Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 08, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Real Goods Solar, Inc. | |
Entity Central Index Key | 1,425,565 | |
Trading Symbol | rgse | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,480,906 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 14,077 | $ 2,940 |
Restricted cash | 173 | |
Accounts receivable, net | 2,205 | 3,002 |
Costs in excess of billings | 17 | 19 |
Inventory, net | 1,144 | 1,502 |
Deferred costs on uncompleted contracts | 485 | 398 |
Other current assets | 1,185 | 912 |
Current assets of discontinued operations | 1,561 | 909 |
Total current assets | 20,674 | 9,855 |
Property and equipment, net | 761 | 620 |
Goodwill | 1,338 | 1,338 |
Net investment in sales-type leases and other assets | 1,358 | 1,308 |
Noncurrent assets of discontinued operations | 618 | 1,252 |
Total assets | 24,749 | 14,373 |
Current liabilities: | ||
Line of credit | 663 | |
Convertible debt, net of deferred cost and pre-installment of $0 and $298 | 1 | 124 |
Accounts payable | 1,403 | 2,555 |
Accrued liabilities | 1,295 | 1,284 |
Billings in excess of costs on uncompleted contracts | 107 | 107 |
Derivative liabilities | 46 | |
Deferred revenue and other current liabilities | 703 | 1,033 |
Current liabilities of discontinued operations | 1,308 | 1,457 |
Total current liabilities | 4,817 | 7,269 |
Other liabilities | 1,747 | 1,764 |
Derivative liabilities | 74 | 137 |
Noncurrent liabilities of discontinued operations | 225 | 225 |
Total liabilities | 6,863 | 9,395 |
Commitments and contingencies (Note 4) | ||
Shareholders' equity: | ||
Class A common stock, $.0001 par value, 150,000,000 shares authorized, 7,480,906 and 1,183,151 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 8 | 8 |
Additional paid-in capital | 204,694 | 187,752 |
Accumulated deficit | (186,816) | (182,782) |
Total shareholders' equity | 17,886 | 4,978 |
Total liabilities and shareholders' equity | $ 24,749 | $ 14,373 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Deferred costs and pre-installments | $ 0 | $ 298 |
Common stock, par value (in dollars per shares) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 7,480,906 | 1,183,151 |
Common stock, shares outstanding | 7,480,906 | 1,183,151 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Net revenue | $ 3,653 | $ 4,939 |
Cost of goods sold | 3,334 | 4,856 |
Gross profit | 319 | 83 |
Expenses: | ||
Selling and operating | 2,136 | 2,192 |
General and administrative | 1,433 | 1,297 |
Share based compensation | 178 | 165 |
Restructuring costs | 99 | 37 |
Litigation | 80 | 24 |
Depreciation | 109 | 108 |
Total expenses | 4,035 | 3,823 |
Loss from continuing operations | (3,716) | (3,740) |
Other income | 2 | 9 |
Interest income (expense) | 13 | (39) |
Change in fair value of derivative liabilities and loss on debt extinguishment | (378) | (42) |
Loss before income taxes | (4,079) | (3,812) |
Income tax (expense) benefit | ||
Loss from continuing operations, net of tax | (4,079) | (3,812) |
Gain from discontinued operations, net of tax | 45 | 161 |
Net loss | $ (4,034) | $ (3,651) |
Net income (loss) per share: | ||
From continuing operations (in dollars per share) | $ (0.87) | $ (182.09) |
From discontinued operations (in dollars per share) | 0.01 | 7.69 |
Net loss per share - basic and diluted (in dollars per share) | $ (0.86) | $ (174.40) |
Weighted-average shares outstanding: | ||
Basic (in shares) | 4,709 | 21 |
Diluted (in shares) | 4,709 | 21 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Class A Common Stock | Additional Paid - in Capital | Accumulated Deficit | Total |
Balances at Dec. 31, 2016 | $ 8 | $ 187,752 | $ (182,782) | $ 4,978 |
Balances (in shares) at Dec. 31, 2016 | 1,183,151 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock and other equity changes related to compensation | 178 | 178 | ||
Issuance of common stock and other equity changes related to compensation (in shares) | ||||
Proceeds from common stock offering, net of costs | 16,029 | 16,029 | ||
Proceeds from common stock offering, net of costs (in shares) | 6,110,000 | |||
Fair value of shares issued for convertible notes and interest | 735 | 735 | ||
Fair value of shares issued for convertible notes and interest (in shares) | 177,018 | |||
Fractional shares issued in connection with reverse split (in shares) | 10,737 | |||
Net loss | (4,034) | (4,034) | ||
Balances at Mar. 31, 2017 | $ 8 | $ 204,694 | $ (186,816) | $ 17,886 |
Balances (in shares) at Mar. 31, 2017 | 7,480,906 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net loss | $ (4,034) | $ (3,651) |
Gain from discontinued operations | 45 | 161 |
Loss from continuing operations | (4,079) | (3,812) |
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations: | ||
Depreciation | 109 | 108 |
Share-based compensation expense | 178 | 165 |
Change in valuation of derivative liabilities and loss on debt extinguishment | 378 | 42 |
Loss on sale of assets | 17 | |
Bad debt expense | 36 | 100 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 761 | 185 |
Costs in excess of billings on uncompleted contracts | 2 | 642 |
Inventory, net | 358 | 530 |
Deferred costs on uncompleted contracts | (87) | 179 |
Net investment in sales-type leases and other assets | (50) | (139) |
Other current assets | (273) | (236) |
Accounts payable | (1,152) | (1,251) |
Accrued liabilities | 136 | 49 |
Billings in excess of costs on uncompleted contracts | (29) | |
Deferred revenue and other current liabilities | (330) | (326) |
Other liabilities | (17) | |
Net cash used in operating activities - continuing operations | (4,030) | (3,776) |
Net cash (used in) provided by operating activities - discontinued operations | (122) | 98 |
Net cash used in operating activities | (4,152) | (3,678) |
Investing activities | ||
Purchase of property and equipment | (252) | |
