Unaudited Pro Forma Condensed Combined Statements of Operations | Exhibit 99.2 |
Historical | ||||||||||||||||
Plug Power December 31, 2002 | H Power November 30, 2002 (ii) | Pro forma Adjustments | Pro forma Combined | |||||||||||||
Revenue | ||||||||||||||||
Product and service revenue | $ | 9,426,803 | $ | 1,966,692 | $ | (1,966,692 | )(1) | $ | 9,426,803 | |||||||
Research and development contract revenue | 2,391,374 | 1,038,131 | (986,578 | )(1) | 2,442,927 | |||||||||||
Total revenue | 11,818,177 | 3,004,823 | (2,953,270 | ) | 11,869,730 | |||||||||||
Cost of revenue and expenses | ||||||||||||||||
Cost of revenues | 11,340,657 | 6,501,997 | (6,461,244 | )(1) | 11,381,410 | |||||||||||
In-process research and development | — | — | — | — | ||||||||||||
Research and development expense: | ||||||||||||||||
Noncash stock-based compensation | 1,003,616 | — | — | 1,003,616 | ||||||||||||
2,750,000 | (2) | — | ||||||||||||||
Other research and development | 39,285,548 | 16,726,034 | (1,644,591 | )(3) | 57,116,991 | |||||||||||
General and administrative expense: | ||||||||||||||||
Noncash stock-based compensation | 481,927 | — | — | 481,927 | ||||||||||||
Other general and administrative | 6,473,957 | 11,446,625 | (727,180 | )(4) | 17,193,402 | |||||||||||
Operating loss | (46,767,528 | ) | (31,669,833 | ) | 5,879,745 | (75,307,616 | ) | |||||||||
Interest income, net | 1,558,440 | 1,301,996 | — | 2,860,436 | ||||||||||||
Loss before equity in losses of affiliates | (45,209,088 | ) | (30,367,837 | ) | 5,879,745 | (72,447,180 | ) | |||||||||
Equity in losses of affiliates | (2,009,238 | ) | — | — | (2,009,238 | ) | ||||||||||
Net loss | $ | (47,218,326 | ) | $ | (30,367,837 | ) | $ | 5,879,745 | $ | (74,456,418 | ) | |||||
Loss per share: | ||||||||||||||||
Basic and diluted | $ | (0.93 | ) | $ | (1.23 | ) | ||||||||||
Weighted average number of common shares outstanding | 50,644,950 | 8,950,113 | 59,595,063 | |||||||||||||
(ii) | The twelve-month period ended November 30, 2002 as presented for H Power was derived by adding the six-months ended November 30, 2002 to H Power's fiscal year end May 31, 2002, and removing the six-months ended November 30, 2001. |
See accompanying notes to pro froma information
Note 1 Unaudited Pro Forma Condensed Combined Statement of Operations
PRODUCT REVENUE AND COST OF PRODUCT REVENUE:
(1) | To eliminate the revenue and cost of revenue related to product lines not expected to be continued. |
RESEARCH AND DEVELOPMENT EXPENSE:
(2) | To record amortization of identifiable intangible assets noted above over an estimated useful life of 24 months. This adjustment has been recorded as a component of research and development as it is related to amortization of capitalized technology expected to be utilized in research and product development activities. |
(3) | To adjust depreciation expense based on the adjustments to the fair value of facilities to be acquired. |
GENERAL AND ADMINISTRATIVE EXPENSE:
(4) | To adjust rent expense for facilities and equipment expected to be disposed of or abandoned. |