UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
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As of December 31, 2012
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Pro Forma
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GCEH
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SUSOIL
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Adjustments
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Pro Forma
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ASSETS
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CURRENT ASSETS
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Cash and cash equivalents
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$ | 941,579 | $ | 60,163 | $ | (100 | ) | (a2 | ) | $ | - | |||||||
(27,500 | ) | (a11 | ) | 974,142 | ||||||||||||||
Accounts receivable
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2,100 | 5,043 | 7,143 | |||||||||||||||
Inventory
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1,564 | 107,023 | 321,554 | (a4 | ) | 430,141 | ||||||||||||
Other current assets
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298,586 | 360 | 298,946 | |||||||||||||||
Total Current Assets
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1,243,829 | 172,589 | 293,954 | 1,710,372 | ||||||||||||||
PROPERTY AND EQUIPMENT, NET
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14,559,002 | - | 190,500 | (a5 | ) | 14,749,502 | ||||||||||||
INVESTMENT HELD FOR SALE
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288,536 | - | 288,536 | |||||||||||||||
DEFERRED GROWING COST
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3,378,990 | - | 3,378,990 | |||||||||||||||
INTANGIBLE ASSETS, NET
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- | - | 3,859,079 | (a6 | ) | 3,859,079 | ||||||||||||
OTHER NONCURRENT ASSETS
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11,372 | - | 11,372 | |||||||||||||||
TOTAL ASSETS
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$ | 19,481,729 | $ | 172,589 | $ | 4,343,533 | $ | 23,997,851 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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CURRENT LIABILITIES
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Accounts payable and accrued expenses
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$ | 1,135,594 | $ | 2,330,262 | $ | 103,000 | (a7 | ) | $ | 3,568,856 | ||||||||
Accounts payable to related parties
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- | 835,582 | (835,582 | ) | (a8 | ) | - | |||||||||||
Accrued payroll and payroll taxes
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1,018,894 | 10,000 | 1,028,894 | |||||||||||||||
Accrued interest due to related party
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- | 287,385 | (287,385 | ) | (a8 | ) | - | |||||||||||
Capital lease liability - current portion
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42,829 | - | 42,829 | |||||||||||||||
Notes payable - current portion
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60,800 | - | 60,800 | |||||||||||||||
Convertible notes payable
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567,000 | - | 567,000 | |||||||||||||||
Note payable to related party
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- | 263,301 | (263,301 | ) | (a8 | ) | - | |||||||||||
Total Current Liabilities
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2,825,117 | 3,726,530 | (1,283,268 | ) | 5,268,379 | |||||||||||||
LONG-TERM LIABILITIES
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Accrued interest payable
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2,121,787 | - | 2,121,787 | |||||||||||||||
Accrued return on noncontrolling interest
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4,963,582 | - | 4,963,582 | |||||||||||||||
Notes payable - long term portion
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40,200 | - | 1,300,000 | (a1 | ) | 1,340,200 | ||||||||||||
Mortgage notes payable
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5,110,189 | - | 5,110,189 | |||||||||||||||
Total Long Term Liabilities
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12,235,758 | - | 1,300,000 | 13,535,758 | ||||||||||||||
STOCKHOLDERS' EQUITY (DEFICIT)
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Preferred stock, $0.001 par value, Series B
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13 | - | 13 | |||||||||||||||
Common stock, $0.001 par value
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293,683 | 40,000 | (a3 | ) | 333,683 | |||||||||||||
Members' contributions
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- | 9,000,000 | (9,000,000 | ) | (a9 | ) | - | |||||||||||
Additional paid-in capital
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24,588,022 | - | 760,000 | (a3 | ) | 25,348,022 | ||||||||||||
Accumulated deficit
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(26,599,007 | ) | (12,553,941 | ) | 12,526,801 | (a9 | ) | (26,626,147 | ) | |||||||||
Accumulated other comprehensive loss
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(56,121 | ) | - | (56,121 | ) | |||||||||||||
Total Global Clean Energy Holdings, Inc. Stockholders' Deficit
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(1,773,410 | ) | (3,553,941 | ) | 4,326,801 | (1,000,550 | ) | |||||||||||
Noncontrolling interests
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6,194,264 | - | 6,194,264 | |||||||||||||||
Total equity (deficit)
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4,420,854 | (3,553,941 | ) | 4,326,801 | 5,193,714 | |||||||||||||
TOTAL LIABILITIES AND EQUITY (DEFICIT)
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$ | 19,481,729 | $ | 172,589 | $ | 4,343,533 | $ | 23,997,851 | ||||||||||
See the accompanying notes to unaudited pro forma condensed consolidated financial statements.
