Lenco Mobile (LNCMQ) 8-K/A Financial Statements and Exhibits

Exhibit 99.2

PRO FORMA FINANCIAL STATEMENTS

FOR THE YEAR/PERIOD ENDED:

DECEMBER 31, 2009

JUNE 30, 2010

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LENCO MOBILE INC. ACQUISITION OF JETCAST, INC.

PRO FORMA FINANCIAL STATEMENTS

TABLE OF CONTENTS

Pro Forma Balance Sheets as of June 30, 2010	1
Pro Forma Statements of Operations for the Year Ended December 31, 2009
and Six Months Ended June 30, 2010	4

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Pro Forma Results for Lenco Mobile Inc. and Acquired Operations

Pro Forma Balance Sheets as of June 30, 2010

	As of June 30, 2010
							Lenco Mobile Inc.
	Jetcast, Inc.			Lenco Mobile Inc.			As Adjusted
	Pro Forma			Pro Forma			Pro Forma
	(unaudited)			(unaudited)			(unaudited)
	(A)			(B)			(C )
ASSETS
Current assets:
Cash and cash equivalents	$	45,462		$	579,632		$	625,094
Investments		-			616,688			616,688
Accounts receivable, net		95,701			3,216,838			3,312,539
Debt issuance costs, net		-			17,945			17,945
Original issue discount, net		-			28,625			28,625
Notes receivable, current portion		-			65,000			65,000
Other current assets		-			128,693			128,693
Total current assets		141,163			4,653,421			4,794,584
Property and equipment, net		6,513			1,558,308			1,564,821
Other noncurrent assets:
Intangible assets - goodwill		8,233,459			3,537,676			11,771,135
Intangible assets - other, net		10,684,846			9,108,862			19,793,708
Other noncurrent assets		19,397			29,641			49,038
Total other noncurrent assets		18,937,702			12,676,179			31,613,881
Total assets	$	19,085,378		$	18,887,909		$	37,973,287
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	165,556		$	1,919,821		$	2,085,377
Current maturities of debt		-			2,672,583			2,672,583
Debt discount		-			(55,625	)		(55,625	)
Accrued interest on debt and obligations		-			85,280			85,280
Current contingent consideration liability		-			589,811			589,811
Income taxes payable (receivable)		-			(211,365	)		(211,365	)
Total current liabilities		165,556			5,000,505			5,166,061
Debt, net of current maturities		29,475			137,487			166,962
Deferred income taxes		6,387			-			6,387
Warrant put liability		-			60,000			60,000
Contingent consideration liability, net of current portion		-			-			-
Total liabilities		195,031			5,197,992			5,393,023
Shareholders’ equity:
Common stock, 250,000,000 shares authorized, $.001 par value, 65,881,747 shares issued and outstanding at June 30, 2010		-			69,879			69,879
Additional paid in capital		21,012,020			31,562,421			52,557,877
Accumulated other comprehensive income		-			330,828			330,828
Accumulated deficit		(2,121,673	)		(18,256,648	)		(20,378,321	)
Total Lenco Mobile Inc. shareholders’ equity		18,890,347			13,706,481			32,580,264
Noncontrolling interest (deficit)		-			(16,564	)		-
Total equity		18,890,347			13,689,917			32,580,264
Total liabilities and shareholders’ equity	$	19,085,378		$	18,887,909		$	37,973,287

See accompanying notes to pro forma financial information

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Notes to above pro forma financial information:

(A) This column represents the pro forma Balance Sheet for Jetcast, Inc. assuming it had been purchased by Lenco Mobile Inc. on January 1, 2010 and operated by Lenco Mobile Inc. through June 30, 2010.  Adjustments have been made to remove the following which existed on the June 30, 2009 audited Balance Sheet for Jetcast, Inc. due to revaluation according to SFAS141R and exchange of shares with Lenco Mobile Inc. at the assumed date of acquisition:

Intangible Assets, Goodwill:	$	48,500
Intangible Assets, Other – Net:		1,500
Common Stock – Jetcast, Inc.:		691
Treasury Stock – Jetcast, Inc.:		(20,123	)
Additional Paid in Capital:		91,017
Other Comprehensive Income:		(50,919	)
Retained Earnings:		(5,011	)

This column also contains pro forma adjustments for the amortization for the six months ended June 30, 2010 netting into “Intangible assets - other, net.” Further adjustments were made to “Additional paid in capital” above to affect the issuance of Lenco Mobile Inc. shares in exchange for shares of Jetcast, Inc.  Note that since Lenco Mobile Inc. would have continued to have pre-tax losses, no tax benefit of the loss on Jetcast Inc.’s Balance Sheet would have been recognized in this pro forma analysis.

(B) This column represents the Consolidated Balance Sheet for Lenco Mobile Inc. for June 30, 2010.  As reported in our June 30, 2010 Form 10-Q, we have added the effects of acquiring Jetcast, Inc. including the payment of approximately $500,000 in cash as well as the issuance of approximately 4 million shares of Lenco Mobile Inc. to the former shareholders of Jetcast, Inc.

