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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, October 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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September 30, 2019
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December 31, 2018
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||||
ASSETS
|
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|
||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
780,740
|
|
|
$
|
272,552
|
|
Accounts receivable, net
|
13,049,383
|
|
|
14,176,452
|
|
||
Unbilled revenue
|
5,058,634
|
|
|
4,893,259
|
|
||
Inventory, net
|
7,058,466
|
|
|
6,294,862
|
|
||
Due from related party
|
—
|
|
|
9,405
|
|
||
Prepaid and other current assets
|
644,821
|
|
|
722,042
|
|
||
Total current assets
|
26,592,044
|
|
|
26,368,572
|
|
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Property, plant and equipment, net
|
3,603,709
|
|
|
11,273,115
|
|
||
Right of use assets
|
2,294,951
|
|
|
—
|
|
||
Intangible assets, net
|
1,572,085
|
|
|
2,893,990
|
|
||
Goodwill
|
5,281,867
|
|
|
8,975,065
|
|
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Other assets
|
609,666
|
|
|
393,651
|
|
||
TOTAL ASSETS
|
$
|
39,954,322
|
|
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$
|
49,904,393
|
|
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|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Revolving line of credit, bank
|
$
|
940,576
|
|
|
$
|
2,009,435
|
|
Accounts payable
|
6,487,743
|
|
|
7,153,330
|
|
||
Accrued expenses
|
2,015,111
|
|
|
1,528,014
|
|
||
Deferred revenue
|
1,596,416
|
|
|
2,507,541
|
|
||
Lease obligations, current
|
530,481
|
|
|
—
|
|
||
Total current liabilities
|
11,570,327
|
|
|
13,198,320
|
|
||
Long-term liabilities:
|
|
|
|
|
|
||
Deferred revenue, net of current portion
|
157,215
|
|
|
2,375,700
|
|
||
Lease obligations, long-term
|
1,764,470
|
|
|
—
|
|
||
Unfavorable contract liability, net
|
2,644,658
|
|
|
6,292,599
|
|
||
Total liabilities
|
16,136,670
|
|
|
21,866,619
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 11)
|
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|
||||
Stockholders’ equity:
|
|
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|
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Tecogen Inc. stockholders’ equity:
|
|
|
|
|
|
||
Common stock, $0.001 par value; 100,000,000 shares authorized; 24,843,261 and 24,824,746 issued and outstanding at September 30, 2019 and December 31, 2018, respectively
|
24,843
|
|
|
24,825
|
|
||
Additional paid-in capital
|
56,573,920
|
|
|
56,427,928
|
|
||
Accumulated deficit
|
(32,893,550
|
)
|
|
(28,670,095
|
)
|
||
Total Tecogen Inc. stockholders’ equity
|
23,705,213
|
|
|
27,782,658
|
|
||
Noncontrolling interest
|
112,439
|
|
|
255,116
|
|
||
Total stockholders’ equity
|
23,817,652
|
|
|
28,037,774
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
39,954,322
|
|
|
$
|
49,904,393
|
|
|
Three Months Ended
|
||||||
|
September 30, 2019
|
|
September 30, 2018
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
3,790,291
|
|
|
$
|
2,765,094
|
|
Services
|
4,248,584
|
|
|
3,713,770
|
|
||
Energy production
|
631,602
|
|
|
1,459,820
|
|
||
Total revenues
|
8,670,477
|
|
|
7,938,684
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
2,515,605
|
|
|
1,695,347
|
|
||
Services
|
3,029,702
|
|
|
2,517,210
|
|
||
Energy production
|
293,929
|
|
|
843,029
|
|
||
Total cost of sales
|
5,839,236
|
|
|
5,055,586
|
|
||
Gross profit
|
2,831,241
|
|
|
2,883,098
|
|
||
Operating expenses
|
|
|
|
||||
General and administrative
|
2,333,887
|
|
|
2,582,600
|
|
||
Selling
|
669,720
|
|
|
581,716
|
|
||
Research and development
|
365,817
|
|
|
281,094
|
|
||
Total operating expenses
|
3,369,424
|
|
|
3,445,410
|
|
||
Loss from operations
|
(538,183
|
)
|
|
(562,312
|
)
|
||
Other income (expense)
|
|
|
|
||||
Interest income
|
192
|
|
|
4,168
|
|
||
Interest expense
|
(18,516
|
)
|
|
(33,380
|
)
|
||
Unrealized gain (loss) on investment securities
|
—
|
|
|
19,681
|
|
||
Total other income (expense), net
|
(18,324
|
)
|
|
(9,531
|
)
|
||
Loss before provision for state income taxes
|
(556,507
|
)
|
|
(571,843
|
)
|
||
Provision for state income taxes
|
7,881
|
|
|
3,815
|
|
||
Consolidated net loss
|
(564,388
|
)
|
|
(575,658
|
)
|
||
Income attributable to the noncontrolling interest
|
(21,861
|
)
|
|
(27,379
|
)
|
||
Net loss attributable to Tecogen Inc.
