Company: SUNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0000022701-25-000002
Chunk: 52

Company: SUNation Energy, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 52
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 Company entered into a securities purchase agreement with certain institutional investors for the sale by the Company of 3,604 shares (2,702,703 prior to the Reverse Stock Splits) of the Company’s common stock in a registered direct offering. The purchasers in this offering purchased, and the Company sold, the shares at a purchase price per share of 

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$277.50 ($0.37 prior to the Reverse Stock Splits). The sale closed on February 7, 2024 for aggregate gross proceeds of $1.0 million, before deducting the placement agent fees and related offering expenses.  At the Market Offering On October 21, 2024, the Company entered into an At the Market (“ATM”) Offering Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC (the “Sales Agent”). The Company has authorized the sale, at its discretion, of common stock shares in an aggregate offering amount up to $10,000,000 under the Sales Agreement pursuant to the Company’s effective Registration Statement on Form S-3 (File No. 333-267066), as supplemented by a prospectus supplement. Through December 31, 2024, the Company sold an aggregate of 448,216 shares of common stock for gross proceeds of $2,457,354 under the ATM facility, before deducting the placement agent fees and related offering expenses. NOTE 13 - INCOME TAXES Income tax (benefit) expense from continuing operations consists of the following:                  Year Ended December 31  2024 2023Current year income taxes :      Federal $ — $ 17,622State   76,398   59,975    76,398   77,597Deferred income taxes:      Federal $ (41,579) $ 41,579    (41,579)   41,579       Income tax expense $ 34,819 $ 119,176 The provision for income taxes for continuing operations varied from the federal statutory tax rate as follows:              Year Ended December 31  2024 2023Tax at U.S. statutory rate  21.0%  21.0%State income taxes, net of federal benefit  (3.8)  4.4Other nondeductible items  (4.3)  2.1Change in valuation allowance  (8.1)  (30.0)Other   (5.0)  0.5Effective tax rate