Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Current assets:      
Cash and cash equivalents $ 5,460,870 $ 3,614,463  
Accounts receivable, net 7,631,611 8,482,286  
Unbilled revenue 2,906,931 3,258,189  
Employee retention credit 1,276,021 1,276,021  
Inventories, net 7,756,737 7,764,989  
Prepaid and other current assets 576,787 578,801  
Total current assets 25,608,957 24,974,749  
Property, plant and equipment, net 1,705,974 1,782,944  
Right of use assets 1,716,737 1,869,210  
Intangible assets, net 1,140,925 1,181,023  
Goodwill 2,406,156 2,406,156  
Other assets 185,222 148,140  
TOTAL ASSETS 32,763,971 32,362,222 $ 31,600,210
Current liabilities:      
Accounts payable 4,402,772 3,508,354  
Accrued expenses 2,478,523 2,343,728  
Deferred revenue 1,446,048 1,957,752  
Lease obligations, current 653,176 641,002  
Unfavorable contract liability, current 295,065   330,032
Total current liabilities 9,275,584 8,780,868  
Long-term liabilities:      
Deferred revenue, net of current portion 215,931 208,456  
Lease obligations, net of current portion 1,147,982 1,315,275  
Unfavorable contract liability, net of current portion 816,690 929,474  
Total liabilities 11,456,187 11,234,073  
Commitments and contingencies (Note 12)  
Tecogen Inc. shareholders’ equity:      
Common stock, $0.001 par value; 100,000,000 shares authorized; 24,850,261 and 24,850,261 issued and outstanding at June 30,2021 and December 31, 2020, respectively 24,850 24,850  
Additional paid-in capital 57,112,566 57,016,859  
Accumulated deficit (35,744,212) (35,833,621)  
Total Tecogen Inc. stockholders’ equity 21,393,204 21,208,088  
Non-controlling interest (85,420) (79,939)  
Total stockholders’ equity 21,307,784 21,128,149 $ 19,066,746
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 32,763,971 $ 32,362,222  
Common stock, shares outstanding 24,850,261 24,850,261  
Common stock, shares issued   24,850,261