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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
x
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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, 2018
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Common Stock, $0.001 par value
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|
24,819,646
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PART I
- FINANCIAL INFORMATION
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September 30, 2018
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December 31, 2017
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||||
ASSETS
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|
||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
136,717
|
|
|
$
|
1,673,072
|
|
Accounts receivable, net
|
11,548,663
|
|
|
9,536,673
|
|
||
Unbilled revenue
|
4,441,565
|
|
|
3,963,133
|
|
||
Inventory, net
|
5,983,067
|
|
|
5,130,805
|
|
||
Due from related party
|
—
|
|
|
585,492
|
|
||
Prepaid and other current assets
|
815,269
|
|
|
771,526
|
|
||
Total current assets
|
22,925,281
|
|
|
21,660,701
|
|
||
Property, plant and equipment, net
|
11,107,509
|
|
|
12,265,711
|
|
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Intangible assets, net
|
2,935,279
|
|
|
2,896,458
|
|
||
Goodwill
|
13,365,655
|
|
|
13,365,655
|
|
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Other assets
|
427,810
|
|
|
482,551
|
|
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TOTAL ASSETS
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$
|
50,761,534
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$
|
50,671,076
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|
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|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
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|
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|
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Current liabilities:
|
|
|
|
|
|
||
Revolving line of credit, bank
|
$
|
1,708,888
|
|
|
$
|
—
|
|
Accounts payable
|
5,716,426
|
|
|
5,095,285
|
|
||
Accrued expenses
|
2,196,921
|
|
|
1,416,976
|
|
||
Deferred revenue
|
1,718,376
|
|
|
1,293,638
|
|
||
Loan due to related party
|
—
|
|
|
850,000
|
|
||
Interest payable, related party
|
—
|
|
|
52,265
|
|
||
Total current liabilities
|
11,340,611
|
|
|
8,708,164
|
|
||
Long-term liabilities:
|
|
|
|
|
|
||
Deferred revenue, net of current portion
|
343,031
|
|
|
538,100
|
|
||
Unfavorable contract liability, net
|
6,534,074
|
|
|
7,729,667
|
|
||
Total liabilities
|
18,217,716
|
|
|
16,975,931
|
|
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|
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|
|
||||
Commitments and contingencies (Note 10)
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|
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Stockholders’ equity:
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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; 24,819,646 and 24,766,892 issued and outstanding at September 30, 2018 and December 31, 2017, respectively
|
24,819
|
|
|
24,767
|
|
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Additional paid-in capital
|
56,371,583
|
|
|
56,176,330
|
|
||
Accumulated other comprehensive loss-investment securities
|
—
|
|
|
(165,317
|
)
|
||
Accumulated deficit
|
(24,298,191
|
)
|
|
(22,796,246
|
)
|
||
Total Tecogen Inc. stockholders’ equity
|
32,098,211
|
|
|
33,239,534
|
|
||
Noncontrolling interest
|
445,607
|
|
|
455,611
|
|
||
Total stockholders’ equity
|
32,543,818
|
|
|
33,695,145
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
50,761,534
|
|
|
$
|
50,671,076
|
|
|
Three Months Ended
|
||||||
|
September 30, 2018
|
|
September 30, 2017
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
2,765,094
|
|
|
$
|
2,425,616
|
|
Services
|
3,713,770
|
|
|
4,519,467
|
|
||
Energy production
|
1,459,820
|
|
|
1,556,115
|
|
||
Total revenues
|
7,938,684
|
|
|
8,501,198
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
1,695,347
|
|
|
1,538,515
|
|
||
Services
|
2,517,210
|
|
|
2,981,454
|
|
||
Energy production
|
843,029
|
|
|
723,198
|
|
||
Total cost of sales
|
5,055,586
|
|
|
5,243,167
|
|
||
Gross profit
|
2,883,098
|
|
|
3,258,031
|
|
||
Operating expenses
|
|
|
|
||||
General and administrative
|
2,582,600
|
|
|
2,427,352
|
|
||
Selling
|
581,716
|
|
|
503,415
|
|
||
Research and development
|
281,094
|
|
|
241,725
|
|
||
Total operating expenses
|
3,445,410
|
|
|
3,172,492
|
|
||
Income (loss) from operations
|
(562,312
|
)
|
|
85,539
|
|
||
Other income (expense)
|
|
|
|
||||
Interest income and other expense, net
|
4,168
|
|
|
14,849
|
|
||
Interest expense
|
(33,380
|
)
|
|
(45,242
|
)
|
||
Unrealized gain on investment securities
|
19,681
|
|
|
—
|
|
||
Total other expense, net
|
(9,531
|
)
|
|
(30,393
|
)
|
||
Income (loss) before provision for state income taxes
|
(571,843
|
)
|
|
55,146
|
|
||
Provision for state income taxes
|
3,815
|
|
|
—
|
|
||
Consolidated net income (loss)
|
(575,658
|
)
|
|
55,146
|
|
||
Income attributable to the noncontrolling interest
|
(27,379
|
)
|
|
(27,935
|
)
|
||
Net income (loss) attributable to Tecogen Inc.
