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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tecogen Inc | NASDAQ:TGEN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.71 | 0.8125 | 0.85 | 0 | 01:00:00 |
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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04-3536131
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(State or Other Jurisdiction of Incorporation or Organization)
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(IRS Employer Identification No.)
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45 First Avenue
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Waltham, Massachusetts
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02451
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(Address of Principal Executive Offices)
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(Zip Code)
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Large accelerated filer
o
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Accelerated filer
o
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Non –accelerated filer
o
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Smaller reporting company
x
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Emerging Growth company
x
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Title of each class
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Outstanding, October 31, 2017
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Common Stock, $0.001 par value
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24,724,392
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PART I
- FINANCIAL INFORMATION
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September 30, 2017
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December 31, 2016
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|||
ASSETS
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|
||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
2,077,047
|
|
|
$
|
3,721,765
|
|
Accounts receivable, net
|
11,094,287
|
|
|
8,630,418
|
|
||
Unbilled revenue
|
3,063,089
|
|
|
2,269,645
|
|
||
Inventory, net
|
6,118,835
|
|
|
4,774,264
|
|
||
Due from related party
|
496,655
|
|
|
260,988
|
|
||
Prepaid and other current assets
|
742,701
|
|
|
401,876
|
|
||
Total current assets
|
23,592,614
|
|
|
20,058,956
|
|
||
Property, plant and equipment, net
|
15,502,974
|
|
|
517,143
|
|
||
Intangible assets, net
|
2,430,178
|
|
|
1,065,967
|
|
||
Excess of cost over fair value of net assets acquired
|
12,602,409
|
|
|
—
|
|
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Goodwill
|
40,870
|
|
|
40,870
|
|
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Other assets
|
2,462,870
|
|
|
2,058,425
|
|
||
TOTAL ASSETS
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$
|
56,631,915
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$
|
23,741,361
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|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
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|
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Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
5,356,449
|
|
|
$
|
3,367,481
|
|
Accrued expenses
|
1,676,307
|
|
|
1,378,258
|
|
||
Deferred revenue
|
1,477,124
|
|
|
876,765
|
|
||
Loan due to related party
|
850,000
|
|
|
—
|
|
||
Interest payable, related party
|
39,403
|
|
|
—
|
|
||
Total current liabilities
|
9,399,283
|
|
|
5,622,504
|
|
||
Long-term liabilities:
|
|
|
|
|
|
||
Deferred revenue, net of current portion
|
386,494
|
|
|
459,275
|
|
||
Senior convertible promissory note, related party
|
3,149,086
|
|
|
3,148,509
|
|
||
Unfavorable contract liability
|
10,358,283
|
|
|
—
|
|
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Total liabilities
|
23,293,146
|
|
|
9,230,288
|
|
||
Commitments and contingencies (Note 9)
|
|
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|
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Stockholders’ equity:
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|
