Exhibit 99.1
Pro forma Statement of Liabilities and Shareholders’ Equity
as of December 31, 2023 (unaudited)
Liabilities and shareholders' equity | As of December 31, 2023* | Pro Forma Adjustment # 1 | Pro Forma Adjustment # 2 | Pro Forma Adjustment # 3 | Pro Forma Adjustment #4 | Pro Forma As of December 31, 2023 | ||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Trade accounts payable | 2,630 | 2,630 | ||||||||||||||||||||||
Income taxes payable | 991 | 991 | ||||||||||||||||||||||
Accrued expense | 3,543 | 3,543 | ||||||||||||||||||||||
Contract liabilities | 1,944 | 1,944 | ||||||||||||||||||||||
Line of credit | 622 | 622 | ||||||||||||||||||||||
Convertible note, current | - | - | ||||||||||||||||||||||
Related party promissory notes | 575 | 575 | ||||||||||||||||||||||
Legacy SMAP promissory note | 200 | (200 | ) | - | ||||||||||||||||||||
Right-of-use liabilities, current | 138 | 138 | ||||||||||||||||||||||
Other noncurrent liabilities | 114 | 114 | ||||||||||||||||||||||
Total current liabilities | 10,643 | - | - | (200 | ) | - | 10,443 | |||||||||||||||||
Shareholder promissory note | - | - | ||||||||||||||||||||||
Contract liabilities, noncurrent | 121 | 121 | ||||||||||||||||||||||
Convertible note, noncurrent | 5,695 | (4,475 | ) | 1,220 | ||||||||||||||||||||
Warrants | 49 | 49 | ||||||||||||||||||||||
Deferred tax liabilities, net | 18 | 18 | ||||||||||||||||||||||
Total liabilities | 16,526 | (4,475 | ) | - | (200 | ) | - | 11,851 | ||||||||||||||||
Commitments and contingencies (Note 15) | - | |||||||||||||||||||||||
Shareholders’ equity (deficit) | - | |||||||||||||||||||||||
Common stock, $0.0001 par value; 300,000,000 and 7,708,163 shares authorized as of December 31, 2023 and 2022, respectively, and 11,956,823 and 5,292,384 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 1 | 1 | ||||||||||||||||||||||
Additional paid-in capital | 32,862 | 4,475 | 785 | 200 | 136 | 38,458 | ||||||||||||||||||
Retained earnings (accumulated deficit) | (33,131 | ) | - | (785 | ) | - | (136 | ) | (34,052 | ) | ||||||||||||||
Total shareholders’ equity (deficit) | (268 | ) | 4,475 | - | 200 | - | 4,407 | |||||||||||||||||
Total liabilities and shareholders’ equity | 16,258 | - | - | - | - | 16,258 |
*As reported in the Company’s Consolidated Balance Sheet as of December 31, 2023, as set forth in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2024.
Adjustment # 1 | Reflects the conversion of $4.475 million of Notes and Related Party Notes into Company Common Stock. |
Adjustment # 2 | Reflects the issuance of 347,500 Inducement shares Issued to the Note holders pursuant to the Inducement Agreements, based on the last reported closing price of the Common Stock of $2.26 as of March 28, 2024. |
Adjustment # 3 | Reflects the conversion of the $200,000 Loan into Company Common Stock at a conversion price per share of $3.33. |
Adjustment # 4 | Reflects the 60,060 shares of Common Stock issued as a result of the conversion of the Loan, based on the last reported closing price of the Common Stock of $2.26 as of March 28, 2024. |