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Akeena Solar, Inc.


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30




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Selected tables from the SEC filing


Table 0


Table column format standardization was unsuccessful.


Table of Contents

TABLE OF CONTENTS















 













 










2



 











3



 











4



 











5



 











6



 











18



 











27



 











27



 















 











28



 











29



 











34



 











35



 











36



 






















Exhibit 3.4 Amended Certificate of Incorporation






















 















 















 


















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Row 0
    [0..0)   [0..0] (stub): 'PART I -FINANCIAL INFORMATION'

Row 1

Row 2
    [0..0)   [0..0] (stub): 'Item 1. Financial Statements.'
      Attributes: num=>1 [0..0]  

Row 3

Row 4
    [0..0)   [0..0] (stub): 'Condensed Consolidated Balance Sheets'
    [3..3)   [1..1] ( num): '2'
      Attributes: num=>2 [1..1]  

Row 5

Row 6
    [0..0)   [0..0] (stub): 'Condensed Consolidated Statements of Operations'
    [3..3)   [1..1] ( num): '3'
      Attributes: num=>3 [1..1]  

Row 7

Row 8
    [0..0)   [0..0] (stub): 'Condensed Consolidated Statements of Changes in Stockholders Equity'
    [3..3)   [1..1] ( num): '4'
      Attributes: num=>4 [1..1]  

Row 9

Row 10
    [0..0)   [0..0] (stub): 'Condensed Consolidated Statements of Cash Flows'
    [3..3)   [1..1] ( num): '5'
      Attributes: num=>5 [1..1]  

Row 11

Row 12
    [0..0)   [0..0] (stub): 'Notes to Condensed Consolidated Financial Statements'
    [3..3)   [1..1] ( num): '6'
      Attributes: num=>6 [1..1]  

Row 13

Row 14
    [0..0)   [0..0] (stub): 'Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations.'
      Attributes: num=>2 [0..0]  
    [3..3)   [1..1] ( num): '18'
      Attributes: num=>18 [1..1]  

Row 15

Row 16
    [0..0)   [0..0] (stub): 'Item 3. Quantitative and Qualitative Disclosures About Market Risk.'
      Attributes: num=>3 [0..0]  
    [3..3)   [1..1] ( num): '27'
      Attributes: num=>27 [1..1]  

Row 17

Row 18
    [0..0)   [0..0] (stub): 'Item 4. Controls and Procedures.'
      Attributes: num=>4 [0..0]  
    [3..3)   [1..1] ( num): '27'
      Attributes: num=>27 [1..1]  

Row 19

Row 20
    [0..0)   [0..0] (stub): 'PART II - OTHER INFORMATION'

Row 21

Row 22
    [0..0)   [0..0] (stub): 'Item 1. Legal Proceedings.'
      Attributes: num=>1 [0..0]  
    [3..3)   [1..1] ( num): '28'
      Attributes: num=>28 [1..1]  

Row 23

Row 24
    [0..0)   [0..0] (stub): 'Item 1A. Risk Factors.'
    [3..3)   [1..1] ( num): '29'
      Attributes: num=>29 [1..1]  

Row 25

Row 26
    [0..0)   [0..0] (stub): 'Item 5. Other Information.'
      Attributes: num=>5 [0..0]  
    [3..3)   [1..1] ( num): '34'
      Attributes: num=>34 [1..1]  

Row 27

Row 28
    [0..0)   [0..0] (stub): 'Item 6. Exhibits.'
      Attributes: num=>6 [0..0]  
    [3..3)   [1..1] ( num): '35'
      Attributes: num=>35 [1..1]  

Row 29

Row 30
    [0..0)   [0..0] (stub): 'SIGNATURES'
    [3..3)   [1..1] ( num): '36'
      Attributes: num=>36 [1..1]  

Row 31

Row 32
    [0..0)   [0..0] (stub): 'Exhibit Index'

Row 33

Row 34
    [0..0)   [0..0] (stub): 'Exhibit 3.4 Amended Certificate of Incorporation'
      Attributes: num=>3 [0..0]  num=>4 [0..0]  

Row 35

Row 36
    [0..0)   [0..0] (stub): 'Exhibit 31.1 Section 302 Certification of CEO'
      Attributes: num=>31 [0..0]  num=>1 [0..0]  num=>302 [0..0]  

Row 37

Row 38
    [0..0)   [0..0] (stub): 'Exhibit 31.2 Section 302 Certification of CFO'
      Attributes: num=>31 [0..0]  num=>2 [0..0]  num=>302 [0..0]  

