EX-99.1 2 f8k080619ex99-1_fellazo.htm PRO FORMA BALANCE SHEET

Exhibit 99.1

 

FELLAZO INC.

PRO FORMA BALANCE SHEET

             
   As of
July 29, 2019		   Pro Forma Adjustments   As Adjusted 
ASSETS  (Audited)   (Unaudited)   (Unaudited) 
Current Assets:               
Cash  $751,267   $-     $751,267 
Cash in trust account   50,000,000    7,500,000   (a)   57,500,000 
         150,000   (b)     
         (150,000)  (c)     
Total Current Assets   50,751,267    7,500,000    58,251,267 
                
TOTAL ASSETS  $50,751,267   $7,500,000   $58,251,267 
                
LIABILITIES AND STOCKHOLDERS’ EQUITY               
Current Liabilities               
Accounts payable and accrued liabilities  $40,030   $-     $40,030 
Advances and loan from related parties   253,103    -      253,103 
Total Current Liabilities   293,133    -      293,133 
                
Other Liabilities               
Deferred underwriter commission payable   1,500,000    225,000   (d)   1,725,000 
Total Other Liabilities   1,500,000    225,000    1,725,000 
                
Total Liabilities   1,793,133    225,000    2,018,133 
                
Commitments               
Ordinary shares subject to possible redemption, 4,395,813 shares,  and 5,123,313 shares, respectively, at redemption value   43,958,133    7,275,000   (e)   51,233,133 
                
Stockholders' Equity               
Preferred share, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   -      -      -   
Ordinary share, $0.0001 par value; 100,000,000 shares authorized; 2,306,187 shares and 2,351,187 shares, respectively, issued and outstanding (excluding 4,395,813 shares and 5,123,313 shares, respectively, subject to possible redemption)   230    75   (a)   235 
         2   (b)     
         (73)  (e)     
         1   (f)     
                
Additional paid-in capital   5,012,090    7,499,925   (a)   5,012,085 
         149,998   (b)     
         (150,000)  (c)     
         (225,000)  (d)     
         (7,274,927)  (e)     
         (75,000)  (f)     
         74,999   (f)     
                
Subscription receivable   (100)   -      (100)
Accumulated deficit   (12,219)   -      (12,219)
Total Stockholders’ Equity   5,000,001    -      5,000,001 
                
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $50,751,267   $7,500,000   $58,251,267 
                

 

 

 

 

 

FELLAZO INC

NOTES TO PRO FORMA BALANCE SHEET

(Unaudited)

 

NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Fellazo Inc. (the “Company”) as of July 29, 2019, adjusted for the closing of the underwriters’ over-allotment option and additional sponsor’s private placement and related transactions which occurred on August 6, 2019, as described below.

 

On August 6, 2019, the Company consummated the closing of the sale of 750,000 additional units (the “Units”) at a price of $10.00 per Unit upon receiving notice of the underwriters’ election to exercise in full of their over-allotment option (“Overallotment Units”), generating additional gross proceeds of $7,500,000 and incurred additional offering costs of $375,000 in underwriting fees, which included $225,000 deferred underwriter commission. Each Unit consists of one ordinary share, one warrant to purchase one-half of one ordinary share at a price of $11.50 per whole share, and one right to receive one-tenth of one ordinary share upon the consummation of the Company's initial business combination. The net proceeds of $7,350,000 was deposited into the Company’s trust account (the “Trust Account”) on August 6, 2019.

 

Simultaneously with the exercise of the over-allotment option, the Company consummated the sale of an additional 15,000 units (the “Private Placement Units”) to its sponsor, generating a gross proceed of $150,000, which was deposited into the Trust Account on August 6, 2019.

On August 6, 2019, in connection with the full exercise of over-allotment option, the Company issued an additional 7,500 Ordinary Shares to a designee of Maxim as part of the underwriter compensation. The shares were valued at $10 per share. $75,000 non-cash charge was recorded as offering cost.

 

Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option and additional private placement are as follows:

 

       Dr.   Cr. 
 a,   Cash in trust account  7,500,000    
     Ordinary share        75 
     Additional paid-in capital        7,499,925 
     To record sale of 750,000 Overallotment Units at 10.00 per Unit.          
                
 b,   Cash in trust account   150,000      
     Ordinary share        2 
     Additional paid-in capital        149,998 
     To record sale of 15,000 Private Placement Units at $10.00 per Unit.          
                
 c,    Additional paid-in capital - offering cost   150,000      
     Cash in trust account        150,000 
     To record payment of 2% of cash underwriting fee on over-allotment option.          
                
 d,    Additional paid-in capital - offering cost   225,000      
     Deferred underwriter commission payable        225,000 
     To record the liability of 3% of underwriting fees on over-allotment option.          
                
 e,   Ordinary share   73      
     Additional paid-in capital   7,274,927      
     Ordinary shares subject to possible redemption        7,275,000 
     To reclassify ordinary shares subject to possible redemption.          
                
 f,   Additional paid-in capital - offering cost   75,000      
     Ordinary share        1 
     Additional paid-in capital        74,999 
     To record 7,500 ordinary shares as underwriter commission on over-allotment option at $10.00 per unit