Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 6-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RGSE | |
Entity Registrant Name | REAL GOODS SOLAR, INC. | |
Entity Central Index Key | 1425565 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 92,697,367 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $992 | $1,947 |
Accounts receivable, net | 6,521 | 8,293 |
Costs in excess of billings | 2,254 | 2,789 |
Inventory, net | 3,713 | 4,639 |
Deferred costs on uncompleted contracts | 2,622 | 2,011 |
Other current assets | 2,678 | 1,047 |
Current assets of discontinued operations | 3,698 | 8,427 |
Total current assets | 22,478 | 29,153 |
Property and equipment, net | 1,465 | 1,504 |
Goodwill | 1,338 | 1,338 |
Other assets | 2,408 | 2,029 |
Noncurrent assets of discontinued operations | 997 | 1,082 |
Total assets | 28,686 | 35,106 |
Current liabilities: | ||
Line of credit | 1,960 | 4,350 |
Accounts payable | 11,373 | 13,398 |
Accrued liabilities | 2,695 | 2,978 |
Billings in excess of costs on uncompleted contracts | 1,994 | 1,984 |
Related party debt | 3,150 | 3,150 |
Deferred revenue and other current liabilities | 2,637 | 3,613 |
Current liabilities of discontinued operations | 6,237 | 7,984 |
Total current liabilities | 30,046 | 37,457 |
Other liabilities | 108 | 132 |
Common stock warrant liability | 9,909 | 2,491 |
Noncurrent liabilities of discontinued operations | 237 | 327 |
Total liabilities | 40,300 | 40,407 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Additional paid-in capital | 137,542 | 140,124 |
Business acquisition consideration to be transferred | 1,244 | 1,244 |
Accumulated deficit | -150,408 | -146,674 |
Total shareholders' deficit | -11,614 | -5,301 |
Total liabilities and shareholders' deficit | 28,686 | 35,106 |
Common Class A [Member] | ||
Shareholders' equity: | ||
Class A common stock, $.0001 par value, 150,000,000 shares authorized, 81,047,676 and 52,025,684 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 8 | 5 |
Total shareholders' deficit | $8 | $5 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Common Class A [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Common Class A [Member] | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 81,047,676 | 52,025,684 |
Common stock, shares outstanding | 81,047,676 | 52,025,684 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net revenue | $10,610 | $13,767 |
Cost of goods sold | 9,713 | 10,956 |
Gross profit | 897 | 2,811 |
Expenses: | ||
Selling and operating | 4,071 | 5,936 |
General and administrative | 1,557 | 2,073 |
Share based compensation | 245 | 203 |
Acquisition costs | 1,110 | |
Restructuring costs | 21 | |
Depreciation and amortization | 150 | 631 |
Total expenses | 6,044 | 9,953 |
Loss from continuing operations | -5,147 | -7,142 |
Interest and other expense, net | -225 | -221 |
Change in valuation of warrants | 1,755 | -4,667 |
Loss before income taxes | -3,617 | -12,030 |
Income tax (benefit) expense | -65 | 6 |
Loss from continuing operations | -3,552 | -12,036 |
Loss from discontinued operations, net of tax | -182 | -2,792 |
Net loss | ($3,734) | ($14,828) |
Net loss per share - basic and diluted: | ||
From continuing operations | ($0.06) | ($0.28) |
From discontinued operations | $0 | ($0.06) |
Net loss per share - basic and diluted | ($0.06) | ($0.34) |
Weighted-average shares outstanding: | ||
Basic and diluted | 57,421 | 43,600 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Equity (USD $) | Total | Common Class A [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Business Comb Cons to be Transferred [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Dec. 31, 2014 | ($5,301) | $5 | $140,124 | $1,244 | ($146,674) | |
Beginning balance (in shares) at Dec. 31, 2014 | 52,025,684 | |||||
Issuance of common stock and other equity changes related to compensation | 245 | 245 | ||||
Issuance of common stock and other equity changes related to compensation (in shares) | 0 | 0 | 0 | 0 | 0 | 0 |
Proceeds from 2015 Offering and warrant exercises, net of costs | 6,348 | 3 | 6,345 | |||
Proceeds from 2015 Offering and warrant exercises, net of costs (in shares) | 29,021,992 | |||||
Establishment of liability related to common stock warrant issuance | -12,033 | -12,033 | ||||
Adjustment to warrant liability for warrants exercised | 2,861 | 2,861 | ||||
Net loss | -3,734 | -3,734 | ||||
Ending balance at Mar. 31, 2015 | ($11,614) | $8 | $137,542 | $1,244 | ($150,408) | |
Ending balance (in shares) at Mar. 31, 2015 | 81,047,676 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net loss | ($3,734) | ($14,828) |
Loss from discontinued operations | -182 | -2,792 |
Loss from continuing operations | -3,552 | -12,036 |
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations: | ||
Depreciation | 150 | 310 |
Amortization | 480 | |
Share-based compensation | 245 | 203 |
Change in valuation of warrants | -1,755 | 4,667 |
Loss (gain) on sale of assets | -100 | |
Deferred interest on related party debt | 95 | |
Changes in operating assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable, net | 1,772 | 1,108 |
Costs in excess of billings on uncompleted contracts | 535 | -28 |
Inventory, net | 926 | 537 |
Deferred costs on uncompleted contracts | -611 | -493 |
Other current assets | -379 | -255 |
Other assets | -1,631 | |
Accounts payable | -2,025 | 1,318 |
Accrued liabilities | -377 | 688 |
Billings in excess of costs on uncompleted contracts | 10 | |
Deferred revenue and other current liabilities | -976 | -96 |
Other liabilities | -24 | -84 |
Net cash used in operating activities - continuing operations | -7,697 | -3,681 |
Net cash provided by (used in) operating activities - discontinued operations | 2,795 | -7,367 |
Net cash used in operating activities | -4,902 | -11,048 |
Investing activities | ||
Cash from acquired businesses | 9,647 | |
Purchase of property and equipment | -129 | -370 |
Proceeds from sale of property and equipment | 118 | |
Net cash (used in) provided by investing activities - continuing operations | -11 | 9,277 |
Net cash provided by (used in) investing activities - discontinued operations | 0 | 0 |
Net cash (used in) provided by investing activities | -11 | 9,277 |
Financing activities | ||
Principal borrowings on revolving line of credit | 12,272 | |
Principal payments on revolving line of credit | -14,662 | |
Proceeds from 2015 Offering and warrant exercises, net of costs | 6,348 | 418 |
Exercise of stock options | 15 | |
Net cash provided by financing activities | 3,958 | 433 |
Net change in cash | -955 | -1,338 |
Cash at beginning of period | 1,947 | 12,449 |
Cash at end of period | 992 | 11,111 |
Supplemental cash flow information | ||
Income taxes paid | 6 | |
Interest paid | 72 | 150 |
Non-cash items | ||
Issuance of 8,348,145 shares of Class A common stock in conjunction with the acquisition of businesses | 31,973 | |
Change in common stock warrant liability in conjunction with exercise of warrants | 621 | |
Common stock warrant liability recorded in conjunction with 2015 Offering | 12,033 | |
Second Issuance [Member] | ||
Non-cash items | ||
Change in common stock warrant liability in conjunction with exercise of warrants | $2,861 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Parenthetical) | 3 Months Ended |
Mar. 31, 2015 | |
Issuance of Class A common stock in conjunction with the acquisition of businesses | 8,348,145 |
Shares issued pursuant to warrant exercises | 28,706,234 |
Shares issued pursuant to warrant exercises | 24,821,992 |
Common Class A [Member] | |
Shares issued pursuant to warrant exercises | 167,262 |
Second Issuance [Member] | |
Shares issued pursuant to warrant exercises | 28,706,234 |
Shares issued pursuant to warrant exercises | 24,821,992 |
Organization_Nature_of_Operati
Organization, Nature of Operations, and Principles of Consolidation | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [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 a residential and small commercial solar energy engineering, procurement, and construction firm. | |||||||||||||
Discontinued Operations | |||||||||||||
During 2014, the Company committed to a strategic shift of its business resulting in a plan to sell certain net assets and rights, and attrition of substantially completed contracts over the following twelve months comprising its large commercial installations business. Accordingly, the assets and liabilities, operating results, and operating and investing activities cash flows for the entire Commercial segment are presented as a discontinued operation, separate from the Company’s continuing operations, for all periods presented in these condensed consolidated financial statements and footnotes, unless indicated otherwise. See Note 11. Discontinued Operations. | |||||||||||||
Liquidity and Financial Resources Update | |||||||||||||
In recent years, including the quarter ended March 31 2015, the Company has reported recurring operating losses and negative cash from operations, resulting in not paying vendors on a timely basis. To address these circumstances, the Company has taken actions designed to position the Company to operate profitably in the future including (i) exiting the large commercial segment which was operating at a significant operating and cash flow loss, (ii) reducing its operating cost infrastructure through reductions in its workforce and implementing new commission and marketing spend programs, and (iii) arranging for new capital with its 2015 Offering (as defined below). | |||||||||||||
The reported cash outflow from operations for the three months ended March 31, 2015 include the Company’s efforts to reduce its total accounts payable from both the Residential segment and discontinued operations: | |||||||||||||
