EX-99.2 3 a5273338ex99-2.txt EXHIBIT 99.2 Exhibit 99.2 Akeena Solar, Inc. Consolidated Statements of Operations (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2006 2005 2006 2005 ------------ ------------ ----------- ----------- Net sales $ 3,599,957 $ 2,212,587 $8,902,554 $4,785,624 Cost of sales 2,709,642 1,513,372 6,729,181 3,648,556 ------------ ------------ ----------- ----------- Gross profit 890,315 699,215 2,173,373 1,137,068 ------------ ------------ ----------- ----------- Operating expenses Selling, general and administrative 1,400,078 502,141 2,885,108 1,191,424 ------------ ------------ ----------- ----------- Total operating expenses 1,400,078 502,141 2,885,108 1,191,424 ------------ ------------ ----------- ----------- Income from operations (509,763) 197,074 (711,735) (54,356) ------------ ------------ ----------- ----------- Other income (expense) Interest income (expense), net (17,348) (2,323) (43,543) (6,677) ------------ ------------ ----------- ----------- Total other income (expense) (17,348) (2,323) (43,543) (6,677) ------------ ------------ ----------- ----------- Net loss $ (527,111) $ 194,751 $ (755,278) $ (61,033) ============ ============ =========== =========== Earnings per common and common equivalent share: Basic $ (0.05) $ 0.02 $ (0.08) $ (0.01) ============ ============ =========== =========== Diluted $ (0.05) $ 0.02 $ (0.08) $ (0.01) ============ ============ =========== =========== Weighted average shares used in computing earnings per common and common equivalent share: Basic 10,264,028 9,000,000 9,432,451 9,000,000 ============ ============ =========== =========== Diluted 10,264,028 10,000,000 9,432,451 9,000,000 ============ ============ =========== =========== Certain treatments for restricted stock issuances are still being reviewed by the company's auditors, and are subject to adjustment, which the company does not believe to be material. Akeena Solar, Inc. Consolidated Balance Sheet (Unaudited) September 30, 2006 ------------------- Assets Current assets Cash and cash equivalents $ 1,682,584 Accounts receivable, net 2,582,310 Inventory 1,490,733 Prepaid expenses and other current assets 384,721 ------------------- Total current assets 6,140,348 Property and equipment, net 166,824 Due from related party 21,825 Customer list 277,186 Other assets 46,672 ------------------- Total assets $ 6,652,855 ------------------- Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 1,714,855 Accrued liabilities 739,241 Accrued warranty 424,426 Loan payable 175,568 Deferred revenue 476,233 Credit facility 500,000 Current portion of capital lease obligations 6,531 Current portion of long-term debt 18,744 ------------------- Total current liabilities 4,055,598 Capital lease obligations, less current portion 27,692 Long-term debt, less current portion 32,088 ------------------- Total liabilities 4,115,378 ------------------- Stockholders' equity: Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued and outstanding at September 30, 2006 - Common stock $0.001 par value; 50,000,000 shares authorized; 14,873,966 shares issued and outstanding at September 30, 2006 14,874 Additional paid-in capital 3,378,400 Accumulated deficit (855,797) ------------------- Total stockholders' equity 2,537,477 ------------------- Total liabilities and stockholders' equity $ 6,652,855 -------------------