TRADESHOWS PRODUCTS, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION
TRADESHOWS
PRODUCTS, INC.
UNAUDITED
PRO FORMA CONDENSED
CONSOLIDATED
FINANCIAL INFORMATION
Basis
of Presentation
On
December 3, 2007, TradeShow Products, Inc (“The Company”) entered
into an Agreement and Plan of Reorganization (the “Plan of Reorganization”) with
Focus Views, Inc. (“Focus Views”), a Delaware corporation and each of the
shareholders of Focus Views (the “Focus Views Shareholders”). The
closing of the transaction took place on December 3, 2007 (the “Closing Date”)
and resulted in the acquisition of Focus Views (the
“Acquisition”). Pursuant to the terms of the Plan of Reorganization,
The Company acquired all of the outstanding capital stock and ownership
interests of Focus Views (the “Interests”) from the Focus Views Shareholders for
an aggregate of 79,000,000 shares, or 79% of the Company’s common
stock.
Under
the
Share Exchange Agreement, at the Closing on December 3, 2007, the
authorized capital stock consists of 980,000,000 shares of common stock,
par
value $0.001 per share, and 5,000,000 shares of preferred stock, par
value
$0.001 per share. Immediately prior to Closing, TPI had 45,500,000
shares of common stock issued and outstanding. Pursuant to the Plan
of Reorganization, certain shareholders of TPI agreed to cancel 23,275,000
shares of TPI common stock and TPI agreed to issue an additional 79,000,000
shares of common stock to entities designated by FV-Delaware. As of
December 3, 2007 and immediately after Closing, an aggregate of 101,225,000
shares of Common Stock were outstanding, including shares issued pursuant
to the
Closing. Generally accepted accounting principles require that the
company whose shareholders retain the majority interest in a combined
business
be treated as the acquirer for accounting purposes, resulting in a reverse
acquisition. Accordingly, the share exchange transaction has been accounted
for
as a recapitalization of the Company.
The unaudited
pro forma condensed consolidated statements of income (loss) combine
the
historical condensed consolidated statements of income (loss) of the
Company and
Focus Views, giving effect to the share exchange and other related events
as if
it had occurred on October 1, 2006. The unaudited pro forma condensed
consolidated balance sheet combines the historical condensed consolidated
balance sheets of the Company and Focus Views, giving effect to the share
exchange and other related events as if it had been consummated on September
30,
2007. These unaudited pro forma condensed consolidated financial statements
have been prepared for comparative purposes only and do not purport to
be
indicative of the results of operations which actually would have resulted
had
the transaction occurred on the date indicated and are not necessarily
indicative of the results that may be expected in the future.
TRADESHOW
PRODUCTS, INC. AND
SUBSIDIARY
|
||||||||||||||||||||
PRO-FORMA
CONSOLIDATING BALANCE SHEETS
|
||||||||||||||||||||
SEPTEMBER
30, 2007
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Focus
Views, Inc
|
Pro
Forma Adjustments
|
Pro
Forma Amount
|
||||||||||||||||||
Current
assets:
|
|
|||||||||||||||||||
Cash
|
$ |
738
|
$ |
22,312
|
$ |
23,050
|
||||||||||||||
Stock
subscription receivable
|
-
|
9,550
|
9,550
|
|||||||||||||||||
Total
current assets
|
738
|
31,862
|
32,600
|
|||||||||||||||||
Property
and equipment, net
|
-
|
760
|
760
|
|||||||||||||||||
$ |
738
|
$ |
32,622
|
$ |
33,360
|
|||||||||||||||
Current
liabilities:
|
||||||||||||||||||||
Notes
Payable
|
$ |
-
|
$ |
32,500
|
$ |
32,500
|
||||||||||||||
Due
to affilated companu
|
-
|
109,552
|
109,552
|
|||||||||||||||||
Accrued
expenses
|
1,250
|
147,500
|
148,750
|
|||||||||||||||||
Total
current liabilities
|
1,250
|
289,552
|
290,802
|
|||||||||||||||||
Stockholders’
deficiency:
|
||||||||||||||||||||
Preferred
stock:
|
-
|
|||||||||||||||||||
Common
stock
|
45,500
|
10
|
(2
|
) | (23,275 | ) |
101,225
|
|||||||||||||
(3
|
) |
78,990
|
||||||||||||||||||
Additional
paid-in capital
|
29,650
|
9,990
|
(1
|
) | (75,662 | ) | (91,737 | ) | ||||||||||||
(2
|
) |
23,275
|
-
|
|||||||||||||||||
(3
|
) | (78,990 | ) | |||||||||||||||||
Accumulated
deficit
|
(75,662 | ) | (266,930 | ) |
(1
|
) |
75,662
|
(266,930 | ) | |||||||||||
Total
stockholders’ equity (deficiency)
|
(512 | ) | (256,930 | ) | (257,442 | ) | ||||||||||||||
$ |
738
|
$ |
32,622
|
$ |
33,360
|
|||||||||||||||
TRADESHOW
PRODUCTS, INC. AND
SUBSIDIARY
|
|||||||||||||
PROFORMA
CONSOLIDATING STATEMENTS OF OPERATIONS
|
|||||||||||||
FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2007
|
|||||||||||||
Focus
Views, Inc
|
Pro
Forma Adjustments
|
Pro
Forma Amount
|
|||||||||||
Revenues:
|
|||||||||||||
Revenue
|
$ |
-
|
$ |
-
|
$ |
-
|
|||||||
Operating
expenses:
|
|||||||||||||
General
and administrative expenses
|
67,582
|
194
|
67,776
|
||||||||||
Rent
|
-
|
17,550
|
17,550
|
||||||||||
Professional
fees
|
160,150
|
160,150
|
|||||||||||
Depreciation
& Amortization
|
-
|
628
|
628
|
||||||||||
Total
operating expenses
|
67,582
|
178,522
|
246,104
|
||||||||||
(Loss)
income from operations
|
(67,582 | ) | (178,522 | ) | (246,104 | ) | |||||||
(Loss)
income before provision for income taxes
|
(67,582 | ) | (178,522 | ) | (246,104 | ) | |||||||
Provision
for income taxes
|
-
|
-
|
-
|
||||||||||
Net
loss
|
$ | (67,582 | ) | $ | (178,522 | ) | $ | (246,104 | ) | ||||
(1 | ) | |||||||||||
Additional
Paid in Capital
|
75,662
|
|||||||||||
Accumulated
Deficit
|
75,662
|
|||||||||||
To
record the elimination of Tradeshow Products Accumulated
Deficit
|
||||||||||||
(2 | ) | |||||||||||
Common
Stock
|
23,275
|
|||||||||||
Additional
paid-in capital
|
23,275
|
|||||||||||
To
Record the retirement of 23,275,000 shares of common stock
|
||||||||||||
(3 | ) | |||||||||||
Additional
paid-in capital
|
78,990
|
|||||||||||
Common
stock
|
78,990
|
|||||||||||
To
record issuance of common stock to the shareholders of Focus View,
Inc.
