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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 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | 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) |
(781) 466-6402 | ||
(Registrant's telephone number, including area code) |
Large accelerated filer o | Accelerated filer o | ||||
Non-accelerated filer ☒ | Emerging Growth company ☐ | ||||
Smaller reporting company ☒ |
PART I - FINANCIAL INFORMATION | ||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 2,880,160 | $ | 3,614,463 | |||||||
Accounts receivable, net | 8,598,302 | 8,482,286 | |||||||||
Unbilled revenue | 1,956,002 | 3,258,189 | |||||||||
Employee retention credit receivable | 713,269 | 1,276,021 | |||||||||
Inventories, net | 8,712,021 | 7,764,989 | |||||||||
Prepaid and other current assets | 507,996 | 578,801 | |||||||||
Total current assets | 23,367,750 | 24,974,749 | |||||||||
Long-term assets: | |||||||||||
Property, plant and equipment, net | 1,661,694 | 1,782,944 | |||||||||
Right of use assets | 1,404,034 | 1,869,210 | |||||||||
Intangible assets, net | 1,047,296 | 1,181,023 | |||||||||
Goodwill | 2,406,156 | 2,406,156 | |||||||||
Other assets | 184,393 | 148,140 | |||||||||
TOTAL ASSETS | $ | 30,071,323 | $ | 32,362,222 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 3,325,452 | $ | 3,508,354 | |||||||
Accrued expenses | 2,263,009 | 2,343,728 | |||||||||
Deferred revenue | 1,282,971 | 1,957,752 | |||||||||
Lease obligations, current | 676,974 | 641,002 | |||||||||
Unfavorable contract liability, current | 265,854 | 330,032 | |||||||||
Total current liabilities | 7,814,260 | 8,780,868 | |||||||||
Long-term liabilities: | |||||||||||
Deferred revenue, net of current portion | 395,561 | 208,456 | |||||||||
Lease obligations, net of current portion | 796,696 | 1,315,275 | |||||||||
Unfavorable contract liability, net of current portion | 706,667 | 929,474 | |||||||||
Total liabilities | 9,713,184 | 11,234,073 | |||||||||
Commitments and contingencies (Note 12) | |||||||||||
Stockholders’ equity: | |||||||||||
Tecogen Inc. stockholders’ equity: | |||||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 24,850,261 issued and outstanding at September 30, 2022 and December 31, 2021 | 24,850 | 24,850 | |||||||||
Additional paid-in capital | 57,271,577 | 57,016,859 | |||||||||
Accumulated deficit | (36,857,142) | (35,833,621) | |||||||||
Total Tecogen Inc. stockholders’ equity | 20,439,285 | 21,208,088 | |||||||||
Non-controlling interest | (81,146) | (79,939) | |||||||||
Total stockholders’ equity | 20,358,139 | 21,128,149 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 30,071,323 | $ | 32,362,222 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Revenues | |||||||||||
Products | $ | 3,206,732 | $ | 1,871,332 | |||||||
Services | 3,078,604 | 2,829,244 | |||||||||
Energy production | 332,774 | 315,292 | |||||||||
Total revenues | 6,618,110 | 5,015,868 | |||||||||
Cost of sales | |||||||||||
Products | 2,074,243 | 1,036,396 | |||||||||
Services | 1,482,355 | 1,467,019 | |||||||||
Energy production | 168,178 | 170,518 | |||||||||
Total cost of sales | 3,724,776 | 2,673,933 | |||||||||
Gross profit | 2,893,334 | 2,341,935 | |||||||||
Operating expenses | |||||||||||
General and administrative | 2,343,449 | 2,473,190 | |||||||||
Selling | 567,529 | 656,885 | |||||||||
Research and development | 202,138 | 122,031 | |||||||||
Gain on disposition of assets | (5,486) | — | |||||||||
Total operating expenses | 3,107,630 | 3,252,106 | |||||||||
Loss from operations | (214,296) | (910,171) | |||||||||
Other income (expense) | |||||||||||
Other income (expense), net | (7,140) | (4,798) | |||||||||
