Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RVLT | ||
Entity Registrant Name | Revolution Lighting Technologies, Inc. | ||
Entity Central Index Key | 917,523 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 159,985,587 | ||
Entity Public Float | $ 64,455,236 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 219 | $ 6,033 |
Trade accounts receivable, less allowance for doubtful accounts of $1,005 and $108 | 41,132 | 23,779 |
Unbilled contract receivables | 4,559 | |
Inventories, less reserves of $1,946 and $1,669 | 22,135 | 13,673 |
Other current assets | 3,830 | 3,157 |
Total current assets | 71,875 | 46,642 |
Property and equipment: | ||
Machinery and equipment | 1,083 | 1,004 |
Furniture and fixtures | 726 | 263 |
Computers and software | 644 | 598 |
Construction in process | 43 | 251 |
Leasehold improvements | 206 | 126 |
Property and equipment | 2,702 | 2,242 |
Accumulated depreciation and amortization | (1,455) | (1,031) |
Net property and equipment | 1,247 | 1,211 |
Goodwill | 64,267 | 42,991 |
Intangible assets, less accumulated amortization of $12,849 and $8,881 | 39,595 | 34,784 |
Other assets, net | 651 | 914 |
Total assets | 177,635 | 126,542 |
Current Liabilities: | ||
Accounts payable | 19,908 | 11,573 |
Accrued compensation and benefits | 3,388 | 2,281 |
Notes payable | 10,360 | 360 |
Accrued and other current liabilities | 5,329 | 7,371 |
Purchase price obligations - current | 7,039 | 6,269 |
Total current liabilities | 46,024 | 27,854 |
Revolving credit facility | 22,026 | 8,760 |
Related party payable | 2,565 | 2,565 |
Note payable | 2,426 | 2,816 |
Purchase price obligations - noncurrent | 1,764 | 6,086 |
Other liabilities | 727 | 1,145 |
Total liabilities | 75,532 | 49,226 |
Stockholders' Equity | ||
Common stock, $.001 par value, 200,000 shares authorized, 159,645 and 129,714 issued and outstanding at December 31, 2015 and 2014, respectively | 160 | 130 |
Additional paid-in capital | 176,616 | 149,477 |
Accumulated deficit | (74,673) | (72,291) |
Total stockholders' equity | 102,103 | 77,316 |
Total liabilities and stockholders' equity | $ 177,635 | $ 126,542 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Trade accounts receivable, allowance for doubtful accounts | $ 1,005 | $ 108 |
Inventories, reserve | 1,946 | 1,669 |
Intangible assets, accumulated amortization | $ 12,849 | $ 8,881 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 159,645,000 | 129,714,000 |
Common stock, outstanding | 159,645,000 | 129,714,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 129,656 | $ 76,840 | $ 26,060 |
Cost of sales | 86,366 | 52,617 | 16,108 |
Gross profit | 43,290 | 24,223 | 9,952 |
Selling, general and administrative: | |||
Acquisition, severance and transition costs | 1,950 | 2,488 | 3,541 |
Amortization and depreciation | 4,868 | 5,644 | 3,122 |
Stock-based compensation | 2,719 | 1,711 | 809 |
Other selling, general and administrative | 32,179 | 23,204 | 11,193 |
Research and development | 2,475 | 2,076 | 1,809 |
Total operating expenses | 44,191 | 35,123 | 20,474 |
Operating loss | (901) | (10,900) | (10,522) |
Other income (expense): | |||
Change in fair value of embedded derivative | (6,990) | ||
Gain on bargain purchase of business | 743 | ||
Interest expense and other bank charges | (1,481) | (830) | (52) |
Total other expense, net | (1,481) | (830) | (6,299) |
Loss before income taxes | (2,382) | (11,730) | (16,821) |
Deferred income tax benefit | 6,550 | ||
Net loss | (2,382) | (5,180) | (16,821) |
Accretion of preferred stock to redemption value, beneficial conversion feature and discount | (919) | (2,290) | |
Accrual of preferred stock dividends | (1,445) | (1,360) | |
Deemed distribution on exchange of preferred stock | (5,301) | ||
Net loss attributable to common stockholders | $ (2,382) | $ (12,845) | $ (20,471) |
Basic and diluted loss per common share: | |||
Net loss per common share attributable to common stockholders - Basic and Diluted | $ (0.02) | $ (0.14) | $ (0.26) |
Weighted average shares outstanding - Basic and Diluted | 149,297 | 92,158 | 77,317 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Series E Redeemable Convertible Preferred Stock | Series D Convertible Preferred Stock | Series E and F Preferred Stock | Series C Preferred Stock | Series G Preferred Stock | Seesmart Technologies Incorporated | Relume Technologies Inc | Tri-State LED, Inc. | Value Lighting | All Around | Energy Source | Employees | Non Employees | Preferred Stock | Preferred StockSeries D Convertible Preferred Stock | Preferred StockSeries C Preferred Stock | Common Stock | Common StockSeries D Convertible Preferred Stock | Common StockSeesmart Technologies Incorporated | Common StockRelume Technologies Inc | Common StockTri-State LED, Inc. | Common StockValue Lighting | Common StockAll Around | Common StockEnergy Source | Common StockEmployees | Additional Paid-in Capital | Additional Paid-in CapitalSeries E Redeemable Convertible Preferred Stock | Additional Paid-in CapitalSeries D Convertible Preferred Stock | Additional Paid-in CapitalSeries E and F Preferred Stock | Additional Paid-in CapitalSeries C Preferred Stock | Additional Paid-in CapitalSeries G Preferred Stock | Additional Paid-in CapitalSeesmart Technologies Incorporated | Additional Paid-in CapitalRelume Technologies Inc | Additional Paid-in CapitalTri-State LED, Inc. | Additional Paid-in CapitalValue Lighting | Additional Paid-in CapitalAll Around | Additional Paid-in CapitalEnergy Source | Additional Paid-in CapitalEmployees | Additional Paid-in CapitalNon Employees | Accumulated Deficit | Temporary Equity | Temporary EquitySeries F Redeemable Convertible Preferred Stock | Temporary EquitySeries E Redeemable Convertible Preferred Stock | Temporary EquitySeries E and F Preferred Stock | Temporary EquitySeries E Preferred Stock | Temporary EquitySeries F Preferred Stock | Temporary EquitySeries G Preferred Stock |
Beginning Balance (in shares) at Dec. 31, 2012 | 21,000 | 70,213,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2012 | $ 20,696 | $ 10,880 | $ 70 | $ 60,036 | $ (50,290) | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | $ 302 | $ 507 | $ 302 | $ 507 | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, (in shares) | 191,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Accretion of preferred stock | $ (2,290) | $ (2,290) | $ 2,290 | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options (in shares) | 108,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 265 | 265 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrual of dividends on convertible preferred stock | (1,360) | (1,360) | $ 346 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for acquisition (in shares) | 1,993,000 | 2,174,000 | 272,000 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for acquisition | $ 1,295 | $ 7,305 | $ 810 | $ 2 | $ 2 | $ 1 | $ 1,293 | $ 7,303 | $ 809 | |||||||||||||||||||||||||||||||||||||||
Embedded Conversion Liability | 8,626 | 8,626 | (1,637) | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock, net of issuance costs, (in shares) | 1,000 | 4,348,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash, net of fees | 5,069 | $ 62 | $ 62 | $ 5 | 5,064 | $ 4,999 | $ 4,968 | |||||||||||||||||||||||||||||||||||||||||
Issuance of restricted common stock for services (in shares) | 1,084,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted common stock for services | $ 1 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Fees associated with issuances of common stock | (119) | (119) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued | 1,109 | 1,109 | ||||||||||||||||||||||||||||||||||||||||||||||
Exchange of preferred stock for common stock (in shares) | (12,000) | 1,712,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Exchange of preferred stock for common stock | $ (1,006) | $ 1 | $ 1,005 | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | (16,821) | (16,821) | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2013 | 10,000 | 82,095,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2013 | $ 25,456 | $ 9,936 | $ 82 | 82,549 | (67,111) | 10,966 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 840 | (40) | 840 | (40) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of dividends on Series C | $ 1,000 | $ 1,028 | $ (28) | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for services (in shares) | 849,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for services | $ 1 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Accretion of preferred stock | $ (19) | $ (19) | $ 19 | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options (in shares) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Accrual of dividends on convertible preferred stock | $ (1,445) | (1,445) | 691 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for acquisition (in shares) | 575,000 | (7,000) | 2,032,000 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for acquisition | $ 374 | $ 1 | $ 2 | $ 373 | $ (2) | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock, net of issuance costs, (in shares) | 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash, net of fees | 8,614 | $ 8 | 8,606 | $ (56) | ||||||||||||||||||||||||||||||||||||||||||||
Cancellation of Series F preferred stock | $ (5,404) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock Series G and accretion to redemption value | $ (900) | $ (900) | $ 18,863 | |||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock , shares | (130,000) | |||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock , value | 0 | $ 0 | $ 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Shares to be issued for acquisitions | $ 22,737 | $ 22,737 | ||||||||||||||||||||||||||||||||||||||||||||||
Exchange of preferred stock for common stock (in shares) | (10,000) | 36,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Exchange of preferred stock for common stock | 25,879 | $ (10,964) | $ 36 | 36,807 | $ (25,079) | |||||||||||||||||||||||||||||||||||||||||||
Net loss | (5,180) | (5,180) | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2014 | 129,714,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2014 | $ 77,316 | $ 130 | 149,477 | (72,291) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | $ 1,894 | $ 297 | $ 2 | $ 1,892 | $ 297 | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, (in shares) | 1,588,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options (in shares) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for contingent consideration, value | $ 339 | $ 5,500 | $ 5 | $ 339 | 5,495 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued for contingent consideration, shares | 543,000 | 4,895,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for acquisition (in shares) | 4,573,000 | 979,000 | 8,820,000 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for acquisition | $ 477 | $ 9,702 | $ 5 | $ 9 | $ (5) | $ 477 | $ 9,693 | |||||||||||||||||||||||||||||||||||||||||
Issuance of stock, net of issuance costs, (in shares) | 8,696,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash, net of fees | $ 9,507 | $ 9 | 9,498 | |||||||||||||||||||||||||||||||||||||||||||||
Cancellation of reacquired escrowed common stock, value | (547) | (547) | ||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of reacquired escrowed common stock, shares | (163,000) | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (2,382) | (2,382) | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2015 | 159,645,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2015 | $ 102,103 | $ 160 | $ 176,616 | $ (74,673) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (2,382) | $ (5,180) | $ (16,821) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Deferred income tax benefit | (6,550) | ||
Depreciation | 550 | 495 | 263 |
Amortization of intangible and other assets | 4,318 | 5,149 | 2,859 |
Stock-based compensation | 2,719 | 1,711 | 809 |
Change in fair value of contingent consideration | 864 | 1,419 | 88 |
Change in fair value of embedded derivative | 6,990 | ||
Gain on bargain purchase of business | (743) | ||
Changes in operating assets and liabilities, net of the effect of the acquisitions (Note 2): | |||
(Increase) in trade accounts receivable, net | (15,111) | (10,291) | (1,727) |
(Increase) in unbilled contract receivables, net | (2,246) | ||
(Increase) in inventories, net | (7,234) | (60) | (697) |
(Increase) in other assets | (699) | (977) | (385) |
Increase / (decrease) in accounts payable and other accrued liabilities | 2,532 | (19) | 1,218 |
Net cash used in operating activities | (16,689) | (14,303) | (8,146) |
Cash Flows from Investing Activities: | |||
Acquisitions of businesses, net of cash acquired | (10,499) | (11,521) | (10,437) |
Purchase of property and equipment | (462) | (485) | (133) |
Net cash used in investing activities | (10,961) | (12,006) | (10,570) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of common stock, net of issuance costs and other | 8,960 | 8,614 | 4,950 |
Proceeds from issuances of preferred stock, net of issuance costs | (94) | 9,964 | |
(Repayments) proceeds from short-term borrowings and notes payable | (390) | (1,552) | 860 |
Proceeds from revolving credit facility, net | 13,266 | 8,760 | |
Proceeds from loans from affiliates of controlling stockholder, net | 14,857 | ||
Net proceeds from exercise of employee stock options and warrants | 265 | ||
Net cash provided by financing activities | 21,836 | 30,585 | 16,039 |
Net (decrease) increase in cash and cash equivalents | (5,814) | 4,276 | (2,677) |
Cash and cash equivalents, beginning of period | 6,033 | 1,757 | 4,434 |
Cash and cash equivalents, end of period | 219 | 6,033 | 1,757 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid during period for interest | 688 | 543 | 21 |
Non-cash investing and financing activities: | |||
Issuance of promissory notes for acquisition | 10,000 | ||
Contingent consideration for acquisitions | 1,550 | 9,976 | 960 |
Deferred consideration for acquisition | 350 | ||
Exchange of trade accounts payable for note | 3,736 | ||
Conversion of preferred stock for common stock | 36,843 | 1,006 | |
Accrual of dividends on preferred stock | 1,449 | 1,360 | |
In-kind dividends on Series C preferred stock | 1,000 | ||
Common Stock | Contingent Consideration | |||
Non-cash investing and financing activities: | |||
Issuance of stock | 6,316 | ||
