EXHIBIT 99.3
VNUE, Inc. and Stage It Corp.
Unaudited Proforma Consolidated Balance Sheets
For the Year Ended December 31, 2020
VNUE, Inc. | Stage It Corp. | Consolidated | |||||||||||||||
December 31, | December 31, | Acquisition | December 31, | ||||||||||||||
2020 | 2020 | Entries | 2020 | ||||||||||||||
Assets | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash | $ | 4,458 | $ | 281,003 | $ | 285,461 | |||||||||||
Accounts receivable -net | - | - | |||||||||||||||
Prepaid expenses | 100,000 | 100,000 | |||||||||||||||
Other assets | - | 127,874 | 127,874 | ||||||||||||||
Total current assets | 104,458 | 408,877 | - | 513,335 | |||||||||||||
Property and equipment, net | - | 62,912 | 62,912 | ||||||||||||||
Goodwill | - | - | (a)(b)(c) | 9,536,260 | 9,536,260 | ||||||||||||
Intangible Assets | - | - | (c)(d) | 1,589,377 | 1,589,377 | ||||||||||||
Total Assets | $ | 104,458 | $ | 471,789 | $ | 11,125,637 | $ | 11,701,884 | |||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 2,994,725 | 2,212,948 | $ | 5,207,673 | ||||||||||||
Accrued payroll officer | 209,750 | - | - | 209,750 | |||||||||||||
Accrued interest | 650,654 | (a) | (650,654 | ) | - | ||||||||||||
Accrued interest related party | 767,715 | (a) | (767,715 | ) | - | ||||||||||||
Notes payable | 34,000 | 179,000 | (a) | 213,000 | |||||||||||||
Convertible notes | 1,956,922 | 315,000 | (a) | (315,000 | ) | 1,956,922 | |||||||||||
Convertible notes related party | - | 547,500 | (a) | (547,500 | ) | - | |||||||||||
Derivative liability | 3,156,582 | 2,404,981 | (a) | (2,404,981 | ) | 3,156,582 | |||||||||||
Total Current Liabilities | 8,351,979 | 7,077,798 | (4,685,850 | ) | 10,743,927 | ||||||||||||
Total liabilities | 8,351,979 | 7,077,798 | (4,685,850 | ) | 10,743,927 | ||||||||||||
Commitments and Contingencies | - | - | - | - | |||||||||||||
Stockholders’ Equity | |||||||||||||||||
Common stock | 121,149 | 97 | (a)(b) | 23,403 | 144,649 | ||||||||||||
Series A preferred stock | 413 | 4 | (a)(b) | (4 | ) | 413 | |||||||||||
Series A-1 preferred stock | 25 | (a)(b) | (25 | ) | - | ||||||||||||
Series A-2 preferred stock | 20 | (a)(b) | (20 | ) | - | ||||||||||||
Series A-3 preferred stock | 20 | (a)(b) | (20 | ) | - | ||||||||||||
Additional Paid-In Capital | 8,386,593 | 3,963,327 | (a)(b) | 6,013,339 | 18,363,259 | ||||||||||||
Accumulated Deficit | (16,755,676 | ) | (10,569,502 | ) | (a)(b)(d) | 9,774,813 | (17,550,364 | ) | |||||||||
Total Stockholders’ Equity | (8,247,521 | ) | (6,606,009 | ) | 15,811,487 | 957,957 | |||||||||||
Total Liabilities and Stockholders’ Equity | $ | 104,458 | $ | 471,789 | $ | 11,125,637 | $ | 11,701,884 |
Notes | |
(a) | To record acquisition purchase price of $10,000,000 comprised of $1,500,000 in cash and up to $8,500,000 of common stock based upon certain acquisition performance milestone being achieved. Additionally, the amount of liabilities assumed by the Company at closing will be capped at $3,000,000. For the purposes of the proforma analysis, it is estimated that all of performance milestones will be achieved. The acquisition consideration of $1,500,000 was raised by selling common stock at a price of approximately $0.01 per share and the $8,500,000 is estimated to issued at an average price of $0.15. Addtionally,80% of the acquisition consideration paid was allocated to goodwill and 20% was allocated to intangible assets with an expected amortization period of 3 years. |
These estimates will be subject to further analysis and adjustment by the Company as it completes its acquisition accounting | |
(b) | To cancel and reclass the capital structure of Stage It |
(c) | To record intangible assets at 20% of goodwill |
(d) | To record amortization expense based on a three year life |
1
VNUE, Inc. and Stage It Corp.
