EX-99.3 5 vnueinc_ex99-3.htm EXHIBIT 99.3

 

EXHIBIT 99.3

 

VNUE, Inc. and Stage It Corp.

Unaudited Proforma Consolidated Balance Sheets

For the Year Ended December 31, 2020

 

   VNUE, Inc.   Stage It Corp.         Consolidated 
   December 31,   December 31,     Acquisition   December 31, 
   2020   2020     Entries   2020 
Assets                      
Current Assets:                      
Cash  $4,458   $281,003          $285,461 
Accounts receivable -net   -                - 
Prepaid expenses   100,000                100,000 
Other assets   -    127,874           127,874 
Total current assets   104,458    408,877      -    513,335 
Property and equipment, net   -    62,912           62,912 
Goodwill   -    -  (a)(b)(c)   9,536,260    9,536,260 
Intangible Assets   -    -  (c)(d)   1,589,377    1,589,377 
Total Assets  $104,458   $471,789     $11,125,637   $11,701,884 
                       
Liabilities and Stockholders’ Equity:                      
                       
Current Liabilities:                      
Accounts payable and accrued liabilities  $2,994,725    2,212,948          $5,207,673 
Accrued payroll officer   209,750    -      -    209,750 
Accrued interest        650,654  (a)   (650,654)   - 
Accrued interest related party        767,715  (a)   (767,715)   - 
Notes payable   34,000    179,000  (a)        213,000 
Convertible notes   1,956,922    315,000  (a)   (315,000)   1,956,922 
Convertible notes related party   -    547,500  (a)   (547,500)   - 
Derivative liability   3,156,582    2,404,981  (a)   (2,404,981)   3,156,582 
Total Current Liabilities   8,351,979    7,077,798      (4,685,850)   10,743,927 
Total liabilities   8,351,979    7,077,798      (4,685,850)   10,743,927 
                       
Commitments and Contingencies   -    -      -    - 
                       
Stockholders’ Equity                      
Common stock   121,149    97  (a)(b)   23,403    144,649 
Series A preferred stock   413    4  (a)(b)   (4)   413 
Series A-1 preferred stock        25  (a)(b)   (25)   - 
Series A-2 preferred stock        20  (a)(b)   (20)   - 
Series A-3 preferred stock        20  (a)(b)   (20)   - 
Additional Paid-In Capital   8,386,593    3,963,327  (a)(b)   6,013,339    18,363,259 
Accumulated Deficit   (16,755,676)   (10,569,502) (a)(b)(d)   9,774,813    (17,550,364)
Total Stockholders’ Equity   (8,247,521)   (6,606,009)     15,811,487    957,957 
Total Liabilities and Stockholders’ Equity  $104,458   $471,789     $11,125,637   $11,701,884 

 

Notes
(a) To record acquisition purchase price of $10,000,000 comprised of $1,500,000 in cash and up to $8,500,000 of common stock based upon certain acquisition performance milestone being achieved. Additionally, the amount of liabilities assumed by the Company at closing will be capped at $3,000,000. For the purposes of the proforma analysis, it is estimated that all of performance milestones will be achieved. The acquisition consideration of $1,500,000 was raised by selling common stock at a price of approximately $0.01 per share and the $8,500,000 is estimated to issued at an average price of $0.15. Addtionally,80% of the acquisition consideration paid was allocated to goodwill and 20% was allocated to intangible assets with an expected amortization period of 3 years.
  These estimates will be subject to further analysis and adjustment by the Company as it completes its acquisition accounting
(b) To cancel and reclass the capital structure of Stage It
(c) To record intangible assets at 20% of goodwill
(d) To record amortization expense based on a three year life

 

1

 

 

VNUE, Inc. and Stage It Corp.

Unaudited Proforma Consolidated Statements of Operations

For the Year Ended December 31, 2020

 

   VNUE, Inc.   Stage It Corp.         Consolidated 
   December 31,   December 31,     Acquisition   December 31, 
   2020   2020     Entries   2021 
Revenue-net  $22,474   $890,846          $913,320 
Cost of Sales   8,509                8,509 
Gross Profit   13,965    890,846           904,811 
                       
Operating expenses                      
Amortization of intangible assets   -    -  (a)   794,688    794,688 
General and administrative expenses   601,022    231,340           832,362 
Contractor expenses   -    455,028           455,028 
Payroll expense   -    1,142,057           1,142,057 
Legal and professional fees   -    88,411           88,411 
Total operating expenses   601,022    1,916,836      794,688    3,312,547 
Loss from operations   (587,058)   (1,025,990)     (794,688)   (2,407,737)
                       
Other income (expense)                      
Loss on the extinguishment of debt   (263,609)                 
Change in the fair value of derivative liability   (2,234,073)   (305,956)            
Interest expense   (1,469,037)   (297,562)          (1,766,599)
Total other income   (3,966,719)   (603,518)          (4,570,237)
Net loss  $(4,553,777)   (1,629,508)     (794,688)   (6,977,974)
                       
Basic and fully diluted loss per share  $(0.00)  $(1.68)         $(0.01)
                       
Weighted average number of shares outstanding   1,135,193,463    972,614  (b)   234,027,386    1,369,220,849 

 

 

(a) To record amortization expense of intangible assets
(b) To adjust share count to reflect potential shares issuance based on Company estimated avg. share price at the time of issuance

 

2

 

 

VNUE, Inc. and Stage It Corp.

