via NewMediaWire – Tecogen Inc. (OTCQX:TGEN), a leading
manufacturer of clean energy products, reported revenues of $6.4
million and a net loss of $856.2 thousand for the quarter ended
June 30, 2022 compared to revenues of $6.1 million, and a net
profit of $399.6 thousand in 2021. For the six months ended
June 30, 2022 revenues were $13.9 million and the net loss was $767
thousand compared to revenues of $12.2 million, and net income of
$2.2 million for the same period in 2021. The positive net income
in Q2 2021 and the six months ended June 30, 2021 was primarily due
to the benefit from the CARES Act payroll support programs.
Key Takeaways
Net Income and Earnings Per Share
- Net loss in Q2 2022 was $0.9 million
compared to net income of $0.4 million in Q2 2021, a decrease of
$1.3 million, primarily due to the recognition of an Employee
Retention Credit in Q2 2021. EPS was a loss of $0.03/share and net
income of $0.02/share in Q2 2022 and Q2 2021, respectively.
- Net loss in H1 2022 was $767
thousand compared to net income of $2.2 million in Q2 2021, a
decrease of $2.9 million, primarily due to the forgiveness of
the PPP loan in Q1 2021 and the recognition of an Employee
Retention Credit in Q2 2021. EPS was a net loss of $0.03/share and
net income of $0.09/share in H1 2022 and H1 2021,
respectively.
Loss from Operations
- Loss from operations for the three
months ended June 30, 2022 was $0.8 million compared to a loss of
$0.3 million for the same period in 2021, an increase of $0.5
million. Increased operating costs and lower gross profit margins
in our Products segment caused the increase in loss from
operations.
- Loss from operations for H1 2022
was $0.7 million compared to a loss of $0.4 million for the same
period in 2021, an increase of $0.3 million. Increased operating
costs and lower gross profit margins in our Products segment caused
the increase in loss from operations.
Revenues
Revenues for the quarter ended June 30, 2022 were $6.4 million
compared to $6.1 million for the same period in 2021, a 4.4%
increase.
- Product revenue was $3.0 million in Q2
2022 compared to $2.4 million in the same period in 2021, an
increase of 23.1%, primarily due to increased cogeneration and
chiller sales into our key market segments including controlled
environment agriculture.
- Services revenue was $3.1 million in Q2 2022 compared to $3.3
million in the same period in 2021, a decline of 8.4%, primarily
due to reduced lower margin installation activity.
- Energy Production revenue decreased
4.5%, to $354 thousand in Q2 2022 compared to $371 thousand in the
same period in 2021 due to site closures as a result of COVID.
Revenues for H1 2022 were $13.9 million compared to $12.2
million for the same period in 2021, a 13.5% increase.
- Product revenue was $6.9 million in H1
2022 compared to $4.6 million in the same period in 2021, an
increase of 52.1%, primarily due to increased cogeneration and
chiller sales into our key market segments including controlled
environment agriculture.
- Services revenue was $6.0 million in H1 2022 compared to $6.6
million in the same period in 2021, a decline of 9.7%, primarily
due to reduced lower margin installation activity. Services
contract revenue increased 1.7% to $5.9 million in the first half
of 2022 compared to $5.8 million in the first half of 2021.
- Energy Production revenue decreased
8.6%, to $0.9 million in H1 2022 compared to $1.0 million in the
same period in 2021 due to site closures as a result of COVID.
Gross Profit and Gross Margin
- Gross profit for the second quarter of
2022 was $2.7 million compared to $2.8 million in the second
quarter of 2021. Gross margin decreased to 42.1% in the first
quarter compared to 46.3% for the same period in 2021 due to higher
material costs reducing Product margin from 43.1% to 33.0%.
Services and Energy Production margin remained comparable quarter
to quarter.
- Gross profit for H1 2022 remained
unchanged at $5.8 million compared to the same period in 2021.
Gross margin decreased to 41.8% in the first half of 2022 compared
to 47.5% for the same period in 2021 due to higher material costs
reducing Product margin from 43.9% to 32.9%.
Operating Expenses
- Operating expenses increased by 11.7%
to $3.5 million for the second quarter of 2022 compared to $3.2
million in the same period in 2021 due to increased salaries and
R&D costs.
