PRO FORMA BALANCE SHEET
Published on June 26, 2017
Exhibit 99.1
KBL MERGER CORP. IV
BALANCE SHEET
| June 7, | Pro Forma | |||||||||||
| 2017 | Adjustments | As Adjusted | ||||||||||
| (unaudited) | (unaudited) | |||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash | $ | 798,469 | $ | - | $ | 798,469 | ||||||
| Prepaid expenses | 20,100 | - | 20,100 | |||||||||
| Total Current Assets | 818,569 | - | 818,569 | |||||||||
| Cash held in Trust Account | 101,000,000 | 15,000,000 | (a) | 116,150,000 | ||||||||
| 525,000 | (b) | |||||||||||
| (375,000 | )(c) | |||||||||||
| Total Assets | $ | 101,818,569 | $ | 15,150,000 | $ | 116,968,569 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 83,161 | $ | - | $ | 83,161 | ||||||
| Accrued expenses | 28,066 | - | 28,066 | |||||||||
| Note payable – related party | 170,000 | - | 170,000 | |||||||||
| Total Current Liabilities | 281,277 | - | 281,277 | |||||||||
| Deferred underwriting fees | 3,500,000 | 525,000 | (d) | 4,025,000 | ||||||||
| Total Liabilities | 3,781,227 | 525,000 | 4,306,227 | |||||||||
| Commitments and Contingencies | ||||||||||||
| Common stock subject to possible redemption, $0.0001 par value; 9,211,617 and 10,659,637 shares at redemption value | 93,037,332 | 14,625,000 | (e) | 107,662,332 | ||||||||
| Stockholders' Equity: | ||||||||||||
| Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding | - | - | - | |||||||||
| Common stock, $0.0001 par value; 35,000,000 shares authorized; 4,113,383 and 4,217,863 shares issued and outstanding (excluding 9,211,617 and 10,659,637 shares subject to possible redemption) | 411 | 150 | (a) | 422 | ||||||||
| 5 | (b) | |||||||||||
| (144 | )(e) | |||||||||||
| Additional paid-in capital | 5,041,821 | 14,999,850 | (a) | 5,041,810 | ||||||||
| 524,995 | (b) | |||||||||||
| (375,000 | )(c) | |||||||||||
| (525,000 | )(d) | |||||||||||
| (14,624,856 | )(e) | |||||||||||
| Accumulated deficit | (42,222 | ) | - | (42,222 | ) | |||||||
| Total Stockholders' Equity | 5,000,010 | - | 5,000,010 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 101,818,569 | $ | 15,150,000 | $ | 116,968,569 | ||||||
KBL MERGER CORP. IV
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVERALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of the Company as of June 7, 2017, adjusted for the closing of the underwriters’ overallotment option and related transactions which occurred on June 23, 2017, as described below.
On June 23, 2017, the Company consummated the closing of the sale of 1,500,000 additional units (the “Units”) at a price of $10.00 per unit upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $15,000,000 and incurred additional offering costs of $375,000 in underwriting fees. Each Unit consists of one share of the Company’s common stock, one right to receive one-tenth of one share of the Company’s common stock, and one redeemable warrant to purchase one-half of one share of the Company’s common stock. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 52,500 Private Units, of which 27,500 Private Units were sold to KBL IV Sponsor LLC (the “Sponsor”) and 25,000 Private Units were sold to the underwriters, generating aggregate gross proceeds of $525,000. Additional underwriting fees of $525,000 were deferred until the completion of the Company’s initial business combination. Pro forma adjustments to reflect the exercise of the underwriters’ overallotment option are as follows:
| Pro forma entry | Debit | Credit | |||||||
|
a. |
Cash held in Trust Account | 15,000,000 | |||||||
| Common stock | 150 | ||||||||
| Additional paid-in capital | 14,999,850 | ||||||||
| To record sale of 1,500,000 Overallotment Units at $10.00 per Unit. | |||||||||
| b. | Cash held in Trust Account | 525,000 | |||||||
| Common stock | 5 | ||||||||
| Additional paid-in capital | 524,995 | ||||||||
| To record sale of 52,500 Private Units at $10.00 per Unit. | |||||||||
| c. | Additional paid-in capital | 375,000 | |||||||
| Cash held in Trust Account | 375,000 | ||||||||
| To record payment of 2.5% of cash underwriting fee on overallotment option. | |||||||||
| d. | Additional paid-in capital | 525,000 | |||||||
| Deferred underwriting fees | 525,000 | ||||||||
| To record the liability for deferred underwriting fees on overallotment option. | |||||||||
| e. | Common stock | 144 | |||||||
| Additional paid-in capital | 14,624,856 | ||||||||
| Common Stock Subject to Redemption | 14,625,000 | ||||||||
| To reclassify common stock out of permanent equity into mezzanine redeemable stock. | |||||||||