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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 |
|
þ
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
04-3536131
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(IRS Employer Identification No.)
|
45 First Avenue
|
|
Waltham, Massachusetts 02451
|
|
(Address of Principal Executive Offices and Zip Code)
|
|
Large accelerated filer o
|
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
|
|
Outstanding, November 10, 2020
|
Common Stock, $0.001 par value
|
|
24,850,261
|
PART I - FINANCIAL INFORMATION
|
||
|
|
|
|
|
|
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|
|
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September 30, 2020 and December 31, 2019
|
|
|
|
|
|
|
|
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Three Months Ended September 30, 2020 and 2019
|
|
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|
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Six Months Ended September 30, 2020 and 2019
|
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Three and Nine Months Ended September 30, 2020 and 2019
|
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Six Months Ended September 30, 2020 and 2019
|
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|
|
|
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|
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|
|
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September 30, 2020
|
|
December 31, 2019
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
1,647,471
|
|
|
$
|
877,676
|
|
Accounts receivable, net
|
8,885,455
|
|
|
14,569,397
|
|
||
Unbilled revenue
|
5,370,422
|
|
|
5,421,811
|
|
||
Inventory, net
|
7,142,799
|
|
|
6,405,229
|
|
||
Prepaid and other current assets
|
517,924
|
|
|
635,034
|
|
||
Total current assets
|
23,564,071
|
|
|
27,909,147
|
|
||
Property, plant and equipment, net
|
2,998,014
|
|
|
3,465,948
|
|
||
Right of use assets
|
1,763,795
|
|
|
2,173,951
|
|
||
Intangible assets, net
|
1,441,518
|
|
|
1,593,781
|
|
||
Goodwill
|
5,281,867
|
|
|
5,281,867
|
|
||
Other assets
|
198,500
|
|
|
691,941
|
|
||
TOTAL ASSETS
|
$
|
35,247,765
|
|
|
$
|
41,116,635
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Revolving line of credit, bank
|
$
|
—
|
|
|
$
|
2,402,384
|
|
Note payable, current portion
|
209,618
|
|
|
—
|
|
||
Accounts payable
|
3,815,875
|
|
|
5,271,756
|
|
||
Accrued expenses
|
2,650,873
|
|
|
2,599,366
|
|
||
Deferred revenue
|
1,328,657
|
|
|
2,635,619
|
|
||
Lease obligations, current
|
519,318
|
|
|
536,443
|
|
||
Total current liabilities
|
8,524,341
|
|
|
13,445,568
|
|
||
Long-term liabilities:
|
|
|
|
|
|
||
Deferred revenue, net of current portion
|
125,556
|
|
|
145,464
|
|
||
Note payable, net of current portion
|
1,664,582
|
|
|
—
|
|
||
Lease obligations, long-term
|
1,344,682
|
|
|
1,637,508
|
|
||
Unfavorable contract liability, net
|
2,205,301
|
|
|
2,534,818
|
|
||
Total liabilities
|
13,864,462
|
|
|
17,763,358
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 11)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|
||
Tecogen Inc. stockholders’ equity:
|
|
|
|
|
|
||
Common stock, $0.001 par value; 100,000,000 shares authorized; 24,850,261 and 24,849,261 issued and outstanding at September 30, 2020 and December 31, 2019, respectively
|
24,850
|
|
|
24,849
|
|
||
Additional paid-in capital
|
56,753,845
|
|
|
56,622,285
|
|
||
Accumulated deficit
|
(35,467,309
|
)
|
|
(33,379,114
|
)
|
||
Total Tecogen Inc. stockholders’ equity
|
21,311,386
