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Summary of Significant Accounting Policies (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]    
Schedule of Condensed Consolidated Statement of Operations

Impact to the condensed consolidated statement of operations for the three months ended September 30, 2023

  

As reported

  

Adjustment

  

As restated

Cost of goods sold (exclusive of depreciation and amortization shown below)

  

$

28,950,493

 

  

$

(8,477,406

)

  

$

20,473,087

 

Depreciation and amortization

  

$

524,461

 

  

$

(3,172

)

  

$

521,289

 

Sales and marketing

  

$

764,828

 

  

$

7,830,817

 

  

$

8,595,645

 

General and administrative

  

$

3,693,550

 

  

$

609,303

 

  

$

4,302,853

 

Total operating expenses

  

$

33,933,332

 

  

$

(40,458

)

  

$

33,892,874

 

(Loss) Income from operations

  

$

3,960,834

 

  

$

40,458

 

  

$

4,001,292

 

Interest expense

  

$

(295

)

  

$

(10,101

)

  

$

(10,396

)

Total other income (expense), net

  

$

8,856

 

  

$

(10,101

)

  

$

(1,245

)

Net income

  

$

3,969,690

 

  

$

30,357

 

  

$

4,000,047

 

Impact to the condensed consolidated statement of operations for the nine months ended September 30, 2023

  

As reported

  

Adjustment

  

As restated

Cost of goods sold (exclusive of depreciation and amortization shown below)

  

$

68,204,199

 

  

$

(18,958,478

)

  

$

49,245,721

 

Depreciation and amortization

  

$

1,446,626

 

  

$

(15,144

)

  

$

1,431,482

 

Sales and marketing

  

$

1,805,308

 

  

$

18,008,671

 

  

$

19,813,979

 

General and administrative

  

$

8,846,154

 

  

$

869,904

 

  

$

9,716,058

 

Total operating expenses

  

$

80,302,287

 

  

$

(95,047

)

  

$

80,207,240

 

(Loss) Income from operations

  

$

6,402,733

 

  

$

95,047

 

  

$

6,497,780

 

Interest expense

  

$

(39,838

)

  

$

(23,082

)

  

$

(62,920

)

Total other income (expense), net

  

$

(32,856

)

  

$

(23,082

)

  

$

(55,938

)

Net income

  

$

6,369,877

 

  

$

71,965

 

  

$

6,441,842

 
 
Schedule of Condensed Consolidated Statement of Changes in Redeemable Noncontrolling Interest

Impact to the condensed consolidated statement of changes in redeemable noncontrolling interests and members’ equity for the three and nine months ended September 30, 2023

  

As reported

  

Adjustment

  

As restated

Retained earnings

  

 

    

 

    

 

  

Net income prior to the business combination

  

$

1,602,939

  

$

9,798

  

 

1,612,737

Balance, March 31, 2023

  

$

1,556,598

  

$

9,798

  

$

1,566,396

Net income prior to the business combination

  

$

797,249

  

$

31,809

  

$

829,058

Balance, June 30, 2023

  

$

1,992,528

  

$

41,607

  

$

2,034,135

Net income prior to the business combination

  

$

3,969,690

  

$

30,357

  

$

4,000,047

Balance, September 30, 2023

  

$

3,200,342

  

$

71,964

  

$

3,272,306

Total Stockholders’ Equity

  

 

    

 

    

 

  

Net income prior to the business combination

  

$

1,602,939

  

$

9,798

  

$

1,612,737

Balance, March 31, 2023

  

$

32,712,462

  

$

9,798

  

$

32,722,260

Net income prior to the business combination

  

$

797,249

  

$

31,809

  

$

829,058

Balance, June 30, 2023

  

$

33,259,392

  

$

41,607

  

$

33,189,999

Net income prior to the business combination

  

$

3,969,690

  

$

30,357

  

$

4,000,047

Balance, September 30, 2023

  

$

34,356,206

  

$

71,964

  

$

34,428,170
 
Schedule of Condensed Consolidated Statement of Cash Flows

Impact to the condensed consolidated statement of cash flows for the nine months ended September 30, 2023

  

As reported

  

Adjustment

  

As restated

Cash Flows from Operating Activities

  

 

  

 

  

 

  

 

  

 

  

 

Net Income

  

$

6,369,877

 

  

$

71,965

 

  

$

6,441,842

 

Adjustment to reconcile net loss to cash used in operating activities:

  

 

  

 

  

 

  

 

  

 

  

 

Depreciation and amortization

  

$

1,446,626

 

  

$

(79,906

)

  

$

1,366,720

 

Non-cash operating lease expense

  

$

—

 

  

$

399,610

 

  

$

399,610

 

Non-cash finance lease expense

  

$

—

 

  

$

64,762

 

  

$

64,762

 

Changes in operating assets and liabilities:

  

 

  

 

  

 

  

 

  

 

  

 

Operating lease

  

$

9,721

 

  

$

(399,611

)

  

$

(389,890

)

Net cash used in operating activities

  

$

5,609,528

 

  

$

56,820

 

  