Proceeds from sale of property and equipment | 2 | 3 |
Net cash provided by investing activities | (250) | 3 |
Financing activities | ||
Proceeds from warrant exercises, net of costs | 17 | |
Restricted cash released upon conversion of debt | 173 | |
Proceeds from the issuance of common stock, net of costs | 16,029 | |
Principal payments on revolving line of credit | (663) | (3,942) |
Principal borrowings on revolving line of credit | 7,194 | |
Net cash provided by financing activities | 15,539 | 3,269 |
Net change in cash | 11,137 | (406) |
Cash and cash equivalents at beginning of period | 2,940 | 594 |
Cash and cash equivalents at end of period | 14,077 | 188 |
Supplemental cash flow information | ||
Interest paid | 8 | 27 |
Non-cash items | ||
Transfer from accounts payable to other liabilities for amounts paid by insurance carrier | 892 | |
Transfer of accounts payable to vendor line of credit | 59 | |
Change in common stock warrant liability in conjunction with exercise/extinguishment of warrants | $ 82 | |
Convertible notes interest paid with common stock | $ 125 |
Organization, Nature of Operati
Organization, Nature of Operations, and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Nature of Operations, and Principles of Consolidation | 1. Organization, Nature of Operations, and Principles of Consolidation Real Goods Solar, Inc. (the “Company” or “RGS”) is a residential and small business commercial solar energy engineering, procurement, and construction firm. Principles of Consolidation We have prepared our unaudited interim condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to these rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, the unaudited interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly, in all material respects, our condensed consolidated financial position as of March 31, 2017, the interim results of operations for the three months ended March 31, 2017 and 2016, and cash flows for the three months ended March 31, 2017 and 2016. These interim statements have not been audited. The balance sheet as of December 31, 2016 was derived from our audited consolidated financial statements included in our annual report on Form 10-K. The interim condensed consolidated financial statements contained herein should be read in conjunction with our audited financial statements, including the notes thereto, for the year ended December 31, 2016. Discontinued Operations During 2014, we committed to a plan to sell certain contracts and rights comprising our large commercial installations business, otherwise known as our former Commercial segment. At the same time, we determined not to enter into further large commercial installation contracts in the mainland United States. Most contracts in process at December 31, 2014 were substantially completed during 2015 and remaining work was completed during 2016. We report this business as a discontinued operation, separate from our continuing operations. See Note 11. Discontinued Operations. Liquidity and Financial Resources Update The Company experienced recurring operating losses and negative cash flow from operations in recent years. Starting with the fourth quarter of 2014, measures were implemented to reduce cash outflow for operations such that the required level of sales to achieve break-even results was reduced. These measures included (i) exiting the large commercial segment which was operating at both an operating and cash flow loss, (ii) reducing staffing levels, (iii) physically exiting the California market where its costs to operate were high, (iv) focusing on cash sales to customers and not leasing to customers, (v) negotiating lower costs for equipment, and (vi) operating initiatives designed to improve profitability such as reducing the length of cycle time for customer installations and lowering the cost of marketing. The Company’s historical operating losses have required the Company to raise financial capital. During the fourth quarter of 2016, the Company raised $16.1 million of financial capital, net of costs, and the Company raised an additional $16.0 million of financial capital, net of costs during the first quarter of 2017. See Note 6, Shareholders’ Equity. The Company used the proceeds from the financial capital raised to reduce accounts payable, purchase materials to convert its backlog to revenue and begin to execute its revenue growth strategy. The 2017 capital raises enabled the Company to terminate its line-of-credit facility and an Exclusive Supply Agreement (the “Supply Agreement”) with a co-terminus term, resulting in a reduction of costs for materials. The Company estimates that to operate profitably it will require approximately $16 million in quarterly revenue. Current quarterly revenue is materially less than this amount and, accordingly, to be successful in increasing sales and resultant revenue, the Company is in the process of implementing a revenue growth strategy which includes the following components: · Expand the size of the Company’s call center sales organization; · Expand the size of the Company’s east coast residential, Sunetric field sales team, small business commercial sales team, and construction organizations; · Outsource and expand the digital marketing program to generate greater customer lead volume while achieving desired cost of customer acquisition; · Increase third-party provider options to customers to finance their acquisition of solar energy systems; · Expand the Company’s network of authorized third party installers; and · Commence sales into new states of operations. The Company has prepared its business plan for the ensuing twelve months, and believes it has sufficient financial resources to operate for the ensuing 12-month period. Until the Company is successful in implementing its plans to increase revenue to the level required to break-even, the Company expects to have cash outflow from operating activities. In addition, the Company expects to have cash outflow from operating activities for the remainder of the year, as cash is utilized to increase revenue by (i) funding an anticipated level of rooftop installations for customers, (ii) expanding e-sales and field sales organizations and (iii) increasing marketing spend for lead generation. