Exhibit 99.3

 

UNAUDITED CONDENSED PRO FORMA COMBINED BALANCE SHEET AS OF JUNE 30, 2025

 

  

Bio Green Med Solution

, Inc.		   Fitters   Transaction Accounting   Pro Forma 
   (Historical)   (Historical)   Adjustments   Combined 
   (in thousands) 
Current Assets                    
Cash and cash equivalents  $4,275   $849   $(1,000)  $4,124 
Inventories        1,593         1,593 
Accounts receivables        1,364         1,364 
Deferred Tax        75         75 
Prepaid & other current assets   108    1,048         1,156 
    4,383    4,930    (1,000)   8,313 
                     
Investments And Other Assets                    
Property, plant and equipment, net   1    107         108 
ROU Asset   17    429         446 
Goodwill             1,000    1,000 
Investment assets        72         72 
    18    608    1,000    1,626 
                     
Total Assets  $4,401   $5,538   $-   $9,939 
                     
Current Liabilities                    
Trade payables  $221   $1,025   $    $1,246 
Accrued and other current liabilities   539    11         550 
    760    1,037    -    1,797 
Non-current Liabilities                    
Lease liability   10    -         10 
Deferred income tax liability                  - 
    10    -    -    10 
Stockholders’ Equity                    
Common Stock   2    667    (667)(a)   2 
Preferred Stock   3              3 
Additional paid-in capital   445,405    -    4,929(a)   450,334 
Accumulated other comprehensive loss   -    -         - 
Accumulated deficit   (441,779)   3,835    (4,262)(a)   (442,207)
Total Stockholders’ Equity   3,631    4,501    0    8,132 
                     
Total liabilities and stockholders’ equity  $4,401   $5,538   $0   $9,939 

 

 

 

 

UNAUDITED CONDENSED PRO FORMA COMBINED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2025

 

   Bio Green Med Solution, Inc.   Fitters   Transaction Accounting   Pro Forma 
   (Historical)   (Historical)   Adjustments   Combined 
   (in thousands) 
Revenues                
Sales Revenue  $    $501   $    $501 
Clinical Trial Supply   -              - 
Revenues   -    501    -    501 
                     
Cost of Sales        415         415 
General & administrative   1,249    109    13(b)   1,370 
Research and development   68              68 
Operating Loss   (1,317)   (22)   (13)   (1,352)
                     
Other income (expense), net   1    70         71 
Loss before taxes   (1,316)   47    (13)   (1,281)
                     
Income tax benefit   -              - 
Income tax expense   (2)             (2)
Net loss  $(1,318)  $47   $(13)  $(1,283)
                     
Basic and diluted earnings per common share:                    
Net loss per share, continuing operations – basic and diluted  $(0.98)  $0.02        $(0.62)
Weighted average common shares outstanding - basic & diluted   1,360,626    3,000,000    (2,300,842)(c)   2,059,784 

 

 

 

 

UNAUDITED CONDENSED PRO FORMA COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2024

 

   Bio Green Med Solution, Inc.   Fitters   Transaction Accounting   Pro Forma 
   (Historical)   (Historical)   Adjustments   Combined 
   (in thousands) 
Revenues                
Sales Revenue  $   

$

1,755   $    $1,755 
Clinical Trial Supply   43              43 
Revenues   43    1,755    -    1,798 
                     
Cost of Sales        1,368         1,368 
General & administrative   5,392    648    50(d)   6,090 
Research and development   6,655              6,655 
Operating Loss   (12,004)   (260)   (50)   (12,314)
                     
Other income (expense), net   10    168         178 
Loss before taxes   (11,994)   (92)   (50)   (12,136)
                     
Income tax benefit   782              782 
Income tax expense        11         11 
Net loss  $(11,212)  $(82)  $(50)  $(11,344)
                     
Basic and diluted earnings per common share:                    
Net loss per share, continuing operations – basic and diluted  $(502.46)  $(0.03)       $(27.13)
Weighted average common shares outstanding - basic & diluted   22,314    3,000,000    (2,604,256)(e)   418,058 

 

 

 

 

Notes to the Unaudited Pro Forma Condensed Combined Financial Information

 

Note 1. Basis of Presentation

 

The unaudited pro forma condensed combined financial statements have been prepared using the acquisition method and pursuant to the rules and regulations of the SEC and present the pro forma financial position and results of operations of the combined company based upon historical financial information after giving effect to the transactions, the Fitters acquisition by Bio Green Med Solution, Inc., and transactions and adjustments described in these footnotes.

