Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 13, 2019 | |
Entity Registrant Name | Real Goods Solar, Inc. | |
Entity Central Index Key | 0001425565 | |
Trading Symbol | rgse | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Class A common stock | ||
Entity Common Stock, Shares Outstanding | 110,332,895 | |
Class B common stock | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 2,138 | $ 5,831 |
Accounts receivable, net | 1,083 | 1,340 |
Costs in excess of billings | 45 | 11 |
Inventory, net | 3,007 | 1,595 |
Deferred costs on uncompleted contracts | 263 | 236 |
Other current assets | 1,789 | 1,613 |
Total current assets | 8,325 | 10,626 |
Property and equipment, net | 710 | 778 |
POWERHOUSE license, net | 3,175 | 3,202 |
Operating lease right-of-use asset | 2,171 | |
Net investment in sales-type leases and other assets | 1,570 | 1,654 |
Total assets | 15,951 | 16,260 |
Current liabilities: | ||
Convertible debt, net | 336 | |
Accounts payable | 1,823 | 862 |
Accrued liabilities | 1,691 | 1,571 |
Operating lease liability | 846 | |
Deferred revenue and other current liabilities | 1,807 | 956 |
Total current liabilities | 6,167 | 3,725 |
Other liabilities | 1,096 | 1,242 |
Operating lease liability | 1,295 | |
Common stock warrant liabilities | 256 | 511 |
Total liabilities | 8,814 | 5,478 |
Commitments and contingencies (Note 7) | ||
Shareholders' equity: | ||
Preferred stock, par value $.0001 per share; 50,000,000 shares authorized; no shares issued and outstanding | ||
Additional paid-in capital | 254,139 | 253,331 |
Accumulated deficit | (247,019) | (242,566) |
Total shareholders' equity | 7,137 | 10,782 |
Total liabilities and shareholders' equity | 15,951 | 16,260 |
Class A common stock | ||
Shareholders' equity: | ||
Common stock, value | 17 | 17 |
Total shareholders' equity | 17 | 17 |
Class B common stock | ||
Shareholders' equity: | ||
Common stock, value | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 92,964,474 | 91,859,638 |
Common stock, shares outstanding | 92,964,474 | 91,859,638 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Contract revenue: | ||
Contract revenue for service, sale and installation of solar energy systems and powerhouse sales | $ 2,162 | $ 2,822 |
Leasing, net | 13 | 15 |
Contract expenses: | ||
Customer acquisition | 1,084 | 1,191 |
Contract loss | (1,436) | (1,601) |
Operating expense | 3,016 | 2,677 |
Litigation | 50 | 117 |
Operating loss | (4,502) | (4,395) |
Change in fair value of derivative liabilities and loss on debt extinguishment | 57 | 28 |
Amortization of debt discount and deferred loan costs | (53) | |
Other income | 8 | 29 |
Net loss | $ (4,490) | $ (4,338) |
Net loss per share - basic and diluted: | ||
Basic and Diluted (in dollars per share) | $ (0.05) | $ (0.42) |
Weighted-average shares outstanding: | ||
Basic and Diluted (in shares) | 92,558 | 10,210 |
Sale and installation of solar energy systems | ||
Contract revenue: | ||
Contract revenue for service, sale and installation of solar energy systems and powerhouse sales | $ 1,556 | $ 2,520 |
Contract expenses: | ||
Contract expenses for service, Installation of solar energy systems and powerhouse manufacturing | 1,906 | 2,839 |
POWERHOUSE | ||
Contract revenue: | ||
Contract revenue for service, sale and installation of solar energy systems and powerhouse sales | 65 | |
Contract expenses: | ||
Contract expenses for service, Installation of solar energy systems and powerhouse manufacturing | 167 | |
Service | ||
Contract revenue: | ||
Contract revenue for service, sale and installation of solar energy systems and powerhouse sales | 528 | 287 |
Contract expenses: | ||
Contract expenses for service, Installation of solar energy systems and powerhouse manufacturing | $ 441 | $ 393 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Class A Common Stock | Additional Paid - in Capital | Accumulated Deficit | Total |
Balances at Dec. 31, 2017 | $ 8 | $ 206,640 | $ (200,482) | $ 6,166 |
Balances (in shares) at Dec. 31, 2017 | 8,151,845 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Proceeds from common stock offering and warrant exercises, net of costs | 1,524 | 1,524 | ||
Proceeds from common stock offering and warrant exercises, net of costs (in shares) | 1,600,000 | |||
Common stock issued to settle proxy contest (in shares) | 600,000 | |||
Net loss | (4,338) | (4,338) | ||
Balances at Mar. 31, 2018 | $ 8 | 208,164 | (204,820) | 3,352 |
Balances (in shares) at Mar. 31, 2018 | 10,351,845 | |||
Balances at Dec. 31, 2018 | $ 17 | 253,331 | (242,566) | 10,782 |
Balances (in shares) at Dec. 31, 2018 | 91,859,638 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Conversion of 2018 Notes | 421 | 421 | ||
Conversion of 2018 Notes (in shares) | 894,836 | |||
Proceeds from warrant exercises related to 2018 Note Offering | 309 | 309 | ||
Proceeds from warrant exercises related to 2018 Note Offering (in shares) | 210,000 | |||
Share-based compensation | 78 | 78 | ||
Adoption of lease accounting standard | 37 | 37 | ||
Net loss | (4,490) | (4,490) | ||
Balances at Mar. 31, 2019 | $ 17 | $ 254,139 | $ (247,019) | $ 7,137 |
Balances (in shares) at Mar. 31, 2019 | 92,964,474 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net loss | $ (4,490) | $ (4,338) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 72 | 107 |
Amortization of POWERHOUSE License | 50 | |
Share based compensation expense | 78 | |
Change in fair value of derivative liabilities and loss on debt extinguishment | (57) | (28) |
Amortization of debt discount and deferred loan cost | 53 | |
Bad debt expense | 5 | 29 |
Inventory obsolescence | 7 | (10) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 252 | 795 |
