As of
February 28, 2014
|
As of
December 31, 2013
|
|||||||||||||||||
Camp Nine,
Inc.
|
Relmada
Therapeutics,
Inc.
|
Pro Forma Adjustments
|
Pro Forma Combined
|
|||||||||||||||
Assets
|
||||||||||||||||||
Current assets:
|
||||||||||||||||||
Cash and cash equivalents
|
$ | 2,626 | $ | 3,522,450 | (5 | ) | $ | 2,626 | $ | 3,527,702 | ||||||||
Prepaid expenses
|
10,325 | 10,325 | ||||||||||||||||
Inventory
|
6124 | (5 | ) | (6,124 | ) | - | ||||||||||||
Deferred financing costs, net of amortization of $69,546
|
78,724 | (3 | ) | (78,724 | ) | 0 | ||||||||||||
Total current assets
|
8,750 | 3,611,499 | (82,222 | ) | $ | 3,538,027 | ||||||||||||
Fixed assets, net of accumulated depreciation of $550 and $373, respectively
|
1,250 | 8,498 | (5 | ) | (1,250 | ) | 8,498 | |||||||||||
Other assets
|
12,100 | 12,100 | ||||||||||||||||
Total assets
|
$ | 10,000 | $ | 3,632,097 | (83,472 | ) | $ | 3,558,625 | ||||||||||
Liabilities and Stockholders’ Deficit
|
||||||||||||||||||
Current liabilities:
|
||||||||||||||||||
Accounts payable
|
$ | 41,155 | $ | 180,319 | (5 | ) | (41,155 | ) | 180,319 | |||||||||
Accrued expenses
|
- | 438,658 | (3 | ) | (33,305 | ) | 405,353 | |||||||||||
Derivative liabilities
|
- | 20,103,425 | (4 | ) | 20,103,425 | |||||||||||||
Subordinated promissory notes payable, net
|
- | 758,951 | (3 | ) | (758,951 | ) | - | |||||||||||
Total current liabilities
|
41,155 | 21,481,353 | (833,411 | ) | 20,689,097 | |||||||||||||
Long-term liability – accrued expense
|
0 | 100,000 | - | 100,000 | ||||||||||||||
Total liabilities
|
41,155 | 21,581,353 | (833,411 | ) | $ | 20,789,097 | ||||||||||||
Commitments and contingencies
|
||||||||||||||||||
Stockholders’ deficit:
|
||||||||||||||||||
Series A preferred stock, 0, 1,360,413 and 0 issued, outstanding and pro forma, respectively
|
- | 1,360 | (1 | ) | (1,360 | ) | - | |||||||||||
Common stock, $0.001 par value, 90,000,000 shares authorized, 28,500,000, 4,958,777, 23,026,693 issued, outstanding and pro forma, respectively
|
28,500 | 4,959 | (1 | ) | (10,432 | ) | 23,027 | |||||||||||
Additional paid-in capital
|
15,000 | 16027084 | (1 | )(2)(5) | 687,077 | 16,729,161 | ||||||||||||
Deficit accumulated during the development stage
|
(74,655 | ) | (33,982,659 | ) | (2 | )(3) | 74,655 | (33,982,659 | ) | |||||||||
Total stockholders’ deficit
|
(31,155 | ) | (17,949,256 | ) | 749,940 | (17,230,471 | ) | |||||||||||
Total liabilities and stockholders’ deficit
|
$ | 10,000 | $ | 3,632,097 | (83,472 | ) | $ | 3,558,625 |
(1)
|
To record 100% of Relmada Therapeutics, Inc.’s fully diluted shares in exchange for 80% of Camp Nine, Inc. shares.
|
(2)
|
To eliminate accumulated deficit during the development stage of Camp Nine, Inc.
|
(3)
|
To eliminate deferred financing fees, accrued interest and subordinated debt that were associated the common stock that was recorded to additional to paid-in-capital as a result of a merger with Camp Nine, Inc.
|
(4)
|
Does not reflect the reclassification of the derivative liabilities to additional paid-in-capital, upon the merger with Camp Nine.
|
(5)
|
To eliminate all assets and accrued expenses of Camp Nine Inc. upon the reverse merger. Relmada Therapeutics, Inc. is not assuming any assets nor any liabilities in this merger.
|
(6)
|
Gives effect to a retroactive share exchange whereby the shareholders of Relmada Therapeutics, Inc. exchanged ten shares of common shares and received one common share of Camp Nine common stock.
|
For the Three Months Ended
|
|||||||||||||||||
February 28,
2014
|
March 31,
2014
|
||||||||||||||||
Camp Nine,
Inc.
|
Relmada
Therapeutics,
Inc.