- Operating expenses increased by
4.6% to $6.5 million for the first half of 2022 compared to $6.2
million in the same period in 2021 due to increased salaries and
R&D costs in Q2 2022.
Adjusted EBITDA(1) was negative $651 thousand for the second
quarter of 2022 compared to $567 thousand for the second quarter of
2021. Adjusted EBITDA(1) was negative $448 thousand for the first
half of 2022 compared to $587 thousand for the first half of 2021.
(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 equity securities, goodwill impairment charges and other
non-cash non-recurring charges or gains including abandonment of
intangible assets and the extinguishment of debt. 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).
“We saw a substantial increase in revenues for the first half of
the year compared to 2021. However we also saw a significant
increase in cost of goods due to the inflationary environment we
presently find ourselves in," commented Benjamin Locke, Tecogen's
Chief Executive Officer. "We have instituted price increases
that we expect to positively impact our revenues and margins in H2
2022. We are further encouraged by the 30% investment tax
credit included in the pending Inflation Reduction Act which will
significantly help the economics of both our cogeneration and
chiller systems as we continue to focus on clean cooling in our key
market segments including controlled environment agriculture
(CEA). We expect to have more announcements going forward on
how our new business unit focused on CEA can create additional
value to our shareholders."
Conference Call Scheduled for August 11, 2022, at 11:00
am ET
Tecogen will host a conference call on August 11, 2022 to
discuss the first quarter results beginning at 11:00 am eastern
time. To listen to the call please dial (877)
407-7186 within the U.S. and Canada, or (201) 689-8052 from other
international locations. Participants should ask to
be joined to the Tecogen Second Quarter 2022 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
3,000 units, supported by an established network of engineering,
sales, and service personnel across the United States. For more
information, please visit www.tecogen.com or contact us for a free
Site Assessment.
Tecogen, InVerde e+, Ilios, 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:
Benjamin LockeP: 781-466-6402E: Benjamin.Locke@tecogen.com
TECOGEN INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(unaudited)
|
June 30, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and
cash equivalents |
$ |
2,831,107 |
|
|
$ |
3,614,463 |
|
Accounts
receivable, net |
$ |
8,880,828 |
|
|
$ |
8,482,286 |
|
Employee
retention credit receivable |
$ |
713,269 |
|
|
$ |
1,276,021 |
|
Inventories,
net |
$ |
8,203,093 |
|
|
$ |
7,764,989 |
|
Unbilled
revenue |
$ |
2,141,132 |
|
|
$ |
3,258,189 |
|
Prepaid and
other current assets |
$ |
601,419 |
|
|
$ |
578,801 |
|
Total
current assets |
$ |
23,370,848 |
|
|
$ |
24,974,749 |
|
Long-term
assets: |
|
|
|
Property,
plant and equipment, net |
$ |
1,710,644 |
|
|
$ |
1,782,944 |
|
Right of use
assets |
$ |
1,561,757 |
|
|
$ |
1,869,210 |
|
Intangible
assets, net |
$ |
1,099,510 |
|
|
$ |
1,181,023 |
|
Goodwill |
$ |
2,406,156 |
|
|
$ |
2,406,156 |
|
Other
assets |
$ |
184,809 |
|
|
$ |
148,140 |
|
TOTAL ASSETS |
$ |
30,333,724 |
|
|
$ |
32,362,222 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
3,260,479 |
|
|
$ |
3,508,354 |
|
Accrued
expenses |
$ |
2,269,239 |
|
|
$ |
2,343,728 |
|
Deferred
revenue |
$ |
1,263,919 |
|
|
$ |
1,957,752 |
|
Lease
obligations, current |
$ |
665,310 |
|
|
$ |
641,002 |
|
Unfavorable
contract liability, current |
$ |
274,501 |
|
|
$ |
330,032 |
|
Total
current liabilities |
$ |
7,733,448 |
|
|
$ |
8,780,868 |
|
Long-term
liabilities: |
|
|
|
Deferred
revenue, net of current portion |
$ |
313,131 |
|
|
$ |
208,456 |
|
Lease
obligations, net of current portion |
$ |
974,751 |
|
|
$ |
1,315,275 |
|
Unfavorable
contract liability, net of current portion |
$ |
769,721 |
|
|
$ |
929,474 |
|
Total
liabilities |
$ |
9,791,051 |
|
|
$ |
11,234,073 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Tecogen Inc.