|
$
|
(586,249
|
)
|
|
$
|
(603,037
|
)
|
|
|
|
|
||||
Net loss per share - basic and diluted
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
Weighted average shares outstanding - basic and diluted
|
24,843,177
|
|
|
24,819,056
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2019
|
|
September 30, 2018
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
9,260,265
|
|
|
$
|
8,922,257
|
|
Services
|
13,003,529
|
|
|
12,894,439
|
|
||
Energy production
|
2,450,710
|
|
|
4,750,580
|
|
||
Total revenues
|
24,714,504
|
|
|
26,567,276
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
6,005,819
|
|
|
5,596,272
|
|
||
Services
|
8,034,410
|
|
|
8,262,104
|
|
||
Energy production
|
1,458,360
|
|
|
2,828,405
|
|
||
Total cost of sales
|
15,498,589
|
|
|
16,686,781
|
|
||
Gross profit
|
9,215,915
|
|
|
9,880,495
|
|
||
Operating expenses
|
|
|
|
||||
General and administrative
|
7,672,550
|
|
|
8,122,856
|
|
||
Selling
|
2,067,674
|
|
|
1,892,229
|
|
||
Research and development
|
1,083,444
|
|
|
993,102
|
|
||
Gain on sale of assets
|
(1,081,049
|
)
|
|
—
|
|
||
Goodwill impairment
|
3,693,198
|
|
|
—
|
|
||
Total operating expenses
|
13,435,817
|
|
|
11,008,187
|
|
||
Loss from operations
|
(4,219,902
|
)
|
|
(1,127,692
|
)
|
||
Other income (expense)
|
|
|
|
||||
Interest income
|
790
|
|
|
7,926
|
|
||
Interest expense
|
(63,547
|
)
|
|
(56,195
|
)
|
||
Unrealized loss on investment securities
|
(19,680
|
)
|
|
(59,042
|
)
|
||
Total other expense, net
|
(82,437
|
)
|
|
(107,311
|
)
|
||
Loss before provision for state income taxes
|
(4,302,339
|
)
|
|
(1,235,003
|
)
|
||
Provision for state income taxes
|
15,667
|
|
|
42,679
|
|
||
Consolidated net loss
|
(4,318,006
|
)
|
|
(1,277,682
|
)
|
||
(Income) loss attributable to the noncontrolling interest
|
94,551
|
|
|
(58,946
|
)
|
||
Net loss attributable to Tecogen Inc.
