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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
o
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Title of each class
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Outstanding, July 31, 2019
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Common Stock, $0.001 par value
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24,843,261
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PART I
- FINANCIAL INFORMATION
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June 30, 2019
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December 31, 2018
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||||
ASSETS
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Current assets:
|
|
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|
|
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Cash and cash equivalents
|
$
|
1,087,970
|
|
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$
|
272,552
|
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Accounts receivable, net
|
11,628,702
|
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|
14,176,452
|
|
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Unbilled revenue
|
5,829,365
|
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4,893,259
|
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Inventory, net
|
6,990,697
|
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|
6,294,862
|
|
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Due from related party
|
—
|
|
|
9,405
|
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Prepaid and other current assets
|
640,516
|
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|
722,042
|
|
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Total current assets
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26,177,250
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26,368,572
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Property, plant and equipment, net
|
3,763,500
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11,273,115
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Right of use assets
|
2,421,581
|
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—
|
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Intangible assets, net
|
1,554,634
|
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2,893,990
|
|
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Goodwill
|
5,281,867
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8,975,065
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Other assets
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557,544
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|
393,651
|
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TOTAL ASSETS
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$
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39,756,376
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$
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49,904,393
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||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
|
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|
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Revolving line of credit, bank
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$
|
—
|
|
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$
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2,009,435
|
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Accounts payable
|
6,234,846
|
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7,153,330
|
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Accrued expenses
|
2,061,601
|
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|
1,528,014
|
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Deferred revenue
|
1,832,493
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|
2,507,541
|
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Lease obligations, current
|
520,667
|
|
|
—
|
|
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Total current liabilities
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10,649,607
|
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13,198,320
|
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Long-term liabilities:
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|
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Deferred revenue, net of current portion
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96,937
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2,375,700
|
|
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Lease obligations, long-term
|
1,900,914
|
|
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—
|
|
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Unfavorable contract liability, net
|
2,754,497
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|
6,292,599
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|
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Total liabilities
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15,401,955
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21,866,619
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Commitments and contingencies (Note 11)
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Stockholders’ equity:
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Tecogen Inc. stockholders’ equity:
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Common stock, $0.001 par value; 100,000,000 shares authorized; 24,840,806 and 24,824,746 issued and outstanding at June 30, 2019 and December 31, 2018, respectively
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24,841
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24,825
|
|
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Additional paid-in capital
|
56,525,590
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56,427,928
|
|
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Accumulated deficit
|
(32,307,301
|
)
|
|
(28,670,095
|
)
|
||
Total Tecogen Inc. stockholders’ equity
|
24,243,130
|
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27,782,658
|
|
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Noncontrolling interest
|
111,291
|
|
|
255,116
|
|
||
Total stockholders’ equity
|
24,354,421
|
|
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28,037,774
|
|
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
39,756,376
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$
|
49,904,393
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|
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Three Months Ended
|
||||||
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June 30, 2019
|
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June 30, 2018
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
2,445,448
|
|
|
$
|
2,483,657
|
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Services
|
4,843,649
|
|
|
4,461,283
|
|
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Energy production
|
578,299
|
|
|
1,508,225
|
|
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Total revenues
|
7,867,396
|
|
|
8,453,165
|
|
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Cost of sales
|
|
|
|
||||
Products
|
1,546,752
|
|
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1,491,810
|
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Services
|
2,530,175
|
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2,962,040
|
|
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Energy production
|
364,554
|
|
|
839,721
|
|
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Total cost of sales
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4,441,481
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5,293,571
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Gross profit
|
3,425,915
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3,159,594
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|
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Operating expenses
|
|
|
|
||||
General and administrative
|
2,683,252
|
|
|
2,750,705
|
|
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Selling
|
704,700
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|
|
635,396
|
|
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Research and development
|
372,545
|
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|
409,779
|
|
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Total operating expenses
|
3,760,497
|
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|
3,795,880
|
|
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Loss from operations
|
(334,582
|
)
|
|
(636,286
|
)
|
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Other income (expense)
|
|
|
|
||||
Interest income
|
66
|
|
|
4,830
|
|
||
Interest expense
|
(17,005
|
)
|
|
(9,802
|
)
|
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Unrealized gain (loss) on investment securities
|
19,681
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|
|
(59,042
|
)
|
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Total other income (expense), net
|
2,742
|
|
|
(64,014
|
)
|
||
Loss before provision for state income taxes
|
(331,840
|
)
|
|
(700,300
|
)
|
||
Provision for state income taxes
|
15,955
|
|
|
38,864
|
|
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Consolidated net loss
|
(347,795
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)
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|
(739,164
|
)
|
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Income attributable to the noncontrolling interest
|
(9,334
|
)
|
|
(15,186
|
)
|
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Net loss attributable to Tecogen Inc.