On February 26 and 27, 2015, the Company raised gross proceeds of $3.5 million in the initial closings of a registered public offering of units consisting of Class A common stock and warrants (the “2015 Offering”). Over the next 12 months the Company can raise up to an additional $8.0 million either through (i) the forced exercise of a portion of the Series B warrants issued in the 2015 Offering, provided that it is in compliance with certain equity conditions and other terms specified in the Securities Purchase Agreement entered into in connection with the 2015 Offering and the warrants or (ii) voluntary exercise by the Series B warrant holders. The equity conditions include, among other items (i) that the Company’s Class A common stock is trading at or above $0.20, (ii) that the Company is listed on The NASDAQ Capital market or other eligible market, (iii) that 200% of the shares of Class A common stock subject to an exercise notice is issuable, and (iv) the dollar trading volume of the Class A common stock for each day during the 30 preceding days of an exercise is at least $100,000. The Company’s stock traded below $0.20 on April 27, 2015 and accordingly, the Company was not in compliance with the equity conditions and cannot force exercise warrants until June 9, 2015; however, since the date of noncompliance the Company has through May 5, 2015 received voluntary exercises of $0.8 million and anticipates additional voluntary exercises during this period. As of May 5, 2015, the Company has realized $5.8 million from the Series B warrants both from voluntary exercises by the Series B warrant holders and forced exercises by the Company, or 72% of the amount available. The Company anticipates further voluntary exercises by Series B warrant holders. | |||||||||||||
The Company has prepared its business plan for 2015 which includes the 2015 Offering proceeds, anticipated timing of vendor payments for existing accounts payable and for new solar panels, anticipated timing of collection of accounts receivable, and its operating cost structure following its cost improvement actions, and believes it has sufficient financial resources to operate for the ensuing 12-month period. The Company objectives in preparing this plan included (i) further reducing its fixed operating cost infrastructure commencing during the first quarter of 2015 in order to reduce the required level of revenue for profitable operations and (ii) reducing the company’s present operating losses and returning the Company to profitable operations in the future. Elements of this plan include, among others, (i) realizing operating costs savings from reductions in staff, of which substantially all had been achieved by the end of the first quarter of 2015, (ii) the positive impact of the strategic decision to exit the large commercial segment which operated at both a substantial cash and operating loss, (iii) moving towards an optimized field and e-sales force, (iv) optimizing the Company’s construction capability through authorized third-party integrators to realize the revenue from installation of the Company’s backlog and minimize the impact on gross margin of idle construction crew time, (v) changing the mix of marketing expenditures to achieve a lower cost of acquisition than that employed in prior periods, and (vi) continued internal efforts to convert the Company’s accounts receivable to cash. | |||||||||||||
The Company believes that as a result of (i) raising access to additional capital of $11.5 million, of which 81% has been realized through May 5, 2015, (ii) renewing its credit facilities on improved terms for the ensuing 12 months, and (iii) the actions it has already implemented to reduce its fixed operating cost infrastructure, the Company has sufficient financial resources to operate for the ensuing 12 months. However, if operational initiatives are not successful in significantly reducing historical loss from operations, or if the Company encounters unplanned operational difficulties, or if the timing of collection of accounts receivable and payments of accounts payable are significantly different than anticipated, the Company may not have sufficient funds to repay any outstanding borrowings as they come due or to fund our operating cash needs for the next twelve months. These circumstances would require obtaining financing from another source or raise additional capital through debt or equity financing. While the Company has been successful in the past in obtaining new financing, there is no assurance that it will be able to raise any new funds in the future. | |||||||||||||
The Company had total cash and available borrowings as follows: | |||||||||||||
(in thousands) | December 31, 2014 | March 31, 2015 | May 5, 2015 | ||||||||||
Cash plus availability under current borrowing base | $ | 3,001 | $ | 2,765 | $ | 2,637 | |||||||
Cash plus availability under maximum allowed borrowing base | $ | 3,097 | $ | 4,032 | $ | 3,255 |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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, 2015. | |||||||||||||||||||||||||||||
Principles of Consolidation and Basis of Presentation | |||||||||||||||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company’s management in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in compliance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, these unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of our management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the expected results for the year ending December 31, 2015. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. Intercompany balances and transactions have been eliminated. | |||||||||||||||||||||||||||||
Use of Estimates and Reclassifications | |||||||||||||||||||||||||||||
The preparation of the condensed consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ materially from those estimates. | |||||||||||||||||||||||||||||
Certain amounts in the 2014 financial statements have been reclassified to conform to the current year presentation. | |||||||||||||||||||||||||||||
Common Stock Warrant Liability | |||||||||||||||||||||||||||||
The Company accounts for common stock warrants and put options in accordance with applicable accounting guidance provided in Financial Accounting Standards Board (“FASB”) ASC 480, Liabilities – Distinguishing Liabilities from Equity , as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. Certain of the Company’s warrants are accounted for as liabilities due to provisions either allowing the warrant holder to request redemption, at the intrinsic value of the warrant, upon a change of control and/or providing for an adjustment to the number of shares of the Company’s Class A common stock underlying the warrants and the exercise price in connection with dilutive future funding transactions. The Company classifies these derivative liabilities on the condensed consolidated balance sheets as long term liabilities, which are revalued at each balance sheet date subsequent to their initial issuance. The Company used a Monte Carlo pricing model to value these derivative liabilities. The Monte Carlo pricing model, which is based, in part, upon unobservable inputs for which there is little or no market data, requires the Company to develop its own assumptions. | |||||||||||||||||||||||||||||
The following table reflects original assumptions for common stock warrant liability issued in the first quarter of 2015. | |||||||||||||||||||||||||||||
Date of issuance | Exercise | Closing | Risk-free | Market | Remaining | Expected | Probability | ||||||||||||||||||||||
Price | Market | Rate | Price | Term | dividend | of change | |||||||||||||||||||||||
Price | Volatility | (years) | yield | in control | |||||||||||||||||||||||||
February 26, 2015 | $ | 0.5 | $ | 0.45 | 1.62 | % | 102.5 | % | 5.5 | 0 | % | 15 | % | ||||||||||||||||
March 17-31, 2015 | variable | $ | 0.45 | 0.03 | % | 190 | % | 0.21 | 0 | % | NA | ||||||||||||||||||
The following table reflects March 31, 2015 assumptions for common stock warrants liability outstanding as of March 31, 2015. | |||||||||||||||||||||||||||||
Date of issuance | Exercise | Closing | Risk-free | Market | Remaining | Expected | Probability | ||||||||||||||||||||||
Price | Market | Rate | Price | Term | dividend | of change | |||||||||||||||||||||||
Price | Volatility | (years) | yield | in control | |||||||||||||||||||||||||
June 3, 2013 | $ | 2.45 | $ | 0.27 | 0.93 | % | 125 | % | 3.18 | 0 | % | 15 | % | ||||||||||||||||
November 15, 2013 | $ | 3.41 | $ | 0.27 | 1.37 | % | 105 | % | 4.12 | 0 | % | 15 | % | ||||||||||||||||
June 6, 2014 | $ | 2.36 | $ | 0.27 | 1.63 | % | 102 | % | 6.18 | 0 | % | NA | |||||||||||||||||
July 9, 2014 | $ | 3.19 | $ | 0.27 | 1.37 | % | 105 | % | 4.77 | 0 | % | 15 | % | ||||||||||||||||
November 18, 2014 | $ | 0.81 | $ | 0.27 | 1.71 | % | 103 | % | 6.63 | 0 | % | NA | |||||||||||||||||
February 26, 2015 | $ | 0.5 | $ | 0.27 | 1.46 | % | 103.4 | % | 5.4 | 0 | % | 15 | % | ||||||||||||||||
March 17-31, 2015 | variable | $ | 0.27 | 0.05 | % | 210 | % | 0.13 | 0 | % | NA | ||||||||||||||||||
To reflect changes in the fair values of its outstanding warrants, the Company recorded to its common stock warrant liability, a net noncash decrease of $1.8 million and an increase of $4.7 million during the three months ended March 31, 2015 and 2014, respectively. In the event warrants are exercised or expire without being exercised, the fair value is reduced by the number of warrants exercised or expired multiplied by the fair value of each warrant at the time of exercise or expiration, with a credit to additional paid-in capital. | |||||||||||||||||||||||||||||
The table below summarizes the Company’s warrant activity for the three months ended March 31, 2015: | |||||||||||||||||||||||||||||
2013 & 2014 | 2015 | Total | |||||||||||||||||||||||||||
Issuances | Issuances | ||||||||||||||||||||||||||||
Warrants outstanding at December 31, 2014 | 8,134,717 | — | 8,134,717 | ||||||||||||||||||||||||||
Issuances | — | 35,579,600 | 35,579,600 | ||||||||||||||||||||||||||
Anti-dilution adjustments (a) | — | 28,706,234 | 28,706,234 | ||||||||||||||||||||||||||
Exercises | — | (24,821,992 | ) | (24,821,992 | ) | ||||||||||||||||||||||||
Warrants outstanding at March 31, 2015 | 8,134,717 | 39,463,842 | 47,598,559 | ||||||||||||||||||||||||||
(a) | Anti-dilution adjustments reflect pro-forma issuance of warrants in accordance with the 2015 Offering as of March 31, 2015. | ||||||||||||||||||||||||||||
2013 & 2014 | 2015 | Total | |||||||||||||||||||||||||||
Issuances | Issuances | ||||||||||||||||||||||||||||
Value of warrants at December 31, 2014 | $ | 2,491 | $ | — | $ | 2,491 | |||||||||||||||||||||||
Value of warrants issued | — | 12,033 | 12,033 | ||||||||||||||||||||||||||
Adjustment for warrants exercised | (2,861 | ) | (2,861 | ) | |||||||||||||||||||||||||
Changes in fair value, net | (1,130 | ) | (625 | ) | (1,755 | ) | |||||||||||||||||||||||
Value of warrants at March 31, 2015 | $ | 1,362 | $ | 8,547 | $ | 9,909 | |||||||||||||||||||||||
