Click here to close now.



Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

CapGain Properties Inc. Releases Pro Forma Data

LAKE IN THE HILLS, ILLINOIS -- (Marketwire) -- 01/24/13 -- In light of the completion of its Qualifying Transaction with Big Mojo Capital Inc., CapGain Properties Inc. (TSX VENTURE:CPP) ("CapGain") is releasing key pro forma data concerning the resulting issuer, as contained below:


Pro Forma Consolidated Statement of Financial Positions                     
Expressed in United States Dollars                                          
As of September 30, 2012                                                    
(Unaudited)                                                                 
                                                                            
                                                                  Pro Forma 
                                                               Consolidated 
                                        CapGain     Pro Forma       CapGain 
                         Big Mojo    Properties   Adjustments    Properties 
                     Capital Inc.          Inc.       (Note 4)         Inc. 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              US$           US$           US$           US$ 
ASSETS                                                                      
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Current                                                                     
 Cash and cash                                                              
  equivalents                  25       164,014    311,500 (a)      414,039 
                                                  (61,500) (c)              
 Goods and services                                                         
  taxes recoverable                       5,835                       5,835 
 Prepaid expenses                                                           
  and deposits                            1,000                       1,000 
 Real estate                                                                
  inventories                         7,485,000                   7,485,000 
 Prepaid qualifying                                                         
  transaction cost                      135,010  (135,010) (c)              
----------------------------------------------------------------------------
----------------------------------------------------------------------------
  Total current                                                             
   assets                      25     7,790,859                   7,905,874 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                   25     7,790,859                   7,905,874 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES                                                                 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Current                                                                     
 Accounts payable                                                           
  and accrued                                                               
  liabilities              73,865        56,651                     130,516 
 Mortgage payable                       754,150                     754,150 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
  Total current                                                             
   liabilities             73,865       810,801                     884,666 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Due to a related                                                            
 party                                   99,726                      99,726 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                        910,527                     984,392 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SHAREHOLDERS' EQUITY                                                        
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 Common Shares            211,625     6,397,981    311,500 (a)    8,346,770 
                                                   907,637 (a)              
                                                     5,000 (b)              
                                                   724,652 (d)              
                                                 (211,625) (d)              
 Preferred shares,                                                          
  series A                              907,637    907,637 (a)              
 Contributed surplus                                97,000 (c)      156,261 
                                                    41,439 (c)              
                                                    17,822 (c)              
 Reserves                  51,684                 (51,684) (d)              
 Deficit                 (337,148)     (425,286)   (5,000) (b)   (1,581,549)
                                                  (97,000) (c)              
                                                  (41,439) (c)              
                                                  (17,822) (c)              
                                                 (135,010) (c)              
                                                  (61,500) (c)              
                                                   337,148 (d)              
                                                 (798,492) (d)              
----------------------------------------------------------------------------
----------------------------------------------------------------------------
  Total                                                                     
   shareholders'                                                            
   equity                 (73,840)    6,880,332                   6,921,482 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total liabilities                                                           
 and shareholders'                                                          
 equity                        25     7,790,859                   7,905,874 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Pro forma assumptions and adjustments

The pro forma consolidated statement of financial position includes the following pro forma assumptions and adjustments:

(a) The Corporation will issue a total of 33,440,486 Common Shares in exchange for 33,440,486 issued Common Shares of CapGain and 4,538,185 Common Shares in exchange for the issued 4,538,185 Preferred Shares, Series A of CapGain. In addition, the Corporation will issue one Common Share in exchange for each Common Share of CapGain issued by CapGain through the Private Placement. The Private Placement expects to raise $550,000 from the issuance of 5,500,000 Common Shares at $0.10 per share, of which, 2,385,000 common shares amounting to $238,500 was raised as of September 30, 2012.

(b) Sponsorship shares were issued to Union Securities, Ltd. totaling 50,000 common shares at $0.10 per share as partial compensation for acting as Sponsor. The amount of $5,000 was charged to Deficit.

