Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 353

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 353
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 Unaudited Pro Forma Condensed Combined Financial Statements</div>

Note 1: Basis of Presentation

The unaudited pro forma condensed combined financial information has been prepared by the Company in accordance with Article 11 of Regulation S-X, as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosure about Acquired and Disposed Businesses.” The historical financial information is derived from the financial statements of NDB Operating, WBEF, and Desert Environmental included elsewhere in this prospectus. For purposes of the unaudited pro forma condensed combined balance sheet, it is assumed that the Transactions occurred on June 30, 2025. For purposes of the unaudited pro forma condensed combined statements of operations for the six months ended June 30, 2025 and for the year ended December 31, 2024, it is assumed the Transactions occurred on January 1, 2024.

The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting in accordance with Accounting Standards Topic (“ASC”) Topic 805, Business Combinations, with NDB Midstream LLC (“NDB Midstream”) as the accounting acquirer, using the fair value concepts defined in ASC Topic 820, Fair Value Measurement. NDB Midstream indirectly owns 100% of NDB Operating and is solely a holding company with no material operations, assets or liabilities, with its only material asset being its indirect ownership in NDB Operating. Accordingly, the unaudited pro forma condensed combined financial information is based on the historical consolidated financial statements of NDB Operating, the historical consolidated financial statements of WBEF, and the historical consolidated financial statements of Desert Environmental.

The transaction accounting adjustments represent Company management’s best estimates and are based upon currently available information and certain assumptions that we believe are reasonable under the circumstances.

Our management has not identified any reclassification adjustments given all currently available information related to the WaterBridge Combination that would be necessary to conform the presentation of its financial statements or accounting policies to those of the Company.

Note 2: Purchase Price

We will account for the combination of NDB Operating, WBEF and Desert Environmental in the WaterBridge Combination as business combinations in accordance with ASC 805, as the transactions meet the definition of a business under generally accepted accounting principles in the United States of America (“U.S. GAAP”). The identifiable assets acquired and liabilities assumed will be recognized at their acquisition-date fair values. The total consideration transferred will be measured as the fair value