Common Stock | Value Lighting | |||
Non-cash investing and financing activities: | |||
Issuance of stock | $ 9,702 | 23,111 | 9,435 |
Series D Preferred Stock | |||
Non-cash investing and financing activities: | |||
Issuance of stock | $ 62 | ||
Series G Preferred Stock | |||
Non-cash investing and financing activities: | |||
Issuance of stock | $ 18,000 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Extinguishment of notes payable | $ 12,600 |
Series F Preferred Stock | |
Issuance of stock | $ 5,400 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies: Business The Company’s operations consist of one reportable segment for financial reporting purposes: Lighting Products and Solutions (principally LED fixtures and lamps). For each of the two years ended December 31, 2014, we reported two segments, Lighting Fixtures and Lamps, and Lighting Signage and Media. Due to changes in the management, organizational structure and internal reporting, our operations now comprise one reportable segment for financial reporting purposes, and therefore segment disclosures are no longer presented. On April 17, 2014, the Company completed the acquisition of Value Lighting Inc. and certain of its affiliates (“Value Lighting”), a supplier of lighting solutions to the multifamily residential market. Value Lighting is headquartered in Marietta, Georgia with facilities in Marietta, Georgia; Dallas, Texas; Houston, Texas and Beltsville, Maryland. On December 18, 2014, the Company completed the acquisition of All Around Inc. (“All Around”), a supplier of lighting fixtures. All Around is headquartered in Conroe, Texas. On February 5, 2015, the Company acquired the assets of DPI Management, Inc. d/b/a E Lighting. E-Lighting is in Carrolton, Texas. On August 5, 2015, the Company completed its acquisition of Energy Source, LLC (“Energy Source”), a provider of turnkey comprehensive energy savings projects (principally LED fixtures and lamps) within the commercial, industrial, hospitality, retail, education and municipal sectors. Energy Source is headquartered in Providence, Rhode Island. Liquidity While the Company generated negative cash flows from operations in the full fiscal year 2015, it did achieve positive cash flows from operations in the fourth quarter of 2015 and the Company believes it has adequate resources to meet its cash requirements in the foreseeable future. On December 1, 2014, we exchanged all outstanding series of preferred stock, including accrued but unpaid dividends thereon, to an aggregate of 36,300,171 shares of our unregistered common stock (the “Preferred Stock Exchange”). All rights relating to the preferred stock were extinguished as a result of this transaction. Accordingly, we have been relieved of the ongoing obligation to pay dividends on preferred stock. In August 2014, the Company entered into a loan and security agreement with Bank of America to borrow up to $25 million on a revolving basis, based upon specified percentages of eligible receivables and inventory (“the Revolving Credit Facility”). In April 2015, our Chairman and Chief Executive Officer guaranteed $5 million of borrowings under the Revolving Credit Facility, enabling us to borrow up to $5 million in addition to the amount that is based upon receivables and inventory. This guarantee may be terminated under certain circumstances. Bank of America agreed to amend the Revolving Credit Facility to enable the Company to borrow up to $30 million under certain conditions. As of December 31, 2015, the balance on the Revolving Credit Facility was $22.0 million, with additional borrowing capacity of $2.6 million. We are in compliance with our covenants and obligations under the revolving credit facility as of March 1, 2016. Although we realized revenues of $129.7 million during the year ended December 31, 2015 and achieved positive earnings and positive cash flow from operations during the fourth quarter, we face challenges to maintain profitability, and there can be no assurance that we will sustain positive cash flows from operations or profitability. Our ability to meet our obligations in the ordinary course of business is dependent upon our ability to maintain profitable operations, maintain our revolving credit facility, or raise additional capital. Additional capital could take the form of public or private debt, equity financing, other sources of financing to fund operations, or the support of our controlling stockholder. There can be no assurance such financing will be available on terms acceptable to us or that any financing transaction will not be dilutive to our current stockholders. In addition, to accelerate the growth of our operations in response to new market opportunities or to acquire other technologies or businesses, we may need to raise additional capital. Additional capital may come from several sources, including the issuance of additional common stock, preferred stock, debt (whether convertible or not) or other securities. Increased indebtedness could negatively affect our liquidity and operating flexibility. The issuance of any additional securities could, among other things, result in substantial dilution of the percentage ownership of our stockholders at the time of issuance, result in substantial dilution of our earnings per share, and adversely affect the prevailing market price for our common stock. In addition, we may not be able to obtain additional financing on terms favorable to us, if at all. If additional funds become necessary and are not available on terms favorable to us, or at all, we may be unable to expand our business or pursue an acquisition and our business, results of operations and financial condition may be materially adversely affected. Principles of consolidation Use of estimates Revenue recognition The Company recognizes revenue from fixed-price and modified fixed-price contracts for turnkey energy conservation projects using the percentage-of-completion method of accounting. The percentage-of-completion is computed by dividing the actual incurred cost to date by the most recent estimated total cost to complete the project. The computed percentage is applied to the expected revenue for the project to calculate the contract revenue to be recognized in the current period. This method is used because management considers total cost to be the best available measure of progress on these contracts. Contract costs include all direct material and labor costs and indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. The current asset “unbilled contract receivables” represents revenues in excess of amounts billed, which management believes will generally be billed within the next twelve months. The Company records sales tax revenue on a gross basis (included in revenues and costs). For the years ended December 31, 2015, 2014 and 2013, revenues from sales taxes were $4.5 million, $2.7 million and $0.5 million, respectively. Warranties and product liability (in thousands) Year Ended December 31, 2015 2014 2013 Warranty liability at January 1, $ 443 $ 597 $ 346 Warranty liability assumed in acquisitions — — 101 Revision of warranty estimate (100 ) (185 ) — Provisions for current year sales 233 196 348 Current year claims (153 ) (165 ) (198 ) Warranty liability at December 31, $ 423 $ 443 $ 597 Fair value measurements Level 1 Level 2 - Level 3 Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2015. The Company uses the market approach to measure fair value for its Level 1 financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The respective carrying value of certain balance sheet financial instruments approximates its fair value. These financial instruments include cash, trade receivables, related party payables, accounts payable, accrued liabilities and short-term borrowings. Fair values were estimated to approximate carrying values for these financial instruments since they are short term in nature and they are receivable or payable on demand. The estimated fair value of assets and liabilities acquired in business combinations and reporting units and long-lived assets used in the related asset impairment tests utilize inputs classified as Level 3 in the fair value hierarchy. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of borrowings under our Revolving Credit facility and Notes payable are equal to the carrying value (see Note 15). The Company determines the fair value of certain purchase price obligations on a recurring basis based on a probability-weighted discounted cash flow analysis and Monte Carlo simulation. The fair value remeasurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in the fair value hierarchy. In each period, the Company reassesses its current estimates of performance relative to the stated targets and adjusts the liability to fair value. Any such adjustments are included in Acquisition, severance and transition costs, a component of Selling, general and administrative expense in the Consolidated Statement of Operations. Changes in the fair value of purchase price obligations for the year ended December 31, 2015 were as follows: (in thousands) 2015 Fair value, January 1 $ 12,355 Fair value of contingent consideration issued during the period 1,800 Fair value of acquisition liabilities paid during the period (6,566 ) Change in fair value 864 Fair value, December 31 $ 8,453 The following table presents quantitative information about Level 3 fair value measurements as of December 31, 2015: (in thousands) Fair Value at Valuation Technique Unobservable Inputs Earnout liabilities $ 7,231 Income approach Discount rate – 15.5% Stock distribution price floor 1,222 Monte Carlo Volatility – 60% simulation Risk free rate – 1.2% Dividend yield – 0% Fair value, December 31, 2015 $ 8,453 Derivative financial instruments – Cash equivalents Accounts receivable (in thousands) 2015 2014 2013 Allowance for doubtful accounts at January 1, $ 108 $ 210 $ 57 Additions 1,260 350 170 Write-offs (363 ) (452 ) (17 ) Allowance for doubtful accounts at December 31, $ 1,005 $ 108 $ 210 Inventories Property and equipment Estimated useful lives Machinery and equipment 3-7 years Furniture and fixtures 5-7 years Computers and software 3-7 years Motor vehicles 5 years Leasehold improvements Lesser of lease term or estimated useful life Intangible assets and goodwill Determining the fair value of a reporting unit is judgmental in nature and requires the use of significant estimates and assumptions, including revenue growth rates, strategic plans and future market conditions, among others. There can be no assurance that the Company’s estimates and assumptions made for purposes of the goodwill impairment testing will prove to be accurate predictions of the future. Changes in assumptions and estimates could cause the Company to perform an impairment test prior to the annual impairment test scheduled in the fourth quarter. Long-lived assets Accrued rent Shipping and handling costs Research and development Advertising Income taxes The Company applies the provisions of FASB ASC 740-10, “Accounting for “Uncertainty in Income Taxes”, and has not recognized a liability pursuant to that standard. In addition, a reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there are no unrecognized benefits since the date of adoption. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company evaluates the adequacy of the valuation allowance annually and, if its assessment of whether it is more likely than not that the related tax benefits will be realized changes, the valuation allowance will be increased or reduced with a corresponding benefit or charge included in income. Management evaluated the adequacy of the valuation allowance at December 31, 2015, 2014 and 2013 in light of the historical results of operations and concluded that a full valuation allowance for net deferred tax assets was required. In connection with the acquisitions in 2014, the Company recorded deferred tax liabilities of $6.6 million. These net deferred tax liabilities can be used to reduce net deferred tax assets, and accordingly, the Company reduced its valuation allowance by this amount. No provision for income taxes has been recorded for the years ended December 31, 2015 and 2013 since the tax benefits of the losses incurred have been offset by a corresponding increase in the deferred tax valuation allowance. Stock-based compensation The Company values restricted stock awards to employees at the quoted market price on the grant date. The Company estimates the fair value of option awards issued under its stock option plans on the date of grant using a Black-Scholes option-pricing model that uses the assumptions noted below. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. The Company determines the expected life based on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules and post-vesting forfeitures. For shares that vest contingent upon achievement of certain performance criteria, an estimate of the probability of achievement is applied in the estimate of fair value. If the goals are not met, no compensation cost is recognized and any previously recognized compensation cost is reversed. The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. No options were awarded in the years ended December 31, 2015 and 2013. For the year ended December 31, 2014, the Company computed expense for each group utilizing the following assumptions: Year Ended December 31, 2014 Expected volatility 94.2 % Weighted-average volatility 94.2 % Risk-free interest rate 1.64 % Expected dividend yield 0 % Expected life in years 3.5 – 8.6 The Company from time to time enters into arrangements with non-employee service providers pursuant to which it issues restricted stock vesting over specified periods for time-based services. These arrangements are accounted for under the provisions of FASB ASC 505-50 “Equity-Based Payments to Non-Employees”. Pursuant to this standard, the restricted stock is valued at the quoted price at the date of vesting. Prior to vesting, compensation is recorded on a cumulative basis based on the quoted market price at the end of the reporting period. Loss per share In connection with the 2014 acquisitions (see Note 2), the Company is unconditionally obligated during 2015, 2016 and 2017 to issue an additional 2,929,669 shares of its common stock and 8,035,826 shares of its common stock as of December 31, 2015 and 2014, respectively. These potentially dilutive shares have been included in the 2015 and 2014 computation of basic and diluted earnings per share, respectively. Also in connection with the 2014 and 2015 acquisitions, the Company is contingently obligated to pay up to $6.5 million as of December 31, 2015 and $11.7 million as of December 31, 2014, or at its option, an equivalent amount of common shares based upon its then-current market value, assuming certain performance criteria have been met. These shares have been excluded from the 2015 and 2014 computation of diluted earnings per share because the effect would be antidilutive. The Preferred Stock Exchange has been accounted for as provided in ASC S99-2, which states that in such an extinguishment of preferred stock, the difference between (1) the fair value of the consideration transferred to the holders of the preferred stock and (2) the carrying amount of the preferred stock in the Company’s balance sheet, should be reflected in a manner similar to a dividend on preferred stock and subtracted from net income to arrive at income attributable to common shareholders in the calculation of earnings per share. Under this method, $5.3 million has been subtracted from the Company’s net loss to arrive at net loss attributable to common stockholders for the year ended December 31, 2014. Contingencies Recent accounting pronouncements In August 2014, the FASB issued ASU 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. This ASU requires management to assess and evaluate whether conditions or events exist, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements issue date. The provisions of ASU 2014-15 are effective for annual periods beginning after December 15, 2016 and for annual and interim periods thereafter; early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20), which eliminates the accounting concept of extraordinary items for periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis”, which modifies the criteria for evaluating whether certain legal entities should be consolidated. The provisions of the ASU are effective for fiscal periods beginning after December 15, 2015, however earlier adoption is permitted. The Company has adopted the ASU effective January 1, 2015, without material effect on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”, that allows an entity to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The provisions of the ASU are effective for periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory”, which require an entity to measure inventory at the lower of cost and net realizable value. The provisions of the ASU are effective for periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments”, that eliminates the requirement to restate prior period financial statements for measurement adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. The provisions of the ASU are effective for periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”, that requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Company has not determined the effect that this accounting pronouncement will have on its financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions | 2. Acquisitions: Energy Source The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed in the Energy Source acquisition: (in thousands) Tangible assets $ 5,379 Goodwill 21,276 Intangible assets 8,768 Assets acquired 35,423 Liabilities assumed 3,921 Purchase price $ 31,502 The acquired intangible assets are being amortized consistent with the period the underlying cash flows are generated. Goodwill is expected to be deductible for income tax purposes. E-Lighting All Around Value Lighting The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from the Value Lighting acquisition. The excess of the purchase price over the estimated fair value of the net tangible assets acquired was allocated to intangible assets of $20.0 million and goodwill of $18.6 million. (in thousands) Current Assets $ 16,260 Goodwill 18,635 Intangible Assets 19,951 Other assets 2,901 Assets acquired 57,747 Accounts payable and other liabilities 12,613 Deferred income tax liability 5,825 Liabilities assumed 18,438 Purchase price $ 39,309 The acquired intangibles are being amortized consistent with the period the underlying cash flows are generated. Goodwill is not expected to be deductible for income tax purposes. Value Lighting achieved its 2014 performance targets, and as a result, during the quarter ended March 31, 2015, the Company issued 4.9 million shares of its common stock (valued at $5.5 million) in payment of the 2014 contingent purchase consideration. Value Lighting achieved its 2015 performance targets and earned $5.5 million. Payment in common stock or cash, at the Company’s option, is expected to be made by March 31, 2016. Other Pro forma information Year Ended December 31, (in thousands) 2015 2014 Revenues $ 138,524 $ 115,900 Operating loss $ (1,223 ) $ (8,931 ) Net loss $ (2,993 ) $ (4,063 ) The pro forma results for the years ended December 31, 2015 and 2014, include the amortization of the customer backlog of $0.4 million and $2.4 million, respectively, and acquisition, severance and transition costs of $2.0 million and $2.5 million, respectively. The pro forma results for the year ended December 31, 2014 also include an income tax benefit of $6.6 million. These non-recurring charges and credits are directly related to the acquisitions but do not have a continuing impact on the results of operations. The revenue of the 2015 acquisitions included in the Company’s 2015 actual results of operations from their respective acquisition dates through December 31, 2015 totaled $16.3 million. The net income of the 2015 acquisitions included in the Company’s 2015 actual results of operations from their respective acquisition dates through December 31, 2015 totaled $2.9 million. The revenue of the 2014 acquisitions, included in the Company’s 2014 actual results operations from their respective acquisition dates through December 31, 2014 totaled $46.2 million. The net income of the 2014 acquisitions, included in the Company’s 2014 actual results of operations, from their respective acquisition dates through December 31, 2014 totaled $1.6 million. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories | 3. Inventories: Inventories, which are primarily purchased from third parties, consist of the following: (in thousands) December 31, 2015 2014 Raw materials $ 3,789 $ 3,895 Finished goods 20,292 11,447 24,081 15,342 Less provision for obsolescence (1,946 ) (1,669 ) Net inventories $ 22,135 $ 13,673 (in thousands) Year Ended December 31, 2015 2014 2013 Inventory reserve at January 1, $ 1,669 $ 1,708 $ 1,669 Additions 1,087 179 1,644 Write offs (810 ) (218 ) (1,605 ) Inventory reserve at December 31, $ 1,946 $ 1,669 $ 1,708 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets | 4. Intangible Assets: At December 31, 2015, the Company had the following intangible assets subject to amortization: (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents $ 268 $ (177 ) $ 91 Trade names 14,981 (2,884 ) 12,097 Customer relationships 28,901 (4,488 ) 24,413 Customer contracts and backlog 4,822 (4,481 ) 341 Technology 1,953 (248 ) 1,705 Favorable lease 334 (140 ) 194 Non-compete agreements 1,113 (369 ) 744 Product certification and licensing costs 72 (62 ) 10 $ 52,444 $ (12,849 ) $ 39,595 At December 31, 2014, the Company had the following intangible assets subject to amortization: (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents $ 268 $ (153 ) $ 115 Trade names 11,358 (1,280 ) 10,078 Customer relationships 24,455 (2,942 ) 21,513 Customer contracts and backlog 4,496 (4,038 ) 458 Technology 1,953 (196 ) 1,757 Favorable lease 334 (64 ) 270 Non-compete agreements 740 (151 ) 589 Product certification and licensing costs 61 (57 ) 4 $ 43,665 $ (8,881 ) $ 34,784 Intangibles are amortized using the straight-line method over their estimated useful lives. Amortization expense during the years ended December 31, 2015, 2014 and 2013 is as follows: (in thousands) Estimated useful life 2015 2014 2013 Patents and trade names 12 to 17 years $ 939 $ 688 $ 388 Customer relationships 10 to 15 years 2,094 1,694 761 Customer contracts and backlog 1 to 3 years 443 2,425 1,613 Technology 10 years 195 129 67 Favorable Leases 10 years 77 61 3 Non-compete agreement 6 years 215 141 10 Product certification and licensing costs 3 years 5 11 17 Total $ 3,968 $ 5,149 $ 2,859 Amortization expense for intangible assets for the next 5 years is estimated as follows: (in thousands) 2016 2017 2018 2019 2020 Patents $ 23 $ 23 $ 23 $ 22 $ — Trade names 1,135 1,135 1,135 1,135 1,080 Customer relationships 2,267 2,267 2,200 2,166 2,166 Customer contracts and backlog 246 56 39 — — Technology 195 195 195 195 195 Favorable Leases 43 22 22 22 22 Non-compete agreement 283 222 171 68 — Product certification and licensing costs 4 3 3 — — Total $ 4,196 $ 3,923 $ 3,788 $ 3,608 $ 3,463 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill | 5. Goodwill: The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are presented below: (in thousands) Balance, January 1, 2014 $ 21,498 Acquisitions 21,493 Balance, December 31, 2014 42,991 Acquisitions 21,276 Balance, December 31, 2015 $ 64,267 Accumulated Balances: Goodwill $ 66,663 Accumulated impairment losses (2,396 ) Balance, December 31, 2015 $ 64,267 During the fourth quarter of 2015, the Company performed step one of the impairment testing as described in Note 1 which indicated the fair value of its reporting unit exceeded the net carrying amount of the net assets of its reporting unit. Accordingly, step two was not performed. |
Common Stock Transactions
Common Stock Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock Transactions | 6. Common Stock Transactions: As of December 31, 2015, the Company had 159.6 million shares of its common stock outstanding, of which 84.2 million shares, or 52.8%, were beneficially owned by RVL and its affiliates. On August 5, 2015, in connection with the Energy Source acquisition (see Note 2), the Company issued 8.8 million of its common shares, valued at $9.7 million, to the sellers of Energy Source, and 8.7 million shares for $9.5 million, net of expenses, to third party investors to fund the cash portion of the purchase price. On May 11, 2015, the shareholders approved an amendment to the Company’s Certificate of Incorporation to increase the authorized shares of common stock from 150,000,000 to 200,000,000. On May 11, 2015, the shareholders approved a proposal to grant authority to the Board of Directors (the “Board”) to potentially conduct a reverse stock split (the “Split”), if and when the Board determines it is in the best interests of the Company and its shareholders to do so. Additionally, the Board was granted authority to determine the specific ratio at which to conduct the Split, within the range of 1-for-4 to 1-for-7 based upon then-current market conditions, or to abandon the Split if the Board determines that it is not in the best interests of the Company and its shareholders. On February 16, 2016 the Company filed a Schedule 14C Information Statement to inform shareholders of its intent to effect a reverse stock split of its Common Stock at a ratio of 1-for-10, as approved by the Board of Directors on February 3, 2016. On December 1, 2014, the Company completed an underwritten public offering of 8 million shares of its common stock, at an offering price of $1.25. Net proceeds of the offering approximated $8.6 million, which was used for general corporate purposes. On December 1, 2014, the Company completed the Preferred Stock Exchange, in which the Company exchanged all outstanding preferred stock, including accrued but unpaid dividends thereon, for 36,300,171 shares of unregistered common stock. All rights relating to the preferred stock were extinguished as a result of this transaction, and at December 31, 2014 the Company has no outstanding preferred stock. See Note 7 for additional information. The Company has a Management Services Agreement (the “Management Agreement”) with Aston, an affiliate of RVL, under which Aston provides consulting services in connection with financing matters, budgeting, strategic planning and business development. On April 9, 2013, in consideration of the services provided, the Company issued 500,000 shares of restricted common stock to Aston, vesting in three equal annual increments, with the first such vesting date being September 25, 2013. On April 21, 2014, as compensation for management services provided, the Company granted 300,000 shares of restricted stock to Aston, which vest in three annual installments with the first such vesting date of September 25, 2014. The Audit Committee of the Board will consider from time to time (at a minimum at such times when the Compensation Committee of the Board evaluates director compensation) whether additional compensation to Aston is appropriate given the nature of the services provided. Stock warrants At December 31, 2015, the Company has reserved common stock for issuance in relation to the following: Employee stock options and restricted stock 2,752,020 Shares to be issued for acquisitions 2,929,669 Total reserved shares 5,681,689 |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Stock | 7. Preferred Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock. As a result of the December 1, 2014 Preferred Stock Exchange, all rights relating to the preferred stock were extinguished, and at December 31, 2015 the Company has no outstanding preferred stock. Series C Convertible Preferred Stock On December 20, 2012, the Company issued to RVL 10,000 shares of the Series C Preferred Stock, for cash of $10 million, which was used to fund the Seesmart acquisition (Note 2) and for working capital purposes. The Series C Preferred Stock was initially non-voting and non-convertible. The Series C Preferred Stock became voting and convertible into shares of the Company’s common stock effective May 15, 2013, following the Company’s compliance with the requirements of Rule 14c-2 of the Securities Exchange Act of 1934, as amended. Additionally RVL was given the right to appoint four members to the Company’s board of directors (the “Board”), with the size of the Board not to exceed seven members. RVL’s right