|
|
|
23,268,020
|
|
||
Noncontrolling interest
|
71,917
|
|
|
85,257
|
|
||
Total stockholders’ equity
|
21,383,303
|
|
|
23,353,277
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
35,247,765
|
|
|
$
|
41,116,635
|
|
|
Three Months Ended
|
||||||
|
September 30, 2020
|
|
September 30, 2019
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
2,659,635
|
|
|
$
|
3,790,291
|
|
Services
|
4,171,377
|
|
|
4,248,584
|
|
||
Energy production
|
368,695
|
|
|
631,602
|
|
||
Total revenues
|
7,199,707
|
|
|
8,670,477
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
1,593,500
|
|
|
2,515,605
|
|
||
Services
|
2,621,855
|
|
|
3,029,702
|
|
||
Energy production
|
197,608
|
|
|
293,929
|
|
||
Total cost of sales
|
4,412,963
|
|
|
5,839,236
|
|
||
Gross profit
|
2,786,744
|
|
|
2,831,241
|
|
||
Operating expenses
|
|
|
|
||||
General and administrative
|
2,318,789
|
|
|
2,333,887
|
|
||
Selling
|
563,857
|
|
|
669,720
|
|
||
Research and development
|
111,253
|
|
|
365,817
|
|
||
Total operating expenses
|
2,993,899
|
|
|
3,369,424
|
|
||
Loss from operations
|
(207,155
|
)
|
|
(538,183
|
)
|
||
Other income (expense)
|
|
|
|
||||
Interest income
|
(12
|
)
|
|
192
|
|
||
Interest expense
|
(4,845
|
)
|
|
(18,516
|
)
|
||
Unrealized gain (loss) on investment securities
|
—
|
|
|
—
|
|
||
Total other income (expense), net
|
(4,857
|
)
|
|
(18,324
|
)
|
||
Loss before provision for state income taxes
|
(212,012
|
)
|
|
(556,507
|
)
|
||
Provision for state income taxes
|
9,397
|
|
|
7,881
|
|
||
Consolidated net loss
|
(221,409
|
)
|
|
(564,388
|
)
|
||
Income attributable to the noncontrolling interest
|
(10,511
|
)
|
|
(21,861
|
)
|
||
Net loss attributable to Tecogen Inc.
|
$
|
(231,920
|
)
|
|
$
|
(586,249
|
)
|
|
|
|
|
||||
Net loss per share - basic and diluted
|
$
|
(0.01
|
)
|
|
$
|
(0.02
|
)
|
Weighted average shares outstanding - basic and diluted
|
24,850,261
|
|
|
24,843,177
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2020
|
|
September 30, 2019
|
||||
Revenues
|
|
|
|
||||
Products
|
$
|
8,752,908
|
|
|
$
|
9,260,265
|
|
Services
|
12,448,671
|
|
|
13,003,529
|
|
||
Energy production
|
1,395,886
|
|
|
2,450,710
|
|
||
Total revenues
|
22,597,465
|
|
|
24,714,504
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
5,298,750
|
|
|
6,005,819
|
|
||
Services
|
7,925,925
|
|
|
8,034,410
|
|
||
Energy production
|
887,888
|
|
|
1,458,360
|
|
||
Total cost of sales
|
14,112,563
|
|
|
15,498,589
|
|
||
Gross profit
|
8,484,902
|
|
|
9,215,915
|
|
||
Operating expenses
|
|
|
|
||||
General and administrative
|
7,645,729
|
|
|
7,672,550
|
|
||
Selling
|
2,022,027
|
|
|
2,067,674
|
|
||
Research and development
|
641,616
|
|
|
1,083,444
|
|
||
Gain on sale of assets
|
—
|
|
|
(1,081,049
|
)
|
||
Goodwill impairment
|
—
|
|
|
3,693,198
|
|
||
Total operating expenses
|
10,309,372
|
|
|
13,435,817
|
|
||
Loss from operations
|
(1,824,470
|
)
|
|
(4,219,902
|
)
|
||
Other income (expense)
|
|
|
|
||||
Interest income
|
11,953
|
|
|
790
|
|
||
Interest expense
|
(121,084
|
)
|
|
(63,547
|
)
|
||
Unrealized loss on investment securities
|
(98,403
|
)
|
|
(19,680
|
)
|
||
Total other expense, net
|
(207,534
|
)
|
|
(82,437
|
)
|
||
Loss before provision for state income taxes
|
(2,032,004
|
)
|
|
(4,302,339
|
)
|
||
Provision for state income taxes
|
27,791
|
|
|
15,667
|
|
||
Consolidated net loss
|
(2,059,795
|
)
|
|
(4,318,006
|
)
|
||
(Income) loss attributable to the noncontrolling interest
|
(28,400
|
)
|
|
94,551
|
|
||
Net loss attributable to Tecogen Inc.