|
$
|
(4,223,455
|
)
|
|
(1,336,628
|
)
|
|
|
|
|
|
||||
Net loss per share - basic and diluted
|
$
|
(0.17
|
)
|
|
$
|
(0.05
|
)
|
Weighted average shares outstanding - basic and diluted
|
24,838,367
|
|
|
24,813,936
|
|
|
Tecogen Inc. Stockholders
|
|
|
|
|
|||||||||||||||||
Three months ended September 30, 2019
|
Common Stock Shares
|
|
Common
Stock 0.001 Par Value |
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Noncontrolling
Interest |
|
Total
|
|||||||||||
Balance at June 30, 2019
|
24,840,806
|
|
|
$
|
24,841
|
|
|
$
|
56,525,590
|
|
|
$
|
(32,307,301
|
)
|
|
$
|
111,291
|
|
|
$
|
24,354,421
|
|
Exercise of stock options
|
2,455
|
|
|
2
|
|
|
5,659
|
|
|
—
|
|
|
—
|
|
|
5,661
|
|
|||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
42,671
|
|
|
—
|
|
|
—
|
|
|
42,671
|
|
|||||
Distributions to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,713
|
)
|
|
(20,713
|
)
|
|||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(586,249
|
)
|
|
21,861
|
|
|
(564,388
|
)
|
|||||
Balance at September 30, 2019
|
24,843,261
|
|
|
$
|
24,843
|
|
|
$
|
56,573,920
|
|
|
$
|
(32,893,550
|
)
|
|
$
|
112,439
|
|
|
$
|
23,817,652
|
|
|
Tecogen Inc. Stockholders
|
|
|
|
|
|||||||||||||||||
Nine months ended September 30, 2019
|
Common Stock Shares
|
|
Common
Stock 0.001 Par Value |
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Noncontrolling
Interest |
|
Total
|
|||||||||||
Balance at December 31, 2018
|
24,824,746
|
|
|
$
|
24,825
|
|
|
$
|
56,427,928
|
|
|
$
|
(28,670,095
|
)
|
|
$
|
255,116
|
|
|
$
|
28,037,774
|
|
Exercise of stock options
|
18,515
|
|
|
18
|
|
|
26,399
|
|
|
—
|
|
|
—
|
|
|
26,417
|
|
|||||
Stock issuance costs
|
—
|
|
|
—
|
|
|
(1,011
|
)
|
|
—
|
|
|
—
|
|
|
(1,011
|
)
|
|||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
120,604
|
|
|
—
|
|
|
—
|
|
|
120,604
|
|
|||||
Distributions to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48,126
|
)
|
|
(48,126
|
)
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,223,455
|
)
|
|
(94,551
|
)
|
|
(4,318,006
|
)
|
|||||
Balance at September 30, 2019
|
24,843,261
|
|
|
$
|
24,843
|
|
|
$
|
56,573,920
|
|
|
$
|
(32,893,550
|
)
|
|
$
|
112,439
|
|
|
$
|
23,817,652
|
|
|
Tecogen Inc. Stockholders
|
|
|
|
|
|||||||||||||||||
Three months ended September 30, 2018
|
Common Stock Shares
|
|
Common
Stock 0.001 Par Value |
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Noncontrolling
Interest |
|
Total
|
|||||||||||
Balance at June 30, 2018
|
24,819,646
|
|
|
$
|
24,819
|
|
|
$
|
56,317,160
|
|
|
$
|
(23,695,154
|
)
|
|
$
|
452,878
|
|
|
$
|
33,099,703
|
|
Stock issuance costs
|
—
|
|
|
—
|
|
|
(907
|
)
|
|
—
|
|
|
—
|
|
|
(907
|
)
|
|||||
Distributions to Non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,650
|
)
|
|
(34,650
|
)
|
|||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
55,330
|
|
|
—
|
|
|
—
|
|
|
55,330
|
|
|||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(603,037
|
)
|
|
27,379
|
|
|
(575,658
|
)
|
|||||
Balance at September 30, 2018
|
24,819,646
|
|
|
$
|
24,819
|
|
|
$
|
56,371,583
|
|
|
$
|
(24,298,191
|
)
|
|
$
|
445,607
|
|
|
$
|
32,543,818
|
|
|
Tecogen Inc. Stockholders
|
|
|
|
|
|||||||||||||||||||||