shareholders’ equity: |
|
|
|
Common
stock, $0.001 par value; 100,000,000 shares authorized; 24,850,261
issued and outstanding at June 30, 2022 and December 31, 2021 |
$ |
24,850 |
|
|
$ |
24,850 |
|
Additional
paid-in capital |
$ |
57,202,459 |
|
|
$ |
57,016,859 |
|
Accumulated
deficit |
$ |
(36,600,430 |
) |
|
$ |
(35,833,621 |
) |
Total
Tecogen Inc. stockholders’ equity |
$ |
20,626,879 |
|
|
$ |
21,208,088 |
|
Non-controlling interest |
$ |
(84,206 |
) |
|
$ |
(79,939 |
) |
Total
stockholders’ equity |
$ |
20,542,673 |
|
|
$ |
21,128,149 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
30,333,724 |
|
|
$ |
32,362,222 |
|
|
|
|
|
TECOGEN INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)
|
Three Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
Revenues |
|
|
|
Products |
$ |
3,010,115 |
|
|
$ |
2,445,927 |
|
Services |
$ |
3,050,191 |
|
|
$ |
3,328,314 |
|
Energy production |
$ |
354,287 |
|
|
$ |
370,861 |
|
Total
revenues |
$ |
6,414,593 |
|
|
$ |
6,145,102 |
|
Cost of
sales |
|
|
|
Products |
$ |
2,015,466 |
|
|
$ |
1,390,725 |
|
Services |
$ |
1,473,586 |
|
|
$ |
1,679,386 |
|
Energy production |
$ |
222,092 |
|
|
$ |
232,353 |
|
Total cost
of sales |
$ |
3,711,144 |
|
|
$ |
3,302,464 |
|
Gross
profit |
$ |
2,703,449 |
|
|
$ |
2,842,638 |
|
Operating expenses |
|
|
|
General and
administrative |
$ |
2,824,832 |
|
|
$ |
2,438,452 |
|
Selling |
$ |
503,601 |
|
|
$ |
580,871 |
|
Research and
Development |
$ |
194,853 |
|
|
$ |
132,883 |
|
Gain on
disposition of assets |
$ |
(2,500 |
) |
|
|
— |
|
Total
operating expenses |
$ |
3,520,786 |
|
|
$ |
3,152,206 |
|
Loss from
operations |
$ |
(817,337 |
) |
|
$ |
(309,568 |
) |
Other income
(expense) |
|
|
|
Other income
(expense), net |
$ |
(1,265 |
) |
|
$ |
(1,125 |
) |
Interest
expense |
$ |
(12,733 |
) |
|
$ |
(5,088 |
) |
Employee
retention credit |
|
— |
|
|
$ |
713,268 |
|
Unrealized
gain on investment securities |
|
— |
|
|
$ |
18,749 |
|
Total other
income (expense), net |
$ |
(13,998 |
) |
|
$ |
725,804 |
|
Income
(loss) before income taxes |
$ |
(831,335 |
) |
|
$ |
416,236 |
|
Provision
for state income taxes |
$ |
6,500 |
|
|
$ |
7,933 |
|
Consolidated
net income (loss) |
$ |
(837,835 |
) |
|
$ |
408,303 |
|
Income
attributable to the non-controlling interest |
$ |
(18,383 |
) |
|
$ |
(8,672 |
) |
Net income
(loss) attributable to Tecogen Inc. |
$ |
(856,218 |
) |
|
$ |
399,631 |
|
|
|
|
|
Net income
per share - basic |
($ |
0.03 |
) |
|
$ |
0.02 |
|
Net income
per share - diluted |
($ |
0.03 |
) |
|
$ |
0.02 |
|
Weighted
average shares outstanding - basic |
|
24,850,261 |
|
|
|
24,850,261 |
|
Weighted
average shares outstanding - diluted |
|
24,850,261 |
|
|
|
25,125,210 |
|
|
|
|
|
|
Three Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
Non-GAAP financial disclosure
(1) |
|
|
|
Net income
(loss) attributable to Tecogen Inc. |
$ |
(856,218 |
) |
|
$ |
399,631 |
|
Interest
expense, net |
$ |
12,733 |
|
|
$ |
6,213 |
|
Income
taxes |
$ |
6,500 |
|
|
$ |
7,933 |
|
Depreciation
& amortization, net |