 

The acquisition method is based on ASC 805, Business Combinations (“ASC 805”) and uses the fair value concepts defined in ASC 820, Fair Value Measurements (“ASC 820”). ASC 805 requires, among other things, that most assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. In addition, ASC 805 establishes that the consideration transferred is measured at current market price at the consummation of an acquisition. Due to fluctuations in the market price of Bio Green Med Solution, Inc.’s common stock, this requirement will likely result in a valuation of the actual equity consideration that is different from the valuation presented in this unaudited condensed combined pro forma financial information. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.

 

The unaudited pro forma condensed combined financial statements are presented for informational purposes only. These unaudited pro forma condensed combined financial statements are not necessarily indicative of the results of operations that would have been achieved had the transaction actually taken place at the dates indicated and do not purport to be indicative of Bio Green Med Solution, Inc’s future financial position or operating results. The unaudited pro forma condensed combined financial statements should be read in conjunction with the historical financial statements described below.

 

Note 2. Estimate of Purchase Consideration

 

The following is a preliminary estimate of the consideration expected to be transferred to effect the acquisition of Fitters:

 

Preliminary allocation of purchase consideration

 

Common Stock of CYCC Shares O/S as of September 8, 2025   2,798,379 
      
19.99% of CYCC Shares:   699,158 
Stock Price as of September 8, 2025  $7.05 
Total Estimated Purchase Consideration  $4,929,061 
      
Cash and cash equivalents  $849,041 
Inventories   1,593,330 
Accounts receivables   1,363,616 
Deferred Tax   75,244 
Prepaid & other current assets   1,048,405 
Property, plant and equipment, net   107,355 
ROU Asset   428,889 
Investment assets   72,164 
Trade payables   (1,025,411)
Accrued and other current liabilities   (11,297)
Goodwill   427,725 
      
Total Estimated Fair Value of Net Assets Acquired  $4,929,061 

 

 

 

 

Note 3. Pro Forma Adjustments for the Acquisition

 

The unaudited pro forma condensed combined financial statements give effect to the transaction described above as if it had occurred on June 30, 2025 for purposes of the unaudited pro forma condensed combined balance sheet and January 1, 2024 for purposes of the unaudited pro forma condensed combined statements of operations. The unaudited pro forma condensed combined statements of operations do not include any material non-recurring charges that will arise as a result of the transactions described above. Adjustments in the unaudited pro forma condensed combined financial statements are as follows:

 

(a) this adjustment reflects the elimination of the historical equity of Fitters and reflects the new equity structure of the combined company, including:

 

i) issuance of 699,158 shares of common stock to Fitters Parent at a share price of $7.05, being the closing stock price as of September 8, 2025.

 

ii) recognition of $427,725 goodwill as a result of the fair value of net assets exceeding the estimated purchase consideration.

 

(b) this adjustment reflects the issuance of new common stock arising as a result of equity consideration:

 

Weighted average shares CYCC   1,360,626 
Weighted average shares Fitters   

699,158

 
Weighted average shares Combined   2,059,784 
      
Weighted average shares Combined   2,059,784 
Less Historical shares CYCC   (1,360,626)
Less Historical shares Fitters   (3,000,000)
Transaction Accounting Adjustment   (2,300,842)

 

(c) Estimate for additional Audit fees at $12,500 per quarter

 

(d) this adjustment reflects the elimination of the historical equity of Fitters and reflects the new equity structure of the combined company, including:

 

i) issuance of 699,158 shares of common stock to Fitters Parent at a share price of $7.05, being the closing stock price as of September 8, 2025.

 

Weighted average shares CYCC   22,314 
Weighted average shares Fitters   395,744 
Weighted average shares Combined   418,058 
      
Weighted average shares Combined   418,058 
Less Historical shares CYCC   (22,314)
Less Historical shares Fitters   (3,000,000)
Transaction Accounting Adjustment   (2,604,256)

 

(e) Estimate for additional Audit fees at $50,000 for full year