Pineapple Energy Inc

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

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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$2.13+4.9%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

PINEAPPLE ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Six Months Ended June 30
	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$(5,731,364)	$(4,105,733)
Net loss from discontinued operations, net of tax	—	(1,172,252)
Net loss from continuing operations	(5,731,364)	(2,933,481)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,588,564	2,694,869
Share based compensation	185,723	612,982
Fair value remeasurement of earnout consideration	(800,000)	930,000
Fair value remeasurement of warrant liability	(461,022)	—
Fair value remeasurement of embedded derivative liability	1,055,600	—
Fair value remeasurement of contingent value rights	(492,860)	(1,392,195)
Gain on sale of assets	(6,118)	(244,271)
Interest and accretion expense	1,500,503	1,057,553
Changes in assets and liabilities:
Trade accounts receivable	268,340	(41,416)
Inventories	327,540	1,461,933
Income taxes	(69,971)	(26,569)
Other assets, net	(264,877)	2,564,799
Accounts payable	822,503	(1,075,338)
Accrued compensation and benefits	(436,080)	49,133
Customer deposits	(774,524)	(1,615,514)
Other accrued liabilities	758,737	(3,201,736)
Accrued interest	(896,420)	(240,143)
Net cash used in operating activities	(3,425,726)	(1,399,394)
Net cash used in operating activities - discontinued operations	—	(261,588)
Net cash used in operating activities	(3,425,726)	(1,660,982)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(17,579)	(409,762)
Proceeds from the sale of property, plant and equipment	6,118	—
Proceeds from the sale of investments	—	1,358,418
Net cash (used in) provided by investing activities	(11,461)	1,198,656
Net cash provided by investing activities - discontinued operations	—	1,102,935
Net cash (used in) provided by investing activities	(11,461)	2,301,591
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans payable	—	7,726,361
Payments against loans payable	(748,647)	(6,706,025)
Equity issuance costs paid	(81,012)	—
Proceeds from the issuance of common stock under registered direct offering	1,000,000	—
Proceeds from the issuance of Series B preferred stock	15	—
Payments for contingent value rights distributions	—	—
Proceeds from issuance of common stock, net of shares withheld	9,773	125,398
Cash in lieu payment on fractional shares under reverse stock split	(1,132)	—
Payment of contingent consideration related to acquisition	—	—
Purchase of common stock	(6,098)	(6,291)
Net cash provided by financing activities	172,899	791,378
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(3,264,288)	1,431,987
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,396,343	5,256,478
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$2,132,055	$6,688,465

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes paid	$69,500	$26,332
Interest paid	821,306	248,627
NONCASH FINANCING AND INVESTING ACTIVITIES:
Gain on extinguishment of related party debt	—	36,291
Deemed dividend on Convertible Preferred Stock and PIPE Warrants	11,322,639	—
Conversion of redeemable convertible preferred stock to common stock	15,277,055	—
Operating right of use assets obtained in exchange for lease obligations	—	753,972
The accompanying notes are an integral part of the condensed consolidated financial statements.

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