Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,640,864	$ 5,405,233
Accounts receivable, net	6,640,483	6,026,545
Inventories, net	9,679,229	9,634,005
Unbilled revenue	126,738	398,898
Prepaid and other current assets	949,256	680,565
Total current assets	19,036,570	22,145,246
Property, plant and equipment, net	1,820,059	1,738,036
Right-of-use assets - operating leases	1,728,780	1,730,358
Right-of-use assets - finance leases	933,671	452,390
Intangible assets, net	2,330,959	2,513,189
Goodwill	2,346,566	2,346,566
Other assets	155,232	166,474
TOTAL ASSETS	28,351,837	31,092,259
Current liabilities:
Related party notes, current portion	0	1,548,872
Accounts payable	4,946,218	4,142,678
Accrued expenses	2,976,211	2,890,886
Deferred revenue, current portion	4,420,644	6,701,131
Operating lease obligations, current portion	481,891	430,382
Finance lease obligations, current portion	173,362	85,646
Acquisition liabilities, current portion	883,541	902,552
Unfavorable contract liability, current portion	83,962	113,449
Total current liabilities	13,965,829	16,815,596
Long-term liabilities:
Related party notes, net of current portion	1,067,848	0
Deferred revenue, net of current portion	1,252,831	1,165,951
Operating lease obligations, net of current portion	1,295,450	1,341,789
Finance lease obligations, net of current portion	675,198	325,235
Acquisition liabilities, net of current portion	878,151	1,008,760
Unfavorable contract liability, net of current portion	275,079	309,390
Total liabilities	19,410,386	20,966,721
Commitments and contingencies
Tecogen Inc. shareholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized; 25,571,490 issued and outstanding at June 30, 2025 and 24,950,261 shares issued and outstanding at December 31, 2024	25,571	24,950
Additional paid-in capital	58,837,181	57,845,289
Accumulated deficit	(49,763,921)	(47,639,894)
Total Tecogen Inc. stockholders’ equity	9,098,831	10,230,345
Non-controlling interest	(157,380)	(104,807)
Tecogen Inc. stockholders’ equity:	8,941,451	10,125,538
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 28,351,837	$ 31,092,259

TECOGEN INC. 10-Q