Interest expense | (2,280) | (3,855) | |||||||||
Gain on extinguishment of debt | — | 1,885,655 | |||||||||
Employee retention credit | — | 562,253 | |||||||||
Unrealized loss on investment securities | — | (37,497) | |||||||||
Total other income (expense), net | (9,420) | 2,401,758 | |||||||||
Income (loss) before provision for state income taxes | (223,716) | 1,491,587 | |||||||||
Provision for state income taxes | 5,922 | 3,000 | |||||||||
Consolidated net income (loss) | (229,638) | 1,488,587 | |||||||||
Income attributable to the non-controlling interest | (27,074) | (21,890) | |||||||||
Net income (loss) attributable to Tecogen Inc. | $ | (256,712) | $ | 1,466,697 | |||||||
Net income (loss) per share - basic | $ | (0.01) | $ | 0.06 | |||||||
Net income (loss) per share - diluted | $ | (0.01) | $ | 0.06 | |||||||
Weighted average shares outstanding - basic | 24,850,261 | 24,850,261 | |||||||||
Weighted average shares outstanding - diluted | 24,850,261 | 25,154,905 |
Nine Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Revenues | |||||||||||
Products | $ | 10,156,328 | $ | 6,439,981 | |||||||
Services | 9,046,075 | 9,438,702 | |||||||||
Energy production | 1,268,623 | 1,339,448 | |||||||||
Total revenues | 20,471,026 | 17,218,131 | |||||||||
Cost of sales | |||||||||||
Products | 6,734,465 | 3,601,408 | |||||||||
Services | 4,322,693 | 4,684,008 | |||||||||
Energy production | 726,297 | 796,933 | |||||||||
Total cost of sales | 11,783,455 | 9,082,349 | |||||||||
Gross profit | 8,687,571 | 8,135,782 | |||||||||
Operating expenses | |||||||||||
General and administrative | 7,642,183 | 7,365,495 | |||||||||
Selling | 1,572,221 | 1,747,959 | |||||||||
Research and development | 537,126 | 381,064 | |||||||||
Gain on disposition of assets | (41,931) | — | |||||||||
Gain on termination of unfavorable contract liability | (71,375) | — | |||||||||
Total operating expenses | 9,638,224 | 9,494,518 | |||||||||
Loss from operations | (950,653) | (1,358,736) | |||||||||
Other income (expense) | |||||||||||
Interest and other income (expense), net | (22,556) | (7,127) | |||||||||
Interest expense | (15,841) | (13,583) | |||||||||
Gain on extinguishment of debt | — | 3,773,014 | |||||||||
Employee retention credit | — | 1,276,021 | |||||||||
Gain on sale of investment securities | — | 6,046 | |||||||||
Unrealized gain on investment securities | 37,497 | 18,749 | |||||||||
Total other income (expense), net | (900) | 5,053,120 | |||||||||
Income (loss) before provision for state income taxes | (951,553) | 3,694,384 | |||||||||
Provision for state income taxes | 16,352 | 18,991 | |||||||||
Consolidated net income (loss) | (967,905) | 3,675,393 | |||||||||
Income attributable to non-controlling interest | (55,616) | (42,358) | |||||||||
Net income (loss) attributable to Tecogen Inc. | $ | (1,023,521) | $ | 3,633,035 | |||||||
Net income (loss) per share - basic | $ | (0.04) | $ | 0.15 | |||||||
Net income (loss) per share - diluted | $ | (0.04) | $ | 0.14 | |||||||
Weighted average shares outstanding - basic | 24,850,261 | 24,850,261 | |||||||||
Weighted average shares outstanding - diluted | 24,850,261 | 25,131,165 |
Three months ended September 30, 2022 | Common Stock Shares | Common Stock 0.001 Par Value | Additional Paid-In Capital | Accumulated Deficit | Non-controlling Interest | Total | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | 24,850,261 | $ | 24,850 | $ | 57,202,459 | $ | (36,600,430) | $ | (84,206) | $ | 20,542,673 | ||||||||||||||||||||||||
Stock based compensation expense | 69,118 | 69,118 | |||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | (24,014) | (24,014) | |||||||||||||||||||||||||||||||||