Certain of the warrants also give the holder the right to require the Company to redeem the warrant for the then fair value of the warrant in the event of a change in control (the “Put Option Component”). The Company used 10,000 simulations in the Monte Carlo pricing model to value the warrants and the Put Option Component. If factors change and different assumptions are used, the warrant liability and the change in estimated fair value could be materially different. Changes in the fair value of the warrants are reflected in the consolidated statement of operations as change in fair value of warrant liability, with an offsetting non-cash entry recorded as an adjustment to the warrant liability. | |||||||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||||||
ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. | |||||||||||||||||||||||||||||
ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes inputs that may be used to measure fair value as follows: | |||||||||||||||||||||||||||||
• | Level 1 — Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. | ||||||||||||||||||||||||||||
• | Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||||||||||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||||||||
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 summarize the basis used to measure certain financial assets and liabilities at fair value on a recurring basis in the condensed consolidated balance sheets: | |||||||||||||||||||||||||||||
Balance at March 31, 2015 (in thousands) | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||||||||
Items | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Common stock warrant liability | $ | 9,909 | $ | — | $ | — | $ | 9,909 | |||||||||||||||||||||
For the Company’s Level 3 measures, which represent common stock warrants, fair value is based on a Monte Carlo pricing model that is based, in part, upon unobservable inputs for which there is little or no market data, requiring the Company to develop its own. The Company used a market approach to valuing these derivative liabilities. | |||||||||||||||||||||||||||||
The following table shows the reconciliation from the beginning to the ending balance for the Company’s common stock warrant liability measured at fair value on a recurring basis using significant unobservable inputs (i.e. Level 3) for the three months ended March 31, 2015: | |||||||||||||||||||||||||||||
(in thousands) | Fair Value | ||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Using Significant | |||||||||||||||||||||||||||||
Unobservable | |||||||||||||||||||||||||||||
Inputs | |||||||||||||||||||||||||||||
Fair value of common stock warrant liability at December 31, 2014 | $ | 2,491 | |||||||||||||||||||||||||||
Issuance of common stock warrants | 12,033 | ||||||||||||||||||||||||||||
Change in the fair value of common stock warrant liability, net | (1,755 | ) | |||||||||||||||||||||||||||
Adjustment for warrants exercised | (2,861 | ) | |||||||||||||||||||||||||||
Fair value of common stock warrant liability at March 31, 2015 | $ | 9,909 | |||||||||||||||||||||||||||
Recently Issued Accounting Standards | |||||||||||||||||||||||||||||
ASU 2015-03 | |||||||||||||||||||||||||||||
On April 7, 2015, the FASB issued Accounting Standard Update No. 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. The Company is currently assessing the impact of ASU 2015-03 on its consolidated financial statements. | |||||||||||||||||||||||||||||
ASU 2014-15 | |||||||||||||||||||||||||||||
On August 27, 2014, the FASB issued Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. | |||||||||||||||||||||||||||||
Under GAAP, financial statements are prepared with the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. | |||||||||||||||||||||||||||||
ASU 2014-09 | |||||||||||||||||||||||||||||
On May 28, 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), which created Topic 606, Revenue From Contracts With Customers (“Topic 606”) and superseded the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance. In addition, ASU 2014-09 superseded the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and created new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. | |||||||||||||||||||||||||||||
Step 1: Identify the contract(s) with a customer. | |||||||||||||||||||||||||||||
Step 2: Identify the performance obligations in the contract. | |||||||||||||||||||||||||||||
Step 3: Determine the transaction price. | |||||||||||||||||||||||||||||
Step 4: Allocate the transaction price to the performance obligations in the contract. | |||||||||||||||||||||||||||||
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | |||||||||||||||||||||||||||||
The amendments in ASU 2014-09 are effective for the Company on January 1, 2017. The Company is assessing the impact of ASU 2014-09 on its consolidated financial statements. | |||||||||||||||||||||||||||||
Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. | |||||||||||||||||||||||||||||
The amendments in ASU 2014-15 are effective for the Company on January 1, 2017, with early application permitted for unissued financial statements. The Company is currently assessing the impact of ASU 2014-15 on its consolidated financial statements. |
Revolving_Line_of_Credit_and_T
Revolving Line of Credit and Term Loan | 3 Months Ended |
Mar. 31, 2015 | |
Text Block [Abstract] | |
Revolving Line of Credit and Term Loan | 3. Revolving Line of Credit and Term Loan |
Under a loan agreement, as amended (the “SVB Loan”), with Silicon Valley Bank, the Company has a revolving line of credit that provides for advances not to exceed $5.0 million based upon a borrowing base availability of 75% of eligible accounts receivable as defined in the SVB Loan. Borrowings bear interest at the greater of (a) the greater of the bank’s prime rate or 4.00%, plus 4.00%, and (b) 8.00%. The amended maturity date for the SVB Loan is currently March 15, 2016. The line of credit has a facility fee of 0.5% per year of the average daily unused portion of the available line of credit during the applicable calendar quarter. The Company may reserve up to $500,000 for stand-by letters of credit under the line of credit. The SVB Loan contains various covenants, including a covenant requiring compliance with a liquidity ratio. As of March 31, 2015 and December 31, 2014, the Company had a line of credit outstanding of $2.0 million and $4.4 million, respectively, accruing interest at 8% per annum as of March 31, 2015. | |
Ninth Loan Modification | |
On March 16, 2015 the Company entered into a Ninth Loan Modification Agreement (the “Ninth Loan Modification Agreement”) with SVB to extend the maturity date of the revolving line of credit under the SVB Loan from March 17, 2015 to March 15, 2016. Further, the amendment also restated certain financial covenants of the SVB Loan, reduced the revolving line amount available at any one time from $5.5 million to $5.0 million, and increased the borrowing base by eliminating the Seventh Loan Modification’s requirement to maintain a $1.0 million reserve under the Availability Amount (as defined in the SVB Loan). In connection with the Ninth Loan Modification Agreement, the Company paid a $50,000 fee to Silicon Valley Bank. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions |
At March 31, 2015, the Company’s outstanding related party debt consisted of $3.15 million payable to Riverside Fund III. L.P., an entity affiliated with Riverside. On March 16, 2015 the Company extended its notes payable owed to Riverside Fund III L.P. for twelve months, extending the maturity date to March 31, 2016. In connection with the extension the Company granted Riverside Fund III L.P. the option to place a second lien upon assets of the Company. The loans bear interest at 10% and are subordinated to the SVB Loan. | |
Accrued interest on the Company’s related party debt was $1.0 million and $0.9 million at March 31, 2015 and December 31, 2014, respectively, and is reported in accrued liabilities on the Company’s consolidated balance sheet. | |
Riverside holds approximately 9.7% of the Company’s outstanding Class A common stock as of March 31, 2015. Pursuant to the terms of a Shareholders Agreement, Riverside has the right to designate a certain number of individuals for appointment or nomination to our Board of Directors, tied to its ownership of the Company’s Class A common stock. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 5. Commitments and Contingencies | ||||
The Company leases offices and warehouse space through non-cancelable operating leases. Some of these leases contain escalation clauses, based on increases in property taxes and building operating costs, and renewal options ranging from one month to five years. | |||||
The Company also leases a fleet of vehicles classified as operating leases. The lease terms range from 36 to 60 months. | |||||
The following schedule represents the remaining future minimum payments of all leases as of March 31, 2015: | |||||
(in thousands) | As of | ||||
March 31, | |||||
2015 | $ | 887 | |||
2016 | 844 | ||||
2017 | 267 | ||||
2018 and thereafter | 95 | ||||
$ | 2,093 | ||||
The Company incurred rent expense of $0.3 million and $0.2 million for the three months ended March 31, 2015 and 2014, respectively. | |||||
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 for probable and estimable costs that may be incurred with respect to identified risks and uncertainties based upon the facts and circumstances currently available. Due to uncertainties in the estimation process, actual costs could vary from the amounts accrued. | |||||
From time to time, we are involved in legal proceedings that we consider to be in the normal course of business. On July 9, 2014, the Company completed a PIPE offering of approximately $7.0 million at a price per share of $2.40. Subsequently, the Company’s stock price has declined to $0.27 as of March 31, 2015 and four of the investors in the offering (out of approximately 20 total investors in the offering) have asserted claims against the Company in three separate lawsuits alleging certain misrepresentations and omissions in the offering. The Company intends to vigorously defend itself in the litigation and has made a motion for dismissal. As of March 31, 2015 we have not recorded a liability associated with this claim. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Equity [Abstract] | |||||
Shareholders' Equity | |||||
6. Shareholders’ Equity | |||||
