

 

(0.10)

 

 

NOTES:

 

(1) Loss per share data shown above are applicable for both primary and fully diluted.

(2) Weighted-average number of shares outstanding for the combined entity includes all shares issued before the acquisition as if outstanding as of December 31, 2004. B shares have been adjusted for a 2.5:1 stock split.

(3) Weighted average number of shares outstanding for combined entity includes 22,828,430 shares issued to a shareholders in a 1 for 1 exchange and 2,139,900 shares held by B shareholders after the acquisition.

 

 


 

 

TASKPORT, INC.

PRO FORMA STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005

(Unaudited)

 

The following Unaudited Pro Forma Statement of operations has been derived from the unaudited financial statements of Taskport, Inc., (A) for the nine months ended September 30, 2005 and the audited financial statements of Expert Systems, Inc. (B) for the nine months ended September 30, 2005. The Pro Forma Statements of Operations reflects the acquisition of A by B (a reporting company) on February 13, 2006 in an acquisition accounted for using the reverse acquisition method of accounting and assumes that such acquisition was consummated as of September 30, 2005.

 

The Pro Forma Statement of Operations and financial conditions should be read in conjunction with the Financial Statements of A, the Financial Statements of B and the Notes to the financial statements. The Pro Forma Statements do not purport to represent what the Company’s results of operations and financial conditions would actually have been if the acquisition of A had occurred on the date indicated or to project the company’s results of operations for any future period or date. The Pro Forma adjustments, as described in the accompanying data, are based on available information and the assumption set forth in the foot notes below, which management believes are reasonable.

 

 

 

 

 

 

A

 

 

 

B

 

 

 

Pro Forma

 

 

 

Pro Forma

 

 

 

 

(Historical)

 

 

 

(Historical)

 

 

 

Adjustment

 

 

 

Combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenue

 

$

 

—

 

$

 

—

 

$

 

 

—

 

$

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

1,975,573

 

 

 

17,028

 

 

 

 

—

 

 

 

 

1,992,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

 

(1,975,573)

 

 

 

(17,028)

 

 

 

 

—

 

 

 

 

(1,992,601)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating income (expenses),

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

minority interest and income tax

 

 

 

(25,291)

 

$

 

—

 

 

 

 

—

 

 

 

 

(25,291)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss)

 

$

 

(2,000,864)

 

$

 

(17,028)

 

$

 

 

—

 

$

 

 

(2,017,892)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted -average number of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shares outstanding

 

 

 

16,136,326

 

 

 

14,757,325

 

 

 

 

—

(3)

 

 

 

24,968,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) per share

 

$

 

(0.12)

 

$

 

(0.00)

 

$

 

 

—

 

$

 

 

(0.08)

 

 

 


 

 

NOTES:

 

(1)

Loss per share data shown above are applicable for both primary and fully diluted.

(2)

Weighted-average number of shares outstanding for the combined entity includes all shares issued before the acquisition as if outstanding as of September 30, 2005. B shares have been adjusted for a 2.5:1 stock split.

(3)

Weighted average number of shares outstanding for combined entity includes 22,828,430 shares issued to a shareholder in a 1 for 1 exchange and 2,139,900 shares held by B shareholders after the acquisition.

 

 


 

 

TASKPORT, INC.

PRO FORMA STATEMENT OF FINANCIAL CONDITIONS

AS OF SEPTEMBER 30, 2005

(Unaudited)

 

The following unaudited Pro Forma Statement of financial conditions has been derived from the unaudited financial statements of Taskport, Inc. (A) as of September 30, 2005 and the unaudited financial statements of Expert Systems, Inc. (B) as of September 30, 2005. The unaudited Pro Forma Statements of financial conditions reflects the acquisition of A by B (a reporting company) in a merger using reverse acquisition method of accounting.

 

 

 

 

 

A

 

 

 

B

 

 

Pro Forma

 

 

Pro Forma

 

 

 

 

 

(Historical)

 

 

 

(Historical)

 

 

Adjustment

 

 

Combined

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

$

 

614,920

 

$

 

12,957

(1)

$

 

(12,957

)

$

 

614,920

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property & equipment, net

 

 

 

254,680

 

 

 

—

(1)

 

 

—

 

 

 

254,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets, net

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other non-current assets

 

 

 

69,489

 

 

 

—

 

 

 

—

 

 

 

69,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

 

939,089

 

$

 

12,957

 

$

 

(12,957)

 

$

 

939,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

 

281,268

 

$

 

5,000

(1)

$

 

(5,000)

 

$

 

281,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

 

4,972

 

 

 

—

(1)

 

 

—

 

 

 

4,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

1,858

 

 

 

6,000

 

 

 

(5,360

)

 

 

2,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional paid in capital

 

 

 

8,420,604

 

 

 

44,000

 

 

 

(44,640

)

 

 

8,419,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares to be issued

 

 

 

11,151

 

 

 

—

 

 

 

—

 

 

 

11,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings (deficit)

 

 

 

(7,780,764)

 

 

 

(42,043)

(2)

 

 

42,043

 

 

 

(7,780,764)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity (deficit)

 

 

 

652,848

 

 

 

7,957

 

 

 

(7,957)

 

 

 

652,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

$

 

939,089

 

$

 

12,957

 

$

 

(12,957)

 

$

 

939,089

 

 

NOTES:

 

(1) Elimination of assets and liabilities of B.

(2) Elimination of pre-acquisition retained earnings of B.