8

Exhibit 99.1

 

VUZIX CORPORATION

CONDENDSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

   September 30,
2014		   Pro Forma
Adjustments		   Pro Forma September 30,
2014		 
ASSETS                     
Current Assets               
Cash and Cash Equivalents  $564,302    24,560,000   $25,124,302 
Accounts Receivable   117,479         117,479 
Inventories, Net    1,081,439         1,081,439 
Prepaid Expenses and Other Assets   233,086         233,086 
                
Total Current Assets   1,996,306    24,560,000    26,556,306 
Tooling and Equipment, Net   415,009         415,009 
Patents and Trademarks, Net   524,547         524,547 
Software Development Costs, Net   884,351         884,351 
Debt Issuance Costs, Net   124,228         124,228 
                
Total Assets  $3,944,441    24,560,000   $28,504,441 
                
LIABILITIES AND STOCKHOLDERS’ (DEFICIT)                     
Current Liabilities               
Accounts Payable  $1,741,994        $1,741,994 
Notes Payable   89,677         89,677 
Current Portion of Long-term Debt, net of discount   98,106         98,106 
Current Portion of Capital Leases   21,792         21,792 
Customer Deposits    177,261         177,261 
Accrued Interest   64,800         64,800 
Accrued Expenses    634,308         634,308 
Income and Other Taxes Payable   46,800         46,800 
                
Total Current Liabilities   2,874,738         2,874,738 
                
Long-Term Liabilities               
Long Term Derivative Liability    9,920,807    (8,384,127)   1,536,680 
Long Term Portion of Term Debt, net of discount    1,067,827        1,067,827 
Long Term Portion of Capital Leases   -         - 
Long Term Portion of Accrued Interest   54,257         54,257 
                
Total Long-Term Liabilities   11,042,891    (8,384,127)   2,658,764 
                
Total Liabilities   13,917,629    (8,384,127)   5,533,502 
Commitments and Contingencies               
Stockholders’ Equity (Deficit)               
Preferred Stock — $.001 Par Value, 5,000,000 Shares Authorized; 0 Shares Issued and Outstanding September 30, 2014, 49,626 shares issues and outstanding Pro Forma September 30, 2014   —    4,962    4,962 
Common Stock — $.001 Par Value, 100,000,000 Shares Authorized, 10,813,363 Shares Issued and Outstanding   10,817        10,817 
Additional Paid-in Capital   27,858,832    32,939,165    60,797,997 
Accumulated (Deficit)   (37,842,837)      (37,842,837)
                
Total Stockholders’ Equity (Deficit)   (9,973,188)   32,944,127    22,970,939 
                
Total Liabilities and Stockholders’ Equity  $3,944,441    24,560,000   $28,504,441