Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K/A
 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):  March 16, 2011
 
 
MMAX MEDIA, INC.
(Exact name of registrant as specified in its charter)
 
 
Nevada
000-53574
20-4959207
(State or other
jurisdiction of
incorporation
(Commission File Number)
Identification No.
(IRS Employer
 
 
511 N.E. 3rd Avenue, First Floor, Fort Lauderdale, Florida 33301
 (Address of principal executive offices) (Zip Code)
 
1-800-991-4534
Registrant’s telephone number, including area code
 
 
417 N.E. 12th Avenue, Fort Lauderdale, Florida 33301
Former name or former address, if changed since last report
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b))
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
EXPLANATORY NOTE: The purpose of this report is to amend the Registrant’s Current Report on Form 8-K dated March 16, 2011 that was filed with the Securities and Exchange Commission on March 21, 2011 (the “Initial Report”) which reported on the Registrant’s merger with Hyperlocal Marketing, LLC. This report amends the Initial Report so as to provide the pro forma financial information required under Item 9.01(b) of Form 8-K.
 
 
 
 
 
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
 
 
(b)
Pro forma financial information.
 
Unaudited pro forma financial information and notes to unaudited pro forma financial information.
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
MMAX MEDIA, INC.
Registrant
   
 
/s/ Edward Cespedes
 
By:  Edward Cespedes
 
Its:  Chief Executive Officer
   
 
Dated: April 11, 2011
 
 
 
 
 
MMAX MEDIA, INC.
PRO-FORMA CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2010
                                 
ASSETS
 
                         
   
MMAX
Media, Inc.
    
Hyperlocal
 Marketing, LLC
    
Pro-Forma
Adjustments
    
Pro-Forma
Balance
  
Current assets:
                        
Cash
   $ 21,636     $ 13,989   (3)   $ 250,000     $ 285,625  
Prepaid expenses
     -       2,082         -       2,082  
                                   
Total current assets
     21,636       16,071         250,000       287,707  
                                   
                                   
Other assets:
                                  
Distribution license
     1,454       -         -       1,454  
Computer equipment, net
     -       762         -       762  
Website costs, net
     -       24,521         -       24,521  
Goodwill
     -       -   (2)     2,074,648       2,074,648  
      1,454       25,283         2,074,648       2,101,385  
                                   
    $ 23,090     $ 41,354       $ 2,324,648     $ 2,389,092  
                                   
                                   
                                   
Current liabilities:
                                  
Accounts payable
   $ 7,819     $ 3,000         -     $ 10,819  
Accounts payable - related party
     49,912       -   (2)     (49,912 )     -  
Deferred revenue
     -       4,960         -       4,960  
Notes payable
     2,000       15,000         -       17,000  
                                   
Total current liabilities
     59,731       22,960         (49,912 )     32,779  
                                   
                                   
Stockholders’ deficiency:
                                  
Preferred stock
     638       -         -       638  
Common stock
     12,399       -   (1)     20,789       35,188  
                  (3)     2,000          
                                   
Additional paid-in capital
     2,827,831       -   (1)     251,941       2,781,631  
                  (2)     (2,670,701 )        
                  (2)     2,124,560          
                  (3)     248,000          
Members equity
     -       272,730   (1)     (272,730 )     -  
Deferred stock compensation
     (206,808 )     -         -       (206,808 )
Accumulated deficit
     (2,670,701 )     (254,336 ) (2)     2,670,701       (254,336 )
                                   
Total stockholders’ equity (deficiency)
     (36,641 )     18,394         2,374,560       2,356,313  
                                   
    $ 23,090     $ 41,354       $ 2,324,648     $ 2,389,092  
 
 
 
 
 
MMAX MEDIA, INC.
PROFORMA CONSOLIDATING STATEMENTS OF OPERATIONS
   
 
   
MMAX
MEDIA, INC. (1)
    
HYPERLOCAL MARKETING, LLC (2)
    