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017. 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 GAAP for interim financial information and in compliance with the rules and regulations of the U.S. 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, 2017 are not necessarily indicative of the expected results for the year ending December 31, 2017. These unaudited condensed 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, 2016. Intercompany balances and transactions have been eliminated. Recently Issued Accounting Standards ASU 2017-04 On January 26, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-04 (“ASU 2017-04”), Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment ASU 2016-20 On December 21, 2016, the FASB issued Accounting Standards Update No. 2016-20 (“ASU 2016-20”), Technical Corrections and Improvements to Topic 606 Revenue from Contracts with Customers ASU 2016-18 On November 17, 2016, the FASB issued Accounting Standards Update No. 2016-18 (“ASU 2016-18”), Statement of Cash Flows: Restricted Cash, ASU ASU 2016-15 On August 26, 2016, the FASB issued Accounting Standards Update No. 2016-15 (“ASU 2016-15”), Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, ASU ASU 2016-02 On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases (Topic 842), 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 In August 2015, the FASB issued Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date The Company is formalizing an implementation plan for the new standard, and to determine which transition method to utilize. The initial draft of the plan is expected to be executed during the second quarter of 2017. |
Revolving Line of Credit
Revolving Line of Credit | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | 3. Revolving Line of Credit As a result of capital raises in September 2016 and during the fourth quarter of 2016, the last time the Company submitted a request to borrow funds from Solar Solutions and Distribution, LLC for working capital was September 28, 2016. Since that time and until termination, the Company continually reduced the outstanding balance through the daily sweep of cash receipts. On February 6, 2017, the Company issued a 3-day notice of termination, causing the line of credit to be terminated as of February 9, 2017. Additionally, the Company had a Supply Agreement with Solar Solutions which was terminated as of the same date, as the term of the Supply Agreement was coterminous with the line of credit. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 4. Commitments and Contingencies The Company leases office and warehouse space through operating leases. Some of the leases have renewal clauses, which range from one month to five years. The Company leases vehicles for certain field personnel through operating leases. Leases range up to five years with varying termination dates through August 2020. The following schedule represents the annual future minimum payments of all leases as of March 31, 2017: (in thousands) Future Minimum Lease Payments 2017 $ 466 2018 393 2019 316 2020 262 2021 266 2022 and thereafter 112 Total minimum lease payments $ 1,815 The Company incurred office and warehouse rent expense of $0.2 million for the three months ended March 31, 2017 and 2016. 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 incurred with respect to identified risks and uncertainties based upon the facts and circumstances currently available. From time to time, the Company may be involved in legal proceedings that are considered to be in the normal course of business. On February 16, 2017, Alpha Capital Anstalt, an investor in the Company’s February 6, 2017 public offering of common stock and warrants, filed a lawsuit against Roth Capital Partners, LLC, the Company’s investment banking firm in the offering, and the Company in U.S. District Court for the Southern District of New York. Alpha’s lawsuit alleges that the registration statement for the February 6, 2017 offering contained material misstatements or omissions and that the Company had breached contractual obligations owed to Alpha. Alpha seeks unspecified monetary damages, rescission and other unspecified relief in the lawsuit. The Company disputes Alpha’s allegations and intends to vigorously defend itself in the lawsuit. Under local court rules, the Company filed a letter motion seeking permission to file a motion to dismiss the claims related to the alleged misstatements and omissions in the complaint. Following a hearing, the court granted the Company’s request but gave Alpha until May 12, 2017 to voluntarily amend its complaint. If Alpha fails to do so, the Company intends to file a motion to dismiss. The Company does not expect to incur any material charges in connection with this lawsuit and, as of March 31, 2017, the Company has not recorded a liability associated with this lawsuit. However, the Company expects its litigation expense to increase in the near future as a result thereof. On May 1, 2017, Roth Capital Partners, LLC requested indemnification by the Company for its legal expenses related to this lawsuit under the terms of the Placement Agency Agreement associated with the February 6, 2017 offering. The Company, under the circumstances, disputes the request for indemnification. |
