Exhibit 99.01

 

AMERICAN LIBERTY PETROLEUM CORP.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

September 30, 2014

 

 

   Avant Diagnostics, Inc.
September 30,
   American Liberty Petroleum Corp.   Pro Forma     
   2014   July 31, 2014   Adjustments   Pro Forma 
ASSETS                    
Current assets:                    
Cash and cash equivalents  $6,000   $   $   $6,000 
Marketable securities   1,600,000            1,600,000 
Total current assets   1,606,000            1,606,000 
                     
License, net   1,693,000            1,693,000 
                     
Total assets  $3,299,000   $   $   $3,299,000 
                     
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                    
Current liabilities:                    
Total Liabilities   166,000    61,326        227,326 
                     
Commitments and contingencies                    
                     
Stockholders' equity (deficit):                    
Preferred stock                
Series B preferred stock                
Common stock   72,000    1,074    (1,074)A  72,000 
Additional paid-in capital   9,932,000    3,110,113    (3,110,113)A  9,932,000 
Accumulated other comprehensive income (loss)   (400,000)           (400,000)
Accumulated deficit   (6,471,000)   (3,172,513)   3,111,187 A  (6,532,326)
Total stockholders' equity (deficit)   3,133,000    (61,326)       3,071,674 
Total liabilities and stockholders' equity (deficit)  $3,299,000   $   $   $3,299,000 

 

 

 

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AMERICAN LIBERTY PETROLEUM CORP.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

September 30, 2014

 

 

   Avant Diagnostics, Inc.
September 30,
   American Liberty Petroleum Corp.   Pro Forma     
   2014   July 31, 2014   Adjustments   Pro Forma 
OPERATING EXPENSES:                
    Selling, general and administrative  $525,000   $29,354   $   $554,354 
      Total operating expenses   525,000    29,354        554,354 
  Income tax (benefit) provision                
                     
 Net loss  $(525,000)  $(29,354)  $   $(554,354)
                     
  Basic and diluted net loss per common share  $(0.01)  $(0.00)  $   $(0.01)
  Shares used in computing basic and diluted net loss per common share   50,172,000    107,389,051       50,172,000 

 

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NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

 

NOTE 1. THE ACQUISITION

 

On December 29, 2014, Avant Diagnostics, Inc. (“Avant”) entered into and closed a Agreement and Plan of Reorganization (the “Exchange Agreement”) with American Liberty Petroleum Corp. (“American”). Pursuant to the Exchange Agreement, American completed the acquisition through the issuance of 74,354,139 shares of common stock to the shareholders of Avant in exchange for all the issued and outstanding capital stock of Avant (“Avant Acquisition”).

 

NOTE 2. ADJUSTMENTS TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

 

The accompanying unaudited pro forma condensed combined financial information gives effect to the Exchange Agreement as if it had occurred at an earlier date, and has been prepared for illustrative purposes only and is not necessarily indicative of the condensed consolidated financial position or results of operations in future periods or the results that actually would have been realized had Avant and American been a combined company during the specified periods. The pro forma adjustments are based on the preliminary information available at the time of the preparation of this document. In addition, the unaudited pro forma condensed combined financial information gives effect only to the adjustments set forth in the accompanying notes and does not reflect any restructuring or acquisition related costs, or any potential cost savings or other synergies that management expects to realize as a result of the acquisition. The unaudited pro forma condensed combined financial information, including the notes thereto, are qualified in their entirety by reference to, and should be read in conjunction with, the historical consolidated financial statements.

The unaudited pro forma condensed combined financial information as of September 30, 2014 has been derived from Avant’s audited consolidated financial statements as of September 30, 2014 included elsewhere in this current report on Form 8-K, and the unaudited financial statements of American as of July 31, 2014 as filed in their Form 10-Q as of the same period ended.

 

This unaudited pro forma condensed combined financial information should be read in conjunction with these unaudited financial statements and notes related to those financial statements in connection with the proposed acquisition are presented below:

 

·the accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information;

 

·the audited consolidated balance sheet of Avant as of September 30, 2014, the audited statements of operations of Avant for the year ended September 30, 2014, and the notes relating thereto, included in this Form 8-K; and the unaudited balance sheet of American as of July 31, 2014 and the unaudited statement of operations of American for the nine months ended July 31, 2014, and the notes relating thereto, included in this Form 8-K; and

 

(A) This adjustment reflects the amount necessary to eliminate the common stock and additional paid in capital of American as a result of the transaction.

 

 

 

 

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