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WORLD ENERGY SOLUTIONS 8-K 2011

Documents found in this filing:

  1. 8-K/A
  2. Ex-23.1
  3. Ex-99.2
  4. Ex-99.3
  5. Ex-99.3
Exhibit 99.3
EXHIBIT 99.3
Unaudited Pro Forma Combined Financial Information
The following unaudited pro forma combined statements of operations of World Energy Solutions, Inc. (the “Company” or “World Energy”) for the six-months ended June 30, 2011 and for the year ended December 31, 2010, gives effect to the acquisition of certain contracts and the assumption of certain liabilities of the Co-eXprise energy procurement business as if the transaction had occurred on January 1, 2010. The unaudited pro forma combined balance sheet at June 30, 2011 gives effect to the acquisition of the Co-eXprise energy procurement business as if the transaction had occurred on June 30, 2011.
The accompanying unaudited pro forma combined financial information reflects World Energy’s acquisition of certain contracts and assumption of certain liabilities pursuant to a Contract Purchase Agreement between the Company and Co-eXprise dated September 13, 2011. In accordance with Accounting Standards Codification (“ASC”) No. 805 “Business Combinations”, and ASC No. 350 “Intangibles — Goodwill and Other”, the Company used the purchase method of accounting for a business combination to account for the acquisition as well as the related accounting and reporting regulations for goodwill and other intangibles. Under the purchase method of accounting, the total purchase price is allocated to the net assets and liabilities acquired based upon estimates of the fair value of those assets and liabilities. Any excess purchase price is allocated to goodwill. The preliminary allocation of the purchase price was based upon estimates of the fair value of the acquired assets and liabilities in accordance with ASC No. 350.
The following unaudited pro forma combined financial statements of the Company have been prepared by management in accordance with generally accepted accounting principles in the United States and do not reflect any operating efficiencies and cost savings that World Energy believes are achievable.
The unaudited pro forma combined financial information is presented for illustrative purpose only and is not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated at the beginning of the periods presented, nor is it necessarily indicative of future operating results. The pro forma adjustments are based upon available information and upon certain assumptions described in the notes to the unaudited pro forma combined financial statements that World Energy’s management believes are reasonable in the circumstances. The accompanying pro forma financial combined information should be read in conjunction with the historical consolidated financial statements and accompanying notes thereto of World Energy included in its Annual Report on Form 10-K for the year ended December 31, 2010 and the Co-eXprise energy procurement business financial statements included elsewhere herein.

 

 


 

World Energy Solutions, Inc.
Pro Forma Combined Balance Sheet
June 30, 2011
(Unaudited)
                                         
    World Energy             Pro Forma              
    Solutions     Co-eXprise     Adjustments     Note     Pro Forma  
 
                                       
Assets
                                       
 
                                       
Current assets
                                       
Cash and cash equivalents
  $ 9,216,653     $     $ (4,000,000 )     A     $ 5,216,653  
Trade accounts receivable, net
    3,036,964       476,618       (47,661 )     A       3,465,921  
Prepaid expenses and other current assets
    339,052       502,312       (502,312 )     A       339,052  
 
                               
Total current assets
    12,592,669       978,930       (4,549,963 )             9,021,626  
 
                                       
Property and equipment, net
    228,130                           228,130  
Convertible note receivable
    650,000                           650,000  
Intangible assets, net
    3,244,884             1,760,000       A       5,004,884  
Goodwill
    3,178,701             1,822,918       A       5,001,619  
Other assets
    184,965                           184,965  
 
                               
Total assets
  $ 20,079,349     $ 978,930     $ (967,055 )           $ 20,091,224  
 
                               
 
                                       
Liabilities and Stockholders’ Equity
                                       
 
                                       
Current liabilities
                                       
Accounts payable
  $ 293,647     $     $             $ 293,647  
Accrued commissions
    886,193       11,875                     898,068  
Accrued compensation
    1,189,387                           1,189,387  
Accrued expenses
    190,826       3,198       (3,198 )     A       190,826  
Deferred revenue and customer advances
    160,314       18,151       (18,151 )     A       160,314  
Capital lease obligations
    8,313                           8,313  
 
                               
Total current liabilities
    2,728,680       33,224       (21,349 )             2,740,555  
 
                               
 
                                       
Deferred Revenue
          15,329       (15,329 )     A        
 
                                       
Stockholders’ equity:
                                       
