v3.8.0.1
Note D - Pro Forma Financial Statements
12 Months Ended
Dec. 31, 2016
Notes  
Note D - Pro Forma Financial Statements

Note D – Pro Forma Financial Statements

 

The following unaudited proforma condensed combined balance sheet aggregates the balance sheets of Advantego and Golden Eagle as of December 31, 2016, accounting for the transaction as a reorganization of Advantego with the issuance of common stock of the Golden Eagle for all the issued and outstanding shares of Advantego, and using the assumptions described in the following notes, giving effect to the transaction, as if the transaction had occurred as of December 31, 2016.

 

The following unaudited proforma condensed combined statement of operations combines the results of operations of Advantego and Golden Eagle for  the period of Advantego's inception on July 29, 2016 through December 31, 2016 as if the transaction had occurred at the beginning of the period.

 

These proforma financial statements are not necessarily indicative of the combined financial position, had the acquisition occurred at the end of the periods indicated above, or the combined results of operations which might have existed for the periods indicated or the results of operations as they may be in the future.

 

 

Golden Eagle International, Inc. and Advantego International, Inc.

 

Unaudited Proforma Condensed Combined Balance Sheet

As of December 31, 2016

 

 

 

 

 

 

 

Golden Eagle International, Inc.

 

 

Advantego Technologies, Inc.

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

 

December 31, 2016

 

 

 

Adjustments

 

 

Proforma Combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

44,020

 

 

$

2,091

 

 

 

 

 

 

$

46,111

 

Note receivable - related party

 

 

50,000

 

 

 

-

 

a

 

 

(50,000

)

 

 

-

 

Accrued interest receivable, note receivable - related party

 

 

822

 

 

 

-

 

b

 

 

(822

)

 

 

-

 

TOTAL CURRENT ASSETS

 

 

94,842

 

 

 

2,091

 

 

 

 

 

 

 

 

46,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

94,842

 

 

 

2,091

 

 

 

 

 

 

 

 

46,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable 

 

 

4,500

 

 

 

-

 

 

 

 

 

 

 

 

4,500

 

Accounts payable-related party 

 

 

1,440

 

 

 

70,806

 

 

 

 

 

 

 

 

72,246

 

Accrued interest, notes payable 

 

 

822

 

 

 

-

 

 

 

 

 

 

 

 

822

 

Accrued interest, notes payable-related parties

 

 

21,125

 

 

 

822

 

b

 

 

(822

)

 

 

21,125

 

Notes payable-related parties (net of debt discount of  $6,022 and $0 for GEII and ATI, respectively)

 

 

54,590

 

 

 

50,000

 

a

 

 

(50,000

)

 

 

54,590

 

Notes payable (net of debt discount of $7,281 and $0 for GEII and ATI, respectively)

 

 

42,719

 

 

 

-

 

 

 

 

 

 

 

 

42,719

 

TOTAL CURRENT LIABILITIES

 

 

125,196

 

 

 

121,628

 

 

 

 

 

 

 

 

196,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

125,196

 

 

 

121,628

 

 

 

 

 

 

 

 

196,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock 10,000,000 Shares Authorized; $0.01 Par Value; 240,000 issued and outstanding 

 

 

2,400

 

 

 

-

 

 

 

 

 

 

 

 

2,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock 1,000 Shares issued and Outstanding, No Par Value

 

 

-

 

 

 

1,000

 

c

 

 

(1,000

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock 2,000,000,000 Shares Authorized; $0.0001 Par Value; 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

159,883,328 shares issued and outstanding

 

 

15,988

 

 

 

-

 

 

 

 

 

 

 

 

15,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

65,240,407

 

 

 

-

 

c

 

 

1,000

 

 

 

(5,815

)

 

 

 

 

 

 

 

 

 

d

 

 

(65,247,222

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated deficit

 

 

(65,289,149

)

 

 

(120,537

)

d

 

 

65,247,222

 

 

 

(162,464

)

Total Equity

 

 

(30,354

)

 

 

(119,537

)

 

 

 

 

 

 

 

(149,891

)

Total liabilities and stockholders' deficit

 

$

94,842

 

 

$

2,091

 

 

 

 

 

 

 

$

46,111

 

 

 

Golden Eagle International, Inc.

and Advantego Technologies, Inc.

Unaudited Proforma Condensed Combined Statement of Operations

For the Period of July 29, 2016 (Advantego's Inception) through December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Golden Eagle International, Inc.

Period of July 29, 2016 through December 31, 2016

 

 

Advantego Technologies, Inc.

Period of July 29, 2016 (Inception) through December 31, 2016

 

 

 

Adjustments

 

 

Proforma Combined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

-

 

 

$

-

 

 

 

 

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative 

 

 

38,833

 

 

 

119,715

 

 

 

 

 

 

 

158,548

 

TOTAL OPERATING EXPENSES 

 

 

38,833

 

 

 

119,715

 

 

 

 

 

 

 

158,548

 

OPERATING LOSS 

 

 

(38,833

)

 

 

(119,715

)

 

 

 

 

 

 

(158,548

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense 

 

 

(68,751

)

 

 

(822

)

b

 

 

822

 

 

 

(68,751

)

Interest Income

 

 

822

 

 

 

-

 

b

 

 

(822

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL OTHER INCOME (EXPENSES) 

 

 

(67,929

)

 

 

(822

)

 

 

 

 

 

 

 

(68,751

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(106,762

)

 

$

(120,537

)

 

 

 

 

 

 

$

(227,299

)

WEIGHTED AVERAGE SHARES OUTSTANDING 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted 

 

 

47,070,044

 

 

 

748

 

c

 

 

(748

)

 

 

47,070,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted 

 

$

(0.00

)

 

$

(161.06

)

c

 

 

161.06

 

 

$

(0.00

)

 

 

Proforma Adjustments

 

a.

Advantego received $50,000 in cash from Golden Eagle pursuant to a promissory note dated September 20, 2016. This transaction was classified as a note payable on the Advantego financial statements and a note receivable on the Golden Eagle financial statements and was eliminated in the combined financial statements.

 

 

b.

Accrued interest receivable and payable, as well as the related interest expense and income, in the amount of $822 on the $50,000 loan from Golden Eagle to Advantego, were eliminated in the combined financial statements.

 

 

c.

1,000 shares of Advantego common stock with no par value totaling $1,000 was applied to Golden Eagle additional paid-in capital in the combined financial statements.  The related weighted average shares outstanding and loss per share of Advantego were also eliminated in combination.

 

 

d.

Effective October 27, 2016 (reverse merger date), the Company effected a quasi-reorganization by eliminating Golden Eagle's losses accumulated prior to the reverse merger against additional paid-in capital.