WANG & LEE (WLGS) 6-K WANG & LEE GROUP, INC. Announces 2023 Unaudited Interim Financial Results

Exhibit 99.2

WANG & LEE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2023, AND DECEMBER 31, 2022

(In thousands of U.S. dollars except share and per share data)

	As of
	June 30, 2023			December 31, 2022
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	7,416		$	610
Accounts receivables, net		307			1,068
Contract Assets, net		1,370			1,037
Retention receivables – current, net		39			2
Other receivables		84			-
Other receivables – related parties		1			1
Advance and prepayments		127			160
Total current assets		9,344			2,878
Retention receivables – non-current, net		183			220
Plant and equipment, net		73			2
Total assets	$	9,600		$	3,100
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Short-term bank loans	$	579		$	455
Account payables		599			937
Other payables		75			48
Contract liabilities		866			867
Other payables – related parties		2,180			1,853
Total current liabilities		4,299			4,160
LONG-TERM LIABILITIES
Bank loans, non-current		642			653
Total liabilities		4,941			4,813
COMMITMENTS AND CONTINGENCIES		-			-
SHAREHOLDERS’ EQUITY
Ordinary share, no par value; 15,096,331 and 12,000,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022 respectively		8,000,002			2
Additional paid-in-capital		503			503
Accumulated deficit		(3,846	)		(2,221	)
Accumulated other comprehensive income		2			5
Total shareholders’ equity (deficit)		4,659			(1,713	)
Total liabilities and shareholders’ equity	$	9,600		$	3,100

WANG & LEE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(In thousands of U.S. dollars except share and per share data)

	2023			2022
	(Unaudited)			(Unaudited)
Contract revenues	$	1,437		$	1,250
Contract costs		1,184			872
Gross profit		253			378
Selling expenses		-			-
General and administrative expenses		(1,894	)		(620	)
Total operating expenses		(1,894	)		(620	)
Operating loss		(1,641	)		(242	)
Other income (expenses)
Other income		42			14
Interest expense		(25	)		(14	)
Total other income		17			-
Loss before taxes		(1,624	)		(242	)
Provision for income taxes		-			-
NET LOSS	$	(1,624	)	$	(242	)
Other comprehensive (loss) income
Foreign currency translation adjustment		(3	)		4
Total comprehensive loss	$	(1,627	)	$	(238	)
Loss per share – Basic and diluted	$	(0.11	)	$	(0.02	)
Basic and diluted weighted average shares outstanding		15,096,331			12,000,000