Nine months ended September 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
|
52,754
|
|
|
52
|
|
|
63,252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,304
|
|
||||||
Stock issuance costs
|
—
|
|
|
—
|
|
|
(1,807
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,807
|
)
|
||||||
Distributions to Non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(68,950
|
)
|
|
(68,950
|
)
|
||||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
133,808
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
133,808
|
|
||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,336,628
|
)
|
|
58,946
|
|
|
(1,277,682
|
)
|
||||||
Balance at September 30, 2018
|
24,819,646
|
|
|
$
|
24,819
|
|
|
$
|
56,371,583
|
|
|
$
|
—
|
|
|
$
|
(24,298,191
|
)
|
|
$
|
445,607
|
|
|
$
|
32,543,818
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2019
|
|
September 30, 2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net loss
|
$
|
(4,318,006
|
)
|
|
$
|
(1,277,682
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation, accretion and amortization, net
|
362,848
|
|
|
586,188
|
|
||
Gain on contract termination
|
—
|
|
|
(124,732
|
)
|
||
Provision on inventory reserve
|
—
|
|
|
1,000
|
|
||
Stock-based compensation
|
120,604
|
|
|
133,808
|
|
||
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
|
36,252
|
|
|
—
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions
|
|
|
|
||||
(Increase) decrease in:
|
|
|
|
||||
Accounts receivable
|
1,097,220
|
|
|
(1,840,150
|
)
|
||
Unbilled revenue
|
(165,375
|
)
|
|
(245,892
|
)
|
||
Inventory
|
(763,604
|
)
|
|
(853,262
|
)
|
||
Due from related party
|
9,405
|
|
|
585,492
|
|
||
Prepaid expenses and other current assets
|
(19,586
|
)
|
|
(43,743
|
)
|
||
Other non-current assets
|
(216,015
|
)
|
|
54,741
|
|
||
Increase (decrease) in:
|
|
|
|
||||
Accounts payable
|
(665,587
|
)
|
|
(262,925
|
)
|
||
Accrued expenses and other current liabilities
|
(203,262
|
)
|
|
779,945
|
|
||
Deferred revenue
|
(1,142,575
|
)
|
|
185,059
|
|
||
Interest payable, related party
|
—
|
|
|
(52,265
|
)
|
||
Net cash used in operating activities
|
(3,225,683
|
)
|
|
(2,356,680
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(73,642
|
)
|
|
(273,814
|
)
|
||
Proceeds from sale of assets
|
5,000,000
|
|
|
3,606
|
|
||
Purchases of intangible assets
|
(64,656
|
)
|
|
(203,648
|
)
|
||
Cash acquired in asset acquisition
|
—
|
|
|
442,746
|
|
||
Expenses associated with asset acquisition
|
—
|
|
|
(900
|
)
|
||
Payment of stock issuance costs
|
(1,011
|
)
|
|
(908
|
)
|
||
Distributions to noncontrolling interest
|
(48,127
|
)
|
|
(68,950
|
)
|
||
Net cash provided by (used in) investing activities
|
4,812,564
|
|
|
(101,868
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds (payments) on revolving line of credit, net
|
(1,105,111
|
)
|
|
1,853,899
|
|
||
Payments for debt issuance costs
|
—
|
|
|
(145,011
|
)
|
||
Proceeds from the exercise of stock options
|
26,418
|
|
|
63,305
|
|
||
Payment on loan due to related party
|
—
|
|
|
(850,000
|
)
|
||
Net cash provided by (used in) financing activities
|
(1,078,693
|
)
|
|
922,193
|
|
||
Change in cash and cash equivalents
|
508,188
|
|
|
(1,536,355
|
)
|
||