Convertible Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 5. Convertible Notes April 2016 Note Offering On April 1, 2016, the Company entered into a securities purchase agreement for a private placement of $10.0 million of units, each consisting of a Senior Secured Convertible Note due April 1, 2019 (each, a “Note”) and a Series G warrant to purchase a fraction of one share of Class A common stock (the “2016 Note Offering”). On the same day, the Company closed the transaction and issued an aggregate of $10.0 million of Notes and Series G warrants exercisable into 8,302 shares of Class A common stock. In accordance with relevant accounting guidance for debt with conversion and other options, the Company separately accounts for the liability and equity components of the Notes by allocating the proceeds between the liability component, and equity component over their relative fair values after initially allocating the fair value of the embedded conversion option. The equity component of the Notes and the embedded derivative liability are recognized as a debt discount on the issuance date. The debt discount is amortized to interest expense using the effective interest method over three years, or the life of the Notes. During the three months ended March 31, 2017, $420,000 of principal and $124,000 of accrued interest under the Notes were converted into 160,185 shares of Class A common stock. As the trading price of the Company’s Class A common stock was higher at conversion than the effective conversion price per share to the debt holder, the Company recorded a loss on extinguishment and as an increase to shareholders’ equity as follows (in thousands): Statement of Changes in Shareholders' Equity: Fair value of convertible notes liability & accrued interest converted to common stock $ 735 Statement of Operations: Amortization of debt discount and interest expense (2 ) Change in fair value of derivative liabilities and loss on debt extinguishment (441 ) Increase in shareholders' equity $ 292 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | 6. Shareholders’ Equity The following transactions were completed during the three months ended March 31, 2017: January 2017 Reverse Stock Split On January 25, 2017, the Company executed a reverse stock split of all outstanding shares of the Company’s Class A common stock at a ratio of one-for-thirty, whereby thirty shares of Class A common stock were combined into one share of Class A common stock. The reverse split was previously authorized by a vote of the Company’s shareholders on January 23, 2017. The Company did not decrease its authorized shares of capital stock in connection with the reverse stock split. Share amounts are presented to reflect the reverse split for all periods. February 2017 Offerings On February 6, 2017, the Company closed a $11.5 million offering and sale of (a) units, “February 6 Primary Units,” each consisting of one share of the Company’s Class A common stock, and a Series K warrant to purchase one share of Class A common stock, and (b) units, “February 6 Alternative Units,” each consisting of a prepaid Series L warrant to purchase one share of Common Stock, and a Series K warrant pursuant to the Securities Purchase Agreement, dated as of February 1, 2017, by and among the Company and several institutional investors, and to public retail investors. As a result, the Company issued 2,096,920 February 6 Primary Units, 1,613,080 February 6 Alternative Units, 2,096,920 shares of Class A common stock as part of the February 6 Primary Units, Series K warrants to purchase 3,710,000 shares of Class A common stock, and Series L warrants to purchase 1,613,080 shares of Class A common stock. The purchase price for a February 6 Primary Unit was $3.10 and the purchase price for a February 6 Alternative Unit was $3.09. The Company received net proceeds of approximately $10.5 million at the closing, after deducting commissions to the placement agents and estimated offering expenses payable by the Company associated with the offering. As of March 31, 2017, there were 3,710,000 Series K warrants outstanding. On February 9, 2017, the Company closed a $6 million offering and sale of (a) units, “February 9 Primary Units,” each consisting of one share of the Company’s Class A common stock, and a Series M warrant to purchase 75% of one share of Class A common stock, and (b) units, “February 9 Alternative Units,” each consisting of a prepaid Series N warrant to purchase one share of Class A common stock, and a Series M warrant, pursuant to the Securities Purchase Agreement, dated as of February 7, 2017, by and among the Company and several institutional and accredited investors. As a result, the Company issued 1,650,000 February 9 Primary Units, 750,000 February 9 Alternative Units, 1,650,000 shares of Class A common stock as part of the February 9 Primary Units, Series M warrants to purchase 1,800,000 shares of Class A common stock, and Series N warrants to purchase 750,000 shares of Class A common stock. The purchase price for a February 9 Primary Unit was $2.50 and the purchase price for a February 9 Alternative Unit was $2.49. The Company received net proceeds of approximately $5.5 million at the closing, after deducting commissions to the placement agents and estimated offering expenses payable by the Company associated with the offering. As of March 31, 2017, there were 1,800,000 Series M warrants outstanding. Option and Warrant Exercises During the three months ended March 31, 2017 and 2016, the Company issued no shares of its Class A common stock to employees upon the exercise of stock options. For the three months ended March 31, 2017, no options were issued. For the three months ended March 31, 2016, 433 shares of its Class A common stock were issued pursuant to the exercise of warrants and capital raising transactions. At March 31, 2017, the Company had the following shares of Class A common stock reserved for future issuance: Stock options and grants outstanding under incentive plans 182 Common stock warrants outstanding - derivative liability 43,016 Common stock warrants outstanding - equity security 6,484,934 Total shares reserved for future issuance 6,528,132 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements The following tables summarize the basis used to measure certain financial assets and liabilities at fair value on a recurring basis in the consolidated balance sheets: Balance at March 31, 2017 (in thousands) Total Quoted Prices Significant Significant Common stock warrant liability $ 74 $ — $ — $ 74 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 assumptions. 