Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 1,913,969 $ 3,614,463
Accounts receivable, net 6,714,122 8,482,286
Employee retention credit receivable 713,269 1,276,021
Unbilled revenue 1,805,330 3,258,189
Inventory, net 10,482,729 7,764,989
Prepaid and other current assets 401,189 578,801
Total current assets 22,030,608 24,974,749
Property, plant and equipment, net 1,407,720 1,782,944
Right of use assets 1,245,549 1,869,210
Intangible assets, net 997,594 1,181,023
Goodwill 2,406,156 2,406,156
Other assets 165,230 148,140
TOTAL ASSETS 28,252,857 32,362,222
Current liabilities:    
Accounts payable 3,261,952 3,508,354
Accrued expenses 2,384,447 2,343,728
Deferred revenue 1,115,627 1,957,752
Lease obligations 687,589 641,002
Unfavorable contract liabilities 236,705 330,032
Total current liabilities 7,686,320 8,780,868
Long-term liabilities:    
Deferred revenue, net of current portion 371,823 208,456
Lease obligations, net of current portion 623,452 1,315,275
Unfavorable contract liability, net of current portion 583,512 929,474
Total liabilities 9,265,107 11,234,073
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 December 31, 2022 and 2021, respectively 24,850 24,850
Additional paid-in capital 57,351,008 57,016,859
Accumulated deficit (38,281,548) (35,833,621)
Total Tecogen Inc. stockholders’ equity 19,094,310 21,208,088
Commitments and contingencies (Note 11) (106,560) (79,939)
Total stockholders’ equity 18,987,750 21,128,149
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 28,252,857 $ 32,362,222
Common Stock, Shares, Outstanding 24,850,261 24,850,261