Net income (loss) | (256,712) | 27,074 | (229,638) | ||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 24,850,261 | $ | 24,850 | $ | 57,271,577 | $ | (36,857,142) | $ | (81,146) | $ | 20,358,139 | ||||||||||||||||||||||||
Nine months ended September 30, 2022 | Common Stock Shares | Common Stock 0.001 Par Value | Additional Paid-In Capital | Accumulated Deficit | Non-controlling Interest | Total | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | 24,850,261 | $ | 24,850 | $ | 57,016,859 | $ | (35,833,621) | $ | (79,939) | $ | 21,128,149 | ||||||||||||||||||||||||
Stock based compensation expense | 254,718 | 254,718 | |||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | (56,823) | (56,823) | |||||||||||||||||||||||||||||||||
Net income (loss) | (1,023,521) | 55,616 | (967,905) | ||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 24,850,261 | $ | 24,850 | $ | 57,271,577 | $ | (36,857,142) | $ | (81,146) | $ | 20,358,139 | ||||||||||||||||||||||||
Three months ended September 30, 2021 | Common Stock Shares | Common Stock 0.001 Par Value | Additional Paid-In Capital | Accumulated Deficit | Non-controlling Interest | Total | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 24,850,261 | $ | 24,850 | $ | 56,908,194 | $ | (37,363,283) | $ | (55,667) | $ | 19,514,094 | ||||||||||||||||||||||||
Stock based compensation expense | — | — | 56,889 | — | — | 56,889 | |||||||||||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | (32,356) | (32,356) | |||||||||||||||||||||||||||||
Net income | — | — | — | 1,466,697 | 21,890 | 1,488,587 | |||||||||||||||||||||||||||||
Balance at September 30, 2021 | 24,850,261 | 24,850 | 56,965,083 | $ | (35,896,586) | $ | (66,133) | $ | 21,027,214 | ||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Common Stock Shares | Common Stock 0.001 Par Value | Additional Paid-In Capital | Accumulated Deficit | Non-controlling Interest | Total | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | 24,850,261 | $ | 24,850 | $ | 56,814,428 | $ | (39,529,621) | $ | (42,323) | $ | 17,267,334 | ||||||||||||||||||||||||
Stock based compensation expense | — | — | 150,655 | — | — | 150,655 | |||||||||||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | (66,168) | (66,168) | |||||||||||||||||||||||||||||
Net income | — | — | — | 3,633,035 | 42,358 | 3,675,393 | |||||||||||||||||||||||||||||
Balance at September 30, 2021 | 24,850,261 | $ | 24,850 | $ | 56,965,083 | $ | (35,896,586) | $ | (66,133) | $ | 21,027,214 | ||||||||||||||||||||||||
Nine Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Consolidated net income (loss) | $ | (967,905) | $ | 3,675,393 | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization, net | 324,968 | 357,636 | |||||||||
Gain on extinguishment of debt | — | (3,773,014) | |||||||||
Employee retention credit | — | (1,276,021) | |||||||||
Stock-based compensation | 254,718 | 150,655 | |||||||||
Provision for doubtful accounts | (183,955) | 52,000 | |||||||||
Gain on disposition of assets | (41,931) | (9,787) | |||||||||
Gain on sale of investment securities | — | (6,046) | |||||||||
Unrealized gain on investment securities | (37,497) | (18,749) | |||||||||
Gain on termination of unfavorable contract liability | (71,375) | — | |||||||||
Impairment of intangible asset | — | 7,400 | |||||||||
Changes in operating assets and liabilities | |||||||||||
(Increase) decrease in: | |||||||||||
Accounts receivable | 67,940 | 890,374 | |||||||||
Employee retention credit receivable | 562,752 | — | |||||||||
Unbilled revenue | 1,302,187 | 424,967 | |||||||||
Inventory | (947,031) | (753,447) | |||||||||
Prepaid expenses and other current assets | 70,806 | 24,361 | |||||||||
Other assets | 466,420 | (387,847) | |||||||||
