Tecogen Announces Third Quarter 2024 Results
NORTH BILLERICA, MA / ACCESSWIRE / November 13, 2024 / Tecogen Inc. (OTCQX:TGEN), a leading manufacturer of clean energy products, reported revenues of $5.63 million and net loss of $0.93 million for the quarter ended September 30, 2024 compared to revenues of $7.11 million, and a net loss of $0.48 million in 2023. We used $117 thousand in cash from operations and $839 thousand in property plant and equipment during the nine months ended September 30, 2024. Our cash balance was $1.28 million at September 30, 2024, which reflects $1.0 million of additional funding provided by related parties in the three months ended September 30, 2024.
"Our business development efforts over the last 15 months are showing results. Our backlog has jumped to $10.8m and we expect further orders before year end. Our cash resources and the short term increase in working capital needed to restart production limited our revenue for Q3, but now we expect to see sequential increases in revenue and product shipments each quarter."
"We are also making progress towards closing our first data center projects by early 2025. Data centers are shifting towards AI and liquid cooling but are finding themselves short of power. Therefore, potential data center customers are interested in replacing their electrical chillers with Tecogen's high efficiency natural gas chillers because they can convert an expense - electrical power that would be consumed by cooling - and turn it into revenue by selling that power for use in computing. I will discuss more about this exciting growth opportunity during the conference call" commented Abinand Rangesh, Tecogen's Chief Executive Officer.
Key Takeaways
Net Loss and Earnings Per Share
Net loss for the three months ended September 30, 2024 was $0.93 million compared to a net loss of $0.48 million for the same period of 2023, an increase of $0.45 million, due to decreased revenue and gross profit for our Products segment due to the relocation of our manufacturing operations to our new facility in April 2024 and increased operating expenses. EPS for the three months ended September 30, 2024 and 2023 was a loss of $0.04/share and $0.02/share, respectively.
Net loss for the nine months ended September 30, 2024 was $3.57 million compared to a net loss of $2.75 million in 2023, an increase of $0.82 million, due to decreased revenue and gross profit for our Products segment due to the relocation of our manufacturing operations to our new facility in April 2024 and increased operating expenses. EPS for the nine months ended September 30, 2024 and 2023 was a loss of $0.14/share and $0.11/share, respectively.
Loss from Operations
Loss from operations for the three months ended September 30, 2024 was $0.87 million compared to a loss from operations of $0.37 million for the same period in 2023, an increase of $0.50 million, due to decreased revenue and gross profit for our Products segment and increased operating expenses.
Loss from operations for the nine months ended September 30, 2024 was $3.40 million compared to a loss from operations of $2.60 million for the same period in 2023, an increase of $0.80 million, due to decreased revenue and gross profit for our Products segment and increased operating expenses.
Revenues
-
Revenues for the three months ended September 30, 2024 were $5.63 million compared to $7.11 million for the same period in 2023, a 20.8% decrease.
Products revenues in the three months ended September 30, 2024 were $1.39 million compared to $2.94 million for the same period in 2023, a decrease of 52.7%. The decrease in revenue during the three months ended September 30, 2024 is due to the relocation of our manufacturing operations to our new facility in April 2024, which necessitated construction activities to install equipment test cells and comply with local regulations, significantly reducing our production capacity. We resumed manufacturing operations during the third quarter of 2024.
Service revenues in the three months ended September 30, 2024 were $3.85 million, compared to $3.84 million for the same period in 2023, an increase of 0.2% due to increased revenue from the acquired Aegis maintenance contracts and offset by decreased revenues from existing contracts.
Energy Production revenues in the three months ended September 30, 2024 were $389 thousand compared to $331 thousand for the same period in 2023, an increase of 17.3%. The increase in Energy Production revenue is due to increased run hours at certain energy production sites.
-
Revenues for the nine months ended September 30, 2024 were $16.54 million compared to $19.24 million for the same period in 2023, a decrease of 14.0% year over year.
Products revenues in the nine months ended September 30, 2024 were $3.00 million compared to $7.09 million for the same period in 2023, a decrease of 57.7%. The decrease in revenue during the nine months ended September 30, 2024 is due to the relocation of our manufacturing operations to our new facility in April 2024, which necessitated construction activities to install equipment test cells and comply with local regulations, significantly reducing our production capacity during the second and a portion of the the third quarter. We resumed manufacturing operations during the third quarter of 2024.