Cash and cash equivalents, beginning of the period
|
272,552
|
|
|
1,673,072
|
|
||
Cash and cash equivalents, end of the period
|
$
|
780,740
|
|
|
$
|
136,717
|
|
|
|
|
|
||||
Supplemental disclosures of cash flows information:
|
|
|
|
|
|
||
Cash paid for interest
|
$
|
24,729
|
|
|
$
|
112,460
|
|
Cash paid for taxes
|
$
|
29,205
|
|
|
$
|
44,864
|
|
Three Months Ended
|
September 30, 2019
|
||||||||||
|
Products and Services
|
|
Energy Production
|
|
Total
|
||||||
Products
|
$
|
3,790,291
|
|
|
$
|
—
|
|
|
$
|
3,790,291
|
|
Installation services
|
1,794,649
|
|
|
—
|
|
|
1,794,649
|
|
|||
Maintenance services
|
2,453,935
|
|
|
—
|
|
|
2,453,935
|
|
|||
Energy production
|
—
|
|
|
631,602
|
|
|
631,602
|
|
|||
Total revenue
|
$
|
8,038,875
|
|
|
$
|
631,602
|
|
|
$
|
8,670,477
|
|
Nine Months Ended
|
September 30, 2019
|
||||||||||
|
Products and Services
|
|
Energy Production
|
|
Total
|
||||||
Products
|
$
|
9,260,265
|
|
|
$
|
—
|
|
|
$
|
9,260,265
|
|
Installation services
|
5,641,540
|
|
|
—
|
|
|
5,641,540
|
|
|||
Maintenance services
|
7,361,989
|
|
|
—
|
|
|
7,361,989
|
|
|||
Energy production
|
—
|
|
|
2,450,710
|
|
|
2,450,710
|
|
|||
Total revenue
|
$
|
22,263,794
|
|
|
$
|
2,450,710
|
|
|
$
|
24,714,504
|
|
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
|
$
|
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,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net loss attributable to stockholders
|
|
$
|
(586,249
|
)
|
|
$
|
(603,037
|
)
|
|
$
|
(4,223,455
|
)
|
|
$
|
(1,336,628
|
)
|
Weighted average shares outstanding - Basic and diluted
|
|
24,843,177
|
|
|
24,819,056
|
|
|
24,838,367
|
|
|
24,813,936
|
|
||||
Basic loss per share
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.05
|
)
|
Anti-dilutive shares underlying stock options outstanding
|
|
85,272
|
|
|
149,722
|
|
|
188,272
|
|
|
137,410
|
|
|
Estimated Useful
Life (in Years) |
|
September 30, 2019
|
|
December 31, 2018
|
||||
Energy systems
|
1 - 15 years
|
|
$
|
4,372,639
|
|
|
$
|
12,709,990
|
|
Machinery and equipment
|
5 - 7 years
|
|
1,440,207
|
|
|
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
|
|
||
|
|
|
6,650,200
|
|
|
14,939,567
|
|
||
Less - accumulated depreciation and amortization
|
|
|
(3,046,491
|
)
|
|
(3,666,452
|
)
|
||
|
|
|
$
|
3,603,709
|
|
|
$
|
11,273,115
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
Intangible assets
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
||||||||||||
Product certifications
|
|
$
|
726,159
|
|
|
$
|
(386,344
|
)
|
|
$
|
339,815
|
|
|
$
|
726,159
|
|
|
$
|
(345,658
|
)
|
|
$
|
380,501
|
|
Patents
|
|
971,830
|
|
|
(202,497
|
)
|
|
769,333
|
|
|
910,569
|
|
|
(188,239
|
)
|
|
722,330
|
|
||||||
Developed technology
|
|
240,000
|
|
|
(104,000
|
)
|
|
136,000
|
|
|
240,000
|
|
|
(92,000
|
)
|
|
148,000
|
|
||||||
Trademarks
|
|
26,146
|
|
|
—
|
|
|
26,146
|
|
|
22,752
|
|
|
—
|
|
|
22,752
|
|
||||||
In Process R&D
|
|
263,936
|
|
|
—
|
|
|
263,936
|
|
|
263,936
|
|
|
—
|
|
|
263,936
|
|
||||||
Favorable contract asset
|
|
274,858
|
|
|
(262,059
|
)
|
|
12,799
|
|
|
1,561,739
|
|
|
(232,099
|
)
|
|
1,329,640
|
|
||||||
TTcogen intangible assets
|
|
29,607
|
|
|
(5,551
|
)
|
|
24,056