Unaudited Proforma Consolidated Statements of Operations
For the Year Ended December 31, 2020
VNUE, Inc. | Stage It Corp. | Consolidated | |||||||||||||||
December 31, | December 31, | Acquisition | December 31, | ||||||||||||||
2020 | 2020 | Entries | 2021 | ||||||||||||||
Revenue-net | $ | 22,474 | $ | 890,846 | $ | 913,320 | |||||||||||
Cost of Sales | 8,509 | 8,509 | |||||||||||||||
Gross Profit | 13,965 | 890,846 | 904,811 | ||||||||||||||
Operating expenses | |||||||||||||||||
Amortization of intangible assets | - | - | (a) | 794,688 | 794,688 | ||||||||||||
General and administrative expenses | 601,022 | 231,340 | 832,362 | ||||||||||||||
Contractor expenses | - | 455,028 | 455,028 | ||||||||||||||
Payroll expense | - | 1,142,057 | 1,142,057 | ||||||||||||||
Legal and professional fees | - | 88,411 | 88,411 | ||||||||||||||
Total operating expenses | 601,022 | 1,916,836 | 794,688 | 3,312,547 | |||||||||||||
Loss from operations | (587,058 | ) | (1,025,990 | ) | (794,688 | ) | (2,407,737 | ) | |||||||||
Other income (expense) | |||||||||||||||||
Loss on the extinguishment of debt | (263,609 | ) | |||||||||||||||
Change in the fair value of derivative liability | (2,234,073 | ) | (305,956 | ) | |||||||||||||
Interest expense | (1,469,037 | ) | (297,562 | ) | (1,766,599 | ) | |||||||||||
Total other income | (3,966,719 | ) | (603,518 | ) | (4,570,237 | ) | |||||||||||
Net loss | $ | (4,553,777 | ) | (1,629,508 | ) | (794,688 | ) | (6,977,974 | ) | ||||||||
Basic and fully diluted loss per share | $ | (0.00 | ) | $ | (1.68 | ) | $ | (0.01 | ) | ||||||||
Weighted average number of shares outstanding | 1,135,193,463 | 972,614 | (b) | 234,027,386 | 1,369,220,849 |
(a) | To record amortization expense of intangible assets |
(b) | To adjust share count to reflect potential shares issuance based on Company estimated avg. share price at the time of issuance |
2
VNUE, Inc. and Stage It Corp.
Unaudited Proforma Consolidated Balance Sheets
For the Nine Months Ended September 30, 2021
VNUE, Inc. | Stage It Corp. | Consolidated | |||||||||||||||
September 30, | September 30, | Acquisition | September 30, | ||||||||||||||
2021 | 2021 | Entries | 2021 | ||||||||||||||
Assets | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash | $ | 207,921 | $ | 69,342 | $ | 277,263 | |||||||||||
Prepaid expenses | 295,000 | 1,854 | 296,854 | ||||||||||||||
Total current Assets | 502,921 | 71,196 | - | 574,117 | |||||||||||||
Property and equipment, net | 60,303 | 60,303 | |||||||||||||||
Goodwill | - | - | (a)(b)(c) | 11,080,958 | 11,080,958 | ||||||||||||
Intangible assets | - | - | (c)(d) | 2,077,680 | 2,077,680 | ||||||||||||
Total Assets | $ | 502,921 | $ | 131,499 | $ | 13,158,638 | $ | 13,793,057 | |||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 1,456,842 | $ | 2,913,488 | $ | 4,370,330 | |||||||||||
Accrued payroll officer | 250,470 | - | 250,470 | ||||||||||||||
Accrued interest | - | 840,197 | (a) | (840,197 | ) | - | |||||||||||
Accrued interest related party | - | 893,632 | (a) | (893,632 | ) | - | |||||||||||
Notes payable | 879,157 | 879,922 | (a) | (793,410 | ) | 965,669 | |||||||||||
Convertible notes | 635,714 | 315,000 | (a) | (315,000 | ) | 635,714 | |||||||||||
Convertible notes related party | - | 547,500 | (a) | (547,500 | ) | - | |||||||||||
Derivative liability | - | 2,670,163 | (a) | (2,670,163 | ) | - | |||||||||||
Total Current Liabilities | 3,222,183 | 9,059,902 | (6,059,902 | ) | 6,222,183 | ||||||||||||
Total liabilities | 3,222,183 | 9,059,902 | (6,059,902 | ) | 6,222,183 | ||||||||||||
Commitments and Contingencies | - | - | - | - | |||||||||||||
Stockholders’ Equity | |||||||||||||||||
Common stock | 137,275 | 97 | (a)(b) | 23,403 | 160,775 | ||||||||||||
Series A preferred stock | 425 | 4 | (a)(b) | (4 | ) | 425 | |||||||||||