Service revenues in the nine months ended September 30, 2024 were $11.99 million compared to $10.93 million for the same period in 2023, an increase of 9.7%. The increase in revenue during the nine months ended September 30, 2024 is due to the addition of $0.72 million in revenue from the acquired Aegis maintenance contracts, and a $0.27 million increase in service contract revenues from existing contracts.
Energy Production revenues in the nine months ended September 30, 2024 were $1.55 million, compared to $1.21 million for the same period in 2023, an increase of 27.6%. The increase in Energy Production revenue is due to increased run hours at certain energy production sites.
Gross Profit
Gross profit for the three months ended September 30, 2024 was $2.48 million compared to $2.93 million in the same period in 2023. Gross margin increased to 44.1% in the three months ended September 30, 2024 compared to 41.1% for the same period in 2023. The increase in gross margin was driven by decreased Service contract labor and material costs.
Gross profit for the nine months ended September 30, 2024 was $7.14 million compared to $7.85 million in the same period of 2023. Gross margin increased to 43.1% in the nine months ended September 30, 2024 compared to 40.8% for the same period in 2023. The increase in gross margin was driven by decreased Service contract labor and material costs.
Operating Expenses
Operating expenses increased $60 thousand, or 1.8%, to $3.35 million in the three months ended September 30, 2024 compared to $3.29 million in the same period in 2023.
Operating expenses increased $82 thousand, or 0.8%, to $10.53 million in the nine months ended September 30, 2024 compared to $10.45 million in the same period in 2023.
Adjusted EBITDA was negative $0.75 million for the three months ended September 30, 2024 compared to negative $0.18 million for the three months ended September 30, 2023. Adjusted EBITDA was negative $2.94 million for the nine months ended September 30, 2024 compared to negative $2.06 million for the nine months ended September 30, 2023. (Adjusted EBITDA is defined as net income or loss attributable to Tecogen, adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges or gains including abandonment of intangible assets. See the table following the Condensed Consolidated Statements of Operations for a reconciliation from net income (loss) to Adjusted EBITDA, as well as important disclosures about the company's use of Adjusted EBITDA).
Conference Call Scheduled for November 14, 2024, at 9:30 am ET
Tecogen will host a conference call on November 14, 2024 to discuss the third quarter results beginning at 9:30 am eastern time. To listen to the call please dial (877) 407-7186 within the U.S. and Canada, or +1 (201) 689-8052 from other international locations . Participants should ask to be joined to the Tecogen Third Quarter 2024 earnings call. Please begin dialing 10 minutes before the scheduled starting time. The earnings press release will be available on the Company website at www.Tecogen.com in the "News and Events" section under "About Us." The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to https://ir.tecogen.com/ir-calendar. Following the call, the recording will be archived for 14 days.
The earnings conference call will be recorded and available for playback one hour after the end of the call. To listen to the playback, dial (877) 660-6853 within the U.S. and Canada , or (201) 612-7415 from other international locations and use Conference Call ID#: 13672659.
About Tecogen
Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company provides cost effective, environmentally friendly and reliable products for energy production that nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint.
In business for over 35 years, Tecogen has shipped more than 3,200 units, supported by an established network of engineering, sales, and service personnel in key markets in North America. For more information, please visit www.tecogen.com or contact us for a free Site Assessment .
Tecogen, InVerde e+, Tecochill, Tecopower, Tecofrost, Tecopack, and Ultera are registered trademarks of Tecogen Inc.
Forward Looking Statements
This press release and any accompanying documents, contain "forward-looking statements" which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.
In addition to those factors described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and on our Form 8-K, under "Risk Factors", among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.
In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.