(C) This column represents the As Adjusted Pro Forma Consolidated Balance Sheet for Lenco Mobile Inc. as of June 30, 2010 adjusted to include the Jetcast, Inc. acquisition assuming it had been purchased by Lenco Mobile Inc. on January 1, 2010.  

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Pro Forma Results for Lenco Mobile Inc. and Acquired Operations
Consolidated Pro Forma Statements of Operations for the Year Ended December 31, 2009 and
Six Months Ended June 30, 2010
																Lenco Mobile
							Lenco Mobile Inc.						Lenco Mobile			Inc.
	Jetcast, Inc.			Lenco Mobile Inc.			As Adjusted			Jetcast, Inc.			Inc.			As Adjusted
	Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma
	Jan. 1, 2009 -			Jan. 1, 2009 -			Jan. 1, 2009 -			Jan.1, 2010 -			Jan. 1, 2010 -			Jan. 1, 2010 -
	Dec. 31, 2009			Dec. 31, 2009			Dec. 31, 2009			June 30, 2010			June 30, 2010			June 30, 2010
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	(A)			(B)			(C )			(D)			(E)			(F)
Revenue	$	624,648		$	12,226,488		$	12,851,136		$	223,088		$	9,027,620		$	9,250,708
Cost of sales		207,152			4,964,194			5,171,346			64,007			3,854,773			3,918,780
Gross profit		417,496			7,262,294			7,679,790			159,081			5,172,847			5,331,928
Operating expense:
Sales and marketing		1,399			360,729			362,128			6,118			411,000			417,118
General and administrative		351,774			5,150,334			5,502,108			214,506			4,129,694			4,344,200
Research and development		0			251,149			251,149			0			276,211			276,211
Depreciation and amortization		4,119,415			2,270,366			6,389,781			2,060,130			1,454,729			3,514,859
Total operating expense		4,472,588			8,032,578			12,505,166			2,280,754			6,271,634			8,552,388
Income (loss) from operations		(4,055,092	)		(770,284	)		(4,825,376	)		(2,121,673	)		(1,098,787	)		(3,220,460	)
Other income (expense):
Interest income (expense), net		0			(301,611	)		(301,611	)		0			(346,125	)		(346,125	)
Other income (expense), net		0			(168,000	)		(168,000	)		0			631,360			631,360
Total other income (expense)		0			(469,611	)		(469,611	)		0			285,235			285,235
Income (loss) before income taxes		(4,055,092	)		(1,239,895	)		(5,294,987	)		(2,121,673	)		(813,552	)		(2,935,225	)
Income tax expense		0			334,159			334,159			0			131,884			131,884
Net loss including noncontrolling interest		(4,055,092	)		(1,574,054	)		(5,629,146	)		(2,121,673	)		(945,436	)		(3,067,109	)
Less: Net loss attributed to noncontrolling interest		0			0			0			0			(16,564	)		(16,564	)
Net loss attributed to Lenco Mobile Inc.	$	(4,055,092	)	$	(1,574,054	)	$	(5,629,146	)	$	(2,121,673	)	$	(928,872	)	$	(3,050,545	)
Net loss per share							$	(0.10	)							$	(0.05	)
Weighted average shares outstanding								55,824,204									65,106,760
See accompanying notes to pro forma financial information

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Notes to above pro forma financial information:

(A) This column represents the pro forma results for Jetcast, Inc. assuming it had been purchased by Lenco Mobile Inc. on January 1, 2009 and operated by Lenco Mobile Inc. through December 31, 2009.  An adjustment has been made to include approximately $4.1 million for one year of amortization expense based on the value of the amortizable intangible assets as of the acquisition date.  Note that since Lenco Mobile Inc. would have continued to have pre-tax losses, no tax benefit of the loss on Jetcast Inc.’s books would have been recognized in this pro forma analysis, thus approximately $12,000 in income tax expense was adjusted from the audited Jetcast, Inc. December 31, 2009 Statement of Operations to the above pro forma in this column.

(B) This column represents the Consolidated Statement of Operations for Lenco Mobile Inc. for the period January 1, 2009 through December 31, 2009.

(C) This column represents the As Adjusted Pro Forma Consolidated Statement of Operations for Lenco Mobile Inc. including the Jetcast, Inc. results for the period January 1, 2009 through December 31, 2009.

(D) This column represents the pro forma results for Jetcast, Inc. assuming it had been purchased by Lenco Mobile Inc. on January 1, 2010 and operated by Lenco Mobile Inc. through June 30, 2010.  An adjustments has been made to include approximately $2.1 million for six months of amortization expense based on the value of the amortizable intangible assets as of the acquisition date.  Note that since Lenco Mobile Inc. would have continued to have pre-tax losses, no tax benefit of the loss on Jetcast Inc.’s books would have been recognized in this pro forma analysis, thus approximately $12,000 in income tax benefit was adjusted from the audited Jetcast, Inc. June 30, 2010 Statement of Operations to the above pro forma in this column..

(E) This column represents the Consolidated Statement of Operations for Lenco Mobile Inc. for the period January 1, 2010 through June 30, 2010.

(F) This column represents the As Adjusted Pro Forma Consolidated Statement of Operations for Lenco Mobile Inc. including the Jetcast, Inc. results for the period January 1, 2010 through June 30, 2010.

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