to appoint four directors will decline proportionately to take into account subsequent material reductions in RVL’s ownership position in the Company. Each share of Series C Preferred Stock carried a liquidation preference and was entitled to receive cumulative dividends payable at a rate per annum of 10% of the Series C Stated Value on the date of issuance (i.e. $1,000). Such dividends were payable through the issuance of additional shares of Series C Preferred Stock on each anniversary of the date of issuance. Additionally, the Series C Preferred Stock shared ratably on an as-converted basis with the common stock in the payment of all other dividends and distributions. For the year ended December 31, 2013, the Company accrued dividends of $1,014,000. On December 1, 2014, all outstanding shares of Series C Preferred were converted to common stock in the Preferred Stock Exchange. Series D Convertible Preferred Stock On December 20, 2012, the Company issued 11,177 shares of Series D Preferred Stock, and in the first quarter of 2013, the Company issued 738 shares of Series D Preferred Stock, as partial consideration in the Seesmart acquisition (Note 2). The Series D Preferred Stock had a liquidation preference of $100 per share and shared ratably on an as-converted basis with the Company’s common stock in the payment of dividends and distributions. The Series D Preferred Stock was non-voting and was initially non-convertible. On May 15, 2013, all 11,915 shares of Series D Preferred Stock were automatically converted into 1,712,167 shares of common stock at a conversion price per share equal to $0.6959 (the “Series D Conversion Price”). Series E Redeemable Convertible Preferred Stock On February 21, 2013, the Company issued to RVL 5,000 shares of Series E Preferred Stock for cash of $5 million, which was used for working capital purposes. The Series E Preferred Stock was initially non-voting and non-convertible and became voting and convertible into shares of the Company’s common stock on May 15, 2013. Each share of Series E Preferred Stock was entitled to receive cumulative dividends payable at a rate per annum of 5% of the Series E Stated Value then in effect. Additionally, the Series E Preferred Stock shared ratably on an as-converted basis with the common stock in the payment of all other dividends and distributions. For the year ended December 31, 2013, the Company accrued dividends of $218,000. In accordance with Accounting Standards Codification 480 (ASC 480), the Company classified the Series E Preferred Stock as temporary equity in the financial statements as it was subject to mandatory redemption at the option of the holder. The Company concluded that the Series E Preferred Stock is more akin to a debt-type instrument than an equity-type instrument. Accordingly the Series E Preferred Stock was accreted to the redemption amount in effect on the balance sheet date. The embedded conversion feature was not deemed to be closely and clearly related to the debt-type host instrument and before the modification described below did not meet the requirements for classification as equity. Accordingly, it was accounted for as a liability at fair value with subsequent changes in fair value included in earnings. The change in fair value of the embedded derivative included in the statement of earnings was $ 7.0 million were for the year ended December 31, 2013. On May 14, 2013, the host instrument was modified by eliminating certain provisions that prevented the embedded conversion feature from meeting the criteria for classification as equity. Accordingly, the fair value of the embedded conversion liability of $8.6 million as of May 14, 2013 was reclassified to paid in capital. On December 1, 2014, all outstanding shares of Series E Preferred were converted to common stock in the Preferred Stock Exchange described above. Series F Redeemable Convertible Preferred Stock On August 22, 2013, the Company issued to RVL 5,000 shares of Series F Preferred Stock for cash of $5 million, which was used for working capital purposes. Each share of Series F Preferred Stock was voting and carried a liquidation preference. It was redeemable for cash at the option of the Company, and convertible to either common stock or cash at the option of the holder. Additionally, it was entitled to receive dividends at a rate per annum equal to 7% of the Series F Stated Value then in effect. For the year ended December 31, 2013, the Company accrued Series F Dividends of $129,000. All outstanding shares of Series F preferred stock were redeemed in connection with the exchange of Series F preferred stock for Series G preferred stock described below. Following the redemption, the Series F preferred stock was cancelled in June 2014. In accordance with Accounting Standards Codification 489 (“ASC 480”), the Company classified the Series F Preferred Stock as temporary equity in the financial statements as it was subject to mandatory redemption at the option of the holder. The Company concluded that the Series F Preferred Stock is more akin to a debt-type instrument than an equity-type instrument. Accordingly the preferred stock was accreted to the redemption amount in effect on the balance sheet date. Series G Redeemable Convertible Preferred stock On June 30, 2014, the Company issued to RVL and its affiliate an aggregate of 18,000 shares Series G Preferred Stock as follows. The Company issued 10,956,000 shares in exchange for cancellation of the outstanding balance on the RVL Note (see Note 16), which aggregated $10,956,000 including accrued and unpaid interest thereon. An additional 5,404 shares were issued in exchange for the 5,000 shares (including accrued and unpaid dividends thereon) of the Company’s outstanding Series F Preferred Stock, and 1,640 shares were issued to Aston in exchange for $1,640,085, a portion of the outstanding balance on the February Note (see Note 15). The Series G Preferred Stock carried a liquidation preference, and was voting and convertible into shares of the Company’s common stock at any time at the option of the holder at a conversion price equal to $2.30. In accordance with ASC 480, the Company classified the Series G Preferred Stock as temporary equity in the financial statements as it was subject to mandatory redemption at the option of the holder. Additionally, the Company had the option to redeem all or any part of the Series G Preferred Stock for cash at any time subject to the holder’s right to convert and require delivery of shares of common stock. For so long as shares of Series G Preferred Stock were outstanding, the Company was prohibited from taking certain actions specified in the Series G certificate of designations without the consent of a majority of the holders. Each share of Series G Preferred Stock was entitled to receive cumulative dividends payable at a rate per annum of nine percent (9%) of the Series G Stated Value. On December 1, 2014, all outstanding shares of Series G Preferred were converted to common stock in the Preferred Stock Exchange. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation Plans | 8. Stock-Based Compensation Plans: On September 18, 2003, the Company adopted a stock option plan (the “2003 Plan”) that provides for the grant of incentive stock options and nonqualified stock options. The option price of incentive stock options must be at least 100% of market value at the date of the grant and incentive stock options have a maximum term of 10 years. Options granted typically vest ratably over a three-year period or are based on achievement of performance criteria. The Company grants selected executives and other key employees share option awards, whose vesting is contingent upon meeting various departmental and company-wide performance goals including meeting sales targets and net profit targets. In March 2009, the Company amended the 2003 Plan to extend the post-service termination exercise period of non-statutory stock options granted to directors for their service to the Company as directors from three months after the director’s termination date to the tenth anniversary of the date of grant. The 2003 Plan does not contain any provisions which would trigger automatic vesting upon a change in control. The Board has determined that no further awards will be made pursuant to the 2003 Plan. As of December 31, 2015, options for 289,834 shares of common stock were vested and exercisable under the 2003 Plan, and 289,834 shares have been reserved for issuance under the 2003 Plan. In May 2013, shareholders approved the 2013 Stock Incentive Plan (the “2013 Plan”). An aggregate of 6,000,000 shares of the Company’s common stock may be issued pursuant to the 2013 Plan, as amended, to officers, employees, non-employee directors and consultants of the Company and its affiliates. Awards under the plan may be in the form of stock options, which may constitute incentive stock options, or non-qualified stock options, restricted shares, restricted stock units, performance awards, stock bonus awards, share appreciation rights and other stock based awards. Stock options will be issued at an exercise price not less than 100% of the market value at the date of grant and expire no later than ten years after the date of grant. Stock awards typically vest over three years but vesting periods for non-employees may be longer or based on the achievement of performance goals. Through December 31, 2015, the Company has issued 25,000 options, 2,706,664 restricted shares, net of forfeitures, and 831,150 shares for incentive compensation, under the 2013 Plan. A total of 2,462,186 common shares (including 25,000 for stock options already awarded) are reserved for future issuance under the 2013 Plan. A summary of non-vested restricted shares follows: Number of Weighted Outstanding non-vested December 31, 2014 1,255,667 $ 2.38 Shares granted 1,103,500 1.33 Shares vested (666,500 ) 2.29 Shares forfeited (346,334 ) 2.03 Outstanding non-vested December 31, 2015 1,346,333 $ 1.66 The weighted average term of employee restricted stock is three years. Unrecognized compensation expense for employee restricted stock grants outstanding at December 31, 2015 amounted to $1,425,000, which will be amortized over the next three years. The following table summarizes option activity of the 2003 and 2013 Plans. Substantially all of the options are exercisable as of December 31, 2015: Number of Shares Outstanding Under Option Weighted Balance, December 31, 2014 414,380 $ 4.29 Options granted at market — — Options exercised — — Options forfeited or expired (99,546 ) 4.07 Balance, December 31, 2015 314,834 $ 4.36 The total future compensation cost related to non-vested stock option awards is estimated to be nominal. The total intrinsic value of options exercised during the year ended December 31, 2013 was $95,000. No options were exercised in 2015 and 2014. Options outstanding at December 31, 2015 had no intrinsic value. The total fair value of options vested during the years ended December 31, 2015, 2014 and 2013 was nominal. Under the 2003 Plan, 153,600 and 7,640 performance options expired during 2013 and 2014, respectively. These performance options were also included in the summary of option activity above. Stock-based compensation expense for employees recognized in the accompanying statements of operations for the years ended December 31, 2015, 2014 and 2013 was $2,422,000, $1,751,000 and $303,000, respectively. Stock-based compensation expense (benefit) recorded with respect to non-employee service providers during the years ended December 31, 2015, 2014 and 2013 was $297,000, ($40,000) and $506,000, respectively. Stock-based compensation for 2015 and 2014 includes $1,123,000 and $941,000, respectively, of bonus and commissions paid in the form of common stock. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Operating Leases | 9. Operating Leases: The Company leases office, warehouse and manufacturing facilities throughout the United States. Generally, the leases require the Company to pay the operating expenses of the properties, in some cases including property taxes. The majority of the Company’s leases include renewal options at existing or current market rates. The following schedule shows the total rent expense under operating leases: (in thousands) Year Ended December 31, 2015 2014 2013 Rent expense $ 2,026 $ 953 $ 577 Less sublease rentals — — (47 ) Total rent expense $ 2,026 $ 953 $ 530 The future minimum payment obligations as of December 31, 2015 for operating leases are as follows: (in thousands) 2016 $ 2,466 2017 2,313 2018 2,271 2019 1,709 2020 832 Thereafter 1,430 Total future payment obligations $ 11,021 |
Risk Concentrations