$

5,666,348

 

Cash flows from Investing Activities

  

 

  

 

  

 

  

 

  

 

  

 

Purchase of property, plant and equipment

  

$

(907,563

)

  

 

745,795

 

  

$

(161,768

)

Net cash provided by investing activities

  

$

(907,563

)

  

 

745,795

 

  

$

(161,768

)

Cash flows from Financing Activities

  

 

  

 

  

 

  

 

  

 

  

 

Issuance of debt

  

$

938,003

 

  

$

(745,793

)

  

$

192,210

 

Repayments of finance lease

  

$

—

 

  

$

(56,822

)

  

$

(56,822

)

Net cash provided by financing activities

  

$

(2,624,251

)

  

$

(802,615

)

  

$

(3,426,866

)

Non-cash transactions

  

 

  

 

  

 

  

 

  

 

  

 

Right-of-use assets obtained in exchange for operating lease liabilities

  

$

—

 

  

$

653,663

 

  

$

653,663

 

Right-of-use assets obtained in exchange for finance lease liabilities

  

$

—

 

  

$

682,365

 

  

$

682,365

 
 
Schedule of Revenue Recognition Thus, revenue recognition is in turn matched with the installation equipment costs and expense associated with the completion of each project.

  

For the three months ended
September 30,

  

For the nine months ended
September 30,
   

2024

  

2023

  

2024

  

2023

Solar systems installations, gross

  

$

24,120,570

 

  

$

50,904,324

 

  

$

69,727,470

 

  

$

115,213,716

 

Financing fees

  

 

(4,890,020

)

  

 

(14,941,988

)

  

 

(17,394,944

)

  

 

(33,726,283

)

Solar systems installations, net

  

 

19,230,550

 

  

 

35,962,336

 

  

 

52,332,526

 

  

 

81,487,433

 

Roofing installations

  

 

427,355

 

  

 

1,931,830

 

  

 

2,263,807

 

  

 

5,217,587

 

Total net revenues

  

$

19,657,905

 

  

$

37,894,166

 

  

$

54,596,333

 

  

$

86,705,020

 
 
Schedule of Change in Contract Liabilities

The following table summarizes the change in contract liabilities:

  

September 30,
2024

  

December 31,
2023

Contract liabilities, beginning of the period

  

$

5,223,518

 

  

$

1,149,047

 

Revenue recognized from amounts included in contract liabilities at the beginning of the period

  

 

(5,223,518

)

  

 

(1,149,047

)

Cash received prior to completion of performance obligation

  

 

601,681

 

  

 

5,223,518

 

Contract liabilities, as of the end of the period

  

$

601,681

 

  

$

5,223,518

 
 
Schedule of Computation of the Basic and Diluted Income Per Share of Class A Common Stock

The following table presents the computation of the basic and diluted income per share of Class A Common Stock for the period of March 13, 2024 (the Closing Date) to September 30, 2024:

  

Three months ended
September 30,
2024

  

Nine months ended
September 30,
2024
   

Numerator

  

 

  

 

  

 

  

 

Net income attributable to Class A common shareholders

  

$

(424,262

)

  

$

(2,233,543

)

Denominator

  

 

  

 

  

 

  

 

Basic and diluted weighted-average shares of Class A common stock outstanding

  

 

5,053,942

 

  

 

3,696,721

 
   

 

  

 

  

 

  

 

Net income per share of Class A common stock – basic and diluted

  

$

(0.08

)

  

$

(0.60

)
The earnings per share presented in the statement of operations is based on the following:
 

Year Ended
December 31,
2023

  

Year Ended
December 31,
2022

Net (loss) income

  

$

(3,001,194

)

  

$

14,334,250

 

Accretion of temporary equity to redemption value

  

 

6,167,983

 

  

 

(3,984,431

)

Net income including accretion of temporary equity to redemption value

  

$

3,166,789

 

  

$

10,349,819

 
 

Year Ended
December 31, 2023

  

Year Ended
December 31, 2022
   

Redeemable
Class A

  

Non-redeemable
Class A and
Class B

  

Redeemable
Class A

  

Non-redeemable
Class A and
Class B

Basic and diluted net (loss) income per share

  

 

  

 

  

 

    

 

    

 

  

Numerator:

  

 

  

 

  

 

    

 

    

 

  

Allocation of net (loss) income including accretion of temporary equity

  

$

1,140,044

 

  

$

2,026,745

  

$

8,279,855

  

$

2,069,964

Allocation of accretion of temporary equity to redemption value

  

 

(6,167,983

)

  

 

—

  

 

3,984,431

  

 

—

Allocation of net (loss) income

  

$

(5,027,939

)

  

$

2,026,745

  

$

12,264,286

  

$

2,069,964

Denominator:

  

 

  

 

  

 

    

 

    

 

  

Weighted-average shares outstanding

  

 

3,821,284

 

  

 

6,900,000

  

 

27,600,000

  

 

6,900,000

Basic and diluted net (loss) income per share

  

$

(1.32

)

  

$

0.29

  

$

0.44

  

$

0.30