$SUNE
SUNation Energy, Inc.

2020 Q2 Form 10-Q Financial Statement

#000089710120000682 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $9.628M $10.70M $11.22M
YoY Change -10.05% -28.82% -33.13%
Cost Of Revenue $6.148M $6.464M $6.590M
YoY Change -4.89% -41.52% -43.19%
Gross Profit $3.480M $4.241M $4.626M
YoY Change -17.93% 6.41% -10.67%
Gross Profit Margin 36.14% 39.62% 41.25%
Selling, General & Admin $4.732M $5.370M $6.246M
YoY Change -11.88% -19.94% -12.67%
% of Gross Profit 135.98% 126.63% 135.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $218.0K $262.0K $279.2K
YoY Change -16.79% -51.57% -55.78%
% of Gross Profit 6.26% 6.18% 6.04%
Operating Expenses $5.126M $5.370M $5.448M
YoY Change -4.54% -19.94% -23.84%
Operating Profit -$1.646M -$1.129M -$821.0K
YoY Change 45.79% -58.53% -58.41%
Interest Expense $260.0K $80.00K $40.00K
YoY Change 225.0% 0.0% -55.56%
% of Operating Profit
Other Income/Expense, Net $279.0K $67.15K $25.51K
YoY Change 315.5% -2.92% -79.08%
Pretax Income -$1.367M -$1.062M -$795.9K
YoY Change 28.7% -59.96% -57.03%
Income Tax -$446.00 -$11.87K -$3.972K
% Of Pretax Income
Net Earnings -$1.936M $2.773M $239.0K
YoY Change -169.8% -204.98% -112.85%
Net Earnings / Revenue -20.1% 25.91% 2.13%
Basic Earnings Per Share -$0.21 $0.30 $0.03
Diluted Earnings Per Share -$0.21 $0.30 $0.03
COMMON SHARES
Basic Shares Outstanding 9.350M 9.317M 9.176M
Diluted Shares Outstanding 9.350M 9.319M 9.176M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.30M $17.20M $9.500M
YoY Change 41.28% 21.13% -46.02%
Cash & Equivalents $20.55M $13.15M $9.491M
Short-Term Investments $3.700M $4.000M
Other Short-Term Assets $879.1K $1.629M $1.643M
YoY Change -46.03% -4.19% -8.71%
Inventory $9.942M $13.65M $15.35M
Prepaid Expenses
Receivables $8.190M $10.91M $13.27M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.87M $44.03M $40.93M
YoY Change -0.35% 2.63% -9.84%
LONG-TERM ASSETS
Property, Plant & Equipment $7.904M $9.607M $9.933M
YoY Change -17.73% -19.94% -18.58%
Goodwill $410.9K
YoY Change
Intangibles $3.190M
YoY Change
Long-Term Investments $1.300M
YoY Change
Other Assets $5.575M $442.0K $1.324M
YoY Change 1161.41%
Total Long-Term Assets $13.48M $10.05M $11.26M
YoY Change 34.13% -16.52% -8.75%
TOTAL ASSETS
Total Short-Term Assets $43.87M $44.03M $40.93M
Total Long-Term Assets $13.48M $10.05M $11.26M
Total Assets $57.35M $54.08M $52.19M
YoY Change 6.06% -1.57% -9.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.640M $3.522M $4.253M
YoY Change 31.72% -33.54% -14.94%
Accrued Expenses $4.800M $5.200M $5.300M
YoY Change -7.69% 6.12% 8.16%
Deferred Revenue $220.6K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.881M $8.910M $9.701M
YoY Change 10.9% -15.15% -4.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $400.0K $400.0K
YoY Change 25.0%
Total Long-Term Liabilities $505.5K $392.6K $388.6K
YoY Change 28.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.881M $8.910M $9.701M
Total Long-Term Liabilities $505.5K $392.6K $388.6K
Total Liabilities $10.39M $9.302M $10.09M
YoY Change 11.66% -11.41% -2.04%
SHAREHOLDERS EQUITY
Retained Earnings $3.830M $1.901M -$677.8K
YoY Change 101.44%
Common Stock $467.6K $465.8K $465.4K
YoY Change 0.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.96M $44.77M $42.10M
YoY Change
Total Liabilities & Shareholders Equity $57.35M $54.08M $52.19M
YoY Change 6.06% -1.5% -9.55%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.936M $2.773M $239.0K
YoY Change -169.8% -204.98% -112.85%
Depreciation, Depletion And Amortization $218.0K $262.0K $279.2K
YoY Change -16.79% -51.57% -55.78%
Cash From Operating Activities -$2.380M $3.590M -$1.191M
YoY Change -166.3% -231.99% -597.22%
INVESTING ACTIVITIES
Capital Expenditures $32.00K $33.00K $210.0K
YoY Change -3.03% -90.52% -20.45%
Acquisitions
YoY Change
Other Investing Activities $2.580M $910.0K $10.00K
YoY Change 183.52% -1400.0% -102.17%
Cash From Investing Activities $2.550M $880.0K -$217.3K
YoY Change 189.77% -309.52% -69.78%
FINANCING ACTIVITIES
Cash Dividend Paid $184.5K
YoY Change -52.79%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -180.0K -160.0K -159.0K
YoY Change 12.5% -54.29% -59.17%
NET CHANGE
Cash From Operating Activities -2.380M 3.590M -1.191M
Cash From Investing Activities 2.550M 880.0K -217.3K
Cash From Financing Activities -180.0K -160.0K -159.0K
Net Change In Cash -10.00K 4.310M -1.566M
YoY Change -100.23% -223.5% 81.73%
FREE CASH FLOW
Cash From Operating Activities -$2.380M $3.590M -$1.191M
Capital Expenditures $32.00K $33.00K $210.0K
Free Cash Flow -$2.412M $3.557M -$1.401M
YoY Change -167.81% -215.94% 5621.28%