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UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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For the year ended December 31, 2012
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Pro Forma
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GCEH
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SusOils
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Adjustments
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Pro Forma
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Revenue
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$ | 367,811 | $ | 2,843,917 | $ | 3,211,728 | |||||||||||
Subsidy Income
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768,272 | - | 768,272 | ||||||||||||||
Total Revenue
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1,136,083 | 2,843,917 | - | 3,980,000 | |||||||||||||
Cost of Goods Sold
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- | 3,191,323 | 3,191,323 | ||||||||||||||
Gross Profit (Loss)
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1,136,083 | (347,406 | ) | - | 788,677 | ||||||||||||
Operating Expenses
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General and administrative
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2,069,309 | 354,935 | 230,074 | (b1 | ) | - | |||||||||||
27,500 | (a11 | ) | 2,681,818 | ||||||||||||||
Write down of impaired long lived assets
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1,639,815 | 6,222 | 1,646,037 | ||||||||||||||
Research & development expenses
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- | 123,779 | 123,779 | ||||||||||||||
Plantation operating costs
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826,227 | - | 826,227 | ||||||||||||||
Total Operating Expenses
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4,535,351 | 484,936 | 257,574 | 5,277,861 | |||||||||||||
Loss from Operations
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(3,399,268 | ) | (832,342 | ) | (257,574 | ) | (4,489,184 | ) | |||||||||
Other Income (Expenses)
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Other income
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121 | - | 121 | ||||||||||||||
Interest Income
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- | 2,222 | 2,222 | ||||||||||||||
Interest expense
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(857,439 | ) | (49,636 | ) | (907,075 | ) | |||||||||||
Gain on extinguishment of liabilities
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1,013,387 | 1,184,330 | (2,197,717 | ) | (b2 | ) | - | ||||||||||
Foreign currency transaction loss
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(32,716 | ) | (777 | ) | (33,493 | ) | |||||||||||
Net Other Income (Loss)
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123,353 | 1,136,139 | (2,197,717 | ) | (938,225 | ) | |||||||||||
Net Income (Loss)
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(3,275,915 | ) | $ | 303,797 | $ | (2,455,291 | ) | (5,427,409 | ) | ||||||||
Less Net Loss Attributable to the Noncontrolling
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Interest
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3,339,202 | 3,339,202 | |||||||||||||||
Net Income (Loss) Attributable to Global Clean
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Energy Holdings, Inc. Shareholders
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$ | 63,287 | $ | (2,088,207 | ) | ||||||||||||
Amounts attributable to Global Clean Energy
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Holdings, Inc. common shareholders:
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Basic Income (Loss) per Common Share
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$ | - | $ | (0.01 | ) | ||||||||||||
Basic Weighted-Average Common Shares Outstanding
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292,244,373 | 332,244,373 | |||||||||||||||
Diluted Income (Loss) per Common Share
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$ | - | $ | (0.01 | ) | ||||||||||||
Diluted Weighted-Average Common Shares Outstanding
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318,962,355 | 332,244,373 | |||||||||||||||
See the accompanying notes to unaudited pro forma condensed consolidated financial statements.
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Pro Forma | ||||
Fair Values at
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December 31, 2012
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Cash | $ | 60,163 | ||
Prepaids and other assets
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5,043 | |||
Inventory
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428,577 | |||
Intangible Assets
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3,859,079 | |||
Equipment
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190,500 | |||
Accounts Payable to Major Vendor, Secured
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(2,286,727 | ) | ||
Commitment for field testing
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(103,000 | ) | ||
Other accounts payable and accrued liabilities
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(53,535 | ) | ||
Total net assets of Sustainable Oils
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$ | 2,100,100 | ||
(a)
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The pro forma condensed consolidated balance sheet has been adjusted to reflect the recognition of the fair values of the assets acquired and the consideration transferred. The pro forma adjustments related to the consideration transferred are as follows:
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(a1 | ) |
Note Payable to Targeted Growth, Inc.
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$ | 1,300,000 | |||
(a2 | ) |
Cash (paid out)
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100 | ||||
(a3 | ) |
Common stock issued
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800,000 | ||||
$ | 2,100,100 | ||||||
(a4 | ) |
Inventory adjustment to fair value
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$ | 321,554 | |||
(a5 | ) |
Equipment adjustment to fair value
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190,500 | ||||
(a6 | ) |
Intangible assets adjustment to fair value
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3,859,079 | ||||
(a7 | ) |
Commitments assumed at acquisition
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(103,000 | ) | |||
(a8 | ) |
Forgiveness of liabilities payable to former member
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1,386,268 | ||||
(a9 | ) |
Elimination of members' deficit of prior operations
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3,526,801 | ||||
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(a11) The cost incurred related to the acquisition of Sustainable Oils, LLC includes approximately $21,500 in legal and $6,000 in valuation fees, for a total of approximately $27,500.
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(b)
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The unaudited pro forma condensed consolidated statements of operations have been adjusted to reflect:
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