Tecogen Media & Investor Relations Contact Information:
Abinand Rangesh
P: 781-466-6487
E: Abinand.Rangesh@tecogen.com
TECOGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,282,238 |
|
|
$ |
1,351,270 |
|
Accounts receivable, net |
|
|
5,448,364 |
|
|
|
6,781,484 |
|
Unbilled revenue |
|
|
1,139,532 |
|
|
|
1,258,532 |
|
Inventories, net |
|
|
9,895,226 |
|
|
|
10,553,419 |
|
Prepaid and other current assets |
|
|
403,218 |
|
|
|
360,639 |
|
Total current assets |
|
|
18,168,578 |
|
|
|
20,305,344 |
|
Long-term assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
1,699,398 |
|
|
|
1,162,577 |
|
Right of use assets - operating leases |
|
|
1,839,031 |
|
|
|
743,096 |
|
Right of use assets - finance leases |
|
|
438,123 |
|
|
|
200,187 |
|
Intangible assets, net |
|
|
2,604,406 |
|
|
|
2,436,230 |
|
Goodwill |
|
|
2,563,862 |
|
|
|
2,743,424 |
|
Other assets |
|
|
166,889 |
|
|
|
201,771 |
|
TOTAL ASSETS |
|
$ |
27,480,287 |
|
|
$ |
27,792,629 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Related party notes payable |
|
$ |
1,530,228 |
|
|
$ |
505,505 |
|
Accounts payable |
|
|
4,838,395 |
|
|
|
4,514,415 |
|
Accrued expenses |
|
|
2,638,228 |
|
|
|
2,504,629 |
|
Deferred revenue, current |
|
|
1,378,652 |
|
|
|
1,647,206 |
|
Operating lease obligations, current |
|
|
426,498 |
|
|
|
248,933 |
|
Finance lease obligations, current |
|
|
84,814 |
|
|
|
40,540 |
|
Acquisition liabilities, current |
|
|
811,732 |
|
|
|
845,363 |
|
Unfavorable contract liability, current |
|
|
131,590 |
|
|
|
176,207 |
|
Total current liabilities |
|
|
11,840,137 |
|
|
|
10,482,798 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred revenue, net of current portion |
|
|
1,219,650 |
|
|
|
369,611 |
|
Operating lease obligations, net of current portion |
|
|
1,452,924 |
|
|
|
523,660 |
|
Finance lease obligations, net of current portion |
|
|
315,797 |
|
|
|
159,647 |
|
Acquisition liabilities, net of current portion |
|
|
1,125,588 |
|
|
|
1,181,779 |
|
Unfavorable contract liability, net of current portion |
|
|
332,987 |
|
|
|
422,839 |
|
Total liabilities |
|
|
16,287,083 |
|
|
|
13,140,334 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Tecogen Inc. shareholders' equity: |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized; 24,850,261 issued and outstanding at September 30, 2024 and December 31, 2023 |
|
|
24,850 |
|
|
|
24,850 |
|
Additional paid-in capital |
|
|
57,733,308 |
|
|
|
57,601,402 |
|
Accumulated deficit |
|
|
(46,453,827 |
) |
|
|
(42,879,656 |
) |
Total Tecogen Inc. stockholders' equity |
|
|
11,304,331 |
|
|
|
14,746,596 |
|
Non-controlling interest |
|
|
(111,127 |
) |
|
|
(94,301 |
) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
27,480,287 |
|
|
$ |
27,792,629 |
|
TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
|
Three Months Ended |
|
||||||
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|||
Revenues |
|
|
|
|
|
|
||
Products |
|
$ |
1,391,016 |
|
|
$ |
2,938,789 |
|
Services |
|
|
3,850,551 |
|
|
|
3,842,600 |
|
Energy production |
|
|
388,563 |
|
|
|
331,141 |
|
Total revenues |
|
|
5,630,130 |
|
|
|
7,112,530 |
|
Cost of sales |
|
|
|
|
|
|
|
|
Products |
|
|
797,209 |
|
|
|
1,669,747 |
|
Services |
|
|
2,139,042 |
|
|
|
2,346,384 |
|
Energy production |
|
|
212,965 |
|
|
|
170,378 |
|
Total cost of sales |
|
|
3,149,216 |
|
|
|
4,186,509 |
|
Gross profit |
|
|
2,480,914 |
|
|
|
2,926,021 |
|
Operating expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
|
2,681,558 |
|
|
|
2,708,817 |
|
Selling |
|
|
442,812 |
|
|
|
425,465 |
|
Research and development |
|
|
233,809 |
|
|
|
160,033 |
|
(Gain) loss on disposition of assets |
|
|
(4,042 |
) |
|
|
- |
|
Total operating expenses |
|
|
3,354,137 |
|
|
|
3,294,315 |
|
Loss from operations |
|
|
(873,223 |
) |
|
|
(368,294 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
Other income (expense), net |
|
|
(18,453 |
) |
|
|
(16,330 |
) |
Interest expense |
|
|
(23,003 |
) |
|
|
(6,357 |
) |
Unrealized gain (loss) on investment securities |
|
|
18,749 |
|
|
|
(56,246 |
) |
Total other income (expense), net |
|
|
(22,707 |
) |
|
|
(78,933 |
) |
Loss before provision for state income taxes |
|
|
(895,930 |
) |
|
|
(447,227 |
) |
Provision for state income taxes |
|
|
- |
|
|
|
- |
|
Consolidated net loss |
|
|
(895,930 |
) |
|
|
(447,227 |
) |
Income attributable to the non-controlling interest |
