EXHIBIT 99.3b

 

Terra Tech Corp. and Blum

Pro Forma Balance Sheet

As of March 31, 2016

 

 

 

 Terra Tech

 

 

 

 

 

Pro Forma

 

 

 

 

 

 

Corp

 

 

Blum

 

 

Adjustments

 

 

Pro Forma

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$1,131,000

 

 

$163,566

 

 

$-

 

 

$1,294,566

 

Accounts receivable, net

 

 

803,916

 

 

 

-

 

 

 

-

 

 

 

803,916

 

Prepaid expenses

 

 

19,368

 

 

 

525,217

 

 

 

-

 

 

 

544,585

 

Inventory

 

 

1,319,061

 

 

 

103,664

 

 

 

-

 

 

 

1,422,725

 

Total Current Assets

 

 

3,273,345

 

 

 

792,447

 

 

 

-

 

 

 

4,065,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, equipment and leasehold improvements, net

 

 

7,314,449

 

 

 

681,896

 

 

 

-

 

 

 

7,996,345

 

Intangible assets, net

 

 

1,474,690

 

 

 

-

 

 

 

-

 

 

 

1,474,690

 

Intangible assets - Blum Oakland

 

 

 

 

 

 

 

 

 

 

25,000,000(2)

 

 

25,000,000

 

Deposits

 

 

90,636

 

 

 

-

 

 

 

-

 

 

 

90,636

 

Total Assets

 

$12,153,120

 

 

$1,474,343

 

 

$25,000,000

 

 

$38,627,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$1,394,387

 

 

$177,228

 

 

$-

 

 

$1,571,615

 

Derivative liability

 

 

1,334,000

 

 

 

-

 

 

 

-

 

 

 

1,334,000

 

Accrued liabilities

 

 

553,778

 

 

 

2,076,810

 

 

 

43,038(1)

 

 

2,673,626

 

Total Current Liabilities

 

 

3,282,165

 

 

 

2,254,038

 

 

 

43,038

 

 

 

5,579,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,250,000

 

 

 

-

 

 

 

-

 

 

 

1,250,000

 

Deferred tax liability, net

 

 

44,000

 

 

 

101,900

 

 

 

-

 

 

 

145,900

 

Total Long Term Liabilities

 

 

1,294,000

 

 

 

101,900

 

 

 

-

 

 

 

1,395,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitment and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blum - Cash Contingency

 

 

 

 

 

 

 

 

 

 

2,088,000 (3)

 

 

2,088,000

 

Blum - Stock Contingency

 

 

 

 

 

 

 

 

 

 

8,512,000 (3)

 

 

8,512,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, Convertible Series A, Par value $0.001;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

authorized and issued 100 shares as of March 31, 2016

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Preferred stock, Convertible Series B, Par value $0.001;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

authorized 24,970,000 shares as of March 31, 2016;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

issued and outstanding as of 21,867,172 as of March 31, 2016

 

 

16,150

 

 

 

-

 

 

 

5,717 (4)

 

 

21,867

 

Preferred stock, Convertible Series Q, Par value $0.001;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

authorized 21,600 shares as of March 31, 2016;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,639 shares outstanding as of March 31, 2016

 

 

-

 

 

 

-

 

 

 

13 (4)

 

 

13

 

Preferred stock, Convertible Series Z, Par value $0.001;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

authorized 8,300 shares as of March 31, 2016;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,385 shares outstanding as of March 31, 2016

 

 

-

 

 

 

-

 

 

 

5 (4)

 

 

5

 

Common stock, Par value $0.001; authorized 350,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shares; issued 349,739,408 shares as of March 31, 2016

 

 

349,740

 

 

 

-

 

 

 

 

 

 

 

349,740

 

Additional paid-in capital

 

 

57,176,915

 

 

 

10,100

 

 

 

14,394,265 (4)

 

 

71,581,280

 

Accumulated Deficit

 

 

(50,078,173)

 

 

(891,695)

 

 

(43,038)(1)

 

 

(51,012,906)

Total Terra Tech Corp. stockholders' equity

 

 

7,464,632

 

 

 

(881,595)

 

 

14,356,962

 

 

 

20,939,999

 

Non-controlling interest

 

 

112,323

 

 

 

-

 

 

 

-

 

 

 

112,323

 

Total Stockholders' Equity

 

 

7,576,955

 

 

 

(881,595)

 

 

14,356,962

 

 

 

21,052,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

 

$12,153,120

 

 

$1,474,343

 

 

$25,000,000

 

 

$38,627,463

 

 

 

1

 

  

Terra Tech Corp. and Blum

Proforma Statement of Operations

For the Quarter Ended March 31, 2016

 

 

 

 Terra Tech

 

 

 

 

 

Pro Forma

 

 

 

 

 

 

Corp

 

 

Blum

 

 

Adjustments

 

 

Pro Forma

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

$1,548,167

 

 

$3,372,474

 

 

$(16,076)(5)

 

$4,904,565

 

Cost of Goods Sold

 

 

1,414,193

 

 

 

2,912,104

 

 

 

(8,038)(5)

 

 

4,318,259

 

 

 

 

133,974

 

 

 

460,370

 

 

 

(8,038)

 

 

586,306

 

Selling, general and administrative expenses

 

 

2,046,348

 

 

 

515,692

 

 

 

35,000 (6)

 

 

2,597,040

 

Loss from operations

 

 

(1,912,374)

 

 

(55,322)

 

 

(43,038)

 

 

(2,010,734)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income (Expenses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of debt discount

 

 

(94,406)

 

 

-

 

 

 

-

 

 

 

(94,406)

Loss on extinguishment of debt

 

 

(920,797)

 

 

-

 

 

 

-

 

 

 

(920,797)
Loss from derivatives issued with debt greater than debt carrying value

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain (Loss) on fair market valuation of derivatives

 

 

(1,160,700)

 

 

-

 

 

 

-

 

 

 

(1,160,700)

Interest Expense

 

 

(55,995)

 

 

-

 

 

 

-

 

 

 

(55,995)

Total Other Income (Expense)

 

 

(2,231,898)

 

 

-

 

 

 

-

 

 

 

(2,231,898)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before Provision of Income Taxes

 

 

(4,144,272)

 

 

(55,322)

 

 

(43,038)

 

 

(4,242,632)

Provision for income taxes

 

 

-

 

 

 

76,868

 

 

 

-

 

 

 

76,868

 

Net Loss

 

 

(4,144,272)

 

 

(132,190)

 

 

(43,038)

 

 

(4,319,500)

Net Loss attributable to non-controlling interest

 

 

18,208

 

 

 

-

 

 

 

-

 

 

 

18,208

 

Net Loss attributable to Terra Tech Corp.

 

$(4,126,064)

 

$(132,190)

 

$(43,038)

 

$(4,301,292)
____________

Note 1 - Adjustment from Pro Forma Statement of Operations.

Note 2 - Fair market value of assets acquired from Blum Oakland.

Note 3 - Cash and Stock Contingency expected to be paid and issued for Blum Oakland acquisition.

Note 4 - Preferred stock par value and additional paid in capital for the issuance of stock for the Blum acquisition.

Note 5 - Sales and cost of goods sold between Terra Tech Corp and Blum

Note 6 - Add new Platinum agreement less salaries paid to Blum partners.

 

 

2