Company: SUNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0000022701-25-000002
Chunk: 31

Company: SUNation Energy, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 31
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 to this transaction has been retrospectively applied to all prior periods presented. The financial results of the discontinued operations are as follows:          Year Ended December 31  2024 2023Sales $ — $ 3,414,810Cost of sales   —   2,444,014Selling, general and administrative expenses   —   916,911Amortization expense   —   —Transaction costs   —   14,426Goodwill impairment loss   —   —Restructuring expenses   —   56,717Loss on sale of assets   —   1,190,002Operating loss before income taxes   —   (1,207,260)Income tax (benefit) expense   —   (14,985)Net loss from discontinued operations $ — $ (1,192,275) During the year ended December 31, 2023, the Company recorded $56,717 in restructuring expenses, which consisted of severance and related benefits costs. The Company paid $56,717 in restructuring charges in 2023 and had no restructuring accruals recorded at December 31, 2023.    NOTE 7 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment and the estimated useful lives are as follows:           Estimated December 31 useful life 2024 2023Leasehold improvements3-12 years   741,650   751,025Machinery and equipment3-15 years   1,229,921   1,182,664Furniture and fixtures3-10 years   66,289   93,013     2,037,860   2,026,702Less accumulated depreciation    (798,962)   (514,824)   $ 1,238,898 $ 1,511,878       

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NOTE 8 – GOODWILL AND INTANGIBLE ASSETS The Company reassesses the value of our reporting units and related goodwill balances annually on October 1 and at other times if events have occurred or circumstances exist that indicate the carrying amount of goodwill may not be recoverable. As of October 1, 2024, we conducted our annual goodwill impairment test and concluded that the fair value of our reporting units exceeded its carrying value. However, during the fourth quarter of fiscal 2024, we performed an interim quantitative assessment as of December 31, 2024 related to the recoverability of our goodwill for our two reporting units as a result