10-Q Filing

SUNATION ENERGY, INC. CIK: 22701 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000022701-22-000009`
Period End Date	20220331
Filing Date	20220523
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	pegy-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 34 Cash Flow Statement 45 Stockholders Equity 17

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$59.00K	USD	Point-in-time
Trade accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.75M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.97K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.97M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	32,000.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	32,000.00	shares	Point-in-time
Investments	`ShortTermInvestments`	$786.79K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.05	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.05	USD	Point-in-time
Trade accounts receivable, less allowance for doubtful accounts of $59,000 and $0, respectively	`AccountsReceivableNetCurrent`	$2.80M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	37.50M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	37.50M	shares	Point-in-time
Inventories, net	`InventoryNet`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.63M	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$3.37K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.44M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.07M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.44M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.07M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$960.69K	USD	Point-in-time
Current assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$6.57M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$22.47M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$18.97K	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$298.89K	USD	Point-in-time
Investments	`OtherLongTermInvestments`	$2.30M	USD	Point-in-time
Goodwill	`Goodwill`	$15.78M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$127.90K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.78M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$18.78M	USD	Point-in-time
Other assets, net	`OtherAssetsMiscellaneousNoncurrent`	$41.14K	USD	Point-in-time
TOTAL OTHER ASSETS	`OtherAssetsNoncurrent`	$37.03M	USD	Point-in-time
TOTAL OTHER ASSETS	`OtherAssetsNoncurrent`	$2.78M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.80M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$4.16M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$59.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.23M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$797.47K	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$307.83K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$93.72K	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$8.90K	USD	Point-in-time
Working capital note payable	`NotesPayableCurrent`	$350.00K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$506.21K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$114.28K	USD	Point-in-time
Contingent value rights	`ContingentValueRightsCurrent`	$6.57M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$11.01M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$2.89M	USD	Point-in-time
Loan payable and related interest	`LongTermLoansPayable`	$974.46K	USD	Point-in-time
Loan payable and related interest	`LongTermLoansPayable`	$6.19M	USD	Point-in-time
Related party payables	`DueToRelatedPartiesNoncurrent`	$2.35M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$39.12K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$68.73K	USD	Point-in-time
Contingent consideration	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$4.68M	USD	Point-in-time
Contingent value rights	`ContingentValueRightsNoncurrent`	$11.71M	USD	Point-in-time
TOTAL LONG-TERM LIABILITIES	`LiabilitiesNoncurrent`	$17.48M	USD	Point-in-time
TOTAL LONG-TERM LIABILITIES	`LiabilitiesNoncurrent`	$8.54M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 32,000 and 0 issued and outstanding, respectively	`PreferredStockValue`	$32.00K	USD	Point-in-time
Convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 32,000 and 0 issued and outstanding, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.05 per share; 37,500,000 shares authorized; 7,435,586 and 3,074,998 shares issued and outstanding, respectively	`CommonStockValue`	$371.78K	USD	Point-in-time
Common stock, par value $0.05 per share; 37,500,000 shares authorized; 7,435,586 and 3,074,998 shares issued and outstanding, respectively	`CommonStockValue`	$153.75K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$41.54M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$-53.75K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.74M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-17.07K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	`StockholdersEquity`	$31.31M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	`StockholdersEquity`	$-2.50M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	`StockholdersEquity`	$-8.64M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	`StockholdersEquity`	$-3.57M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$59.79M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.80M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$318.80K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$223.67K	USD	1 Quarter
Gross profit	`GrossProfit`	$95.13K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$297.27K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$231.23K	USD	1 Quarter
Amortization expense	`AmortizationOfDeferredCharges`	$357.32K	USD	1 Quarter
Amortization expense	`AmortizationOfDeferredCharges`	$357.46K	USD	1 Quarter
Transaction costs	`BusinessCombinationAcquisitionRelatedCosts`	$168.44K	USD	1 Quarter
Transaction costs	`BusinessCombinationAcquisitionRelatedCosts`	$968.50K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$757.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.62M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-757.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.53M	USD	1 Quarter
Investment and other income (expense)	`InvestmentAndOtherIncomeLoss`	$-5.14K	USD	1 Quarter
Interest and other expense	`InterestAndDebtExpense`	$350.38K	USD	1 Quarter
Interest and other expense	`InterestAndDebtExpense`	$311.41K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-311.41K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-355.53K	USD	1 Quarter
Operating loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.88M	USD	1 Quarter
Operating loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.88M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.07M	USD	1 Quarter
Unrealized loss on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-17.07K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-17.07K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.90M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.07M	USD	1 Quarter
Basic net loss per share:	`EarningsPerShareBasic`	$-0.58	USD	1 Quarter
Basic net loss per share:	`EarningsPerShareBasic`	$-0.35	USD	1 Quarter
Diluted net loss per share:	`EarningsPerShareDiluted`	$-0.58	USD	1 Quarter
Diluted net loss per share:	`EarningsPerShareDiluted`	$-0.35	USD	1 Quarter
Weighted Average Basic Shares Outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	3.23M	shares	1 Quarter
Weighted Average Basic Shares Outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	3.07M	shares	1 Quarter
Weighted Average Dilutive Shares Outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.07M	shares	1 Quarter
Weighted Average Dilutive Shares Outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.23M	shares	1 Quarter

