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18. Pro Forma Financials for Acquisition of Canterbury, Hygeia, Paloma and VasculoMedics (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Pro Forma Financials For Acquisition Of Canterbury Hygeia Paloma And Vasculomedics Tables    
Business Acquisition, Proforma Information

RestorGenex Corporation, Canterbury and Hygeia

Pro Forma Statements of Operations

Three Months Ended March 31, 2014

 

    Three Months Ended March 31, 2014 (a)  
                      Pro Forma     Pro Forma  
    RestorGenex     Paloma     VasculoMedics     Adjustments     Combined  
                               
Revenues   $ –     $ –     $ –     $ –     $ –  
Cost of revenues     –       –       –       –       –  
Gross profit     –       –       –       –       –  
                                         
Operating expenses                                        
General, administrative, research and development     611,845       102,153       –       81,250  (b)     795,248  
Warrants, options and stock compensation     149,885       –       –       –       149,885  
Legal and professional services     131,686       1,725       –       –       133,411  
Depreciation and amortization     478,104       634       –       27,755  (c)     506,493  
Total operating expenses     1,371,520       104,512       –       109,005       1,585,037  
                                         
Loss from operations     (1,371,520 )     (104,512 )     –       (109,005 )     (1,585,037 )
                                         
Other (income)/expenses                                        
Other income     (49,639 )     (25,397 )     –       –       (75,036 )
Interest expense     58,294       29,925       –       –       88,219  
Total other expenses     8,655       4,528       –       –       13,183  
Net loss from continuing operations     (1,380,175 )     (109,040 )     –       (109,005 )     (1,598,220 )
                                         
Net loss from discontinued operations     –       –       –       –       –  
Net loss   $ (1,380,175 )   $ (109,040 )   $ –     $ (109,005 )   $ (1,598,220 )
                                         
Basic and diluted loss per share   $ (0.23 )     –       –       –     $ (0.18 )
                                         
Basic and fully-diluted weighted average shares outstanding     5,934,474       2,500,000  (d)     220,000  (d)     –       8,654,474  

  

(a) Assumes the mergers with Paloma and VasculoMedics occurred on January 1, 2014.
(b) Impact of employment agreements from January 1, 2014 to March 31, 2014.
(c) Amortization of intangible assets for Paloma assuming a 20-year amortization period.
(d) Impact on weighted average shares outstanding for the acquisition shares being outstanding for the entire quarter.

 

 

 

RestorGenex Corporation, Canterbury, Hygeia, Paloma and VasculoMedics

Pro Forma Statements of Operations

Three Months Ended March 31, 2013

 

    Three Months Ended March 31, 2013 (a)  
                                  Pro Forma     Pro Forma  
    RestorGenex     Canterbury     Hygeia     Paloma     VasculoMedics     Adjustments     Combined  
                                           
Revenues   $ –     $ 46,155     $ –     $ –     $ –     $ –     $ 46,155  
Cost of revenues     –       54,765       –       –       –       –       54,765  
Gross profit     –       (8,610 )     –       –       –       –       (8,610 )
                                                         
Operating expenses                                                        
General, administrative, research and development     624,674       31,331       –       47,880       –       848,732 (b)     1,552,617  
Warrants, options and stock     1,316,148       –       –       –        –       –       1,316,148  
Legal and professional services     143,103       25,435       –       17,254       –       –       185,792  
Depreciation and amortization     8,687       4,212       –       –        –       687,713 (c)     700,612  
Total operating expenses     2,092,612       60,978       –       65,134       –       1,536,445       3,755,169  
                                                         
Loss from operations     (2,092,612 )     (69,588 )     –       (65,134 )     –       (1,536,445 )     (3,763,779 )
                                                         
Other (income)/expenses                                                        
Loss on adjustments to fair value of derivative liability     236,850       –       –       –        –       –       236,850  
Other income     (2,564 )     –       –       (63,910 )     –       –       (66,474 )
Interest expense     22,971       2,358       –       20,781       –       –       46,110  
Total other (income)/expenses     257,257       2,358       –       (43,129 )     –       –       (216,486 )
Net loss from continuing operations     (2,349,869 )     (71,946 )     –       (22,005 )     –       (1,536,445 )     (3,980,265 )
                                                         
Net loss from discontinued operations     (126,911 )     –       –       –       –       –       (126,911 )
Net loss   $ (2,476,780 )   $ (71,946 )   $ –     $ (22,005 )   $ –     $ (1,536,445 )   $ (4,107,176 )
                                                         
Basic and diluted loss per share   $ (2.77 )     –       –       –       –       –     $ (0.86 )
                                                         
Basic weighted average shares outstanding     892,534       1,150,116 (d)     –       2,500,000 (d)     220,000 (d)     –       4,762,650  
                                                         
Fully-diluted weighted average shares outstanding     1,207,534       1,150,116 (d)     –       2,500,000 (d)     220,000 (d)     –       5,077,650  

 

(a) Assumes the mergers with Canterbury, Hygeia, Paloma and VasculoMedics occurred on January 1, 2013.
(b) Adds the $848,732 of expenses associated with employment agreements for Canterbury and Paloma executives that would be incurred from January 1, 2013.
(c) Adds $659,958 of additional amortization for intangible assets at Canterbury and $27,755 for Paloma (assuming at 20-year amortization period) that would be incurred if amortization began on January 1, 2013.
(d) Impact on weighted average shares if the 1,150,116 shares issued for the mergers with Canterbury and Hygeia, the 2,500,000 shares issued for the Paloma merger and the 220,000 shares issued for the VasculoMedics merger were outstanding for the quarter.