On February 26 and February 27, 2015, we closed the 2015 Offering. Each unit consisted of: (i) one share of Class A common stock; (ii) a Series A Warrant to purchase share of the Company’s Class A common stock equal to 50% of the sum of the number of shares of Class A common stock purchased as part of the units plus, if applicable, the number of shares of Class A common stock issuable upon exercise in full of the Series E Warrants (without regard to any limitations on exercise) described below; (iii) a Series B Warrant to purchase shares of the Company’s Class A common stock for a “stated amount” (as described in the offering document); (iv) a Series C Warrant to purchase up to 50% of that number of shares of Class A common stock actually issued upon exercise of the Series B Warrant; and (v) a Series D Warrant to purchase additional shares of Class A common stock in an amount determined on a future reset date after the issuance of the Series D Warrant. In addition, investors who, together with certain “attribution parties,” would beneficially own in excess of 4.99% of the number of shares of Class A common stock outstanding immediately after the closing of the offering as a result of their purchase of units, received shares of Class A common stock in an amount up to such 4.99% cap and a Series E Warrant to purchase the balance of the shares of Class A common stock the investor would have received at closing but for the 4.99% cap. | |||||
As of March 31, 2015, the Company has realized gross proceeds of $7.1 million from the 2015 Offering. | |||||
During the three months ended March 31, 2015, the Company issued no shares of its Class A common stock to employees upon the exercise of stock options. During the three months ended March 31, 2015, and March 31, 2014 the Company issued 29,021,992 and 167,262 shares of its Class A common stock pursuant to the exercise of warrants, respectively. | |||||
At March 31, 2015, the Company had the following shares of Class A common stock reserved for future issuance: | |||||
Stock options outstanding under incentive plans | 2,513,631 | ||||
Stock options outstanding under plans not approved by security holders | 90,000 | ||||
Sunetric – provisional purchase consideration to be transferred | 302,356 | ||||
Common stock warrants outstanding - derivative liability (a) | 47,598,559 | ||||
Common stock warrants outstanding - equity security | 282,535 | ||||
Total shares reserved for future issuance | 50,787,081 | ||||
(a) | As of March 31, 2015, the number of derivative Series B and Series C warrants totaled 35,963,842. These warrants are variable and will be adjusted, consistent with the terms of the 2015 Offering, based on the Class A common stock fair market value at the end of fiscal quarter reporting and the date of exercise. | ||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 7. Share-Based Compensation |
During the three months ended March 31, 2015, the Company granted 633,611 stock options and cancelled 455,260 stock options versus grants of 1,329,500 stock options and cancelled 75,420 stock options during the three months ended March 31, 2014, under its 2008 Long-Term Incentive Plan. The new stock options vest at 2% per month for the 50 months beginning with the first day of the eleventh month after date of grant. | |
Options issued to the Company’s Board of Directors under its 2008 Long-Term Incentive Plan vest in 8.33% quarterly installments on the first day of each calendar quarter beginning on April 1, 2015 and ending on April 1, 2018, when the options become fully vested. | |
Total share-based compensation expense recognized was $0.2 million during each of the three months ended March 31, 2015 and 2014. Share-based compensation expense is reported separately on the Company’s consolidated statements of operations. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes |
The Company performed assessments of the realizability of its net deferred tax assets generated during each reporting period, considering all available evidence, both positive and negative. As a result of these assessments, the Company concluded that it was more likely than not that none of its net deferred tax assets would be recoverable through the reversal of temporary differences and near term normal business results. The Company, during the three months ended March 31, 2015 and 2014, increased its valuation allowance by $1.6 million and $3.7 million, respectively. The Company recognized no income tax benefit for losses incurred during the three months ended March 31, 2015. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Loss Per Share | 9. Net Loss Per Share | ||||||||
Basic net loss per share excludes any dilutive effects of options or warrants. The Company computes basic net loss per share using the weighted average number of shares of its Class A common stock outstanding during the period. The Company computes diluted net loss per share using the weighted average number of shares of its Class A common stock and common stock equivalents outstanding during the period. The Company excluded common stock equivalents of 75.3 million and 5.7 million for the three months ended March 31, 2015 and 2014, respectively, from the computation of diluted net loss per share because their effect was antidilutive. | |||||||||
The following table sets forth the computation of basic and diluted net loss per share: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except per share data) | 2015 | 2014 | |||||||
Net loss: | |||||||||
Loss from continuing operations | $ | (3,552 | ) | $ | (12,036 | ) | |||
Loss from discontinued operations | (182 | ) | (2,792 | ) | |||||
Net loss | $ | (3,734 | ) | $ | (14,828 | ) | |||
Weighted average shares for basic and diluted net loss per share | 57,421 | 43,600 | |||||||
Net loss per share – basic and diluted: | |||||||||
Loss from continuing operations | $ | (0.06 | ) | $ | (0.28 | ) | |||
Loss from discontinued operations | (0.00 | ) | (0.06 | ) | |||||
Net loss | $ | (0.06 | ) | $ | (0.34 | ) | |||
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Information | 10. Segment Information | ||||||||
During 2014, the Company discontinued its entire former Commercial segment and sold the assets of the catalog segment. As a result of this major strategic shift, the Company now operates as three reportable segments: (1) Residential – the installation of solar systems for homeowners, including lease financing thereof, and for small businesses (small commercial) in the continental U.S.; (2) Sunetric – the installation of solar systems for both homeowners and small business owners (small commercial) in Hawaii; and (3) Other – catalog, for 2014, and corporate operations. | |||||||||
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: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Net revenue: | |||||||||
Residential | $ | 6,857 | $ | 13,274 | |||||
Sunetric | 3,753 | — | |||||||
Other | — | 493 | |||||||
Consolidated net revenue | 10,610 | 13,767 | |||||||
Loss from operations: | |||||||||
Residential | (2,469 | ) | (2,181 | ) | |||||
Sunetric | (313 | ) | — | ||||||
Other | (2,365 | ) | (4,961 | ) | |||||
Consolidated loss from continuing operations | (5,147 | ) | (7,142 | ) | |||||
Reconciliation of consolidated loss from operations to consolidated net loss: | |||||||||
Interest and other expense, net | (225 | ) | (221 | ) | |||||
Change in valuation of warrants | 1,755 | (4,667 | ) | ||||||
Income tax (benefit) expense | (65 | ) | 6 | ||||||
Loss from discontinued operations, net of tax | (182 | ) | (2,792 | ) | |||||
Net loss | $ | (3,734 | ) | $ | (14,828 | ) | |||
The following is a reconciliation of reportable segments’ assets to the Company’s consolidated total assets. The Other segment includes certain unallocated corporate amounts. | |||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Total assets – continuing operations: | |||||||||
Residential | $ | 17,153 | $ | 17,183 | |||||
Sunetric | 5,328 | 7,430 | |||||||
Other | 1,510 | 984 | |||||||
$ | 23,991 | $ | 25,597 | ||||||
Total assets – discontinued operations: | |||||||||
Commercial | 4,695 | 9,509 | |||||||
$ | 28,686 | $ | 35,106 | ||||||
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Discontinued Operations | 11. Discontinued Operations | ||||||||
The following is a reconciliation of the major line items constituting pretax loss of discontinued operations to the after-tax loss of discontinued operations that are presented in the condensed consolidated statements of operations as indicated: | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Major line items constituting pretax loss of discontinued operations: | |||||||||
Net revenue | $ | 423 | $ | 8,376 | |||||
Cost of goods sold | 248 | 7,896 | |||||||
Selling and operating | 260 | 1,932 | |||||||
General and administrative | 74 | — | |||||||
Depreciation and amortization | 23 | 149 | |||||||
Acquisition related costs | — | 1,191 | |||||||
Pretax loss from discontinued operations | (182 | ) | (2,792 | ) | |||||
Income tax benefit | — | — | |||||||
Loss from discontinued operations | $ | (182 | ) | $ | (2,792 | ) | |||
The following is a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations to the total assets and liabilities of the discontinued operations presented separately in the condensed consolidated balance sheets as indicated: | |||||||||
(in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Carrying amounts of major classes of assets included as part of discontinued operations: | |||||||||
Current assets: | |||||||||
Accounts receivable, net | $ | 2,153 | $ | 6,223 | |||||
Costs in excess of billings on uncompleted contracts | 1,271 | 1,841 | |||||||
Inventory, net | 135 | 242 | |||||||
Deferred costs on uncompleted contracts | — | 42 | |||||||
Other current assets | 139 | 79 | |||||||
Total major classes of current assets of the discontinued operations | 3,698 | 8,427 | |||||||
Noncurrent assets: | |||||||||
Property and equipment, net | 27 | 45 | |||||||
Other noncurrent assets | 970 | 1,037 | |||||||
Total noncurrent assets of discontinued operations | 997 | 1,082 | |||||||
Total assets of the discontinued operations in the balance sheet | $ | 4,695 | $ | 9,509 | |||||
Carrying amounts of major classes of liabilities included as part of discontinued operations: | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 3,290 | $ | 4,977 | |||||
Accrued liabilities | 2,622 | 2,608 | |||||||
Billings in excess of costs on uncompleted contracts | 289 | 373 | |||||||
Deferred revenue and other current liabilities | 36 | 26 | |||||||
Total current liabilities of discontinued operations | 6,237 | 7,984 | |||||||
Noncurrent liabilities: | |||||||||