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Tecogen Inc. stockholders’ equity:
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|
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Common stock, $0.001 par value; 100,000,000 shares authorized; 24,724,392 and 19,981,912 issued and outstanding at September 30, 2017 and December 31, 2016, respectively
|
24,724
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|
|
19,982
|
|
||
Additional paid-in capital
|
56,081,026
|
|
|
37,334,773
|
|
||
Accumulated other comprehensive loss-investment securities
|
(184,998
|
)
|
|
—
|
|
||
Accumulated deficit
|
(23,065,226
|
)
|
|
(22,843,682
|
)
|
||
Total Tecogen Inc. stockholders’ equity
|
32,855,526
|
|
|
14,511,073
|
|
||
Noncontrolling interest
|
483,243
|
|
|
—
|
|
||
Total stockholders’ equity
|
33,338,769
|
|
|
14,511,073
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
56,631,915
|
|
|
$
|
23,741,361
|
|
|
Three Months Ended
|
||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
2,425,616
|
|
|
$
|
2,850,901
|
|
Services
|
4,519,467
|
|
|
3,765,554
|
|
||
Energy production
|
1,556,115
|
|
|
—
|
|
||
Total revenues
|
8,501,198
|
|
|
6,616,455
|
|
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Cost of sales
|
|
|
|
||||
Products
|
1,538,515
|
|
|
1,715,462
|
|
||
Services
|
2,981,454
|
|
|
2,126,175
|
|
||
Energy production
|
723,198
|
|
|
—
|
|
||
Total cost of sales
|
5,243,167
|
|
|
3,841,637
|
|
||
Gross profit
|
3,258,031
|
|
|
2,774,818
|
|
||
Operating expenses
|
|
|
|
||||
General and administrative
|
2,427,352
|
|
|
2,003,838
|
|
||
Selling
|
503,415
|
|
|
367,412
|
|
||
Research and development
|
241,725
|
|
|
154,075
|
|
||
Total operating expenses
|
3,172,492
|
|
|
2,525,325
|
|
||
Income from operations
|
85,539
|
|
|
249,493
|
|
||
Other income (expense)
|
|
|
|
||||
Interest and other income
|
14,849
|
|
|
3,914
|
|
||
Interest expense
|
(45,242
|
)
|
|
(45,539
|
)
|
||
Total other expense, net
|
(30,393
|
)
|
|
(41,625
|
)
|
||
Consolidated net income
|
55,146
|
|
|
207,868
|
|
||
Income attributable to the noncontrolling interest
|
(27,935
|
)
|
|
—
|
|
||
Net income attributable to Tecogen Inc.
|
27,211
|
|
|
207,868
|
|
||
Other comprehensive income - unrealized gain on securities
|
39,361
|
|
|
—
|
|
||
Comprehensive income
|
$
|
66,572
|
|
|
$
|
207,868
|
|
|
|
|
|
||||
Net income per share - basic
|
$
|
0.00
|
|
|
$
|
0.01
|
|
Net income per share - diluted
|
$
|
0.00
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|
|
$
|
0.01
|
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Weighted average shares outstanding - basic
|
24,720,613
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|
|
19,640,812
|
|
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Weighted average shares outstanding - diluted
|
24,930,624
|
|
|
20,229,120
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
8,349,159
|
|
|
$
|
7,525,909
|
|
Services
|
12,259,037
|
|
|
9,853,369
|
|
||
Energy production
|
2,330,307
|
|
|
—
|
|
||
Total revenues
|
22,938,503
|
|
|
17,379,278
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
5,261,245
|
|
|
5,035,230
|
|
||
Services
|
7,464,193
|
|
|
5,746,992
|
|
||
Energy production
|
1,053,741
|
|
|
—
|
|
||
Total cost of sales
|
13,779,179
|
|
|
10,782,222
|
|
||
Gross profit
|
9,159,324
|
|
|
6,597,056
|
|
||
Operating expenses
|
|
|
|
||||
General and administrative
|
7,042,500
|
|
|
5,898,230
|
|
||
Selling
|
1,558,378
|
|
|
1,217,533
|
|
||
Research and development
|
641,064
|
|
|
524,696
|
|
||
Total operating expenses
|
9,241,942
|
|
|
7,640,459
|
|
||
Loss from operations
|
(82,618
|
)
|
|
(1,043,403
|
)
|
||
Other income (expense)
|
|
|
|
||||
Interest and other income
|
21,033
|
|
|
9,575
|
|
||
Interest expense
|
(115,026
|
)
|
|
(131,973
|
)
|
||
Total other expense, net
|
(93,993
|
)
|
|
(122,398
|
)
|
||
Consolidated net loss
|
(176,611
|
)
|
|
(1,165,801
|
)
|
||
(Income) loss attributable to the noncontrolling interest
|
(44,933
|
)
|
|
64,962
|
|
||
Net loss attributable to Tecogen Inc.
