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<br />18 <br /> <br />Project Schedule <br />Below outlines major milestones including Solar for Public Buildings submittal, permitting, final designs <br />completed, etc. Our current schedule assumes constructfon begins around early-May 2025. However, it may be <br />earlier or later depending on winter conditfons and unexpected delays in equipment. Due to being a pitched <br />roof, installatfon cannot begin untfl after snow/ice has melted off the roof where the array is to be mounted. <br />Delays in grant approval may cause delays and extend the project into Q3 or Q4 of 2025. Schedule assumes <br />constructfon will be performed during normal working hours (7am – 5pm). <br /> <br />Figure 13: Project timeline <br />Financial Statements <br />Apadana contfnues to profitably expand every year in not only size, but skills, services and locatfons <br />served. Apadana was founded in 2013 as an electrical contractor specializing in LED lightfng retrofits and <br />signage for commercial and industrial buildings. The solar division was started shortly thereafter followed by <br />our engineering division in 2023. Our diversified portiolio of businesses provides stability and resilience in <br />changing markets. In 2022, we moved to a significantly larger facility of 78,000 sq ft to better support our <br />customers. Our large facility allows space for our electrical distributor business which supplies hard-to-procure <br />components. <br />As an approved installer for the State of Minnesota Master Solar Contract, which was awarded to us in 2022, <br />we submitted our financial ratfos in lieu of financial statements (Apadana is a private entfty which does not <br />release financial statements which could be made publicly available). Our financial conditfon is and will <br />contfnue to be strong. We would be happy to provide the financial ratfos and asset/debt ratfo upon request in <br />a non-publicly released setting. <br />