 
                                       
Preferred stock
                               
Common stock
    1,076                           1,076  
Additional paid-in capital
    39,208,058                           39,208,058  
Accumulated deficit
    (21,639,638 )     930,377       (930,377 )     A       (21,639,638 )
Treasury stock
    (218,827 )                         (218,827 )
 
                               
Total stockholders’ equity
    17,350,669       930,377                     17,350,669  
 
                               
Total liabilities and stockholders’ equity
  $ 20,079,349     $ 978,930     $ (967,055 )           $ 20,091,224  
 
                               

 

2


 

World Energy Solutions, Inc.
Pro Forma Combined Statement of Operations
For the year ended December 31, 2010
(Unaudited)
                                         
    World Energy             Pro Forma              
    Solutions     Co-eXprise     Adjustments     Note     Pro Forma  
 
                                       
Revenue
  $ 17,984,662     $ 2,131,228     $             $ 20,115,890  
 
                                       
Cost of revenue
    3,715,869       211,766                     3,927,635  
 
                               
 
                                       
Gross profit
    14,268,793       1,919,462                     16,188,255  
 
                               
 
                                       
Sales and marketing
    9,483,350       524,262       486,857       B       10,494,469  
 
                                       
General and administrative
    4,893,212       982,381       34,000       B       5,909,593  
 
                               
 
                                       
Total operating expenses
    14,376,562       1,506,643       520,857               16,404,062  
 
                               
 
                                       
Operating income (loss)
    (107,769 )     412,819       (520,857 )             (215,807 )
 
                                       
Other income (expense), net
    8,682       (9,677 )     (220,000 )     C       (220,995 )
 
                               
 
                                       
Income (loss) before income taxes
    (99,087 )     403,142       (740,857 )             (436,802 )
 
                                       
Income tax expense
          9,590                     9,590  
 
                               
 
                                       
Net income (loss)
  $ (99,087 )   $ 393,552     $ (740,857 )           $ (446,392 )
 
                               

 

3


 

World Energy Solutions, Inc.
Pro Forma Combined Statement of Operations
For the six months ended June 30, 2011
(Unaudited)
                                         
    World Energy             Pro Forma              
    Solutions     Co-eXprise     Adjustments     Note     Pro Forma  
 
                                       
Revenue
  $ 9,555,070     $ 1,109,713     $             $ 10,664,783  
 
                                       
Cost of revenue
    1,936,513       37,095                     1,973,608  
 
                               
 
                                       
Gross profit
    7,618,557       1,072,618                     8,691,175  
 
                               
 
                                       
Sales and marketing
    4,873,050       75,788       243,429       B       5,192,267  
 
                                       
General and administrative
    2,317,070       187,041       17,000       B       2,521,111  
 
                               
 
                                       
Total operating expenses
    7,190,120       262,829       260,429               7,713,378  
 
                               
 
                                       
Operating income (loss)
    428,437       809,789       (260,429 )             977,797  
 
                                       
Other income (expense), net
    27,463       (3,943 )     (70,611 )     C       (47,091 )
 
                               
 
                                       
Income (loss) before income taxes
    455,900       805,846       (331,040 )             930,706  
 
                                       
Income tax expense
    14,500       4,468                     18,968  
 
                               
 
                                       
Net income (loss)
  $ 441,400     $ 801,378     $ (331,040 )           $ 911,738  
 
                               

 

4


 

World Energy Solutions, Inc.
Notes to Pro Forma Combined Financial Statements
As of June 30, 2011, and For the Six months Ended June 30, 2011
and the Year Ended December 31, 2010
Note A:  
Reflects excluded assets and retained liabilities of the Co-eXprise energy procurement business, elimination of the historical equity accounts and allocation or the allocation of total purchase price as follows:
         
Unbilled receivables
  $ 428,957  
Liabilities acquired
    (11,875 )
Intangibles
    1,760,000  
Goodwill
    1,822,918  
 
     
Total purchase price
  $ 4,000,000  
 
     
Note B:  
Reflects the pro forma adjustments to amortization of intangible assets as if the acquisition had occurred on January 1, 2010 using lives from two and one half to seven years.
Note C:  
Reflects foregone interest income and interest expense on borrowed amounts to fund the purchase of Co-eXprise effective January 1, 2010.

 

5

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