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 and embedded derivative liability measured at fair value on a recurring basis using significant unobservable inputs (i.e. Level 3) for the period ended March 31, 2017: (in thousands) Common stock Embedded Total Fair value of derivative liabilities at December 31, 2016 $ 137 $ 46 $ 183 Change in the fair value of derivative liabilities, net (63 ) - (63 ) Adjustments for conversions of Notes - (46 ) (46 ) Fair value of derivative liabilities at March 31, 2017 $ 74 - $ 74 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation During the three months ended March 31, 2017, under its 2008 Long-Term Incentive Plan, as amended, the Company did not grant any stock options and cancelled 23 stock options versus zero grants of stock options and cancellations of 5 stock options during the three months ended March 31, 2016. Substantially all stock options vest at 2% per month for the 50 months beginning with the first day of the eleventh month after date of grant. Total share-based compensation expense recognized was $0.2 million during both the three months ended March 31, 2017 and 2016. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 9. Net Income (Loss) Per Share Basic net income (loss) per share excludes any dilutive effects of options, warrants or the Notes. The Company computes basic net income (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 income (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 6.5 million and 2,333 for the three months ended March 31, 2017 and 2016, respectively, from the computation of diluted net loss per share because their effect was antidilutive. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 10. Segment Information The Company operates as three reportable segments: (1) Residential – the installation of solar energy systems for homeowners, including lease financing thereof, and small business commercial in the continental U.S.; (2) Sunetric – the installation of solar energy systems for both homeowners and business owners (commercial) in Hawaii; and (3) Other – corporate operations. The Company discontinued its former large commercial segment and it is presented as discontinued operations. Financial information for the Company’s segments and a reconciliation of the total of the reportable segments’ loss from operations to the Company’s consolidated net loss are as follows: Three Months Ended (in thousands) 2017 2016 Net revenue: Residential $ 3,634 $ 3,752 Sunetric 19 1,187 Other — — Consolidated net revenue 3,653 4,939 Loss from operations: Residential (1,049 ) (1,264 ) Sunetric (804 ) (798 ) Other (1,863 ) (1,678 ) Consolidated loss from continuing operations (3,716 ) (3,740 ) Reconciliation of consolidated loss from continuing operations to consolidated net loss: Other income (expense) 2 9 Interest income (expense) 13 (39 ) Change in fair value of derivative liabilities and loss on extinguishment (378 ) (42 ) Income tax expense — — Gain from discontinued operations, net of tax 45 161 Net loss $ (4,034 ) $ (3,651 ) 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, 2017 December 31, 2016 Total assets – continuing operations: Residential $ 6,162 $ 7,159 Sunetric 935 1,196 Other 15,473 3,857 $ 22,570 $ 12,212 Total assets – discontinued operations: Commercial 2,179 2,161 $ 24,749 $ 14,373 |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 11. Discontinued Operations The following is a reconciliation of the major line items constituting pretax income of discontinued operations to the after-tax gain on discontinued operations that are presented in the condensed consolidated statements of operations as indicated: For the Three Months Ended (in thousands) 2017 2016 Major line items constituting pretax income (loss) of discontinued operations: Net revenue $ 4 $ 223 Cost of goods sold (2 ) 13 Selling and operating (53 ) 43 General and administrative 4 6 Pretax income of discontinued operations 55 161 Gain on discontinued operations $ 45 $ 161 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, 2017 December 31, Carrying amounts of major classes of assets included as part of discontinued operations: Current assets: Accounts receivable, net $ 584 $ 536 Costs in excess of billings on uncompleted contracts 207 207 Inventory, net 37 37 Surety bond deposit 624 — Other current assets 109 129 Total major classes of current assets of the discontinued operations 1,561 909 Noncurrent assets: Other noncurrent assets 618 1,252 Total noncurrent assets of discontinued operations 618 1,252 Total assets of the discontinued operations in the balance sheet $ 2,179 $ 2,161 Carrying amounts of major classes of liabilities included as part of discontinued operations: Current liabilities: Accounts payable $ 270 $ 285 Accrued liabilities 925 1,059 Deferred revenue and other current liabilities 113 113 Total current liabilities of discontinued operations 1,308 1,457 Noncurrent liabilities: Other liabilities 225 225 Total major classes of noncurrent liabilities of the discontinued operations 225 225 Total liabilities of the discontinued operations in the balance sheet $ 1,533 $ 1,682 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events The Company has evaluated events up to the filing date of these interim financial statements and determined that no subsequent event activity required disclosure. |