Costs in excess of billings on uncompleted contracts | (34) | |
Inventory | (1,420) | 265 |
Deferred costs on uncompleted contracts | (27) | (51) |
Net investment in sales-type leases and other current assets | (38) | 19 |
Other non-current assets | 240 | 22 |
Accounts payable | 913 | 731 |
Accrued liabilities | 191 | (106) |
Deferred revenue and other current liabilities | 851 | 210 |
Other liabilities | (365) | (104) |
Net cash used in operating activities | (3,719) | (2,459) |
Investing activities: | ||
Payments related to POWERHOUSE license | (23) | (64) |
Purchases of property and equipment | (4) | (4) |
Net cash used in investing activities | (27) | (68) |
Financing activities: | ||
Proceeds from warrant exercises | 68 | 8 |
Transaction costs | (15) | |
Proceeds from issuance of warrants, net of costs | 822 | |
Proceeds from the issuance of common stock, net of costs | 830 | |
Net cash provided by financing activities | 53 | 1,660 |
Net decrease in cash | (3,693) | (867) |
Cash at beginning of period | 5,831 | 1,170 |
Cash at end of period | 2,138 | $ 303 |
Non-cash items | ||
Transaction costs paid through AP | 48 | |
Issuance of Class A common stock for conversion of 2018 Notes, net of costs | 421 | |
Issuance of Class A common stock for exercise of common stock warrants | 309 | |
Recognition of right-of-use asset upon adoption of ASC 842 | 2,397 | |
Recognition of lease liability upon adoption of ASC 842 | $ 2,360 |
Organization, Nature of Operati
Organization, Nature of Operations, and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Nature of Operations, and Principles of Consolidation | 1. Organization, Nature of Operations, and Principles of Consolidation Real Goods Solar, Inc. (the “Company” or “RGS”) is in the solar energy stem business as (i) a manufacturer of POWERHOUSE™ 3.0 in-roof solar shingles and (ii) a residential and small business commercial solar energy engineering, procurement, and construction (“EPC”) firm. The consolidated financial statements include the accounts of RGS and its wholly-owned subsidiaries. RGS has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP, which include the Company’s accounts and those of its subsidiaries. Intercompany transactions and balances have been eliminated. The Company has included the results of operations of acquired companies from the effective date of acquisition. POWERHOUSE™ License Agreement A material significant event occurred on September 29, 2017 (the “Effective Date”), when the Company executed an exclusive domestic and international world-wide Technology License Agreement (the “License”) with Dow Global Technologies LLC (“Dow”) for its POWERHOUSE™ in-roof solar shingle (“POWERHOUSE™”). The License allows RGS to market the POWERHOUSE™ 3.0 product using the Dow name, and under the terms of the License agreed to a license fee of $3 million. The License requires the Company to commercialize and sell a minimum of 50 megawatts of solar within 5-years of the Effective Date to retain exclusive world-wide rights. The Company obtained Underwriters Laboratories (“UL”) certification for POWERHOUSE™ 3.0 during November 2018, immediately after which the Company commenced commercialization entailing the manufacturing, marketing and sale of POWERHOUSE™ to roofing companies and homebuilders. The first purchase order for POWERHOUSE™ 3.0 was received from a customer on December 27, 2018 and shipped to the customer in January 2019. Liquidity and Financial Resources Update The Company’s historical operating results indicate substantial doubt exists related to its ability to continue as a going concern. Management’s plans and actions, which are intended to mitigate the substantial doubt raised by the Company’s historical operating results in order to satisfy its estimated liquidity needs for a period of 12 months from the issuance of the consolidated financial statements, are discussed below. As the Company cannot predict, with certainty, the outcome of its actions to generate liquidity, or whether such actions would generate the expected liquidity as currently planned, management’s plans to mitigate the risk and extend cash resources through the evaluation period, are not considered probable under current accounting standards for assessing an entity’s ability to continue as a going concern. On March 27, 2019, the Company’s Board of Directors determined to exit its mainland residential solar business to focus on the POWERHOUSE™ in-roof shingle market and reduce overall cash outflow, with the goal of maximizing future shareholder value. The Company believes this structure and realignment enables it to effectively manage its operations and resources. This realignment is expected to result in the reduction of workforce payroll plus burden of approximately $4.0 million annually. As of March 31, 2019, the Company has cash of $2.1 million, working capital of $2.2 million and shareholders’ equity of $7.1 million. The Company has experienced recurring operating losses and negative cash flow from operations which have necessitated: · Exiting the mainland residential division and execution of a reduction in workforce; · Focusing on growing POWERHOUSE™ revenue through a re-allocation of personnel to POWERHOUSE™ sales and initiating sales to other solar installers and distribution companies; and · Raising additional capital. See Note 10. Subsequent Events for transaction to raise $3.3 million during the second quarter of 2019. No assurances can be given that the Company will be successful with its plans to grow revenue for profitable operations. The Company has