Increase (decrease) in: | |||||||||||
Accounts payable | (182,903) | (636,156) | |||||||||
Accrued expenses and other current liabilities | (80,720) | 378,970 | |||||||||
Deferred revenue | (487,676) | 691,867 | |||||||||
Other liabilities | (482,608) | 379,440 | |||||||||
Net cash (used in) provided by operating activities | (433,810) | 171,996 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | (286,820) | (84,160) | |||||||||
Proceeds from the sale of investment securities | — | 11,637 | |||||||||
Purchases of intangible assets | (29,505) | (56,349) | |||||||||
Proceeds from disposition of assets | 72,655 | 9,787 | |||||||||
Distributions to non-controlling interest | (56,823) | (66,168) | |||||||||
Net cash used in investing activities | (300,493) | (185,253) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from note payable | — | 1,874,269 | |||||||||
Net cash provided by financing activities | — | 1,874,269 | |||||||||
Change in cash and cash equivalents | (734,303) | 1,861,012 | |||||||||
Cash and cash equivalents, beginning of the period | 3,614,463 | 1,490,219 | |||||||||
Cash and cash equivalents, end of the period | $ | 2,880,160 | $ | 3,351,231 | |||||||
Supplemental disclosures of cash flows information: | |||||||||||
Cash paid for interest | $ | 14,597 | $ | — | |||||||
Cash paid for taxes | $ | 16,352 | $ | 18,991 | |||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||
Products | Services | Energy Production | Total | ||||||||||||||||||||
Products | $ | 3,206,732 | $ | — | $ | — | $ | 3,206,732 | |||||||||||||||
Installation services | — | — | — | — | |||||||||||||||||||
Maintenance services | — | 3,078,604 | — | 3,078,604 | |||||||||||||||||||
Energy production | — | — | 332,774 | 332,774 | |||||||||||||||||||
Total revenue | $ | 3,206,732 | $ | 3,078,604 | $ | 332,774 | $ | 6,618,110 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Products | Services | Energy Production | Total | ||||||||||||||||||||
Products | $ | 10,156,328 | $ | — | $ | — | $ | 10,156,328 | |||||||||||||||
Installation services | — | 20,109 | — | 20,109 | |||||||||||||||||||
Maintenance services | — | 9,025,966 | — | 9,025,966 | |||||||||||||||||||
Energy production | — | — | 1,268,623 | 1,268,623 | |||||||||||||||||||
Total revenue | $ | 10,156,328 | $ | 9,046,075 | $ | 1,268,623 | $ | 20,471,026 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||
Products | Services | Energy Production | Total | ||||||||||||||||||||
Products | $ | 1,871,332 | $ | — | $ | — | $ | 1,871,332 | |||||||||||||||
Installation services | — | 63,076 | — | 63,076 | |||||||||||||||||||
Maintenance services | — | 2,766,168 | — | 2,766,168 | |||||||||||||||||||
Energy production | — | — | 315,292 | 315,292 | |||||||||||||||||||
Total revenue | $ | 1,871,332 | $ | 2,829,244 | $ | 315,292 | $ | 5,015,868 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Products | Services | Energy Production | Total | ||||||||||||||||||||
Products | $ | 6,439,981 | $ | — | $ | — | $ | 6,439,981 | |||||||||||||||
Installation services | — | 825,325 | — | 825,325 | |||||||||||||||||||
Maintenance services | — | 8,613,377 | — | 8,613,377 | |||||||||||||||||||
Energy production | — | — | 1,339,448 | 1,339,448 | |||||||||||||||||||
Total revenue | $ | 6,439,981 | $ | 9,438,702 | $ | 1,339,448 | $ | 17,218,131 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income (loss) available to stockholders | $ | (256,712) | $ | 1,466,697 | $ | (1,023,521) | $ | 3,633,035 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average shares outstanding - Basic | 24,850,261 | 24,850,261 | 24,850,261 | 24,850,261 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||
Stock options | — | 304,644 | — | 280,904 | ||||||||||||||||||||||
