EX-99.2 6 ex99x2.htm EXHIBIT 99.2
Exhibit 99.2

Retrospettiva, Inc.
Unaudited Combined Pro Forma Financial Information
December 31, 2016
On March 17, 2017, AMMO, Inc. (formerly Retrospettiva, Inc.), a Delaware Corporation (the "PUBCO"), entered into a definitive agreement (the "Agreement") with Ammo, Inc., a Delaware Corporation ( "PRIVCO") under which PUBCO acquired all of the outstanding shares of common stock of PRIVCO. Under the terms of the Agreement, PUBCO purchased PRIVCO for 17,285,800 newly issued shares of common stock of the Company.
The unaudited combined pro forma statement of operations for the PUBCO, for the year ended December 31, 2016, and for PRIVCO, for the period from October 13, 2016 (inception) to December 31, 2016, give effect to the acquisition as if the transactions had taken place on January 1, 2017. The unaudited combined balance sheet gives effect to the acquisition as if the transactions had taken place on December 31, 2016 and combines the PUBCO's and PRIVCO's audited balance sheets as of December 31, 2016. The combination is being accounted for as a reverse merger whereby PRIVCO is the surviving entity.
These pro forma financial statements are provided for illustrative purposes and do not purport to represent what the PUBCO's financial position would have been if such transactions had occurred on the above mentioned date. These statements were prepared based on accounting principles generally accepted in the United States. The use of estimates is required and actual results could differ from the estimates used. PUBCO believes the assumptions used provide a reasonable basis for presenting the significant effects directly attributable to the acquisition.

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Retrospettiva, Inc.
Unaudited Combined Pro Forma Balance Sheets
December 31, 2016

|  | Retrospettiva, |  |  | Ammo, |  |  | Pro Forma |  |  | Pro Forma |
|  | Inc. |  |  | Inc. |  |  | Adjustments |  |  | Combined |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | - |  |  | $ | 10,116 |  |  | $ | - |  |  | $ | 10,116 |
Vendor notes receivable, net of allowance for collection |  |  | - |  |  |  | 2,585,000 |  |  |  | - |  |  |  | 2,585,000 |
of $360,993 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vendor advances receivable |  |  | - |  |  | $ | 89,934 |  |  |  | - |  |  |  | 89,934 |
Inventory, at lower cost or market, principally first-in, first-out |  |  | - |  |  |  | 219,105 |  |  |  | - |  |  |  | 219,105 |
Total Current Assets |  |  | - |  |  |  | 2,904,155 |  |  |  | - |  |  |  | 2,904,155 |
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Licensing agreement, net of $-0- of accumulated amortization |  |  | - |  |  |  | 125,000 |  |  |  | - |  |  |  | 125,000 |
Total Assets |  | $ | - |  |  | $ | 3,029,155 |  |  | $ | - |  |  | $ | 3,029,155 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued payables |  | $ | 575 |  |  | $ | 57,995 |  |  | $ | (575 | ) |  | $ | 57,995 |
Convertible note payable, net of debt discount |  |  | - |  |  |  | 1,518,750 |  |  |  | - |  |  |  | 1,518,750 |
Note payable - related party |  |  | - |  |  |  | 960,000 |  |  |  | - |  |  |  | 960,000 |
Stock issuance liability |  |  | 625,000 |  |  |  | - |  |  |  | (625,000 | ) |  |  | - |
Total liabilities |  |  | 625,575 |  |  |  | 2,536,745 |  |  |  | (625,575 | ) |  |  | 2,536,745 |
Shareholders' Equity (Deficit): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock, $0.001 par value, 100,000,000 shares authorized |  |  |  |  |  |  |  |  |  |  |  |  |
577,056 and 16,355,377 issued and outstanding prior to and |  |  | 577 |  |  |  | - |  |  |  | 15,754 |  |  |  | - |
after reverse merger, respectively |  |  |  |  |  |  |  |  |  |  | 500 |  |  |  |  |
|  |  | - |  |  |  | - |  |  |  | (476 | ) |  |  | 16,355 |
Common Stock, $0.001 par value, 100,000,000 shares authorized |  |  | - |  |  |  |  |  |  |  |  |  |  |  | - |
15,754,000 issued and outstanding |  |  |  |  |  |  | 15,754 |  |  |  | (15,754 | ) |  |  |  |
Additional Paid in Capital |  |  | 7,165,790 |  |  |  | 799,180 |  |  |  | 624,500 |  |  |  | - |
|  |  | - |  |  |  | - |  |  |  | (7,791,942 | ) |  |  | - |
|  |  | - |  |  |  | - |  |  |  | 575 |  |  |  | - |
|  |  | - |  |  |  | - |  |  |  | 476 |  |  |  | 798,579 |
Stock subscription receivable |  |  | - |  |  |  | (167,500 | ) |  |  | - |  |  |  | (167,500 | )
Retained Deficit |  |  | (7,791,942 | ) |  |  | (155,024 | ) |  |  | 7,791,942 |  |  |  | (155,024 | )
Total shareholders' equity (deficit) |  |  | (625,575 | ) |  |  | 492,410 |  |  |  | 625,575 |  |  |  | 492,410 |
Total liabilities and shareholders' equity |  | $ | - |  |  | $ | 3,029,155 |  |  | $ | - |  |  | $ | 3,029,155 |