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
|
$
|
2,532,536
|
|
|
$
|
(960,451
|
)
|
|
$
|
1,572,085
|
|
|
$
|
3,754,762
|
|
|
$
|
(860,772
|
)
|
|
$
|
2,893,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible liability
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unfavorable contract liability
|
|
$
|
4,689,025
|
|
|
$
|
(2,044,367
|
)
|
|
$
|
2,644,658
|
|
|
$
|
7,912,275
|
|
|
$
|
(1,619,676
|
)
|
|
$
|
6,292,599
|
|
Year 1
|
|
$
|
(167,577
|
)
|
Year 2
|
|
(203,431
|
)
|
|
Year 3
|
|
(211,868
|
)
|
|
Year 4
|
|
(143,920
|
)
|
|
Year 5
|
|
(91,852
|
)
|
Cash paid for amounts included in the measurement of operating lease liabilities
|
|
$
|
480,319
|
|
Right-of-use assets obtained in exchange for operating lease liabilities
|
|
$
|
2,628,299
|
|
Weighted-average remaining lease term - operating leases
|
|
4.3 years
|
|
|
Weighted-average discount rate - operating leases
|
|
6
|
%
|
|
|
Operating Leases
|
||
Q4 2019
|
|
$
|
214,628
|
|
2020
|
|
649,801
|
|
|
2021
|
|
576,698
|
|
|
2022
|
|
529,115
|
|
|
2023
|
|
536,863
|
|
|
Thereafter
|
|
134,700
|
|
|
Total lease payments
|
|
2,641,805
|
|
|
Less: imputed interest
|
|
346,854
|
|
|
Total
|
|
$
|
2,294,951
|
|
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
|
(18,515
|
)
|
|
$1.20-$2.60
|
|
$
|
1.43
|
|
|
|
|
|
||
Canceled and forfeited
|
(3,700
|
)
|
|
$3.22-$4.50
|
|
$
|
3.46
|
|
|
|
|
|
||
Outstanding, September 30, 2019
|
1,358,874
|
|
|
$0.79-$10.33
|
|
$
|
3.56
|
|
|
5.53 years
|
|
$
|
126,439
|
|
Exercisable, September 30, 2019
|
939,249
|
|
|
|
|
$
|
3.52
|
|
|
|
|
$
|
126,439
|
|
Vested and expected to vest, September 30, 2019
|
1,295,930
|
|
|
|
|
$
|
3.56
|
|
|
|
|
$
|
126,439
|
|
September 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 nine months ended September 30, 2019
|
(19,680
|
)
|
|
Fair value at September 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
|
||||||||
Nine months ended September 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
22,263,794
|
|
|
$
|
2,450,710
|
|
|
$
|
—
|
|
|
$
|
24,714,504
|
|
Intersegment revenue
|
|
470,169
|
|
|
—
|
|
|
(470,169
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
22,733,963
|
|
|
$
|
2,450,710
|
|
|
$
|
(470,169
|
)
|
|
$
|
24,714,504
|
|
Gross profit
|
|
$
|
8,223,565
|
|
|
$
|
992,350
|
|
|
$
|
—
|
|
|
$
|
9,215,915
|
|
Identifiable assets
|
|
$
|
25,166,483
|
|
|
$
|
3,375,306
|
|
|
$
|
11,412,533
|
|
|
$
|
39,954,322
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
|
|
|
|
|
|
|
|
|
||||||||
Three months ended September 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
8,038,875
|
|
|
$
|
631,602
|
|
|
$
|
—
|
|
|
$
|
8,670,477
|
|
Intersegment revenue
|
|
113,008
|
|
|
—
|
|
|
(113,008
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
8,151,883
|
|
|
$
|
631,602
|
|
|
$
|
(113,008
|
)
|
|
$
|
8,670,477
|
|
Gross profit
|
|
$
|
2,493,568
|
|
|
$
|
337,673
|
|
|
$
|
—
|
|
|
$
|
2,831,241
|
|
Identifiable assets
|
|
$
|
25,166,483
|
|
|
$
|
3,375,306
|
|
|
$
|
11,412,533
|
|
|
$
|
39,954,322
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
|
|
|
|
|
|
|
|
|
||||||||
(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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