Exhibit 99.2

PRO FORMA FINANCIAL INFORMATION
 
·
Condensed Consolidated Pro Forma Unaudited Balance Sheet as of September 30, 2014
 
·
Condensed Consolidated Pro Forma Unaudited Statement of Operations for the December 31, 2013
 
·
Condensed Consolidated Pro Forma Unaudited Statement of Operations for the nine months ended September 30, 2014
 
·
Notes to Condensed Consolidated Pro Forma Unaudited Financial Statements
 
On December 10, 2014, , Great West Resources, Inc., a Nevada corporation (the “Company”) purchased certain contracts and a related group of assets from Global Telesat Corp., a Virginia corporation (“GTC Contracts”) for a purchase price of $250,000 pursuant to an asset purchase agreement by and among the Company, World Surveillance Group, Inc., a Delaware corporation, (“World”) and World’s wholly owned subsidiary GTC (the “Acquisition”).
 
The unaudited condensed combined pro forma statements of operations are presented as if the Acquisition had been completed on January 1, 2013 combining the GTC Contracts’ condensed revenues and expenses for the year ended September 30, 2013 and the Company’s audited condensed statement of operations for the year ended December 31, 2013 and the nine months ended September 30, 2014 and the Company’s unaudited condensed statement of operations for the nine months ended September 30, 2014. The unaudited condensed combined pro forma balance sheet gives effect to the acquisition as if the Acquisition had taken place on September 30, 2014 and combines GTC Contract’s unaudited condensed balance sheet as of September 30, 2014 with the Company’s condensed balance sheet as of September 30, 2014.
 
The unaudited pro forma combined statement of operations is presented for illustrative purposes only and, therefore, is not necessarily indicative of the operating results that might have been achieved had the transaction occurred as of an earlier date, nor is it necessarily indicative of the operating results that may be achieved in the future. You should not rely on the pro forma condensed combined financial information as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined companies will experience after the Acquisition.
 
The unaudited pro forma combined statement of income, including the notes thereto, should be read in conjunction with the Company’s audited historical consolidated financial statements for the year ended December 31, 2013 included in our Annual Report on Form 10-K for the year ended December 31, 2013, as well as the GTC Contracts’ audited financial statements for the years ended September 30, 2014 and 2013 included in Exhibit 99.1 to this Form 8-K.
 

 
 
 
 
GREAT WEST RESOURCES, INC.
Condensed Consolidated Balance Sheet
September 30, 2014
 
  
   
Great West Resources, Inc.
    
Adjustments
    
No.
  
Combined
  
Assets:
                      
Cash
   $ 400,100     $ (250,000 )     (2)   $ 150,100  
Prepaid license fee – short term
             222,222       (1)     222,222  
Total current assets
     400,100                     372,322  
Prepaid license fee – long term
             2,000,000       (1)     2,000,000  
Total assets
   $ 400,100                   $ 2,372,322  
Liabilities and Stockholders’ Deficit
                              
Accounts payable and accrued expenses
   $ 571,772                     571,772  
Accounts payable – related party
     175,000                     175,000  
Loan payable- related party
     35,000                     35,000  
Derivative liability
     4,880                     4,880  
Total current liabilities
     786,652                     786,652  
Stockholders’ Equity (Deficit):
                              
Series A preferred
     2                     2  
Series B preferred
     1                     1  
Common stock
     951       222       (1)     1,173  
Additional Paid in capital
     48,782,092       2,222,000       (1)     51,004,092  
Accumulated deficit
     (49,169,598 )     (250,000 )     (2)     (49,419,598 )
Total stockholders’ deficit
     (386,552 )                   1,585,670  
Total liabilities and stockholders’ deficit
   $ 400,100                   $ 2,372,322  
 
 
 
 
 
 
GREAT WEST RESOURCES, INC.
Condensed Consolidated Statement of Operations
Nine months ended September 30, 2014
 
  
   
Great West Resources, Inc.
    
GTC Contracts
    
Adjustments
    
No.
    
Combined
  
Contract revenues
     -     $ 343,734       -           $ 343,734  
Cost of revenues
     -       97,691       -             97,691  
Gross profit
     -       246,043       -             246,043  
Operating expenses:
                                      
General and administrative
     580,961       -       166,666       (1)       747,627  
Total operating expenses
     580,961       -       166,666               747,627  
Income (Loss) from operations
     (580,961 )     246,043       (166,666 )             (501,584 )
Other income (expenses), net
     380,407       -       -               380,407  
Net income (loss)
   $ (200,554 )   $ 246,043     $ (166,666 )           $ (121,177 )
Net income (loss) per share
   $ (0.13 )     -                     $ (0.03 )
Basic and diluted
Weighted average shares outstanding
     1,540,254       -                       3,762,476  

 
 
 
 
 
GREAT WEST RESOURCES, INC.
Condensed Consolidated Statement of Operations
Year ended December 31, 2013
    
 
   
Great West Resources, Inc.
    
GTC Contracts
    
Adjustments
  
No.
  
Combined
Contract revenues
   $ -     $ 90,154             $ 90,154
Cost of revenues
     -       22,849               22,849
Gross profit
     -       67,305               67,305
Operating expenses:
                              
General and administrative
     573,793       -       222,222   (1)     796,015
Total operating expenses
     573,793       -       222,222         796,015
Income (Loss) from operations
     (573,793 )     67,305       (222,222 )       (728,710
Other income (expenses), net
     1,197,911       -       -         1,197,911
Net income (loss)
   $ 624,118     $ 67,305       (222,222 )     $ 469,201
Net income (loss) per share
Basic and diluted, as adjusted
   $ 0.38                       $ 0.12
Weighted average shares outstanding
     1,661,276                         3,883,498
 
 
 
 
 
 
GREAT WEST RESOURCES, INC.
NOTES TO CONDENSED PRO FORMA UNAUDITED FINANCIAL STATEMENTS
 
Unaudited Pro Forma Condensed Financial Information.
 
The Pro forma Unaudited Condensed Financial Statements have been prepared in order to present consolidated financial position and results of operations of the Company and GTC Contracts  as if the Acquisition had occurred as of September 30, 2014 for the pro forma condensed consolidated balance sheet and to give effect to the Acquisition by the Company , as if the transaction had taken place at January 1, 2013 for the pro forma condensed consolidated statement of income for the years ended December 31, 2013 and 2014.
 
The following pro forma adjustments are incorporated into the pro forma condensed consolidated balance sheet as of September 30, 2014 and the pro forma condensed consolidated statement of operations for the years ended  December 31, 2014 and  2013, respectively.
 
(1)  
To record the issuance of 2,222,222 shares of the Company’s  newly issued shares of common stock at $1.00 per share, in exchange a ten year license agreement for the use of appliques and related amortization expense
 
(2)  
To record payment of $250,000 for assignment of contracts