Big Tree Group, Inc. - FORM 8-K - EX-99.2 - UNAUDITED PRO FORMA BALANCE SHEET AS OF SEPTEMBER 30, 2011 AND UNAUDITED PRO FORMA STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2010 AND THE NINE MONTHS ENDED SEPTEMBER 30, 2011. L - January 6, 2012

Attached files
FileFilename
EX-10.32 - BUILDING LEASE AGREEMENT BETWEEN SHANTOU YUNJIA FASHION HANDICRAFT CO., LTD. AND SHANTOU BIG TREE TOYS CO., LTD. FOR THE PERIOD BEGINNING JANUARY 1, 2011. - Big Tree Group, Inc.exh10-32.htm
EX-99.1 - AUDITED FINANCIAL STATEMENTS OF TRANSAX INTERNATIONAL LIMITED AS OF DECEMBER 31, 2009 AND 2008 AND UNAUDITED FINANCIAL STATEMENTS OF SHAOXING HIGH SCHOOL AS OF SEPTEMBER 30, 2010 AND 2009. - Big Tree Group, Inc.exh99-1.htm
EX-21.1 - SUBSIDIARIES OF THE REGISTRANT. - Big Tree Group, Inc.exh21-1.htm
EX-10.55 - ASSIGNMENT AGREEMENT FOR PATENT NO. ZL. 2009 2 0292981.6 DATED DECEMBER 29, 2011 BETWEEN SHANTOU BIG TREE TOYS CO., LTD. AND WEI LIN. - Big Tree Group, Inc.exh10-55.htm
EX-10.54 - ASSIGNMENT AGREEMENT FOR PATENT NO. ZL 2010 3 0103327.4 DATED DECEMBER 29, 2011 BETWEEN SHANTOU BIG TREE TOYS CO., LTD. AND WEI LIN. - Big Tree Group, Inc.exh10-54.htm
EX-10.53 - ASSIGNMENT AGREEMENT FOR PATENT NO. ZL 2009 3 0680023.1 DATED DECEMBER 29, 2011 BETWEEN SHANTOU BIG TREE TOYS CO., LTD. AND WEI LIN. - Big Tree Group, Inc.exh10-53.htm
EX-10.52 - TRADEMARK REGISTRATION OF BIG TREE DATED DECEMBER 14, 2010. - Big Tree Group, Inc.exh10-52.htm
EX-10.51 - TRADEMARK REGISTRATION OF BIG TREE CARNIVAL DATED DECEMBER 14, 2010. - Big Tree Group, Inc.exh10-51.htm
EX-10.50 - DESIGN PATENT CERTIFICATION NO. 1315842 FOR PATENT NO. ZL 2009 3 0680023.1. - Big Tree Group, Inc.exh10-50.htm
EX-10.49 - DESIGN PATENT CERTIFICATION NO. 1321347 FOR PATENT NO. ZL 2010 3 0103327.4. - Big Tree Group, Inc.exh10-49.htm
EX-10.48 - UTILITY MODEL PATENT CERTIFICATION NO. 1657120 FOR PATENT NO. ZL. 2009 2 0292981.6. - Big Tree Group, Inc.exh10-48.htm
EX-10.47 - CERTIFICATE OF REGISTRATION OF DESIGN NO. 0902157.3. - Big Tree Group, Inc.exh10-47.htm
EX-10.46 - CERTIFICATE OF GRANT OF PATENT NO. HK1133784. - Big Tree Group, Inc.exh10-46.htm
EX-10.45 - MANAGEMENT TERMINATION AGREEMENT DATED DECEMBER 30, 2011 BETWEEN TRANSAX INTERNATIONAL LIMITED AND CARLINGFORD INVESTMENTS LIMITED. - Big Tree Group, Inc.exh10-45.htm