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-size:12pt;">NOTE 8 &#x2013; CONTINGENCIES</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-family:TimesNewRoman;font-size:12pt;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-family:TimesNewRoman;font-size:12pt;">In the ordinary course of business, the Company is exposed to legal actions and claims and incurs costs to defend against these actions and claims. Company management is not aware of any outstanding or pending legal actions or claims that could materially affect the Company&#x2019;s financial position or results of </font><font style="display: inline;font-size:12pt;">operations.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-size:12pt;text-decoration:underline;">Description of Business</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-family:TimesNewRoman;font-size:12pt;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-family:TimesNewRoman;font-size:12pt;">Communications Systems, Inc. (herein collectively referred to as &#x201C;CSI,&#x201D; &#x201C;our,&#x201D; &#x201C;we&#x201D; or the &#x201C;Company&#x201D;) is a Minnesota corporation organized in 1969 that operates directly and through its subsidiaries located in the United States (U.S.) and the United Kingdom (U.K.). CSI is principally engaged in operations through its subsidiaries Transition Networks, Inc. (&#x201C;Transition Networks&#x201D; or &#x201C;Transition&#x201D;), U.K.-based Net2Edge Limited (&#x201C;Net2Edge&#x201D;), JDL Technologies, Inc. (&#x201C;JDL Technologies&#x201D;or &#x201C;JDL&#x201D;), and Ecessa Corporation (&#x201C;Ecessa&#x201D;). </font><font style="display: inline;font-size:12pt;">During the second quarter of 2020, following the May 2020 acquisition of Ecessa and the consolidation of operations within the Transition Networks and Net2Edge divisions, the Company realigned its business operations. Following this realignment, </font><font style="display: inline;font-family:TimesNewRoman;font-size:12pt;">the Company now classifies its business into </font><font style="display: inline;font-family:TimesNewRoman;font-size:12pt;">two</font><font style="display: inline;font-family:TimesNewRoman;font-size:12pt;"> segments: (1) the Electronics &amp; Software segment (consisting of Transition Networks and Net2Edge) which (i) manufactures and sells solutions that provide actionable intelligence, power and connectivity at the edge of networks through Power over Ethernet (&#x201C;PoE&#x201D;) products, software and services as well as traditional products such as media converters, network adapters and other connectivity products and (ii) designs, develops, and sells edge network access products, TDM (time-division multiplexing) over IP and other circuit emulation solutions, along with specialized cloud-based software solutions, primarily within the telecommunications market; and (2) the Services and Support segment (consisting of JDL and Ecessa), which (i) provides technology solutions including virtualization, managed services, wired and wireless network design and implementation, and hybrid cloud infrastructure and deployment and (ii) designs, develops, and sells SD-WAN (software-designed wide-area network) solutions.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-family:TimesNewRoman;font-size:12pt;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-family:Tahoma;font-size:12pt;">&#xFEFF;</font><font style="display: inline;font-size:12pt;">Non-allocated general and administrative expenses are separately accounted for as &#x201C;Other&#x201D; in the Company&#x2019;s segment reporting. Intersegment revenues are eliminated upon consolidation.</font> </p> <p><font size="1"> </font></p> </div> </div>
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RetainedEarningsAccumulatedDeficit
3830132
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21920637
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10704467
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18790694
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9627952
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
449995
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
208650
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10817464
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5369869
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9672558
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4731887
us-gaap Share Based Compensation
ShareBasedCompensation
188587
us-gaap Share Based Compensation
ShareBasedCompensation
176627
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
956317
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.59
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y10M24D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
46369
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
133801
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
674000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1130472
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1215904
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.28
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.92
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y5M23D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y6M7D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1215904
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
6.92
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y6M7D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.64
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.11
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.25
CY2019Q4 us-gaap Short Term Investments
ShortTermInvestments
9449650
CY2020Q2 us-gaap Short Term Investments
ShortTermInvestments
3748313
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
42101265
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
44773443
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
47392282
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
48962702
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
46964179
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2000
us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
269636
us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
407584
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
48594
CY2019Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
21349
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
42056
CY2020Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
20159
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
229
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7609
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5280
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
111000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9246233
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9319106
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9307967
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9350344
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9246233
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9316576
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9307967
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9350344

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