EX-99.2 2 file2.htm CERTAIN UNAUDITED FINANCIAL STATEMENTS - FIRESTONE

Firestone Communications, Inc.
Consolidated Balance Sheets
(Unaudited)


  As of As at December 31,
  June 30, 2006 2005 2004
Assets  
 
 
Current Assets:  
 
 
Cash and Cash Equivalents $ 100,064
$ 15,026
$ 122,282
Accounts Receivable, Net of Allowance for Doubtful Accounts of $109,518 in 2006; $109,000 in 2005; None in 2004 170,333
218,927
180,454
Programming Rights 79,267
87,393
34,425
Prepaid Expenses 12,344
23,981
6,151
Total Current Assets 362,008
345,327
343,312
   
 
 
Property and Equipment, Net 2,070,288
2,319,204
2,088,072
Other Assets 61,443
61,443
63,916
Total Assets $ 2,493,739
$ 2,725,974
$ 2,495,300
   
 
 
Liabilities and Stockholders' Deficit Current Liabilities:  
 
 
Accounts Payable $ 1,288,076
$ 675,483
$ 489,987
Accrued Expenses 568,999
560,232
384,804
Deferred Revenue 114,884
144,813
315,687
Lines of Credit 805,286
700,000
902,524
Programming Obligations 119,826
87,393
34,425
Current Portion of Long-term Debt 318,248
189,475
170,954
Current Portion of Long-term Debt-Related Party 1,420,112
743,938
46,861
Current Portion of Mandatorily Redeemable Preferred Stock 840,000
840,000
360,000
Total Current Liabilities 5,475,431
3,941,334
2,705,242
   
 
 
Long-term Debt
60,900
Long-term Debt-Related Party 1,112,195
1,567,111
753,439
Mandatorily Redeemable Preferred Stock 1,862,788
1,862,788
2,211,694
   
 
 
Commitments and Contigencies
Total Stockholders' Deficit (5,956,676
)
(4,645,259
)
(3,235,975
)
Total Liabilities and Stockholders' Deficit $ 2,493,739
$ 2,725,974
$ 2,495,300

Consolidated Balance Sheet and Statement of Operations were prepared by Firestone Communications, Inc. as a private company, in accordance with generally accepted accounting principles and may not conform to SEC Regulation S-X. Accordingly, such historical information may be adjusted and presented differently in our Proxy Statement/Prospectus to solicit stockholders' approval of the Merger.

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Firestone Communications, Inc.
Statements of Operations
(Unaudited)


  Six Months Ended Year Ended December 31,
  June 30, 2006 2005 2004
Net Sales $ 1,303,785
$ 6,756,586
$ 1,673,961
Cost of Sales 1,229,375
5,885,044
1,949,697
Gross Profit (Loss) 74,411
871,542
-275,736
Operating Expenses  
 
 
Advertising Expenses 58,745
228,734
150,990
General and Administrative 1,254,475
2,081,024
1,601,334
Total Operating Expenses 1,313,220
2,309,758
1,752,324
Loss From Operations (1,238,810
)
(1,438,216
)
(2,028,060
)
Other Income (Expenses)  
 
 
Interest Expense (208,606
)
(290,443
)
(131,463
)
Other Income (Expense), Net 86,711
(7,613
)
22,306
Total Other Expenses (121,895
)
(298,056
)
(109,157
)
   
 
 
Net Loss ($1,360,705
)
($1,736,272
)
($2,137,217
)

Consolidated Balance Sheet and Statement of Operations were prepared by Firestone Communications, Inc. as a private company, in accordance with generally accepted accounting principles and may not conform to SEC Regulation S-X. Accordingly, such historical information may be adjusted and presented differently in our Proxy Statement/Prospectus to solicit stockholders' approval of the Merger.

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