EX-10.44 - STOCK OPTION TERMINATION AGREEMENT DATED DECEMBER 30, 2011 BETWEEN TRANSAX INTERNATIONAL LIMITED AND ADAM WASSERMAN - Big Tree Group, Inc.exh10-44.htm
EX-10.43 - STOCK OPTION TERMINATION AGREEMENT DATED DECEMBER 30, 2011 BETWEEN TRANSAX INTERNATIONAL LIMITED AND STEPHEN WALTERS. - Big Tree Group, Inc.exh10-43.htm
EX-10.42 - STOCK OPTION TERMINATION AGREEMENT DATED DECEMBER 30, 2011 BETWEEN TRANSAX INTERNATIONAL LIMITED AND LAURIE BEWES. - Big Tree Group, Inc.exh10-42.htm
EX-10.41 - CONSULTING AGREEMENT DATED DECEMBER 30, 2011 BETWEEN TRANSAX INTERNATIONAL LIMITED AND CHINA DIRECT INVESTMENTS, INC. AND CAPITAL ONE RESOURCE CO., LTD. - Big Tree Group, Inc.exh10-41.htm
EX-10.40 - DEBT EXCHANGE AGREEMENT DATED DECEMBER 30, 2011 BETWEEN CFO ONCALL, INC. AND TRANSAX INTERNATIONAL LIMITED. - Big Tree Group, Inc.exh10-40.htm
EX-10.39 - DEBT EXCHANGE AGREEMENT DATED DECEMBER 30, 2011 BETWEEN CARLINGFORD INVESTMENTS LIMITED AND TRANSAX INTERNATIONAL LIMITED. - Big Tree Group, Inc.exh10-39.htm
EX-10.38 - DEBT EXCHANGE AGREEMENT DATED DECEMBER 30, 2011 BETWEEN STEPHEN WALTERS AND TRANSAX INTERNATIONAL LIMITED. - Big Tree Group, Inc.exh10-38.htm
EX-10.37 - DEBT EXCHANGE AGREEMENT DATED DECEMBER 30, 2011 BETWEEN CHINA DIRECT INVESTMENTS, INC. AND TRANSAX INTERNATIONAL LIMITED. - Big Tree Group, Inc.exh10-37.htm
EX-10.36 - BILL OF SALE AND ASSIGNMENT DATED DECEMBER 30, 2011 BETWEEN STEPHEN WALTERS AND CHINA DIRECT INVESTMENTS, INC. - Big Tree Group, Inc.exh10-36.htm
EX-10.35 - SHARE EXCHANGE AGREEMENT DATED DECEMBER 30, 2011 BETWEEN TRANSAX INTERNATIONAL LIMITED, BIG TREE INTERNATIONAL CO., LTD., AND LINS (HK) INT?L TRADING LIMITED. - Big Tree Group, Inc.exh10-35.htm
EX-10.34 - OPTION AGREEMENT DATED DECEMBER 29, 2011 BETWEEN LINS (HK) INT?S TRADING LIMITED AND CERTAIN SHAREHOLDERS OF BIG TREE INTERNATIONAL CO., LTD.. - Big Tree Group, Inc.exh10-34.htm
EX-10.33 - STOCK TRANSFER AGREEMENT DATED JULY 5, 2011 BETWEEN THE SHAREHOLDERS OF SHANTOU BIG TREE TOYS CO., LTD. AND BIG TREE INTERNATIONAL CO., LTD. - Big Tree Group, Inc.exh10-33.htm
EX-10.31 - CONTRACT MANUFACTURING AGREEMENT DATED JUNE 1, 2010 BETWEEN SHANTOU BIG TREE TOYS CO., LTD. AND SHANTOU XINZHONGYANG TOY INDUSTRIAL CO., LTD. - Big Tree Group, Inc.exh10-31.htm
8-K - TRANSAX INTERNATIONAL LIMITED FORM 8-K DATED DECEMBER 30, 2011 - Big Tree Group, Inc.tnsx8-k.htm
 