|
TRADESHOW
PRODUCTS, INC. AND
SUBSIDIARY
|
||||||||||||||||||||
PRO-FORMA
CONSOLIDATING BALANCE SHEETS
|
||||||||||||||||||||
SEPTEMBER
30, 2006
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Focus
Views, Inc
|
Pro
Forma Adjustments
|
Pro
Forma Amount
|
||||||||||||||||||
Current
assets:
|
|
|||||||||||||||||||
Cash
|
$ |
62,070
|
$ |
6
|
$ |
62,076
|
||||||||||||||
Investments
|
5,000
|
|||||||||||||||||||
Stock
subscription receivable
|
-
|
9,550
|
9,550
|
|||||||||||||||||
Total
current assets
|
67,070
|
9,556
|
71,626
|
|||||||||||||||||
Property
and equipment, net
|
-
|
1,387
|
1,387
|
|||||||||||||||||
$ |
67,070
|
$ |
10,943
|
$ |
73,013
|
|||||||||||||||
Current
liabilities:
|
||||||||||||||||||||
Due
to affilated companu
|
$ |
-
|
$ |
89,351
|
$ |
89,351
|
||||||||||||||
Total
current liabilities
|
-
|
89,351
|
89,351
|
|||||||||||||||||
Stockholders’
deficiency:
|
||||||||||||||||||||
Preferred
stock:
|
-
|
|||||||||||||||||||
Common
stock
|
45,500
|
10
|
(2
|
) | (23,275 | ) |
101,225
|
|||||||||||||
(3
|
) |
78,990
|
||||||||||||||||||
Additional
paid-in capital
|
29,650
|
9,990
|
(1
|
) | (8,080 | ) | (24,155 | ) | ||||||||||||
(2
|
) |
23,275
|
-
|
|||||||||||||||||
(3
|
) | (78,990 | ) | |||||||||||||||||
Accumulated
deficit
|
(8,080 | ) | (88,408 | ) |
(1
|
) |
8,080
|
(88,408 | ) | |||||||||||
Total
stockholders’ equity (deficiency)
|
67,070
|
(78,408 | ) | (11,338 | ) | |||||||||||||||
$ |
67,070
|
$ |
10,943
|
$ |
78,013
|
|||||||||||||||
TRADESHOW
PRODUCTS, INC. AND
SUBSIDIARY
|
|||||||||||||
PROFORMA
CONSOLIDATING STATEMENTS OF OPERATIONS
|
|||||||||||||
FOR
THE YEAR ENDED SEPTEMBER 30, 2006
|
|||||||||||||
Focus
Views, Inc
|
Pro
Forma Adjustments
|
Pro
Forma Amount
|
|||||||||||
Revenues:
|
|||||||||||||
Revenue
|
$ |
4,000
|
$ |
-
|
$ |
4,000
|
|||||||
Operating
expenses:
|
|||||||||||||
General
and administrative expenses
|
10,330
|
4,365
|
14,695
|
||||||||||
Rent
|
-
|
28,550
|
28,550
|
||||||||||
Professional
fees
|
1,025
|
1,025
|
|||||||||||
Depreciation
& Amortization
|
-
|
696
|
696
|
||||||||||
Total
operating expenses
|
10,330
|
34,636
|
44,966
|
||||||||||
(Loss)
income from operations
|
(6,330 | ) | (34,636 | ) | (40,966 | ) | |||||||
(Loss)
income before provision for income taxes
|
(6,330 | ) | (34,636 | ) | (40,966 | ) | |||||||
Provision
for income taxes
|
-
|
-
|
-
|
||||||||||
Net
loss
|
$ | (6,330 | ) | $ | (34,636 | ) | $ | (40,966 | ) | ||||
Focus
Views, Inc are Financials are for the year ended December 31, 2006
(1 | ) | |||||||||||
Additional
Paid in Capital
|
8,080
|
|||||||||||
Accumulated
Deficit
|
8,080
|
|||||||||||
To
record the elimination of Tradeshow Products Accumulated
Deficit
|
||||||||||||
(2 | ) | |||||||||||
Common
Stock
|
23,275
|
|||||||||||
Additional
paid-in capital
|
23,275
|
|||||||||||
To
Record the retirement of 23,275,000 shares of common stock
|
||||||||||||
(3 | ) | |||||||||||
Additional
paid-in capital
|
78,990
|
|||||||||||
Common
stock
|
78,990
|
|||||||||||
To
record issuance of common stock to the shareholders of Focus View,
Inc.
|