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Riptide Worldwide, Inc. – ‘8-K’ for 3/2/07 – EX-99.2

On:  Thursday, 3/8/07, at 5:12pm ET   ·   For:  3/2/07   ·   Accession #:  1104659-7-17479   ·   File #:  333-130011

Previous ‘8-K’:  ‘8-K’ on 3/8/07 for 3/2/07   ·   Next:  ‘8-K’ on / for 3/9/07   ·   Latest:  ‘8-K’ on 11/25/08 for 11/21/08

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/08/07  Riptide Worldwide, Inc.           8-K:1,2,3,5 3/02/07   13:2.4M                                   Merrill Corp-MD/FA

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report of Material Events or Corporate      HTML    300K 
                          Changes                                                
 2: EX-2.1      EX-2.1 Merger Agreement                             HTML    263K 
 3: EX-3.1      EX-3.1 Terms of Preferred Stock                     HTML     73K 
 4: EX-4.1      EX-4.1 Form of Warrant Agreement                    HTML     60K 
 5: EX-4.2      EX-4.2 Form of Preferred Stock Purchase Agreement   HTML    111K 
 6: EX-4.3      EX-4.3 Form of Registration Rights Agreement        HTML    103K 
 7: EX-10.1     EX-10.1 Employment Agreement - Francis E. Wilde     HTML     89K 
 8: EX-10.2     EX-10.2 Employment Agreement - Tom E. Wheeler       HTML     78K 
 9: EX-10.3     EX-10.3 Employment Agreement - Mark Hulsizer        HTML     83K 
10: EX-10.4     EX-10.4 Employment Agreement - Jon Boaz             HTML     83K 
11: EX-10.5     EX-10.5 Employment Agreement - E. Joseph Vitetta    HTML     80K 
12: EX-99.1     EX-99.1 Information Intellect, Inc. Financial       HTML    421K 
                          Statements                                             
13: EX-99.2     EX-99.2 Pro Forma Financial Information             HTML    109K 


EX-99.2   —   EX-99.2 Pro Forma Financial Information


This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



Exhibit 99.2 Pro Forma Financial Information

Pro Forma Balance Sheet

 

 

 

 

Shea

 

 

 

 

 

 

 

 

 

 

 

Development

 

 

 

 

 

 

 

 

 

Information

 

Corp.

 

 

 

 

 

Pro Forma

 

 

 

Intellect December

 

November 30,

 

Pro Forma Adjustments

 

Consolidated Shea

 

 

 

31, 2006

 

2006

 

Recapitalization (1)

 

Financing (2)

 

Development Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

404,209

 

$

382

 

 

 

$

2,800,000

 

$

3,204,591

 

Accounts recievable

 

413,699

 

 

 

 

 

 

 

413,699

 

Inventory

 

861,136

 

 

 

 

 

 

 

861,136

 

Prepaid expenses

 

25,729

 

 

 

 

 

 

 

25,729

 

Total Current Assets

 

1,704,773

 

382

 

 

2,800,000

 

4,505,155

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

188,476

 

 

 

 

 

 

 

188,476

 

Intangible assets, net

 

2,359,909

 

 

 

 

 

 

 

2,359,909

 

Other assets

 

98,362

 

 

 

 

 

 

 

98,362

 

Total Assets

 

$

4,351,520

 

$

382

 

$

 

$

2,800,000

 

$

7,151,902

 

 

 

 

 

 

 

 

 

 

 

 

 

Current maturities of notes payable

 

$

395,400

 

 

 

 

 

 

 

$

395,400

 

Current maturities of capital lease obligations

 

4,443

 

 

 

 

 

 

 

4,443

 

Accounts payable and accrued exepnses

 

214,487

 

$

6,890

 

 

 

221,377

 

Payble to related party

 

 

11,514

 

 

 

11,514

 

Deferred revenue

 

515,723

 

 

 

 

 

 

 

515,723

 

Total current liabilities

 

1,130,053

 

18,404

 

 

 

1,148,457

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term notes payable

 

935,349

 

 

 

 

 

 

 

935,349

 

Long-term capital lease obligations

 

44,836

 

 

 

 

 

 

 

44,836

 

Dividends payable in shares of common stock

 

301,875

 

 

 

 

 

 

 

301,875

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A preferred stock

 

