SolarMax Technology, Inc.
For the period ended Dec 31, 2025. Filed Apr 6, 2026.
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FY2025 · Filed Apr 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Financial Information of Parent
Condensed Balance Sheets
As of December 31, 2025 and 2024
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $1,313,857 | $20,244 |
| Other current assets | 625,527 | 488,473 |
| Inventories, net | 64,945 | 64,723 |
| Short-term investments | - | 5,700,000 |
| Total current assets | 2,004,329 | 6,273,440 |
| Due from affiliates | 47,158,516 | 30,192,630 |
| Other assets | 2,493,754 | 4,043,284 |
| Total assets | $51,656,599 | $40,509,354 |
| Liabilities and stockholders' deficit | ||
| Current liabilities: | $3,395,490 | $3,424,405 |
| Long-term debt, current | - | 2,000,000 |
| Total current liabilities | 3,395,490 | 5,424,405 |
| Long-term debt, noncurrent | - | 1,358,658 |
| Losses in excess of invested capital in unconsolidated subsidiaries | 60,297,407 | 46,943,931 |
| Other liabilities | 173,800 | 1,861,302 |
| Total liabilities | 63,866,697 | 55,588,296 |
| Stockholders’ deficit: | ||
| Preferred stock | - | - |
| Common stock | 56,168 | 46,532 |
| Additional paid-in capital | 101,042,566 | 91,889,317 |
| Treasury stock | (1,979,294) | (1,979,294) |
| Accumulated deficit | (109,911,673) | (103,586,305) |
| Accumulated other comprehensive loss | (1,417,865) | (1,449,192) |
| Total stockholders’ deficit | (12,210,098) | (15,078,942) |
| Total liabilities and stockholders’ deficit | $51,656,599 | $40,509,354 |
Condensed Statement of Operations
| Years Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Management fee income | $10,900,935 | $2,455,855 |
| Total Revenues | 10,900,935 | 2,455,855 |
| Cost of revenues (includes stock-based compensation expense of $78,411and $1,264,690 for the years ended December 31, 2025 and 2024, respectively) | 400,259 | 1,218,342 |
| Gross profit | 10,500,676 | 1,237,513 |
| Expenses: | ||
| General and administrative (includes stock-based compensation expense of $442,310 and $17,271,494 for the years ended December 31, 2025 and 2024, respectively) | 2,881,558 | 19,852,420 |
| Interest income | (495,272) | (464,952) |
| Interest expense | 201,298 | 257,867 |
| Other income (expense), net | 788,520 | 329,908 |
| Total expenses | 3,376,104 | 19,975,243 |
| Income (loss) before equity in losses of affiliates | 7,124,572 | (18,737,730) |
| Equity in losses of affiliates | (13,384,808) | (16,221,806) |
| Income (loss) before income taxes | (6,260,236) | (34,959,536) |
| Income tax provision (benefit) | 65,132 | 2,800 |
| Net income (loss) | $(6,325,368) | $(34,962,336) |
Condensed Statement of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| Net cash provided by (used in) operating activities | $(7,800,264) | $(13,179,446) | |
| Net cash provided by (used in) investing activities | 10,452,535 | (6,385,171) | |
| Net cash provided by (used in) financing activities | (1,358,658) | 19,477,038 | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,293,613 | (87,579) | |
| Cash, cash equivalents, and restricted cash, beginning of year | 20,244 | 107,823 | |
| Cash, cash equivalents, and restricted cash, end of year | $1,313,857 | $20,244 | |
| Supplemental disclosures of cash flow information: | |||
| Issuance of common stock in exchange of note payable | $2,000,000 | $ | - |
| Interest paid in cash | $214,887 | $111,512 | |
| Income taxes paid in cash | $8,537 | $ | - |
Notes to Condensed Financial Statements
1. Basis of Presentation
The accompanying condensed financial statements of SolarMax Technology, Inc. ("Parent”) should be read in conjunction with the consolidated financial statements and notes thereto of SolarMax Technology, Inc. and Subsidiaries (the "Company”). Parent’s significant accounting policies are consistent with those of the Company.
2. Related Party Transactions
Management Fee Income
At a board of directors meeting in July 2016, the board discussed charging management fees from Parent to each United States subsidiary. Subsequently, executive directors implemented a management fee based on 10% of the subsidiary’s revenue to compensate for Parent’s management of each United States subsidiary.
Headquarter Rent Expense Allocation
For both the years ended December 31, 2025 and 2024, the total rent expense of the headquarters was $1,694,808, of which $1,257,786 was allocated to United States subsidiaries, based on the estimated square feet occupied by employees and other personnel assigned to such subsidiaries.
Intercompany receivables and payables
Currently, Parent does not have any plans to settle the receivables from and payables to its various subsidiaries. Accordingly, Parent reports the balances in the receivables from and payables to subsidiaries in its investments in subsidiaries.
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