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Barfresh Food (BRFH)

Filed: 3 Jun 21, 8:00am

 

Exhibit 99.2

 

Barfresh Food Group Inc.

Proforma Condensed Consolidated Balance Sheet

March 31, 2021

Unaudited

 

  As presented in Form 10-Q as of March 31, 2021 as Filed  Adjustments  March 31, 2021 - Proforma 
          
Assets            
Current assets:            
Cash $1,969,797  $5,160,0001,2$7,129,797 
Restricted cash  142,382   -   142,382 
Accounts receivable, net  578,687   -   578,687 
Inventory, net  764,023   -   764,023 
Prepaid expenses and other current assets  58,649   -   58,649 
Total current assets  3,513,538   5,160,000   8,673,538 
Property, plant and equipment, net of depreciation  1,820,243   -   1,820,243 
Operating lease right-of-use assets, net  133,202   -   133,202 
Intangible assets, net of amortization  415,373   -   415,373 
Deposits  14,817   -   14,817 
Total Assets $5,897,173  $5,160,000  $11,057,173 
             
Liabilities And Stockholders’ Equity            
Current liabilities:            
Accounts payable $336,684  $-  $336,684 
Accrued expenses  416,780   15,000   431,780 
Advance payment  401,306   -   401,306 
Accrued payroll  231,720   -   231,720 
Accrued vacation  85,272   -   85,272 
Accrued interest  240,047   (240,047)2  - 
Lease liability  67,223   -   67,223 
Loan payable – Paycheck Protection Program  505,005   (505,005)3  - 
Convertible note - related party, net of discount  200,625   (200,625)2  - 
Convertible note, net of discount  981,753   (981,753)2  - 
Derivative liabilities  24,688   (24,688)2  - 
Total current liabilities  3,491,103   (1,937,118)  1,553,985 
Long term liabilities:            
Lease liability  76,731   -   76,731 
Loan payable – Paycheck Protection Program  631,257   (63,126)3  568,131 
Total liabilities  4,199,091   (2,000,244)  2,198,847 
             
Stockholders’ equity:            
Preferred stock, $0.000001 par value, 5,000,000 shares authorized, none issued or outstanding            
             
Common stock, $0.000001 par value; 295,000,000            
shares authorized; 149,133,372 shares issued            
and outstanding at March 31, 2021 and 167,601,435 shares on a pro forma basis  149   181,2  167 
Additional paid in capital  53,189,080   6,749,3891,2  59,938,469 
Accumulated deficit  (51,491,147)  410,837   (51,080,310)
Total stockholders’ equity  1,698,082   7,160,244   8,858,326 
Total Liabilities and Stockholders’ Equity $5,897,173  $5,160,000  $11,057,173 

 

 

 

 

Note 1. Presentation

 

The unaudited pro forma condensed consolidated balance sheet has been prepared in accordance with Rule 8-05 of Regulation S-X. The unaudited pro forma condensed consolidated balance sheet as of March 31, 2021 gives effect to only the actions described below as if they had occurred at March 31, 2021, and no other changes to the balance sheet that have occurred subsequent to March 31, 2021.

 

The unaudited pro forma condensed consolidated balance sheet is presented for illustrative purposes only. The pro forma condensed consolidated balance sheet may not be useful in predicting the future financial condition of the Company. The Company’s actual financial position may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

 

The assumptions and estimates underlying the unaudited adjustments to the pro forma condensed consolidated balance sheet are described in the note below. The unaudited pro forma condensed consolidated balance sheet should be read together with the Company’s historical financial statements which are included in the Company’s latest annual report on Form 10-K and quarterly report on Form 10-Q.

 

Note 2. Pro Forma Adjustments

 

The following pro forma adjustments are included in the Company’s unaudited pro forma condensed consolidated balance sheet:

 

(1) Capital Raise: On June 1, 2021, the Company completed a Private Placement offering of its common stock in the amount of $6,000,000 and issued 16,666,666 shares of stock.

 

(2) Extinguishment of Debt: On June 1, 2021, the Company extinguished convertible debt in the principal amount of $1,239,000 and accrued interest of $280,610. The consideration included $840,000 in cash and 1,741,873 shares of the Company’s common stock valued at $679,610, which resulted in an extinguishment loss of $69,798.

 

(3) Paycheck Protection Program forgiveness: On May 20, 2021, the loan payable of $568,131 with the Paycheck Protection Program was forgiven. As a result, loan payable was reduced with the offset taken to the current earnings.