Risk Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Risk Concentrations | 10. Risk Concentrations: The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash, cash equivalents, trade accounts receivable and accounts payable. The Company places its cash and cash equivalents with high credit quality institutions. At times such balances may be in excess of the FDIC insurance limit. A portion of the Company’s LEDs and LED lighting products and systems are manufactured by select contract manufacturers. While the Company believes alternative manufacturers for the production of these products are available, the Company has selected these particular manufacturers based on their ability to consistently produce these products per the Company’s specifications ensuring the best quality product at the most cost effective price. The Company depends on these manufacturers to satisfy performance and quality specifications and to dedicate sufficient production capacity for finished products within scheduled delivery times. Accordingly, the loss of one or more of these manufacturers or delays in obtaining shipments could have a material adverse effect on the Company’s operations until such time as an alternative manufacturer could be found. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes | 11. Income Taxes: The Company did not record any current or deferred U.S. federal income tax provision or benefit for December 31, 2015 and 2013 because of its net operating loss carryforwards. The Company has recognized a full valuation allowance related to its net deferred tax assets, including substantial net operating loss carryforwards. In conjunction with the 2014 acquisitions of Value Lighting and All Around, the Company recorded a net deferred tax liability of $6.6 million in its purchase price allocation (see Note 2). This liability can be used to reduce the overall deferred tax asset of the Company and as a result, the Company recognized a corresponding tax benefit related to the reduction of the existing valuation allowance. This benefit resulted in a credit recorded in earnings of $6.6 million for 2014. As of December 31, 2015, the Company had net operating loss carryforwards for federal and state income tax purposes of $24.9 million and $35.6 million, respectively, which expire between 2020 and 2035. Utilization of net operating loss carryforwards is dependent on generating future taxable income of the appropriate type and in the appropriate jurisdiction. In addition, as a result of transactions consummated during 2012 and 2013, including the issuance of common and preferred stock by the Company and the acquisition of Seesmart and Relume, substantially all of the Company’s net operating loss carryforwards as of December 31, 2014 are subject to limitations imposed by Section 382 of the Internal Revenue Code. During 2013 the Company performed an evaluation of the Section 382 limitations on the use of net operating loss carryforwards and has adjusted them accordingly. The Company has recognized a full valuation allowance related to its remaining net deferred tax assets, including the remaining net operating loss carryforwards. Components of deferred tax assets (liabilities) are as follows: (in thousands) December 31, 2015 2014 Accounts receivable $ 430 $ 233 Inventories 1,324 1,847 Accrued expenses 749 818 Depreciation (97 ) (5 ) Intangible assets (9,843 ) (11,232 ) Stock options 1,410 1,339 Deferred revenue 3 22 Other 15 5 Net operating loss carryforwards 11,123 11,860 Net deferred tax asset 5,114 4,887 Valuation allowance (5,114 ) (4,887 ) $ — $ — In accordance with FASB ASC 740 “Income Taxes”, valuation allowances are provided against deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has not recorded a provision for income taxes in 2015 and 2013 as the deferred tax benefits of the net losses were offset by a corresponding increase in the deferred tax valuation allowance. The following is a reconciliation of tax computed at the statutory federal rate to the income tax expense in the statements of operations for the years ended December 31, 2015, 2014 and 2013: December 31, (in thousands, except %) 2015 2014 2013 Amount % Amount % Amount % Tax benefit at statutory federal rate $ (810 ) (34.0 ) $ (3,988 ) (34.0 ) $ (5,719 ) (34.0 ) Deferred state tax benefit 5 0.2 (383 ) (3.3 ) (258 ) (1.5 ) Change in valuation allowance 371 16.2 4,982 42.5 (10,446 ) (62.1 ) Tax benefit of acquisition — — (6,550 ) (55.8 ) — — Adjustment to net operating loss carryforwards (482 ) (21.1 ) (120 ) (1.0 ) 13,828 82.2 Non-deductible expenses 1,060 45.0 160 1.4 2,595 15.4 Impact of rate change (144 ) (6.3 ) (651 ) (5.6 ) — — Income tax benefit $ — — $ (6,550 ) (55.8 ) $ — — |
Foreign and Domestic Operations
Foreign and Domestic Operations | 12 Months Ended |
Dec. 31, 2015 | |
Foreign and Domestic Operations | 12. Foreign and Domestic Operations: Net revenues by geographic location, based on location of customers, were as follows: (in thousands) December 31, 2015 2014 2013 United States $ 129,328 $ 74,839 $ 25,243 Canada 257 1,839 574 Other 71 162 243 Total $ 129,656 $ 76,840 $ 26,060 Net long-lived assets by geographic location were as follows: (in thousands) December 31, 2015 2014 2013 United States $ 40,749 $ 35,883 $ 18,489 Other 93 112 137 Total $ 40,842 $ 35,995 $ 18,626 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Benefit Plans | 13 Benefit Plans: The Company has established a profit sharing plan that permits participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended. On November 1, 2008, the Company elected to cease matching contributions. The Company elected to reinstate the matching contribution during 2013. During 2015, 2014 and 2013, the Company had $166,000, $120,000 and $39,000, respectively, in expenses related to this plan. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions | 14. Related Party Transactions: Financings In April 2015, our Chairman and Chief Executive Officer guaranteed $5 million of borrowings under our Revolving Credit Facility, increasing our Borrowing Base by that amount (see Note 15). Bank of America agreed to amend the Revolving Credit Facility to enable the Company to borrow up to $30 million under certain conditions. In February 2014, the Company entered in an arrangement with Aston, an affiliate of our Chairman and Chief Executive Officer, pursuant to which the Company borrowed $3.5 million for general corporate purposes (the “February Note”). The borrowing bore interest at 9% annually and originally had a scheduled maturity of April 1, 2015. The Company had the option to prepay the note at any time without penalty. In April 2014, the Company borrowed an additional $1 million from Aston for general corporate purposes on the same terms and conditions as the February Note (the “April Note”). Also in April 2014, the Company borrowed $10.8 million from RVL to fund the acquisition of Value Lighting (the “RVL Note”), which bore interest at 9% annually and originally had a scheduled maturity of the earliest of April 1, 2015 or the date on which the Company received proceeds from any debt, factoring or other similar facility or equity securities in the commercial banking, private placement or public markets. In June 2014, the company exchanged the $10.8 million RVL Note and $1.6 million of the February Note plus related accrued interest, for an equivalent amount of Series G preferred stock (see Note 7). The remaining $1.9 million of the February Note, together with accrued interest thereon, was refinanced with a new Note Payable to Aston dated June 30, 2014. In addition, Aston advanced an additional $ 2.7 million for general corporate purposes in four separate transactions during May and June 2014. As of July 31, 2014, the Audit Committee ratified these advances and approved the issuance of a promissory note in respect of such amount, which bears interest and matures on April 1, 2017 and can be prepaid at any time at the option of the Company (the “July Note”). The Company has accrued interest on the July Note of $0.3 million at December 31, 2015 and recorded interest expense of $1.1 million for the year ended December 31, 2015. Investment Agreements Customer Financing Management Agreement Relocation of Corporate Headquarters RVL Transaction Fees |
Financings
Financings | 12 Months Ended |
Dec. 31, 2015 | |
Financings | 15. Financings In August 2015, in connection with the acquisition of Energy Source (see Note 2), the Company issued $10 million of promissory notes bearing interest at 5% per annum. The promissory notes are due on July 20, 2016 and are supported by an irrevocable letter of credit from RVL. In August 2014, the Company entered into a three-year loan and security agreement with Bank of America (“the Revolving Credit Facility”) pursuant to which the Company can borrow up to specified percentages against eligible accounts receivable and inventory as defined in the Revolving Credit Facility (the “Borrowing Base”) up to a maximum of $25 million. In April 2015, our Chairman and Chief Executive Officer guaranteed $5 million of borrowings under the Revolving Credit Facility, increasing the Borrowing Base (but not the $25 million maximum) by that amount. This guarantee may be terminated under certain circumstances. Bank of America agreed to amend the Revolving Credit Facility to enable the Company to borrow up to $30 million under certain conditions. Borrowings under the arrangement bear interest at a LIBOR rate or a defined base rate, each plus an applicable margin. The weighted average annual interest rate was 3.65% at December 31, 2015. The Company is also obligated to pay various fees monthly. Outstanding loans become payable on demand to the extent that such loans exceed the Borrowing Base, and all outstanding amounts must be repaid on August 20, 2017. All obligations under the Revolving Credit Facility are secured by the assets of the Company and its subsidiaries and are guaranteed by the Company and its subsidiaries. Borrowings outstanding as of December 31, 2015 amount to $22 million and are included in non-current liabilities in the accompanying Consolidated Balance Sheet. We are in compliance with our covenants and obligations under the facility, and we estimate that as of December 31, 2015 we are eligible to borrow an additional $2.6 million under the facility based upon current levels of inventory and accounts receivable. The Loan Agreement contains covenants which limit the ability of the Company to, among other things, (i) create, incur, guarantee or suffer to exist any indebtedness; (ii) create or suffer any lien upon any property; (iii) declare or make distributions to equity holders or create any restriction on the ability of a subsidiary to make such a distribution; (iv) make investments; (v) sell, lease, license, consign or otherwise dispose of any property; (vi) make loans or other advances of money to any person; (vii) make payments on certain indebtedness; and (viii) enter into transactions with affiliates. In addition, the Loan Agreement includes financial covenants that, on a consolidated basis, requires the Company to maintain, for the most recent twelve fiscal months, a ratio of (i) EBITDA minus Capital Expenditures (as defined in the Loan Agreement) and cash taxes paid to (ii) Fixed Charges (as defined in the Loan Agreement), of not less than 1.1 to 1.0, and a ratio of (i) Senior Debt (as defined in the loan agreement) to (ii) EBITDA of not more than 3.5 to 1.0. From time to time the Company enters into financing arrangements with RVL and its affiliates (see Note 14). In conjunction with the acquisition of Value Lighting (see Note 2), the Company refinanced $3.7 million of Value Lighting’s trade accounts payable by issuing a note payable to the creditor. The note is payable in installments through November 2018, at which time a balloon payment of $1.4 million is due. Maturities of long-term borrowings for each of the next five years are as follows: (in thousands) 2016 10,360 2017 24,951 2018 2,066 2019 — 2020 — |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results of Operations (Unaudited) | 16. Quarterly Results of Operations (Unaudited): (in thousands, except per share data) First Second Third Fourth Fiscal year ended December 31, 2015: Revenues $ 20,330 $ 27,245 $ 37,733 $ 44,348 Gross profit 7,171 9,072 12,186 14,861 Net (loss) income (2,046 ) (1,488 ) (285 ) 1,437 Net (loss) income attributable to common stockholders (2,046 ) (1,488 ) (285 ) 1,437 Basic and diluted (loss) income per common share attributable to common stockholders (1) $ (0.01 ) $ (0.01 ) $ (0.00 ) $ 0.01 Fiscal year ended December 31, 2014: Revenues $ 4,952 $ 17,517 $ 26,877 $ 27,494 Gross profit 1,603 5,563 8,559 8,498 Net (loss) income (3,570 ) 2,410 (1,404 ) (2,616 ) Net (loss) income attributable to common stockholders (3,977 ) 1,100 (2,055 ) (7,913 ) Basic and diluted (loss) income per common share attributable to common stockholders (1) $ (0.04 ) $ 0.01 $ (0.02 ) $ (0.07 ) The 2015 and 2014 acquisitions are included in consolidated results of operations from their respective acquisition dates. (2) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Liquidity | Liquidity While the Company generated negative cash flows from operations in the full fiscal year 2015, it did achieve positive cash flows from operations in the fourth quarter of 2015 and the Company believes it has adequate resources to meet its cash requirements in the foreseeable future. On December 1, 2014, we exchanged all outstanding series of preferred stock, including accrued but unpaid dividends thereon, to an aggregate of 36,300,171 shares of our unregistered common stock (the “Preferred Stock Exchange”). All rights relating to the preferred stock were extinguished as a result of this transaction. Accordingly, we have been relieved of the ongoing obligation to pay dividends on preferred stock. In August 2014, the Company entered into a loan and security agreement with Bank of America to borrow up to $25 million on a revolving basis, based upon specified percentages of eligible receivables and inventory (“the Revolving Credit Facility”). In April 2015, our Chairman and Chief Executive Officer guaranteed $5 million of borrowings under the Revolving Credit Facility, enabling us to borrow up to $5 million in addition to the amount that is based upon receivables and inventory. This guarantee may be terminated under certain circumstances. Bank of America agreed to amend the Revolving Credit Facility to enable the Company to borrow up to $30 million under certain conditions. As of December 31, 2015, the balance on the Revolving Credit Facility was $22.0 million, with additional borrowing capacity of $2.6 million. We are in compliance with our covenants and obligations under the revolving credit facility as of March 1, 2016. Although we realized revenues of $129.7 million during the year ended December 31, 2015 and achieved positive earnings and positive cash flow from operations during the fourth quarter, we face challenges to maintain profitability, and there can be no assurance that we will sustain positive cash flows from operations or profitability. Our ability to meet our obligations in the ordinary course of business is dependent upon our ability to maintain profitable operations, maintain our revolving credit facility, or raise additional capital. Additional capital could take the form of public or private debt, equity financing, other sources of financing to fund operations, or the support of our controlling stockholder. There can be no assurance such financing will be available on terms acceptable to us or that any financing transaction will not be dilutive to our current stockholders. In addition, to accelerate the growth of our operations in response to new market opportunities or to acquire other technologies or businesses, we may need to raise additional capital. Additional capital may come from several sources, including the issuance of additional common stock, preferred stock, debt (whether convertible or not) or other securities. Increased indebtedness could negatively affect our liquidity and operating flexibility. The issuance of any additional securities could, among other things, result in substantial dilution of the percentage ownership of our stockholders at the time of issuance, result in substantial dilution of our earnings per share, and adversely affect the prevailing market price for our common stock. In addition, we may not be able to obtain additional financing on terms favorable to us, if at all. If additional funds become necessary and are not available on terms favorable to us, or at all, we may be unable to expand our business or pursue an acquisition and our business, results of operations and financial condition may be materially adversely affected. |
