$SUNE
SUNation Energy, Inc.

2022 Q4 Form 10-Q Financial Statement

#000002270122000015 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $17.18M $7.709M
YoY Change 910.8% 321.72%
Cost Of Revenue $12.18M $5.695M
YoY Change 987.37% 411.71%
Gross Profit $5.005M $2.014M
YoY Change 762.95% 181.34%
Gross Profit Margin 29.13% 26.12%
Selling, General & Admin $6.419M $3.123M
YoY Change 311.47% 85.01%
% of Gross Profit 128.25% 155.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.049M $1.063M
YoY Change 482.77% 418.57%
% of Gross Profit 20.96% 52.79%
Operating Expenses $7.468M $4.415M
YoY Change 347.18% 70.9%
Operating Profit -$2.463M -$2.401M
YoY Change 125.94% 28.57%
Interest Expense -$323.4K -$146.6K
YoY Change -261.71% -309.41%
% of Operating Profit
Other Income/Expense, Net $3.341M -$119.0K
YoY Change -270.02%
Pretax Income -$527.3K -$2.520M
YoY Change -71.19% 40.16%
Income Tax $12.24K
% Of Pretax Income
Net Earnings -$7.391M -$2.520M
YoY Change 383.09% -129.27%
Net Earnings / Revenue -43.01% -32.69%
Basic Earnings Per Share -$0.34
Diluted Earnings Per Share -$0.84 -$0.34
COMMON SHARES
Basic Shares Outstanding 9.416M 7.436M
Diluted Shares Outstanding 7.436M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.854M $8.313M
YoY Change 34.84% -78.18%
Cash & Equivalents $2.188M $5.658M
Short-Term Investments $2.667M $2.654M
Other Short-Term Assets $634.4K $1.223M
YoY Change -29.65% 14.43%
Inventory $6.054M $1.793M
Prepaid Expenses $2.152M
Receivables $5.565M $3.938M
Other Receivables $116.7K $0.00
Total Short-Term Assets $25.96M $17.21M
YoY Change 136784.55% -58.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.191M $341.5K
YoY Change 744.63% -94.11%
Goodwill $20.55M $16.57M
YoY Change 884.94% 694.19%
Intangibles $20.55M $16.78M
YoY Change 639.02% 587.43%
Long-Term Investments $250.0K
YoY Change -93.59%
Other Assets $47.54M $33.70M
YoY Change 1610.01% 247.8%
Total Long-Term Assets $48.73M $34.04M
YoY Change 1652.85% 119.77%
TOTAL ASSETS
Total Short-Term Assets $25.96M $17.21M
Total Long-Term Assets $48.73M $34.04M
Total Assets $74.70M $51.25M
YoY Change 2568.42% -10.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.594M $2.405M
YoY Change 240.03% 40.11%
Accrued Expenses $1.081M $608.7K
YoY Change -9.96% -61.96%
Deferred Revenue $2.705M $4.993M
YoY Change 325.45% 720.2%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.686M
YoY Change
Total Short-Term Liabilities $25.93M $8.670M
YoY Change 797.0% -77.14%
LONG-TERM LIABILITIES
Long-Term Debt $7.774M $1.257M
YoY Change
Other Long-Term Liabilities $13.76M $11.09M
YoY Change 3341.23% 2117.41%
Total Long-Term Liabilities $21.54M $12.34M
YoY Change 152.07% 2545.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.93M $8.670M
Total Long-Term Liabilities $21.54M $12.34M
Total Liabilities $47.47M $21.01M
YoY Change 315.12% -45.27%
SHAREHOLDERS EQUITY
Retained Earnings -$19.09M -$11.70M
YoY Change 118.49% -56.38%
Common Stock $495.8K $371.8K
YoY Change 222.46% -23.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.22M $30.24M
YoY Change
Total Liabilities & Shareholders Equity $74.70M $51.25M
YoY Change 2568.42% -10.03%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$7.391M -$2.520M
YoY Change 383.09% -129.27%
Depreciation, Depletion And Amortization $1.049M $1.063M
YoY Change 482.77% 418.57%
Cash From Operating Activities -$1.236M $1.163M
YoY Change -37.57% -139.83%
INVESTING ACTIVITIES
Capital Expenditures $600.00 $105.2K
YoY Change -106.0% 651.37%
Acquisitions
YoY Change
Other Investing Activities -$796.1K $220.1K
YoY Change -118.82% -99.09%
Cash From Investing Activities -$796.7K $114.9K
YoY Change -118.92% -99.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -292.9K -8.746M
YoY Change -99.14% 893.82%
NET CHANGE
Cash From Operating Activities -1.236M 1.163M
Cash From Investing Activities -796.7K 114.9K
Cash From Financing Activities -292.9K -8.746M
Net Change In Cash -2.326M -7.468M
YoY Change -92.68% -136.62%
FREE CASH FLOW
Cash From Operating Activities -$1.236M $1.163M
Capital Expenditures $600.00 $105.2K
Free Cash Flow -$1.237M $1.058M
YoY Change -37.23% -136.06%

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 GAAP 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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ShortTermInvestmentsFairValueDisclosure
2654383
CY2022Q3 us-gaap Nonfinancial Liabilities Fair Value Disclosure
NonfinancialLiabilitiesFairValueDisclosure
10743224
CY2022Q3 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
-7129300
CY2022Q2 pegy Contingent Value Rights Fair Value Remeasurement
ContingentValueRightsFairValueRemeasurement
-1214560
CY2022Q2 pegy Proceeds From Contingent Consideration Sale Of Assets
ProceedsFromContingentConsiderationSaleOfAssets
1500000
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0
pegy Contingent Consideration Fair Value Remeasurement
ContingentConsiderationFairValueRemeasurement
4684000
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2022Q3 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
4600000

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