Unaudited Proforma Consolidated Balance Sheets

For the Nine Months Ended September 30, 2021

 

   VNUE, Inc.   Stage It Corp.         Consolidated 
   September 30,   September 30,     Acquisition   September 30, 
   2021   2021     Entries   2021 
Assets                      
Current Assets:                      
Cash  $207,921   $69,342          $277,263 
Prepaid expenses   295,000    1,854           296,854 
Total current Assets   502,921    71,196      -    574,117 
Property and equipment, net        60,303           60,303 
Goodwill   -    -  (a)(b)(c)   11,080,958    11,080,958 
Intangible assets   -    -  (c)(d)   2,077,680    2,077,680 
Total Assets  $502,921   $131,499     $13,158,638   $13,793,057 
                       
Liabilities and Stockholders’ Equity:                      
                       
Current Liabilities:                      
Accounts payable and accrued liabilities  $1,456,842   $2,913,488          $4,370,330 
Accrued payroll officer   250,470    -           250,470 
Accrued interest   -    840,197  (a)   (840,197)   - 
Accrued interest related party   -    893,632  (a)   (893,632)   - 
Notes payable   879,157    879,922  (a)   (793,410)   965,669 
Convertible notes   635,714    315,000  (a)   (315,000)   635,714 
Convertible notes related party   -    547,500  (a)   (547,500)   - 
Derivative liability   -    2,670,163  (a)   (2,670,163)   - 
Total Current Liabilities   3,222,183    9,059,902      (6,059,902)   6,222,183 
Total liabilities   3,222,183    9,059,902      (6,059,902)   6,222,183 
                       
Commitments and Contingencies   -    -      -    - 
                       
Stockholders’ Equity                      
Common stock   137,275    97  (a)(b)   23,403    160,775 
Series A preferred stock   425    4  (a)(b)   (4)   425 
Series A-1 preferred stock        25  (a)(b)   (25)   - 
Series A-2 preferred stock        20  (a)(b)   (20)   - 
Series A-3 preferred stock        20  (a)(b)   (20)   (0)
Additional Paid-In Capital   10,548,671    4,454,592  (a)(b)   6,504,604    21,507,867 
Accumulated Deficit   (13,405,633)   (13,383,161) (a)(b)(d)    12,690,601    (14,098,193)
Total Stockholders’ Equity   (2,719,262)   (8,928,403)     19,218,539    7,570,874 
Total Liabilities and Stockholders’ Equity  $502,921   $131,499     $13,158,637   $13,793,057 

 

Notes
(a) To record acquisition purchase price of $10,000,000 comprised of $1,500,000 in cash and up to $8,500,000 of common stock based upon certain acquisition performance milestone being achieved. Additionally, the amount of liabilities assumed by the Company at closing will be capped at $3,000,000. For the purposes of the proforma analysis, it is estimated that all of performance milestones will be achieved. The acquisition consideration of $1,500,000 was raised by selling common stock at a price of approximately $0.01 per share and the $8,500,000 is estimated to issued at an average price of $0.15. Addtionally,80% of the acquisition consideration paid was allocated to goodwill and 20% was allocated to intangible assets with an expected amortization period of 3 years.
  These estimates will be subject to further analysis and adjustment by the Company as it completes its acquisition accounting
(b) To cancel and reclass the capital structure of Stage It
(c) To record intangible assets at 20% of goodwill
(d) To record amortization expense based on a three year life

 

3

 

 

VNUE, Inc. and Stage It Corp.

Unaudited Proforma Consolidated Statements of Operations

For the Nine Months Ended September 30, 2021

 

   VNUE, Inc.   Stage It Corp.         Consolidated 
   September 30,   September 30,     Acquisition   September 30, 
   2021   2021     Entries   2021 
Revenue-net  $9,295   $313,811          $323,106 
Cost of Sales   5,446                5,446 
Gross Profit   3,849    313,811           317,660 
                       
Operating expenses                      
Amortization of intangible assets           (a)   692,560    692,560 
General and administrative expenses   614,796    212,728           827,524 
Contractor expenses        259,686           259,686 
Payroll expense        1,320,436           1,320,436 
Stock-based compensation        491,265           491,265 
Legal and professional fees        114,150           114,150 
Total operating expenses   614,796    2,398,265      692,560    3,705,621 
Loss from operations   (610,947)   (2,084,454)     (692,560)   (3,387,961)
                     - 
Other income (expense)                    - 
Other income   1,172,781                1,172,781 
Loss on the extinguishment of debt   (288,146)               (288,146)
Change in the fair value of derivative liability   3,156,582    (265,182)          2,891,400 
Interest expense   (80,227)   (464,023)          (544,250)
Total other income   3,960,990    (729,205)          3,231,785 
Net loss  $3,350,043   $(2,813,659)     (692,560)   (156,176)
                     - 
Basic and fully diluted loss per share  $(0.00)  $(2.89)         $(0.00)
                       
Weighted average number of shares outstanding   1,266,155,076    972,614  (b)   234,027,386    1,500,182,462 

 

 

(a) To record amortization expense of intangible assets
(b) To adjust share count to reflect potential shares issuance based on Company estimated avg. share price at the time of issuance

 

4