Weighted average shares outstanding - Diluted | 24,850,261 | 25,154,905 | 24,850,261 | 25,131,165 | ||||||||||||||||||||||
Basic income (loss) per share | $ | (0.01) | $ | 0.06 | $ | (0.04) | $ | 0.15 | ||||||||||||||||||
Diluted income (loss) per share | $ | (0.01) | $ | 0.06 | $ | (0.04) | $ | 0.14 | ||||||||||||||||||
Anti-dilutive shares underlying stock options outstanding | 971,001 | 777,296 | 836,001 | 777,296 |
Note 4. | Inventories, net |
September 30, 2022 | December 31, 2021 | ||||||||||
Raw materials | $ | 8,118,001 | $ | 7,072,991 | |||||||
Less: reserves | (335,121) | (381,000) | |||||||||
Raw materials, net | $ | 7,782,880 | $ | 6,691,991 | |||||||
Work-in-process | 341,485 | 549,802 | |||||||||
Finished goods | 587,656 | 523,196 | |||||||||
Total inventories, net | $ | 8,712,021 | $ | 7,764,989 |
Estimated Useful Life (in Years) | September 30, 2022 | December 31, 2021 | |||||||||||||||
Energy systems | 1 - 15 years | $ | 3,478,824 | $ | 3,556,488 | ||||||||||||
Machinery and equipment | 5 - 7 years | 1,596,827 | 1,463,153 | ||||||||||||||
Furniture and fixtures | 5 years | 196,006 | 193,698 | ||||||||||||||
Computer software | 3 - 5 years | 192,865 | 192,865 | ||||||||||||||
Leasehold improvements | * | 466,789 | 466,789 | ||||||||||||||
5,931,311 | 5,872,993 | ||||||||||||||||
Less - accumulated depreciation and amortization | (4,269,617) | (4,090,049) | |||||||||||||||
$ | 1,661,694 | $ | 1,782,944 | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Intangible assets | Cost | Accumulated Amortization | Total | Cost | Accumulated Amortization | Total | ||||||||||||||||||||||||||||||||
Product certifications | $ | 777,465 | $ | (572,230) | $ | 205,235 | $ | 765,850 | $ | (532,676) | $ | 233,174 | ||||||||||||||||||||||||||
Patents | 888,911 | (382,765) | 506,146 | 871,021 | (314,997) | 556,024 | ||||||||||||||||||||||||||||||||
Developed technology | 240,000 | (152,000) | 88,000 | 240,000 | (140,000) | 100,000 | ||||||||||||||||||||||||||||||||
Trademarks | 26,896 | — | 26,896 | 26,896 | — | 26,896 | ||||||||||||||||||||||||||||||||
In Process R&D | 263,936 | (56,558) | 207,378 | 263,936 | (28,279) | 235,657 | ||||||||||||||||||||||||||||||||
Favorable contract asset | 384,465 | (370,824) | 13,641 | 384,465 | (355,193) | 29,272 | ||||||||||||||||||||||||||||||||
$ | 2,581,673 | $ | (1,534,377) | $ | 1,047,296 | $ | 2,552,168 | $ | (1,371,145) | $ | 1,181,023 | |||||||||||||||||||||||||||
Intangible liability | ||||||||||||||||||||||||||||||||||||||
Unfavorable contract liability | $ | 2,903,419 | $ | (1,930,898) | $ | 972,521 | $ | 3,056,655 | $ | (1,797,149) | $ | 1,259,506 |
Non-contract Related Intangibles | Contract Related Intangibles | Total | ||||||||||||||||||
Year 1 | $ | 201,568 | $ | (265,854) | $ | (64,286) | ||||||||||||||
Year 2 | 187,551 | (217,757) | (30,206) | |||||||||||||||||
Year 3 | 178,984 | (120,464) | 58,520 | |||||||||||||||||
Year 4 | 174,968 | (90,035) | 84,933 | |||||||||||||||||
Year 5 | 172,545 | (78,261) | 94,284 | |||||||||||||||||
Thereafter | 104,784 | (200,150) | (95,366) | |||||||||||||||||
Total | $ | 1,020,400 | (972,521) | $ | 47,879 |
Note 7. | Sale of Energy Producing Assets and Goodwill Impairment |
Note 8. | Leases |
September 30, 2022 | December 31, 2021 | |||||||||||||
Operating leases | ||||||||||||||
Right-of-use assets | $ | 1,404,034 | $ | 1,869,210 | ||||||||||
$ | 676,974 | $ | 641,002 | |||||||||||
796,696 | 1,315,275 | |||||||||||||
Total operating lease liability | $ | 1,473,670 | $ | 1,956,277 |
Operating Leases | ||||||||
Year 1 | $ | 741,510 | ||||||
Year 2 | 398,383 | |||||||
Year 3 | 115,015 | |||||||
Year 4 | 102,768 | |||||||
Year 5 | 61,044 | |||||||