|
$
|
(603,037
|
)
|
|
27,211
|
|
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Other comprehensive income - unrealized gain on securities
|
|
|
39,361
|
|
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Comprehensive income
|
|
|
$
|
66,572
|
|
||
|
|
|
|
||||
Net loss per share - basic and diluted
|
$
|
(0.02
|
)
|
|
$
|
0.00
|
|
Weighted average shares outstanding - basic
|
24,819,056
|
|
|
24,720,613
|
|
||
Weighted average shares outstanding - diluted
|
24,819,056
|
|
|
24,930,624
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2018
|
|
September 30, 2017
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
8,922,257
|
|
|
$
|
8,349,159
|
|
Services
|
12,894,439
|
|
|
12,259,037
|
|
||
Energy production
|
4,750,580
|
|
|
2,330,307
|
|
||
Total revenues
|
26,567,276
|
|
|
22,938,503
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
5,596,272
|
|
|
5,261,245
|
|
||
Services
|
8,262,104
|
|
|
7,464,193
|
|
||
Energy production
|
2,828,405
|
|
|
1,053,741
|
|
||
Total cost of sales
|
16,686,781
|
|
|
13,779,179
|
|
||
Gross profit
|
9,880,495
|
|
|
9,159,324
|
|
||
Operating expenses
|
|
|
|
||||
General and administrative
|
8,122,856
|
|
|
7,042,500
|
|
||
Selling
|
1,892,229
|
|
|
1,558,378
|
|
||
Research and development
|
993,102
|
|
|
641,064
|
|
||
Total operating expenses
|
11,008,187
|
|
|
9,241,942
|
|
||
Loss from operations
|
(1,127,692
|
)
|
|
(82,618
|
)
|
||
Other income (expense)
|
|
|
|
||||
Interest and other income
|
7,926
|
|
|
21,033
|
|
||
Interest expense
|
(56,195
|
)
|
|
(115,026
|
)
|
||
Unrealized loss on investment securities
|
(59,042
|
)
|
|
—
|
|
||
Total other expense, net
|
(107,311
|
)
|
|
(93,993
|
)
|
||
Loss before provision for state income taxes
|
(1,235,003
|
)
|
|
(176,611
|
)
|
||
Provision for state income taxes
|
42,679
|
|
|
—
|
|
||
Consolidated net loss
|
(1,277,682
|
)
|
|
(176,611
|
)
|
||
Income attributable to the noncontrolling interest
|
(58,946
|
)
|
|
(44,933
|
)
|
||
Net loss attributable to Tecogen Inc.
