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Previous: OLD NIGHT INC, PRE 14C, EX-10.1, 2000-07-10 |
Next: OLD NIGHT INC, PRE 14C, EX-99.2, 2000-07-10 |
<TABLE>
<CAPTION>
EXHIBIT C
PRO FORMA - OLD NIGHT, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1999
(UNAUDITED)
Old
Night, Inc ILDC
-------------- --------------
Proforma Proforma
Actual Actual Adjustments Balance
--------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
Assets
Current assets
Accounts receivable - trade $ - $ 101,181 $ 101,181
--------------- ---------------- --------------- ----------------
Accounts receivable - officer - 84,060 84,060
--------------- ---------------- --------------- ----------------
Total current assets - 185,241 185,241
--------------- ---------------- --------------- ----------------
Property and equipment
Land - 39,374 39,374
Leasehold improvements - 105,132 105,132
Computers and software - 248,652 248,652
Furniture and fixtures - 4,660 4,660
Telephone switching equipment - 3,100,135 3,100,135
--------------- ---------------- --------------- ----------------
Total property and equipment - 3,497,953 3,497,953
Less: accumulated depreciation - 718,697 718,967
--------------- ---------------- --------------- ----------------
Property and equipment - net - 2,779,256 2,779,256
--------------- ---------------- --------------- ----------------
Other assets
Deposits - 44,559 44,559
Deferred finance charges, net of
amortization of $121,018 - 322,187 322,187
--------------- ---------------- --------------- ----------------
Total other assets - 366,746 366,746
--------------- ---------------- --------------- ----------------
Total assets $ - $ 3,331,243 $3,331,243
=============== ================ --------------- ================
</TABLE>
<PAGE>
OLD NIGHT, INC
BALANCE SHEETS (CONTINUED)
DECEMBER 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Old
Night, Inc ILDC
-------------------------------------------------- --------------- ---------------- ----------------- ---------------
Proforma Proforma
Actual Actual Adjustments Balance
--------------- ---------------- ----------------- ---------------
<S> <C> <C> <C> <C>
Liabilities and Stockholders'
Equity (Deficit)
Current liabilities
Cash overdraft $ - $ 3,118 $ 3,118
Accounts payable 1,600 2,450,224 2,451,824
Accrued expenses - 116,073 116,073
Accrued interest - 70,000 70,000
Current portion of capital
lease obligations - 123,715 123,715
Short-term notes payable - 1,918,238 1,918,238
Unearned revenue - 55,000 55,000
--------------- ---------------- ----------------- ---------------
Total current liabilities 1,600 4,736,368 4,737,968
--------------- ---------------- ----------------- ---------------
Capital lease obligations - 255,490 255,490
--------------- ---------------- ----------------- ---------------
Stockholders' equity (deficit)
Common stock, $.001 par value, (d) 40
100,000 shares authorized; (c) 5,500
496,400 shares issued and outstanding 496 (b) (4,964) 11,000
Capital in excess of par value 37,504 (b) (4,964) 60,534,884
(c) 6,060,584
Common stock, $.001 par value; (c) (39,600)
100,000 shares authorized; (d) (40) -
500 shares issued and outstanding 500 (c) (500)
Subscription agreements 6,065,584 (c) (6,065,584) -
Deficit accumulated during the
development stage (39,600) (7,726,699) (c) 39,600 (7,726,699)
Total stockholders' equity 1,600 (1,660,615) - (1,662,215)
(deficit)
Total liabilities and
stockholders' $ - $3,331,243 $ - $3,331,243
equity (deficit)
-------------------------------------------------- =============== ================ ================= ===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OLD NIGHT, INC.
STATEMENT OF OPERATIONS
FOR THE PERIOD MARCH 20, 1998 (INCEPTION) TO
YEAR ENDED DECEMBER 31, 1999
(UNAUDITED)
Old
Night, Inc IILDC
---------------------------------------------------- ------------- ---------------- ----------------- ---------------
Proforma Proforma
STATEMENT OF OPERATIONS Actual Actual Adjustments Balance
---------------------------------------------------- ------------- ---------------- ----------------- ---------------
<S> <C> <C> <C> <C>
Revenue
Service revenue $ - $ 173,464 $ 173,464
Other income - 1,030 1,030
------------- ---------------- ----------------- ---------------
- 174,494 174,494
Costs and expenses
Costs of telephone services - 961,674 961,674
Research and development - 140,911 140,911
General and administrative 1,600 972,323 (1,600) 972,323
Other operating expenses - 656,305 656,305
Maintenance and utilities - 103,727 103,727
Travel, meals and entertainment - 143,463 143,463
------------- ---------------- ----------------- ---------------
1,600 2,978,403 1,600 2,978,403
------------- ---------------- ----------------- ---------------
Operating loss 1,600 2,803,909 1,600 (2,803,909)
------------- ---------------- ----------------- ---------------
Other expenses
Bad debt - 1,300 1,300
Charitable contributions - 137,664 137,664
Depreciation and amortization - 839,715 839,715
Interest - 175,189 175,189
Loss on impairment of assets - 279,071 279,071
Loss on uncollectible advances
to affiliate - 1,085,448 1,085,448
Loss on failed venture - 2,314,603 2,314,603
Rents and leases - 89,800 89,800
------------- ---------------- ----------------- ---------------
Total other expenses - 4,922,790 4,922,790
------------- ---------------- ----------------- ---------------
Net loss $ (1,600) $ (7,726,699) (c) $ 1,600 $ (7,726,699)
------------- ---------------- ----------------- ---------------
Basic and diluted loss per common shares $ - - $ (0.70)
============= ================ ===============
Average outstanding shares 496,400 - 11,000,000
============= ================ ===============
</TABLE>
<PAGE>
PROFORMA ADJUSTMENTS
14) The proforma financial statements reflect the acquisition by Old
Night. ("Old Night"), a non-operating public company with
5,460,400 common shares outstanding (after an 11 for 1 stock
split) and no assets, of 100% of the outstanding common shares of
International Long Distance Corporation ("ILDC"). The acquisition
resulted in the owners and management of ILDC having effective
control of the combined entity.
Under generally accepted accounting principles, the acquisition will be
considered to be a capital transaction in substance, rather than a business
combination. That is, the acquisition is equivalent to the issuance of stock
by ILDC for the net monetary assets of Old Night, accompanied by a
recapitalization, and is accounted for as a change in capital structure.
Accordingly, the accounting for the acquisition is identical to that resulting
from a reverse acquisition, except that no goodwill is recorded. Under reverse
takeover accounting, the post reverse-acquisition, comparative historical
financial statements of the "legal acquirer" (Old Night) are those of the
"legal acquire" (ILDC) (i.e. the accounting acquirer).
15) To reflect an 11 for 1 stock split on Old Night common stock from
496,400 shares to 5,460,400 shares.
16) To reflect the issuance of 5,500,000 common shares of Old Night
stock for 100% of common shares outstanding and subscriptions of
ILDC and recapitalization.
17) To reflect the issuance of 39,600 common shares on Old Night in
lieu of an investment banking fee.
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