EX-99.2 3 ex99-2.htm

 

Exhibit 99.2

 

Pro-Forma Financial Information

 

The following unaudited pro-forma data provides the balance sheet as of December 31, 2017 and summarizes the result of the operations for the years ended December 31, 2017 and 2016 as if the acquisition of Just Right Products, Inc. (“Just Right Products”) had been completed on January 1, 2016. The pro-forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2016.

 

December 31, 2017  

 

   ADM   Just Right   Pro-forma     
   Endeavors   Products (a)   Adjustments   Combined 
ASSETS                    
Current assets                    
Cash  $9,356   $45,589   $-   $54,945 
Accounts receivable, net   -    284,071    -    284,071 
Inventory   -    13,679    -    13,679 
Other receivable   -    11,333    -    11,333 
Total current assets   9,356    354,672    -    364,028 
                     
Fixed assets, net   7,180    117,261    -    124,441 
Goodwill   -    -    936,760    936,760 
                     
Total assets  $16,536   $471,933   $936,760   $1,425,229 
                     
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)                    
Current liabilities                    
Note payable  $4,606   $-   $-   $4,606 
Capital leases, current portion   -    47,378    -    47,378 
Accounts payable   112,689    78,551    -    191,240 
Accounts payable to related parties   -    23,978    -    23,978 
Accrued expenses   90,015    100,787    -    190,802 
Due to related party   137,885    -    -    137,885 
Income tax payable   -    33,500    -    33,500 
                     
Total current liabilities   345,195    284,194    -    629,389 
                     
Non-current liabilities                    
Capital leases, net of current portion   -    26,684    -    26,684 
Note payable, net of current portion   10,328    -    -    10,328 
                     
Total non-current liabilities   10,328    26,684    -    37,012 
                     
Total liabilities   355,523    310,878    -    666,401 
                     
Stockholders’ equity (deficit)                    
Preferred stock   -    -    2,000    2,000 
Common stock   129,316    5,100    (5,100)   129,316 
Additional paid-in capital   15,464,309    76,800    (14,992,752)   548,357 
Retained earnings (accumulated deficit)   (15,932,612)   79,155    15,932,612    79,155 
Total stockholders’ equity (deficit)   (338,987)   161,055    936,760    758,828 
                     
Total liabilities and stockholders’ equity (deficit)  $16,536   $471,933   $936,760   $1,425,229 

 

 
 

 

   For the Year Ended December 31, 2017 
   ADM   Just Right Products (a)   Pro-forma Adjustments   Combined 
Revenue, net  $159,836   $3,240,005   $-   $3,399,841 
Operating expenses   835,169    3,047,741    -    3,882,910 
Income (loss) from operations   (675,333)   192,264    -    (483,069)
Other income (expense)   (12,832)   (6,103)   -    (18,935)
Income before income taxes   (688,165)   186,161    -    (502,004)
Net income (loss)  $(688,165)  $152,661   $-   $(535,504)
Net income (loss) per common share - basic and diluted  $(0.01)            $(0.00)
Weighted average number of common shares outstanding during the period - basic and diluted   128,272,703              128,272,703 

  

   For the Year Ended December 31, 2016 
       Just Right   Pro-forma     
   ADM   Products (a)   Adjustments   Combined 
Revenue, net  $189,406   $2,821,942   $-   $3,011,348 
Operating expenses   954,201    2,790,245    -    3,744,446 
Income (loss) from operations   (764,795)   31,697    -    (733,098)
Other income (expense)   (7,151)   (772)   -    (7,923)
Income before income taxes   (771,946)   30,925    -    (741,021)
Net income (loss)  $(771,946)  $30,925   $-   $(741,021)
Net income (loss) per common share - basic and diluted  $(0.01)            $(0.01)
Weighted average number of common shares outstanding during the period - basic and diluted   125,908,651              125,908,651 

  

(a)Reflects 2017 and 2016 results of operations prior to the acquisition date. Just Right Products was acquired on April 1, 2018. Both entities are using their respective audited financials for the periods.