|
$
|
(1,336,628
|
)
|
|
(221,544
|
)
|
|
Other comprehensive loss - unrealized loss on securities
|
|
|
(184,998
|
)
|
|||
Comprehensive loss
|
|
|
$
|
(406,542
|
)
|
||
|
|
|
|
||||
Net loss per share - basic and diluted
|
$
|
(0.05
|
)
|
|
$
|
(0.01
|
)
|
Weighted average shares outstanding - basic and diluted
|
24,813,936
|
|
|
22,643,406
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2018
|
|
September 30, 2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net loss
|
$
|
(1,277,682
|
)
|
|
$
|
(176,611
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation, accretion and amortization, net
|
586,188
|
|
|
402,939
|
|
||
Gain on contract termination
|
(124,732
|
)
|
|
—
|
|
||
Provision on inventory reserve
|
1,000
|
|
|
43,609
|
|
||
Stock-based compensation
|
133,808
|
|
|
138,329
|
|
||
Non-cash interest expense
|
—
|
|
|
577
|
|
||
Loss on sale of assets
|
13,343
|
|
|
2,909
|
|
||
Provision for losses on accounts receivable
|
4,395
|
|
|
8,000
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions
|
|
|
|
||||
(Increase) decrease in:
|
|
|
|
||||
Accounts receivable
|
(1,840,150
|
)
|
|
(1,908,655
|
)
|
||
Unbilled revenue
|
(245,892
|
)
|
|
(776,365
|
)
|
||
Inventory, net
|
(853,262
|
)
|
|
(1,279,847
|
)
|
||
Due from related party
|
585,492
|
|
|
(236,971
|
)
|
||
Prepaid expenses and other current assets
|
(43,743
|
)
|
|
(18,673
|
)
|
||
Other non-current assets
|
54,741
|
|
|
(32,251
|
)
|
||
Increase (decrease) in:
|
|
|
|
||||
Accounts payable
|
(262,925
|
)
|
|
1,641,206
|
|
||
Accrued expenses and other current liabilities
|
779,945
|
|
|
(233,824
|
)
|
||
Deferred revenue
|
185,059
|
|
|
407,379
|
|
||
Interest payable, related party
|
(52,265
|
)
|
|
21,378
|
|
||
Net cash used in operating activities
|
(2,356,680
|
)
|
|
(1,996,871
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(273,814
|
)
|
|
(315,205
|
)
|
||
Proceeds from sale of assets
|
3,606
|
|
|
—
|
|
||
Purchases of intangible assets
|
(203,648
|
)
|
|
(34,551
|
)
|
||
Cash acquired in asset acquisition
|
442,746
|
|
|
971,454
|
|
||
Expenses associated with asset acquisition
|
(900
|
)
|
|
—
|
|
||
Payment of stock issuance costs
|
(908
|
)
|
|
(367,101
|
)
|
||
Distributions to noncontrolling interest
|
(68,950
|
)
|
|
(31,362
|
)
|
||
Net cash provided by (used in) investing activities
|
(101,868
|
)
|
|
223,235
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from revolving line of credit
|
12,550,590
|
|
|
—
|
|
||
Payments on revolving line of credit
|
(10,696,691
|
)
|
|
—
|
|
||
Payments for debt issuance costs
|
(145,011
|
)
|
|
—
|
|
||
Proceeds from the exercise of stock options
|
63,305
|
|
|
128,918
|
|
||
Payment on loan due to related party
|
(850,000
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
922,193
|
|
|
128,918
|
|
||
Change in cash and cash equivalents
|
(1,536,355
|
)
|
|
(1,644,718
|
)
|
||
Cash and cash equivalents, beginning of the period
|
1,673,072
|
|
|
3,721,765
|
|
||
Cash and cash equivalents, end of the period
|
$
|
136,717
|
|
|
$
|
2,077,047
|
|
|
|
|
|
||||
Supplemental disclosures of cash flows information:
|
|
|
|
|
|
||
Cash paid for interest
|
$
|
112,460
|
|
|
$
|
95,550
|
|
Cash paid for taxes
|
$
|
44,864
|
|
|
$
|
—
|
|
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, 2018
|
||||||||||
|
Products and Services
|
|
Energy Production
|
|
Total
|
||||||
Products
|
$
|
2,765,094
|
|
|
$
|
—
|
|
|
$
|
2,765,094
|
|
Installation services
|
1,648,119
|
|
|
—
|
|
|
1,648,119
|
|
|||
Maintenance services
|
2,065,651
|
|
|
—
|
|
|
2,065,651
|
|
|||
Energy production
|
—
|
|
|
1,459,820
|
|
|
1,459,820
|
|
|||
Total revenue
|
$
|
6,478,864
|
|
|
$
|
1,459,820
|
|
|
$
|
7,938,684
|
|
Nine Months Ended
|
September 30, 2018
|
||||||||||
|
Products and Services
|
|
Energy Production
|
|
Total
|
||||||
Products
|
$
|
8,922,257
|
|
|
$
|
—
|
|
|
$
|
8,922,257
|
|
Installation services
|
6,350,379
|
|
|
—
|
|
|
6,350,379
|
|
|||
Maintenance services
|
6,544,060
|
|
|
—
|
|
|
6,544,060
|
|
|||
Energy production
|
—
|
|
|
4,750,580
|
|
|
4,750,580
|
|
|||
Total revenue