Significant Accounting Polici19
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 GAAP for interim financial information and in compliance with the rules and regulations of the U.S. 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, 2017 are not necessarily indicative of the expected results for the year ending December 31, 2017. These unaudited condensed 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, 2016. Intercompany balances and transactions have been eliminated. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards ASU 2017-04 On January 26, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-04 (“ASU 2017-04”), Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment ASU 2016-20 On December 21, 2016, the FASB issued Accounting Standards Update No. 2016-20 (“ASU 2016-20”), Technical Corrections and Improvements to Topic 606 Revenue from Contracts with Customers ASU 2016-18 On November 17, 2016, the FASB issued Accounting Standards Update No. 2016-18 (“ASU 2016-18”), Statement of Cash Flows: Restricted Cash, ASU ASU 2016-15 On August 26, 2016, the FASB issued Accounting Standards Update No. 2016-15 (“ASU 2016-15”), Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, ASU ASU 2016-02 On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases (Topic 842), 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 In August 2015, the FASB issued Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date The Company is formalizing an implementation plan for the new standard, and to determine which transition method to utilize. The initial draft of the plan is expected to be executed during the second quarter of 2017. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments | (in thousands) Future Minimum 2017 $ 466 2018 393 2019 316 2020 262 2021 266 2022 and thereafter 112 Total minimum lease payments $ 1,815 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of convertible preferred stock | Statement of Changes in Shareholders' Equity: Fair value of convertible notes liability & accrued interest converted to common stock $ 735 Statement of Operations: Amortization of debt discount and interest expense (2 ) Change in fair value of derivative liabilities and loss on debt extinguishment (441 ) Increase in shareholders' equity $ 292 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of shares of Class A common stock reserved for future issuance | Stock options and grants outstanding under incentive plans 182 Common stock warrants outstanding - derivative liability 43,016 Common stock warrants outstanding - equity security 6,484,934 Total shares reserved for future issuance 6,528,132 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of assets and liabilities measured on recurring basis | Balance at March 31, 2017 (in thousands) Total Quoted Prices Significant Significant Common stock warrant liability $ 74 $ — $ — $ 74 |
Schedule of reconciliation of common stock warrant liability measured at fair value on recurring basis | (in thousands) Common stock Embedded Total Fair value of derivative liabilities at December 31, 2016 $ 137 $ 46 $ 183 Change in the fair value of derivative liabilities, net (63 ) - (63 ) Adjustments for conversions of Notes - (46 ) (46 ) Fair value of derivative liabilities at March 31, 2017 $ 74 - $ 74 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of reconciliation of total of reportable segments' loss from operations | Three Months Ended (in thousands) 2017 2016 Net revenue: Residential $ 3,634 $ 3,752 Sunetric 19 1,187 Other — — Consolidated net revenue 3,653 4,939 Loss from operations: Residential (1,049 ) (1,264 ) Sunetric (804 ) (798 ) Other (1,863 ) (1,678 ) Consolidated loss from continuing operations (3,716 ) (3,740 ) Reconciliation of consolidated loss from continuing operations to consolidated net loss: Other income (expense) 2 9 Interest income (expense) 13 (39 ) Change in fair value of derivative liabilities and loss on extinguishment (378 ) (42 ) Income tax expense — — Gain from discontinued operations, net of tax 45 161 Net loss $ (4,034 ) $ (3,651 ) |
Schedule of reconciliation of reportable segments' assets to the Company's consolidated total assets. | (in thousands) March 31, 2017 December 31, 2016 Total assets – continuing operations: Residential $ 6,162 $ 7,159 Sunetric 935 1,196 Other 15,473 3,857 $ 22,570 $ 12,212 Total assets – discontinued operations: Commercial 2,179 2,161 $ 24,749 $ 14,373 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of reconciliation of major line items constituting pretax loss of discontinued operations to the after-tax loss of discontinued operations presented in condensed consolidated statements of operations | For the Three Months Ended (in thousands) 2017 2016 Major line items constituting pretax income (loss) of discontinued operations: Net revenue $ 4 $ 223 Cost of goods sold (2 ) 13 Selling and operating (53 ) 43 General and administrative 4 6 Pretax income of discontinued operations 55 161 Gain on discontinued operations $ 45 $ 161 |
Schedule of 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 | (in thousands) March 31, 2017 December 31, Carrying amounts of major classes of assets included as part of discontinued operations: Current assets: Accounts receivable, net $ 584 $ 536 Costs in excess of billings on uncompleted contracts 207 207 Inventory, net 37 37 Surety bond deposit 624 — Other current assets 109 129 Total major classes of current assets of the discontinued operations 1,561 909 Noncurrent assets: Other noncurrent assets 618 1,252 Total noncurrent assets of discontinued operations 618 1,252 Total assets of the discontinued operations in the balance sheet $ 2,179 $ 2,161 Carrying amounts of major classes of liabilities included as part of discontinued operations: Current liabilities: Accounts payable $ 270 $ 285 Accrued liabilities 925 1,059 Deferred revenue and other current liabilities 113 113 Total current liabilities of discontinued operations 1,308 1,457 Noncurrent liabilities: Other liabilities 225 225 Total major classes of noncurrent liabilities of the discontinued operations 225 225 Total liabilities of the discontinued operations in the balance sheet $ 1,533 $ 1,682 |
