| 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. |
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