Row 39

Row 40
    [0..0)   [0..0] (stub): 'Exhibit 32.1 Section 906 Certification of CEO'
      Attributes: num=>32 [0..0]  num=>1 [0..0]  num=>906 [0..0]  

Row 41

Row 42
    [0..0)   [0..0] (stub): 'Exhibit 32.2 Section 906 Certification of CFO'
      Attributes: num=>32 [0..0]  num=>2 [0..0]  num=>906 [0..0]  



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Table attributes: balancesheet,incomestatement,cash



Table 1


Financial table in standard format


Table of Contents

PART I

- FINANCIAL INFORMATION

Item 1. Financial Statements.

AKEENA SOLAR, INC. (d/b/a WESTINGHOUSE SOLAR)

CONDENSED CONSOLIDATED BALANCE SHEETS







 



(Unaudited)



June 30,



2010






December31, 2009







Assets












Current assets:












Cash and cash equivalents



$
4,925,389


$
5,804,458





Accounts receivable, net




2,950,746



4,118,358





Other receivables




30,822



274,169





Inventory, net




6,150,290



5,491,074





Prepaid expenses and other current assets, net




1,781,153



1,197,430





Total current assets




15,838,400



16,885,489





Property and equipment, net




1,038,901



1,248,994





Goodwill




298,500



298,500





Other assets, net




409,920



151,338





Total assets



$
17,585,721


$
18,584,321



 












Liabilities and Stockholders Equity














Current liabilities:














Accounts payable



$
4,531,082


$
4,277,599





Customer rebate payable




2,374



60,106





Accrued liabilities




1,623,507



1,174,979





Accrued warranty




1,244,010



1,187,999





Common stock warrant liability




529,905



2,536,402





Deferred revenue




892,007



619,242





Current portion of capital lease obligations




10,959



18,086





Current portion of long-term debt




210,813



222,583





Total current liabilities




9,044,657



10,096,996





Capital lease obligations, less current portion




4,208



2,728





Long-term debt, less current portion




234,540



352,847





Other long-term liabilities




6,480



19,440





Total liabilities




9,289,885



10,472,011



 












Commitments, contingencies and subsequent events (Notes 16 and 17)












 












Stockholders equity:














Common stock, $0.001 par value; 100,000,000 shares authorized; 40,657,825 and 36,406,944 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively




40,658



36,407





Additional paid-in capital




64,965,686



59,897,553





Accumulated deficit




(56,710,508
)


(51,821,650
)




Total stockholders equity




8,295,836



8,112,310





Total liabilities and stockholders equity



$
17,585,721


$
18,584,321









Akeena Solar, Inc.
CIK:1347452





Assets


Current assets:


Cash and cash equivalents$4,925,389$5,804,458


Accounts receivable, net2,950,7464,118,358


Other receivables30,822274,169


Inventory, net6,150,2905,491,074


Prepaid expenses and other current assets, net1,781,1531,197,430


Total current assets15,838,40016,885,489


Property and equipment, net1,038,9011,248,994


Goodwill298,500298,500


Other assets, net409,920151,338


Total assets$17,585,721$18,584,321


Liabilities and Stockholders Equity


Current liabilities:


Accounts payable$4,531,082$4,277,599


Customer rebate payable2,37460,106


Accrued liabilities1,623,5071,174,979


Accrued warranty1,244,0101,187,999


Common stock warrant liability529,9052,536,402


Deferred revenue892,007619,242


Current portion of capital lease obligations10,95918,086


Current portion of long-term debt210,813222,583


Total current liabilities9,044,65710,096,996


Capital lease obligations, less current portion4,2082,728


Long-term debt, less current portion234,540352,847


Other long-term liabilities6,48019,440


Total liabilities9,289,88510,472,011


Commitments, contingencies and subsequent events (Notes 16 and 17)


Stockholders equity:


Common stock, $0.001 par value; 100,000,000 shares authorized; 40,657,825 and 36,406,944 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively40,65836,407


Additional paid-in capital64,965,68659,897,553


Accumulated deficit(56,710,508)(51,821,650)


Total stockholders equity8,295,8368,112,310


Total liabilities and stockholders equity$17,585,721$18,584,321





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Table 2


Financial table in standard format


Table of Contents

AKEENA SOLAR, INC. (d/b/a WESTINGHOUSE SOLAR)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)







 



ThreeMonthsEndedJune 30,






SixMonthsEndedJune 30,





 