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Retrospettiva, Inc.
Unaudited Combined Pro Forma Statements of Operations

|  |  |  |  | Ammo, Inc. |  |  |  |  |  |  |
|  | Retrospettiva, Inc. |  |  | For period |  |  |  |  |  |  |
|  | Twelve months ended |  |  | October 13, 2016 (inception) |  |  | Pro Forma |  |  | Pro Forma |
|  | December 31, 2016 |  |  | to December 31, 2016 |  |  | Adjustments (e) |  |  | Combined |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Gross Revenues |  | $ | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate General and Administrative |  |  | 11,040 |  |  |  | 136,274 |  |  |  | (11,040 | ) |  |  | 136,274 |
Loss from operations |  |  | (11,040 | ) |  |  | (136,274 | ) |  |  | 11,040 |  |  |  | (136,274 | )
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (14,094 | ) |  |  | (18,750 | ) |  |  | 14,094 |  |  |  | (18,750 | )
Financing Expense |  |  | (306,304 | ) |  |  | - |  |  |  | 306,304 |  |  |  | - |
Income (loss) before income taxes |  |  | (331,438 | ) |  |  | (155,024 | ) |  |  | 331,438 |  |  |  | (155,024 | )
Provision for Income Taxes |  |  | (2,050 | ) |  |  | - |  |  |  | 2,050 |  |  |  | - |
New Income (loss) |  | $ | (333,488 | ) |  | $ | (155,024 | ) |  | $ | 333,488 |  |  | $ | (155,024 | )
Loss per common share |  | $ | (0.58 | ) |  | $ | (0.01 | ) |  | $ | - |  |  | $ | (0.01 | )
Weighted average common shares outstanding |  |  | 577,056 |  |  |  | 15,754,000 |  |  |  | - |  |  |  | 16,355,377 |

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Retrospettiva, Inc.
Notes to Unaduited Combined Pro Forma Balance Sheet and Statements of Operations
December 31, 2016

NOTE 1--Basis of Presentation |  |
The unaudited pro forma combined balance sheets and statements of operations are derived from the audited historical financial statements of Retrospettiva, included in its annual report on Form 10-K for the year ended December 31, 2016, and Ammo's audited historical financial statement for the period ended December 31, 2016, included here in Form 8-K. The unaudited combined balance sheets and statements of operations have been adjusted to reflect the purchase of Ammo by Retrospettiva and certain other events.
These pro forma financial statements are provided for illustrative purposes and do not purport to represent what the Company's financial position and results of operations would have been if such transactions had occurred on the above mentioned date. These pro forma statements were prepared based on accounting principles generally accepted in the United States. The use of estimates is required and actual results could differ from the estimates used. The Company believes the assumptions used provide a reasonable basis for presenting the significant effects directly attributable to the acquisition.
The following pro forma adjustments are incorporated into the unaudited combined pro forma balance sheet as of December 31, 2016 and the unaudited combined pro forma statement of operations for the period ended December 31, 2016.
(a) To eliminate accrued payables |
(b) Retrospettiva issues 500,000 shares of its common stock to satistify the $625,000 stock issuance liability. |
(c) Controlling shareholders agreed to cancel 475,679 shares of the Company's common stock. |  |
(d) To reclass Retrospettiva's retained deficit at December 31, 2016 so that only Ammo's retained deficit is carried forward. |
(e) Eliminate Retrospettiva's 2016 operations. |  |
(f) Reclass Ammo's common stock par value. |  |
NOTE: At March 17, 2017 the Company's outstanding common shares: |  |

|  | Retrospettiva |  |  | Ammo |
Ammo shares at December 31, 2016 |  |  | 15,754,000 |  |  |  | 15,754,000 |
Retrospettiva shares at December 31, 2016 |  |  | 577,056 |  |  |  | - |
Common Shares issued to satisfy issuance liability |  |  | 500,000 |  |  |  | - |
Retire Share |  |  | (475,679 | ) |  |  | - |
Pro Forma shares December 31, 2016 |  |  | 16,355,377 |  |  |  | 15,754,000 |
Ammo Shares issued in 2017 |  |  | 1,531,800 |  |  |  | 1,531,800 |
Outstanding shares March 17, 2017 |  |  | 17,887,177 |  |  |  | 17,285,800 | *
* Number of outstanding common shares reported in the March 17, 2017 |  |  |  |  |  |  |  |
"Shares Purchase Agreement". |  |  |  |  |  |  |  |

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