Other liabilities | 237 | 327 | |||||||
Total major classes of noncurrent liabilities of the discontinued operations | 237 | 327 | |||||||
Total liabilities of the discontinued operations in the balance sheet | $ | 6,474 | $ | 8,311 | |||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation | ||||||||||||||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company’s management in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in compliance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, these unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of our management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the expected results for the year ending December 31, 2015. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. Intercompany balances and transactions have been eliminated. | |||||||||||||||||||||||||||||
Use of Estimates and Reclassifications | Use of Estimates and Reclassifications | ||||||||||||||||||||||||||||
The preparation of the condensed consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ materially from those estimates. | |||||||||||||||||||||||||||||
Certain amounts in the 2014 financial statements have been reclassified to conform to the current year presentation. | |||||||||||||||||||||||||||||
Common Stock Warrant Liability | Common Stock Warrant Liability | ||||||||||||||||||||||||||||
The Company accounts for common stock warrants and put options in accordance with applicable accounting guidance provided in Financial Accounting Standards Board (“FASB”) ASC 480, Liabilities – Distinguishing Liabilities from Equity , as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. Certain of the Company’s warrants are accounted for as liabilities due to provisions either allowing the warrant holder to request redemption, at the intrinsic value of the warrant, upon a change of control and/or providing for an adjustment to the number of shares of the Company’s Class A common stock underlying the warrants and the exercise price in connection with dilutive future funding transactions. The Company classifies these derivative liabilities on the condensed consolidated balance sheets as long term liabilities, which are revalued at each balance sheet date subsequent to their initial issuance. The Company used a Monte Carlo pricing model to value these derivative liabilities. The Monte Carlo pricing model, which is based, in part, upon unobservable inputs for which there is little or no market data, requires the Company to develop its own assumptions. | |||||||||||||||||||||||||||||
The following table reflects original assumptions for common stock warrant liability issued in the first quarter of 2015. | |||||||||||||||||||||||||||||
Date of issuance | Exercise | Closing | Risk-free | Market | Remaining | Expected | Probability | ||||||||||||||||||||||
Price | Market | Rate | Price | Term | dividend | of change | |||||||||||||||||||||||
Price | Volatility | (years) | yield | in control | |||||||||||||||||||||||||
February 26, 2015 | $ | 0.5 | $ | 0.45 | 1.62 | % | 102.5 | % | 5.5 | 0 | % | 15 | % | ||||||||||||||||
March 17-31, 2015 | variable | $ | 0.45 | 0.03 | % | 190 | % | 0.21 | 0 | % | NA | ||||||||||||||||||
The following table reflects March 31, 2015 assumptions for common stock warrants liability outstanding as of March 31, 2015. | |||||||||||||||||||||||||||||
Date of issuance | Exercise | Closing | Risk-free | Market | Remaining | Expected | Probability | ||||||||||||||||||||||
Price | Market | Rate | Price | Term | dividend | of change | |||||||||||||||||||||||
Price | Volatility | (years) | yield | in control | |||||||||||||||||||||||||
June 3, 2013 | $ | 2.45 | $ | 0.27 | 0.93 | % | 125 | % | 3.18 | 0 | % | 15 | % | ||||||||||||||||
November 15, 2013 | $ | 3.41 | $ | 0.27 | 1.37 | % | 105 | % | 4.12 | 0 | % | 15 | % | ||||||||||||||||
June 6, 2014 | $ | 2.36 | $ | 0.27 | 1.63 | % | 102 | % | 6.18 | 0 | % | NA | |||||||||||||||||
July 9, 2014 | $ | 3.19 | $ | 0.27 | 1.37 | % | 105 | % | 4.77 | 0 | % | 15 | % | ||||||||||||||||
November 18, 2014 | $ | 0.81 | $ | 0.27 | 1.71 | % | 103 | % | 6.63 | 0 | % | NA | |||||||||||||||||
February 26, 2015 | $ | 0.5 | $ | 0.27 | 1.46 | % | 103.4 | % | 5.4 | 0 | % | 15 | % | ||||||||||||||||
March 17-31, 2015 | variable | $ | 0.27 | 0.05 | % | 210 | % | 0.13 | 0 | % | NA | ||||||||||||||||||
To reflect changes in the fair values of its outstanding warrants, the Company recorded to its common stock warrant liability, a net noncash decrease of $1.8 million and an increase of $4.7 million during the three months ended March 31, 2015 and 2014, respectively. In the event warrants are exercised or expire without being exercised, the fair value is reduced by the number of warrants exercised or expired multiplied by the fair value of each warrant at the time of exercise or expiration, with a credit to additional paid-in capital. | |||||||||||||||||||||||||||||
The table below summarizes the Company’s warrant activity for the three months ended March 31, 2015: | |||||||||||||||||||||||||||||
2013 & 2014 | 2015 | Total | |||||||||||||||||||||||||||
Issuances | Issuances | ||||||||||||||||||||||||||||
Warrants outstanding at December 31, 2014 | 8,134,717 | — | 8,134,717 | ||||||||||||||||||||||||||
Issuances | — | 35,579,600 | 35,579,600 | ||||||||||||||||||||||||||
Anti-dilution adjustments (a) | — | 28,706,234 | 28,706,234 | ||||||||||||||||||||||||||
Exercises | — | (24,821,992 | ) | (24,821,992 | ) | ||||||||||||||||||||||||
Warrants outstanding at March 31, 2015 | 8,134,717 | 39,463,842 | 47,598,559 | ||||||||||||||||||||||||||
(a) | Anti-dilution adjustments reflect pro-forma issuance of warrants in accordance with the 2015 Offering as of March 31, 2015. | ||||||||||||||||||||||||||||
2013 & 2014 | 2015 | Total | |||||||||||||||||||||||||||
Issuances | Issuances | ||||||||||||||||||||||||||||
Value of warrants at December 31, 2014 | $ | 2,491 | $ | — | $ | 2,491 | |||||||||||||||||||||||
Value of warrants issued | — | 12,033 | 12,033 | ||||||||||||||||||||||||||
Adjustment for warrants exercised | (2,861 | ) | (2,861 | ) | |||||||||||||||||||||||||
Changes in fair value, net | (1,130 | ) | (625 | ) | (1,755 | ) | |||||||||||||||||||||||
Value of warrants at March 31, 2015 | $ | 1,362 | $ | 8,547 | $ | 9,909 | |||||||||||||||||||||||
Certain of the warrants also give the holder the right to require the Company to redeem the warrant for the then fair value of the warrant in the event of a change in control (the “Put Option Component”). The Company used 10,000 simulations in the Monte Carlo pricing model to value the warrants and the Put Option Component. If factors change and different assumptions are used, the warrant liability and the change in estimated fair value could be materially different. Changes in the fair value of the warrants are reflected in the consolidated statement of operations as change in fair value of warrant liability, with an offsetting non-cash entry recorded as an adjustment to the warrant liability. | |||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement | ||||||||||||||||||||||||||||
ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. | |||||||||||||||||||||||||||||
ASC 820 requires that the valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes inputs that may be used to measure fair value as follows: | |||||||||||||||||||||||||||||
• | Level 1 — Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. | ||||||||||||||||||||||||||||
• | Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||||||||||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||||||||
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 summarize the basis used to measure certain financial assets and liabilities at fair value on a recurring basis in the condensed consolidated balance sheets: | |||||||||||||||||||||||||||||
Balance at March 31, 2015 (in thousands) | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||||||||
Items | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Common stock warrant liability | $ | 9,909 | $ | — | $ | — | $ | 9,909 | |||||||||||||||||||||
For the Company’s Level 3 measures, which represent common stock warrants, fair value is based on a Monte Carlo pricing model that is based, in part, upon unobservable inputs for which there is little or no market data, requiring the Company to develop its own. The Company used a market approach to valuing these derivative liabilities. | |||||||||||||||||||||||||||||
The following table shows the reconciliation from the beginning to the ending balance for the Company’s common stock warrant liability measured at fair value on a recurring basis using significant unobservable inputs (i.e. Level 3) for the three months ended March 31, 2015: | |||||||||||||||||||||||||||||
(in thousands) | Fair Value | ||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Using Significant | |||||||||||||||||||||||||||||
Unobservable | |||||||||||||||||||||||||||||
Inputs | |||||||||||||||||||||||||||||
Fair value of common stock warrant liability at December 31, 2014 | $ | 2,491 | |||||||||||||||||||||||||||
Issuance of common stock warrants | 12,033 | ||||||||||||||||||||||||||||
Change in the fair value of common stock warrant liability, net | (1,755 | ) | |||||||||||||||||||||||||||
Adjustment for warrants exercised | (2,861 | ) | |||||||||||||||||||||||||||
Fair value of common stock warrant liability at March 31, 2015 | $ | 9,909 | |||||||||||||||||||||||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | ||||||||||||||||||||||||||||
ASU 2015-03 | |||||||||||||||||||||||||||||
On April 7, 2015, the FASB issued Accounting Standard Update No. 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. The Company is currently assessing the impact of ASU 2015-03 on its consolidated financial statements. | |||||||||||||||||||||||||||||
ASU 2014-15 | |||||||||||||||||||||||||||||
On August 27, 2014, the FASB issued Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. | |||||||||||||||||||||||||||||
Under GAAP, financial statements are prepared with the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. | |||||||||||||||||||||||||||||
ASU 2014-09 | |||||||||||||||||||||||||||||
On May 28, 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), which created Topic 606, Revenue From Contracts With Customers (“Topic 606”) and superseded the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance. In addition, ASU 2014-09 superseded the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and created new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. | |||||||||||||||||||||||||||||
