Pineapple Energy Inc
For the period ended Mar 31, 2024. Filed May 10, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
SUNE$2.05+2.5%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets
| PINEAPPLE ENERGY INC. | ||
|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (Unaudited) | ||
| ASSETS | ||
| March 31 | December 31 | |
| 2024 | 2023 | |
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $1,789,956 | $3,575,283 |
| Restricted cash and cash equivalents | 1,502,495 | 1,821,060 |
| Trade accounts receivable, less allowance for | ||
| credit losses of $132,586 and $94,085, respectively | 4,976,483 | 5,010,818 |
| Inventories, net | 2,919,861 | 3,578,668 |
| Related party receivables | 27,387 | 46,448 |
| Prepaid expenses | 1,630,106 | 1,313,082 |
| Costs and estimated earnings in excess of billings | 6,570 | 57,241 |
| Other current assets | 293,923 | 376,048 |
| TOTAL CURRENT ASSETS | 13,146,781 | 15,778,648 |
| PROPERTY, PLANT AND EQUIPMENT, net | 1,442,561 | 1,511,878 |
| OTHER ASSETS: | ||
| Goodwill | 20,545,850 | 20,545,850 |
| Operating lease right of use asset | 4,408,207 | 4,516,102 |
| Intangible assets, net | 15,098,958 | 15,808,333 |
| Other assets, net | 12,000 | 12,000 |
| TOTAL OTHER ASSETS | 40,065,015 | 40,882,285 |
| TOTAL ASSETS | $54,654,357 | $58,172,811 |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $6,993,067 | $7,677,261 |
| Accrued compensation and benefits | 1,311,762 | 1,360,148 |
| Operating lease liability | 404,744 | 394,042 |
| Accrued warranty | 253,176 | 268,004 |
| Other accrued liabilities | 915,975 | 867,727 |
| Income taxes payable | 11,535 | 5,373 |
| Refundable customer deposits | 1,818,487 | 2,112,363 |
| Billings in excess of costs and estimated earnings | 202,867 | 440,089 |
| Contingent value rights | 1,314,987 | 1,691,072 |
| Earnout consideration | 2,500,000 | 2,500,000 |
| Current portion of loans payable | 1,762,300 | 1,654,881 |
| Current portion of loans payable - related party | 3,456,631 | 3,402,522 |
| TOTAL CURRENT LIABILITIES | 20,945,531 | 22,373,482 |
| LONG-TERM LIABILITIES: | ||
| Loans payable and related interest | 7,708,979 | 8,030,562 |
| Loans payable and related interest - related party | 2,195,940 | 2,097,194 |
| Deferred income taxes | 41,579 | 41,579 |
| Operating lease liability | 4,087,012 | 4,193,205 |
| Earnout consideration | 650,000 | 1,000,000 |
| Warrant liability | 6,863,627 | - |
| TOTAL LONG-TERM LIABILITIES | 21,547,137 | 15,362,540 |
| COMMITMENTS AND CONTINGENCIES (Note 7) | ||
| MEZZANINE EQUITY: | ||
| Redeemable convertible preferred stock, par value $1.00 per share;3,000,000 shares authorized; 20,597 and no shares issued and outstanding, respectively | 23,333,613 | — |
| STOCKHOLDERS' EQUITY (DEFICIT) | ||
| Convertible preferred stock, par value $1.00 per share;3,000,000 shares authorized; no and 28,000 shares issued and outstanding, respectively | — | 28,000 |
|---|---|---|
| Common stock, par value $0.05 per share; 112,500,000 shares authorized; | ||
| 64,154,286 and 10,246,605 shares issued and outstanding, respectively | 3,207,714 | 512,330 |
| Additional paid-in capital | 11,470,950 | 46,977,870 |
| Accumulated deficit | (25,850,588) | (27,081,411) |
| TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (11,171,924) | 20,436,789 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $54,654,357 | $58,172,811 |
| The accompanying notes are an integral part of the condensed consolidated financial statements. | ||
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