Unaudited Pro Forma Condensed Combined Statements of Operations | Exhibit 99.1 |
| Historical | ||||||||||||||||
Plug Power Six-months June 30, 2003 | H Power Six-months | Pro forma Adjustments | Pro forma Combined | |||||||||||||
| Revenue | ||||||||||||||||
Product and service revenue | $ | 4,178,594 | $ | 408,173 | $ | (408,173 | )(1) | $ | 4,178,594 | |||||||
Research and development contract revenue | 1,877,935 | 163,140 | (163,140 | )(1) | 1,877,935 | |||||||||||
Total revenue | 6,056,529 | 571,313 | (571,313 | ) | 6,056,529 | |||||||||||
| Cost of revenue and expenses | ||||||||||||||||
Cost of revenues | 5,106,858 | 1,160,851 | (1,160,851 | )(1) | 5,106,858 | |||||||||||
In-process research and development | 3,000,000 | — | — | 3,000,000 | ||||||||||||
Research and development expense: | ||||||||||||||||
Noncash stock-based compensation | 514,792 | — | — | 514,792 | ||||||||||||
| 687,500 | (2) | |||||||||||||||
Other research and development | 20,029,640 | 2,300,375 | (495,484 | )(3) | 22,522,031 | |||||||||||
General and administrative expense: | ||||||||||||||||
Noncash stock-based compensation | 104,676 | — | — | 104,676 | ||||||||||||
Other general and administrative | 3,289,082 | 5,726,991 | (166,435 | )(4) | 8,849,540 | |||||||||||
Operating loss | (25,988,519 | ) | (8,616,904 | ) | 563,957 | (34,041,368 | ) | |||||||||
Interest income, net | 359,821 | 137,088 | — | 496,909 | ||||||||||||
Loss before equity in losses of affiliates | (25,628,698 | ) | (8,479,816 | ) | 563,957 | (33,544,459 | ) | |||||||||
Equity in losses of affiliates | (965,088 | ) | — | — | (965,080 | ) | ||||||||||
Net loss | $ | (26,593,786 | ) | $ | (8,479,816 | ) | $ | 563,957 | $ | (34,509,539 | ) | |||||
Loss per share: | ||||||||||||||||
Basic and diluted | $ | (0.47 | ) | $ | (0.57 | ) | ||||||||||
Weighted average number of common shares outstanding | 56,040,409 | 8,950,113 | (4,226,442 | ) | 60,764,080 | |||||||||||
| (i) | The six-month period ended May 31, 2003 as presented for H Power was derived from H Power's results from operation from December 1, 2002 to March 25, 2003, the date of acquisition. See accompanying notes to pro froma information. |
See accompanying notes to pro forma information