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$
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(357,129
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)
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$
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(754,350
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)
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|
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Net loss per share - basic and diluted
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$
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(0.01
|
)
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$
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(0.03
|
)
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Weighted average shares outstanding - basic and diluted
|
24,826,311
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|
24,818,459
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Six Months Ended
|
||||||
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June 30, 2019
|
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June 30, 2018
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
5,469,974
|
|
|
$
|
6,157,163
|
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Services
|
8,754,945
|
|
|
9,180,669
|
|
||
Energy production
|
1,819,108
|
|
|
3,290,760
|
|
||
Total revenues
|
16,044,027
|
|
|
18,628,592
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
3,490,214
|
|
|
3,900,925
|
|
||
Services
|
5,004,708
|
|
|
5,744,894
|
|
||
Energy production
|
1,164,431
|
|
|
1,985,376
|
|
||
Total cost of sales
|
9,659,353
|
|
|
11,631,195
|
|
||
Gross profit
|
6,384,674
|
|
|
6,997,397
|
|
||
Operating expenses
|
|
|
|
||||
General and administrative
|
5,338,663
|
|
|
5,540,255
|
|
||
Selling
|
1,397,954
|
|
|
1,310,514
|
|
||
Research and development
|
717,627
|
|
|
712,009
|
|
||
Gain on sale of assets
|
(1,081,049
|
)
|
|
—
|
|
||
Goodwill impairment
|
3,693,198
|
|
|
—
|
|
||
Total operating expenses
|
10,066,393
|
|
|
7,562,778
|
|
||
Loss from operations
|
(3,681,719
|
)
|
|
(565,381
|
)
|
||
Other income (expense)
|
|
|
|
||||
Interest income
|
598
|
|
|
3,758
|
|
||
Interest expense
|
(45,031
|
)
|
|
(22,815
|
)
|
||
Unrealized loss on investment securities
|
(19,680
|
)
|
|
(78,723
|
)
|
||
Total other expense, net
|
(64,113
|
)
|
|
(97,780
|
)
|
||
Loss before provision for state income taxes
|
(3,745,832
|
)
|
|
(663,161
|
)
|
||
Provision for state income taxes
|
7,786
|
|
|
38,864
|
|
||
Consolidated net loss
|
(3,753,618
|
)
|
|
(702,025
|
)
|
||
(Income) loss attributable to the noncontrolling interest
|
116,412
|
|
|
(31,567
|
)
|
||
Net loss attributable to Tecogen Inc.
