Zeo Energy Corp. Files 10-Q/A Amendment

TL;DR

Zeo Energy Corp. filed an amendment to its Q1 2024 10-Q. Check for updates.

AI Summary

Zeo Energy Corp. filed an amendment (No. 2) to its Form 10-Q for the quarterly period ended March 31, 2024. The filing, submitted on January 23, 2025, pertains to the company's financial reporting and operations. Zeo Energy Corp., formerly ESGEN Acquisition Corp., is incorporated in Delaware and headquartered in Dallas, TX.

Why It Matters

This amendment provides updated financial information for Zeo Energy Corp. for the quarter ending March 31, 2024, which is crucial for investors to assess the company's performance and financial health.

Risk Assessment

Risk Level: low — This filing is an amendment to a routine quarterly report and does not appear to contain significant new negative information.

Key Numbers

• 20240331 — Quarterly Period End (The financial reporting period covered by the 10-Q/A.)
• 20250123 — Filing Date (The date the amendment was submitted to the SEC.)

Key Players & Entities

• Zeo Energy Corp. (company) — Registrant
• ESGEN Acquisition Corp. (company) — Former company name
• March 31, 2024 (date) — Quarterly period end date
• January 23, 2025 (date) — Filing date
• 001-40927 (other) — Commission File Number

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share ZEO The Nasdaq Stock Market L
• $11 — e of Class A Common Stock at a price of $11.50, subject to adjustment ZEOWW The Nas
• $0 — ares of Class V common stock, par value $0.0001, outstanding. EXPLANATORY NOTE

Filing Documents

• ea0221763-10qa2_zeo.htm (10-Q/A) — 1388KB
• ea022176301ex31-1_zeo.htm (EX-31.1) — 11KB
• ea022176301ex31-2_zeo.htm (EX-31.2) — 11KB
• ea022176301ex32-1_zeo.htm (EX-32.1) — 4KB
• ea022176301ex32-2_zeo.htm (EX-32.2) — 4KB
• 0001213900-25-006066.txt ( ) — 9221KB
• zeo-20240331.xsd (EX-101.SCH) — 80KB
• zeo-20240331_cal.xml (EX-101.CAL) — 42KB
• zeo-20240331_def.xml (EX-101.DEF) — 384KB
• zeo-20240331_lab.xml (EX-101.LAB) — 622KB
• zeo-20240331_pre.xml (EX-101.PRE) — 398KB
• ea0221763-10qa2_zeo_htm.xml (XML) — 1692KB

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (as restated) 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (as restated) 2 Condensed Consolidated Statements of Changes in Redeemable Noncontrolling Interests and Stockholders' Equity for the three months ended March 31, 2024 (as restated) 3 Condensed Consolidated Statements of Changes in Redeemable Noncontrolling Interests and Stockholders' Equity for the three months ended March 31, 2023 (as restated) 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (as restated) 5 Notes to Condensed Consolidated Financial Statements (as restated) 6

Management's Discussion and Analysis of Financial Condition and Results of Operations (as restated)

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (as restated) 35

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 45

Control and Procedures

Item 4. Control and Procedures 45

- OTHER INFORMATION

PART II - OTHER INFORMATION 47

Legal Proceedings

Item 1. Legal Proceedings 47

Risk Factors

Item 1A. Risk Factors 47

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 47

Exhibits

Item 6. Exhibits 48

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ZEO ENERGY CORP. CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, As of December 31, 2024 2023 (as restated - See Note 2) (as restated - See Note 2) Assets Current assets Cash and cash equivalents $ 7,731,124 $ 8,022,306 Accounts receivable, including $ 3,089,329 and $ 396,488 from related parties, net of allowance for credit losses of $ 1,012,580 and $ 862,580 , as of March 31, 2024 and December 31, 2023, respectively 7,745,563 2,905,205 Inventories 379,321 350,353 Prepaid installation costs 466,111 4,915,064 Prepaid expenses and other current assets 2,129,532 40,403 Total current assets 18,451,651 16,233,331 Other assets 232,892 62,140 Property, equipment and other fixed assets, net 2,347,395 2,289,723 Right -of-use operating lease asset 982,951 1,135,668 Right-of-use finance lease asset 549,366 583,484 Intangibles, net 514,020 771,028 Goodwill 27,010,745 27,010,745 Total assets $ 50,089,020 $ 48,086,119 Liabilities, redeemable noncontrolling interests and stockholders' equity (deficit) Current liabilities Accounts payable $ 5,448,483 $ 4,699,855 Accrued expenses and other current liabilities, including $ 267,006 and $ 2,415,966 with related parties at March 31, 2024 and December 31, 2023, respectively 3,897,557 4,646,365 Current portion of long-term debt 299,515 294,398 Current portion of obligations under operating leases 487,348 539,599 Current portion of obligations under finance leases 121,319 118,416 Contract liabilities, including $ 106,585 and $ 1,160,848 with related parties as of March 31, 2024 and December 31, 2023, respectively 660,932 5,223,518 Total current liabilities 10,915,154 15,522,151 Obligations under operating leases, non-current 529,015 636,414 Obligations under finance leases, non-current 447,831 479,271 Other liabilities 1,500,000 - Warrant liabilities 1,656,000 - Long-term debt 748,791

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View this 10-Q/A filing on SEC EDGAR