EXHIBIT 99.2
CONSOLIDATED HYDRO, INC.
BALANCE SHEET
As of September 14 & 30, 1997
SEPTEMBER 30 SEPTEMBER 14
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ASSETS
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CURRENT ASSETS:
Cash and cash equivalents $ 152,005 $ 188,625
Accounts receivable, net 15,935 19,203
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Total current assets $ 167,940 $ 207,828
Property, plant and equipment, net 6,179,963 6,136,917
Intangible assets, net 13,429,201 13,470,075
Investments 292,715,209 292,715,209
Due from related parties, net 32,330,735 31,728,175
Long term receivables 3,655,933 3,653,438
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Total assets $ 348,478,981 $ 347,911,642
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 2,192,262 $ 1,972,937
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Total current liabilities 2,192,262 1,972,937
Long-term debt payable to related parties 307,638,177 306,204,031
Long-term debt payable to unrelated parties 180,002,500 180,002,500
Deferred credit, state income taxes and other long-term liabilities 22,845,625 22,845,625
Accrued interest payable to related parties 8,820,345 8,820,345
Mandatorily redeemable preferred stock, $.01 par value, at redemption value
of $1,000 per share, junior in liquidation preference to Series F
Preferred Stock:
Series H, 136,950 shares authorized issued and outstanding 117,875,572 117,875,572
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Total liabilities and mandatorily redeemable preferred stock $ 639,374,481 $ 637,721,010
STOCKHOLDERS' DEFICIT:
Preferred stock, $.01 par value, at redemption value of $1,000 per share
Series F, 56,279 shares authorized issued and outstanding 49,356,467 49,356,467
Series G, 56,279 shares authorized issued and outstanding 49,356,467 49,356,467
Class A common stock, $.001 par value, 9,000,000 shares authorized,
3,831,683 unissued shares reserved, 1,834,235 shares issued and
1,285,762 shares
outstanding 1,834 1,834
Additional paid-in capital 13,496,720 13,496,720
Accumulated deficit (381,820,625) (380,709,493)
Less: Deferred compensation (250,000) (250,000)
Treasury stock (common: 548,473 shares), at cost (21,061,363) (21,061,363)
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Total stockholders' deficit $ (290,895,500) $ (289,809,368)
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Total liabilities and stockholders' deficit $ 348,478,981 $ 347,911,642
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