|
(221,544
|
)
|
|
(1,100,839
|
)
|
||
Other comprehensive loss - unrealized loss on securities
|
(184,998
|
)
|
|
—
|
|
||
Comprehensive loss
|
$
|
(406,542
|
)
|
|
$
|
(1,100,839
|
)
|
|
|
|
|
||||
Net loss per share - basic and diluted
|
$
|
(0.01
|
)
|
|
$
|
(0.06
|
)
|
Weighted average shares outstanding - basic and diluted
|
22,643,406
|
|
|
19,071,497
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net loss
|
$
|
(176,611
|
)
|
|
$
|
(1,165,801
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization, net
|
402,939
|
|
|
198,766
|
|
||
Provision (recovery) of inventory reserve
|
43,609
|
|
|
(90,000
|
)
|
||
Stock-based compensation
|
138,329
|
|
|
117,065
|
|
||
Non-cash interest expense
|
577
|
|
|
37,923
|
|
||
Loss on sale of assets
|
2,909
|
|
|
640
|
|
||
Provision (recovery) for losses on accounts receivable
|
8,000
|
|
|
(6,000
|
)
|
||
Changes in operating assets and liabilities, net of effects of acquisitions
|
|
|
|
||||
(Increase) decrease in:
|
|
|
|
||||
Short term investments
|
—
|
|
|
294,802
|
|
||
Accounts receivable
|
(1,908,655
|
)
|
|
(2,664,462
|
)
|
||
Unbilled revenue
|
(776,365
|
)
|
|
(1,024,276
|
)
|
||
Inventory, net
|
(1,279,847
|
)
|
|
714,896
|
|
||
Due from related party
|
(236,971
|
)
|
|
744,266
|
|
||
Prepaid expenses and other current assets
|
(18,673
|
)
|
|
(100,398
|
)
|
||
Other non-current assets
|
(32,251
|
)
|
|
—
|
|
||
Increase (decrease) in:
|
|
|
|
||||
Accounts payable
|
1,641,206
|
|
|
(279,196
|
)
|
||
Accrued expenses and other current liabilities
|
(233,824
|
)
|
|
122,809
|
|
||
Deferred revenue
|
407,379
|
|
|
184,103
|
|
||
Interest payable, related party
|
21,378
|
|
|
—
|
|
||
Net cash used in operating activities
|
(1,996,871
|
)
|
|
(2,914,863
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(315,205
|
)
|
|
(130,499
|
)
|
||
Purchases of intangible assets
|
(34,551
|
)
|
|
(71,223
|
)
|
||
Cash acquired in acquisition
|
971,454
|
|
|
—
|
|
||
Cash paid for investment in Ultra Emissions Technologies Ltd
|
—
|
|
|
(2,000,000
|
)
|
||
Payment of stock issuance costs
|
(367,101
|
)
|
|
—
|
|
||
Distributions to noncontrolling interest
|
(31,362
|
)
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
223,235
|
|
|
(2,201,722
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from demand notes payable, related party
|
—
|
|
|
150,000
|
|
||
Payment of stock issuance costs
|
—
|
|
|
(28,548
|
)
|
||
Proceeds from debt issuance costs
|
—
|
|
|
(2,034
|
)
|
||
Proceeds from the exercise of stock options
|
128,918
|
|
|
312,698
|
|
||
Proceeds from exercise of warrants
|
—
|
|
|
2,700,000
|
|
||
Net cash provided by financing activities
|
128,918
|
|
|
3,132,116
|
|
||
Net decrease in cash and cash equivalents
|
(1,644,718
|
)
|
|
(1,984,469
|
)
|
||
Cash and cash equivalents, beginning of the period
|
3,721,765
|
|
|
5,486,526
|
|
||
Cash and cash equivalents, end of the period
|
$
|
2,077,047
|
|
|
$
|
3,502,057
|
|
|
|
|
|