|
|
(34,478 |
) |
|
|
(34,346 |
) |
Loss attributable to Tecogen Inc. |
|
$ |
(930,408 |
) |
|
$ |
(481,573 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share - basic |
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
Net loss per share - diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
Weighted average shares outstanding - basic |
|
|
24,850,261 |
|
|
|
24,850,261 |
|
Weighted average shares outstanding - diluted |
|
|
24,850,261 |
|
|
|
24,850,261 |
|
|
Three Months Ended |
|
||||||
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|||
Non-GAAP financial disclosure (1) |
|
|
|
|
|
|
||
Net loss attributable to Tecogen Inc. |
|
$ |
(930,408 |
) |
|
$ |
(481,573 |
) |
Interest expense, net |
|
|
23,003 |
|
|
|
6,357 |
|
Depreciation & amortization, net |
|
|
138,246 |
|
|
|
168,684 |
|
EBITDA |
|
|
(769,159 |
) |
|
|
(306,532 |
) |
Stock based compensation |
|
|
41,908 |
|
|
|
68,775 |
|
Unrealized (gain) loss on investment securities |
|
|
(18,749 |
) |
|
|
56,246 |
|
Adjusted EBITDA |
|
$ |
(746,000 |
) |
|
$ |
(181,511 |
) |
TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
|
Nine Months Ended |
|
||||||
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|||
Revenues |
|
|
|
|
|
|
||
Products |
|
$ |
3,002,087 |
|
|
$ |
7,094,556 |
|
Services |
|
|
11,991,378 |
|
|
|
10,931,744 |
|
Energy production |
|
|
1,550,549 |
|
|
|
1,214,806 |
|
Total revenues |
|
|
16,544,014 |
|
|
|
19,241,106 |
|
Cost of sales |
|
|
|
|
|
|
|
|
Products |
|
|
2,018,734 |
|
|
|
4,500,771 |
|
Services |
|
|
6,423,114 |
|
|
|
6,159,855 |
|
Energy production |
|
|
966,440 |
|
|
|
728,124 |
|
Total cost of sales |
|
|
9,408,288 |
|
|
|
11,388,750 |
|
Gross profit |
|
|
7,135,726 |
|
|
|
7,852,356 |
|
Operating expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
|
8,428,119 |
|
|
|
8,418,581 |
|
Selling |
|
|
1,377,758 |
|
|
|
1,426,321 |
|
Research and development |
|
|
734,994 |
|
|
|
625,691 |
|
Gain on sale of assets |
|
|
(8,070 |
) |
|
|
(19,950 |
) |
Total operating expenses |
|
|
10,532,801 |
|
|
|
10,450,643 |
|
Loss from operations |
|
|
(3,397,075 |
) |
|
|
(2,598,287 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
Interest and other income (expense), net |
|
|
(15,305 |
) |
|
|
(36,562 |
) |
Interest expense |
|
|
(59,542 |
) |
|
|
(8,629 |
) |
Unrealized gain (loss) on investment securities |
|
|
- |
|
|
|
(18,749 |
) |
Total other income (expense), net |
|
|
(74,847 |
) |
|
|
(63,940 |
) |
Loss before provision for state income taxes |
|
|
(3,471,922 |
) |
|
|
(2,662,227 |
) |
Provision for state income taxes |
|
|
22,100 |
|
|
|
32,252 |
|
Consolidated net loss |
|
|
(3,494,022 |
) |
|
|
(2,694,479 |
) |
Income attributable to non-controlling interest |
|
|
(80,149 |
) |
|
|
(57,232 |
) |
Net loss attributable to Tecogen Inc. |
|
$ |
(3,574,171 |
) |
|
$ |
(2,751,711 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share - basic |
|
$ |
(0.14 |
) |
|
$ |
(0.11 |
) |
Net loss per share - diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.11 |
) |
Weighted average shares outstanding - basic |
|
|
24,850,261 |
|
|
|
24,850,261 |
|
Weighted average shares outstanding - diluted |
|
|
24,850,261 |
|
|
|
24,850,261 |
|
|
Nine Months Ended |
|
||||||
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|||
Non-GAAP financial disclosure (1)
|
|
|
|
|
|
|
||
Net income loss attributable to Tecogen Inc. |
|
$ |
(3,574,171 |
) |
|
$ |
(2,751,711 |
) |
Interest & other expense, net |
|
|
59,542 |
|
|
|
8,629 |
|
Income taxes |
|
|
22,100 |
|
|
|
32,252 |
|
Depreciation & amortization, net |
|
|
419,744 |
|
|
|
459,779 |
|
EBITDA |
|
|
(3,072,785 |
) |
|
|
(2,251,051 |
) |
Stock based compensation |
|
|
131,906 |
|
|
|
174,711 |
|
Unrealized loss on marketable securities |
|
|
- |
|
|
|
18,749 |
|
Adjusted EBITDA |
|
$ |
(2,940,879 |
) |
|
$ |
(2,057,591 |
) |
(1) Non-GAAP Financial Measures
In addition to reporting net income, a U.S. generally accepted accounting principle ("GAAP") measure, this news release contains information about Adjusted EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges including abandonment of certain intangible assets), which is a non-GAAP measure. The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results. Adjusted EBITDA is not calculated through the application of GAAP. Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.
TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
|
Nine Months Ended |
|
||||||
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Consolidated net loss |
|
$ |
(3,494,022 |
) |
|
$ |
(2,694,479 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
419,744 |
|
|
|
459,779 |
|
Provision for credit losses |
|
|
29,817 |
|
|
|
44,000 |
|
Stock-based compensation |
|
|
131,906 |
|
|
|
174,711 |
|
Unrealized (gain) loss on investment securities |
|
|
- |
|
|
|
18,749 |
|
Gain on disposition of assets |
|
|
(8,070 |
) |
|
|
(19,950 |
) |
Non-cash interest expense |
|
|
25,966 |
|
|
|
- |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
(Increase) decrease in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,303,300 |
|
|
|
(1,324,448 |
) |
Employee retention credit |
|
|
- |
|
|
|
667,121 |
|
Unbilled revenue |
|
|
119,000 |
|
|
|
56,994 |
|
Inventory |
|
|
658,194 |
|
|
|
(165,537 |
) |
Prepaid assets and other current assets |
|
|
(42,578 |
) |
|
|
(19,128 |
) |
Other assets |
|
|
704,565 |
|
|
|
491,836 |
|
Increase (decrease) in: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
323,980 |
|
|
|
1,140,759 |
|
Accrued expenses and other current liabilities |
|
|
133,599 |
|
|
|
256,847 |
|
Deferred revenue |
|
|
581,485 |
|
|
|
458,512 |
|
Other liabilities |
|
|
(1,003,881 |
) |
|
|
(566,016 |
) |
Net used in operating activities |
|
|
(116,995 |
) |
|
|
(1,020,250 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(838,932 |
) |
|
|
(31,728 |
) |
Proceeds from disposition of assets |
|
|
40,255 |
|
|
|
16,863 |
|
Payment for business acquisition |
|
|
- |
|
|
|
(170,000 |
) |
Distributions to non-controlling interest |
|
|
(96,975 |
) |
|
|
(62,693 |
) |
Net cash used in investing activities |
|
|
(895,652 |
) |
|
|
(247,558 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Finance lease principal payments |
|
|
(56,385 |
) |
|
|
- |
|
Proceeds from related party notes payable |
|
|
1,000,000 |
|
|
|
- |
|
Net cash provided by financing activities |
|
|
943,615 |
|
|
|
- |
|
Net decrease in cash and cash equivalents |
|
|
(69,032 |
) |
|
|
(1,267,808 |
) |
Cash and cash equivalents, beginning of the period |
|
|
1,351,270 |
|
|
|
1,913,969 |
|
Cash and cash equivalents, end of the period |
|
$ |
1,282,238 |
|
|
$ |
646,161 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
22,909 |
|
|
$ |
7,385 |
|
Cash paid for taxes |
|
$ |
22,100 |
|
|
$ |
32,252 |
|
Non-cash investing activities: |
|
|
|
|
|
|
|
|
Aegis Contract and Related Asset Acquisition: |
|
|
|
|
|
|
|
|
Accounts receivable credit |
|
$ |
- |
|
|
$ |
300,000 |
|
Accounts payable assumed |
|
|
- |
|
|
|
91,048 |
|
Contingent consideration |
|
|
272,901 |
|
|
|
1,442,462 |
|
Total |
|
$ |
272,901 |
|
|
$ |
1,833,510 |
|
SOURCE: Tecogen, Inc.
View the original press release on accesswire.com
Released November 13, 2024