Company: JSDA
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001641172-25-017818
Chunk: 19

Company: JONES SODA CO.
Filing Date: 2025-07-03
Form: S-1
Chunk 19
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 condensed consolidated financial statements
included herein in accordance with Article 11 of Regulation S-X and based on historical financial information of the Company. The historical
consolidated financial information has been adjusted in the accompanying unaudited pro forma condensed consolidated financial statements
to give effect to pro forma events that are (i) directly attributable to the Sale Transaction and (ii) factually supportable. Certain
information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted,
as is permitted by such rules and regulations.

The accompanying unaudited pro forma condensed
consolidated balance sheet gives effect to the Sale Transaction as if it had occurred on March 31, 2025, the end of the most recent period
for which a balance sheet is required. The accompanying unaudited pro forma condensed consolidated statement of operations for year ended
December 31, 2024 and for the three months ended March 31, 2025 gives effect to the Sale Transaction.

Pro forma adjustments are presented for informational
purposes only and are described in the accompanying notes based on information and assumptions currently available. The unaudited pro
forma condensed consolidated financial information is not necessarily indicative of what the Company’s results of operations or
financial condition would have been had the Sale Transaction been completed on the dates indicated above. In addition, it is not necessarily
indicative of the Company’s future results of operations or financial condition and does not reflect all actions that have been
or may be taken by the Company following the Sale Transaction.

The accompanying unaudited pro forma condensed
consolidated financial statements are based on the audited consolidated financial statements and accompanying notes included in the 2024
Form 10-K. The unaudited pro forma condensed consolidated balance sheet as of March 31, 2025 gives effect to the Sale Transaction as
if it had occurred on March 31, 2025. The unaudited pro forma condensed consolidated statements of operations for the year ended December
31, 2024 and for the three months ended March 31, 2025 gives effect to the Sale Transaction.

| 2. | Pro               
 Forma Adjustments |

Article 11 of Regulation S-X allows for the
presentation of reasonably estimable synergies (or dis-synergies) and other transaction effects that have occurred or are reasonably
expected to occur (“Management’s Adjustments”). The Company has elected not to present Management’s Adjustments
and will only be presenting Transaction