SUNation Energy, Inc.

For the period ended Mar 31, 2025. Filed May 15, 2025.

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.

Mar 31, 2025 · Filed May 15, 2025

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

SUNATION ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
	March 31	December 31
	2025	2024
CURRENT ASSETS:
Cash and cash equivalents	$1,447,329	$839,268
Restricted cash and cash equivalents	292,901	312,080
Trade accounts receivable, less allowance for
credit losses of $215,738 and $240,817, respectively	3,927,676	4,881,094
Inventories, net	2,512,552	2,707,643
Related party receivables	23,739	23,471
Prepaid expenses	1,383,296	1,587,464
Costs and estimated earnings in excess of billings	692,821	560,648
Other current assets	264,875	198,717
TOTAL CURRENT ASSETS	10,545,189	11,110,385
PROPERTY, PLANT AND EQUIPMENT, net	1,164,610	1,238,898
OTHER ASSETS:
Goodwill	17,443,869	17,443,869
Operating lease right of use asset	3,600,546	3,686,747
Intangible assets, net	11,661,458	12,220,833
Other assets, net	12,000	12,000
TOTAL OTHER ASSETS	32,717,873	33,363,449
TOTAL ASSETS	$44,427,672	$45,712,732
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$6,514,331	$8,032,769
Accrued compensation and benefits	817,585	796,815
Operating lease liability	329,793	321,860
Accrued warranty	183,375	350,013
Other accrued liabilities	1,375,025	1,055,995
Accrued loss contingencies	342,216	1,300,000
Income taxes payable	19,686	5,071
Refundable customer deposits	1,426,398	1,870,173
Billings in excess of costs and estimated earnings	298,173	444,310
Contingent value rights	292,901	312,080
Earnout consideration	2,110,896	2,500,000
Contingent forward contract	5,406,033	—
Current portion of loans payable	351,249	3,139,113
Current portion of loans payable - related party	806,154	6,951,563
Embedded derivative liability	—	82,281
TOTAL CURRENT LIABILITIES	20,273,815	27,162,043
LONG-TERM LIABILITIES:
Loans payable and related interest	1,248,397	6,531,650
Loans payable and related interest - related party	4,712,780	—
Operating lease liability	3,385,783	3,471,623
TOTAL LONG-TERM LIABILITIES	9,346,960	10,003,273
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS' EQUITY
Series A Convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; no shares issued and outstanding, respectively	—	—
Series D preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 1 and no shares issued and outstanding, respectively	1	—

Common stock, par value $0.05 per share; 125,000 shares authorized;
81,391 and 9,343 shares issued and outstanding, respectively(1)	4,070	467
Additional paid-in capital(1)	61,198,304	51,445,995
Accumulated deficit	(46,395,478)	(42,899,046)
TOTAL STOCKHOLDERS' EQUITY	14,806,897	8,547,416
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$44,427,672	$45,712,732
(1) Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, 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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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.