Exhibit 99.2
AKEENA SOLAR, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
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Net sales $2,812,424 $1,372,404 $5,302,597 $2,573,037
Cost of sales 2,097,742 1,173,710 4,019,539 2,135,184
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Gross profit 714,682 198,694 1,283,058 437,853
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Operating expenses
Selling, general and
administrative 949,315 394,775 1,485,030 689,283
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Total operating
expenses 949,315 394,775 1,485,030 689,283
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Income from
operations (234,633) (196,081) (201,972) (251,430)
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Other income (expense)
Interest income
(expense), net (13,164) (4,259) (26,195) (4,354)
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Total other
income (expense) (13,164) (4,259) (26,195) (4,354)
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Net loss $(247,797) $(200,340) $(228,167) $(255,784)
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Earnings per common
and common equivalent
share:
Basic and diluted $(0.03) $(0.02) $(0.03) $(0.03)
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Weighted average
shares used in
computing earnings
per common and common
equivalent share:
Basic and diluted 9,000,000 9,000,000 9,000,000 9,000,000
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AKEENA SOLAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
June 30, December 31,
2006 2005
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Assets (unaudited)
Current assets
Cash and cash equivalents $50,332 $(27,506)
Accounts receivable, net 1,788,946 729,053
Inventory 1,327,580 883,737
Prepaid expenses and other current assets 876,460 363,329
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Total current assets 4,043,318 1,948,613
Property and equipment, net 70,759 99,489
Due from related party 21,025 21,025
Other assets 3,927 3,927
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Total assets $4,139,029 $2,073,054
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Liabilities and Stockholder's Equity
Current liabilities
Accounts payable $2,070,322 $1,444,122
Accrued liabilities 502,148 261,190
Accrued warranty 372,171 234,407
Deferred revenue 902,903 311,741
Credit facility 500,000
Current portion of long-term debt 15,957 16,500
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Total current liabilities 4,363,501 2,267,960
Long-term debt, less current portion 14,214 35,311
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Total liabilities 4,377,715 2,303,271
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Commitments and contingencies (Note 12)
Stockholder's equity:
Common stock $0.01 par value; 16,000,000
shares authorized; 9,000,000 shares
issued and outstanding at June 30, 2006 90,000 90,000
Accumulated deficit (328,686) (320,217)
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Total stockholder's equity (238,686) (230,217)
Total liabilities and stockholder's
equity $4,139,029 $2,073,054
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