Thereafter | 184,304 | |||||||
Total lease payments | 1,603,024 | |||||||
Less: imputed interest | 129,354 | |||||||
Total | $ | 1,473,670 |
Common Stock Options | Number of Options | Exercise Price Per Share | Weighted Average Exercise Price | Weighted Average Remaining Life | Aggregate Intrinsic Value | ||||||||||||||||||||||||
December 31, 2021 | 2,386,842 | $0.71-$10.33 | $ | 1.81 | 7.56 years | $ | 697,935 | ||||||||||||||||||||||
Granted | 936,650 | $1.10-$1.20 | $ | 1.11 | |||||||||||||||||||||||||
Exercised | — | ||||||||||||||||||||||||||||
Canceled and forfeited | (242,795) | $0.71-$6.74 | $ | 1.37 | |||||||||||||||||||||||||
Outstanding, September 30, 2022 | 3,080,697 | $0.71-$10.33 | $ | 1.63 | 7.44 years | $ | 310,073 | ||||||||||||||||||||||
Exercisable, September 30, 2022 | 1,366,947 | $ | 2.36 | $ | 157,123 | ||||||||||||||||||||||||
Vested and expected to vest, September 30, 2022 | 2,823,635 | $ | 1.68 | $ | 287,131 |
September 30, 2022 | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | Unrealized | ||||||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | Gains | |||||||||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||||||||||||||
Marketable equity securities | ||||||||||||||||||||||||||||||||
EuroSite Power Inc. | $ | 112,492 | $ | — | $ | 112,492 | $ | — | $ | 37,497 | ||||||||||||||||||||||
Total recurring fair value measurements | $ | 112,492 | $ | — | $ | 112,492 | $ | — | $ | 37,497 | ||||||||||||||||||||||
September 30, 2021 | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | Unrealized | ||||||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | Gains | |||||||||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||||||||||||||
Marketable equity securities | ||||||||||||||||||||||||||||||||
EuroSite Power Inc. | $ | 131,242 | $ | — | $ | 131,242 | $ | — | $ | 18,749 | ||||||||||||||||||||||
Total recurring fair value measurements | $ | 131,242 | $ | — | $ | 131,242 | $ | — | $ | 18,749 |
Fair value at December 31, 2021 | $ | 74,995 | ||||||
Unrealized gains | 37,497 | |||||||
Fair value at September 30, 2022 | $ | 112,492 | ||||||
Fair value at December 31, 2020 | $ | 118,084 | ||||||
Sale of 93,187 shares | (5,591) | |||||||
Unrealized gains | 18,749 | |||||||
Fair value at September 30, 2021 | $ | 131,242 |
Products | Services | Energy Production | Corporate, other and elimination (1) | Total | ||||||||||||||||||||||||||||
Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||
Revenue - external customers | $ | 3,206,732 | $ | 3,078,604 | $ | 332,774 | $ | — | $ | 6,618,110 | ||||||||||||||||||||||
Intersegment revenue | — | 41,390 | — | (41,390) | — | |||||||||||||||||||||||||||
Total revenue | $ | 3,206,732 | $ | 3,119,994 | $ | 332,774 | $ | (41,390) | $ | 6,618,110 | ||||||||||||||||||||||
Gross profit | $ | 1,132,489 | $ | 1,596,249 | $ | 164,596 | $ | — | $ | 2,893,334 | ||||||||||||||||||||||
Identifiable assets | $ | 10,639,810 | $ | 10,308,988 | $ | 3,754,321 | $ | 5,368,204 | $ | 30,071,323 | ||||||||||||||||||||||
Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||
Revenue - external customers | $ | 10,156,328 | $ | 9,046,075 | $ | 1,268,623 | $ | — | $ | 20,471,026 | ||||||||||||||||||||||
Intersegment revenue | — | 199,059 | — | (199,059) | — | |||||||||||||||||||||||||||
Total revenue | $ | 10,156,328 | $ | 9,245,134 | $ | 1,268,623 | $ | (199,059) | $ | 20,471,026 | ||||||||||||||||||||||
Gross profit | $ | 3,421,863 | $ | 4,723,382 | $ | 542,326 | $ | — | $ | 8,687,571 | ||||||||||||||||||||||
Identifiable assets | $ | 10,639,810 | $ | 10,308,988 | $ | 3,754,321 | $ | 5,368,204 | $ | 30,071,323 | ||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Revenue - external customers | $ | 1,871,332 | $ | 2,829,244 | $ | 315,292 | $ | — | $ | 5,015,868 | ||||||||||||||||||||||
