Exhibit 99.3
ALTERNATIVE SOLUTIONS L.L.C. / CLS HOLDINGS USA, INC.
PRO FORMA CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
|
For the Year Ended |
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|
May 31, 2018 |
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|
Alternative |
CLS USA |
Pro Forma |
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|
Solutions, LLC |
Holdings, Inc. |
Elimination |
Combined |
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|
ASSETS |
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|
Current assets |
$ | 2,337,736 | $ | 54,374 | $ | - | $ | 2,392,110 | ||||||||
|
Other assets |
1,106,277 | 2,050,898 | (2,050,000 | ) | 1,107,175 | |||||||||||
|
Total assets |
$ | 3,444,013 | $ | 2,105,272 | $ | (2,050,000 | ) | $ | 3,499,285 | |||||||
|
LIABILITIES AND EQUITY (DEFICIT) |
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|
Current liabilities |
$ | 1,260,540 | $ | 2,689,148 | $ | - | $ | 3,949,688 | ||||||||
|
Long-term liabilities |
- | 43,904 | - | 43,904 | ||||||||||||
|
Total liabilities |
1,260,540 | 2,733,052 | - | 3,993,592 | ||||||||||||
|
Equity (deficit): |
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|
Partners' capital |
7,303,971 | - | (7,303,971 | ) | - | |||||||||||
|
Common stock |
- | 5,013 | - | 5,013 | ||||||||||||
|
Additional paid-in capital |
- | 17,628,717 | 133,473 | 17,762,190 | ||||||||||||
|
Stock payable |
- | 307,584 | - | 307,584 | ||||||||||||
|
Accumulated deficit |
(5,120,498 | ) | (18,569,094 | ) | 5,120,498 | (18,569,094 | ) | |||||||||
|
Total equity (deficit) |
2,183,473 | (627,780 | ) | (2,050,000 | ) | (494,307 | ) | |||||||||
|
Total liabilities and equity (deficit) |
$ | 3,444,013 | $ | 2,105,272 | $ | (2,050,000 | ) | $ | 3,499,285 | |||||||
|
For the Year Ended |
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|
May 31, 2017 |
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|
Alternative |
CLS USA |
Pro Forma |
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|
Solutions, LLC |
Holdings, Inc. |
Elimination |
Combined |
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|
ASSETS |
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|
Current assets |
$ | 675,185 | $ | 79,720 | $ | - | $ | 754,905 | ||||||||
|
Other assets |
1,225,783 | 52,220 | - | 1,278,003 | ||||||||||||
|
Total assets |
$ | 1,900,968 | $ | 131,940 | $ | - | $ | 2,032,908 | ||||||||
|
LIABILITIES AND EQUITY (DEFICIT) |
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|
Current liabilities |
$ | 1,207,180 | $ | 1,826,478 | $ | - | $ | 3,033,658 | ||||||||
|
Long-term liabilities |
- | 192,000 | - | 192,000 | ||||||||||||
|
Total liabilities |
1,207,180 | 2,018,478 | - | 3,225,658 | ||||||||||||
|
Equity (deficit): |
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|
Partners' capital |
4,578,971 | - | (4,578,971 | ) | - | |||||||||||
|
Common stock |
- | 3,286 | - | 3,286 | ||||||||||||
|
Additional paid-in capital |
- | 7,032,836 | 693,788 | 7,726,624 | ||||||||||||
|
Stock payable |
- | 68,950 | - | 68,950 | ||||||||||||
|
Accumulated deficit |
(3,885,183 | ) | (8,991,610 | ) | 3,885,183 | (8,991,610 | ) | |||||||||
|
Total equity (deficit) |
693,788 | (1,886,538 | ) | - | (1,192,750 | ) | ||||||||||
|
Total liabilities and equity (deficit) |
$ | 1,900,968 | $ | 131,940 | $ | - | $ | 2,032,908 | ||||||||
ALTERNATIVE SOLUTIONS L.L.C. / CLS HOLDINGS USA, INC.
PRO FORMA STATEMENTS OF OPERATIONS
(Unaudited)
|
For the Year Ended |
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|
May 31, 2018 |
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|
Alternative |
CLS USA |
Pro Forma |
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|
Solutions, LLC |
Holdings, Inc. |
Combined |
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|
Revenue |
$ | 7,258,443 | $ | - | $ | 7,258,443 | ||||||
|
Cost of goods sold |
4,586,221 | - | 4,586,221 | |||||||||
|
Gross Profit |
2,672,222 | - | 2,672,222 | |||||||||
|
Operating expenses |
3,877,117 | 3,116,040 | 6,993,157 | |||||||||
|
Net operating loss |
(1,204,895 | ) | (3,116,040 | ) | (4,320,935 | ) | ||||||
|
Other income (expense) |
(67,641 | ) | (6,461,444 | ) | (6,529,085 | ) | ||||||
|
Net loss |
$ | (1,272,536 | ) | $ | (9,577,484 | ) | $ | (10,850,020 | ) | |||
|
Weighted average number of common |
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|
shares outstanding - basic and fully diluted |
39,224,613 | 60,053,738 | ||||||||||
|
Net (loss) per share - basic and fully diluted |
$ | (0.24 | ) | $ | (0.18 | ) | ||||||
|
For the Year Ended |
||||||||||||
|
May 31, 2017 |
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|
Alternative |
CLS USA |
Pro Forma |
||||||||||
|
Solutions, LLC |
Holdings, Inc. |
Combined |
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|
Revenue |
$ | 1,367,196 | $ | - | $ | 1,367,196 | ||||||
|
Cost of goods sold |
1,164,617 | - | 1,164,617 | |||||||||
|
Gross Profit |
202,579 | - | 202,579 | |||||||||
|
Operating expenses |
1,811,702 | 1,610,955 | 3,422,657 | |||||||||
|
Net operating loss |
(1,609,123 | ) | (1,610,955 | ) | (3,220,078 | ) | ||||||
|
Other income (expense): |
(459,020 | ) | (3,254,769 | ) | (3,713,789 | ) | ||||||
|
Net loss |
$ | (2,068,143 | ) | $ | (4,865,724 | ) | $ | (6,933,867 | ) | |||
|
Weighted average number of common |
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|
shares outstanding - basic and fully diluted |
20,778,785 | 42,837,608 | ||||||||||
|
Net (loss) per share - basic and fully diluted |
$ | (0.23 | ) | $ | (0.16 | ) | ||||||