World Energy Solutions (XWES) 8-K/A Completion of Acquisition or Disposition of Assets

EXHIBIT 99.3

Unaudited Pro Forma Combined Financial Information

The following unaudited pro forma combined statements of operations of World Energy Solutions, Inc. (the “Company” or “World Energy”) for the nine-months ended September 30, 2011 and for the year ended December 31, 2010, gives effect to the acquisition of the Co-eXprise, Inc. energy procurement business (“Co-eXprise”) as if the transaction had occurred on January 1, 2010 and Northeast Energy Solutions, LLC (“NES”) as if the transaction had occurred on March 31, 2010 (inception). The unaudited pro forma combined balance sheet at September 30, 2011 gives effect to the acquisition of Co-eXprise and NES as if the transaction had occurred on September 30, 2011.

The accompanying unaudited pro forma combined financial information reflects World Energy’s acquisitions of Co-eXprise and NES. In accordance with Accounting Standards Codification (“ASC”) No. 805 “Business Combinations”, and ASC No. 350 “Intangibles – Goodwill and Other”, the Company used the purchase method of accounting for a business combination to account for the acquisitions as well as the related accounting and reporting regulations for goodwill and other intangibles. Under the purchase method of accounting, the total purchase price is allocated to the net assets and liabilities acquired based upon estimates of the fair value of those assets and liabilities. Any excess purchase price is allocated to goodwill. The preliminary allocation of the purchase price was based upon estimates of the fair value of the acquired assets and liabilities in accordance with ASC No. 350.

The following unaudited pro forma combined financial statements of the Company have been prepared by management in accordance with generally accepted accounting principles in the United States and do not reflect any operating efficiencies and cost savings that World Energy believes are achievable.

The unaudited pro forma combined financial information is presented for illustrative purpose only and is not necessarily indicative of the operating results that would have occurred if the acquisitions had been consummated at the beginning of the periods presented, nor is it necessarily indicative of future operating results. The pro forma adjustments are based upon available information and upon certain assumptions described in the notes to the unaudited pro forma combined financial statements that World Energy’s management believes are reasonable in the circumstances. The accompanying pro forma financial combined information should be read in conjunction with the historical consolidated financial statements and accompanying notes thereto of World Energy included in its Annual Report on Form 10-K for the year ended December 31, 2010 and NES financial statements included elsewhere herein.

World Energy Solutions, Inc.

Pro Forma Combined Consolidated Balance Sheet

September 30, 2011

(Unaudited)

		September 30,			September 30,		September 30,		September 30,		September 30,
	World Energy Solutions			NES		Pro Forma Adjustments			Note	Pro Forma
Assets
Current assets
Cash and cash equivalents	$	6,516,266		$	110,765	$	(1,114,896	)	A	$	5,512,135
Trade accounts receivable, net		3,688,073			642,137		(642,137	)	A		3,688,073
Inventory		—			24,267		(18,167	)	A		6,100
Prepaid expenses and other current assets		410,314			67,170		(67,170	)	A		410,314
Total current assets		10,614,633			844,339		(1,842,370	)			9,616,622
Property and equipment, net		202,557			168,530		(93,230	)	A		277,857
Convertible note receivable		650,000			—		—				650,000
Intangible assets, definite lives, net		4,740,063			—		991,600		A		5,731,663
Intangible assets, indefinite lives		—			—		1,970,900		A		1,970,900
Goodwill		5,010,092			—		1,630,338		A		6,640,430
Other assets		174,460			1,631		(1,631	)	A		174,460
Total assets	$	21,391,825		$	1,014,500	$	2,655,607			$	25,061,932
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	318,633		$	90,812	$	(90,812	)	A	$	318,633
Accrued commissions		918,840			—		—				918,840
Accrued compensation		1,332,446			—		237,500		A		1,569,946
Accrued expenses		257,615			85,355		(85,355	)	A		257,615
Deferred revenue and customer advances		179,365			—		—				179,365
Bank line of credit		—			300,000		(300,000	)	A		—
Loans payable, member		—			100,000		(100,000	)	A		—
Loans payable, other		—			15,112		2,000,000		A		2,015,112
Capital lease obligations		4,785			—		—				4,785
Total current liabilities		3,011,684			591,279		1,661,333				5,264,296
Loans payable, other, net of current portion		—			45,060		1,000,000		A		1,045,060
Long-term accrued compensation		—			—		120,312		A		120,312
Total liabilities		3,011,684			636,339		2,781,645				6,429,668
Stockholders’ equity:
Preferred stock		—			—		—				—
Common stock		1,077			—		8		A		1,085
Additional paid-in capital		39,384,096			25,366		226,749		A		39,636,211
Accumulated deficit		(20,784,494	)		352,795		(352,795	)	A		(20,784,494	)
Treasury stock		(220,538	)		—		—				(220,538	)
Total stockholders’ equity		18,380,141			378,161		(126,038	)			18,632,264
Total liabilities and stockholders’ equity	$	21,391,825		$	1,014,500	$	2,655,607			$	25,061,932

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World Energy Solutions, Inc.

