Company: SUNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0000022701-25-000002
Chunk: 33

Company: SUNation Energy, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 33
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 Useful Life  Gross Carrying Amount  Accumulated Amortization Impairment Loss  NetTradenames & trademarks8 years $ 17,900,000 $ (5,679,167)$ — $ 12,220,833Developed technology4 years   2,400,000   (1,650,000)  (750,000)   —   $ 20,300,000 $ (7,329,167)$ (750,000) $ 12,220,833                              December 31, 2023 Estimated Useful Life  Gross Carrying Amount  Accumulated Amortization Impairment Loss  NetTradenames & trademarks3-8 years $ 22,187,882 $ (7,729,549)$ — $ 14,458,333Developed technology4 years   2,400,000   (1,050,000)  —   1,350,000Backlog1 year   600,000   (600,000)  —   —   $ 25,187,882 $ (9,379,549)$ — $ 15,808,333

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  Amortization expense on these identifiable intangible assets was $2,837,500 and $4,738,477 in 2024 and 2023, respectively. The weighted average remaining useful life at December 31, 2024 was 5.5 years. The estimated future amortization expense for identifiable intangible assets during the next five fiscal years is as follows:      Year Ending December 31:   2025 $  2,237,5002026   2,237,5002027   2,237,5002028   2,237,5002029   2,237,500Thereafter   1,033,333Total $  12,220,833        NOTE 9 – COMMITMENTS AND CONTINGENCIES Loan Payable Pineapple Energy LLC has a loan in an original amount of $7,500,000 payable to Hercules Capital, Inc. (“Hercules”) under a loan and security agreement (the “Term Loan Agreement”).  This loan accrues interest at 10%, payable-in-kind (“PIK”) and was initially due and payable on December 10, 2023. There are no financial covenants associated with this loan.  This loan was used to acquire fixed assets, inventory, and intangible assets of Sunge