2010






2009






2010






2009





 
















Net revenue



$
9,923,299


$
5,905,360


$
16,378,804


$
13,499,950





Cost of goods sold




7,838,513



4,742,944



12,808,342



10,082,926





Gross profit




2,084,786



1,162,416



3,570,462



3,417,024





Operating expenses






















Sales and marketing




2,003,035



1,481,788



3,692,341



3,135,909





General and administrative




3,442,565



2,845,813



6,567,016



6,907,219





Total operating expenses




5,445,600



4,327,601



10,259,357



10,043,128





Loss from operations




(3,360,814
)


(3,165,185
)


(6,688,895
)


(6,626,104
)




Other income (expense)






















Interest income (expense), net




(3,987
)


16,239



5,135



(60,302
)




Adjustment to the Fair Value of Common Stock Warrants




911,379



(1,536,755
)


1,794,902



(3,078,519
)




Total other income (expense)




907,392



(1,520,516
)


1,800,037



(3,138,821
)




Loss before provision for income taxes




(2,453,422
)


(4,685,701
)


(4,888,858
)


(9,764,925
)




Provision for income taxes






















Net loss



$
(2,453,422
)

$
(4,685,701
)

$
(4,888,858
)

$
(9,764,925
)


 




















Loss per common and common equivalent share:






















Basic and diluted



$
(0.06
)

$
(0.14
)

$
(0.13
)

$
(0.31
)




Weighted average shares used in computing loss per common share:






















Basic and diluted




38,199,845



31,800,509



37,160,726



30,495,063









Akeena Solar, Inc.
CIK:1347452







Net revenue$9,923,299$5,905,360$16,378,804$13,499,950


Cost of goods sold7,838,5134,742,94412,808,34210,082,926


Gross profit2,084,7861,162,4163,570,4623,417,024


Operating expenses


Sales and marketing2,003,0351,481,7883,692,3413,135,909


General and administrative3,442,5652,845,8136,567,0166,907,219


Total operating expenses5,445,6004,327,60110,259,35710,043,128


Loss from operations(3,360,814)(3,165,185)(6,688,895)(6,626,104)


Other income (expense)


Interest income (expense), net(3,987)16,2395,135(60,302)


Adjustment to the Fair Value of Common Stock Warrants911,379(1,536,755)1,794,902(3,078,519)


Total other income (expense)907,392(1,520,516)1,800,037(3,138,821)


Loss before provision for income taxes(2,453,422)(4,685,701)(4,888,858)(9,764,925)


Provision for income taxes


Net loss$(2,453,422)$(4,685,701)$(4,888,858)$(9,764,925)


Loss per common and common equivalent share:


Basic and diluted$(0.06)$(0.14)$(0.13)$(0.31)


Weighted average shares used in computing loss per common share:


Basic and diluted38,199,84531,800,50937,160,72630,495,063





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Table 3


Financial table in standard format


Table of Contents

2. Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

Revenue from installation of a system is recognized when (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the sales price is fixed or determinable, and (4) collection of the related receivable is reasonably assured. In general, we recognize revenue upon completion of a system installation for residential installations and we recognize revenue under the percentage-of-completion method for commercial installations. Revenue from our distribution business is recognized when a solar power system is shipped to a customer. Revenue recognition methods for revenue streams that fall under other categories are determined based on facts and circumstances.

Defective solar panels or inverters are covered under the manufacturer warranty. In the event that a panel or inverter needs to be replaced, we will assist the customer in replacing the defective item within the manufacturers warranty period (between 10 - 25 years). See the Manufacturer and installation warranties discussion below.

Deferred revenue consists of installations initiated but not completed within the reporting period.

Cash and Cash Equivalents

We consider all highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. We maintain cash and cash equivalents which consist principally of demand deposits with high credit quality financial institutions. At certain times, such amounts exceed FDIC insurance limits. We have not experienced any losses on these investments.

Manufacturer and Installation Warranties

We warrant our products for various periods against defects in material or installation workmanship and we provide a 5-year or a 10-year warranty on the installation of a system and all equipment and incidental supplies other than solar panels and inverters that are covered under the manufacturer warranty. The manufacturer warranties on solar panels and inverters range from 10 to 25years. We assist our customers in the event of a claim under the manufacturer warranty to replace a defected panel or inverter. We record a provision for the installation warranty, within cost of sales, based on our historical experience and our managements expectations of the probable future cost to be incurred in honoring our warranty commitment. The liability for the installation warranty of approximately $1.2 million at June 30, 2010 and Dec ember 31, 2009, is included within Accrued warranty in the accompanying condensed consolidated balance sheets.