|
$
|
21,816,696
|
|
|
$
|
4,750,580
|
|
|
$
|
26,567,276
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income (loss) attributable to stockholders
|
|
$
|
(603,037
|
)
|
|
$
|
27,211
|
|
|
$
|
(1,336,628
|
)
|
|
$
|
(221,544
|
)
|
Weighted average shares outstanding - Basic
|
|
24,819,056
|
|
|
24,720,613
|
|
|
24,813,936
|
|
|
22,643,406
|
|
||||
Basic income (loss) per share
|
|
$
|
(0.02
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.01
|
)
|
Weighted average shares outstanding - Diluted
|
|
24,819,056
|
|
|
24,930,624
|
|
|
24,813,936
|
|
|
22,643,406
|
|
||||
Diluted income (loss) per share
|
|
$
|
(0.02
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.01
|
)
|
Anti-dilutive shares underlying stock options outstanding
|
|
149,722
|
|
|
—
|
|
|
137,410
|
|
|
235,736
|
|
||||
Anti-dilutive convertible debentures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
889,830
|
|
||||
Anti-dilutive warrants outstanding
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
|
Estimated Useful
Life (in Years) |
|
September 30, 2018
|
|
December 31, 2017
|
||||
Energy systems
|
1 - 15 years
|
|
$
|
12,209,144
|
|
|
$
|
12,466,642
|
|
Machinery and equipment
|
5 - 7 years
|
|
1,355,617
|
|
|
1,215,951
|
|
||
Furniture and fixtures
|
5 years
|
|
104,317
|
|
|
205,320
|
|
||
Computer software
|
3 - 5 years
|
|
274,169
|
|
|
115,253
|
|
||
Leasehold improvements
|
*
|
|
450,792
|
|
|
440,519
|
|
||
|
|
|
14,394,039
|
|
|
14,443,685
|
|
||
Less - accumulated depreciation and amortization
|
|
|
(3,286,530
|
)
|
|
(2,177,974
|
)
|
||
|
|
|
$
|
11,107,509
|
|
|
$
|
12,265,711
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
Intangible assets
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
||||||||||||
Product certifications
|
|
$
|
726,159
|
|
|
$
|
(329,812
|
)
|
|
$
|
396,347
|
|
|
$
|
605,704
|
|
|
$
|
(285,341
|
)
|
|
$
|
320,363
|
|
Patents
|
|
888,382
|
|
|
(182,107
|
)
|
|
706,275
|
|
|
808,323
|
|
|
(154,972
|
)
|
|
653,351
|
|
||||||
Developed technology
|
|
240,000
|
|
|
(88,000
|
)
|
|
152,000
|
|
|
240,000
|
|
|
(76,000
|
)
|
|
164,000
|
|
||||||
Trademarks
|
|
21,740
|
|
|
—
|
|
|
21,740
|
|
|
19,540
|
|
|
—
|
|
|
19,540
|
|
||||||
In Process R&D
|
|
263,936
|
|
|
—
|
|
|
263,936
|
|
|
263,001
|
|
|
—
|
|
|
263,001
|
|
||||||
Favorable contract asset
|
|
1,561,739
|
|
|
(195,440
|
)
|
|
1,366,299
|
|
|
1,561,739
|
|
|
(85,536
|
)
|
|
1,476,203
|
|
||||||
TTcogen intangible assets
|
|
29,607
|
|
|
(925
|
)
|
|
28,682
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
|
$
|
3,731,563
|
|
|
$
|
(796,284
|
)
|
|
$
|
2,935,279
|
|
|
$
|
3,498,307
|
|
|
$
|
(601,849
|
)
|
|
$
|
2,896,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible liability
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unfavorable contract liability
|
|
$
|
7,912,275
|
|
|
$
|
(1,378,201
|
)
|
|
$
|
6,534,074
|
|
|
$
|
8,341,922
|
|
|
$
|
(612,255
|
)
|
|
$
|
7,729,667
|
|
Year 1
|
|
$
|
(489,690
|
)
|
Year 2
|
|
(433,817
|
)
|
|
Year 3
|
|
(469,177
|
)
|
|
Year 4
|
|
(464,601
|
)
|
|
Year 5
|
|
(397,276
|
)
|
Common Stock Options
|
Number of
Options
|
|
Exercise
Price Per
Share
|
|
Weighted
Average Exercise
Price
|
|
Weighted
Average Remaining
Life
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding, December 31, 2017
|
1,061,552
|
|
|
$0.79-$18.15
|
|
$
|
3.60
|
|
|
4.95 years
|
|
$
|
291,449
|
|
Granted
|
297,500
|
|
|
$2.30-$4.04
|
|
$
|
3.52
|
|
|
|
|
|
||
Exercised
|
(52,754
|
)
|
|
$1.20
|
|
$
|
1.20
|
|
|
|
|
|
||
Canceled and forfeited
|
(72,009
|
)
|
|
$2.30-$18.15
|
|
$
|
6.70
|
|
|
|
|
|
||
Outstanding, September 30, 2018
|
1,234,289
|
|
|
$0.79-$10.33
|
|
$
|
3.50
|
|
|
5.94 years
|
|
$
|
422,771
|
|
Exercisable, September 30, 2018
|
819,914
|
|
|
|
|
$
|
3.37
|
|
|
|
|
$
|
396,971
|
|
Vested and expected to vest, September 30, 2018
|
1,172,133
|
|
|
|
|
$
|
3.49
|
|
|
|
|
$
|
418,901
|
|
September 30, 2018
|
|
|
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
|
|
|
|
|
|
|
|
|
|
||||||||||
Marketable equity securities
|
|
|
|
|
|
|
|
|
|
||||||||||
EuroSite Power Inc.
