The following unaudited pro forma condensed combined financial statements which give effect to the business combination transaction (the “Acquisition”) between Resort Savers, Inc. (the “Company”, “we”, “us”, “our”) and Beijing Yandong Tieshan Oil Products Co., Ltd. (“Beijing Yandong”), a company incorporated pursuant to the laws of the PRC.
Resort Savers, Inc.
Proforma
Balance Sheet – Unaudited
Resort Savers, Inc.
Proforma
Statement of Operations – Unaudited
Resort Savers, Inc.
NOTES TO THE UNAUDITED PROFORMA CONDENSED COMBINED FINANCIAL STATEMENTS
(Unaudited)
January 29, 2016, the Company has entered into share exchange agreement with Beijing Yandong Tieshan Oil Products Co., Ltd. Pursuant to the agreement, the Company will issue 6,000,000 shares to exchange 51% interest of Beijing Yandong Tieshan Oil Products Co., Ltd.
NOTE 1 – BASIS OF PRO FORMA PRESENTATION
The unaudited pro forma condensed combined balance sheets have been derived from the historical December 31, 2015 balance sheet of Beijing Yandong after giving effect to the Acquisition. The pro forma balance sheet and statement of operations presents this transaction as if they had been consummated as of December 31, 2015, as required under Article 11 of Regulation S-X.
Historical financial information has been adjusted in the pro forma balance sheet to pro forma events that are: (1) directly attributable to the Acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the Company’s results of operations. The pro forma adjustments presented in the proforma condensed combined balance sheet and statement of operations are described in Note 2.
NOTE 2 – PRO FORMA ADJUSTMENTS
The adjustments included in the pro forma balance sheet and statement of operations are as follows:
(a) To reflect the shares issued as consideration of the Acquisition
(b) To eliminate the retained earnings of Beijing Yandong incurred before the Acquisition.