|
$
|
(2,088,195
|
)
|
|
(4,223,455
|
)
|
|
|
|
|
|
||||
Net loss per share - basic and diluted
|
$
|
(0.08
|
)
|
|
$
|
(0.17
|
)
|
Weighted average shares outstanding - basic and diluted
|
24,850,257
|
|
|
24,838,367
|
|
|
Tecogen Inc. Stockholders
|
|
|
|
|
|||||||||||||||||
Three months ended September 30, 2020
|
Common Stock Shares
|
|
Common
Stock 0.001 Par Value |
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Noncontrolling
Interest |
|
Total
|
|||||||||||
Balance at June 30, 2020
|
24,850,261
|
|
|
$
|
24,850
|
|
|
$
|
56,704,412
|
|
|
$
|
(35,235,389
|
)
|
|
$
|
80,076
|
|
|
$
|
21,573,949
|
|
Stock issuance costs
|
—
|
|
|
—
|
|
|
(1,149
|
)
|
|
—
|
|
|
—
|
|
|
(1,149
|
)
|
|||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
50,582
|
|
|
—
|
|
|
—
|
|
|
50,582
|
|
|||||
Distributions to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,670
|
)
|
|
(18,670
|
)
|
|||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(231,920
|
)
|
|
10,511
|
|
|
(221,409
|
)
|
|||||
Balance at September 30, 2020
|
24,850,261
|
|
|
$
|
24,850
|
|
|
$
|
56,753,845
|
|
|
$
|
(35,467,309
|
)
|
|
$
|
71,917
|
|
|
$
|
21,383,303
|
|
|
Tecogen Inc. Stockholders
|
|
|
|
|
|||||||||||||||||
Nine months ended September 30, 2020
|
Common Stock Shares
|
|
Common
Stock 0.001 Par Value |
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Noncontrolling
Interest |
|
Total
|
|||||||||||
Balance at December 31, 2019
|
24,849,261
|
|
|
$
|
24,849
|
|
|
$
|
56,622,285
|
|
|
$
|
(33,379,114
|
)
|
|
$
|
85,257
|
|
|
$
|
23,353,277
|
|
Exercise of stock options
|
1,000
|
|
|
1
|
|
|
1,199
|
|
|
—
|
|
|
—
|
|
|
1,200
|
|
|||||
Stock issuance costs
|
—
|
|
|
—
|
|
|
(1,951
|
)
|
|
—
|
|
|
—
|
|
|
(1,951
|
)
|
|||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
132,312
|
|
|
—
|
|
|
—
|
|
|
132,312
|
|
|||||
Distributions to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41,740
|
)
|
|
(41,740
|
)
|
|||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,088,195
|
)
|
|
28,400
|
|
|
(2,059,795
|
)
|
|||||
Balance at September 30, 2020
|
24,850,261
|
|
|
$
|
24,850
|
|
|
$
|
56,753,845
|
|
|
$
|
(35,467,309
|
)
|
|
$
|
71,917
|
|
|
$
|
21,383,303
|
|
|
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
|
|
|||||
Distributions to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,713
|
)
|
|
(20,713
|
)
|
|||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
42,671
|
|
|
—
|
|
|
—
|
|
|
42,671
|
|
|||||
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
|
)
|
|||||
Distributions to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48,126
|
)
|
|
(48,126
|
)
|
|||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
120,604
|
|
|
—
|
|
|
—
|
|
|
120,604
|
|
|||||
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
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2020
|
|
September 30, 2019
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net loss
|
$
|
(2,059,795
|
)
|
|
$
|
(4,318,006
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation, accretion and amortization, net
|
293,941
|
|
|
362,848
|
|
||
Stock-based compensation
|
132,312