Supplemental disclosures of cash flows information:
|
|
|
|
|
|
||
Cash paid for interest
|
$
|
95,550
|
|
|
$
|
94,049
|
|
Exchange of stock for non-controlling interest in Ilios
|
$
|
—
|
|
|
$
|
330,852
|
|
Issuance of stock to acquire American DG Energy
|
$
|
18,745,007
|
|
|
$
|
—
|
|
Issuance of Tecogen stock options in exchange for American DG Energy options
|
$
|
114,896
|
|
|
$
|
—
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income (loss) attributable to stockholders
|
|
$
|
27,211
|
|
|
$
|
207,868
|
|
|
$
|
(221,544
|
)
|
|
$
|
(1,100,839
|
)
|
Weighted average shares outstanding - Basic
|
|
24,720,613
|
|
|
19,640,812
|
|
|
22,643,406
|
|
|
19,071,497
|
|
||||
Basic income (loss) per share
|
|
$
|
0.00
|
|
|
$
|
0.01
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.06
|
)
|
Weighted average shares outstanding - Diluted
|
|
24,930,624
|
|
|
20,229,120
|
|
|
22,643,406
|
|
|
19,071,497
|
|
||||
Diluted income (loss) per share
|
|
$0.00
|
|
$0.01
|
|
$
|
(0.01
|
)
|
|
$
|
(0.06
|
)
|
||||
Anti-dilutive shares underlying stock options outstanding
|
|
|
|
|
|
|
|
235,736
|
|
|
1,130,158
|
|
||||
Anti-dilutive convertible debentures
|
|
|
|
|
|
|
|
889,830
|
|
|
889,830
|
|
||||
Anti-dilutive warrants outstanding
|
|
|
|
|
|
250,000
|
|
|
250,000
|
|
Consideration
|
|
|
||
Tecogen common stock - 4,662,937 shares
|
|
$
|
18,745,007
|
|
Assumed fully vested equity awards
|
|
114,896
|
|
|
|
|
$
|
18,859,903
|
|
|
|
|
||
Recognized amounts of identifiable assets acquired and liabilities assumed
|
|
|
||
Financial assets
|
|
$
|
1,551,590
|
|
Inventory
|
|
108,333
|
|
|
Prepaid and other current assets
|
|
358,628
|
|
|
Property, plant and equipment
|
|
15,430,250
|
|
|
Investment securities
|
|
519,568
|
|
|
Identifiable intangibles assets
|
|
1,456,166
|
|
|
Financial liabilities
|
|
(1,857,859
|
)
|
|
Unfavorable contract liability
|
|
(10,838,571
|
)
|
|
Other liabilities
|
|
(939
|
)
|
|
Total identifiable net assets
|
|
6,727,166
|
|
|
Noncontrolling interest in American DG New York, LLC
|
|
(469,672
|
)
|
|
Excess of cost over fair value of net assets acquired
|
|
12,602,409
|
|
|
|
|
$
|
18,859,903
|
|
|
|
Nine months ended September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Total revenues
|
|
$
|
25,030,586
|
|
|
$
|
21,240,102
|
|
Net income (loss)
|
|
(998,323
|
)
|
|
(2,236,396
|
)
|
||
Basic earnings (loss) per share
|
|
(0.04
|
)
|
|
(0.09
|
)
|
||
Diluted earnings (loss) per share
|
|
(0.04
|
)
|
|
(0.09
|
)
|
|
Estimated Useful
Life (in Years) |
|
September 30, 2017
|
|
December 31, 2016
|
||||
Energy systems
|
1 - 15 years
|
|
$
|
12,823,745
|
|
|
$
|
—
|
|
Machinery and equipment
|
5 - 7 years
|
|
1,127,264
|
|
|
1,009,893
|
|
||
Furniture and fixtures
|
5 years
|
|
103,971
|
|
|
141,874
|
|
||
Computer software
|
3 - 5 years
|
|
196,417
|
|
|
102,415
|
|
||
Leasehold improvements
|
*
|
|
440,519
|
|
|
437,341
|
|
||
|
|
|
14,691,916
|
|
|
1,691,523
|
|
||
Less - accumulated depreciation and amortization