Principles of consolidation | Principles of consolidation |
Use of estimates | Use of estimates |
Revenue recognition | Revenue recognition The Company recognizes revenue from fixed-price and modified fixed-price contracts for turnkey energy conservation projects using the percentage-of-completion method of accounting. The percentage-of-completion is computed by dividing the actual incurred cost to date by the most recent estimated total cost to complete the project. The computed percentage is applied to the expected revenue for the project to calculate the contract revenue to be recognized in the current period. This method is used because management considers total cost to be the best available measure of progress on these contracts. Contract costs include all direct material and labor costs and indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. The current asset “unbilled contract receivables” represents revenues in excess of amounts billed, which management believes will generally be billed within the next twelve months. The Company records sales tax revenue on a gross basis (included in revenues and costs). For the years ended December 31, 2015, 2014 and 2013, revenues from sales taxes were $4.5 million, $2.7 million and $0.5 million, respectively. |
Warranties and product liability | Warranties and product liability (in thousands) Year Ended December 31, 2015 2014 2013 Warranty liability at January 1, $ 443 $ 597 $ 346 Warranty liability assumed in acquisitions — — 101 Revision of warranty estimate (100 ) (185 ) — Provisions for current year sales 233 196 348 Current year claims (153 ) (165 ) (198 ) Warranty liability at December 31, $ 423 $ 443 $ 597 |
Fair value measurements | Fair value measurements Level 1 Level 2 - Level 3 Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2015. The Company uses the market approach to measure fair value for its Level 1 financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The respective carrying value of certain balance sheet financial instruments approximates its fair value. These financial instruments include cash, trade receivables, related party payables, accounts payable, accrued liabilities and short-term borrowings. Fair values were estimated to approximate carrying values for these financial instruments since they are short term in nature and they are receivable or payable on demand. The estimated fair value of assets and liabilities acquired in business combinations and reporting units and long-lived assets used in the related asset impairment tests utilize inputs classified as Level 3 in the fair value hierarchy. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of borrowings under our Revolving Credit facility and Notes payable are equal to the carrying value (see Note 15). The Company determines the fair value of certain purchase price obligations on a recurring basis based on a probability-weighted discounted cash flow analysis and Monte Carlo simulation. The fair value remeasurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in the fair value hierarchy. In each period, the Company reassesses its current estimates of performance relative to the stated targets and adjusts the liability to fair value. Any such adjustments are included in Acquisition, severance and transition costs, a component of Selling, general and administrative expense in the Consolidated Statement of Operations. Changes in the fair value of purchase price obligations for the year ended December 31, 2015 were as follows: (in thousands) 2015 Fair value, January 1 $ 12,355 Fair value of contingent consideration issued during the period 1,800 Fair value of acquisition liabilities paid during the period (6,566 ) Change in fair value 864 Fair value, December 31 $ 8,453 The following table presents quantitative information about Level 3 fair value measurements as of December 31, 2015: (in thousands) Fair Value at Valuation Technique Unobservable Inputs Earnout liabilities $ 7,231 Income approach Discount rate – 15.5% Stock distribution price floor 1,222 Monte Carlo Volatility – 60% simulation Risk free rate – 1.2% Dividend yield – 0% Fair value, December 31, 2015 $ 8,453 |
Derivative Financial Instruments | Derivative financial instruments – |
Cash equivalents | Cash equivalents |
Accounts receivable | Accounts receivable (in thousands) 2015 2014 2013 Allowance for doubtful accounts at January 1, $ 108 $ 210 $ 57 Additions 1,260 350 170 Write-offs (363 ) (452 ) (17 ) Allowance for doubtful accounts at December 31, $ 1,005 $ 108 $ 210 |
Inventories | Inventories |
Property and equipment | Property and equipment Estimated useful lives Machinery and equipment 3-7 years Furniture and fixtures 5-7 years Computers and software 3-7 years Motor vehicles 5 years Leasehold improvements Lesser of lease term or estimated useful life |
Intangible assets and goodwill | Intangible assets and goodwill Determining the fair value of a reporting unit is judgmental in nature and requires the use of significant estimates and assumptions, including revenue growth rates, strategic plans and future market conditions, among others. There can be no assurance that the Company’s estimates and assumptions made for purposes of the goodwill impairment testing will prove to be accurate predictions of the future. Changes in assumptions and estimates could cause the Company to perform an impairment test prior to the annual impairment test scheduled in the fourth quarter. |
Long-lived Assets | Long-lived assets |
Accrued rent | Accrued rent |
Shipping and handling costs | Shipping and handling costs |
Research and development | Research and development |
Advertising | Advertising |
Income taxes | Income taxes The Company applies the provisions of FASB ASC 740-10, “Accounting for “Uncertainty in Income Taxes”, and has not recognized a liability pursuant to that standard. In addition, a reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there are no unrecognized benefits since the date of adoption. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company evaluates the adequacy of the valuation allowance annually and, if its assessment of whether it is more likely than not that the related tax benefits will be realized changes, the valuation allowance will be increased or reduced with a corresponding benefit or charge included in income. Management evaluated the adequacy of the valuation allowance at December 31, 2015, 2014 and 2013 in light of the historical results of operations and concluded that a full valuation allowance for net deferred tax assets was required. In connection with the acquisitions in 2014, the Company recorded deferred tax liabilities of $6.6 million. These net deferred tax liabilities can be used to reduce net deferred tax assets, and accordingly, the Company reduced its valuation allowance by this amount. No provision for income taxes has been recorded for the years ended December 31, 2015 and 2013 since the tax benefits of the losses incurred have been offset by a corresponding increase in the deferred tax valuation allowance. |
Stock-based compensation | Stock-based compensation The Company values restricted stock awards to employees at the quoted market price on the grant date. The Company estimates the fair value of option awards issued under its stock option plans on the date of grant using a Black-Scholes option-pricing model that uses the assumptions noted below. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. The Company determines the expected life based on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules and post-vesting forfeitures. For shares that vest contingent upon achievement of certain performance criteria, an estimate of the probability of achievement is applied in the estimate of fair value. If the goals are not met, no compensation cost is recognized and any previously recognized compensation cost is reversed. The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. No options were awarded in the years ended December 31, 2015 and 2013. For the year ended December 31, 2014, the Company computed expense for each group utilizing the following assumptions: Year Ended December 31, 2014 Expected volatility 94.2 % Weighted-average volatility 94.2 % Risk-free interest rate 1.64 % Expected dividend yield 0 % Expected life in years 3.5 – 8.6 The Company from time to time enters into arrangements with non-employee service providers pursuant to which it issues restricted stock vesting over specified periods for time-based services. These arrangements are accounted for under the provisions of FASB ASC 505-50 “Equity-Based Payments to Non-Employees”. Pursuant to this standard, the restricted stock is valued at the quoted price at the date of vesting. Prior to vesting, compensation is recorded on a cumulative basis based on the quoted market price at the end of the reporting period. |
Loss per share | Loss per share In connection with the 2014 acquisitions (see Note 2), the Company is unconditionally obligated during 2015, 2016 and 2017 to issue an additional 2,929,669 shares of its common stock and 8,035,826 shares of its common stock as of December 31, 2015 and 2014, respectively. These potentially dilutive shares have been included in the 2015 and 2014 computation of basic and diluted earnings per share, respectively. Also in connection with the 2014 and 2015 acquisitions, the Company is contingently obligated to pay up to $6.5 million as of December 31, 2015 and $11.7 million as of December 31, 2014, or at its option, an equivalent amount of common shares based upon its then-current market value, assuming certain performance criteria have been met. These shares have been excluded from the 2015 and 2014 computation of diluted earnings per share because the effect would be antidilutive. The Preferred Stock Exchange has been accounted for as provided in ASC S99-2, which states that in such an extinguishment of preferred stock, the difference between (1) the fair value of the consideration transferred to the holders of the preferred stock and (2) the carrying amount of the preferred stock in the Company’s balance sheet, should be reflected in a manner similar to a dividend on preferred stock and subtracted from net income to arrive at income attributable to common shareholders in the calculation of earnings per share. Under this method, $5.3 million has been subtracted from the Company’s net loss to arrive at net loss attributable to common stockholders for the year ended December 31, 2014. |
Contingencies | Contingencies |
Recent accounting pronouncements | Recent accounting pronouncements In August 2014, the FASB issued ASU 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. This ASU requires management to assess and evaluate whether conditions or events exist, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements issue date. The provisions of ASU 2014-15 are effective for annual periods beginning after December 15, 2016 and for annual and interim periods thereafter; early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20), which eliminates the accounting concept of extraordinary items for periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis”, which modifies the criteria for evaluating whether certain legal entities should be consolidated. The provisions of the ASU are effective for fiscal periods beginning after December 15, 2015, however earlier adoption is permitted. The Company has adopted the ASU effective January 1, 2015, without material effect on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”, that allows an entity to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The provisions of the ASU are effective for periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory”, which require an entity to measure inventory at the lower of cost and net realizable value. The provisions of the ASU are effective for periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments”, that eliminates the requirement to restate prior period financial statements for measurement adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. The provisions of the ASU are effective for periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material effect on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”, that requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Company has not determined the effect that this accounting pronouncement will have on its financial statements. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Changes in Warranty Liability | Changes in the Company’s warranty liability for the years ended December 31, 2015, 2014 and 2013 are as follows: (in thousands) Year Ended December 31, 2015 2014 2013 Warranty liability at January 1, $ 443 $ 597 $ 346 Warranty liability assumed in acquisitions — — 101 Revision of warranty estimate (100 ) (185 ) — Provisions for current year sales 233 196 348 Current year claims (153 ) (165 ) (198 ) Warranty liability at December 31, $ 423 $ 443 $ 597 |