|
$
|
(3,637,206
|
)
|
|
(733,592
|
)
|
|
|
|
|
|
||||
Net loss per share - basic and diluted
|
$
|
(0.15
|
)
|
|
$
|
(0.03
|
)
|
Weighted average shares outstanding - basic and diluted
|
24,822,555
|
|
|
24,811,034
|
|
|
Tecogen Inc. Stockholders
|
|
|
|
|
|||||||||||||||||
Three months ended June 30, 2019
|
Common Stock Shares
|
|
Common
Stock 0.001 Par Value |
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Noncontrolling
Interest |
|
Total
|
|||||||||||
Balance at March 31, 2019
|
24,834,746
|
|
|
$
|
24,835
|
|
|
$
|
56,477,342
|
|
|
$
|
(31,950,172
|
)
|
|
$
|
129,370
|
|
|
$
|
24,681,375
|
|
Exercise of stock options
|
6,060
|
|
|
6
|
|
|
8,750
|
|
|
—
|
|
|
—
|
|
|
8,756
|
|
|||||
Stock issuance costs
|
—
|
|
|
—
|
|
|
(400
|
)
|
|
—
|
|
|
—
|
|
|
(400
|
)
|
|||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
39,898
|
|
|
—
|
|
|
—
|
|
|
39,898
|
|
|||||
Distributions to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,413
|
)
|
|
(27,413
|
)
|
|||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(357,129
|
)
|
|
9,334
|
|
|
(347,795
|
)
|
|||||
Balance at June 30, 2019
|
24,840,806
|
|
|
$
|
24,841
|
|
|
$
|
56,525,590
|
|
|
$
|
(32,307,301
|
)
|
|
$
|
111,291
|
|
|
$
|
24,354,421
|
|
|
Tecogen Inc. Stockholders
|
|
|
|
|
|||||||||||||||||||||
Six months ended June 30, 2018
|
Common Stock Shares
|
|
Common
Stock 0.001 Par Value |
|
Additional
Paid-In Capital |
|
Accumulated Other Comprehensive Loss
|
|
Accumulated
Deficit |
|
Noncontrolling
Interest |
|
Total
|
|||||||||||||
Balance at December 31, 2017
|
24,766,892
|
|
|
$
|
24,767
|
|
|
$
|
56,176,330
|
|
|
$
|
(165,317
|
)
|
|
$
|
(22,796,246
|
)
|
|
$
|
455,611
|
|
|
$
|
33,695,145
|
|
Reclassification of Accumulated Other Comprehensive Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
165,317
|
|
|
(165,317
|
)
|
|
—
|
|
|
—
|
|
||||||
Exercise of stock options
|
40,204
|
|
|
52
|
|
|
63,252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,304
|
|
||||||
Stock issuance costs
|
—
|
|
|
—
|
|
|
(900
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(900
|
)
|
||||||
Distributions to Non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,299
|
)
|
|
(34,299
|
)
|
||||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
78,478
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78,478
|
|
||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(733,591
|
)
|
|
31,566
|
|
|
(702,025
|
)
|
||||||
Balance at June 30, 2018
|
24,807,096
|
|
|
$
|
24,819
|
|
|
$
|
56,317,160
|
|
|
$
|
—
|
|
|
$
|
(23,695,154
|
)
|
|
$
|
452,878
|
|
|
$
|
33,099,703
|
|
|
Six Months Ended
|
||||||
|
June 30, 2019
|
|
June 30, 2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net loss
|
$
|
(3,753,618
|
)
|
|
$
|
(702,025
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation, accretion and amortization, net
|
267,232
|
|
|
386,250
|
|
||