historically incurred a cash outflow from its operations as its revenue has not been at a level for profitable operations. As discussed above, a key component of the Company’s revenue growth strategy is the sale of the POWERHOUSE™ 3.0 in-roof solar shingle. The Company obtained UL certification for POWERHOUSE™ at the close of 2018 and therefore only recently has begun to market POWERHOUSE™ at the start of 2019. The Company believes that it will require several quarters to generate sales to meet its goals for profitable operations. The first quarter of the year has always been one of the Company’s slowest sales periods and as such, this is a period of higher cash outflow. POWERHOUSE™ 3.0 sales during the first quarter of 2019 have been materially less than the Company’s expectations and, accordingly, the Company raised additional capital during the second quarter of 2019. See Note 10. Subsequent Events for further detail. As discussed above, (i) the Company expects that future sales of POWERHOUSE™ 3.0 in-roof solar shingles will be its primary source of revenue and (ii) the Company only recently began marketing POWERHOUSE™ 3.0, and accordingly, expects to incur a quarterly cash outflow for a portion of 2019. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies The Company made no changes to its significant accounting policies during the three months ended March 31, 2019, however it implemented Accounting Standards Codification (“ASC”) 842 as discussed in Note 3. Recently Adopted Accounting Standards ASU 2017-11 On July 13, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-11 (“ASU 2017-11”), Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Recently Issued Accounting Standards ASU 2016-13 On June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments—Credit Losses (Topic 326) |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 3. Leases In February 2016, the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of rights-of-use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. The Company has adopted the new standard on January 1, 2019 and used the effective date as its date of initial application. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The cumulative effect of the change in accounting principal upon adoption of ASC 842 has resulted in an adjustment to retained earnings of $0.04 million as of January 1, 2019. Additionally, a right-of-use asset in the amount of $2.1 million was recognized in non-current assets with offsetting lease liabilities of $0.8 million and $1.3 million recorded in current and non-current liabilities respectively. The Company has operating leases for corporate offices, warehouses, fleet vehicles and certain office equipment. Its leases have remaining lease terms of 1 year to 5 years, some of which include options to extend the leases for up to 3 years. Options to extend have been recognized as part of the Company’s ROU assets and lease liabilities for our warehouse and corporate office leases in Bloomfield, CT and Kailua, HI. As of the date of adoption of ASC 842, the Company had exercised the extension option for these two locations creating a remaining lease term of 1 year. As for the remaining leases, the Company was not reasonably certain that it would exercise its option to extend the leases and they have not been recognized as part of the Company’s right-of-use assets and lease liabilities. Additionally, the Company is the lessor of leased solar systems with 20-year terms which have been classified as sales-type leases. These solar system leases have the option to extend for one or more additional one-year renewal terms. The Company has elected the “package of practical expedients” and has not reassessed whether the lease contracts contain a lease, their lease classifications or initial direct costs. Additionally, the Company has made an accounting policy election to exclude immaterial leases from lease accounting and will continue to expense them as incurred similar to its capitalization policy. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company has elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. The Company has also elected the practical expedient to not separate lease and non-lease components for all of its leases where the Company is the lessee. Significant judgements have been made in the determination of the discount rate for the leases. The rate implicit in the leases was not readily determinable so the Company has used the incremental borrowing rate for measuring the leases liabilities and right-of-use asset. The Company used yields of syndicated loans from comparable companies to estimate an incremental borrowing rate. These loans were collateralized as required by ASC 842 and had similar credit ratings as the Company. Operating lease costs for the three months ended March 31, 2019 were $0.3 million. Cash paid for amounts included in the measurement of lease liabilities amounted to $0.5 million for the three months ended March 31, 2019 and have been included within the operating section of the Condensed Consolidated Statements of Cash Flows. Non-cash activities related to the adoption of ASC 842 include additions to right-of-use assets of $2.4 million arising from operating lease liabilities. The weighted average remaining lease term and weighted average discount rate are as follows: March 31, 2019 Weighted Average Remaining Lease Term Operating Leases 2.57 years Weighted Average Discount Rate Operating Leases 15 % Maturities of lease liabilities are as follows: March 31, 2019 Maturities of lease liabilities 2019 $ 1,096,168 2020 826,313 2021 604,054 2022 44,709 2023 - Thereafter - Total lease payments 2,571,244 Less imputed interest (430,306 ) Total $ 2,140,938 In determining the amount the Company expects to derive from the leased solar systems following the end of the lease term, it used significant assumptions. At lease inception, the Company engaged the services of a third-party to perform a study of the future fair market value through the end of the assumed lease term of 20 years using a cost approach and income approach. Inflation was projected based on historical trends to determine the residual value in real dollars. The Company has managed the risk associated with the residual value of its leased panels by incorporating system, home and property maintenance requirements within each lease. The Company expects to derive approximately $0.3 million from the underlying solar panels following the end of the lease term. Maturities of lease receivables are as follows: March 31, 2019 Maturities of lease receivables 2019 $ 62,335 2020 84,441 2021 85,912 2022 87,426 2023 88,983 Thereafter 1,060,243 Total lease receivables 1,469,340 Less imputed interest (625,500 ) Present value of lease receivables 843,840 Plus Unguaranteed residual 251,669 Plus Deferred operations and maintenance expenses 60,570 Less Initial direct costs (80,574 ) Total $ 1,075,505 The components of the Company’s aggregate net investment in sales-type leases as of March 31, 2019 include lease receivables of $1.5 million, unguaranteed residual assets of $0.3 million, initial direct cost of ($0.08) million, deferred operations and maintenance expense of $0.06 million and unearned revenue of $0.6 million. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | 4. Inventory Inventory for our Solar Division consists primarily of solar energy system components (such as solar panels and inverters) and its cost is determined by the first-in, first-out ("FIFO") method. The inventory is stated at the lower of cost or net realizable value with an allowance for slow moving and obsolete inventory items based on an estimate of the markdown to the retail price required to sell or dispose of such items. The Company has an allowance for obsolete or slow-moving inventory of $0.7 million at March 31, 2019 and December 31, 2018, respectively. POWERHOUSE™ inventories are recorded at lower of cost (incurred from third party supply channel manufacturers) or net realizable value. Cost is determined using the FIFO method. Management will establish an estimated excess and obsolete inventory reserve based on slow-moving and obsolete inventory. As of March 31, 2019, and December 31, 2018, there was no excess and obsolete inventory reserve. March 31, December 31, 2019 2018 Productive material, work in process and supplies $ 1,375 $ 92 Finished product, including service parts, etc. 2,310 2,174 Total inventories 3,685 2,266 Reserve for obsolescence (678 ) (671 ) Total inventories, net $ 3,007 $ 1,595 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following: March 31, December 31, (in thousands) 2019 2018 Accrued Expenses $ 931 $ 924 Accrued Compensation 664 476 Other 49 69 Accrued Project Costs 47 102 Total $ 1,691 $ 1,571 |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | 6. Related Parties On May 23, 2017, the Company entered into an agreement with Mobomo, LLC (“Mobomo”) for the design and development of intellectual property at a cost of $0.5 million. The intellectual property consisted of an integrated mobile phone application and the new RGS 365™ customer portal. As of March 31, 2019 and December 31, 2018, Mobomo provided data hosting services which totaled approximately $4,000 and $20,000, respectively. Mobomo’s Chief Executive Officer Brian Lacey is the son of the Company’s CEO Dennis Lacey. The Company approved the agreement in accordance with its related-party transaction policy. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 7. Contingencies The Company is subject to risks and uncertainties in the normal course of business, including legal proceedings; governmental regulation, such as the interpretation of tax and labor laws; and the seasonal nature of its business due to weather-related factors. The Company has accrued a liability for probable and estimable costs incurred with respect to identified risks and uncertainties based upon the facts and circumstances currently available. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements The Company complies with the provisions of FASB ASC No. 820, Fair Value Measurements and Disclosures ASC 820-10-35 discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The statement utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1 Inputs – Level 1 inputs are unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value. An active market is a market in which transactions occur for the item to be fair valued with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Inputs – Level 2 inputs are inputs other than quoted prices included within Level 1. Level 2 inputs are observable either directly or indirectly. These inputs include: (a) Quoted prices for similar assets or liabilities in active markets; (b) Quoted prices for identical or similar assets or liabilities in markets that are not active, such as when there are few transactions for the asset or liability, the prices are not current, price quotations vary substantially over time or in which little information is released publicly; (c) Inputs other than quoted prices that are observable for the asset or liability; and (d) Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs – Level 3 inputs are unobservable inputs for an asset or liability. These inputs should be used