AntriaBio
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Pro Forma
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Delaware, Inc.
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AntriaBio, Inc
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Combined
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September 30,
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September 30,
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Pro Forma
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September 30,
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Assets
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2012
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2012
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Adjustments
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Adj #
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2012
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Current assets
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Cash and cash equivalents
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$ | 291,684 | $ | 480 | $ | (300,000 | ) | A | $ | (7,836 | ) | |||||||
Note receivable - related party, net
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915,826 | - | - | 915,826 | ||||||||||||||
Interest receivable - related party
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12,330 | - | - | 12,330 | ||||||||||||||
Other current assets
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209,063 | - | (100,000 | ) | A | 109,063 | ||||||||||||
Total current assets
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1,428,903 | 480 | (400,000 | ) | 1,029,383 | |||||||||||||
Long-Term Assets, Assets acquired
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- | - | 400,000 | A | 400,000 | |||||||||||||
Total assets
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$ | 1,428,903 | $ | 480 | $ | - | $ | 1,429,383 | ||||||||||
Liabilities and Shareholders' Equity (Deficit)
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Current liabilities
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Accrued expenses
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$ | 287,935 | $ | 15,643 | $ | - | $ | 303.578 | ||||||||||
Convertible notes payable
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2,898,767 | - | - | 2,898,767 | ||||||||||||||
Due to related parties
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2,140 | - | - | 2,140 | ||||||||||||||
Interest payable
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159,824 | - | - | 159,824 | ||||||||||||||
Total current liabilities
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3,348,666 | 15,643 | - | 3,364,309 | ||||||||||||||
Total liabilities
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3,348,666 | 15,643 | - | 3,364,309 | ||||||||||||||
Commitments and Contingencies (Note 10)
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Shareholders' equity (deficit)
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Common stock
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353 | 4,101 | 35,546 | B, C | 40,000 | |||||||||||||
Common stock, subscribed
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(353 | ) | - | 353 | C | - | ||||||||||||
Additional paid in capital
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100 | 81,699 | (35,899 | ) | B, C | 45,900 | ||||||||||||
Deficit accumulated during the development stage
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(1,919,863 | ) | (100,963 | ) | - | (2,020,826 | ) | |||||||||||
Total shareholders' equity (deficit)
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(1,919,763 | ) | (15,163 | ) | - | (1,934,926 | ) | |||||||||||
Total liabilities and shareholders' equity (deficit)
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$ | 1,428,903 | $ | 480 | $ | - | $ | 1,429,383 |
AntriaBio
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Pro Forma
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Pro Forma
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Delaware, Inc.
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AntriaBio, Inc.
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Adjustments
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Adj #
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Combined
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Revenue
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Sales
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$ | - | $ | - | $ | - | $ | - | |||||||||
Total revenue
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- | - | - | - | |||||||||||||
Operating expenses
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Consulting fees
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117,641 | - | - | 117,641 | |||||||||||||
Insurance
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4,241 | - | - | 4,241 | |||||||||||||
Meals and entertainment
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1,642 | - | - | 1,642 | |||||||||||||
Payroll
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200,567 | - | - | 200,567 | |||||||||||||
Professional fees
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154,408 | - | - | 154,408 | |||||||||||||
Rent
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15,792 | - | - | 15,792 | |||||||||||||
Travel
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43,581 | - | - | 43,581 | |||||||||||||
General and administrative
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5,011 | 9,749 | - | 14,760 | |||||||||||||
Total operating expenses
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542,883 | 9,749 | - | 552,632 | |||||||||||||
Loss from operations
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(542,883 | ) | (9,749 | ) | - | (552,632 | ) | ||||||||||
Other income (expense)
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Interest income
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16,930 | - | - | 16,930 | |||||||||||||
Interest expense
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(104,898 | ) | - | - | (104,898 | ) | |||||||||||
Total other income (expense)
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(87,968 | ) | - | - | (87,968 | ) | |||||||||||
Loss before income taxes
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(630,851 | ) | (9,749 | ) | - | (640,600 | ) | ||||||||||
Income tax expense
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- | - | - | - | |||||||||||||
Net loss
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(630,851 | ) | (9,749 | ) | - | (640,600 | ) | ||||||||||
Other comprehensive income (loss)
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- | - | - | - | |||||||||||||
Total comprehensive loss
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$ | (630,851 | ) | $ | (9,749 | ) | $ | - | $ | (640,600 | ) | ||||||
Loss per common share - basic and diluted
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$ | (0.02 | ) | $ | (0.00 | ) | $ | - | $ | (0.002 | ) | ||||||
Weighted average common shares
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outstanding - basic and diluted
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35,284,000 | 4,101,000 | 615,000 |
D
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40,000,000 |
AntriaBio
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Pro Forma
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Pro Forma
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Delaware, Inc.