Step 1: Identify the contract(s) with a customer. | |||||||||||||||||||||||||||||
Step 2: Identify the performance obligations in the contract. | |||||||||||||||||||||||||||||
Step 3: Determine the transaction price. | |||||||||||||||||||||||||||||
Step 4: Allocate the transaction price to the performance obligations in the contract. | |||||||||||||||||||||||||||||
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | |||||||||||||||||||||||||||||
The amendments in ASU 2014-09 are effective for the Company on January 1, 2017. The Company is assessing the impact of ASU 2014-09 on its consolidated financial statements. | |||||||||||||||||||||||||||||
Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. | |||||||||||||||||||||||||||||
The amendments in ASU 2014-15 are effective for the Company on January 1, 2017, with early application permitted for unissued financial statements. The Company is currently assessing the impact of ASU 2014-15 on its consolidated financial statements. |
Organization_Nature_of_Operati1
Organization, Nature of Operations, and Principles of Consolidation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Schedule of Total Cash and Available Borrowings | The Company had total cash and available borrowings as follows: | ||||||||||||
(in thousands) | December 31, 2014 | March 31, 2015 | May 5, 2015 | ||||||||||
Cash plus availability under current borrowing base | $ | 3,001 | $ | 2,765 | $ | 2,637 | |||||||
Cash plus availability under maximum allowed borrowing base | $ | 3,097 | $ | 4,032 | $ | 3,255 |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Assumptions Used for Common Stock Warrants Liability Issued | The following table reflects original assumptions for common stock warrant liability issued in the first quarter of 2015. | ||||||||||||||||||||||||||||
Date of issuance | Exercise | Closing | Risk-free | Market | Remaining | Expected | Probability | ||||||||||||||||||||||
Price | Market | Rate | Price | Term | dividend | of change | |||||||||||||||||||||||
Price | Volatility | (years) | yield | in control | |||||||||||||||||||||||||
February 26, 2015 | $ | 0.5 | $ | 0.45 | 1.62 | % | 102.5 | % | 5.5 | 0 | % | 15 | % | ||||||||||||||||
March 17-31, 2015 | variable | $ | 0.45 | 0.03 | % | 190 | % | 0.21 | 0 | % | NA | ||||||||||||||||||
Assumptions Used for Common Stock Warrants Liability Outstanding | The following table reflects March 31, 2015 assumptions for common stock warrants liability outstanding as of March 31, 2015. | ||||||||||||||||||||||||||||
Date of issuance | Exercise | Closing | Risk-free | Market | Remaining | Expected | Probability | ||||||||||||||||||||||
Price | Market | Rate | Price | Term | dividend | of change | |||||||||||||||||||||||
Price | Volatility | (years) | yield | in control | |||||||||||||||||||||||||
June 3, 2013 | $ | 2.45 | $ | 0.27 | 0.93 | % | 125 | % | 3.18 | 0 | % | 15 | % | ||||||||||||||||
November 15, 2013 | $ | 3.41 | $ | 0.27 | 1.37 | % | 105 | % | 4.12 | 0 | % | 15 | % | ||||||||||||||||
June 6, 2014 | $ | 2.36 | $ | 0.27 | 1.63 | % | 102 | % | 6.18 | 0 | % | NA | |||||||||||||||||
July 9, 2014 | $ | 3.19 | $ | 0.27 | 1.37 | % | 105 | % | 4.77 | 0 | % | 15 | % | ||||||||||||||||
November 18, 2014 | $ | 0.81 | $ | 0.27 | 1.71 | % | 103 | % | 6.63 | 0 | % | NA | |||||||||||||||||
February 26, 2015 | $ | 0.5 | $ | 0.27 | 1.46 | % | 103.4 | % | 5.4 | 0 | % | 15 | % | ||||||||||||||||
March 17-31, 2015 | variable | $ | 0.27 | 0.05 | % | 210 | % | 0.13 | 0 | % | NA | ||||||||||||||||||
Summary of Changes to Warrant Valuations | |||||||||||||||||||||||||||||
2013 & 2014 | 2015 | Total | |||||||||||||||||||||||||||
Issuances | Issuances | ||||||||||||||||||||||||||||
Value of warrants at December 31, 2014 | $ | 2,491 | $ | — | $ | 2,491 | |||||||||||||||||||||||
Value of warrants issued | — | 12,033 | 12,033 | ||||||||||||||||||||||||||
Adjustment for warrants exercised | (2,861 | ) | (2,861 | ) | |||||||||||||||||||||||||
Changes in fair value, net | (1,130 | ) | (625 | ) | (1,755 | ) | |||||||||||||||||||||||
Value of warrants at March 31, 2015 | $ | 1,362 | $ | 8,547 | $ | 9,909 | |||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | The following tables summarize the basis used to measure certain financial assets and liabilities at fair value on a recurring basis in the condensed consolidated balance sheets: | ||||||||||||||||||||||||||||
Balance at March 31, 2015 (in thousands) | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||||||||
Items | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Common stock warrant liability | $ | 9,909 | $ | — | $ | — | $ | 9,909 | |||||||||||||||||||||
Reconciliation of Common Stock Warrant Liability Measured at Fair Value on Recurring Basis | The following table shows the reconciliation from the beginning to the ending balance for the Company’s common stock warrant liability measured at fair value on a recurring basis using significant unobservable inputs (i.e. Level 3) for the three months ended March 31, 2015: | ||||||||||||||||||||||||||||
(in thousands) | Fair Value | ||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Using Significant | |||||||||||||||||||||||||||||
Unobservable | |||||||||||||||||||||||||||||
Inputs | |||||||||||||||||||||||||||||
Fair value of common stock warrant liability at December 31, 2014 | $ | 2,491 | |||||||||||||||||||||||||||
Issuance of common stock warrants | 12,033 | ||||||||||||||||||||||||||||
Change in the fair value of common stock warrant liability, net | (1,755 | ) | |||||||||||||||||||||||||||
Adjustment for warrants exercised | (2,861 | ) | |||||||||||||||||||||||||||
Fair value of common stock warrant liability at March 31, 2015 | $ | 9,909 | |||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||
Summary of Changes to Warrant Valuations | The table below summarizes the Company’s warrant activity for the three months ended March 31, 2015: | ||||||||||||||||||||||||||||
2013 & 2014 | 2015 | Total | |||||||||||||||||||||||||||
Issuances | Issuances | ||||||||||||||||||||||||||||
Warrants outstanding at December 31, 2014 | 8,134,717 | — | 8,134,717 | ||||||||||||||||||||||||||
Issuances | — | 35,579,600 | 35,579,600 | ||||||||||||||||||||||||||
Anti-dilution adjustments (a) | — | 28,706,234 | 28,706,234 | ||||||||||||||||||||||||||
Exercises | — | (24,821,992 | ) | (24,821,992 | ) | ||||||||||||||||||||||||
Warrants outstanding at March 31, 2015 | 8,134,717 | 39,463,842 | 47,598,559 | ||||||||||||||||||||||||||
(a) | Anti-dilution adjustments reflect pro-forma issuance of warrants in accordance with the 2015 Offering as of March 31, 2015. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Lease Payments | The following schedule represents the remaining future minimum payments of all leases as of March 31, 2015: | ||||
(in thousands) | As of | ||||
March 31, | |||||
2015 | $ | 887 | |||
2016 | 844 | ||||
2017 | 267 | ||||
2018 and thereafter | 95 | ||||
$ | 2,093 | ||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Equity [Abstract] | |||||
Shares of Class A Common Stock for Future Issuance | |||||
At March 31, 2015, the Company had the following shares of Class A common stock reserved for future issuance: | |||||
Stock options outstanding under incentive plans | 2,513,631 | ||||
Stock options outstanding under plans not approved by security holders | 90,000 | ||||
Sunetric – provisional purchase consideration to be transferred | 302,356 | ||||
Common stock warrants outstanding - derivative liability (a) | 47,598,559 | ||||
Common stock warrants outstanding - equity security | 282,535 | ||||
Total shares reserved for future issuance | 50,787,081 | ||||
(a) | As of March 31, 2015, the number of derivative Series B and Series C warrants totaled 35,963,842. These warrants are variable and will be adjusted, consistent with the terms of the 2015 Offering, based on the Class A common stock fair market value at the end of fiscal quarter reporting and the date of exercise. |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of basic and diluted net loss per share: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except per share data) | 2015 | 2014 | |||||||
Net loss: | |||||||||
Loss from continuing operations | $ | (3,552 | ) | $ | (12,036 | ) | |||
Loss from discontinued operations | (182 | ) | (2,792 | ) | |||||
Net loss | $ | (3,734 | ) | $ | (14,828 | ) | |||
Weighted average shares for basic and diluted net loss per share | 57,421 | 43,600 | |||||||
Net loss per share – basic and diluted: | |||||||||
Loss from continuing operations | $ | (0.06 | ) | $ | (0.28 | ) | |||
Loss from discontinued operations | (0.00 | ) | (0.06 | ) | |||||
Net loss | $ | (0.06 | ) | $ | (0.34 | ) | |||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Financial Information for Company's Segments and Reconciliation of Total of Reportable Segments' Income (Loss) from Operations | 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: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Net revenue: | |||||||||
Residential | $ | 6,857 | $ | 13,274 | |||||
Sunetric | 3,753 | — | |||||||
Other | — | 493 | |||||||
Consolidated net revenue | 10,610 | 13,767 | |||||||
Loss from operations: | |||||||||
Residential | (2,469 | ) | (2,181 | ) | |||||
Sunetric | (313 | ) | — | ||||||
Other | (2,365 | ) | (4,961 | ) | |||||
Consolidated loss from continuing operations | (5,147 | ) | (7,142 | ) | |||||
Reconciliation of consolidated loss from operations to consolidated net loss: | |||||||||
Interest and other expense, net | (225 | ) | (221 | ) | |||||
Change in valuation of warrants | 1,755 | (4,667 | ) | ||||||
Income tax (benefit) expense | (65 | ) | 6 | ||||||
Loss from discontinued operations, net of tax | (182 | ) | (2,792 | ) | |||||
Net loss | $ | (3,734 | ) | $ | (14,828 | ) | |||
Reconciliation of Reportable Segments' Assets to Company's Consolidated Total Assets | The following is a reconciliation of reportable segments’ assets to the Company’s consolidated total assets. The Other segment includes certain unallocated corporate amounts. | ||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Total assets – continuing operations: | |||||||||
Residential | $ | 17,153 | $ | 17,183 | |||||
Sunetric | 5,328 | 7,430 | |||||||
Other | 1,510 | 984 | |||||||
$ | 23,991 | $ | 25,597 | ||||||
Total assets – discontinued operations: | |||||||||
Commercial | 4,695 | 9,509 | |||||||