Gain on contract termination
|
—
|
|
|
(124,732
|
)
|
||
Provision on inventory reserve
|
—
|
|
|
1,000
|
|
||
Stock-based compensation
|
77,933
|
|
|
78,478
|
|
||
Goodwill impairment
|
3,693,198
|
|
|
—
|
|
||
(Gain) loss on sale of assets
|
(1,081,049
|
)
|
|
13,343
|
|
||
Provision for losses on accounts receivable
|
29,849
|
|
|
4,395
|
|
||
Non-cash interest expense
|
12,087
|
|
|
—
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions
|
|
|
|
||||
(Increase) decrease in:
|
|
|
|
||||
Accounts receivable
|
2,517,901
|
|
|
(1,732,029
|
)
|
||
Unbilled revenue
|
(936,106
|
)
|
|
(345,324
|
)
|
||
Inventory
|
(695,835
|
)
|
|
(403,785
|
)
|
||
Due from related party
|
9,405
|
|
|
585,492
|
|
||
Prepaid expenses and other current assets
|
(15,282
|
)
|
|
(83,840
|
)
|
||
Other non-current assets
|
59,683
|
|
|
74,424
|
|
||
Increase (decrease) in:
|
|
|
|
||||
Accounts payable
|
(918,484
|
)
|
|
(1,017,610
|
)
|
||
Accrued expenses and other current liabilities
|
(380,351
|
)
|
|
529,325
|
|
||
Deferred revenue
|
(966,776
|
)
|
|
247,669
|
|
||
Interest payable, related party
|
—
|
|
|
(52,265
|
)
|
||
Net cash used in operating activities
|
(2,080,213
|
)
|
|
(2,541,234
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(52,444
|
)
|
|
(149,453
|
)
|
||
Proceeds from sale of assets
|
5,000,000
|
|
|
3,606
|
|
||
Purchases of intangible assets
|
(22,738
|
)
|
|
(149,264
|
)
|
||
Cash acquired in asset acquisition
|
—
|
|
|
442,786
|
|
||
Expenses associated with asset acquisition
|
—
|
|
|
(900
|
)
|
||
Payment of stock issuance costs
|
(1,011
|
)
|
|
—
|
|
||
Distributions to noncontrolling interest
|
(27,413
|
)
|
|
(34,300
|
)
|
||
Net cash provided by investing activities
|
4,896,394
|
|
|
112,475
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Payments on revolving line of credit, net
|
(2,021,519
|
)
|
|
2,702,828
|
|
||
Payments for debt issuance costs
|
—
|
|
|
(145,011
|
)
|
||
Proceeds from the exercise of stock options
|
20,756
|
|
|
63,305
|
|
||
Payment on loan due to related party
|
—
|
|
|
(850,000
|
)
|
||
Net cash provided by (used in) financing activities
|
(2,000,763
|
)
|
|
1,771,122
|
|
||
Change in cash and cash equivalents
|
815,418
|
|
|
(657,637
|
)
|
||
Cash and cash equivalents, beginning of the period
|
272,552
|
|
|
1,673,072
|
|
||
Cash and cash equivalents, end of the period
|
$
|
1,087,970
|
|
|
$
|
1,015,435
|
|
|
|
|
|
||||
Supplemental disclosures of cash flows information:
|
|
|
|
|
|
||
Cash paid for interest
|
$
|
23,551
|
|
|
$
|
79,079
|
|
Cash paid for taxes
|
$
|
28,524
|
|
|
$
|
38,864
|
|
Three Months Ended
|
June 30, 2019
|
||||||||||
|
Products and Services
|
|
Energy Production
|
|
Total
|
||||||
Products
|
$
|
2,445,448
|
|
|
$
|
—
|
|
|
$
|
2,445,448
|
|
Installation services
|
2,291,027
|
|
|
—
|
|
|
2,291,027
|
|
|||
Maintenance services
|
2,552,622
|
|
|
—
|
|
|
2,552,622
|