|
|
|
(2,017,401
|
)
|
|
(1,174,380
|
)
|
||
|
|
|
12,674,515
|
|
|
517,143
|
|
||
Construction in progress
|
|
|
2,828,459
|
|
|
—
|
|
||
|
|
|
$
|
15,502,974
|
|
|
$
|
517,143
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
Intangible assets
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
||||||||||||
Product certifications
|
|
$
|
602,202
|
|
|
$
|
(272,503
|
)
|
|
$
|
329,699
|
|
|
$
|
544,651
|
|
|
$
|
(233,992
|
)
|
|
$
|
310,659
|
|
Patents
|
|
656,105
|
|
|
(146,983
|
)
|
|
509,122
|
|
|
681,155
|
|
|
(123,012
|
)
|
|
558,143
|
|
||||||
Developed technology
|
|
240,000
|
|
|
(72,000
|
)
|
|
168,000
|
|
|
240,000
|
|
|
(60,000
|
)
|
|
180,000
|
|
||||||
Trademarks
|
|
19,215
|
|
|
—
|
|
|
19,215
|
|
|
17,165
|
|
|
—
|
|
|
17,165
|
|
||||||
Favorable contract asset
|
|
1,456,166
|
|
|
(52,024
|
)
|
|
1,404,142
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
|
$
|
2,973,688
|
|
|
$
|
(543,510
|
)
|
|
$
|
2,430,178
|
|
|
$
|
1,482,971
|
|
|
$
|
(417,004
|
)
|
|
$
|
1,065,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible liability
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unfavorable contract liability
|
|
$
|
10,838,571
|
|
|
$
|
(480,288
|
)
|
|
$
|
10,358,283
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Year 1
|
|
$
|
(993,749
|
)
|
Year 2
|
|
(911,514
|
)
|
|
Year 3
|
|
(847,307
|
)
|
|
Year 4
|
|
(858,084
|
)
|
|
Year 5
|
|
(840,273
|
)
|
|
|
Goodwill
|
|
Excess of cost over fair value of net assets acquired
|
||||
Balance at December 31, 2016
|
|
$
|
40,870
|
|
|
$
|
—
|
|
Acquisitions
|
|
—
|
|
|
12,602,409
|
|
||
Balance at September 30, 2017
|
|
$
|
40,870
|
|
|
$
|
12,602,409
|
|
Common Stock Options
|
Number of
Options
|
|
Exercise
Price Per
Share
|
|
Weighted
Average Exercise
Price
|
|
Weighted
Average Remaining
Life
|
|
Aggregate
Intrinsic
Value
|
||||||
Outstanding, December 31, 2016
|
1,117,918
|
|
|
$0.79-$5.39
|
|
$
|
3.10
|
|
|
5.00 years
|
|
$
|
1,415,150
|
|
|
Granted
|
45,000
|
|
|
$3.22-$3.72
|
|
3.35
|
|
|
|
|
|
||||
Assumed in merger
|
156,124
|
|
|
$3.15-$30.33
|
—
|
|
10.35
|
|
|
|
|
|
|||
Exercised
|
(79,543
|
)
|
|
$0.79-$2.00
|
|
1.62
|
|
|
|
|
|
||||
Canceled and forfeited
|
(106,112
|
)
|
|
$2.60-$30.33
|
|
9.67
|
|
|
|
|
|
||||
Outstanding, September 30, 2017
|
1,133,387
|
|
|
$0.79-$25.11
|
|
$
|
3.62
|
|
|
5.25 years
|
|
$
|
484,535
|
|
|
Exercisable, September 30, 2017
|
883,631
|
|
|
|
|
$
|
3.42
|
|
|
|
|
$
|
201,957
|
|
|
Vested and expected to vest, September 30, 2017
|
1,095,925
|
|
|
|
|
$
|
3.59
|
|
|
|
|
$
|
605,063
|
|
September 30, 2017
|
|
|
Quoted prices in active markets for identical assets
|
|
Significant other observable inputs
|
|
Significant unobservable inputs
|
|
|
||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total gains (losses)
|
||||||||||
Recurring fair value measurements
|
|
|
|
|
|
|
|
|
|
||||||||||
Available-for-sale equity securities
|
|
|
|
|
|
|
|
|
|
||||||||||
EuroSite Power Inc.