2,967

 

 

 

(2,967

)

2,800

 

2,800

 

Common stock

 

6,873

 

8,100

 

(12,801

)

 

2,172

 

Pending issuance of preferred stock

 

250,000

 

 

 

(250,000

)

 

 

 

Additional paid-in capital

 

6,523,624

 

32,700

 

206,946

 

2,797,200

 

9,560,470

 

Donated capital

 

 

 

17,000

 

(17,000

)

 

 

Accumulated deficit

 

(4,844,057

)

(75,822

)

75,822

 

 

(4,844,057

)

Total stockholders’ equity

 

1,939,407

 

(18,022

)

 

2,800,000

 

4,721,385

 

Total Liabilities and Stockholders’ Equity

 

$

4,351,520

 

$

382

 

$

 

$

2,800,000

 

$

7,151,902

 


(1) The recapitalization reflects the following transactions

·       the effects of a one for 12.2 reverse stock split of Shea Development Corp. shares of common stock,

·       an increase in authorized shares to 800,000,000 shares of Shea Development Corp. common stock, $.001 par value per share

·       authorization of 20,000,000 shares of Shea Development Corp. preferred stock, $.001 par value per share

·       exchange of all the outstanding shares of common stock and preferred stock of Information Intellect for 18,900,000 shares of common stock of Shea Development Corp. and the issuance of 1,575,000 shares of common stock to the promoters of the transaction. The Shea Development Corp. Shareholders prior to the merger retained 1,245,000 shares of common stock. There were 21,720,000 shares of common stock issued and outstanding following the merger.

(2) Reflects the issuance of 2,800,000 shares of Series A Convertible Preferred Stock at $1.00 per share issued in conjunction with the merger of Shea Development Corp. and Information Intellect on March 2, 2007.




Pro Forma Income Statement

 

 

 

 

Shea Development

 

 

 

 

 

 

 

Information Intellect

 

Corp. for the Twelve

 

 

 

Pro Forma

 

 

 

Year Ended December 31,

 

Months Ended

 

Pro Forma

 

Consolidated Shea

 

 

 

2006

 

November 30, 2006

 

Adjustments (3)

 

Development Corp.

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

3,259,859

 

 

 

 

 

$

3,259,859

 

Costs of revenue

 

1,039,619

 

 

 

 

 

1,039,619

 

Gross profit

 

2,220,240

 

 

 

2,220,240

 

 

 

 

 

 

 

 

 

 

 

SG&A

 

3,030,752

 

$

55,146

 

$

(55,146

)

3,030,752

 

Product development expense

 

1,360,330

 

 

 

 

 

1,360,330

 

Depreciation and amortization

 

29,780

 

 

 

 

 

29,780

 

Amortization of intangible assets

 

988,544

 

 

 

 

 

988,544

 

Total operating expenses

 

5,409,406

 

55,146

 

(55,146

)

5,409,406

 

Operating Loss

 

(3,189,166

)

(55,146

)

55,146

 

(3,189,166

)

 

 

 

 

 

 

 

 

 

 

Interest income

 

24,987

 

 

 

 

 

24,987

 

Interest expense

 

(109,086

)

 

 

 

 

(109,086

)

Other income (expense)

 

2,582

 

 

 

 

 

2,582

 

Income before taxes

 

(3,270,683

)

(55,146

)

55,146

 

(3,270,683

)

Provision for income taxes

 

 

 

 

 

Net loss

 

(3,270,683

)

(55,146

)

55,146

 

(3,270,683

)

Preferred dividends

 

(241,500

)

 

 

(241,500

)

Net loss to common shareholders

 

$

(3,512,183

)

$

(55,146

)

$

55,146

 

$

(3,512,183

)

 

 

 

 

 

 

 

 

 

 

Weighted average shares

 

 

 

 

 

 

 

21,720,000

 

Net loss per share to common shareholders

 

 

 

 

 

 

 

$

(0.16

)


(3) The acquisition is accounted for as a reverse merger and under the purchase method of accounting, the results of operations prior to the acquisition are excluded from the operations of the combined company. Following the merger the combined company will not continue any activities of Shea Development Corp.’s prior business activities.




Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on:3/8/078-K
For Period End:3/2/073,  4,  8-K
11/30/0610QSB
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