Exhibit 99.2
 
The following unaudited pro forma financial statements of Transax International Limited (“TNSX”) are based on, and should be read in conjunction with:
 
1.
TNSX’s audited financial statements for the fiscal year ended December 31, 2010, its unaudited financial statements for the quarter ended September 30, 2011 and the related notes thereto, which are incorporated by reference into this Current Report on Form 8-K;
 
2.
The audited financial statements of Shantou Big Tree Toys Co., Ltd. (“BT Shantou”) for the years ended December 31, 2010 and 2009, the unaudited consolidated financial statements of Big Tree International Co., Limited, a Brunei Company, ("BT Brunei") and BT Shantou, collectively referred to as "Big Tree", for the nine months ended September 30, 2011 and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" for such periods, all of which appear in sections of this report.
 
The pro forma financial statements give effect to the reverse acquisition and recapitalization of TNSX and the consolidation of BT Brunei and BT Shantou, as a wholly owned subsidiary, as well as the additional shares of convertible preferred stock in conjunction with the reverse acquisition and recapitalization, as if the transaction had taken place on the date or at the beginning of the periods presented. The convertible preferred stock was accounted for as equity in accordance with Financial Accounting Standards Board ("FASB"), Accounting Standard Codification ("ASC") 505 as they provide for automatic conversion into our common shares after giving effect to a 1 for 700 reverse share split ( the "Reverse Stock Split").
 
In addition, on December 30, 2011, TNSX shareholder, Stephen Walters assigned $538,313 of debt to CDII, which was converted into 520,000 shares of Series B preferred stock and will, in turn, will be converted into 520,000 shares of TNSX common stock after giving effect to a 1 for 700 reverse share split. Other $310,566 debt was exchanged to 300,006 shares of same class of convertible preferred stock.
 
The unaudited pro forma financial statements of TNSX are for informational purposes only, are not indications of future performance, and should not be considered indicative of actual results that would have been achieved had the recapitalization transactions actually been consummated on the date or at the beginning of the periods presented.

 
- 1 -
 

 
 
TRANSAX INTERNATIONAL LIMITED AND SUBSIDIARIES
  
PROFORMA CONSOLIDATED BALANCE SHEET
  
September 30, 2011
  
                           
   
Transax International
Historical
    
Big Tree
Historical
    
Pro Forma
Adjustments
      
Pro Forma
Consolidated
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
      
(Unaudited)
  
ASSETS
                          
CURRENT ASSETS:
                          
Cash
   $ 38,942     $ 139,742               178,684.00  
Accounts receivable
             3,901,546               3,901,546.00  
Inventories
             221,005               221,005.00  
Other receivable
             225,995               225,995.00  
Prepaid taxes
             36,099               36,099.00  
Prepaid expenses and other assets
   $ 277       116,601               116,878.00  
Total current assets
     39,219       4,640,988               4,680,207  
                              -  
Property and equipment, net
     328       39,487               39,815  
Intangible assets, net
             14,239               14,239  
Total assets
   $ 39,547     $ 4,694,714     $ -       $ 4,734,261  
                                -  
LIABILITIES AND SHAREHOLDERS' EQUITY                                  
CURRENT LIABILITIES:
                               -  
Loans payable - related party
   $ 98,376                       $ 98,376  
Convertible loan - related party
   $ 149,555                         149,555  
Accounts payable and accrued expenses
     22,580       800,319                 822,899  
Advance from customers
             901,905                 901,905  
Salary payable
             30,133                 30,133  
Other payable
             398,420                 398,420  
Taxes payable
             21,777                 21,777  
Due to related parties
     614,337       1,098,591       (848,878 )
 (a)
     864,050  
Total current liabilities
     884,848       3,251,145       (848,878 )       3,287,115  
                                -  
          Total Liabilities
     884,848       3,251,145       (848,878 )       3,287,115  
                                -  
SHAREHOLDERS' EQUITY:
                               -  
Common stock
     961                       $ 961  
Additional paid-in capital
     9,821,550       697,045       (9,818,934 )
 ( c)
     699,661  
(Accumulated deficit ) Retained earning
     (10,667,812 )     677,188       10,667,812  
 (b)
     677,188  
Accumulated other comprehensive income
             69,336                 69,336  
Total shareholders' equity
     (845,301 )     1,443,569       848,878         1,447,146  
                                   
Total liabilities and equity
   $ 39,547     $ 4,694,714     $ -       $ 4,734,261  


