Pineapple Energy Inc

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

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.

Sep 30, 2024 · Filed Nov 14, 2024

SUNE$2.05+2.5%Stored close · as of Nov 6, 2026

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Contents

Item 1. Condensed Consolidated Balance Sheets

PINEAPPLE ENERGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
	September 30	December 31
	2024	2023
CURRENT ASSETS:
Cash and cash equivalents	$1,062,323	$3,575,283
Restricted cash and cash equivalents	1,099,763	1,821,060
Trade accounts receivable, less allowance for
credit losses of $221,170 and $94,085, respectively	4,228,470	5,010,818
Inventories, net	2,667,880	3,578,668
Prepaid income taxes	77,689	—
Related party receivables	25,749	46,448
Prepaid expenses	1,759,905	1,313,082
Costs and estimated earnings in excess of billings	384,020	57,241
Other current assets	376,723	376,048
TOTAL CURRENT ASSETS	11,682,522	15,778,648
PROPERTY, PLANT AND EQUIPMENT, net	1,307,007	1,511,878
OTHER ASSETS:
Goodwill	20,545,850	20,545,850
Operating lease right of use asset	3,771,749	4,516,102
Intangible assets, net	13,680,208	15,808,333
Other assets, net	12,000	12,000
TOTAL OTHER ASSETS	38,009,807	40,882,285
TOTAL ASSETS	$50,999,336	$58,172,811
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable	$8,248,106	$7,677,261
Accrued compensation and benefits	849,664	1,360,148
Operating lease liability	314,058	394,042
Accrued warranty	272,041	268,004
Other accrued liabilities	1,228,721	867,727
Income taxes payable	-	5,373
Refundable customer deposits	1,841,459	2,112,363
Billings in excess of costs and estimated earnings	464,970	440,089
Contingent value rights	1,212,263	1,691,072
Earnout consideration	2,700,000	2,500,000
Current portion of loans payable	2,920,027	1,654,881
Current portion of loans payable - related party	4,389,487	3,402,522
Embedded derivative liability	484,993	-
TOTAL CURRENT LIABILITIES	24,925,789	22,373,482
LONG-TERM LIABILITIES:
Loans payable and related interest	6,953,203	8,030,562
Loans payable and related interest - related party	2,393,309	2,097,194
Deferred income taxes	41,579	41,579
Operating lease liability	3,554,992	4,193,205
Earnout consideration	—	1,000,000
TOTAL LONG-TERM LIABILITIES	12,943,083	15,362,540
COMMITMENTS AND CONTINGENCIES (Note 7)
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

Common stock, par value $0.05 per share; 2,666,667 shares authorized;
Series C preferred stock, par value $1.00 per share; 35,000 shares authorized; 10,808 and no shares issued and outstanding, respectively	10,808	—
940,385 and 13,663 shares issued and outstanding, respectively(1)	47,021	683
Additional paid-in capital(1)	49,151,849	47,489,517
Accumulated deficit	(36,079,214)	(27,081,411)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	13,130,464	20,436,789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$50,999,336	$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-50 that became effective October 17, 2024 and 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.

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