The liability for the installation warranty consists of the following:







 



June 30, 2010(Unaudited)






December 31, 2009







Beginning accrued warranty balance (January 1)



$
1,187,999


$
1,056,655





Reduction for labor payments and claims made under the warranty




(125,451
)


(103,763
)




Accruals related to warranties issued during the period




181,462



235,107





Ending accrued warranty balance



$
1,244,010


$
1,187,999









Akeena Solar, Inc.
CIK:1347452



2009-12-31





Data column 1: Unable to interpret date in column header


Table 4


Financial table in standard format


June 30, 2010(Unaudited)

December 31,

2009

Work in process

$

1,638,248

$

1,080,481

Finished goods

5,063,855

4,862,406

Less: provision for obsolete inventory

(551,813

)

(451,813

)

$

6,150,290

$

5,491,074

5. Note Receivable

During March 2009, we reached a resolution with a customer who had lost project funding for which we had recorded bad debt expense of $963,000 in the fourth quarter of 2008. The settlement resulted in us receiving a combination of cash, other consideration and a promissory note of $675,000. The $675,000 note receivable was reflected in prepaid expenses and other current assets, net, as of December 31, 2009, with a corresponding reserve of $675,000. In accordance with the terms of the note, the note was paid in full in March 2010 and the $675,000 reserve was reversed to bad debt expense reflected in general and administrative expenses in our consolidated statements of operations. As of June 30, 2010, we had no remaining note receivable.

6. Property and Equipment, Net

Property and equipment, net consist of the following:







 



June 30, 2010(Unaudited)






December 31, 2009







Vehicles



$
1,400,011


$
1,434,665





Office equipment




1,084,603



1,019,511





Leasehold improvements




257,955



245,547





Furniture and fixtures




96,186



96,186



 


2,838,755



2,795,909





Less: Accumulated depreciation and amortization




(1,799,854
)


(1,546,915
)


 

$
1,038,901


$
1,248,994









Akeena Solar, Inc.
CIK:1347452



2009-12-31

Vehicles$1,400,011$1,434,665


Office equipment1,084,6031,019,511


Leasehold improvements257,955245,547


Furniture and fixtures96,18696,186


2,838,7552,795,909


Less: Accumulated depreciation and amortization(1,799,854)(1,546,915)


$1,038,901$1,248,994





Data column 1: Unable to interpret date in column header


Table 5


Financial table in standard format


Assets

Level 1

Level 2

Level 3

June 30,

2010

Fair value of cash equivalents

$

3,000,820

$

$

$

3,000,820

Total

$

3,000,820

$

$

$

3,000,820

Liabilities

Level 1

Level 2

Level 3

June 30,

2010

Fair value of common stock warrants

$

$

$

529,905

$

529,905

Accrued rent related to office closures

31,933

31,933

Total

$

$

$

561,838

$

561,838

Cash equivalents represent the fair value of our investment in a money market account as of June 30, 2010. A discussion of the valuation techniques used to measure fair value for the common stock warrants is in Note 11. The accrued rent relates to a non-cash charge for the closure of our Denver, Colorado location, calculated by discounting the future lease payments to their present value using a risk-free discount rate of 1.2%. The accrued rent is included within accrued liabilities and other long-term liabilities in our consolidated balance sheets.

The following table shows the changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended June 30, 2010:







 



Other Liabilities*






Common Stock Warrant Liability






Total Level 3







Beginning balance  January 1, 2010



$
107,110


$
2,536,402


$
2,643,512





Total realized and unrealized gains or losses




401



(1,794,902
)


(1,794,501
)




Purchases, sales, repayments, settlements and issuances, net




(75,578
)


(211,595
)


(287,173
)




Net transfers in and/or (out) of level 3


















Ending balance  June 30, 2010



$
31,933


$
529,905


$
561,838









Akeena Solar, Inc.
CIK:1347452










Data column 1: Unable to interpret date in column header

Data column 2: Unable to interpret date in column header

Data column 3: Unable to interpret date in column header


Table 6


Financial table in standard format


Table of Contents

On May 17, 2010, we entered into an exclusive worldwide agreement to manufacture, distribute, market and install our solar panels under the Westinghouse name.