Intersegment revenue | — | 48,111 | — | (48,111) | — | |||||||||||||||||||||||||||
Total revenue | $ | 1,871,332 | $ | 2,877,355 | $ | 315,292 | $ | (48,111) | $ | 5,015,868 | ||||||||||||||||||||||
Gross profit | $ | 834,936 | $ | 1,362,225 | $ | 144,774 | $ | — | $ | 2,341,935 | ||||||||||||||||||||||
Identifiable assets | $ | 10,549,992 | $ | 10,951,838 | $ | 4,273,936 | $ | 6,704,984 | $ | 32,480,750 | ||||||||||||||||||||||
Nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Revenue - external customers | $ | 6,439,981 | $ | 9,438,702 | $ | 1,339,448 | $ | — | $ | 17,218,131 | ||||||||||||||||||||||
Intersegment revenue | — | 236,155 | — | (236,155) | — | |||||||||||||||||||||||||||
Total revenue | $ | 6,439,981 | $ | 9,674,857 | $ | 1,339,448 | $ | (236,155) | $ | 17,218,131 | ||||||||||||||||||||||
Gross profit | $ | 2,838,573 | $ | 4,754,694 | $ | 542,515 | $ | — | $ | 8,135,782 | ||||||||||||||||||||||
Identifiable assets | $ | 10,549,992 | $ | 10,951,838 | $ | 4,273,936 | $ | 6,704,984 | $ | 32,480,750 | ||||||||||||||||||||||
(1) Corporate, intersegment revenue, other and elimination includes various corporate assets. | ||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Revenues | 100.0% | 100.0% | |||||||||
Cost of sales | 56.3% | 53.3% | |||||||||
Gross profit | 43.7% | 46.7% | |||||||||
Operating expenses | |||||||||||
General and administrative | 35.4% | 49.3% | |||||||||
Selling | 8.6% | 13.1% | |||||||||
Research and development | 3.1% | 2.4% | |||||||||
Gain on disposition of assets | (0.1) | % | —% | ||||||||
Total operating expenses | 47.0 | % | 64.8 | % | |||||||
Loss from operations | (3.2) | % | (18.1) | % | |||||||
Total other income (expense), net | (0.1) | % | 47.9 | % | |||||||
Consolidated net income (loss) | (3.5) | % | 29.7 | % | |||||||
Income attributable to the non-controlling interest | (0.4) | % | (0.4) | % | |||||||
Net income (loss) attributable to Tecogen, Inc. | (3.9) | % | 29.2 | % |
Three Months Ended | |||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | Increase (Decrease) $ | Increase (Decrease) % | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Products | |||||||||||||||||||||||
Cogeneration | $ | 1,547,761 | $ | 1,446,001 | $ | 101,760 | 7.0 | % | |||||||||||||||
Chiller | 1,642,478 | 383,100 | 1,259,378 | 328.7 | % | ||||||||||||||||||
Engineered accessories | 16,493 | 42,231 | (25,738) | (60.9) | % | ||||||||||||||||||
Total Product revenues | 3,206,732 | 1,871,332 | 1,335,400 | 71.4 | % | ||||||||||||||||||
Services | |||||||||||||||||||||||
Maintenance services | 3,078,604 | 2,766,168 | 312,436 | 11.3 | % | ||||||||||||||||||
Installation services | — | 63,076 | (63,076) | (100.0) | % | ||||||||||||||||||
Total Service revenues | 3,078,604 | 2,829,244 | 249,360 | 8.8 | % | ||||||||||||||||||
Products and Services | 6,285,336 | 4,700,576 | 1,584,760 | 33.7 | % | ||||||||||||||||||
Energy Production revenues | 332,774 | 315,292 | 17,482 | 5.5 | % | ||||||||||||||||||
Total revenues | $ | 6,618,110 | $ | 5,015,868 | $ | 1,602,242 | 31.9 | % |
Three Months Ended | |||||||||||||||||||||||
Operating Expenses | September 30, 2022 | September 30, 2021 | Increase (Decrease) $ | Increase (Decrease) % | |||||||||||||||||||
General and Administrative | $ | 2,343,449 | $ | 2,473,190 | $ | (129,741) | (5.2) | % | |||||||||||||||
Selling | 567,529 | 656,885 | (89,356) | (13.6) | % | ||||||||||||||||||
Research and Development | 202,138 | 122,031 | 80,107 | 65.6 | % | ||||||||||||||||||
Gain on disposition of assets | (5,486) | — | (5,486) | ||||||||||||||||||||