Fair Value Remeasurement Based on Significant Inputs Not Observable, Level 3 Measurement | The Company determines the fair value of certain purchase price obligations on a recurring basis based on a probability-weighted discounted cash flow analysis and Monte Carlo simulation. The fair value remeasurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in the fair value hierarchy. In each period, the Company reassesses its current estimates of performance relative to the stated targets and adjusts the liability to fair value. Any such adjustments are included in Acquisition, severance and transition costs, a component of Selling, general and administrative expense in the Consolidated Statement of Operations. Changes in the fair value of purchase price obligations for the year ended December 31, 2015 were as follows: (in thousands) 2015 Fair value, January 1 $ 12,355 Fair value of contingent consideration issued during the period 1,800 Fair value of acquisition liabilities paid during the period (6,566 ) Change in fair value 864 Fair value, December 31 $ 8,453 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The following table presents quantitative information about Level 3 fair value measurements as of December 31, 2015: (in thousands) Fair Value at Valuation Technique Unobservable Inputs Earnout liabilities $ 7,231 Income approach Discount rate – 15.5% Stock distribution price floor 1,222 Monte Carlo Volatility – 60% simulation Risk free rate – 1.2% Dividend yield – 0% Fair value, December 31, 2015 $ 8,453 |
Summary of Changes in Allowance for Doubtful Accounts | The following summarizes the changes in the allowance for doubtful accounts for the periods indicated. (in thousands) 2015 2014 2013 Allowance for doubtful accounts at January 1, $ 108 $ 210 $ 57 Additions 1,260 350 170 Write-offs (363 ) (452 ) (17 ) Allowance for doubtful accounts at December 31, $ 1,005 $ 108 $ 210 |
Estimated Useful Lives of Property and Equipment | The estimated useful lives of property and equipment are as follows: Estimated useful lives Machinery and equipment 3-7 years Furniture and fixtures 5-7 years Computers and software 3-7 years Motor vehicles 5 years Leasehold improvements Lesser of lease term or estimated useful life |
Valuation Assumptions used in Computation of Stock Option Expense | For the year ended December 31, 2014, the Company computed expense for each group utilizing the following assumptions: Year Ended December 31, 2014 Expected volatility 94.2 % Weighted-average volatility 94.2 % Risk-free interest rate 1.64 % Expected dividend yield 0 % Expected life in years 3.5 – 8.6 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition Pro Forma Information | The following unaudited supplemental pro forma information assumes the Energy Source acquisition and the 2014 acquisitions referred to above had been completed as of January 1, 2014 and is not indicative of the results of operations that would have been achieved had the transactions been consummated on such date or of results that might be achieved in the future. The pro forma effect of the E-Lighting acquisition was not significant. Year Ended December 31, (in thousands) 2015 2014 Revenues $ 138,524 $ 115,900 Operating loss $ (1,223 ) $ (8,931 ) Net loss $ (2,993 ) $ (4,063 ) |
Energy Source | |
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed | The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed in the Energy Source acquisition: (in thousands) Tangible assets $ 5,379 Goodwill 21,276 Intangible assets 8,768 Assets acquired 35,423 Liabilities assumed 3,921 Purchase price $ 31,502 |
Value Lighting | |
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed | The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from the Value Lighting acquisition. The excess of the purchase price over the estimated fair value of the net tangible assets acquired was allocated to intangible assets of $20.0 million and goodwill of $18.6 million. (in thousands) Current Assets $ 16,260 Goodwill 18,635 Intangible Assets 19,951 Other assets 2,901 Assets acquired 57,747 Accounts payable and other liabilities 12,613 Deferred income tax liability 5,825 Liabilities assumed 18,438 Purchase price $ 39,309 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of Inventories | Inventories, which are primarily purchased from third parties, consist of the following: (in thousands) December 31, 2015 2014 Raw materials $ 3,789 $ 3,895 Finished goods 20,292 11,447 24,081 15,342 Less provision for obsolescence (1,946 ) (1,669 ) Net inventories $ 22,135 $ 13,673 |
Changes In Inventory Reserves | (in thousands) Year Ended December 31, 2015 2014 2013 Inventory reserve at January 1, $ 1,669 $ 1,708 $ 1,669 Additions 1,087 179 1,644 Write offs (810 ) (218 ) (1,605 ) Inventory reserve at December 31, $ 1,946 $ 1,669 $ 1,708 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets Subject to Amortization | At December 31, 2015, the Company had the following intangible assets subject to amortization: (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents $ 268 $ (177 ) $ 91 Trade names 14,981 (2,884 ) 12,097 Customer relationships 28,901 (4,488 ) 24,413 Customer contracts and backlog 4,822 (4,481 ) 341 Technology 1,953 (248 ) 1,705 Favorable lease 334 (140 ) 194 Non-compete agreements 1,113 (369 ) 744 Product certification and licensing costs 72 (62 ) 10 $ 52,444 $ (12,849 ) $ 39,595 At December 31, 2014, the Company had the following intangible assets subject to amortization: (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents $ 268 $ (153 ) $ 115 Trade names 11,358 (1,280 ) 10,078 Customer relationships 24,455 (2,942 ) 21,513 Customer contracts and backlog 4,496 (4,038 ) 458 Technology 1,953 (196 ) 1,757 Favorable lease 334 (64 ) 270 Non-compete agreements 740 (151 ) 589 Product certification and licensing costs 61 (57 ) 4 $ 43,665 $ (8,881 ) $ 34,784 |
Amortization expense | Amortization expense during the years ended December 31, 2015, 2014 and 2013 is as follows: (in thousands) Estimated useful life 2015 2014 2013 Patents and trade names 12 to 17 years $ 939 $ 688 $ 388 Customer relationships 10 to 15 years 2,094 1,694 761 Customer contracts and backlog 1 to 3 years 443 2,425 1,613 Technology 10 years 195 129 67 Favorable Leases 10 years 77 61 3 Non-compete agreement 6 years 215 141 10 Product certification and licensing costs 3 years 5 11 17 Total $ 3,968 $ 5,149 $ 2,859 |
Estimated Annual Amortization Expense | Amortization expense for intangible assets for the next 5 years is estimated as follows: (in thousands) 2016 2017 2018 2019 2020 Patents $ 23 $ 23 $ 23 $ 22 $ — Trade names 1,135 1,135 1,135 1,135 1,080 Customer relationships 2,267 2,267 2,200 2,166 2,166 Customer contracts and backlog 246 56 39 — — Technology 195 195 195 195 195 Favorable Leases 43 22 22 22 22 Non-compete agreement 283 222 171 68 — Product certification and licensing costs 4 3 3 — — Total $ 4,196 $ 3,923 $ 3,788 $ 3,608 $ 3,463 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are presented below: (in thousands) Balance, January 1, 2014 $ 21,498 Acquisitions 21,493 Balance, December 31, 2014 42,991 Acquisitions 21,276 Balance, December 31, 2015 $ 64,267 Accumulated Balances: Goodwill $ 66,663 Accumulated impairment losses (2,396 ) Balance, December 31, 2015 $ 64,267 |
Common Stock Transactions (Tabl
Common Stock Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock Reserved for Issuance | At December 31, 2015, the Company has reserved common stock for issuance in relation to the following: Employee stock options and restricted stock 2,752,020 Shares to be issued for acquisitions 2,929,669 Total reserved shares 5,681,689 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Non-Vested Shares | A summary of non-vested restricted shares follows: Number of Weighted Outstanding non-vested December 31, 2014 1,255,667 $ 2.38 Shares granted 1,103,500 1.33 Shares vested (666,500 ) 2.29 Shares forfeited (346,334 ) 2.03 Outstanding non-vested December 31, 2015 1,346,333 $ 1.66 |
Summary of Stock Option Activity | The following table summarizes option activity of the 2003 and 2013 Plans. Substantially all of the options are exercisable as of December 31, 2015: Number of Shares Outstanding Under Option Weighted Balance, December 31, 2014 414,380 $ 4.29 Options granted at market — — Options exercised — — Options forfeited or expired (99,546 ) 4.07 Balance, December 31, 2015 314,834 $ 4.36 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Rent Expense under Operating Leases | The following schedule shows the total rent expense under operating leases: (in thousands) Year Ended December 31, 2015 2014 2013 Rent expense $ 2,026 $ 953 $ 577 Less sublease rentals — — (47 ) Total rent expense $ 2,026 $ 953 $ 530 |
Future Minimum Payment Obligation for Operating Leases | The future minimum payment obligations as of December 31, 2015 for operating leases are as follows: (in thousands) 2016 $ 2,466 2017 2,313 2018 2,271 2019 1,709 2020 832 Thereafter 1,430 Total future payment obligations $ 11,021 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets (liabilities) are as follows: (in thousands) December 31, 2015 2014 Accounts receivable $ 430 $ 233 Inventories 1,324 1,847 Accrued expenses 749 818 Depreciation (97 ) (5 ) Intangible assets (9,843 ) (11,232 ) Stock options 1,410 1,339 Deferred revenue 3 22 Other 15 5 Net operating loss carryforwards 11,123 11,860 Net deferred tax asset 5,114 4,887 Valuation allowance (5,114 ) (4,887 ) $ — $ — |
Reconciliation of Tax Computed at Statutory Rate to Income Tax Expenses | The following is a reconciliation of tax computed at the statutory federal rate to the income tax expense in the statements of operations for the years ended December 31, 2015, 2014 and 2013: December 31, (in thousands, except %) 2015 2014 2013 Amount % Amount % Amount % Tax benefit at statutory federal rate $ (810 ) (34.0 ) $ (3,988 ) (34.0 ) $ (5,719 ) (34.0 ) Deferred state tax benefit 5 0.2 (383 ) (3.3 ) (258 ) (1.5 ) Change in valuation allowance 371 16.2 4,982 42.5 (10,446 ) (62.1 ) Tax benefit of acquisition — — (6,550 ) (55.8 ) — — Adjustment to net operating loss carryforwards (482 ) (21.1 ) (120 ) (1.0 ) 13,828 82.2 Non-deductible expenses 1,060 45.0 160 1.4 2,595 15.4 Impact of rate change (144 ) (6.3 ) (651 ) (5.6 ) — — Income tax benefit $ — — $ (6,550 ) (55.8 ) $ — — |
Foreign and Domestic Operatio34
Foreign and Domestic Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Revenue by Geographical Location | Net revenues by geographic location, based on location of customers, were as follows: (in thousands) December 31, 2015 2014 2013 United States $ 129,328 $ 74,839 $ 25,243 Canada 257 1,839 574 Other 71 162 243 Total $ 129,656 $ 76,840 $ 26,060 |
Net Long-Lived Asses by Geographical Location | Net long-lived assets by geographic location were as follows: (in thousands) December 31, 2015 2014 2013 United States $ 40,749 $ 35,883 $ 18,489 Other 93 112 137 Total $ 40,842 $ 35,995 $ 18,626 |
Financings (Tables)
Financings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Maturities of Long-Term Borrowings | Maturities of long-term borrowings for each of the next five years are as follows: (in thousands) 2016 10,360 2017 24,951 2018 2,066 2019 — 2020 — |
Quarterly Results of Operatio36
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Information (Unaudited) | (in thousands, except per share data) First Second Third Fourth Fiscal year ended December 31, 2015: Revenues $ 20,330 $ 27,245 $ 37,733 $ 44,348 Gross profit 7,171 9,072 12,186 14,861 Net (loss) income (2,046 ) (1,488 ) (285 ) 1,437 Net (loss) income attributable to common stockholders (2,046 ) (1,488 ) (285 ) 1,437 Basic and diluted (loss) income per common share attributable to common stockholders (1) $ (0.01 ) $ (0.01 ) $ (0.00 ) $ 0.01 Fiscal year ended December 31, 2014: Revenues $ 4,952 $ 17,517 $ 26,877 $ 27,494 Gross profit 1,603 5,563 8,559 8,498 Net (loss) income (3,570 ) 2,410 (1,404 ) (2,616 ) Net (loss) income attributable to common stockholders (3,977 ) 1,100 (2,055 ) (7,913 ) Basic and diluted (loss) income per common share attributable to common stockholders (1) $ (0.04 ) $ 0.01 $ (0.02 ) $ (0.07 ) The 2015 and 2014 acquisitions are included in consolidated results of operations from their respective acquisition dates. (2) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail) | Oct. 01, 2015Reporting_unit | Dec. 01, 2014shares | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Segmentshares | Dec. 31, 2014USD ($)Segmentshares | Dec. 31, 2013USD ($)shares | Oct. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Aug. 31, 2014USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Number of reportable segments | Segment | 1 | 2 | ||||||||||||||
Working capital excluding cash and cash equivalent | $ 25,900,000 | $ 18,800,000 | $ 25,900,000 | $ 18,800,000 | ||||||||||||
Convertible stock, Conversion of preferred stock | shares | 36,300,171 | |||||||||||||||
Line of credit facility, maximum borrowing amount | $ 30,000,000 | $ 25,000,000 | $ 25,000,000 | |||||||||||||
Borrowing capacity | 22,000,000 | 22,000,000 | ||||||||||||||
Guaranteed borrowing capacity | $ 5,000,000 | |||||||||||||||
Bank loan payable | 2,600,000 | 2,600,000 | ||||||||||||||
Revenues realized | 44,348,000 | $ 37,733,000 | $ 27,245,000 | $ 20,330,000 | 27,494,000 | $ 26,877,000 | $ 17,517,000 | $ 4,952,000 | $ 129,656,000 | 76,840,000 | $ 26,060,000 | |||||
Unbilled contract receivable expected billing period | 12 months | |||||||||||||||
Revenue from sales taxes | $ 4,500,000 | 2,700,000 | 500,000 | |||||||||||||
Maturity of temporary cash investments | 3 months | |||||||||||||||
Number of reporting units tested for impairment of goodwill | Reporting_unit | 1 | |||||||||||||||
Advertisement Expenses | $ 300,000 | $ 300,000 | $ 300,000 | |||||||||||||
Net deferred tax liabilities | 6,600,000 | $ 6,600,000 | ||||||||||||||
Share based compensation, number of options granted | shares | 0 | 0 | ||||||||||||||
Business acquisition, number of shares to be issued | shares | 2,929,669 | 8,035,826 | ||||||||||||||
Deemed distribution on exchange of preferred stock | $ 5,301,000 | |||||||||||||||
Minimum | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Product warranty | 1 year | |||||||||||||||
Maximum | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Product warranty | 10 years | |||||||||||||||
Contingent payment of stock issued for acquisitions of businesses | $ 6,500,000 | $ 11,700,000 | $ 6,500,000 | $ 11,700,000 |
Changes in Warranty Liability (
Changes in Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Product Warranty Liability [Line Items] | |||
Warranty liability | $ 443 | $ 597 | $ 346 |
Warranty liability assumed in acquisitions | 101 | ||
Revision of warranty estimate | (100) | (185) | |
Provisions for current year sales | 233 | 196 | 348 |
Current year claims | (153) | (165) | (198) |
Warranty liability | $ 423 | $ 443 | $ 597 |
Fair Value Remeasurement Based