to determine fair value only when observable inputs are not available. Unobservable inputs should be developed based on the best information available in the circumstances, which might include internally generated data and assumptions being used to price the asset or liability. When determining the fair value measurements for assets or liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market observable data for similar assets. The following tables present the fair values of derivative instruments included in our consolidated balance sheets as of March 31, 2019 and December 31, 2018 (in thousands) respectively: Fair Value of Derivative Instruments Liability Derivatives March 31, 2019 December 31, 2018 Balance Sheet Fair Value Balance Sheet Location Fair Value Derivatives not designated as hedging instruments Deriviative liability N/a $ - Convertible debt, net $ 344 The Effect of Derivative Instrument on the Statement of Operations for the Three Months Ended March 31, 2019 and 2018 Amount of Loss Recognized in Derivatives not designated as hedging Location of Loss Recognized in Statement of 2019 2018 2018 Notes Conversion Options Change in fair value of derivative liabilities and loss on debt extinguishment $ 57 $ - Amortization of debt discount & deferred loan costs (53 ) - $ 4 $ - The Company accounts for Series Q warrants in accordance with ASC 480. The Series Q warrants are accounted for as liabilities due to provisions in the warrants allowing the warrant holders to request redemption, upon a change of control, and failure to timely deliver shares of Class A common stock upon exercise or default. The Company classifies these warrant liabilities on the Consolidated Balance Sheet as long-term liabilities, which are revalued at each balance sheet date subsequent to their initial issuance. The Company used a Black Scholes pricing model to value these warrant liabilities which is based, in part, upon unobservable inputs some of which have little or no market data, requiring the Company to develop its own assumptions. The following tables summarize the basis used to measure certain financial assets and liabilities at fair value on a recurring basis in the consolidated balance sheets: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Items Inputs Inputs Balance at March 31, 2019 (in thousands) Total (Level 1) (Level 2) (Level 3) Common stock warrant liability $ 256 - - $ 256 $ 256 - - $ 256 The following table shows the reconciliation from the beginning to the ending balance for the Company’s common stock warrant liability and embedded derivative liability measured at fair value on a recurring basis using significant unobservable inputs (i.e. Level 3) for the period ended March 31, 2019: Embedded Common Stock derivative (in thousands) warrant liability liability Total Fair value of financial liabilities at December 31, 2018 $ 511 $ 344 $ 855 Change in the fair value of common stock warrant liabilities, net (14 ) - (14 ) Adjustment for exercise of common stock warrant liabilities (241 ) - (241 ) Investor Notes - 109 109 Change in the fair value of derivative liabilities - (211 ) (211 ) Conversions of 2018 Notes - (242 ) (242 ) Fair value of financial liabilities at March 31, 2019 $ 256 $ - $ 256 2018 Notes Derivative Liability The Company’s Senior Convertible Notes issued on April 9, 2018 (“2018 Notes”) had a maturity date of April 9, 2019. As such, the Company made the assumption that as of the period ended March 31, 2019, noteholders most likely would not convert the remaining notes. Additionally, information available to the Company after period end supported this assumption and the conversion option derivative liability was determined to have a value of $0 as of March 31, 2019. Common Stock Warrants The fair value of Series Q Warrants was derived using a Black Scholes pricing model, which is based, in part, upon unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The Series Q Warrants had previously been valued using the Monte Carlo model however, due to the immaterial difference in valuations between the two models, the Company utilized Black Scholes. The assumptions used in the Black Scholes model were as follows: Exercise Strike Floor Closing Risk-free Dividend Market Remaining Warrant Liability March 31, 2019 $ 0.32 N/a $ 0.31 2.23 % 0.00 % 144 % 4.02 Other Financial Instruments The Company's financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, deferred revenue and convertible debt. The carrying values of these financial instruments approximate their fair values, due to their short-term nature. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 9. Segment Information Financial information for the Company’s segments and a reconciliation of the total of the reportable segments’ income (loss) from operations (measures of profit or loss) to the Company’s consolidated net loss are as follows: (in thousands) 2019 2018 Contract revenue: Solar Division $ 2,060 $ 2,810 POWERHOUSE™ 65 - Other 37 12 Consolidated contract revenue 2,162 2,822 Operating loss: Solar Division (1,618 ) (1,425 ) POWERHOUSE™ (461 ) (53 ) Other (2,423 ) (2,917 ) Operating loss (4,502 ) (4,395 ) Reconciliation of consolidated loss from operations to consolidated net loss: Other income 8 29 Change in fair value of derivative liabilities and loss on debt extinguishment 57 28 Amortization of debt discount and deferred loan costs (53 ) - Net loss $ (4,490 ) $ (4,338 ) The following is a reconciliation of reportable segments’ assets to the Company’s consolidated total assets. The Other segment includes certain unallocated corporate amounts. March 31, December 31, (in thousands) 2019 2018 Total assets: Solar Division $ 9,112 $ 7,136 POWERHOUSE™ 6,403 4,298 Other 436 4,826 $ 15,951 $ 16,260 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events On April 4, 2019, the Company closed a registered offering in which it issued and sold (i) 15,938,280 shares of Class A common stock, (ii) prepaid Series S Warrants to purchase 1,430,141 shares of Class A common stock and (iii) Series R Warrants to purchase 17,368,421 shares of Class A common stock pursuant to the terms of the Securities Purchase Agreement dated April 2, 2019 between the Company and the investors. The investors paid $0.19 per share of Class A common stock and $0.18 per share of Class A common stock underlying the Series S Warrant for aggregate gross proceeds of $3.3 million at the closing and before $0.34 million of expenses. