Preview
FILED: QUEENS COUNTY CLERK 12/04/2023 03:25 PM INDEX NO. 717523/2023
NYSCEF DOC. NO. 65 RECEIVED NYSCEF: 12/04/2023
EXHIBIT 2
FILED: QUEENS COUNTY CLERK 12/04/2023 03:25 PM INDEX NO. 717523/2023
NYSCEF DOC. NO. 65 RECEIVED NYSCEF: 12/04/2023
Corporate Restructure
Pro-forma Balance Sheet Summaries Pre/Post Restructure & Institutional Financing Transaction
Pro-forma as of December 31, 2022
Pro-Forma Balance Sheet as of 12/31/22
(4) Pro-forma Balance Sheet: Post-Restructure & Institutional Transaction
A White Road Capital, LLC
Assets
Cash 823,711
Due from Merchants, net of allowance 24,850,875
Due from Syndicators -
Due from Affiliates 50,500
Other Assets 1,406,237
Total Assets 27,131,323
Liabilities
Due to Syndicators -
Due to Banana 10,555,249
Deferred Revenue -
Due to Affiliates (unsecured sub-debt) 1,251,500
Other Liabilities 35,000
Due to Institutional Financing -
Commission Payable -
Unsecured Sub-Debt 700,000
Interest Payable 294,847
Total Liabilities 12,836,596
Total Members' Equity 14,294,727
Pro-Forma Balance Sheet as of 12/31/22
(4) Pro-forma Balance Sheet: Post-Restructure & Institutional Transaction
D East Hudson Capital, LLC
Assets
Cash 449,125
Due from Merchants, net of allowance 27,474,092
New Fundraising -
Promissory Note 19,312,955
Due from Affiliates -
Other Assets 647,076
Total Assets 47,883,248
Liabilities
Due to Arizona (Principal + Interest) 1,497,813
Due to Liberty (Principal + Interest) 3,116,870
Due to Madison Gold (Principal + Interest) 10,343,530
Member Disbursements Payable -
Due to Point 10,250,000
Interest Payable on Point -
Accrued Bonuses & Salary Owed 518,538
Liberty owes Old Global 855,000
Old Liabilities from GFE 701
Old Liabilities from FF -
Old Liabilities from WR 427,814
Interest Payable on GFE NY/WRC -
Due to Syndicators 19,312,955
Deferred Revenue (3.5% Servicing Fee to QP) 961,593
Due to Affiliates -
Other Liabilities -
Total Liabilities 47,284,814
Total Members' Equity 598,434
FILED: QUEENS COUNTY CLERK 12/04/2023 03:25 PM INDEX NO. 717523/2023
NYSCEF DOC. NO. 65 RECEIVED NYSCEF: 12/04/2023
Reconciliation of Promissory Note
As of December 31, 2022 12/31/22
Account Amount
WRC Due from Merchants, net of allowance $ 33,995,266 12/31/22
Adjustments:
EH owes for Banana (8,476,265) 12/31/22
MADB owes for Banana (1,762,719) 12/31/22
ABB owes for Banana (316,264) 12/31/22
EH owes WRC for Deal coverage (2,997,061) 12/31/22
EH owes Florida Finance Contract Fees (1,130,000) 12/31/22
(14,682,311)
Net Amount Required for PN $ 19,312,955
$ 9,656,477.66
Preview
FILED: QUEENS COUNTY CLERK 12/04/2023 03:25 PM INDEX NO. 717523/2023 NYSCEF DOC. NO. 65 RECEIVED NYSCEF: 12/04/2023 EXHIBIT 2 FILED: QUEENS COUNTY CLERK 12/04/2023 03:25 PM INDEX NO. 717523/2023 NYSCEF DOC. NO. 65 RECEIVED NYSCEF: 12/04/2023 Corporate Restructure Pro-forma Balance Sheet Summaries Pre/Post Restructure & Institutional Financing Transaction Pro-forma as of December 31, 2022 Pro-Forma Balance Sheet as of 12/31/22 (4) Pro-forma Balance Sheet: Post-Restructure & Institutional Transaction A White Road Capital, LLC Assets Cash 823,711 Due from Merchants, net of allowance 24,850,875 Due from Syndicators - Due from Affiliates 50,500 Other Assets 1,406,237 Total Assets 27,131,323 Liabilities Due to Syndicators - Due to Banana 10,555,249 Deferred Revenue - Due to Affiliates (unsecured sub-debt) 1,251,500 Other Liabilities 35,000 Due to Institutional Financing - Commission Payable - Unsecured Sub-Debt 700,000 Interest Payable 294,847 Total Liabilities 12,836,596 Total Members' Equity 14,294,727 Pro-Forma Balance Sheet as of 12/31/22 (4) Pro-forma Balance Sheet: Post-Restructure & Institutional Transaction D East Hudson Capital, LLC Assets Cash 449,125 Due from Merchants, net of allowance 27,474,092 New Fundraising - Promissory Note 19,312,955 Due from Affiliates - Other Assets 647,076 Total Assets 47,883,248 Liabilities Due to Arizona (Principal + Interest) 1,497,813 Due to Liberty (Principal + Interest) 3,116,870 Due to Madison Gold (Principal + Interest) 10,343,530 Member Disbursements Payable - Due to Point 10,250,000 Interest Payable on Point - Accrued Bonuses & Salary Owed 518,538 Liberty owes Old Global 855,000 Old Liabilities from GFE 701 Old Liabilities from FF - Old Liabilities from WR 427,814 Interest Payable on GFE NY/WRC - Due to Syndicators 19,312,955 Deferred Revenue (3.5% Servicing Fee to QP) 961,593 Due to Affiliates - Other Liabilities - Total Liabilities 47,284,814 Total Members' Equity 598,434 FILED: QUEENS COUNTY CLERK 12/04/2023 03:25 PM INDEX NO. 717523/2023 NYSCEF DOC. NO. 65 RECEIVED NYSCEF: 12/04/2023 Reconciliation of Promissory Note As of December 31, 2022 12/31/22 Account Amount WRC Due from Merchants, net of allowance $ 33,995,266 12/31/22 Adjustments: EH owes for Banana (8,476,265) 12/31/22 MADB owes for Banana (1,762,719) 12/31/22 ABB owes for Banana (316,264) 12/31/22 EH owes WRC for Deal coverage (2,997,061) 12/31/22 EH owes Florida Finance Contract Fees (1,130,000) 12/31/22 (14,682,311) Net Amount Required for PN $ 19,312,955 $ 9,656,477.66