(a)
Represents $538,313 due to related party assigned by the debt holder to China Direct Investment, Inc. ("CDII"), which has been converted to Series B Convertible Preferred Stock, and will then converted to 520,000 shares of TNSX common shares after giving effect to a 1 for 700 reverse stock split. Also represents other $310,566 debt exchanged to same class of convertible preferred stock.
(b)
Represents elimination of TNSX accumulated deficit by charging to additional paid in capital to reflect the recapitalization of Big Tree.
(c )
Represents: (1) $538,313 of Series B Convertible Preferred Stock as explained in note (a) above, and (2) a charge of $10,667,812 to eliminate the accumulated deficit of TNSX.
The adjustment also includes 6,500,000 shares of Series C Preferred Stock issued to BT Hong Kong as the recapitalization, and 2,542,777 shares of Series B preferred stock issued to CDII as consulting fee. The Series C Convertible Preferred Stock will automatically be converted into same number of TNSX common stock after giving effect to a 1 for 700 reverse split. The Series B Convertible Preferred Stock are valued at $1.75 per share based on the quoted TNSX common stock price on December 30, 2011, on the closing date. The Series B Convertible Preferred Stock was accounted for as increase in additional paid in capital as the cost of the recapitalization was charged to additional paid in capital.


 
- 2 -
 


TRANSAX INTERNATIONAL LIMITED AND SUBSIDIARIES
  
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
  
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011
  
                       
   
Transax International Limited
Historical
    
Big Tree
Historical
    
Pro Forma
Adjustments
      
Pro Forma
Consolidated
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
      
(Unaudited)
  
                           
Net revenues
         $ 17,137,266             $ 17,137,266  
Cost of sales
           15,111,298               15,111,298  
Gross profit
     -       2,025,968               2,025,968  
                              -  
Operating expenses:
                             -  
Selling expenses
             91,529               91,529  
General and administrative
     195,157       716,999               912,156  
Total operating expenses
     195,157       808,528       -         1,003,685  
                                -  
Operating income (loss)
     (195,157 )     1,217,440       -         1,022,283  
                                -  
Other income (expenses):
                               -  
Foreign currency exchange gain (loss)
     (14,285 )                       (14,285 )
Gain from derivative liability
     485,563                         485,563  
Registration rights penalty recovery
     160,000                         160,000  
Interest expense - related party
     (27,087 )                       (27,087 )
Other income (expense)
             17,088                 17,088  
Interest income
             193                 193  
Total other income (expenses)
     604,191       17,281       -         621,472  
                                -  
Net income from continuing operations before income taxes
     409,034       1,234,721       -         1,643,755  
                                -  
Discontinued operations:
                               -  
Gain from sale of discontinued operation
     8,706,785                         8,706,785  
Loss from discontinued operations
     (538,872 )                       (538,872 )
Total income from discontinued operations
     8,167,913       -                 8,167,913  
Income before income taxes
     8,576,947       1,234,721                 9,811,668  
                                   
Income taxes
             (20,199 )               (20,199 )
                                   
Net income
     8,576,947       1,214,522       -         9,791,469  
                                -  
Convertible preferred stock dividends
     (24,833 )                       (24,833 )
                                -  
Net income allocatable to common stockholders
   $ 8,552,114     $ 1,214,522     $ -       $ 9,766,636  
                                   
Net income per common share (Basic)
                                  
Income from continuing operation
   $ 0.00                       $ 0.02  
Income from discontinued operations
   $ 0.09                       $ 0.09  
    $ 0.09                       $ 0.10  
                                   
Net income per common share (Diluted)
                            
Incomefrom continuing operation
   $ 0.00                       $ 0.00  
Income from discontinued operations
   $ 0.02                       $ 0.00  
    $ 0.02                       $ 0.00  
                                   
Weighted average shares outstanding
                            
Basic
     96,078,960                         96,078,960  
Diluted
     484,559,179               6,903,932,000  
(a)
     7,388,491,179  
                                   

 
- 3 -
 

(a)
Represents the dilution effect from shares of TNSX convertible preferred stock issued in conjunction with the reverse acquisition on the closing date, Which includes:
(1) 4,550,000,000 additional shares from the convertible preferred stock issued to Big Tree shareholder, Lins International.
(2) 1,779,920,800 additional shares from the convertible preferred stock issued to CDII as consulting fee for the recapitalization, and
(3) 574,011,200 additional shares from the convertible preferred stock issued to former debt holders to exchange for their debt right.
NOTE: All the additional shares above are calculated before the expected 1 for 700 reverse stock split because the expected reverse stock split has not occurred as of the recapitalization closing date.