$ | 28,686 | $ | 35,106 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Schedule of Reconciliation of Discontinued Operations Presented in Condensed Consolidated Statements of Operations | The following is a reconciliation of the major line items constituting pretax loss of discontinued operations to the after-tax loss of discontinued operations that are presented in the condensed consolidated statements of operations as indicated: | ||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Major line items constituting pretax loss of discontinued operations: | |||||||||
Net revenue | $ | 423 | $ | 8,376 | |||||
Cost of goods sold | 248 | 7,896 | |||||||
Selling and operating | 260 | 1,932 | |||||||
General and administrative | 74 | — | |||||||
Depreciation and amortization | 23 | 149 | |||||||
Acquisition related costs | — | 1,191 | |||||||
Pretax loss from discontinued operations | (182 | ) | (2,792 | ) | |||||
Income tax benefit | — | — | |||||||
Loss from discontinued operations | $ | (182 | ) | $ | (2,792 | ) | |||
Schedule of Reconciliation of Discontinued Operations Presented in Condensed Consolidated Balance Sheets | The following is a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations to the total assets and liabilities of the discontinued operations presented separately in the condensed consolidated balance sheets as indicated: | ||||||||
(in thousands) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Carrying amounts of major classes of assets included as part of discontinued operations: | |||||||||
Current assets: | |||||||||
Accounts receivable, net | $ | 2,153 | $ | 6,223 | |||||
Costs in excess of billings on uncompleted contracts | 1,271 | 1,841 | |||||||
Inventory, net | 135 | 242 | |||||||
Deferred costs on uncompleted contracts | — | 42 | |||||||
Other current assets | 139 | 79 | |||||||
Total major classes of current assets of the discontinued operations | 3,698 | 8,427 | |||||||
Noncurrent assets: | |||||||||
Property and equipment, net | 27 | 45 | |||||||
Other noncurrent assets | 970 | 1,037 | |||||||
Total noncurrent assets of discontinued operations | 997 | 1,082 | |||||||
Total assets of the discontinued operations in the balance sheet | $ | 4,695 | $ | 9,509 | |||||
Carrying amounts of major classes of liabilities included as part of discontinued operations: | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 3,290 | $ | 4,977 | |||||
Accrued liabilities | 2,622 | 2,608 | |||||||
Billings in excess of costs on uncompleted contracts | 289 | 373 | |||||||
Deferred revenue and other current liabilities | 36 | 26 | |||||||
Total current liabilities of discontinued operations | 6,237 | 7,984 | |||||||
Noncurrent liabilities: | |||||||||
Other liabilities | 237 | 327 | |||||||
Total major classes of noncurrent liabilities of the discontinued operations | 237 | 327 | |||||||
Total liabilities of the discontinued operations in the balance sheet | $ | 6,474 | $ | 8,311 | |||||
Organization_Nature_of_Operati2
Organization, Nature of Operations, and Principles of Consolidation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
Feb. 27, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | 5-May-15 | Apr. 27, 2015 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Gross amount raised from closing of offering | $3,500,000 | ||||
Additional amount raised from closing of offering | 8,000,000 | ||||
Proceeds from issuance of warrants | 6,348,000 | 418,000 | |||
Common Class A [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Percentage of common stock issuable | 200.00% | ||||
Volume of common stock traded | 100,000 | ||||
Common Class A [Member] | Minimum [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Stock price per share | $0.20 | ||||
Subsequent Events [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Additional paid-in capital | 11,500,000 | ||||
Percentage of additional capital | 81.00% | ||||
Line of credit facility expiration period | 12 months | ||||
Subsequent Events [Member] | Series B Warrant [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Proceeds from issuance of warrants | 5,800,000 | ||||
Percentage of warrants exercised | 72.00% | ||||
Subsequent Events [Member] | Common Class A [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Proceeds from issuance of warrants | $800,000 | ||||
Subsequent Events [Member] | Common Class A [Member] | Maximum [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Stock price per share | $0.20 |
Organization_Nature_of_Operati3
Organization, Nature of Operations, and Principles of Consolidation - Schedule of Total Cash and Available Borrowings (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | 5-May-15 |
Line of Credit Facility [Line Items] | |||
Cash plus availability under current borrowing base | $2,765,000 | $3,001,000 | |
Cash plus availability under maximum allowed borrowing base | 4,032,000 | 3,097,000 | |
Subsequent Events [Member] | |||
Line of Credit Facility [Line Items] | |||
Cash plus availability under current borrowing base | 2,637,000 | ||
Cash plus availability under maximum allowed borrowing base | $3,255,000 |
Significant_Accounting_Policie3
Significant Accounting Policies - Assumptions Used for Common Stock Warrant Liability Issued (Detail) (Warrants Issued [Member], USD $) | 0 Months Ended | |
Feb. 26, 2015 | Mar. 31, 2015 | |
Sixth Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise Price | $0.50 | |
Closing Market Price | $0.45 | |
Risk-free Rate | 1.62% | |
Market Price Volatility | 102.50% | |
Remaining Term (years) | 5 years 6 months | |
Expected dividend yield | 0.00% | |
Probability of change in control | 15.00% | |
Seventh Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Closing Market Price | $0.45 | |
Risk-free Rate | 0.03% | |
Market Price Volatility | 190.00% | |
Remaining Term (years) | 2 months 16 days | |
Expected dividend yield | 0.00% |
Significant_Accounting_Policie4
Significant Accounting Policies - Assumptions Used for Common Stock Warrant Liability Outstanding (Detail) (Warrants Outstanding [Member], USD $) | 0 Months Ended | ||||||
Jun. 03, 2013 | Nov. 15, 2013 | Jun. 06, 2014 | Jul. 09, 2014 | Nov. 18, 2014 | Feb. 26, 2015 | Mar. 31, 2015 | |
First Issuance [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $2.45 | ||||||
Closing Market Price | $0.27 | ||||||
Risk-free Rate | 0.93% | ||||||
Market Price Volatility | 125.00% | ||||||
Remaining Term (years) | 3 years 2 months 5 days | ||||||
Expected dividend yield | 0.00% | ||||||
Probability of change in control | 15.00% | ||||||
Second Issuance [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $3.41 | ||||||
Closing Market Price | $0.27 | ||||||
Risk-free Rate | 1.37% | ||||||
Market Price Volatility | 105.00% | ||||||
Remaining Term (years) | 4 years 1 month 13 days | ||||||
Expected dividend yield | 0.00% | ||||||
Probability of change in control | 15.00% | ||||||
Third Issuance [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $2.36 | ||||||
Closing Market Price | $0.27 | ||||||
Risk-free Rate | 1.63% | ||||||
Market Price Volatility | 102.00% | ||||||
Remaining Term (years) | 6 years 2 months 5 days | ||||||
Expected dividend yield | 0.00% | ||||||
Fourth Issuance [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $3.19 | ||||||
Closing Market Price | $0.27 | ||||||
Risk-free Rate | 1.37% | ||||||
Market Price Volatility | 105.00% | ||||||
Remaining Term (years) | 4 years 9 months 7 days | ||||||
Expected dividend yield | 0.00% | ||||||
Probability of change in control | 15.00% | ||||||
Fifth Issuance [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $0.81 | ||||||
Closing Market Price | $0.27 | ||||||
Risk-free Rate | 1.71% | ||||||
Market Price Volatility | 103.00% | ||||||
Remaining Term (years) | 6 years 7 months 17 days | ||||||
Expected dividend yield | 0.00% | ||||||
Sixth Issuance [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $0.50 | ||||||
Closing Market Price | $0.27 | ||||||
Risk-free Rate | 1.46% | ||||||
Market Price Volatility | 103.40% | ||||||
Remaining Term (years) | 5 years 4 months 24 days | ||||||
Expected dividend yield | 0.00% | ||||||
Probability of change in control | 15.00% | ||||||
Seventh Issuance [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Closing Market Price | $0.27 | ||||||
Risk-free Rate | 0.05% | ||||||
Market Price Volatility | 210.00% | ||||||
Remaining Term (years) | 1 month 17 days | ||||||
Expected dividend yield | 0.00% |
Significant_Accounting_Policie5
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
SimulationPath | ||
Accounting Policies [Abstract] | ||
Change in valuation of warrants | ($1,755) | $4,667 |
Number of Monte Carlo pricing model simulations used to value the warrants | 10,000 |
Significant_Accounting_Policie6
Significant Accounting Policies - Summary of Warrant Activity (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||
Warrants outstanding, Beginning | 8,134,717 | |
Issuances | 35,579,600 | |
Anti-dilution adjustments | 28,706,234 | |
Exercises | -24,821,992 | |
Warrants outstanding, Ending | 47,598,559 | |
First Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding, Beginning | 8,134,717 | |
Warrants outstanding, Ending | 8,134,717 | 8,134,717 |
Second Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issuances | 35,579,600 | |
Anti-dilution adjustments | 28,706,234 | |
Exercises | -24,821,992 | |
Warrants outstanding, Ending | 39,463,842 |
Significant_Accounting_Policie7
Significant Accounting Policies - Summary of Changes To Warrant Valuations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Class of Warrant or Right [Line Items] | ||
Value of warrants, Beginning | $2,491 | |
Value of warrants issued | 12,033 | |
Adjustment for warrants exercised | -2,861 | |
Changes in fair value, net | -1,755 | 4,667 |
Value of warrants, Ending | 9,909 | |
First Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Value of warrants, Beginning | 2,491 | |
Changes in fair value, net | -1,130 | |
Value of warrants, Ending | 1,362 | |
Second Issuance [Member] | ||
Class of Warrant or Right [Line Items] | ||
Value of warrants issued | 12,033 | |
Adjustment for warrants exercised | -2,861 | |
Changes in fair value, net | -625 | |
Value of warrants, Ending | $8,547 |
Significant_Accounting_Policie8
Significant Accounting Policies - Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability | $9,909 | $2,491 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability | $9,909 |
Significant_Accounting_Policie9