On July 22, 2010, we announced that we will operate under the name Westinghouse Solar and, effective July 23, 2010 at the opening of the market, our stock began trading under the stock sumbol WEST on the NASDAQ Capital Market, and we are listed as Akeena Solar, Inc. (d/b/a Westinghouse Solar). Subject to shareholder approval, we plan in the future to formally change our corporate name to Westinghouse Solar, Inc. Our installation business in California will continue to operate under the name Akeena Solar.

Concentration of Risk

A large portion of our revenues and our accounts receivable is related to sales of our systems to SunRun, a company that offers home solar power as a monthly service for consumers. As one of the available financing alternatives, we sell and install residential solar power systems for certain homeowners through SunRun. SunRun pays us for the systems, owns the residential solar system and sells the electricity that is generated from that system for the homeowner. In the three months ended June 30, 2010 and 2009, $6.0 million and $1.8 million, respectively, of our net revenues were derived from SunRun, representing 60.7% and 29.9%, respectively, of our net revenues. In the six months ended June 30, 2010 and 2009, $10.7 million and $3.3 million, respectively, of our net revenues were derived from SunRun, representing 65.1% and 24.2%, respe ctively, of our net revenues. As of June 30, 2010 and December 31, 2009, we had $1.1 million and $1.4 million, respectively, in accounts receivable from SunRun, which represented 31.5% and 30.0%, respectively, of our gross accounts receivable.

Contingencies

A U.S. Federal Custom Agency ruling from the New York region (NY Ruling) from January 9, 2009 is imposing a 2.5% tariff on the solar module imports of one U.S. based solar company. The tariff classification ordered in the NY Ruling is different than the one historically used in the solar industry for module imports. However, we had reserved $124,000 under accrued liabilities in our condensed consolidated balance sheet as of December 31, 2009. On March 31, 2010, the U.S. Federal Custom Agency revoked the NY Ruling and determined that solar modules should be treated as duty free. As a result of this ruling, we reversed the $124,000 accrual in the first quarter ended March 31, 2010, and as of June 30, 2010, we had no remaining liability.

Three Months Ended June 30, 2010 as Compared to Three Months Ended June 30, 2009

Results of Operations

The following table sets forth, for the periods indicated, certain information related to our operations, expressed in dollars and as a percentage of net sales:







 



Three Months Ended June 30,





 



2010






2009







Net revenue



$
9,923,299



100.0
%

$
5,905,360



100.0
%




Cost of goods sold




7,838,513



79.0
%


4,742,944



80.3
%




Gross profit




2,084,786



21.0
%


1,162,416



19.7
%




Operating expenses:






















Sales and marketing




2,003,035



20.2
%


1,481,788



25.1
%




General and administrative




3,442,565



34.7
%


2,845,813



48.2
%




Total operating expenses




5,445,600



54.9
%


4,327,601



73.3
%




Loss from operations




(3,360,814
)


(33.9
)%


(3,165,185
)


(53.6
)%




Other income (expense):






















Interest income (expense), net




(3,987
)


0.0
%


16,239



0.3
%




Unrealized gain (loss) on adjustment to the fair value of common stock warrants




911,379



9.2
%


(1,536,755
)


(26.0
)%




Total other income (expense)




907,392



9.1
%


(1,520,516
)


(25.7
)%




Loss before provision for income taxes




(2,453,422
)


(24.7
)%


(4,685,701
)


(79.3
)%




Provision for income taxes






















Net loss



$
(2,453,422
)


(24.7
)%

$
(4,685,701
)


(79.3
)%


 




















Loss per common and common equivalent share:






















Basic and diluted



$
(0.06
)





$
(0.14
)












Akeena Solar, Inc.
CIK:1347452


2010-03-30
to
2010-06-30
(3-months)		
2010-03-30
to
2010-06-30
(3-months)		
2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		

Net revenue$9,923,299100.0$5,905,360100.0


Cost of goods sold7,838,51379.04,742,94480.3


Gross profit2,084,78621.01,162,41619.7


Operating expenses:


Sales and marketing2,003,03520.21,481,78825.1


General and administrative3,442,56534.72,845,81348.2


Total operating expenses5,445,60054.94,327,60173.3


Loss from operations(3,360,814)(33.9(3,165,185)(53.6


Other income (expense):


Interest income (expense), net(3,987)0.016,2390.3


Unrealized gain (loss) on adjustment to the fair value of common stock warrants911,3799.2(1,536,755)(26.0


Total other income (expense)907,3929.1(1,520,516)(25.7


Loss before provision for income taxes(2,453,422)(24.7(4,685,701)(79.3


Provision for income taxes


Net loss$(2,453,422)(24.7$(4,685,701)(79.3


Loss per common and common equivalent share:


Basic and diluted$(0.06)$(0.14)





Table 7


Financial table in standard format


Table of Contents

Income taxes

During the three months ended June 30, 2010 and June 30, 2009, there was no income tax expense or benefit for federal and state income taxes reflected in our condensed consolidated statements of operations due to the our net loss and a valuation allowance on the resulting deferred tax asset.