Total | $ | 3,107,630 | $ | 3,252,106 | $ | (144,476) | (4.4) | % |
Nine Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Revenues | 100.0% | 100.0% | |||||||||
Cost of sales | 57.6% | 52.7% | |||||||||
Gross profit | 42.4% | 47.3% | |||||||||
Operating expenses | |||||||||||
General and administrative | 37.3% | 42.8% | |||||||||
Selling | 7.7% | 10.2% | |||||||||
Research and development | 2.6% | 2.2% | |||||||||
Gain on disposition of assets | (0.2) | % | —% | ||||||||
Gain on termination of unfavorable contract liability | (0.3) | % | —% | ||||||||
Total operating expenses | 47.1 | % | 55.1 | % | |||||||
Loss from operations | (4.6) | % | (7.9) | % | |||||||
Total other income (expense), net | — | % | 29.3 | % | |||||||
Consolidated net income (loss) | (4.7) | % | 21.3 | % | |||||||
Income attributable to the non-controlling interest | (0.3) | % | (0.2) | % | |||||||
Net income (loss) attributable to Tecogen, Inc. | (5.0) | % | 21.1 | % |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | Increase (Decrease) $ | Increase (Decrease) % | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Products | |||||||||||||||||||||||
Cogeneration | $ | 4,675,629 | $ | 2,542,962 | $ | 2,132,667 | 83.9 | % | |||||||||||||||
Chiller | 4,987,937 | 2,929,411 | 2,058,526 | 70.3 | % | ||||||||||||||||||
Engineered accessories | 492,762 | 967,608 | (474,846) | (49.1) | % | ||||||||||||||||||
Total Product revenues | 10,156,328 | 6,439,981 | 3,716,347 | 57.7 | % | ||||||||||||||||||
Services | |||||||||||||||||||||||
Maintenance services | 9,025,966 | 8,613,377 | 412,589 | 4.8 | % | ||||||||||||||||||
Installation services | 20,109 | 825,325 | (805,216) | (97.6) | % | ||||||||||||||||||
Total Service revenues | 9,046,075 | 9,438,702 | (392,627) | (4.2) | % | ||||||||||||||||||
Products and Services | 19,202,403 | 15,878,683 | 3,323,720 | 20.9 | % | ||||||||||||||||||
Energy Production revenues | 1,268,623 | 1,339,448 | (70,825) | (5.3) | % | ||||||||||||||||||
Total revenues | $ | 20,471,026 | $ | 17,218,131 | $ | 3,252,895 | 18.9 | % |
Nine Months Ended | |||||||||||||||||||||||
Operating Expenses | September 30, 2022 | September 30, 2021 | Increase (Decrease) $ | Increase (Decrease) % | |||||||||||||||||||
General and Administrative | $ | 7,642,183 | $ | 7,365,495 | $ | 276,688 | 3.8 | % | |||||||||||||||
Selling | 1,572,221 | 1,747,959 | (175,738) | (10.1) | % | ||||||||||||||||||
Research and Development | 537,126 | 381,064 | 156,062 | 41.0 | % | ||||||||||||||||||
Gain on disposition of assets | (41,931) | — | (41,931) | — | % | ||||||||||||||||||
Gain on termination of unfavorable contract liability | (71,375) | — | (71,375) | — | % | ||||||||||||||||||
Total | $ | 9,638,224 | $ | 9,494,518 | $ | 143,706 | 1.5 | % |
Nine Months Ended | ||||||||||||||||||||
Cash Provided by (Used in) | September 30, 2022 | September 30, 2021 | Increase (Decrease) | |||||||||||||||||
Operating activities | $ | (433,810) | $ | 171,996 | $ | (605,806) | ||||||||||||||
Investing activities | (300,493) | (185,253) | (115,240) | |||||||||||||||||
Financing activities | — | 1,874,269 | (1,874,269) | |||||||||||||||||
Change in cash and cash equivalents | $ | (734,303) | $ | 1,861,012 | $ | (2,595,315) |
Exhibit No. | Description of Exhibit | |||||||
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 |
TECOGEN INC. | ||||||||
(Registrant) | ||||||||
Dated: November 10, 2022 | By: | /s/ Benjamin Locke | ||||||
Benjamin Locke | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Dated: November 10, 2022 | By: | /s/ Abinand Rangesh | ||||||
Abinand Rangesh | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
1 Year Tecogen Chart |
1 Month Tecogen Chart |
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