Exhibit 99.2
e-biofuels, LLC
Comparative Balance Sheets
For the Years Ended
12/31/09 and 12/31/08
UNAUDITED
31-Dec 2009 | 31-Dec 2008 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 449,365 | $ | 49,883 | ||||
Accounts Receivable | 162,983 | 249,021 | ||||||
Inventories | 87,665 | 166,131 | ||||||
Prepaids | 38,225 | 86,490 | ||||||
Total Current Assets | $ | 738,238 | $ | 551,525 | ||||
Property, Plant & Equipment | ||||||||
Fixed Assets | 10,750,084 | 10,215,617 | ||||||
10,750,084 | 10,215,617 | |||||||
Less: accumulated DD&A | (1,459,030 | ) | (796,282 | ) | ||||
Net property, plant & equipment | 9,291,054 | 9,419,335 | ||||||
Other Assets | — | — | ||||||
Total Assets | $ | 10,029,292 | $ | 9,970,860 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts Payable | $ | 3,206,258 | $ | 1,976,304 | ||||
Accrued expenses | 2,345,038 | 830,231 | ||||||
Notes payable-current portion | 11,278,908 | — | ||||||
Notes payable- related parties | 89,211 | — | ||||||
Line of credit | — | 3,248,397 | ||||||
Total current liabilities | 16,919,415 | 6,054,932 | ||||||
Long Term Liabilities | ||||||||
Senior debt | 2,306,547 | 10,795,262 | ||||||
Long Term Notes | 1,406,947 | 1,453,956 | ||||||
Total long term liabilities | 3,713,494 | 12,249,218 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Paid In Capital | (745,925 | ) | (343,231 | ) | ||||
Retained Deficit | (9,857,692 | ) | (7,990,059 | ) | ||||
Treasury Stock | — | — | ||||||
Total Stockholders’ Equity | (10,603,617 | ) | (8,333,290 | ) | ||||
Total Liabilities and Stockholders’ Equity | $ | 10,029,292 | $ | 9,970,860 | ||||
e-biofuels, LLC
Income Statement
For the fiscal years ending
12/31/08 and 12/31/09
UNAUDITED
Fiscal Year Ending 12/31/2009 | Fiscal Year Ending 12/31/2008 | |||||||
Operating income: | ||||||||
Biofuels Revenue | $ | 20,433,951 | $ | 45,002,187 | ||||
Total operating income | 20,433,951 | 45,002,187 | ||||||
Operating expenses: | ||||||||
Biofuels Expenses | 18,739,743 | 44,120,402 | ||||||
General and administrative expenses | 1,604,139 | 2,831,776 | ||||||
Depreciation, depletion and amortization | 698,286 | 564,579 | ||||||
Total operating expenses | 21,042,168 | 47,516,757 | ||||||
Gain/ Loss from operations | (608,217 | ) | (2,514,570 | ) | ||||
Other income(loss): | ||||||||
Interest expense | (898,061 | ) | (1,065,761 | ) | ||||
Interest income | — | 4,370 | ||||||
Amortization of loan fees | — | (40,000 | ) | |||||
Other income (expense) | (458,650 | ) | (2,956,643 | ) | ||||
Gain (loss) on sale of assets | — | — | ||||||
Total other income and (expense) | (1,356,711 | ) | (4,058,034 | ) | ||||
Net income (loss) before income taxes | (1,964,928 | ) | (6,572,604 | ) | ||||
Provision for income taxes: | — | — | ||||||
Net Income (Loss) | $ | (1,964,928 | ) | $ | (6,572,604 | ) | ||