|
|||
Energy production
|
—
|
|
|
578,299
|
|
|
578,299
|
|
|||
Total revenue
|
$
|
7,289,097
|
|
|
$
|
578,299
|
|
|
$
|
7,867,396
|
|
Six Months Ended
|
June 30, 2019
|
||||||||||
|
Products and Services
|
|
Energy Production
|
|
Total
|
||||||
Products
|
$
|
5,469,974
|
|
|
$
|
—
|
|
|
$
|
5,469,974
|
|
Installation services
|
3,846,891
|
|
|
—
|
|
|
3,846,891
|
|
|||
Maintenance services
|
4,908,054
|
|
|
—
|
|
|
4,908,054
|
|
|||
Energy production
|
—
|
|
|
1,819,108
|
|
|
1,819,108
|
|
|||
Total revenue
|
$
|
14,224,919
|
|
|
$
|
1,819,108
|
|
|
$
|
16,044,027
|
|
Three Months Ended
|
June 30, 2018
|
||||||||||
|
Products and Services
|
|
Energy Production
|
|
Total
|
||||||
Products
|
$
|
2,483,657
|
|
|
$
|
—
|
|
|
$
|
2,483,657
|
|
Installation services
|
2,296,606
|
|
|
—
|
|
|
2,296,606
|
|
|||
Maintenance services
|
2,164,677
|
|
|
—
|
|
|
2,164,677
|
|
|||
Energy production
|
|
|
1,508,225
|
|
|
1,508,225
|
|
||||
Total revenue
|
$
|
6,944,940
|
|
|
$
|
1,508,225
|
|
|
$
|
8,453,165
|
|
Six Months Ended
|
June 30, 2018
|
||||||||||
|
|
|
|
|
|
||||||
Products
|
$
|
6,157,163
|
|
|
$
|
—
|
|
|
$
|
6,157,163
|
|
Installation services
|
4,698,404
|
|
|
—
|
|
|
4,698,404
|
|
|||
Maintenance services
|
4,482,265
|
|
|
—
|
|
|
4,482,265
|
|
|||
Energy production
|
|
|
3,290,760
|
|
|
3,290,760
|
|
||||
Total revenue
|
$
|
15,337,832
|
|
|
$
|
3,290,760
|
|
|
$
|
18,628,592
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net loss attributable to stockholders
|
|
$
|
(357,129
|
)
|
|
$
|
(754,350
|
)
|
|
$
|
(3,637,206
|
)
|
|
$
|
(733,592
|
)
|
Weighted average shares outstanding - Basic and diluted
|
|
24,826,311
|
|
|
24,818,459
|
|
|
24,822,555
|
|
|
24,811,034
|
|
||||
Basic loss per share
|
|
$
|
(0.01
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.03
|
)
|
Anti-dilutive shares underlying stock options outstanding
|
|
205,036
|
|
|
176,812
|
|
|
228,537
|
|
|
135,517
|
|
|
Estimated Useful
Life (in Years) |
|
June 30, 2019
|
|
December 31, 2018
|
||||
Energy systems
|
1 - 15 years
|
|
$
|
4,372,639
|
|
|
$
|
12,709,990
|
|
Machinery and equipment
|
5 - 7 years
|
|
1,419,009
|
|
|
1,355,617
|
|
||
Furniture and fixtures
|
5 years
|
|
193,697
|
|
|
222,542
|
|
||
Computer software
|
3 - 5 years
|
|
192,865
|
|
|
200,626
|
|
||
Leasehold improvements
|
*
|
|
450,792
|
|
|
450,792
|
|
||
|
|
|
6,629,002
|
|
|
14,939,567
|
|
||
Less - accumulated depreciation and amortization
|
|
|
(2,865,502
|
)
|
|
(3,666,452
|
)
|
||
|
|
|
$
|
3,763,500
|
|
|
$
|
11,273,115
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
Intangible assets
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
||||||||||||
Product certifications
|
|
$
|
726,159
|
|
|
$
|
(372,782
|
)
|
|
$
|
353,377
|
|
|
$
|
726,159
|
|
|
$
|
(345,658
|
)
|
|
$
|
380,501
|
|
Patents
|
|
930,509
|
|
|
(198,362
|
)
|
|
732,147
|
|
|
910,569
|
|
|
(188,239