Organization, Nature of Opera26
Organization, Nature of Operations, and Principles of Consolidation (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Financial capital net of costs | $ 16 | $ 16.1 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of remaining future minimum payments of all leases (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 466 |
2,018 | 393 |
2,019 | 316 |
2,020 | 262 |
2,021 | 266 |
2022 and thereafter | 112 |
Total minimum lease payments | $ 1,815 |
Commitments and Contingencies28
Commitments and Contingencies (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Office and warehouse rent expense | $ 0.2 | $ 0.2 |
Convertible Debt and Convertibl
Convertible Debt and Convertible Preferred Stock - Information of convertible preferred stock (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Statement of Changes in Shareholders' Equity | |
Fair value of convertible notes liability & accrued interest converted to common stock | $ 735 |
Convertible Preferred Stock | |
Statement of Changes in Shareholders' Equity | |
Fair value of convertible notes liability & accrued interest converted to common stock | 735 |
Statement of Operations: | |
Amortization of debt discount and interest expense | (2) |
Change in fair value of derivative liabilities and loss on debt extinguishment | (441) |
Increase in shareholders' equity | $ 292 |
Convertible Debt and Converti30
Convertible Debt and Convertible Preferred Stock (Detail Textuals) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Feb. 06, 2017 | Apr. 01, 2016 | |
Debt Instrument [Line Items] | |||
Carrying value of the convertible notes | $ 10,000,000 | ||
Class A common stock | |||
Debt Instrument [Line Items] | |||
Convertible debt instrument convertible amount | $ 420,000 | ||
Number of shares issued on debt conversion | 160,185 | ||
Number of shares called by warrants | 8,302 | ||
Accrued interest | $ 124,000 | ||
2016 Note Offering | Class A common stock | Series G Warrant | |||
Debt Instrument [Line Items] | |||
Carrying value of the convertible notes | $ 10,000,000 |
Shareholders' Equity - Shares o
Shareholders' Equity - Shares of Class A common stock reserved for future issuance (Details) | Mar. 31, 2017shares |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 6,528,132 |
Stock options and grants outstanding under incentive plans | |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 182 |
Derivative liability | Common stock warrants outstanding | |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 43,016 |
Equity security | Common stock warrants outstanding | |
Schedule Of Stockholders' Equity [Line Items] | |
Total shares reserved for future issuance | 6,484,934 |
Shareholders' Equity (Detail Te
Shareholders' Equity (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions | Feb. 09, 2017 | Feb. 06, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Apr. 01, 2016 |
Shareholders Equity [Line Items] | ||||||
Proceeds from issuance of common stock | $ 16 | $ 16.1 | ||||
6 February, 2017 Offering | ||||||
Shareholders Equity [Line Items] | ||||||
Proceeds from issuance of common stock | $ 11.5 | |||||
Net proceeds from offering | $ 10.5 | |||||
6 February, 2017 Offering | February 6 Primary Units | ||||||
Shareholders Equity [Line Items] | ||||||
Number of units issued | 2,096,920 | |||||
Purchase price of units per share (in dollars per share) | $ 3.10 | |||||
6 February, 2017 Offering | February 6 Alternative Units | ||||||
Shareholders Equity [Line Items] | ||||||
Number of units issued | 1,613,080 | |||||
Purchase price of units per share (in dollars per share) | $ 3.09 | |||||
9 February, 2017 Offering | ||||||
Shareholders Equity [Line Items] | ||||||
Proceeds from issuance of common stock | $ 6 | |||||
Net proceeds from offering | $ 5.5 | |||||
9 February, 2017 Offering | February 9 Primary Units | ||||||
Shareholders Equity [Line Items] | ||||||
Number of units issued | 1,650,000 | |||||
Purchase price of units per share (in dollars per share) | $ 2.50 | |||||
9 February, 2017 Offering | February 9 Alternative Units | ||||||
Shareholders Equity [Line Items] | ||||||
Number of units issued | 750,000 | |||||
Purchase price of units per share (in dollars per share) | $ 2.49 | |||||
Series K Warrant | 6 February, 2017 Offering | ||||||
Shareholders Equity [Line Items] | ||||||
Number of shares called by warrants | 3,710,000 | |||||
Number of warrants outstanding | 3,710,000 | |||||
Series L warrant | 6 February, 2017 Offering | ||||||
Shareholders Equity [Line Items] | ||||||
Number of shares called by warrants | 1,613,080 | |||||
Series M Warrant | 9 February, 2017 Offering | ||||||
Shareholders Equity [Line Items] | ||||||
Number of shares called by warrants | 1,800,000 | |||||
Number of warrants outstanding | 1,800,000 | |||||
Series N Warrant | 9 February, 2017 Offering | ||||||
Shareholders Equity [Line Items] | ||||||
Number of shares called by warrants | 750,000 | |||||
Class A common stock | ||||||
Shareholders Equity [Line Items] | ||||||
Number of common stock issued | 6,110,000 | |||||
Number of shares called by warrants | 8,302 | |||||
Common stock issued upon exercise of warrants and capital raising transactions | 433 | |||||
Class A common stock | 6 February, 2017 Offering | ||||||
Shareholders Equity [Line Items] | ||||||
Number of common stock issued | 2,096,920 | |||||
Class A common stock | 9 February, 2017 Offering | ||||||
Shareholders Equity [Line Items] | ||||||
Number of common stock issued | 1,650,000 | |||||