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AntriaBio, Inc.
|
Adjustments
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Adj #
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Combined
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Revenue
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Sales
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$ | - | $ | - | $ | - | $ | - | ||||||||||||
Total revenue
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- | - | - | - | ||||||||||||||||
Operating expenses
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Consulting fees
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33,500 | - | - | 33,500 | ||||||||||||||||
Insurance
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17,594 | - | - | 17,594 | ||||||||||||||||
Meals and entertainment
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8,188 | - | - | 8,188 | ||||||||||||||||
Payroll
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150,813 | - | - | 150,813 | ||||||||||||||||
Professional fees
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95,612 | - | - | 95,612 | ||||||||||||||||
Rent
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55,196 | - | - | 55,196 | ||||||||||||||||
Repair and maintenance
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5,758 | - | - | 5,758 | ||||||||||||||||
Travel
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116,825 | - | - | 116,825 | ||||||||||||||||
Loss on impairment
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- | 1,779 | (1,779 | ) | E | - | ||||||||||||||
General and administrative
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6,350 | 47,508 | (47,508 | ) | E | 6,350 | ||||||||||||||
Total expenses
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489,836 | 49,287 | (49,287 | ) | 489,836 | |||||||||||||||
Loss from operations
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(489,836 | ) | (49,287 | ) | 49,287 | (489,836 | ) | |||||||||||||
Other income (expense)
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Interest income
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31,547 | - | - | 31,547 | ||||||||||||||||
Interest expense
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(325,094 | ) | - | - | (325,094 | ) | ||||||||||||||
Total other income (expense)
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(293,547 | ) | - | - | (293,547 | ) | ||||||||||||||
Loss before income taxes
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(783,383 | ) | (49,287 | ) | 49,287 | (783,383 | ) | |||||||||||||
Income tax expense
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- | - | - | - | ||||||||||||||||
Net loss
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(783,383 | ) | (49,287 | ) | 49,287 | (783,383 | ) | |||||||||||||
Other comprehensive income (loss)
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- | - | - | - | ||||||||||||||||
Total comprehensive loss
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$ | (783,383 | ) | (49,287 | ) | $ | 49,287 | $ | (783,383 | ) | ||||||||||
Loss per common share - basic and diluted
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$ | (0.02 | ) | $ | (0.01 | ) | $ | (0.09 | ) | $ | (0.02 | ) | ||||||||
Weighted average common shares
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outstanding - basic and diluted
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35,284,000 | 3,867,637 | (551,815 | ) | D | 38,599,822 |
(A)
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On October 5, 2012, subsequent to the historical balance sheet date presented and prior to the reverse merger, AntriaBio Delaware entered into an Asset Purchase Agreement for $400,000. At the time of the reverse merger, the values of assets acquired were still being determined.
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(B)
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On January 10, 2013, AntriaBio, Inc. completed a 6-for-1 stock split whereby each share of common stock was converted into 6 shares of common stock (leaving 24,606,000 common shares outstanding).
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(C)
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To adjust AntriaBio, Inc. shareholders’ equity (deficit) accounts to reflect the effects of the recapitalization, including, 4,716,000 shares of existing Company stock (net of 19,890,000 shares retired at date of reverse merger) and the conversion of all outstanding common shares of AntriaBio Delaware into 35,284,000 common shares of AntriaBio, Inc. at par value of $0.001.
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(D)
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To reflect the 6-for-1 stock split of the Company stock as well as the retirement of 19,890,000 shares related to the reverse merger.
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(E)
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These balances were adjusted as they relate to the previous business model of AntriaBio, Inc. which is no longer being conducted subsequent to the reverse merger and therefore were adjusted out of the balance.
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