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.88M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$357.32K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$358.58K	USD	1 Quarter
Interest and accretion expense	`InterestAndAccretionExpense`	$336.40K	USD	1 Quarter
Interest and accretion expense	`InterestAndAccretionExpense`	$313.37K	USD	1 Quarter
Trade accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$90.75K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-85.16K	USD	1 Quarter
Other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$-292.14K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$116.42K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.53M	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$62.20K	USD	1 Quarter
Accrued compensation and benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-503.60K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-47.37K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$1.06M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-219.10K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.04M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$245.00	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$10.26M	USD	1 Quarter
Proceeds from the sale of property, plant and equipment held for sale	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$344.92K	USD	1 Quarter
Proceeds from the sale of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$49.19K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$344.92K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.21M	USD	1 Quarter
Borrowings against working capital note payable	`ProceedsFromNotesPayable`	$150.00K	USD	1 Quarter
Borrowings against working capital note payable	`ProceedsFromNotesPayable`	$50.00K	USD	1 Quarter
Payments against loan payable principal	`RepaymentsOfLongTermLoansPayable`	$4.50M	USD	1 Quarter
Payments related to equity issuance costs	`PaymentsOfStockIssuanceCosts`	$2.70M	USD	1 Quarter
Proceeds from the issuance of preferred stock upon closing of private placement	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$32.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$50.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$24.95M	USD	1 Quarter
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$175.82K	USD	1 Quarter
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.70M	USD	1 Quarter
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.72M	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$175.82K	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.97K	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.72M	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$175.82K	USD	Point-in-time
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.97K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.07M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$542.00	USD	1 Quarter
Issuance of common stock for conversion of related party payables	`StockIssuedConversionOfRelatedPartyPayables`	$2.35M	USD	1 Quarter
Issuance of common stock for conversion of working capital note payable	`StockIssuedConversionOfNotePayable`	$500.00K	USD	1 Quarter
Issuance of common stock for the acquisition of HEC and E-Gear	`StockIssuedPurchaseOfAssets`	$12.78M	USD	1 Quarter
Effect of reverse capitalization	`StockIssuedEffectOfReverseCapitalization`	$1.59M	USD	1 Quarter
Operating right of use assets obtained in exchange for lease obligations	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$127.90K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
BALANCE	`StockholdersEquity`	$31.31M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-2.50M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-8.64M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-3.57M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-1.88M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.07M	USD	1 Quarter
Issuance of common stock for conversion of related party payables	`StockIssuedDuringPeriodValueConversionOfRelatedPartyPayables`	$2.35M	USD	1 Quarter
Issuance of common stock for conversion of working capital note payable	`StockIssuedDuringPeriodValueConversionOfNotePayable`	$500.00K	USD	1 Quarter
Effect of reverse capitalization	`StockIssuedDuringPeriodValueEffectOfReverseCapitalization`	$1.59M	USD	1 Quarter
Issuance of common stock for HEC asset acquisition	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$12.78M	USD	1 Quarter
Issuance of preferred stock and warrants to PIPE investors, net of issuance costs	`StockIssuedDuringPeriodValueOther`	$29.30M	USD	1 Quarter
Contingent consideration related to merger transaction	`AdjustmentsToAdditionalPaidInCapitalContingentConsiderationMergerTransaction`	$-4.68M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-17.07K	USD	1 Quarter
BALANCE	`StockholdersEquity`	$31.31M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-2.50M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-8.64M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-3.57M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.