$ |
95,985 |
|
|
$ |
117,404 |
|
EBITDA |
$ |
(741,000 |
) |
|
$ |
531,181 |
|
Stock based
compensation |
$ |
89,893 |
|
|
$ |
54,681 |
|
Unrealized
gain on investment securities |
|
— |
|
|
$ |
(18,749 |
) |
Adjusted
EBITDA |
$ |
(651,107 |
) |
|
$ |
567,113 |
|
|
|
|
|
TECOGEN INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)
|
Six Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
Revenues |
|
|
|
Products |
$ |
6,949,596 |
|
|
$ |
4,568,649 |
|
Services |
$ |
5,967,471 |
|
|
$ |
6,609,458 |
|
Energy production |
$ |
935,849 |
|
|
$ |
1,024,156 |
|
Total
revenues |
$ |
13,852,916 |
|
|
$ |
12,202,263 |
|
Cost of
sales |
|
|
|
Products |
$ |
4,660,221 |
|
|
$ |
2,565,012 |
|
Services |
$ |
2,840,338 |
|
|
$ |
3,216,989 |
|
Energy production |
$ |
558,119 |
|
|
$ |
626,416 |
|
Total cost
of sales |
$ |
8,058,678 |
|
|
$ |
6,408,417 |
|
Gross
profit |
$ |
5,794,238 |
|
|
$ |
5,793,846 |
|
Operating
expenses |
|
|
|
General and administrative |
$ |
5,298,735 |
|
|
$ |
4,892,305 |
|
Selling |
$ |
1,004,692 |
|
|
$ |
1,091,074 |
|
Research and development |
$ |
334,988 |
|
|
$ |
259,033 |
|
Gain on disposition of assets |
$ |
(36,445 |
) |
|
|
— |
|
Gain on termination of unfavorable contract liability |
$ |
(71,375 |
) |
|
|
— |
|
Total
operating expenses |
$ |
6,530,595 |
|
|
$ |
6,242,412 |
|
Loss from
operations |
$ |
(736,357 |
) |
|
$ |
(448,566 |
) |
Other income
(expense) |
|
|
|
Interest and other income (expense), net |
$ |
(15,416 |
) |
|
$ |
(2,328 |
) |
Interest expense |
$ |
(13,561 |
) |
|
$ |
(9,728 |
) |
Gain on extinguishment of debt |
|
— |
|
|
$ |
1,887,859 |
|
Employee retention credit |
|
— |
|
|
$ |
713,268 |
|
Gain on sale of investment securities |
|
— |
|
|
$ |
6,046 |
|
Unrealized gain (loss) on investment securities |
$ |
37,497 |
|
|
$ |
56,246 |
|
Total other
income (expense), net |
$ |
8,520 |
|
|
$ |
2,651,363 |
|
Income
(loss) before provision for state income taxes |
$ |
(727,837 |
) |
|
$ |
2,202,797 |
|
Provision
for state income taxes |
$ |
10,430 |
|
|
$ |
15,991 |
|
Consolidated
net income (loss) |
$ |
(738,267 |
) |
|
$ |
2,186,806 |
|
Income
attributable to non-controlling interest |
$ |
(28,542 |
) |
|
$ |
(20,468 |
) |
Net income
(loss) attributable to Tecogen Inc. |
$ |
(766,809 |
) |
|
$ |
2,166,338 |
|
|
|
|
|
Net income
(loss) per share - basic |
($ |
0.03 |
) |
|
$ |
0.09 |
|
Net income
(loss) per share - diluted |
($ |
0.03 |
) |
|
$ |
0.09 |
|
Weighted
average shares outstanding - basic |
|
24,850,261 |
|
|
|
24,850,261 |
|
Weighted
average shares outstanding - diluted |
|
24,850,261 |
|
|
|
25,102,470 |
|
|
|
|
|
|
Six Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
Non-GAAP financial disclosure (1) |
|
|
|
Net income
(loss) attributable to Tecogen Inc. |
$ |
(766,809 |
) |
|
$ |
2,166,338 |
|
Interest
expense, net |
$ |
13,561 |
|
|
$ |
12,056 |
|
Income
taxes |
$ |
10,430 |
|
|
$ |
15,991 |
|
Depreciation
& amortization, net |
$ |
217,718 |
|
|
$ |
241,470 |
|
EBITDA |
$ |
(525,100 |
) |
|
$ |
2,435,855 |
|
