Company: SUNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0000022701-25-000002
Chunk: 27

Company: SUNation Energy, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 27
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4, the FASB issued ASU 2024-04, “Debt with Conversion and Other Options,” which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual report periods. Early adoption is permitted for all entities that have adopted the amendments in ASU Update 2020-06. Adoption can be on a prospective or retrospective basis. The Company is currently evaluating this ASU and the impact it may have on its consolidated financial statements. Accounting Standards Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. This ASU is effective for fiscal periods beginning after December 15, 2023, with early adoption permitted. The Company adopted this ASU effective December 31, 2024. See further discussion within Note 14, Segment Information.  

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  NOTE 3 – REVENUE RECOGNITION Disaggregation of revenue Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that best reflects the consideration we expect to receive in exchange for those goods or services.  The following table disaggregates revenue based on type for the years ended December 31, 2024 and 2023:             Revenue by Type SUNation HEC  2024  2023 2024  2023Residential contracts$ 30,715,255 $ 39,326,408$ 15,984,618 $ 24,855,946Commercial contracts  6,700,469   9,903,437  429,259   1,380,466Service revenue  2,317,638   3,133,865  714,514   673,544Software revenue  —   —  —   347,550Other  —   —  —   11,493 $ 39,733,362 $ 52,363,710$ 17,128,391 $