|
|
|
120,604
|
|
||
Goodwill impairment
|
—
|
|
|
3,693,198
|
|
||
Gain on sale of assets
|
—
|
|
|
(1,081,049
|
)
|
||
Provision for losses on accounts receivable
|
—
|
|
|
29,849
|
|
||
Unrealized loss on investment securities
|
98,403
|
|
|
19,680
|
|
||
Abandonment of intangible assets
|
179,944
|
|
|
—
|
|
||
Non-cash interest expense
|
51,190
|
|
|
36,252
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions
|
|
|
|
||||
(Increase) decrease in:
|
|
|
|
||||
Accounts receivable
|
5,683,941
|
|
|
1,097,220
|
|
||
Unbilled revenue
|
51,389
|
|
|
(763,604
|
)
|
||
Inventory
|
(737,570
|
)
|
|
(165,375
|
)
|
||
Due from related party
|
—
|
|
|
9,405
|
|
||
Prepaid expenses and other current assets
|
117,109
|
|
|
(19,586
|
)
|
||
Other non-current assets
|
692,484
|
|
|
(235,695
|
)
|
||
Increase (decrease) in:
|
|
|
|
||||
Accounts payable
|
(1,455,881
|
)
|
|
(665,587
|
)
|
||
Accrued expenses and other current liabilities
|
145,848
|
|
|
(203,262
|
)
|
||
Deferred revenue
|
(1,619,696
|
)
|
|
(1,142,575
|
)
|
||
Net cash provided by (used in) operating activities
|
1,573,619
|
|
|
(3,225,683
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(59,952
|
)
|
|
(73,642
|
)
|
||
Proceeds from sale of assets
|
—
|
|
|
5,000,000
|
|
||
Purchases of intangible assets
|
(123,252
|
)
|
|
(64,656
|
)
|
||
Unrealized loss on investment securities
|
—
|
|
|
—
|
|
||
Payment of stock issuance costs
|
(1,951
|
)
|
|
(1,011
|
)
|
||
Distributions to noncontrolling interest
|
(41,740
|
)
|
|
(48,127
|
)
|
||
Net cash provided by (used in) investing activities
|
(226,895
|
)
|
|
4,812,564
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Payments on revolving line of credit, net
|
(2,452,329
|
)
|
|
(1,105,111
|
)
|
||
Proceeds from note payable
|
1,874,200
|
|
|
—
|
|
||
Proceeds from the exercise of stock options
|
1,200
|
|
|
26,418
|
|
||
Net cash used in financing activities
|
(576,929
|
)
|
|
(1,078,693
|
)
|
||
Change in cash and cash equivalents
|
769,795
|
|
|
508,188
|
|
||
Cash and cash equivalents, beginning of the period
|
877,676
|
|
|
272,552
|
|
||
Cash and cash equivalents, end of the period
|
$
|
1,647,471
|
|
|
$
|
780,740
|
|
|
|
|
|
||||
Supplemental disclosures of cash flows information:
|
|
|
|
|
|
||
Cash paid for interest
|
$
|
62,007
|
|
|
$
|
24,729
|
|
Cash paid for taxes
|
$
|
27,791
|
|
|
$
|
29,205
|
|
Three Months Ended
|
September 30, 2020
|
||||||||||
|
Products and Services
|
|
Energy Production
|
|
Total
|
||||||
Products
|
$
|
2,659,635
|
|
|
$
|
—
|
|
|
$
|
2,659,635
|
|
Installation services
|
1,559,473
|
|
|
—
|
|
|
1,559,473
|
|
|||
Maintenance services
|
2,611,904
|
|
|
—
|
|
|
2,611,904
|
|
|||
Energy production
|
—
|
|
|
368,695
|
|
|
368,695
|
|
|||
Total revenue
|
$
|
6,831,012
|
|
|
$
|
368,695
|
|
|
$
|
7,199,707
|
|
Nine Months Ended
|
September 30, 2020
|
||||||||||
|
Products and Services
|
|
Energy Production
|
|
Total
|
||||||
Products
|
$
|
8,752,908
|
|
|
$
|
—
|
|
|
$
|
8,752,908
|
|
Installation services
|
4,915,599
|
|
|
—
|
|
|
4,915,599
|
|
|||
Maintenance services
|
7,533,072
|
|
|
—
|
|
|
