Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Current assets:      
Cash and cash equivalents $ 1,629,103 $ 1,913,969  
Accounts receivable, net 6,758,360 6,714,122  
Unbilled revenue 1,788,902 1,805,330  
Employee retention credit 46,148 713,269  
Inventories, net 11,862,782 10,482,729  
Prepaid and other current assets 265,019 401,189  
Total current assets 22,350,314 22,030,608  
Property, plant and equipment, net 1,290,228 1,407,720  
Right of use assets 1,084,033 1,245,549  
Intangible assets, net 947,885 997,594  
Goodwill 2,406,156 2,406,156  
Other assets 164,815 165,230  
TOTAL ASSETS 28,243,431 28,252,857 $ 32,763,971
Current liabilities:      
Accounts payable 4,167,461 3,261,952  
Accrued expenses 2,240,523 2,384,447  
Deferred revenue, current 2,108,082 1,115,627  
Lease obligations, current 646,805 687,589  
Unfavorable contract liability, current 223,230   236,705
Total current liabilities 9,386,101 7,686,320  
Long-term liabilities:      
Deferred revenue, net of current portion 231,969 371,823  
Lease obligations, net of current portion 496,526 623,452  
Unfavorable contract liability, net of current portion 535,706 583,512  
Total liabilities 10,650,302 9,265,107  
Commitments and contingencies  
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 57,428,356 57,351,008  
Accumulated deficit (39,771,577) (38,281,548)  
Total Tecogen Inc. stockholders’ equity 17,681,629 19,094,310  
Non-controlling interest (88,500) (106,560)  
Total stockholders’ equity 17,593,129 18,987,750 $ 21,307,784
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 28,243,431 $ 28,252,857  
Common stock, shares outstanding 24,850,261 24,850,261  
Common stock, shares issued   24,850,261