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted And Issued Accounting Standards | Recently Adopted Accounting Standards ASU 2017-11 On July 13, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-11 (“ASU 2017-11”), Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Recently Issued Accounting Standards ASU 2016-13 On June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments—Credit Losses (Topic 326) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of weighted average remaining lease term and weighted average discount rate | March 31, 2019 Weighted Average Remaining Lease Term Operating Leases 2.57 years Weighted Average Discount Rate Operating Leases 15 % |
Schedule of future minimum lease payments | March 31, 2019 Maturities of lease liabilities 2019 $ 1,096,168 2020 826,313 2021 604,054 2022 44,709 2023 - Thereafter - Total lease payments 2,571,244 Less imputed interest (430,306 ) Total $ 2,140,938 |
Schedule of maturities of lease receivables | March 31, 2019 Maturities of lease receivables 2019 $ 62,335 2020 84,441 2021 85,912 2022 87,426 2023 88,983 Thereafter 1,060,243 Total lease receivables 1,469,340 Less imputed interest (625,500 ) Present value of lease receivables 843,840 Plus Unguaranteed residual 251,669 Plus Deferred operations and maintenance expenses 60,570 Less Initial direct costs (80,574 ) Total $ 1,075,505 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | March 31, December 31, 2019 2018 Productive material, work in process and supplies $ 1,375 $ 92 Finished product, including service parts, etc. 2,310 2,174 Total inventories 3,685 2,266 Reserve for obsolescence (678 ) (671 ) Total inventories, net $ 3,007 $ 1,595 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of components of accrued expenses | March 31, December 31, (in thousands) 2019 2018 Accrued Expenses $ 931 $ 924 Accrued Compensation 664 476 Other 49 69 Accrued Project Costs 47 102 Total $ 1,691 $ 1,571 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Schedule of fair values of derivative instruments included in our consolidated balance sheets | Fair Value of Derivative Instruments Liability Derivatives March 31, 2019 December 31, 2018 Balance Sheet Fair Value Balance Sheet Location Fair Value Derivatives not designated as hedging instruments Deriviative liability N/a $ - Convertible debt, net $ 344 The Effect of Derivative Instrument on the Statement of Operations for the Three Months Ended March 31, 2019 and 2018 Amount of Loss Recognized in Derivatives not designated as hedging Location of Loss Recognized in Statement of 2019 2018 2018 Notes Conversion Options Change in fair value of derivative liabilities and loss on debt extinguishment $ 57 $ - Amortization of debt discount & deferred loan costs (53 ) - $ 4 $ - |
Schedule of fair value of assets and liabilities measured on recurring basis | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Items Inputs Inputs Balance at March 31, 2019 (in thousands) Total (Level 1) (Level 2) (Level 3) Common stock warrant liability $ 256 - - $ 256 $ 256 - - $ 256 |
Schedule of reconciliation of common stock warrant liability measured at fair value on recurring basis | Embedded Common Stock derivative (in thousands) warrant liability liability Total Fair value of financial liabilities at December 31, 2018 $ 511 $ 344 $ 855 Change in the fair value of common stock warrant liabilities, net (14 ) - (14 ) Adjustment for exercise of common stock warrant liabilities (241 ) - (241 ) Investor Notes - 109 109 Change in the fair value of derivative liabilities - (211 ) (211 ) Conversions of 2018 Notes - (242 ) (242 ) Fair value of financial liabilities at March 31, 2019 $ 256 $ - $ 256 |
Common stock warrant liability | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Schedule of assumptions used for fair value measurements | Exercise Strike Floor Closing Risk-free Dividend Market Remaining Warrant Liability March 31, 2019 $ 0.32 N/a $ 0.31 2.23 % 0.00 % 144 % 4.02 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of reconciliation of reportable segments' income (loss) from operations | (in thousands) 2019 2018 Contract revenue: Solar Division $ 2,060 $ 2,810 POWERHOUSE™ 65 - Other 37 12 Consolidated contract revenue 2,162 2,822 Operating loss: Solar Division (1,618 ) (1,425 ) POWERHOUSE™ (461 ) (53 ) Other (2,423 ) (2,917 ) Operating loss (4,502 ) (4,395 ) Reconciliation of consolidated loss from operations to consolidated net loss: Other income 8 29 Change in fair value of derivative liabilities and loss on debt extinguishment 57 28 Amortization of debt discount and deferred loan costs (53 ) - Net loss $ (4,490 ) $ (4,338 ) |
Schedule of reconciliation of reportable segments' assets to the company's consolidated total assets | March 31, December 31, (in thousands) 2019 2018 Total assets: Solar Division $ 9,112 $ 7,136 POWERHOUSE™ 6,403 4,298 Other 436 4,826 $ 15,951 $ 16,260 |