7,533,072
|
|
|||
Energy production
|
—
|
|
|
1,395,886
|
|
|
1,395,886
|
|
|||
Total revenue
|
$
|
21,201,579
|
|
|
$
|
1,395,886
|
|
|
$
|
22,597,465
|
|
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,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net loss attributable to stockholders
|
|
$
|
(231,920
|
)
|
|
$
|
(586,249
|
)
|
|
$
|
(2,088,195
|
)
|
|
$
|
(4,223,455
|
)
|
Weighted average shares outstanding - Basic and diluted
|
|
24,850,261
|
|
|
24,843,177
|
|
|
24,850,257
|
|
|
24,838,367
|
|
||||
Basic loss per share
|
|
$
|
(0.01
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.17
|
)
|
Anti-dilutive shares underlying stock options outstanding
|
|
2,536,664
|
|
|
85,272
|
|
|
2,555,097
|
|
|
188,272
|
|
|
Estimated Useful
Life (in Years) |
|
September 30, 2020
|
|
December 31, 2019
|
||||
Energy systems
|
1 - 15 years
|
|
$
|
4,372,638
|
|
|
$
|
4,372,638
|
|
Machinery and equipment
|
5 - 7 years
|
|
1,509,208
|
|
|
1,462,208
|
|
||
Furniture and fixtures
|
5 years
|
|
193,698
|
|
|
193,698
|
|
||
Computer software
|
3 - 5 years
|
|
192,865
|
|
|
192,865
|
|
||
Leasehold improvements
|
*
|
|
450,792
|
|
|
450,792
|
|
||
|
|
|
6,719,201
|
|
|
6,672,201
|
|
||
Less - accumulated depreciation and amortization
|
|
|
(3,721,187
|
)
|
|
(3,206,253
|
)
|
||
|
|
|
$
|
2,998,014
|
|
|
$
|
3,465,948
|
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
Intangible assets
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
|
Cost
|
|
Accumulated Amortization
|
|
Total
|
||||||||||||
Product certifications
|
|
$
|
726,159
|
|
|
$
|
(440,592
|
)
|
|
$
|
285,567
|
|
|
$
|
726,159
|
|
|
$
|
(399,906
|
)
|
|
$
|
326,253
|
|
Patents
|
|
880,416
|
|
|
(218,506
|
)
|
|
661,910
|
|
|
1,017,108
|
|
|
(206,499
|
)
|
|
810,609
|
|
||||||
Developed technology
|
|
240,000
|
|
|
(120,000
|
)
|
|
120,000
|
|
|
240,000
|
|
|
(108,000
|
)
|
|
132,000
|
|
||||||
Trademarks
|
|
26,896
|
|
|
—
|
|
|
26,896
|
|
|
26,896
|
|
|
—
|
|
|
26,896
|
|
||||||
In Process R&D
|
|
263,936
|
|
|
—
|
|
|
263,936
|
|
|
263,936
|
|
|
—
|
|
|
263,936
|
|
||||||
Favorable contract asset
|
|
354,858
|
|
|
(292,004
|
)
|
|
62,854
|
|
|
274,858
|
|
|
(263,901
|
)
|
|
10,957
|
|
||||||
TTcogen intangible assets
|
|
29,607
|
|
|
(9,252
|
)
|
|
20,355
|
|
|
29,607
|
|
|
(6,477
|
)
|
|
23,130
|
|
||||||
|
|
$
|
2,521,872
|
|
|
$
|
(1,080,354
|
)
|
|
$
|
1,441,518
|
|
|
$
|
2,578,564
|
|
|
$
|
(984,783
|
)
|
|
$
|
1,593,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible liability
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unfavorable contract liability
|
|
$
|
4,689,025
|
|
|
$
|
(2,483,724
|
)
|
|
$
|
2,205,301
|
|
|
$
|
4,689,025
|
|
|
$
|
(2,154,207
|
)
|
|
$
|
2,534,818
|
|
Year 1
|
|
$
|
(160,086
|
)
|
Year 2
|
|
(197,999
|
)
|
|
Year 3
|
|
(154,182
|
)
|
|
Year 4
|
|
(117,947
|
)
|
|
Year 5
|
|
(64,340
|
)
|
Cash paid for amounts included in the measurement of operating lease liabilities
|
|
$
|
486,907
|
|
Weighted-average remaining lease term - operating leases
|
|
3.5 years
|
|
|
Weighted-average discount rate - operating leases
|
|
6
|
%
|
|
|
Operating Leases
