Real Goods Solar, Inc.

CIK:0001425565|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Contract revenue:
Contract revenue for service, sale and installation of solar energy systems and powerhouse sales	$ 2,225	$ 3,915	$ 6,681	$ 10,306
Leasing, net	12	15	33	44
Contract expenses:
Customer acquisition	305	841	1,918	2,822
Contract loss	(336)	(496)	(2,335)	(2,624)
Operating expense	2,275	2,561	7,931	7,533
Litigation		20	199	181
Goodwill Impairment				1,338
Operating loss	(2,611)	(3,077)	(10,465)	(11,676)
Change in fair value of derivative liabilities and gain (loss) on debt extinguishment	588	(14,366)	(857)	(17,413)
Amortization of debt discount and deferred loan costs		(866)	(287)	(2,301)
Other income	212	13	232	998
Net loss	$ (1,811)	$ (18,296)	$ (11,377)	$ (30,392)
Net loss per share - basic and diluted:
Basic and Diluted (in dollars per share)	$ (0.02)	$ (0.49)	$ (0.11)	$ (1.43)
Weighted-average shares outstanding:
Basic and Diluted (in shares)	116,276	36,959	106,292	21,196
Sale and installation of solar energy systems
Contract revenue:
Contract revenue for service, sale and installation of solar energy systems and powerhouse sales	$ 1,684	$ 3,620	$ 5,127	$ 9,499
Contract expenses:
Contract expenses for service, Installation of solar energy systems and powerhouse manufacturing	1,772	3,092	5,459	8,892
POWERHOUSE
Contract revenue:
Contract revenue for service, sale and installation of solar energy systems and powerhouse sales	197		367
Contract expenses:
Contract expenses for service, Installation of solar energy systems and powerhouse manufacturing	146	146	583	151
Service
Contract revenue:
Contract revenue for service, sale and installation of solar energy systems and powerhouse sales	332	280	1,154	763
Contract expenses:
Contract expenses for service, Installation of solar energy systems and powerhouse manufacturing	$ 338	$ 332	$ 1,056	$ 1,065

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net loss	$ (11,377)	$ (30,392)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	222	313
Amortization of POWERHOUSE License	156
Share based compensation expense	195	178
Goodwill impairment		1,338
Change in fair value of derivative liabilities and loss on debt extinguishment	857	17,413
Amortization of debt discount and deferred loan cost	283	2,301
Bad debt expense	95	(18)
Inventory obsolescence	(13)
Gain on settlement of liability	(163)	(942)
Loss on sale of fixed assets	6
Changes in operating assets and liabilities:
Accounts receivable	490	1,054
Contract assets	(70)	50
Inventory	(3,031)	738
Deferred costs on uncompleted contracts	134	500
Net investment in sales-type leases and other current assets	580	344
Other non-current assets	1,261	341
Accounts payable	2,485	(967)
Accrued liabilities	513	191
Deferred revenue and other current liabilities	290	(890)
Other liabilities	(1,452)	(514)
Net cash used in operating activities	(8,539)	(8,962)
Investing activities:
Payments related to POWERHOUSE license	(132)	(191)
Purchases of property and equipment	(84)	(26)
Net cash used in investing activities	(216)	(217)
Financing activities:
Proceeds from warrant exercises	940	9,109
Proceeds from issuance of 2018 Notes		4,545
Proceeds from Investor Notes	109	2,118
Repayment of 2016 and 2018 Notes	(256)
Proceeds from the issuance of common stock with warrants	3,285	830
Transaction costs	(355)
Net cash provided by financing activities	3,723	16,602
Net decrease in cash	(5,032)	7,423
Cash at beginning of period	5,831	1,170
Cash at end of period	799	8,593
Non-cash items
Debt discount arising from 2018 Note Offering		10,088
Embedded derivative liability with 2018 Note Offering		12,987
Common stock warrant liability with 2018 Note Offering		6,818
Issuance of Class A common stock for conversion of 2018 Notes	421	17,063
Issuance of Class A common stock for exercise of common stock warrants	309	3,814
Accrued closing costs on the 2018 Notes		$ 430
Recognition of right-of-use asset upon adoption of ASC 842	2,397
Recognition of lease liability upon adoption of ASC 842	$ 2,360

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash	$ 799	$ 5,831
Accounts receivable, net	755	1,340
Contract assets	81	11
Inventory, net	4,639	1,595
Deferred costs on uncompleted contracts	102	236
Other current assets	994	1,613
Total current assets	7,370	10,626
Property and equipment, net	635	778
POWERHOUSE license, net	3,178	3,202
Operating lease right-of-use asset	1,264
Net investment in sales-type leases and other assets	1,456	1,654
Total assets	13,903	16,260
Current liabilities:
Convertible debt, net		336
Accounts payable	3,347	862
Accrued liabilities	2,078	1,811
Operating lease liability	529
Deferred revenue and other current liabilities	1,006	716
Total current liabilities	6,960	3,725
Other liabilities	834	1,242
Operating lease liability	787
Common stock warrant liabilities	588	511
Total liabilities	9,169	5,478
Commitments and contingencies
Mezzanine equity:
Redeemable placement agent common stock warrants	195
Shareholders' equity:
Preferred stock, par value $.0001 per share; 50,000,000 shares authorized; no shares issued and outstanding
Additional paid-in capital	258,466	253,331
Accumulated deficit	(253,946)	(242,566)
Total shareholders' equity	4,539	10,782
Total liabilities, mezzanine equity and shareholders' equity	13,903	16,260
Class A Common Stock
Shareholders' equity:
Common stock, value	19	17
Total shareholders' equity	19	17
Class B common stock
Shareholders' equity:
Common stock, value	$ 0	$ 0