|
)
|
|
722,330
|
|
||||||
Developed technology
|
|
240,000
|
|
|
(100,000
|
)
|
|
140,000
|
|
|
240,000
|
|
|
(92,000
|
)
|
|
148,000
|
|
||||||
Trademarks
|
|
25,552
|
|
|
—
|
|
|
25,552
|
|
|
22,752
|
|
|
—
|
|
|
22,752
|
|
||||||
In Process R&D
|
|
263,936
|
|
|
—
|
|
|
263,936
|
|
|
263,936
|
|
|
—
|
|
|
263,936
|
|
||||||
Favorable contract asset
|
|
274,858
|
|
|
(260,217
|
)
|
|
14,641
|
|
|
1,561,739
|
|
|
(232,099
|
)
|
|
1,329,640
|
|
||||||
TTcogen intangible assets
|
|
29,607
|
|
|
(4,626
|
)
|
|
24,981
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
|
$
|
2,490,621
|
|
|
$
|
(935,987
|
)
|
|
$
|
1,554,634
|
|
|
$
|
3,754,762
|
|
|
$
|
(860,772
|
)
|
|
$
|
2,893,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible liability
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unfavorable contract liability
|
|
$
|
4,689,025
|
|
|
$
|
(1,934,528
|
)
|
|
$
|
2,754,497
|
|
|
$
|
7,912,275
|
|
|
$
|
(1,619,676
|
)
|
|
$
|
6,292,599
|
|
Year 1
|
|
$
|
(179,760
|
)
|
Year 2
|
|
(190,417
|
)
|
|
Year 3
|
|
(214,440
|
)
|
|
Year 4
|
|
(176,316
|
)
|
|
Year 5
|
|
(116,609
|
)
|
Cash paid for amounts included in the measurement of operating lease liabilities
|
|
$
|
319,436
|
|
Right-of-use assets obtained in exchange for operating lease liabilities
|
|
$
|
2,628,299
|
|
Weighted-average remaining lease term - operating leases
|
|
4.5 years
|
|
|
Weighted-average discount rate - operating leases
|
|
6
|
%
|
|
|
Operating Leases
|
||
Q3 through Q4 2019
|
|
$
|
375,423
|
|
2020
|
|
649,801
|
|
|
2021
|
|
576,698
|
|
|
2022
|
|
529,115
|
|
|
2023
|
|
536,863
|
|
|
Thereafter
|
|
134,700
|
|
|
Total lease payments
|
|
2,802,600
|
|
|
Less: imputed interest
|
|
381,019
|
|
|
Total
|
|
$
|
2,421,581
|
|
Common Stock Options
|
Number of
Options
|
|
Exercise
Price Per
Share
|
|
Weighted
Average Exercise
Price
|
|
Weighted
Average Remaining
Life
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding, December 31, 2018
|
1,292,589
|
|
|
$0.79-$10.33
|
|
$
|
3.52
|
|
|
5.93 years
|
|
$
|
671,331
|
|
Granted
|
88,500
|
|
|
$3.40-$3.80
|
|
$
|
3.70
|
|
|
|
|
|
||
Exercised
|
(16,060
|
)
|
|
$1.20-$2.60
|
|
$
|
1.29
|
|
|
|
|
|
||
Canceled and forfeited
|
(700
|
)
|
|
$4.50
|
|
$
|
4.50
|
|
|
|
|
|
||
Outstanding, June 30, 2019
|
1,364,329
|
|
|
$0.79-$10.33
|
|
$
|
3.56
|
|
|
5.78 years
|
|
$
|
722,514
|
|
Exercisable, June 30, 2019
|
910,329
|
|
|
|
|
$
|
3.50
|
|
|
|
|
$
|
655,677
|
|
Vested and expected to vest, June 30, 2019
|
1,296,229
|
|
|
|
|
$
|
3.55
|
|
|
|
|
$
|
712,488
|
|
June 30, 2019
|
|
|
Quoted prices in active markets for identical assets
|
|
Significant other observable inputs
|
|
Significant unobservable inputs
|
||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Recurring fair value measurements
|
|
|
|
|
|
|
|
||||||||
Marketable equity securities
|
|
|
|
|
|
|
|
||||||||
EuroSite Power Inc.
