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Real Goods Solar, Inc. (RGSE) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

SEC Filings

Real Goods Solar, Inc.

CIK: 1425565 Ticker: RGSE

 

Exhibit 99.1

 

 

RGS Energy Reports On Current Financial Results and Position, POWERHOUSE™ Written Reservations Exceed $96 Million

 

DENVER, CO, August 14, 2018

– RGS Energy (NASDAQ: RGSE), the exclusive worldwide licensee of POWERHOUSE™, an innovative and visually stunning solar shingle system using technology developed by The Dow Chemical Company, reported results for its second quarter ended June 30, 2018 and filed its quarterly report on Form 10-Q. RGS Energy encourages investors to read the filing for a complete report of its results for the second quarter.

 

Reinvented Company Focused on POWERHOUSE™

 

RGS believes it will be the first mover and an industry leader of built-in photovoltaic shingles, as the manufacturer of POWERHOUSE™ 3.0. Recent legislation such as the California Solar Mandate places the company in a position to significantly grow revenue. The manufacturing supply chain is in place and the product is progressing towards receiving UL certification. Due to UL closing their facility where POWERHOUSE™ is currently being tested, RGS currently expects to complete UL certification at another facility in October. The company has received over $96 million to-date in written reservations from roofing companies.

 

“We believe we already have written reservations for future annual revenue for us to operate at a profit,” said Dennis Lacey, CEO of RGS Energy. “Now more than ever, we believe POWERHOUSE™ represents a major game-changer for RGS. Looking ahead, we see strong growth and expect profits in 2019.”

 

The company needed financial capital to commercially launch POWERHOUSE™ 3.0, which it obtained from an April convertible notes and common stock warrants offering.

 

New Cash Resulting from the Convertible Note Financing

 

   Cash   Note Principal and Additional Amount   Series Q Common Stock Warrants Shares 
At closing of the offering on April 9, 2018  $5,000,000   $11,500,000    9,857,143 
Conversions of notes to Class A common stock        (6,438,000)     
Exercises of warrants   112,000    -    (200,000)
Placement agent fees   (454,197)   -    - 
As of June 30, 2018   4,657,803    5,062,000    9,657,143 
                
Activity during the period July 1 to August 10, 2018               
Additional amounts arising from shareholder approval reset   -    25,577,431    - 
Exercises of warrants   8,166,667         (7,191,667)
Conversions of notes to Class A common stock   1,672,956    (16,039,109)     
Placement agent fees   (117,107)   -    - 
As of August 10, 2018   14,380,319    14,600,322    2,465,476 
                
Expected future activity:               
Series Q common stock warrants   -    -    (1,735,317)
Placement agent common stock warrants   -    -    (730,159)
Funding of remaining balance on Investor Notes   3,327,044    (3,327,044)   - 
Conversions of notes to Class A common stock   -    (13,057,278)   - 
Placement agent fees   (232,893)   -    - 
Expected net cash from the 2018 Convertible Note Offering  $17,474,470   $0    0 

 


The following information was filed by Real Goods Solar, Inc. (RGSE) on Tuesday, August 14, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Real Goods Solar, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statement Of Changes In Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Commitments And Contingencies
Commitments And Contingencies (Detail Textuals)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Remaining Future Minimum Payments Of All Leases (Details)
Convertible Debt
Convertible Debt (Detail Textuals)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Reconciliation Of Discontinued Operations Presented In Condensed Consolidated Balance Sheets (Details 1)
Discontinued Operations - Reconciliation Of Discontinued Operations Presented In Condensed Consolidated Statements Of Operations (Details)
Fair Value Measurements
Fair Value Measurements (Details 1)
Fair Value Measurements (Details 4)
Fair Value Measurements (Details 5)
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Of Assets And Liabilities Measured On Recurring Basis (Details 2)
Fair Value Measurements - Reconciliation Of Common Stock Warrant Liability Measured At Fair Value On Recurring Basis (Details 3)
Goodwill Impairment
Goodwill Impairment (Detail Textuals)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Detail Textual)
Net Income (Loss) Per Share (Details)
Net Income (Loss) Per Share (Tables)
Organization, Nature Of Operations, And Principles Of Consolidation
Organization, Nature Of Operations, And Principles Of Consolidation (Detail Textuals)
Organization, Nature Of Operations, And Principles Of Consolidation (Details)
Organization, Nature Of Operations, And Principles Of Consolidation (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Revenue
Revenue (Detail Textuals)
Segment Information
Segment Information (Detail Textuals)
Segment Information (Tables)
Segment Information - Financial Information For Segments And Reconciliation Of Total Of Reportable Segments' Income/(Loss)From Operations (Details)
Segment Information - Reconciliation Of Reportable Segments' Assets To Consolidated Total Assets (Details 1)
Share-Based Compensation
Share-Based Compensation (Detail Textuals)
Share-Based Compensation (Details)
Share-Based Compensation (Tables)
Shareholders' Equity
Shareholders' Equity (Detail Textuals)
Shareholders' Equity (Tables)
Shareholders' Equity - Shares Of Class A Common Stock Reserved For Future Issuance (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Real Goods Solar, Inc. provided additional information to their SEC Filing as exhibits

Ticker: RGSE
CIK: 1425565
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-18-057441
Submitted to the SEC: Tue Nov 06 2018 4:01:28 AM EST
Accepted by the SEC: Tue Nov 06 2018
Period: Sunday, September 30, 2018
Industry: Construction Special Trade Contractors

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