  

 

RestorGenex Corporation, Canterbury and Hygeia

Pro Forma Income Statements

For the Year Ended December 31, 2013

 

    Year Ended December 31, 2013 (a)        
          Pro Forma              
            Adjustments     Other          
            for Canterbury     Pro Forma     Pro Forma  
    RestorGenex     and Hygeia (b)     Adjustments     Combined  
      (Audited)                           
Revenues   $ 71,667     $ 127,167     $ –     $ 198,834  
Cost of revenues     –       89,387       –       89,387  
Gross profit     71,667       37,780       –       109,447  
                                 
Operating expenses                                
General, administrative, research and development     2,008,118       265,260       503,732 (c)     2,777,110  
Impairment of intangible assets     1,935,621       –       –       1,935,621  
Warrants, options and stock     4,228,317       –       –       4,228,317  
Fair value of common stock exchanged for warrants     3,069,792       –       –       3,069,792  
Legal and professional services     1,071,392       326,646       –       1,398,038  
Depreciation and amortization     675,757       14,781       659,958 (d)     1,350,496  
Total operating expenses     12,988,997       606,687       1,163,690       14,759,374  
                                 
Loss from operations     (12,917,330 )     (568,907 )     (1,163,690 )     (14,649,927 )
                                 
Other (income)/expenses                                
(Gain)/loss on adjustments to fair value of derivative liability     (8,980,077 )     –       –       (8,980,077 )
Gain on extinguishment of derivative liability     (1,183,093 )     –       –       (1,183,093 )
Other (income)/expenses     (524,505 )     –       –       (524,505 )
Interest expense     228,294       20,267       –       248,561  
Total other (income)/expenses     (10,459,381 )     20,267       –       (10,439,114 )
Net loss     (2,457,949 )     (589,174 )     (1,163,690 )     (4,210,813 )
                                 
Net loss attributed to non-controlling interests     (6,401 )     –       –       (6,401 )
Net loss attributed to RestorGenex Corporation     (2,464,350 )     (589,174 )     (1,163,690 )     (4,217,214 )
                                 
Preferred dividends     171,625       –       –       171,625  
                                 
Net income/(loss) attributable to RestorGenex Corporation common shareholders   $ (2,635,975 )   $ (589,174 )   $ (1,163,690 )   $ (4,388,839 )
                                 
Basic and diluted earnings per share   $ (1.00 )                   $ (1.20 )
                                 
Basic and fully-diluted weighted average shares outstanding     2,646,603               1,014,623 (e)     3,661,226  

 

(a) Assumes the mergers with Canterbury and Hygeia occurred on January 1, 2012.
(b) Results of operations from January 1, 2013 to November 18, 2013, when the mergers were closed.
(c) Impact of employment agreements from January 1, 2013 to November 18, 2013.
(d) Impact of amortization of intangible assets from January 1, 2013 to November 18, 2013.
(e) Impact on weighted average shares if the 1,150,116 shares issued for the mergers were outstanding for the full year.

 

If the Mergers had occurred on January 1, 2012, the combined statement of operations for the year ended December 31, 2012 would be as follows:

 

RestorGenex Corporation, Canterbury and Hygeia

Pro Forma Income Statements

For the Year Ended December 31, 2012

 

    Year Ended December 31, 2012 (a)        
                Other        
          Canterbury     Pro Forma     Pro Forma  
    RestorGenex     and Hygeia     Adjustments     Combined  
    (Audited)                    
Revenues   $ 374,542     $ 246,731     $ –     $ 621,273  
Cost of revenues     235,803       123,374       –       359,177  
Gross profit     138,739       123,357       –       262,096  
                                 
Operating expenses                                
General, administrative, research and development     4,570,161       324,261       503,732 (b)     5,398,154  
Impairment of intangible assets     1,423,844       –       –       1,423,844  
Warrants, options and stock     3,643,662       –       –       3,643,662  
Legal and professional services     2,128,898       77,965       –       2,206,863  
Depreciation and amortization     164,043       17,196       747,276 (c)     928,515  
Total operating expenses     11,930,608       419,422       1,251,008       13,601,038  
                                 
Loss from operations     (11,791,869 )     (296,065 )     (1,251,008 )     (13,338,942 )
                                 
Other (income)/expenses                                
Fair value of derivative liabilities in excess of proceeds     408,501                          
(Gain)/loss on adjustments to fair value of derivative liability     (6,907,748 )     –       –       (6,907,748 )
Other (income)/expenses     379,188       –       –       379,188  
Present value of remaining lease payments for facilities no longer occupied     1,010,111                          
Interest expense     167,894       –       –       167,894  
Total other (income)/expenses     (4,942,054 )     –       –       (6,360,666 )
Net loss     (6,849,815 )     (296,065 )     (1,251,008 )     (6,978,276 )
                                 
Net loss attributed to non-controlling interests     (19,079 )     –       –       (19,079 )
Net loss attributed to RestorGenex Corporation     (6,868,894 )     (296,065 )     (1,251,008 )     (6,997,355 )
                                 
Preferred dividends     497,167       –       –       497,167  
                                 
Net income/(loss) attributable to RestorGenex Corporation common shareholders   $ (7,366,061 )   $ (296,065 )   $ (1,251,008 )   $ (7,494,522 )
                                 
Basic and diluted earnings per share   $ (8.16 )                   $ (3.65 )
                                 
Basic and fully-diluted weighted average shares outstanding     903,139               1,150,116 (d)     2,053,255  
                                 
Fully-diluted weighted average shares outstanding     1,121,987               1,150,116 (d)     2,272,103  

 

(a) Assumes the mergers with Canterbury and Hygeia occurred on January 1, 2012.
(b) Impact of employment agreements for the full year.
(c) Impact of amortization of intangible assets for the full year.
(d) Impact on weighted average shares if the 1,150,116 shares issued for the mergers were outstanding for the full year.