Net loss

Net loss for the second quarter ended June 30, 2010 was $2.5 million, or $0.06 per share, compared to a net loss of $4.7 million, or $0.14 per share, for the second quarter ended June 30, 2009. Net loss for the second quarter ended June 30, 2010 included a favorable non-cash adjustment to the fair value of common stock warrants $911,000. Net loss for the second quarter ended June 30, 2009 included a non-cash charge of $1.5 million to reflect the fair value of common stock warrants. Excluding the adjustments to reflect the fair value of warrants, net loss for the second quarter ended June 30, 2010 would have been $3.4 million or $0.09 per share, compared to $3.1 million, or $0.10 per share, for the same period last year.

Six Months Ended June 30, 2010 as compared to Six Months Ended June 30, 2009

The following table sets forth, for the periods indicated, certain information related to our operations, expressed in dollars and as a percentage of net sales:







 



Six Months Ended June 30, 2010





 



2010






2009







Net revenue



$
16,378,804



100.0
%

$
13,499,950



100.0
%




Cost of goods sold




12,808,342



78.2
%


10,082,926



74.7
%




Gross profit




3,570,462



21.8
%


3,417,024



25.3
%




Operating expenses:






















Sales and marketing




3,692,341



22.5
%


3,135,909



23.2
%




General and administrative




6,567,016



40.1
%


6,907,219



51.2
%




Total operating expenses




10,259,357



62.6
%


10,043,128



74.4
%




Loss from operations




(6,688,895
)


(40.8
)%


(6,626,104
)


(49.1
)%




Other income (expense):






















Interest income (expense), net




5,135



0.0
%


(60,302
)


(0.5
)%




Unrealized gain (loss) on adjustment to the fair value of common stock warrants




1,794,902



11.0
%


(3,078,519
)


(22.8
)%




Total other income (expense)




1,800,037



11.0
%


(3,138,821
)


(23.3
)%




Loss before provision for income taxes




(4,888,858
)


(29.8
)%


(9,764,925
)


(72.3
)%




Provision for income taxes








0.0
%






0.0
%




Net loss



$
(4,888,858
)


(29.8
)%

$
( 9,764,925
)


(72.3
)%


 




















Loss per common and common equivalent share:






















Basic and diluted



$
(0.13
)





$
(0.31
)












Akeena Solar, Inc.
CIK:1347452




2009-12-30
to
2010-06-30
(6-months)		




Net revenue$16,378,804100.0$13,499,950100.0


Cost of goods sold12,808,34278.210,082,92674.7


Gross profit3,570,46221.83,417,02425.3


Operating expenses:


Sales and marketing3,692,34122.53,135,90923.2


General and administrative6,567,01640.16,907,21951.2


Total operating expenses10,259,35762.610,043,12874.4


Loss from operations(6,688,895)(40.8(6,626,104)(49.1


Other income (expense):


Interest income (expense), net5,1350.0(60,302)(0.5


Unrealized gain (loss) on adjustment to the fair value of common stock warrants1,794,90211.0(3,078,519)(22.8


Total other income (expense)1,800,03711.0(3,138,821)(23.3


Loss before provision for income taxes(4,888,858)(29.8(9,764,925)(72.3


Provision for income taxes0.00.0


Net loss$(4,888,858)(29.8$( 9,764,925)(72.3


Loss per common and common equivalent share:


Basic and diluted$(0.13)$(0.31)





Data column 1: "numyear" is ambiguous (2010 or 2010)

Data column 1: Unable to interpret date in column header

Data column 2: "numyear" is ambiguous (2010 or 2010)

Data column 2: Unable to interpret date in column header

Data column 4: "numyear" is ambiguous (2010 or 2009)

Data column 4: Unable to interpret date in column header

Data column 5: "numyear" is ambiguous (2010 or 2009)

Data column 5: Unable to interpret date in column header

Data column 6: "numyear" is ambiguous (2010 or 2009)

Data column 6: Unable to interpret date in column header


Original filing from SEC EDGAR system.