|
$
|
295,209
|
|
|
$
|
—
|
|
|
$
|
295,209
|
|
|
$
|
—
|
|
|
$
|
(224,359
|
)
|
Total recurring fair value measurements
|
$
|
295,209
|
|
|
$
|
—
|
|
|
$
|
295,209
|
|
|
$
|
—
|
|
|
$
|
(224,359
|
)
|
Cash
|
$
|
442,786
|
|
Accounts receivable
|
176,235
|
|
|
Unbilled revenue
|
232,540
|
|
|
Fixed assets
|
47,508
|
|
|
Intangible assets
|
29,607
|
|
|
Accounts payable
|
(811,468
|
)
|
|
Deferred revenue
|
(44,610
|
)
|
|
Cash payable
|
$
|
72,598
|
|
|
|
Products and Services
|
|
Energy Production
|
|
Corporate, other and elimination (1)
|
|
Total
|
||||||||
Three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
6,478,864
|
|
|
$
|
1,459,820
|
|
|
$
|
—
|
|
|
$
|
7,938,684
|
|
Intersegment revenue
|
|
216,993
|
|
|
—
|
|
|
(216,993
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
6,695,857
|
|
|
$
|
1,459,820
|
|
|
$
|
(216,993
|
)
|
|
$
|
7,938,684
|
|
Gross profit
|
|
$
|
2,266,307
|
|
|
$
|
616,791
|
|
|
$
|
—
|
|
|
$
|
2,883,098
|
|
Identifiable assets
|
|
$
|
21,311,668
|
|
|
$
|
12,870,771
|
|
|
$
|
16,579,095
|
|
|
$
|
50,761,534
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
21,816,696
|
|
|
$
|
4,750,580
|
|
|
$
|
—
|
|
|
$
|
26,567,276
|
|
Intersegment revenue
|
|
863,077
|
|
|
—
|
|
|
(863,077
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
22,679,773
|
|
|
$
|
4,750,580
|
|
|
$
|
(863,077
|
)
|
|
$
|
26,567,276
|
|
Gross profit
|
|
$
|
7,958,320
|
|
|
$
|
1,922,175
|
|
|
$
|
—
|
|
|
$
|
9,880,495
|
|
Identifiable assets
|
|
$
|
21,311,668
|
|
|
$
|
12,870,771
|
|
|
$
|
16,579,095
|
|
|
$
|
50,761,534
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
(1) Corporate, intersegment revenue, other and elimination includes various corporate assets.
|
Exhibit No.
|
Description of Exhibit
|
2.1
|
|
2.2
|
|
3.1
|
|
3.2
|
|
4.1
|
|
4.3+
|
|
10.1+
|
|
10.7
|
|
10.8
|
|
10.13
|
|
10.40+
|
|
10.41
|
|
10.42+
|
|
10.43
|
|
10.44
|
|
10.45
|
|
31.1*
|
|
31.2*
|
|
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
|
|
TECOGEN INC.
|
|
|
(Registrant)
|
|
|
|
|
|
By:
|
/s/ Benjamin M. Locke
|
|
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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