|
||
Q4 2020
|
|
$
|
163,287
|
|
2021
|
|
594,312
|
|
|
2022
|
|
576,793
|
|
|
2023
|
|
585,309
|
|
|
2024
|
|
153,502
|
|
|
Total lease payments
|
|
2,106,940
|
|
|
Less: imputed interest
|
|
242,940
|
|
|
Total
|
|
$
|
1,864,000
|
|
Common Stock Options
|
Number of
Options
|
|
Exercise
Price Per
Share
|
|
Weighted
Average Exercise
Price
|
|
Weighted
Average Remaining
Life
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding, December 31, 2019
|
1,352,874
|
|
|
$0.79-$10.33
|
|
$
|
3.57
|
|
|
5.30 years
|
|
$
|
95,381
|
|
Granted
|
1,440,000
|
|
|
$0.71-$0.78
|
|
$
|
0.72
|
|
|
|
|
|
||
Exercised
|
(1,000
|
)
|
|
$1.20
|
|
$
|
1.20
|
|
|
|
|
|
||
Canceled and forfeited
|
(136,170
|
)
|
|
$1.20-$4.50
|
|
$
|
2.41
|
|
|
|
|
|
||
Outstanding, September 30, 2020
|
2,655,704
|
|
|
$0.71-$10.33
|
|
$
|
2.09
|
|
|
7.48 years
|
|
$
|
278,921
|
|
Exercisable, September 30, 2020
|
969,287
|
|
|
|
|
$
|
3.73
|
|
|
|
|
$
|
3,181
|
|
Vested and expected to vest, September 30, 2020
|
2,402,741
|
|
|
|
|
$
|
2.18
|
|
|
|
|
$
|
274,740
|
|
September 30, 2020
|
|
|
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.
|
$
|
118,084
|
|
|
$
|
—
|
|
|
$
|
118,084
|
|
|
$
|
—
|
|
Total recurring fair value measurements
|
$
|
118,084
|
|
|
$
|
—
|
|
|
$
|
118,084
|
|
|
$
|
—
|
|
Fair value at December 31, 2019
|
$
|
216,487
|
|
Unrealized loss included in net income for the nine months ended September 30, 2020
|
(98,403
|
)
|
|
Fair value at September 30, 2020
|
$
|
118,084
|
|
|
|
Products and Services
|
|
Energy Production
|
|
Corporate, other and elimination (1)
|
|
Total
|
||||||||
Three months ended September 30, 2020
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
6,831,012
|
|
|
$
|
368,695
|
|
|
$
|
—
|
|
|
$
|
7,199,707
|
|
Intersegment revenue
|
|
77,514
|
|
|
—
|
|
|
(77,514
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
6,908,526
|
|
|
$
|
368,695
|
|
|
$
|
(77,514
|
)
|
|
$
|
7,199,707
|
|
Gross profit
|
|
$
|
2,615,657
|
|
|
$
|
171,087
|
|
|
$
|
—
|
|
|
$
|
2,786,744
|
|
Identifiable assets
|
|
$
|
21,031,221
|
|
|
$
|
2,877,859
|
|
|
$
|
11,338,685
|
|
|
$
|
35,247,765
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nine months ended September 30, 2020
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue - external customers
|
|
$
|
21,201,579
|
|
|
$
|
1,395,886
|
|
|
$
|
—
|
|
|
$
|
22,597,465
|
|
Intersegment revenue
|
|
309,224
|
|
|
—
|
|
|
(309,224
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
21,510,803
|
|
|
$
|
1,395,886
|
|
|
$
|
(309,224
|
)
|
|
$
|
22,597,465
|
|
Gross profit
|
|
$
|
7,976,904
|
|
|
$
|
507,998
|
|
|
$
|
—
|
|
|
$
|
8,484,902
|
|
Identifiable assets
|
|
$
|
21,031,221
|
|
|
$
|
2,877,859
|
|
|
$
|
11,338,685
|
|
|
$
|
35,247,765
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Corporate, intersegment revenue, other and elimination includes various corporate assets.
|
Exhibit No.
|
Description of Exhibit
|
21.1*
|
|
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 & Financial Officer)
|
1 Year Tecogen Chart |
1 Month Tecogen Chart |
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