Pro Forma Combined Consolidated Statements of Operations

For the Year Ended December 31, 2010

(Unaudited)

		September 30,			September 30,			September 30,		September 30,		September 30,			September 30,			September 30,		September 30,		September 30,
														Historical
														NES
														Period From
	Historical World			Historical										March 31,2010
	Energy Solutions			Co-eXprise										(Inception)
	Year Ended			Year Ended			Pro Forma				Pro Forma			Through			Pro Forma				Pro Forma
	December 31, 2010			December 31, 2010			Adjustments				Combined			December 31, 2010			Adjustments				Combined
Revenue	$	17,984,662		$	2,131,228		$	—			$	20,115,890		$	1,161,730		$	—			$	21,277,620
Cost of revenue		3,715,869			211,766			—				3,927,635			785,664			8,263		E		4,721,562
Gross profit		14,268,793			1,919,462			—				16,188,255			376,066			(8,263	)			16,556,058
Total operating expenses		14,376,562			1,506,643			520,857		B		16,404,062			339,608			74,370		E		16,818,040
Operating income (loss)		(107,769	)		412,819			(520,857	)			(215,807	)		36,458			(82,633	)			(261,982	)
Other income (expense), net		8,682		��	(9,677	)		(220,000	)	C		(220,995	)		(3,542	)		(70,289	)	F		(294,826	)
Income (loss) before income taxes		(99,087	)		403,142			(740,857	)			(436,802	)		32,916			(152,922	)			(556,808	)
Income tax expense		—			9,590			—		D		9,590			—			—		G		9,590
Net income (loss)	$	(99,087	)	$	393,552		$	(740,857	)		$	(446,392	)	$	32,916		$	(152,922	)		$	(566,398	)

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World Energy Solutions, Inc.

Pro Forma Combined Consolidated Statements of Operations

For the Nine Months Ended September 30, 2011

(Unaudited)

		September 30,		September 30,			September 30,		September 30,		September 30,			September 30,			September 30,		September 30,		September 30,
	Historical World		Historical			Pro Forma
	Energy Solutions		Co-eXprise			Adjustments For							Historical NES
	Nine Months Ended		Period Ended			Period Ended				Pro Forma			Nine Months Ended			Pro Forma				Pro Forma
	September 30, 2011		September 14, 2011			September 12, 2011				Combined			September 30, 2011			Adjustments				Combined
Revenue	$	15,180,140	$	1,563,408		$	—			$	16,743,548		$	2,438,895		$	—			$	19,182,443
Cost of revenue		2,907,359		52,261			—				2,959,620			1,605,585			8,263		E		4,573,468
Gross profit		12,272,781		1,511,147			—				13,783,928			833,310			(8,263	)			14,608,975
Total operating expenses		10,996,133		370,284			366,902		B		11,733,319			496,513			74,370		E		12,304,202
Operating income (loss)		1,276,648		1,140,863			(366,902	)			2,050,609			336,797			(82,633	)			2,304,773
Other income (expense), net		41,646		(5,555	)		(78,833	)	C		(42,742	)		(16,918	)		(24,350	)	F		(84,010	)
Income (loss) before income taxes		1,318,294		1,135,308			(445,735	)			2,007,867			319,879			(106,983	)			2,220,763
Income tax expense		21,750		6,288			6,530		D		34,568			—			3,847		G		38,415
Net income (loss)	$	1,296,544	$	1,129,020		$	(452,265	)		$	1,973,299		$	319,879		$	(110,830	)		$	2,182,348

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World Energy Solutions, Inc.

Notes to Pro Forma Combined Financial Statements

As of September 30, 2011, and For the Nine Months Ended September 30, 2011

and the Year Ended December 31, 2010

Note A:     Reflects excluded assets and retained liabilities of NES, elimination of the historical equity accounts and allocation or the allocation of total purchase price as follows:

		September 30,
Tangible assets acquired	$	81,400
Liabilities assumed		(60,172	)
Intangibles acquired, definite life		991,600
Intangibles acquired, indefinite life		1,970,900
Goodwill		1,630,338
Total purchase price	$	4,614,066

Note B:     Reflects the pro forma adjustments to amortization of intangible assets related to the acquisition of Co-eXprise as if the acquisition had occurred on January 1, 2010 using lives from two and one half to seven years.

Note C:     Reflects foregone interest income and interest expense on borrowed amounts to fund the purchase of Co-eXprise effective January 1, 2010.

Note D:     Reflects the pro forma tax effect of the Co-eXprise transactions outlined above and in the pro forma financial statements.

Note E:     Reflects the pro forma adjustments to amortization of intangible assets related to the acquisition of NES as if the acquisition had occurred on March 31, 2010 (inception) using a life of nine years.

Note F:     Reflects foregone interest income and interest expense on borrowed amounts to fund the purchase of NES effective March 31, 2010.

Note G:     Reflects the pro forma tax effect of NES transactions outlined above and in the pro forma financial statements.

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