Exhibit 2

HORIZON ENERGY DEVELOPMENT, INC.
INCOME STATEMENT
(Unaudited)

	Three Months Ended September 30, 2005
Operating Revenue:
Operating Revenue	$	2,751,810
Operating Expenses:
Fuel Used in Heat and Electric Generation		1,854,560
Operation and Maintenance Expenses		3,648,418
Property, Franchise & Other Taxes		176,910
Depreciation, Depletion & Amortization		7,219
Operating Expenses		5,687,107
Operating Income / (Loss)		(2,935,297	)
Other Income		1,069,520
Interest Charges		1,498,173
Net Income / (Loss) Before Income Taxes		(3,363,950	)
Income Taxes - Current		(1,153,286	)
Income Taxes - Deferred		(5,709,476	)
		(6,862,762	)
Minority Interest in Foreign Subsidiaries		253,888
Gain on Sale of Foreign Subsidiary		25,774,088
Net Income	$	29,526,788