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Midas Edge

Pineapple Energy Inc

For the period ended Jun 30, 2024. Filed Aug 19, 2024.

View on SEC.gov

About 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.

Jun 30, 2024 · Filed Aug 19, 2024

SUNE$2.05+2.5%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Item 1. Condensed Consolidated Balance Sheets

PINEAPPLE ENERGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
June 30December 31
20242023
CURRENT ASSETS:
Cash and cash equivalents$1,046,343$3,575,283
Restricted cash and cash equivalents1,085,7121,821,060
Trade accounts receivable, less allowance for
credit losses of $159,949 and $94,085, respectively4,764,0555,010,818
Inventories, net3,233,6203,578,668
Prepaid income taxes64,598—
Related party receivables24,87146,448
Prepaid expenses1,589,6791,313,082
Costs and estimated earnings in excess of billings4,61557,241
Other current assets416,954376,048
TOTAL CURRENT ASSETS12,230,44715,778,648
PROPERTY, PLANT AND EQUIPMENT, net1,377,1501,511,878
OTHER ASSETS:
Goodwill20,545,85020,545,850
Operating lease right of use asset4,298,6614,516,102
Intangible assets, net14,389,58315,808,333
Other assets, net12,00012,000
TOTAL OTHER ASSETS39,246,09440,882,285
TOTAL ASSETS$52,853,691$58,172,811
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable$8,499,765$7,677,261
Accrued compensation and benefits924,0681,360,148
Operating lease liability415,675394,042
Accrued warranty261,489268,004
Other accrued liabilities635,634867,727
Income taxes payable-5,373
Refundable customer deposits1,337,8392,112,363
Billings in excess of costs and estimated earnings1,413,550440,089
Contingent value rights1,198,2121,691,072
Earnout consideration2,700,0002,500,000
Current portion of loans payable1,877,6941,654,881
Current portion of loans payable - related party3,511,3413,402,522
Embedded derivative liability1,055,600-
TOTAL CURRENT LIABILITIES23,830,86722,373,482
LONG-TERM LIABILITIES:
Loans payable and related interest7,357,4758,030,562
Loans payable and related interest - related party2,294,0852,097,194
Deferred income taxes41,57941,579
Operating lease liability3,978,0134,193,205
Earnout consideration-1,000,000
Warrant liability9,806,409-
TOTAL LONG-TERM LIABILITIES23,477,56115,362,540
COMMITMENTS AND CONTINGENCIES (Note 7)
MEZZANINE EQUITY:
Redeemable convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 14,515 and no shares issued and outstanding, respectively16,442,945—
STOCKHOLDERS' EQUITY (DEFICIT)
Series A 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
Series B preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 1 and no shares issued and outstanding, respectively1—
Common stock, par value $0.05 per share; 7,500,000 shares authorized;
7,243,258 and 683,107 shares issued and outstanding, respectively(1)362,16334,155
Additional paid-in capital(1)21,520,75947,456,045
Accumulated deficit(32,780,605)(27,081,411)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)(10,897,682)20,436,789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)$52,853,691$58,172,811
(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, "Nature of Operations," for further details.
The accompanying notes are an integral part of the condensed consolidated financial statements.
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.