Organization, Nature of Opera_2
Organization, Nature of Operations, and Principles of Consolidation (Detail Textuals) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Mar. 27, 2019USD ($) | Mar. 31, 2019USD ($)Megawatt | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Principles Of Consolidation, Organization And Nature Of Operations [Line Items] | |||||
Cash | $ 2,138 | $ 303 | $ 5,831 | $ 1,170 | |
Debt | 336 | ||||
Shareholders' equity | $ 7,137 | 3,352 | $ 10,782 | $ 6,166 | |
Term of estimated liquidity | 12 months | ||||
Proceeds from issuance of warrants | $ 822 | ||||
Reduction of workforce payroll plus burden | $ 4,000 | ||||
Powerhouse License Agreement | |||||
Principles Of Consolidation, Organization And Nature Of Operations [Line Items] | |||||
Sell minimum quantity of solar within 5 - years | Megawatt | 50 | ||||
Payment for license fee | $ 3,000 | ||||
Cash | 2,100 | ||||
Working capital | 2,200 | ||||
Shareholders' equity | $ 7,100 |
Leases (Details)
Leases (Details) | Mar. 31, 2019 |
Leases [Abstract] | |
Weighted Average Remaining Lease Term Operating Leases | 2 years 6 months 25 days |
Weighted Average Discount Rate Operating Leases | 15.00% |
Leases (Details 1)
Leases (Details 1) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 1,096,168 |
2020 | 826,313 |
2021 | 604,054 |
2022 | 44,709 |
2023 | 0 |
Thereafter | 0 |
Total lease payments | 2,571,244 |
Less imputed interest | (430,306) |
Total | $ 2,140,938 |
Leases (Details 2)
Leases (Details 2) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 62,335 |
2020 | 84,441 |
2021 | 85,912 |
2022 | 87,426 |
2023 | 88,983 |
Thereafter | 1,060,243 |
Total lease receivables | 1,469,340 |
Less imputed interest | (625,500) |
Present value of lease receivables | 843,840 |
Plus Unguaranteed residual | 251,669 |
Plus Deferred operations and maintenance expenses | 60,570 |
Less Initial direct costs | (80,574) |
Total | $ 1,075,505 |
Leases (Detail Textuals)
Leases (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lessor, Lease, Description [Line Items] | ||
Adjustment to retained earnings | $ 40 | |
Lease extend term | 3 years | |
Remaining lease terms | 1 year | |
Term of sales-type lease on solar systems | 20 years | |
Sales-type lease extend term | one or more additional one-year renewal terms | |
Amount of expects to derive from underlying solar panels | $ 300 | |
Operating lease costs | 300 | |
Cash paid for lease liabilities | 500 | |
Operating lease right-of-use asset | 2,171 | |
Lease receivables | 1,500 | |
Unguaranteed residual assets | 300 | |
Initial direct cost | 80 | |
Deferred operations and maintenance ("O&M") expense | 600 | |
Unearned revenue | 60 | |
Non-current assets | ||
Lessor, Lease, Description [Line Items] | ||
Operating lease right-of-use asset | 2,100 | |
Current liabilities | ||
Lessor, Lease, Description [Line Items] | ||
Cash paid for lease liabilities | 800 | |
Non-current liabilities | ||
Lessor, Lease, Description [Line Items] | ||
Cash paid for lease liabilities | $ 1,300 | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Remaining lease terms | 5 years | |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Remaining lease terms | 1 year |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Productive material, work in process and supplies | $ 1,375 | $ 92 |
Finished product, including service parts, etc. | 2,310 | 2,174 |
Total inventories | 3,685 | 2,266 |
Reserve for obsolescence | (678) | (671) |
Total inventories, net | $ 3,007 | $ 1,595 |
Inventory (Detail Textuals)
Inventory (Detail Textuals) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Solar Division | ||
Inventory [Line Items] | ||
Inventory allowance for obsolete or slow-moving inventory | $ 0.7 | $ 0.7 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accrued Expenses | $ 931 | $ 924 |
Accrued Compensation | 664 | 476 |
Other | 49 | 69 |
Accrued Project Costs | 47 | 102 |
Total | $ 1,691 | $ 1,571 |
Related Parties (Detail Textual
Related Parties (Detail Textuals) - Mobomo, LLC ("Mobomo") - Intellectual property - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | May 23, 2017 |
Related Party Transaction [Line Items] | |||
Hosting services | $ 4,000 | $ 20,000 | |
Finite-Lived Intangible Assets, at cost | $ 500,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Derivatives not designated as hedging instruments, Deriviative liability - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 0 | |
Convertible debt, net | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 344 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - Derivatives not designated as hedging instruments 2018 Notes Conversion Options - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Statement of Operations | $ 4 | $ 0 |
Change in fair value of derivative liabilities and loss on debt extinguishment | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Statement of Operations | 57 | 0 |
Amortization of debt discount & deferred loan costs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Statement of Operations | $ (53) | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details 2) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and liabilities at fair value | $ 256 | $ 511 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and liabilities at fair value | 256 | |
Recurring basis | Common stock warrant liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and liabilities at fair value | 256 | |
Recurring basis | Quoted Prices in Active Markets for Identical Items (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and liabilities at fair value | 0 | |