Class A common stock | Series M Warrant | ||||||
Shareholders Equity [Line Items] | ||||||
Percentage of warrants to purchase common stock | 75.00% |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability | $ 74 | $ 137 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability | 74 | |
Recurring basis | Quoted Prices in Active Markets for Identical Items (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability | ||
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability | ||
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Common stock warrant liability | $ 74 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Common Stock Warrant Liability Measured at Fair Value on Recurring Basis (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of derivative liabilities at December 31, 2016 | $ 183 |
Change in the fair value of derivative liabilities, net | (63) |
Adjustments for conversions of Notes | (46) |
Fair value of derivative liabilities at December 31, 2017 | 74 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Common stock warrant liability | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of derivative liabilities at December 31, 2016 | 137 |
Change in the fair value of derivative liabilities, net | (63) |
Adjustments for conversions of Notes | |
Fair value of derivative liabilities at December 31, 2017 | 74 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Embedded derivative liability | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of derivative liabilities at December 31, 2016 | 46 |
Change in the fair value of derivative liabilities, net | |
Adjustments for conversions of Notes | (46) |
Fair value of derivative liabilities at December 31, 2017 |
Share-Based Compensation (Detai
Share-Based Compensation (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 0.2 | $ 0.2 |
2008 Long-Term Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options cancelled | 23 | 5 |
2008 Long-Term Incentive Plan | For the 50 months beginning with the first day of the eleventh month after date of grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Option vesting percentage | 2.00% |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Detail Textuals) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share amount | 6,500,000 | 2,333 |
Segment Information - Financial
Segment Information - Financial information for segments and reconciliation of total of reportable segments' income (loss) from operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Consolidated net revenue | $ 3,653 | $ 4,939 |
Consolidated loss from continuing operations | (3,716) | (3,740) |
Reconciliation of consolidated loss from continuing operations to consolidated net loss: | ||
Other income (expense) | 2 | 9 |
Interest income (expense) | 13 | (39) |
Change in fair value of derivative liabilities and loss on extinguishment | (378) | (42) |
Income tax expense | ||
Gain from discontinued operations, net of tax | 45 | 161 |
Net loss | (4,034) | (3,651) |
Residential | ||
Segment Reporting Information [Line Items] | ||
Consolidated net revenue | 3,634 | 3,752 |
Consolidated loss from continuing operations | (1,049) | (1,264) |
Sunetric | ||
Segment Reporting Information [Line Items] | ||
Consolidated net revenue | 19 | 1,187 |
Consolidated loss from continuing operations | (804) | (798) |
Other | ||
Segment Reporting Information [Line Items] | ||
Consolidated net revenue | ||
Consolidated loss from continuing operations | $ (1,863) | $ (1,678) |
Segment Information - Reconcili
Segment Information - Reconciliation of reportable segments' assets to consolidated total assets (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 24,749 | $ 14,373 |
Continuing Operations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 22,570 | 12,212 |
Continuing Operations | Residential | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 6,162 | 7,159 |
Continuing Operations | Sunetric | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 935 | 1,196 |
Continuing Operations | Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 15,473 | 3,857 |
Discontinued Operations | Commercial | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 2,179 | $ 2,161 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of reconciliation of discontinued operations presented in condensed consolidated statements of operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Major line items constituting pretax income (loss) of discontinued operations: | ||
Net revenue | $ 4 | $ 223 |
Cost of goods sold | (2) | 13 |
Selling and operating | (53) | 43 |
General and administrative | 4 | 6 |
Pretax income of discontinued operations | 55 | 161 |
Gain on discontinued operations | $ 45 | $ 161 |
Discontinued Operations - Sch40
Discontinued Operations - Schedule of reconciliation of discontinued operations presented in condensed consolidated balance sheets (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Accounts receivable, net | $ 584 | $ 536 |
Costs in excess of billings on uncompleted contracts | 207 | 207 |
Inventory, net | 37 | 37 |
Surety bond deposit | 624 | |
Other current assets | 109 | 129 |
Total major classes of current assets of the discontinued operations | 1,561 | 909 |
Noncurrent assets: | ||
Other noncurrent assets | 618 | 1,252 |
Total noncurrent assets of discontinued operations | 618 | 1,252 |
Total assets of the discontinued operations in the balance sheet | 2,179 | 2,161 |
Current liabilities: | ||
Accounts payable | 270 | 285 |
Accrued liabilities | 925 | 1,059 |
Deferred revenue and other current liabilities | 113 | 113 |
Total current liabilities of discontinued operations | 1,308 | 1,457 |
Noncurrent liabilities: | ||
Other liabilities | 225 | 225 |
Total major classes of noncurrent liabilities of the discontinued operations | 225 | 225 |
Total liabilities of the discontinued operations in the balance sheet | $ 1,533 | $ 1,682 |