 
- 4 -
 

TRANSAX INTERNATIONAL LIMITED AND SUBSIDIARIES
  
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
  
FOR THE YEAR ENDED DECEMBER 31, 2010
  
                           
   
Transax International Limited
Historical
    
Big Tree
Historical
    
Pro Forma
Adjustments
      
Pro Forma
Consolidated
  
                       
(Unaudited)
  
Net revenues
         $ 2,731,470             $ 2,731,470  
Cost of sales
           2,533,951               2,533,951  
Gross profit
     -       197,519               197,519  
                              -  
Operating expenses:
                             -  
Selling expenses
             83,936               83,936  
General and administrative
     338,152       194,172               532,324  
Total operating expenses
     338,152       278,108       -         616,260  
                                -  
Net loss from continuing operations before income taxes
     (338,152 )     (80,589 )     -         (418,741 )
                                -  
Other income (expenses):
                               -  
Foreign currency exchange gain (loss)
     16,728                         16,728  
Gain from derivative liability
     142,524                         142,524  
Gain from forfeiture of deposit on sale of subsidiary
     937,700                         937,700  
Interest expense - related party
     (58,710 )                       (58,710 )
Other income (expense)
             (7,152 )                  
Interest income
             396                    
Total other income (expenses)
     1,038,242       (6,756 )     -         1,031,486  
                                -  
Net income (loss) from continuing operations before income taxes
     700,090       (87,345 )     -         612,745  
                                -  
Discontinued operations:
                               -  
Gain from sale of discontinued operation
                               -  
Loss from discontinued operations
     (2,794,865 )                       (2,794,865 )
Total loss from discontinued operations
     (2,794,865 )     -                 (2,794,865 )
Loss before income taxes
     (2,094,775 )     (87,345 )               (2,182,120 )
                                   
Income taxes
             (7,212 )               (7,212 )
                                   
Net loss
     (2,094,775 )     (94,557 )     -         (2,189,332 )
                                -  
Convertible preferred stock dividends
     (100,100 )                       (100,100 )
                                -  
Net income (loss) allocatable to common stockholders
   $ (2,194,875 )   $ (94,557 )   $ -       $ (2,289,432 )
                                   
Net income (loss) per common share (Basic)
                                  
Income (loss) from continuing operation
   $ 0.01                       $ 0.01  
Income (loss) from discontinued operations
   $ (0.03 )                     $ (0.03 )
Net income (loss) per common share
   $ (0.02 )                     $ (0.02 )
                                   
Net income (loss) per common share (Diluted)
                                  
Income (loss) from continuing operation
   $ 0.00                       $ 0.00  
Income (loss) from discontinued operations
   $ (0.03 )                     $ (0.00 )
Net income (loss) per common share
   $ (0.03 )                     $ (0.00 )
                                   
Weighted common shares outstanding
                                  
Basic
     92,005,723                         92,005,723  
Diluted (continuing operations)
     1,200,589,473               6,903,932,000  
(a)
     8,104,521,473  
Diluted (discontinued operations)
     92,005,723               6,903,932,000  
(a)
     6,995,937,723  


 
- 5 -
 

(a)
Represents the dilution effect from shares of TNSX convertible preferred stock issued in conjunction with the reverse acquisition on the closing date, Which includes:
(1) 4,550,000,000 additional shares from the convertible preferred stock issued to Big Tree shareholder, Lins International.
(2) 1,779,920,800 additional shares from the convertible preferred stock issued to CDII as consulting fee for the recapitalization, and
(3) 574,011,200 additional shares from the convertible preferred stock issued to former debt holders to exchange for their debt right..
NOTE: All the additional shares above are calculated before the expected 1 for 700 reverse stock split because the expected reverse stock split has not occurred as of the recapitalization closing date.


 
- 6 -
 

User Contributions:

Comment about this document or add new information about this topic:

CAPTCHA


This web site and associated pages are not associated with, endorsed by, or sponsored by Big Tree Group, Inc. and has no official or unofficial affiliation with Big Tree Group, Inc.


Based on public records. Inadvertent errors are possible.
Faqs.org does not guarantee the accuracy or timeliness of any information on this site.  Use at your own risk. This website is not associated with the SEC

Some parts © 2013 Advameg, Inc.