Gain on
extinguishment of debt |
|
— |
|
|
$ |
(1,887,859 |
) |
Stock based
compensation |
$ |
185,600 |
|
|
$ |
93,766 |
|
Unrealized
(gain) loss on marketable securities |
$ |
(37,497 |
) |
|
$ |
(56,246 |
) |
Gain on sale
of marketable securities |
|
— |
|
|
$ |
(6,046 |
) |
Gain on
termination of unfavorable contract liability |
$ |
(71,375 |
) |
|
|
— |
|
Non-cash
abandonment of intangible assets |
|
— |
|
|
$ |
7,400 |
|
Adjusted
EBITDA |
$ |
(448,372 |
) |
|
$ |
586,870 |
|
|
|
|
|
(1) Non-GAAP Financial
MeasuresIn 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 and
extinguishment of debt), 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.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(unaudited)
|
Six Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
CASH FLOWS
FROM OPERATING ACTIVITIES: |
|
|
|
Consolidated
net income (loss) |
$ |
(738,267 |
) |
|
$ |
2,186,806 |
|
Adjustments
to reconcile net income (loss) to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
$ |
217,718 |
|
|
$ |
241,470 |
|
Provision for doubtful accounts |
$ |
46,000 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
— |
|
|
$ |
(1,887,859 |
) |
Employee retention credit |
|
— |
|
|
$ |
(713,268 |
) |
Stock-based compensation |
$ |
185,600 |
|
|
$ |
93,766 |
|
Gain on sale of investment securities |
|
— |
|
|
$ |
(6,046 |
) |
Unrealized gain on investment securities |
$ |
(37,497 |
) |
|
$ |
(56,246 |
) |
Gain on disposition of assets |
$ |
(36,445 |
) |
|
|
— |
|
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 |
$ |
(444,541 |
) |
|
$ |
894,100 |
|
Employee retention credit receivable |
$ |
562,752 |
|
|
|
— |
|
Inventory |
$ |
(438,102 |
) |
|
$ |
357,072 |
|
Prepaid assets and other current assets |
$ |
(22,618 |
) |
|
$ |
(242,588 |
) |
Other assets |
$ |
308,282 |
|
|
$ |
(537,197 |
) |
Increase (decrease) in: |
|
|
|
Accounts payable |
$ |
(247,876 |
) |
|
$ |
(1,585,368 |
) |
Accrued expenses and other current liabilities |
$ |
(74,490 |
) |
|
$ |
290,342 |
|
Deferred revenue |
$ |
(589,158 |
) |
|
$ |
(45,118 |
) |
Other liabilities |
$ |
(316,217 |
) |
|
$ |
531,335 |
|
Net cash
used in operating activities |
$ |
(579,177 |
) |
|
$ |
(103,649 |
) |
CASH FLOWS
FROM INVESTING ACTIVITIES: |
|
|
|
Purchases of property and equipment |
$ |
(209,034 |
) |
|
$ |
(47,504 |
) |
Proceeds from disposition of assets |
$ |
67,169 |
|
|
|
— |
|
Proceeds from the sale of investment securities |
|
— |
|
|
$ |
11,637 |
|
Purchases of intangible assets |
$ |
(29,505 |
) |
|
$ |
(5,682 |
) |
Distributions to non-controlling interest |
$ |
(32,809 |
) |
|
$ |
(33,812 |
) |
Net cash
used in investing activities |
$ |
(204,179 |
) |
|
$ |
(75,361 |
) |
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 |
$ |
(783,356 |
) |
|
$ |
1,695,259 |
|
Cash and
cash equivalents, beginning of the period |
$ |
3,614,463 |
|
|
$ |
1,490,219 |
|
Cash and
cash equivalents, end of the period |
$ |
2,831,107 |
|
|
$ |
3,185,478 |
|
|
|
|
|
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