Series A-1 preferred stock | 25 | (a)(b) | (25 | ) | - | ||||||||||||
Series A-2 preferred stock | 20 | (a)(b) | (20 | ) | - | ||||||||||||
Series A-3 preferred stock | 20 | (a)(b) | (20 | ) | (0 | ) | |||||||||||
Additional Paid-In Capital | 10,548,671 | 4,454,592 | (a)(b) | 6,504,604 | 21,507,867 | ||||||||||||
Accumulated Deficit | (13,405,633 | ) | (13,383,161 | ) | (a)(b)(d) | 12,690,601 | (14,098,193 | ) | |||||||||
Total Stockholders’ Equity | (2,719,262 | ) | (8,928,403 | ) | 19,218,539 | 7,570,874 | |||||||||||
Total Liabilities and Stockholders’ Equity | $ | 502,921 | $ | 131,499 | $ | 13,158,637 | $ | 13,793,057 |
Notes | |
(a) | To record acquisition purchase price of $10,000,000 comprised of $1,500,000 in cash and up to $8,500,000 of common stock based upon certain acquisition performance milestone being achieved. Additionally, the amount of liabilities assumed by the Company at closing will be capped at $3,000,000. For the purposes of the proforma analysis, it is estimated that all of performance milestones will be achieved. The acquisition consideration of $1,500,000 was raised by selling common stock at a price of approximately $0.01 per share and the $8,500,000 is estimated to issued at an average price of $0.15. Addtionally,80% of the acquisition consideration paid was allocated to goodwill and 20% was allocated to intangible assets with an expected amortization period of 3 years. |
These estimates will be subject to further analysis and adjustment by the Company as it completes its acquisition accounting | |
(b) | To cancel and reclass the capital structure of Stage It |
(c) | To record intangible assets at 20% of goodwill |
(d) | To record amortization expense based on a three year life |
3
VNUE, Inc. and Stage It Corp.
Unaudited Proforma Consolidated Statements of Operations
For the Nine Months Ended September 30, 2021
VNUE, Inc. | Stage It Corp. | Consolidated | |||||||||||||||
September 30, | September 30, | Acquisition | September 30, | ||||||||||||||
2021 | 2021 | Entries | 2021 | ||||||||||||||
Revenue-net | $ | 9,295 | $ | 313,811 | $ | 323,106 | |||||||||||
Cost of Sales | 5,446 | 5,446 | |||||||||||||||
Gross Profit | 3,849 | 313,811 | 317,660 | ||||||||||||||
Operating expenses | |||||||||||||||||
Amortization of intangible assets | (a) | 692,560 | 692,560 | ||||||||||||||
General and administrative expenses | 614,796 | 212,728 | 827,524 | ||||||||||||||
Contractor expenses | 259,686 | 259,686 | |||||||||||||||
Payroll expense | 1,320,436 | 1,320,436 | |||||||||||||||
Stock-based compensation | 491,265 | 491,265 | |||||||||||||||
Legal and professional fees | 114,150 | 114,150 | |||||||||||||||
Total operating expenses | 614,796 | 2,398,265 | 692,560 | 3,705,621 | |||||||||||||
Loss from operations | (610,947 | ) | (2,084,454 | ) | (692,560 | ) | (3,387,961 | ) | |||||||||
- | |||||||||||||||||
Other income (expense) | - | ||||||||||||||||
Other income | 1,172,781 | 1,172,781 | |||||||||||||||
Loss on the extinguishment of debt | (288,146 | ) | (288,146 | ) | |||||||||||||
Change in the fair value of derivative liability | 3,156,582 | (265,182 | ) | 2,891,400 | |||||||||||||
Interest expense | (80,227 | ) | (464,023 | ) | (544,250 | ) | |||||||||||
Total other income | 3,960,990 | (729,205 | ) | 3,231,785 | |||||||||||||
Net loss | $ | 3,350,043 | $ | (2,813,659 | ) | (692,560 | ) | (156,176 | ) | ||||||||
- | |||||||||||||||||
Basic and fully diluted loss per share | $ | (0.00 | ) | $ | (2.89 | ) | $ | (0.00 | ) | ||||||||
Weighted average number of shares outstanding | 1,266,155,076 | 972,614 | (b) | 234,027,386 | 1,500,182,462 |
(a) | To record amortization expense of intangible assets |
(b) | To adjust share count to reflect potential shares issuance based on Company estimated avg. share price at the time of issuance |
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