EX-99.3 6 inzon_8k-ex9903.htm PRO FORMA UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Exhibit 99.3

 

INZON CORPORATION

UNAUDITED PRO FORMA FINANCIAL STATEMENTS

FOR YEAR ENDED SEPTEMBER 30, 2012

 

The transaction is an acquisition in which the shareholders of AVC Acquisition Corp. obtained the majority of the issued and outstanding share after the transaction. Accordingly, the following unaudited pro forma consolidated financial statements (“pro forma statements”) give effect to the acquisition by InZon Corporation ("InZon ") of AVC Acquisition Corporation (“AVC”) based on the estimates and assumptions set forth herein and in the notes to such statements.

 

On May 17, 2012, AVC and InZon entered into an agreement and plan of merger.

The Agreement provides for the merger of InZon and AVC, whereby the shareholders of AVC will receive 15,834,192 shares (96% of the post-merger shares outstanding) of InZon in exchange for 50,000 shares of AVC, which represents 100% of the outstanding shares of AVC.

 

The following unaudited pro forma financial information gives effect to the above transaction. The unaudited pro forma financial information was based on AVC unaudited financial statements for period from inception to September 30, 2012 and InZon’s audited consolidated financial statements for the year ended September 30, 2012. The unaudited pro forma consolidated financial information and accompanying notes should be read in conjunction with the historical financial statements and the related notes thereto of InZon and AVC.

 

The unaudited pro forma consolidated financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results or financial position that would have occurred if the transaction had been consummated at the dates indicated, nor is it necessarily indicative of the future operating results of financial position of the consolidated companies.

 

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INZON CORPORATION

UNAUDITED PROFORMA CONSOLIDATED BALANCE SHEET

AS OF SEPTEMBER 30, 2012

 

   InZon   AVC   Adjustments   Consolidated 
ASSETS                    
Current Assets                    
Cash  $   $5,002,812   $    $   5,002,812, 
                     
Total Current Assets        5,002,812        5,002,812 
                     
Total Assets  $   $5,002,812   $   $5,002,812 
                
                
                     
LIABILITIES AND STOCKHOLDERS’ DEFICIT                    
Current Liabilities:                    
Accrued expenses  $   $2,800   $   $2,800 
Notes payable   40,000            40,000 
Liability- judgments   579,798             579,798 
Note payable- related party       4,957,756        4,957,756 
Total current liabilities   619,798    4,960,556        5,580,354 
                     
Total liabilities   619,798    4,960,556        5,580,354 
                     
Stockholders’ Deficit:                    
Common stock, $0.001 par value; 500,000,000 shares authorized; 16,493,950 shares issued and outstanding   16,494    50,000    (50,000)(1)   16,494 
Additional paid-in capital   7,733,665        42,256(1)   7,775,921 
Deferred stock based compensation   (354,000)           (354,000)
Accumulated deficit   (8,015,957)   (7,744)   7,744(2)   (8,015,957)
Total stockholders’ deficit   (619,798)   (42,256)       (577,542)
Total liabilities and stockholders’ deficit  $   $5,002,812        5,002,812 

  

Transaction adjustments:

1.Adjustments within equity to present the exchange in the merger of all the outstanding shares of AVC common stock for 15,834,192 shares of InZon common stock.
2.Elimination of AVC accumulated deficit.

 

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INZON CORPORATION

UNAUDITED PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS

AS OF SEPTEMBER 30, 2012

  

   InZon   AVC   Adjustments   Consolidated 
Revenue  $   $   $   $ 
                     
General and administrative expenses   143,657    7,744        151,401 
Operating loss   (143,657)   (7,744)       (151,401)
                     
Other expense                    
Interest expense   (8,597)           (8,597)
Other expense   (8,597)           (8,597)
                     
Net loss  $(152,254)  $(7,744)  $   $(159,254)
                     
Net loss per share, basic and diluted  $(0.23)  $(0.15       $(0.01)
                     
Weighted average number of shares outstanding   659,758(1)   50,000    15,834,192(2)   16,493,950(1)

 

 

  1. The weighted average number of ordinary shares is based on each company’s ordinary shares outstanding during the period. The weighted average number of ordinary shares for the consolidated company is based on the shares outstanding in InZon plus the shares that have been issued in the transaction.
  2. The weighted average number of ordinary shares as an adjustment is based on the shares that have been issued in the transaction.

 

 

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INZON CORPORATION

UNAUDITED PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS

AS OF SEPTEMBER 30, 2011

  

   InZon   AVC   Adjustments   Consolidated 
Revenue  $   $   $   $ 
                     
General and administrative expenses   20,000            20,000 
Operating loss   (20,000)           (20,000)
                     
Other expense                    
Interest expense   (16,152)           (16,152)
Other expense   (16,152)            (16,152)
                    
Net loss  $(36,152)  $   $   $(36,152)
                     
Net loss per share, basic and diluted  $(0.05)  $0.00       $(0.00)
                     
Weighted average number of shares outstanding   659,758(1)   50,000    15,834,192(2)   16,393,950(1)

 

 

  1. The weighted average number of ordinary shares is based on each company’s ordinary shares outstanding during the period. The weighted average number of ordinary shares for the consolidated company is based on the shares outstanding in InZon plus the shares that have been issued in the transaction.
  2. The weighted average number of ordinary shares as an adjustment is based on the shares that have been issued in the transaction.


 

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