Significant Accounting Policies - Reconciliation of Common Stock Warrant Liability Measured at Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Change in the fair value of common stock warrant liability, net | $1,755 | ($4,667) |
Adjustment for warrants exercised | -2,861 | |
Common stock warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of liability, Beginning Balance | 2,491 | |
Issuance of common stock warrants | 12,033 | |
Change in the fair value of common stock warrant liability, net | -1,755 | |
Adjustment for warrants exercised | -2,861 | |
Fair value of liability, Ending Balance | $9,909 |
Revolving_Line_of_Credit_and_T1
Revolving Line of Credit and Term Loan - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 16, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $4,032,000 | $3,097,000 | |
Borrowings interest rate | Greater of the bank's prime rate or 4.00%, plus 4.00%, and (b) 8.00%. | ||
Interest rate | 4.00% | ||
Interest rate during period | 8.00% | ||
Line of credit, facility fee | 0.50% | ||
Reserve credit of subsidiary | 500,000 | ||
Line of credit, outstanding | 2,000,000 | 4,400,000 | |
Line of credit, interest rate | 8.00% | ||
Silicon Valley Bank (SVB) [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 5,500,000 | ||
Borrowing base | 75.00% | ||
Line of credit facility, expiration | 15-Mar-16 | ||
Silicon Valley Bank (SVB) [Member] | Seventh Loan Modification Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 5,000,000 | ||
Silicon Valley Bank (SVB) [Member] | Ninth Loan Modification Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 5,000,000 | ||
Line of credit facility reduced amount | -1,000,000 | ||
Line of credit facility, modification, extension and waiver fees | $50,000 | ||
Revolving Credit Streamline Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate | 4.00% |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Notes payable | 3,150,000 | $3,150,000 |
Interest rate | 8.00% | |
Accrued interest payable | 1,000,000 | $900,000 |
Riverside Renewable Energy Investments [Member] | ||
Related Party Transaction [Line Items] | ||
Maturity date of loans | 31-Mar-16 | |
Interest rate | 10.00% | |
Riverside Renewable Energy Investments [Member] | Common Class A [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership of common stock related party | 9.70% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Jul. 09, 2014 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Rent expense | $300,000 | $200,000 | |
PIPE Offering [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Issuance of common stock in private investment public equity offering | 7,000,000 | ||
Common stock issued for cash in private placements, per share | $2,400,000 | ||
Declined value of common stock | $270,000 | ||
Number Of plaintiffs | 4 | ||
Number of investors | 20 | ||
Number of lawsuits | 3 | ||
Recorded liability | $0 | ||
Minimum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating lease renewal clauses | 1 month | ||
Minimum [Member] | Vehicle Lease [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating lease renewal clauses | 36 months | ||
Maximum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating lease renewal clauses | 5 years | ||
Maximum [Member] | Vehicle Lease [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating lease renewal clauses | 60 months |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Leases, Operating [Abstract] | |
2015 | $887 |
2016 | 844 |
2017 | 267 |
2018 and thereafter | 95 |
Total minimum lease payments | $2,093 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Feb. 27, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
2015 Offering [Member] | |||
Class of Stock [Line Items] | |||
Gross proceeds from offering | 7.1 | ||
Series A Warrant [Member] | |||
Class of Stock [Line Items] | |||
Percentage of number of shares of Common stock | 50.00% | ||
Series C Warrant [Member] | |||
Class of Stock [Line Items] | |||
Percentage of number of shares of Common stock | 50.00% | ||
Series D Warrant [Member] | |||
Class of Stock [Line Items] | |||
Percentage of number of shares of Common stock | 4.99% | ||
Series E Warrants [Member] | |||
Class of Stock [Line Items] | |||
Percentage of number of shares of Common stock | 4.99% | ||
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Percentage of number of shares of Common stock | 4.99% | ||
Shares issued upon exercise of stock option | 0 | ||
Shares issued upon exercise of warrants | 29,021,992 | 167,262 |
Shareholders_Equity_Shares_of_
Shareholders' Equity - Shares of Class A Common Stock for Future Issuance (Detail) | Mar. 31, 2015 |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 50,787,081 |
Warrant [Member] | Derivative Liability [Member] | |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 47,598,559 |
Warrant [Member] | Equity Security [Member] | |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 282,535 |
Stock Options [Member] | |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 2,513,631 |
Equity Compensation Plans Not Approved by Security Holders [Member] | |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 90,000 |
Provisional purchase consideration to be transferred [Member] | Elemental Energy LLC [Member] | |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 302,356 |
Shareholders_Equity_Shares_of_1
Shareholders' Equity - Shares of Class A Common Stock for Future Issuance (Parenthetical) (Detail) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule Of Stockholders' Equity [Line Items] | ||
Derivative warrants outstanding | 47,598,559 | 8,134,717 |
Series B and Series C Warrants [Member] | ||
Schedule Of Stockholders' Equity [Line Items] | ||
Derivative warrants outstanding | 35,963,842 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $245 | $203 |
2008 Long-Term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted | 633,611 | 1,329,500 |
Stock options cancelled | 455,260 | 75,420 |
2008 Long-Term Incentive Plan [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Option vesting percentage | 8.33% | |
New Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period description | The new stock options vest at 2% per month for the 50 months beginning with the first day of the eleventh month after date of grant. | |
New Stock Option Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Option vesting percentage | 2.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets valuation allowances | $1,600,000 | $3,700,000 |
Income tax benefit | $0 |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share amount | 75.3 | 5.7 |
Net_Loss_Per_Share_Computation
Net Loss Per Share - Computation of Basic and Diluted Net (Loss) Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net loss: | ||
Loss from continuing operations | ($3,552) | ($12,036) |
Loss from discontinued operations | -182 | -2,792 |
Net loss | ($3,734) | ($14,828) |
Weighted average shares for basic and diluted net loss per share | 57,421 | 43,600 |
Net loss per share - basic and diluted: | ||
Loss from continuing operations | ($0.06) | ($0.28) |
Loss from discontinued operations | $0 | ($0.06) |
Net loss | ($0.06) | ($0.34) |
Segment_Information_Financial_
Segment Information - Financial Information for Company's Segments and Reconciliation of Total of Reportable Segments' Income (Loss) from Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Net revenue | $10,610 | $13,767 |
Loss from operations | -5,147 | -7,142 |
Interest and other expense, net | -225 | -221 |
Change in valuation of warrants | 1,755 | -4,667 |
Income tax (benefit) expense | -65 | 6 |
Loss from discontinued operations, net of tax | -182 | -2,792 |
Net loss | -3,734 | -14,828 |
Residential Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 6,857 | 13,274 |
Loss from operations | -2,469 | -2,181 |
Sunetric [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 3,753 | |
Loss from operations | -313 | |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 493 | |
Loss from operations | ($2,365) | ($4,961) |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Reportable Segments' Assets to Company's Consolidated Total Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $28,686 | $35,106 |
Continuing Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 23,991 | 25,597 |
Continuing Operations [Member] | Residential Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 17,153 | 17,183 |
Continuing Operations [Member] | Sunetric [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 5,328 | 7,430 |
Continuing Operations [Member] | Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,510 | 984 |
Discontinued Operations [Member] | Commercial Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $4,695 | $9,509 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Reconciliation of Discontinued Operations Presented in Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Major line items constituting pretax loss of discontinued operations: | ||
Net revenue | $423 | $8,376 |
Cost of goods sold | 248 | 7,896 |
Selling and operating | 260 | 1,932 |
General and administrative | 74 | |
Depreciation and amortization | 23 | 149 |
Acquisition related costs | 1,191 | |
Pretax loss from discontinued operations | -182 | -2,792 |
Income tax benefit | 0 | 0 |
Loss from discontinued operations | ($182) | ($2,792) |
Discontinued_Operations_Schedu1
Discontinued Operations - Schedule of Reconciliation of Discontinued Operations Presented in Condensed Consolidated Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Accounts receivable, net | $2,153 | $6,223 |
Costs in excess of billings on uncompleted contracts | 1,271 | 1,841 |
Inventory, net | 135 | 242 |
Deferred costs on uncompleted contracts | 42 | |
Other current assets | 139 | 79 |
Total major classes of current assets of the discontinued operations | 3,698 | 8,427 |
Noncurrent assets: | ||
Property and equipment, net | 27 | 45 |
Other noncurrent assets | 970 | 1,037 |
Total noncurrent assets of discontinued operations | 997 | 1,082 |
Total assets of the discontinued operations in the balance sheet | 4,695 | 9,509 |
Current liabilities: | ||
Accounts payable | 3,290 | 4,977 |
Accrued liabilities | 2,622 | 2,608 |
Billings in excess of costs on uncompleted contracts | 289 | 373 |
Deferred revenue and other current liabilities | 36 | 26 |
Total current liabilities of discontinued operations | 6,237 | 7,984 |
Noncurrent liabilities: | ||
Other liabilities | 237 | 327 |
Total major classes of noncurrent liabilities of the discontinued operations | 237 | 327 |
Total liabilities of the discontinued operations in the balance sheet | $6,474 | $8,311 |