|
$
|
216,487
|
|
|
$
|
—
|
|
|
$
|
216,487
|
|
|
$
|
—
|
|
Total recurring fair value measurements
|
$
|
216,487
|
|
|
$
|
—
|
|
|
$
|
216,487
|
|
|
$
|
—
|
|
Fair value at December 31, 2018
|
$
|
236,167
|
|
Unrealized loss included in net income for the six months ended June 30, 2019
|
(19,680
|
)
|
|
Fair value at June 30, 2019
|
$
|
216,487
|
|
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
|
||||||||
Six months ended June 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
14,224,919
|
|
|
$
|
1,819,108
|
|
|
$
|
—
|
|
|
$
|
16,044,027
|
|
Intersegment revenue
|
|
357,161
|
|
|
—
|
|
|
(357,161
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
14,582,080
|
|
|
$
|
1,819,108
|
|
|
$
|
(357,161
|
)
|
|
$
|
16,044,027
|
|
Gross profit
|
|
$
|
5,729,997
|
|
|
$
|
654,677
|
|
|
$
|
—
|
|
|
$
|
6,384,674
|
|
Identifiable assets
|
|
$
|
24,448,764
|
|
|
$
|
3,551,619
|
|
|
$
|
11,755,993
|
|
|
$
|
39,756,376
|
|
|
|
|
|
|
|
|
|
|
||||||||
Six months ended June 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
15,337,832
|
|
|
$
|
3,290,760
|
|
|
$
|
—
|
|
|
$
|
18,628,592
|
|
Intersegment revenue
|
|
646,084
|
|
|
—
|
|
|
(646,084
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
15,983,916
|
|
|
$
|
3,290,760
|
|
|
$
|
(646,084
|
)
|
|
$
|
18,628,592
|
|
Gross profit
|
|
$
|
5,692,013
|
|
|
$
|
1,305,384
|
|
|
$
|
—
|
|
|
$
|
6,997,397
|
|
Identifiable assets
|
|
$
|
20,619,262
|
|
|
$
|
12,853,001
|
|
|
$
|
17,999,924
|
|
|
$
|
51,472,187
|
|
|
|
|
|
|
|
|
|
|
||||||||
Three months ended June 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
7,289,097
|
|
|
$
|
578,299
|
|
|
$
|
—
|
|
|
$
|
7,867,396
|
|
Intersegment revenue
|
|
83,649
|
|
|
—
|
|
|
(83,649
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
7,372,746
|
|
|
$
|
578,299
|
|
|
$
|
(83,649
|
)
|
|
$
|
7,867,396
|
|
Gross profit
|
|
$
|
3,212,170
|
|
|
$
|
213,745
|
|
|
$
|
—
|
|
|
$
|
3,425,915
|
|
Identifiable assets
|
|
$
|
24,448,764
|
|
|
$
|
3,551,619
|
|
|
$
|
11,755,993
|
|
|
$
|
39,756,376
|
|
|
|
|
|
|
|
|
|
|
||||||||
Three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
6,944,940
|
|
|
$
|
1,508,225
|
|
|
$
|
—
|
|
|
$
|
8,453,165
|
|
Intersegment revenue
|
|
290,915
|
|
|
—
|
|
|
(290,915
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
7,235,855
|
|
|
$
|
1,508,225
|
|
|
$
|
(290,915
|
)
|
|
$
|
8,453,165
|
|
Gross profit
|
|
$
|
2,491,090
|
|
|
$
|
668,504
|
|
|
$
|
—
|
|
|
$
|
3,159,594
|
|
Identifiable assets
|
|
$
|
20,619,262
|
|
|
$
|
12,853,001
|
|
|
$
|
17,999,924
|
|
|
$
|
51,472,187
|
|
|
|
|
|
|
|
|
|
|
||||||||
(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
|
|
10.41
|
|
10.42+
|
|
10.43
|
|
10.44
|
|
10.45
|
|
10.46
|
|
10.47
|
|
10.48
|
|
10.49
|
|
10.50
|
*
|
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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