Exhibit 99.2
WANG & LEE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2024, AND DECEMBER 31, 2023
(In thousands of U.S. dollars except share and per share data)
| As of | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 4,650 | $ | 5,210 | ||||
| Accounts receivables – current, net | 3,108 | 3,997 | ||||||
| Contract assets, net | 537 | 1,651 | ||||||
| Retention receivables – current, net | 247 | 118 | ||||||
| Other receivables | 127 | 132 | ||||||
| Other receivables – related parties | 1 | 1 | ||||||
| Advance and prepayments | 745 | 189 | ||||||
| Total current assets | 9,415 | 11,298 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Accounts receivables – non-current, net | 926 | - | ||||||
| Retention receivables – non-current, net | 220 | 220 | ||||||
| Right-of-use assets, operating lease, net | 149 | 207 | ||||||
| Plant and equipment, net | 58 | 66 | ||||||
| TOTAL ASSETS | $ | 10,768 | $ | 11,791 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Short-term bank loans - current | $ | 1,717 | $ | 1,149 | ||||
| Operating lease liability - current | 112 | 113 | ||||||
| Finance lease liability - current | 11 | 10 | ||||||
| Account payables | 652 | 1,157 | ||||||
| Other payables | 255 | 332 | ||||||
| Contract liabilities | 1,214 | 997 | ||||||
| Other payables – related parties | 957 | 1,347 | ||||||
| Total current liabilities | 4,918 | 5,105 | ||||||
| NON-CURRENT LIABILITIES | ||||||||
| Operating lease liability – non-current | 35 | 89 | ||||||
| Finance lease liability – non-current | 30 | 35 | ||||||
| Long-term bank loans – non-current | 500 | 553 | ||||||
| TOTAL LIABILITIES | 5,483 | 5,782 | ||||||
| COMMITMENTS AND CONTINGENCIES | - | - | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Ordinary share, no par value; 15,093,847 shares issued and outstanding as of June 30, 2024 and December 31, 2023 | 8,350,002 | 8,350,002 | ||||||
| Additional paid-in-capital | 503 | 503 | ||||||
| Accumulated deficit | (3,594 | ) | (2,870 | ) | ||||
| Accumulated other comprehensive income | 26 | 26 | ||||||
| Total shareholders’ equity | 5,285 | 6,009 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 10,768 | $ | 11,791 | ||||
WANG & LEE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(In thousands of U.S. dollars except share and per share data)
| 2024 | 2023 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Contract revenues | $ | 1,884 | $ | 1,437 | ||||
| Contract costs | 1,938 | 1,184 | ||||||
| Gross (loss) profit | (54 | ) | 253 | |||||
| Selling expenses | - | - | ||||||
| General and administrative expenses | (690 | ) | (1,894 | ) | ||||
| Total operating expenses | (690 | ) | (1,894 | ) | ||||
| Operating loss | (744 | ) | (1,641 | ) | ||||
| Other income (expenses) | ||||||||
| Other income | 83 | 42 | ||||||
| Interest expense | (63 | ) | (25 | ) | ||||
| Total other income | 20 | 17 | ||||||
| Loss before taxes | (724 | ) | (1,624 | ) | ||||
| Provision for income taxes | - | - | ||||||
| NET LOSS | $ | (724 | ) | $ | (1,624 | ) | ||
| Other comprehensive loss | ||||||||
| Foreign currency translation adjustment | (0 | ) | (3 | ) | ||||
| Total comprehensive loss | $ | (724 | ) | $ | (1,627 | ) | ||
| Loss per share – Basic and diluted | $ | (0.05 | ) | $ | (0.11 | ) | ||
| Basic and diluted weighted average shares outstanding | 15,093,847 | 15,096,331 | ||||||