|
$
|
334,570
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
334,570
|
|
|
$
|
(184,998
|
)
|
Total recurring fair value measurements
|
$
|
334,570
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
334,570
|
|
|
$
|
(184,998
|
)
|
Fair value at acquisition on May 18, 2017
|
$
|
519,568
|
|
Unrealized loss recognized in other comprehensive loss
|
(184,998
|
)
|
|
Fair value at September 30, 2017
|
$
|
334,570
|
|
|
|
Products and Services
|
|
Energy Production
|
|
Corporate, other and elimination (1)
|
|
Total
|
|||||||||
Three months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Revenue - external customers
|
|
$
|
6,945,083
|
|
|
$
|
1,556,115
|
|
|
$
|
—
|
|
|
$
|
8,501,198
|
|
|
Intersegment revenue
|
|
250,525
|
|
|
—
|
|
|
(250,525
|
)
|
|
—
|
|
|||||
Total revenue
|
|
7,195,608
|
|
|
1,556,115
|
|
|
(250,525
|
)
|
|
8,501,198
|
|
|||||
Gross profit
|
|
2,425,114
|
|
|
832,917
|
|
|
—
|
|
|
3,258,031
|
|
|||||
Identifiable assets
|
|
19,179,530
|
|
|
16,028,115
|
|
|
21,424,270
|
|
|
56,631,915
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Three months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Revenue - external customers
|
|
$
|
6,616,455
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,616,455
|
|
|
Intersegment revenue
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total revenue
|
|
6,616,455
|
|
|
—
|
|
|
—
|
|
|
6,616,455
|
|
|||||
Gross profit
|
|
2,774,818
|
|
|
—
|
|
|
—
|
|
|
2,774,818
|
|
|||||
Identifiable assets
|
|
15,112,139
|
|
|
—
|
|
|
8,078,531
|
|
|
23,190,670
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Revenue - external customers
|
|
$
|
20,608,196
|
|
|
$
|
2,330,307
|
|
|
$
|
—
|
|
|
$
|
22,938,503
|
|
|
Intersegment revenue
|
|
442,343
|
|
|
—
|
|
|
(442,343
|
)
|
|
—
|
|
|||||
Total revenue
|
|
21,050,539
|
|
|
2,330,307
|
|
|
(442,343
|
)
|
|
22,938,503
|
|
|||||
Gross profit
|
|
7,882,758
|
|
|
1,276,566
|
|
|
—
|
|
|
9,159,324
|
|
|||||
Identifiable assets
|
|
19,179,530
|
|
|
16,028,115
|
|
|
21,424,270
|
|
|
56,631,915
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Nine months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Revenue - external customers
|
|
$
|
17,379,278
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,379,278
|
|
|
Intersegment revenue
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total revenue
|
|
17,379,278
|
|
|
—
|
|
|
—
|
|
|
17,379,278
|
|
|||||
Gross profit
|
|
6,597,056
|
|
|
—
|
|
|
—
|
|
|
6,597,056
|
|
|||||
Identifiable assets
|
|
15,112,139
|
|
|
—
|
|
|
8,078,531
|
|
|
23,190,670
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
(1) Corporate, intersegment revenue, other and elimination includes various corporate assets. Excess of cost over fair value of net assets acquired at September 30, 2017 has not as of yet been allocated to the respective segments pending completion of the necessary analysis.
