Exhibit 99.2
Akeena Solar, Inc.
Consolidated Statement of Operations
For the Three and Twelve Months Ended December 31, 2006 and 2005
Three Months Ended Year Ended
December 31, December 31,
2006 2005 2006 2005
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Net sales $ 4,487,600 $2,405,800 $13,390,100 $7,191,400
Cost of sales 3,632,300 1,946,900 10,361,500 5,595,500
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Gross profit 855,300 458,900 3,028,600 1,595,900
Operating expenses
------------ ----------- ------------ -----------
Sales and marketing 722,900 128,300 1,550,400 547,800
General and
administrative 1,293,700 262,600 3,219,800 1,034,400
------------ ----------- ------------ -----------
Total operating
expenses 2,016,600 390,900 4,770,200 1,582,200
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Income from
operations (1,161,300) 68,000 (1,741,600) 13,700
Other income
(expense)
Interest income
(expense), net (24,100) (5,100) (67,700) (11,800)
------------ ----------- ------------ -----------
Total other
income (expense) (24,100) (5,100) (67,700) (11,800)
------------ ----------- ------------ -----------
Net loss $(1,185,400) $ 62,900 $(1,809,300) $ 1,900
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Weighted average
shares used in
computing (loss)
earnings per common
equivalent share: 16,291,229 9,000,000 10,304,739 9,000,000
(Loss) Earnings Per
Share $ (0.07) $ 0.01 $ (0.16) $ 0.00
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AKEENA SOLAR, INC.
Consolidated Balance Sheet
December 31, 2006
2006
------------
Assets
Current assets
Cash and cash equivalents $ 992,376
Accounts receivable, net 3,434,569
Inventory 1,791,816
Prepaid expenses and other current assets, net 838,192
------------
Total current assets 7,056,953
Property and equipment, net 194,867
Due from related party 21,825
Customer list, net 230,988
Other assets 24,751
------------
Total assets $ 7,529,384
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Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 2,053,567
Customer rebate payable 1,196,363
Accrued liabilities 622,184
Accrued warranty 508,655
Common stock issuable 175,568
Deferred revenue 981,454
Credit facility 500,000
Current portion of capital lease obligations 12,205
Current portion of long-term debt 17,307
------------
Total current liabilities 6,067,303
Capital lease obligations, less current portion 42,678
Long-term debt, less current portion 28,673
------------
Total liabilities 6,138,654
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Commitments, contingencies and subsequent events
Stockholders' equity:
Preferred stock, $0.001 par value; 1,000,000 shares
authorized; none issued and outstanding at December 31,
2006 -
Common stock $0.001 par value; 50,000,000 shares
authorized; 15,877,751 shares issued and outstanding
at December 31, 2006 15,878
Additional paid-in capital 2,955,926
Accumulated deficit (1,581,074)
------------
Total stockholders' equity 1,390,730
------------
Total liabilities and stockholders' equity $ 7,529,384
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