|
Pro Forma Adjustments
|
Combined
|
||||||||||||||
Product revenues
|
$ | 682 | $ | - | $ | - | $ | 682 | |||||||||
Cost of goods sold
|
685 | - | - | 685 | |||||||||||||
Gross profit (loss)
|
(3 | ) | - | - | (3 | ) | |||||||||||
Operating expenses:
|
|||||||||||||||||
General and administrative
|
(3,121 | ) | (496,103 | ) | (2) | 500 | (498,724 | ) | |||||||||
Research and development
|
- | (215,793 | ) | - | (215,793 | ) | |||||||||||
Total operating expenses
|
(3,121 | ) | (711,896 | ) | (715,017 | ) | |||||||||||
Loss from operations
|
(3,124 | ) | (711,896 | ) | (500 | ) | (715,520 | ) | |||||||||
Other income (expenses):
|
|||||||||||||||||
Change in fair value of derivative liabilities
|
- | 7,329,526 | - | 7,329,526 | |||||||||||||
Interest income
|
- | - | - | - | |||||||||||||
Interest expense
|
- | (123,800 | ) | (1) | 123,800 | - | |||||||||||
Total other expenses
|
- | 7,205,726 | 123,800 | 7,329,526 | |||||||||||||
Net (loss) income
|
$ | (3,124 | ) | $ | 6,493,830 | $ | 123,300 | $ | 6,614,006 | ||||||||
Net loss (income ) per common share - basic
|
$ | (0.00 | ) | $ | 1.30 | $ | 0.33 | ||||||||||
Net loss (income ) per common share - diluted
|
$ | (0.00 | ) | $ | 0.31 | $ | 0.30 | ||||||||||
Weighted average number of common shares outstanding - basic
|
28,500,000 | 4,983,511 | 19,754,270 | ||||||||||||||
Weighted average number of common shares outstanding - diluted
|
28,500,000 | 20,960,697 | 22,127,329 |
(1)
|
To eliminate expenses of notes including accrued interest, debt discounts as if the transaction occurred at the beginning of the period.
|
(2)
|
Elimination of depreciation expense since the Camp Nine, Inc. assets are not being assumed by the Company.
|
(3)
|
Gives effect to a retroactive share exchange whereby the shareholders of Relmada Therapeutics, Inc. exchanged ten shares of common shares and received one common share of Camp Nine common stock.
|
For the Years Ended
|
|||||||||||||||||
February 28, 2014
|
December 31, 2013
|
||||||||||||||||
Camp Nine,
Inc
|
Relmada
Therapeutic,
Inc.
|
Pro Forma Adjustments
|
Pro Forma Combined
|
||||||||||||||
Product revenues
|
$ | 3,166 | $ | - | $ | - | $ | 3,166 | |||||||||
Cost of goods sold
|
2,693 | - | - | 2,693 | |||||||||||||
Gross profit
|
473 | - | - | 473 | |||||||||||||
Operating expenses:
|
|||||||||||||||||
General and administrative
|
(49,820 | ) | $ | (1,525,257.00 | ) | 500 | (2 | ) | (1,574,577 | ) | |||||||
Research and development
|
- | (5,248,669 | ) | - | (5,248,669 | ) | |||||||||||
Total operating expenses
|
(49,820 | ) | (6,773,926 | ) | 500 | (6,823,246 | ) | ||||||||||
- | |||||||||||||||||
Loss from operations
|
(49,347 | ) | (6,773,926 | ) | (6,823,273 | ) | |||||||||||
- | |||||||||||||||||
Other income (expenses):
|
|||||||||||||||||
Change in fair value of derivative liabilities
|
- | (12,877,675 | ) | (12,877,675 | ) | ||||||||||||
Interest income
|
- | - | - | ||||||||||||||
Interest expense
|
- | (220,307 | ) | 220,307 | (1 | ) | (220,307 | ) | |||||||||
Total other expenses
|
- | (13,097,982 | ) | 220,307 | (13,097,982 | ) | |||||||||||
Net loss
|
$ | (49,347 | ) | $ | (19,871,908 | ) | $ | 220,307 | $ | (19,700,948 | ) | ||||||
Net loss per common share - basic and diluted
|
$ | (0.00 | ) | $ | (0.82 | ) | $ | (0.86 | ) | ||||||||
Weighted average number of common shares outstanding - basic and diluted
|
26,636,986 | 24,292,670 | 23,026,693 |
(1)
|
To eliminate expenses of notes including accrued interest, debt discounts as if the transaction occurred at the beginning of the period.
|
(2)
|
To eliminate depreciation expense since the Camp Nine assets are not being assumed by the Company.
|
(3)
|
Gives effect to a retroactive share exchange whereby the shareholders of Relmada Therapeutics, Inc. exchanged ten shares of common shares and received one common share of Camp Nine common stock.
|