$SUNE
SUNation Energy, Inc.

2022 Q3 Form 10-Q Financial Statement

#000002270122000012 Filed on August 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $7.709M $5.891M $319.0K
YoY Change 321.72% -46.43% -96.86%
Cost Of Revenue $5.695M $4.614M $224.0K
YoY Change 411.71% -27.78% -96.23%
Gross Profit $2.014M $1.276M $95.13K
YoY Change 181.34% -72.3% -97.74%
Gross Profit Margin 26.12% 21.66% 29.82%
Selling, General & Admin $3.123M $3.234M $297.0K
YoY Change 85.01% 1337.33% 28.57%
% of Gross Profit 155.08% 253.4% 312.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.063M $1.061M $358.6K
YoY Change 418.57% 332.88% 0.35%
% of Gross Profit 52.79% 83.1% 376.93%
Operating Expenses $4.415M $4.473M $1.623M
YoY Change 70.9% 142.39% 114.43%
Operating Profit -$2.401M -$3.197M -$1.528M
YoY Change 28.57% 73.28% 101.86%
Interest Expense -$146.6K -$31.45K -$360.0K
YoY Change -309.41% -86.9% 3500.0%
% of Operating Profit
Other Income/Expense, Net -$119.0K $4.640M -$356.0K
YoY Change -270.02% -1210.05% 14.47%
Pretax Income -$2.520M $1.443M -$1.884M
YoY Change 40.16% -163.76% 76.4%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$2.520M $1.443M -$1.884M
YoY Change -129.27% -163.74% 76.3%
Net Earnings / Revenue -32.69% 24.49% -590.48%
Basic Earnings Per Share -$0.34 $0.19 -$0.58
Diluted Earnings Per Share -$0.34 $0.15 -$0.58
COMMON SHARES
Basic Shares Outstanding 7.436M 7.436M 3.231M
Diluted Shares Outstanding 7.436M 9.789M 3.231M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.313M $4.958M $6.500M
YoY Change -78.18% -70.13% -57.79%
Cash & Equivalents $5.658M $3.495M $5.750M
Short-Term Investments $2.654M $1.463M $800.0K
Other Short-Term Assets $1.223M $1.032M $960.7K
YoY Change 14.43% 20.4% -27.79%
Inventory $1.793M $1.267M $1.626M
Prepaid Expenses
Receivables $3.938M $3.440M $2.804M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $17.21M $22.26M $22.47M
YoY Change -58.51% -34.76% -33.26%
LONG-TERM ASSETS
Property, Plant & Equipment $341.5K $274.1K $298.9K
YoY Change -94.11% -96.06% -95.78%
Goodwill $16.57M $16.60M $15.78M
YoY Change 694.19% 695.9% 656.14%
Intangibles $16.78M $17.75M $18.78M
YoY Change 587.43% 595.89% 605.57%
Long-Term Investments $250.0K $1.601M $2.300M
YoY Change -93.59% -72.4% -67.61%
Other Assets $33.70M $36.10M $37.03M
YoY Change 247.8% 230.69% 199.66%
Total Long-Term Assets $34.04M $36.37M $37.33M
YoY Change 119.77% -221.39% -226.53%
TOTAL ASSETS
Total Short-Term Assets $17.21M $22.26M $22.47M
Total Long-Term Assets $34.04M $36.37M $37.33M
Total Assets $51.25M $58.63M $59.79M
YoY Change -10.03% 1308.46% 1336.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.405M $2.321M $2.923M
YoY Change 40.11% -35.85% 8.83%
Accrued Expenses $608.7K $559.6K $900.0K
YoY Change -61.96% -83.04% -73.53%
Deferred Revenue $4.993M $1.243M $114.3K
YoY Change 720.2% 104.56% -80.61%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.670M $13.65M $11.01M
YoY Change -77.14% 81.04% 63.91%
LONG-TERM LIABILITIES
Long-Term Debt $1.257M $1.106M $1.000M
YoY Change
Other Long-Term Liabilities $11.09M $11.15M $16.50M
YoY Change 2117.41% 1757.92% 2257.14%
Total Long-Term Liabilities $12.34M $12.25M $17.48M
YoY Change 2545.03% 2050.73% 2511.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.670M $13.65M $11.01M
Total Long-Term Liabilities $12.34M $12.25M $17.48M
Total Liabilities $21.01M $25.90M $28.49M
YoY Change -45.27% 219.44% 285.67%
SHAREHOLDERS EQUITY
Retained Earnings -$11.70M -$9.178M -$10.62M
YoY Change -56.38% 117988.99% -645.18%
Common Stock $371.8K $371.8K $371.8K
YoY Change -23.51% -21.49% -21.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.24M $32.73M $31.31M
YoY Change
Total Liabilities & Shareholders Equity $51.25M $58.63M $59.79M
YoY Change -10.03% 12.76% 12.59%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.520M $1.443M -$1.884M
YoY Change -129.27% -163.74% 76.3%
Depreciation, Depletion And Amortization $1.063M $1.061M $358.6K
YoY Change 418.57% 332.88% 0.35%
Cash From Operating Activities $1.163M -$2.464M -$5.042M
YoY Change -139.83% -2838.13% 2201.47%
INVESTING ACTIVITIES
Capital Expenditures $105.2K $11.00K $0.00
YoY Change 651.37% 1000.0% -100.0%
Acquisitions $10.26M
YoY Change
Other Investing Activities $220.1K $7.805M -$10.21M
YoY Change -99.09% 15510.96% -586.19%
Cash From Investing Activities $114.9K $7.794M -$10.21M
YoY Change -99.53% 15488.74% -3059.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.746M 630.0 24.95M
YoY Change 893.82% -101.58% 49801.26%
NET CHANGE
Cash From Operating Activities 1.163M -2.464M -5.042M
Cash From Investing Activities 114.9K 7.794M -10.21M
Cash From Financing Activities -8.746M 630.0 24.95M
Net Change In Cash -7.468M 5.331M 9.700M
YoY Change -136.62% 5230.68% 5417.13%
FREE CASH FLOW
Cash From Operating Activities $1.163M -$2.464M -$5.042M
Capital Expenditures $105.2K $11.00K $0.00
Free Cash Flow $1.058M -$2.475M -$5.042M
YoY Change -136.06% -2881.26% 2110.66%