Recurring basis | Quoted Prices in Active Markets for Identical Items (Level 1) | Common stock warrant liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and liabilities at fair value | 0 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and liabilities at fair value | 0 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | Common stock warrant liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and liabilities at fair value | 0 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and liabilities at fair value | 256 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | Common stock warrant liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and liabilities at fair value | $ 256 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Common Stock Warrant Liability Measured at Fair Value on Recurring Basis (Details 3) - Recurring basis - Significant Unobservable Inputs (Level 3) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of financial liabilities at December 31, 2018 | $ 855 |
Change in the fair value of common stock warrant liabilities, net | (14) |
Adjustment for exercise of common stock warrant liabilities | (241) |
Investor Notes | 109 |
Change in the fair value of derivative liabilities | (211) |
Conversions of 2018 Notes | (242) |
Fair value of financial liabilities at March 31, 2019 | 256 |
Common Stock warrant liability | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of financial liabilities at December 31, 2018 | 511 |
Change in the fair value of common stock warrant liabilities, net | (14) |
Adjustment for exercise of common stock warrant liabilities | (241) |
Investor Notes | 0 |
Change in the fair value of derivative liabilities | 0 |
Conversions of 2018 Notes | 0 |
Fair value of financial liabilities at March 31, 2019 | 256 |
Embedded derivative liability | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of financial liabilities at December 31, 2018 | 344 |
Change in the fair value of common stock warrant liabilities, net | 0 |
Adjustment for exercise of common stock warrant liabilities | 0 |
Investor Notes | 109 |
Change in the fair value of derivative liabilities | (211) |
Conversions of 2018 Notes | (242) |
Fair value of financial liabilities at March 31, 2019 | $ 0 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 4) - Derivative liability - Warrant | 3 Months Ended |
Mar. 31, 2019Percent | |
Fair Value Disclosures [Line Items] | |
Remaining Term (years) | 4 years 7 days |
Exercise Price | |
Fair Value Disclosures [Line Items] | |
Derivative Liability, Measurement Input | 0.32 |
Closing Market Price | |
Fair Value Disclosures [Line Items] | |
Derivative Liability, Measurement Input | 0.31 |
Risk-free Rate | |
Fair Value Disclosures [Line Items] | |
Derivative Liability, Measurement Input | 2.23 |
Dividend Yield | |
Fair Value Disclosures [Line Items] | |
Derivative Liability, Measurement Input | 0 |
Market Price Volatility | |
Fair Value Disclosures [Line Items] | |
Derivative Liability, Measurement Input | 144 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Detail Textuals) $ in Thousands | Mar. 31, 2019USD ($) |
Fair Value Disclosures [Abstract] | |
Conversion option derivative liability | $ 0 |
Segment Information - Financial
Segment Information - Financial information for segments and reconciliation of Total of Reportable segments' income/(loss)from operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Contract revenue: | ||
Consolidated contract revenue | $ 2,162 | $ 2,822 |
Operating loss: | ||
Operating Loss | (4,502) | (4,395) |
Reconciliation of consolidated loss from operations to consolidated net loss: | ||
Other income | 8 | 29 |
Change in fair value of derivative liabilities and loss on debt extinguishment | 57 | 28 |
Amortization of debt discount and deferred loan costs | (53) | |
Net loss | (4,490) | (4,338) |
Solar Division | ||
Contract revenue: | ||
Consolidated contract revenue | 2,060 | 2,810 |
Operating loss: | ||
Operating Loss | (1,618) | (1,425) |
POWERHOUSE | ||
Contract revenue: | ||
Consolidated contract revenue | 65 | 0 |
Operating loss: | ||
Operating Loss | (461) | (53) |
Other | ||
Contract revenue: | ||
Consolidated contract revenue | 37 | 12 |
Operating loss: | ||
Operating Loss | $ (2,423) | $ (2,917) |
Segment Information - Reconcili
Segment Information - Reconciliation of reportable segments' assets to consolidated total assets (Details 1) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 15,951 | $ 16,260 |
Solar Division | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 9,112 | 7,136 |
POWERHOUSE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 6,403 | 4,298 |
Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 436 | $ 4,826 |
Subsequent Events (Detail Textu
Subsequent Events (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 04, 2019 | Mar. 31, 2018 | |
Subsequent Event [Line Items] | ||
Proceeds from issuance of warrants | $ 822 | |
Subsequent Events | Class A common stock | Accredited investors | ||
Subsequent Event [Line Items] | ||
Number of shares issued and sold in registered offering | 15,938,280 | |
Subsequent Events | Class A common stock | Series S Warrant | Accredited investors | ||
Subsequent Event [Line Items] | ||
Number of shares called by warrants | 1,430,141 | |
Share price per share | $ 0.18 | |
Proceeds from issuance of warrants | $ 3,300 | |
Payments for stock issuance cost | $ 340 | |
Subsequent Events | Class A common stock | Series R Warrant | Accredited investors | ||
Subsequent Event [Line Items] | ||
Number of shares called by warrants | 17,368,421 | |
Share price per share | $ 0.19 |