Exhibit 99.1
GBT TECHNOLOGIES INC.
PRO FORMA CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2019
ASSETS | ||||||||||||
As Filed | Adjustments | As Adjusted | ||||||||||
Current Assets: | ||||||||||||
Cash | $ | 454,407 | $ | 335,200 | $ | 789,607 | ||||||
Accounts receivable | 670,914 | 670,914 | ||||||||||
Prepaid expenses and other current assets | 187,500 | 187,500 | ||||||||||
Marketable equity security | 5,600,000 | (5,600,000 | ) | — | ||||||||
Total current assets | 6,912,821 | (5,264,800 | ) | 1,648,021 | ||||||||
Property and equipment, net | 192,327 | 192,327 | ||||||||||
Intangible assets, net | 2,912,208 | 2,912,208 | ||||||||||
Equity investment | 31,663,441 | 31,663,441 | ||||||||||
Goodwill | 925,877 | 925,877 | ||||||||||
Total assets | $ | 42,606,674 | $ | (5,264,800 | ) | $ | 37,341,874 | |||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts payable and accrued expenses (including related parties of $574,542) | $ | 2,889,897 | $ | $ | 2,889,897 | |||||||
Unearned revenue | 253,429 | 253,429 | ||||||||||
Due to Guardian LLC (related party) | 33,356 | 33,356 | ||||||||||
Convertible notes payable, net of discount of $4,090,099 | 1,319,901 | 1,319,901 | ||||||||||
Note payable, net of discount of $198,904 | 4,866,096 | 4,866,096 | ||||||||||
Derivative liability | 109,181,600 | 109,181,600 | ||||||||||
Total current liabilities | 118,544,279 | — | 118,544,279 | |||||||||
Convertible note payable | 10,000,000 | 10,000,000 | ||||||||||
Total liabilities | 128,544,279 | — | 128,544,279 | |||||||||
Contingencies | — | — | ||||||||||
— | ||||||||||||
Stockholders' Deficit: | — | |||||||||||
Series B Preferred stock | — | — | ||||||||||
Series C Preferred stock | — | — | ||||||||||
Series D Preferred stock | — | — | ||||||||||
Series G Preferred stock | — | — | ||||||||||
Series H Preferred stock | — | — | ||||||||||
Common stock | 4,166 | (2 | ) | 4,164 | ||||||||
Treasury stock | (643,059 | ) | (643,059) | |||||||||
Stock loan receivable | (7,610,147 | ) | (7,610,147 | ) | ||||||||
Additional paid in capital | 106,214,002 | (797,998 | ) | 105,416,004 | ||||||||
Accumulated deficit | (183,902,567 | ) | (4,466,800 | ) | (188,369,367 | ) | ||||||
Total stockholders' deficit | (85,937,605 | ) | (5,264,800 | ) | (91,202,405 | ) | ||||||
Total liabilities and stockholders' deficit | $ | 42,606,674 | $ | (5,264,800 | ) | $ | 37,341,874 |
1 |
GBT TECHNOLOGIES INC.
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2019
As Filed | Adjustments | As Adjusted | ||||||||||
Sales: | ||||||||||||
Sales | $ | 25,735,087 | $ | $ | 25,735,087 | |||||||
Related party sales | 90,000 | 90,000 | ||||||||||
Total sales | 25,825,087 | — | 25,825,087 | |||||||||
Cost of goods sold | 24,910,141 | 24,910,141 | ||||||||||
Gross profit | 914,946 | — | 914,946 | |||||||||
Operating expenses: | ||||||||||||
General and administrative expenses | 5,454,206 | 5,454,206 | ||||||||||
Marketing expenses | 717,824 | 717,824 | ||||||||||
Acquisition costs | 150,000 | 150,000 | ||||||||||
Total operating expenses | 6,322,030 | — | 6,322,030 | |||||||||
Loss from operations | (5,407,084 | ) | — | (5,407,084 | ) | |||||||
Other income (expense): | ||||||||||||
Amortization of debt discount | (2,580,121 | ) | (2,580,121 | ) | ||||||||
Change in fair value of derivative liability | (101,890,733 | ) | (101,890,733 | ) | ||||||||
Interest expense and financing costs | (5,924,238 | ) | (5,924,238 | ) | ||||||||
Unrealized loss on marketable equity security | (5,682,912 | ) | (1,992,405 | ) | (7,675,317 | ) | ||||||
Realized gain on disposal of marketable equity security | 3,582,912 | (2,474,395 | ) | 1,108,517 | ||||||||
Equity loss in investment | (36,559 | ) | (36,559 | ) | ||||||||
Interest income | 187,500 | 187,500 | ||||||||||
Total other income (expense) | (112,344,151 | ) | (4,466,800 | ) | (116,810,951 | ) | ||||||
Loss before income taxes | (117,751,235 | ) | (4,466,800 | ) | (122,218,035 | ) | ||||||
Income tax expense | — | — | — | |||||||||
Net loss | $ | (117,751,235 | ) | $ | (4,466,800 | ) | $ | (122,218,035 | ) |
2 |