Facts In Submission

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<span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Description of Business</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Pineapple Energy Inc. (formerly Communications Systems, Inc. and Pineapple Holdings, Inc.) (“PEGY”, “we” or the “Company”), was originally organized as a Minnesota corporation in 1969. On March 28, 2022, the Company completed its previously announced merger transaction with Pineapple Energy LLC (“Pineapple Energy”) in accordance with the terms of that certain Agreement and Plan of Merger dated March 1, 2021, as amended by an Amendment No. 1 to Merger Agreement dated December 16, 2021 (collectively the “merger agreement”), by and among the Company, Helios Merger Co., a Delaware corporation and a wholly-owned subsidiary of the Company (the “Merger Sub”), Pineapple Energy LLC, a Delaware limited liability company, Lake Street Solar LLC as the Members’ Representative, and Randall D. Sampson as the Shareholders’ Representative, pursuant to which Merger Sub merged with and into Pineapple Energy, with Pineapple Energy surviving the merger as a wholly-owned subsidiary of the Company (the “merger”). Following the closing of the merger (the “Closing”) the Company changed its name from Communications Systems, Inc. to Pineapple Holdings, Inc. and commenced doing business using the Pineapple name, and subsequently, on April 13, 2022, changed its name to Pineapple Energy Inc. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">In addition, on March 28, 2022 and immediately prior to the closing of the merger, Pineapple Energy completed its acquisition (“HEC Asset Acquisition”) of substantially all of the assets of </span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">two</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> Hawaii-based solar energy companies, Hawaii Energy Connection, LLC (“HEC”) and E-Gear, LLC (“E-Gear”). Subsequent to these transactions, the Company operates in two distinct business segments – the Solar segment, which consists of the residential and commercial solar businesses of Pineapple Energy, HEC, and E-Gear and the IT Solutions &amp; Services segment, which consists of the solutions services business of legacy Communications Systems, Inc. (“CSI”).</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company is a growing domestic operator and consolidator of residential solar, battery storage, and grid service solutions. The Company’s focus is acquiring and growing leading local and regional solar, storage and energy service companies nationwide, which commenced with Pineapple Energy’s acquisitions of certain assets of Horizon Solar Power and Sungevity in December 2020. Through the Company’s HEC business, the Company also operates as a recognized solar integrator, dedicated to providing affordable energy solutions in Hawaii with its offerings of solar panels, communication filters, web monitoring systems, batteries, water heating systems, and other related products that help residential and commercial users reduce electric costs and earn tax credits related to installing renewable energy systems. The Company’s E-Gear business is a renewable energy innovator that offers proprietary patented and patent pending edge-of-grid energy management and storage solutions that offer intelligent and real-time adaptive control, flexibility, visibility, predictability and support to energy consumers, energy service companies, and utilities.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Through the Company’s legacy CSI subsidiaries, JDL Technologies, Inc. (“JDL”) and Ecessa Corporation (“Ecessa”), the Company provides technology solutions, including virtualization, managed services, wired and wireless network design and implementation, and hybrid cloud infrastructure and deployment, and designs, develops and sells SD-WAN (software-designed wide-area network) solutions. </span></p>
dei Current Fiscal Year End Date
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company uses estimates based on the best information available in recording transactions and balances resulting from operations. Actual results could materially differ from those estimates. The Company’s estimates consist principally of reserves for doubtful accounts, asset impairment evaluations, accruals for compensation plans, lower of cost or market inventory adjustments, the fair value of the term loan payable and related assets at the date of acquisition, the fair value of the contingent value rights and contingent consideration, provisions for income taxes and deferred taxes, depreciable lives of fixed assets, and amortizable lives of intangible assets.</span></p>
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ContingentValueRightsFairValueRemeasurement
-1215000
CY2022Q2 pegy Proceeds From Contingent Consideration Sale Of Assets
ProceedsFromContingentConsiderationSaleOfAssets
1500000
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
13000
pegy Contingent Consideration Fair Value Remeasurement
ContingentConsiderationFairValueRemeasurement
4671000
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0

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