Exhibit 99.2
Akeena Solar, Inc.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
------------ ------------ ----------- -----------
Net sales $ 3,599,957 $ 2,212,587 $8,902,554 $4,785,624
Cost of sales 2,709,642 1,513,372 6,729,181 3,648,556
------------ ------------ ----------- -----------
Gross profit 890,315 699,215 2,173,373 1,137,068
------------ ------------ ----------- -----------
Operating expenses
Selling, general and
administrative 1,400,078 502,141 2,885,108 1,191,424
------------ ------------ ----------- -----------
Total operating
expenses 1,400,078 502,141 2,885,108 1,191,424
------------ ------------ ----------- -----------
Income from
operations (509,763) 197,074 (711,735) (54,356)
------------ ------------ ----------- -----------
Other income (expense)
Interest income
(expense), net (17,348) (2,323) (43,543) (6,677)
------------ ------------ ----------- -----------
Total other income
(expense) (17,348) (2,323) (43,543) (6,677)
------------ ------------ ----------- -----------
Net loss $ (527,111) $ 194,751 $ (755,278) $ (61,033)
============ ============ =========== ===========
Earnings per common
and common
equivalent share:
Basic $ (0.05) $ 0.02 $ (0.08) $ (0.01)
============ ============ =========== ===========
Diluted $ (0.05) $ 0.02 $ (0.08) $ (0.01)
============ ============ =========== ===========
Weighted average
shares used in
computing earnings
per common and
common equivalent
share:
Basic 10,264,028 9,000,000 9,432,451 9,000,000
============ ============ =========== ===========
Diluted 10,264,028 10,000,000 9,432,451 9,000,000
============ ============ =========== ===========
Certain treatments for restricted stock issuances are still being
reviewed by the company's auditors, and are subject to adjustment,
which the company does not believe to be material.
Akeena Solar, Inc.
Consolidated Balance Sheet
(Unaudited)
September 30, 2006
-------------------
Assets
Current assets
Cash and cash equivalents $ 1,682,584
Accounts receivable, net 2,582,310
Inventory 1,490,733
Prepaid expenses and other current assets 384,721
-------------------
Total current assets 6,140,348
Property and equipment, net 166,824
Due from related party 21,825
Customer list 277,186
Other assets 46,672
-------------------
Total assets $ 6,652,855
-------------------
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 1,714,855
Accrued liabilities 739,241
Accrued warranty 424,426
Loan payable 175,568
Deferred revenue 476,233
Credit facility 500,000
Current portion of capital lease obligations 6,531
Current portion of long-term debt 18,744
-------------------
Total current liabilities 4,055,598
Capital lease obligations, less current portion 27,692
Long-term debt, less current portion 32,088
-------------------
Total liabilities 4,115,378
-------------------
Stockholders' equity:
Preferred stock, $0.001 par value; 1,000,000
shares authorized; none issued and outstanding at
September 30, 2006 -
Common stock $0.001 par value; 50,000,000 shares
authorized; 14,873,966 shares issued and
outstanding at September 30, 2006 14,874
Additional paid-in capital 3,378,400
Accumulated deficit (855,797)
-------------------
Total stockholders' equity 2,537,477
-------------------
Total liabilities and stockholders'
equity $ 6,652,855
-------------------