Pro-Forma Adjustments
    
Pro-Forma Amount
  
Revenues:
                        
                         
Revenue
   $ -     $ 28,973     $ -     $ 28,973  
Cost of Goods sold
             -       -       -  
Gross Margin
     -       28,973       -       28,973.00  
                                 
Operating expenses:
                                
Professional fees
             1,780                  
Web development and hosting
             20,622                  
Marketing
     1,049,227       1,010       -       1,050,237  
Payroll and paryoll taxes
     347,195       98,873               446,068  
Consulting
     540       111,673               112,213  
Travel and entertainment
     150,000       26,187               176,187  
General and administrative
     792,840       23,164       -       816,004  
Total operating expenses
     2,339,802       283,309       -       2,600,709  
                                 
(Loss) income from operations
     (2,339,802 )     (254,336 )     -       (2,571,736 )
                                 
Other Income /( Expenses)
             -       -          
Interest income
     920       -       -       920  
Interest expense
     (114,318 )     -       -       (114,318 )
Debt relief
     75,773       -       -       75,773  
Total other income (expense)
     (37,625 )     -       -       (37,625 )
                                 
(Loss) income before provision for income taxes
     (2,377,427 )     (254,336 )     -       (2,609,361 )
                                 
Provision for income taxes
     -       -       -       -  
                                 
Net loss
   $ (2,377,427 )   $ (254,336 )   $ -     $ (2,609,361 )
                                 
Weighted shares outsanding
                             39,647,439  
Net Loss per share
                           $ (0.07 )
 
(1) for the year ended September 31, 2010
          
 
    
(2) for the period from January 22, 2010 (Inception) to December 31, 2010
        
 
 
 
 
 
FOOTNOTES TO PROFORMA FINANCIAL STATEMENTS
 
On March 16, 2011 (the “Closing Date”) MMAX Media, Inc. (“MMAX” or the “Company”) completed its agreement and plan of merger (the “Merger Agreement”) to acquire Hyperlocal Marketing, LLC, a Florida limited liability company (“Hyperlocal”), pursuant to which Hyperlocal merged with and into HLM Paymeon, Inc., a Florida corporation and wholly owned subsidiary of MMAX.  Pursuant to the terms of the Merger Agreement, Tommy Habeeb resigned as our chief executive officer and director and Edward Cespedes was appointed to serve as our chief executive officer and director.  Under the terms of the Merger Agreement, the Hyperlocal members received 20,789,395 shares of MMAX common stock, which equals approximately 50.1% of the total shares of MMAX issued and outstanding following the Closing Date on a fully diluted basis.
 
At the Closing Date, the Company completed a private placement and sold an aggregate of 2,000,000 shares of restricted shares of Common Stock to 10 accredited investors for gross proceeds of $250,000.  In addition, at the Closing Date (i) MMAX outstanding liabilities and indebtedness were reduced to $2,500; and (ii) Tommy Habeeb released the Company from all personal claims and liabilities, if any.
 
In accordance with ASC Topic 360-10-45-15, Hyperlocal will be considered the accounting acquirer and MMAX will be considered the accounting acquiree.

The proforma adjustments are as such:
 
      (1 )            
Members equity
             272,730        
  Additional paid-in capital
                     251,941  
  Common Stock
                     20,789  
To record reverse merger of Hyperlocal Marketing LLC  (20,789,395 shares of common stock)
                        
                         
                         
      (2 )                
Additional paid-in capital
             2,827,831          
Goodwill
             2,074,648          
Accounts payable - related party
             49,912          
  Additional paid-in capital
                     2,124,560  
  Accumulated deficit
                     2,827,831  
To record purchase of MMAX Media Inc. and forgiveness of related party accounts payable
                        
                         
      (3 )                
Cash
             250,000          
  Additional paid-in capital
                     248,000  
  Common Stock
                     2,000  
Record the private placement of 2,000,000 shares of common stock at $.125 per share for gross proceeds of $250,000