(c) Options to acquire common shares of the Corporation at an exercise price of $0.10 per share, for up to 1,300,000 common shares were granted to directors of the Corporation. The value assigned for each option is $0.07 and in total amount of $97,000 which has been recorded under contributed surplus. The fair value of the options has been estimated using the Black Scholes option pricing model with the following assumptions: Exercise and share price $0.10; Risk-free interest rate 1.64%; Expected volatility 100%; Expected dividend yield Nil; Weighted average life 5 years; and Forfeiture rate Nil.

Prior to the proposed Qualifying Transaction, the Corporation had granted 400,000 stock options to its officers and directors. The options will expire 90 days following cessation of office, directorship or technical consulting arrangement. Upon completion of the Qualifying Transactions, holders of the 300,000 stock options will no longer continue as officers and directors of the Corporation, hence, CapGain, being the accounting parent, was deemed to have issued replacement options to provide opportunity to the former officers and directors to exercise their options within 90 days from the date of the completion of Qualifying Transaction. In addition, replacement options were also issued for the existing 100,000 stock options owned by a director of the Corporation who will continue as a director of the consolidated entity.

Consequently, additional share-based payment expense was recorded in the amount of $41.439. The Corporation also has Agent's Options of 200,000 outstanding and exercisable as at September 30, 2012. These options have an exercise price of $0.10 per share and expire on March 7, 2013. Costs incurred related to the Qualifying Transaction were written off to Deficit in the amount of $135,010. Additional transaction costs totaling $61,500 were incurred and charged to Deficit. The existing 400,000 stock options granted to directors and officers of the Corporation, 200,000 existing agent options and costs incurred related to the Qualifying Transactions are a portion of the consideration for the transaction.

(d) IFRS 2 states that for equity-settled share based payment transactions, the entity shall measure the goods or services received, and the corresponding increase in equity, directly, at the fair value of the goods or services received, unless the fair value cannot be estimated reliably. If the entity cannot estimate reliably the fair value of the goods or services received, the entity will measure their value, and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted. When the transaction is accounted for under IFRS 2, no goodwill will arise on the transaction; rather the amount is recognized as a listing expense in Profit and Loss, eventually to Deficit.

The transactions described in the Share Purchase Agreement in Note 3 will result in the elimination of the Corporation's equity accounts as at September 30, 2012, along with the recognition of the fair value of the consideration granted by CapGain for the net liabilities of the Corporation, the difference being treated as a listing expense. The fair value of the common shares of the Corporation was calculated at a deemed price of $0.181163 per share.

Consideration (in US $)

Fair value of common shares issued (4,000,000 shares at $0.181163): 724,652

Fair value of replacement stock options granted to former officers and directors of the Corporation (400,000 stock options): 41,439

Fair value of agent stock options (200,000 stock options): 17,822

Transaction costs: 201,510

Total: 985,423

Net liability received

Cash: 25

Accounts payable and accrued liabilities: (73,865)

Total: (73,840)

Listing expense: 1,059,263

About CapGain

CapGain is an investment company that purchases, re-structures when applicable, and sells real estate in the United States, with a forward moving focus on income producing real estate. CapGain's contacts within the real estate and finance industries allow the purchase of properties significantly below market value.

Additional information on the operations or financial results of CapGain is included in reports on file with applicable securities regulatory authorities and may be accessed through the TMX website (www.tmx.com) and the SEDAR website (www.sedar.com) under the profile for CapGain.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, are forward-looking statements and can generally be identified by words such as "will," "allow," "outlook," or the negative of these terms, and other comparable terminology.

Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether CapGain is able to meet price, performance, quality and delivery requirements. Although CapGain believes that the expectations represented by any forward-looking statements and forward-looking information contained herein are reasonable based on the information available to them on the date of this document, management cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements or forward-looking information. CapGain undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

The TSXV has neither approved nor disapproved the contents of this press release. The TSXV does not accept responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...