|
|||||||||||||||||
Exhibit No.
|
Description of Exhibit
|
2.1
|
|
2.2
|
|
3.1
|
|
3.2
|
|
4.1
|
|
4.2
|
|
4.3+
|
|
4.5
|
|
4.6
|
|
10.1
|
|
10.8
|
|
10.21
|
|
10.26
|
|
10.27
|
|
10.31
|
|
10.32
|
|
10.33
|
|
10.34
|
|
10.35
|
|
10.36
|
|
10.37
|
|
10.38
|
|
10.39
|
|
10.40+
|
|
31.1*
|
|
31.2*
|
|
31.3*
|
|
32.1*
|
|
101.INS**
|
XBRL Instance Document
|
101.SCH**
|
XBRL Taxonomy Extension Schema
|
100.CAL**
|
XBRL Taxonomy Extension Calculation Linkbase
|
100.DEF**
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB**
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE**
|
XBRL Taxonomy Extension Presentation Linkbase
|
*
|
Filed herewith
|
**
|
Furnished herewith
|
+
|
Compensatory plan or arrangement
|
(a)
|
incorporated by reference from the Company's Registration Statement on Form S-1/A (Registration No. 333-193791), filed with the SEC on June 27, 2014.
|
(b)
|
incorporated by reference from the Company's Registration Statement on Form S-1 (Registration No. 333-178697), originally filed with the SEC on December 22, 2011.
|
(c)
|
incorporated by reference from the Company's 10-Q Report for the period ending June 30, 2014, originally filed with the SEC on August 14, 2014.
|
(d)
|
incorporated by reference from the Company's form 8-K Report originally filed with the SEC on August 6, 2015.
|
(e)
|
incorporated by reference from the Company's 10-Q Report for the period ending June 30, 2015, originally filed with the SEC on August 6, 2015.
|
(f)
|
incorporated by reference from the Company's form 8-K Report originally filed with the SEC on August 13, 2015.
|
(g)
|
incorporated by reference from the Company's form 8-K Reports originally filed with the SEC on April 15, 2015.
|
(h)
|
incorporated by reference from the Company's form 8-K Reports originally filed with the SEC on May 24, 2016.
|
(i)
|
incorporated by reference from the Company's form 8-K Reports originally filed with the SEC on June 30, 2016.
|
(j)
|
incorporated by reference from the Company's form 8-K Reports originally filed with the SEC on August 8, 2016.
|
(k)
|
incorporated by reference from the Company's Registration Statement on Form S-4 (Registration No. 333-215231),
|
(l)
|
incorporated by reference from the Company's form 8-K Reports originally filed with the SEC on December 2, 2016.
|
(m)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K, as filed with the SEC on March 29, 2016.
|
(n)
|
Incorporated by reference from the Company's form 8-K Reports originally filed with the SEC on December 31, 2015.
|
(o)
|
Incorporated by reference from the Company's form 8-K Reports originally filed with the SEC on April 15, 2016.
|
(p)
|
Incorporated by reference from American DG Energy's form 8-K Reports originally filed with the SEC on December 28, 2016.
|
(q)
|
incorporated by reference from the Company's form 8-K Reports originally filed with the SEC on November 2, 2016.
|
(r)
|
incorporated by reference from the Company's form 8-K Reports originally filed with the SEC on March 24, 2017.
|
|
TECOGEN INC.
|
|
|
(Registrant)
|
|
|
|
|
|
By:
|
/s/ John N. Hatsopoulos
|
|
Co-Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
By:
|
/s/ Benjamin M. Locke
|
|
Co-Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
By:
|
/s/ Bonnie J. Brown
|
|
Chief Accounting Officer, Treasurer and Secretary
|
|
|
(Principal Accounting Officer)
|
1 Year Tecogen Chart |
1 Month Tecogen Chart |
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