Fair Value Remeasurement Based on Significant Inputs Not Observable, Level 3 Measurement (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value, beginning balance | $ 12,355 |
Fair value of contingent consideration issued during the period | 1,800 |
Fair value of acquisition liabilities paid during the period | (6,566) |
Change in fair value | 864 |
Fair value, ending balance | $ 8,453 |
Quantitative Information About
Quantitative Information About Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value | $ 8,453 | $ 12,355 |
Earn Out Liability | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value | $ 7,231 | |
Valuation Technique | Income approach | |
Discount rate | 15.50% | |
Stock Distribution | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value | $ 1,222 | |
Valuation Technique | Monte Carlo simulation | |
Volatility | 60.00% | |
Risk-free interest rate | 1.20% | |
Dividend yield | 0.00% |
Allowance for Bad Debts (Detail
Allowance for Bad Debts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts | $ 108 | $ 210 | $ 57 |
Additions | 1,260 | 350 | 170 |
Write-offs | (363) | (452) | (17) |
Allowance for doubtful accounts | $ 1,005 | $ 108 | $ 210 |
Estimated Useful Lives of Prope
Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Motor Vehicles | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 5 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvements | Lesser of lease term or estimated useful life |
Minimum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 3 years |
Minimum | Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 5 years |
Minimum | Computers And Software | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 3 years |
Maximum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 7 years |
Maximum | Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 7 years |
Maximum | Computers And Software | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 7 years |
Valuation Assumptions Used in C
Valuation Assumptions Used in Computation of Stock Option Expense (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 94.20% |
Weighted-average volatility | 94.20% |
Risk-free interest rate | 1.64% |
Expected dividend yield | 0.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 3 years 6 months |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 8 years 7 months 6 days |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 05, 2015USD ($)shares | Feb. 05, 2015USD ($) | Dec. 18, 2014USD ($)Installment$ / sharesshares | Apr. 17, 2014USD ($)Installmentshares | Mar. 08, 2013USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Sep. 01, 2015USD ($) | Mar. 31, 2015USD ($)shares |
Business Acquisition [Line Items] | ||||||||||
Business acquisition, number of shares issued | shares | 2,929,669 | 8,035,826 | ||||||||
Goodwill | $ 64,267 | $ 42,991 | $ 21,498 | |||||||
Common stock, issued | shares | 159,645,000 | 129,714,000 | ||||||||
Common Stock, Value | $ 160 | $ 130 | ||||||||
Contingent consideration, current | 7,039 | 6,269 | ||||||||
Gain on bargain purchase of business | $ 700 | 743 | ||||||||
Amortization of customer backlog included from proforma results | 3,968 | 5,149 | 2,859 | |||||||
Acquisition, severance, and transitions costs included from proforma results | 1,950 | 2,488 | $ 3,541 | |||||||
Income tax benefit included from proforma results | 6,550 | |||||||||
Revenue from the date of acquisition | 16,300 | 46,200 | ||||||||
Net income from the date of acquisition | 2,900 | 1,600 | ||||||||
Backlog | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization of customer backlog included from proforma results | 400 | $ 2,400 | ||||||||
DPI Management | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition aggregate purchase consideration | $ 600 | |||||||||
Business acquisition cash consideration payment | 100 | |||||||||
Inventory | $ 600 | |||||||||
Business acquisition consideration paid | $ 150 | |||||||||
DPI Management | Cash payable on March 1, 2016 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition consideration payable | 150 | |||||||||
DPI Management | Payable on September 1, 2016 in cash or common stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition consideration payable | 200 | |||||||||
Energy Source | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition aggregate purchase consideration | $ 31,500 | |||||||||
Business acquisition cash consideration | 10,000 | |||||||||
Business acquisition, promissory notes issued | 10,000 | |||||||||
Business acquisition consideration payable | $ 1,800 | |||||||||
Business acquisition, number of shares issued | shares | 8,695,652 | |||||||||
Business acquisition, number of shares issued value | $ 10,000 | |||||||||
Estimated fair value of intangible assets | 8,768 | |||||||||
Goodwill | 21,276 | |||||||||
Liabilities assumed | 3,921 | |||||||||
Purchase price | 31,502 | |||||||||
Energy Source | Common Stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, value of equity issued | $ 9,700 | |||||||||
Value Lighting | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition aggregate purchase consideration | $ 39,300 | |||||||||
Business acquisition cash consideration | 10,600 | |||||||||
Business acquisition consideration payable | $ 7,800 | |||||||||
Business acquisition, number of shares issued | shares | 8,468,192 | |||||||||
Business acquisition, number of Installments | Installment | 4 | |||||||||
Estimated fair value of intangible assets | $ 19,951 | |||||||||
Goodwill | 18,635 | |||||||||
Liabilities assumed | 18,438 | |||||||||
Purchase price | 39,309 | |||||||||
Business acquisition, common stock issuable installment value | 20,900 | |||||||||
Business acquisition, contingent consideration payable in cash or common stock, maximum | $ 11,000 | |||||||||
Common stock, issued | shares | 4,900,000 | |||||||||
Common Stock, Value | $ 5,500 | |||||||||
Contingent consideration, current | $ 5,500 | |||||||||
All Around | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition aggregate purchase consideration | $ 5,000 | |||||||||
Business acquisition cash consideration | 900 | |||||||||
Business acquisition consideration payable | 300 | |||||||||
All Around | Unregistered Restricted Common Stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, value of equity issued | $ 1,800 | |||||||||
Business acquisition, number of shares issued | shares | 1,600,000 | |||||||||
Business acquisition, number of Installments | Installment | 11 | |||||||||
Restricted common stock, issuance commencement date | 2015-06 | |||||||||
Acquisition floor price per share | $ / shares | $ 2 | |||||||||
Issuance of unregistered restricted stock, expected consideration | $ 3,200 | |||||||||
Tangible assets | 1,700 | |||||||||
Estimated fair value of intangible assets | 2,200 | |||||||||
Goodwill | 2,800 | |||||||||
Liabilities assumed | 1,700 | |||||||||
Purchase price | 5,000 | |||||||||
All Around | Unregistered Restricted Common Stock | Preliminary Value | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition floor value of equity issued | $ 1,900 |
Preliminary Values Assigned to
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Aug. 05, 2015 | Dec. 31, 2014 | Apr. 17, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 64,267 | $ 42,991 | $ 21,498 | ||
Energy Source | |||||
Business Acquisition [Line Items] | |||||
Tangible assets | $ 5,379 | ||||
Goodwill | 21,276 | ||||
Intangible Assets | 8,768 | ||||
Assets acquired | 35,423 | ||||
Liabilities assumed | 3,921 | ||||
Purchase price | $ 31,502 | ||||
Value Lighting | |||||
Business Acquisition [Line Items] | |||||
Current Assets | $ 16,260 | ||||
Goodwill | 18,635 | ||||
Intangible Assets | 19,951 | ||||
Other assets | 2,901 | ||||
Assets acquired | 57,747 | ||||
Accounts payable and other liabilities | 12,613 | ||||
Deferred income tax liability | 5,825 | ||||
Liabilities assumed | 18,438 | ||||
Purchase price | $ 39,309 |
Business Acquisition Pro Forma
Business Acquisition Pro Forma Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information [Line Items] | ||
Revenues | $ 138,524 | $ 115,900 |
Operating loss | (1,223) | (8,931) |
Net loss | $ (2,993) | $ (4,063) |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | ||||
Raw materials | $ 3,789 | $ 3,895 | ||
Finished goods | 20,292 | 11,447 | ||
Inventory, Gross, Total | 24,081 | 15,342 | ||
Less provision for obsolescence | (1,946) | (1,669) | $ (1,708) | $ (1,669) |
Net inventories | $ 22,135 | $ 13,673 |
Changes in Inventory Reserves (
Changes in Inventory Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory [Line Items] | |||
Inventory reserve at January 1, | $ 1,669 | $ 1,708 | $ 1,669 |
Additions | 1,087 | 179 | 1,644 |
Write offs | (810) | (218) | (1,605) |
Inventory reserve at December 31, | $ 1,946 | $ 1,669 | $ 1,708 |
Intangible Assets Subject to Am
Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 52,444 | $ 43,665 |
Accumulated Amortization | (12,849) | (8,881) |
Net Carrying Amount | 39,595 | 34,784 |
Customer Contracts and back log | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,822 | |
Accumulated Amortization | (4,481) | |
Net Carrying Amount | 341 | |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 28,901 | 24,455 |
Accumulated Amortization | (4,488) | (2,942) |
Net Carrying Amount | 24,413 | 21,513 |
Favorable lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 334 | 334 |
Accumulated Amortization | (140) | (64) |
Net Carrying Amount | 194 | 270 |
Non- compete agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,113 | 740 |
Accumulated Amortization | (369) | (151) |
Net Carrying Amount | 744 | 589 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 268 | 268 |
Accumulated Amortization | (177) | (153) |
Net Carrying Amount | 91 | 115 |
Product certification | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 72 | 61 |
Accumulated Amortization | (62) | (57) |
Net Carrying Amount | 10 | 4 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,953 | 1,953 |
Accumulated Amortization | (248) | (196) |
Net Carrying Amount | 1,705 | 1,757 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,981 | 11,358 |
Accumulated Amortization | (2,884) | (1,280) |
Net Carrying Amount | $ 12,097 | 10,078 |
Customer Contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,496 | |
Accumulated Amortization | (4,038) | |
Net Carrying Amount | $ 458 |
Amortization expense (Detail)
Amortization expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 3,968 | $ 5,149 | $ 2,859 |
Patents And Trade Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 939 | 688 | 388 |
Patents And Trade Names | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, estimated useful life | 12 years | ||
Patents And Trade Names | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, estimated useful life | 17 years | ||
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 2,094 | 1,694 | 761 |
Customer Relationships | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, estimated useful life | 10 years | ||
Customer Relationships | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, estimated useful life | 15 years | ||
Customer Contracts and back log | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 443 | 2,425 | 1,613 |
Customer Contracts and back log | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, estimated useful life | 1 year | ||
Customer Contracts and back log | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, estimated useful life | 3 years | ||
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 195 | 129 | 67 |
Intangible assets, estimated useful life | 10 years | ||
Favorable lease | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 77 | 61 | 3 |
Intangible assets, estimated useful life | 10 years | ||
Non- compete agreement | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 215 | 141 | 10 |
Intangible assets, estimated useful life | 6 years | ||
Product certification | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 5 | $ 11 | $ 17 |
Intangible assets, estimated useful life | 3 years |
Estimated Annual Amortization E
Estimated Annual Amortization Expense (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Estimated Amortization Expense [Line Items] | |
2,016 | $ 4,196 |
2,017 | 3,923 |
2,018 | 3,788 |
2,019 | 3,608 |
2,020 | 3,463 |
Patents | |
Estimated Amortization Expense [Line Items] | |
2,016 | 23 |
2,017 | 23 |
2,018 | 23 |
2,019 | 22 |
Trade Names | |
Estimated Amortization Expense [Line Items] | |
2,016 | 1,135 |
2,017 | 1,135 |
2,018 | 1,135 |
2,019 | 1,135 |
2,020 | 1,080 |
Customer Relationships | |
Estimated Amortization Expense [Line Items] | |
2,016 | 2,267 |
2,017 | 2,267 |
2,018 | 2,200 |
2,019 | 2,166 |
2,020 | 2,166 |
Customer Contracts | |
Estimated Amortization Expense [Line Items] | |
2,016 | 246 |
2,017 | 56 |
2,018 | 39 |
Technology | |
Estimated Amortization Expense [Line Items] | |
2,016 | 195 |
2,017 | 195 |
2,018 | 195 |
2,019 | 195 |
2,020 | 195 |
Favorable lease | |
Estimated Amortization Expense [Line Items] | |
2,016 | 43 |
2,017 | 22 |
2,018 | 22 |
2,019 | 22 |
2,020 | 22 |
Non- compete agreement | |
Estimated Amortization Expense [Line Items] | |
2,016 | 283 |
2,017 | 222 |
2,018 | 171 |
2,019 | 68 |
Product certification | |
Estimated Amortization Expense [Line Items] | |
2,016 | 4 |
2,017 | 3 |
2,018 | $ 3 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 42,991 | $ 21,498 | |
Business acquisition | 21,276 | 21,493 | |
Goodwill, Ending Balance | 64,267 | 42,991 | |
Goodwill, Gross | $ 66,663 | ||
Accumulated impairment losses | (2,396) | ||
Goodwill | $ 42,991 | $ 21,498 | $ 64,267 |
Common Stock Transactions - Add
Common Stock Transactions - Additional Information (Detail) | Feb. 16, 2016 | Aug. 05, 2015USD ($)shares | May. 11, 2015shares | Dec. 01, 2014USD ($)$ / sharesshares | Apr. 21, 2014shares | Apr. 09, 2013shares | Sep. 09, 2005$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares |
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Common stock, outstanding | 159,645,000 | 129,714,000 | ||||||||
Business acquisition, number of shares issued | 2,929,669 | 8,035,826 | ||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Common stock, shares issued | 8,000,000 | |||||||||
Offering price of common stock | $ / shares | $ 1.25 | |||||||||
Issuance of common stock, net of issuance fees | $ | $ 8,600,000 | $ 8,960,000 | $ 8,614,000 | $ 4,950,000 | ||||||
Convertible stock, Conversion of preferred stock | 36,300,171 | |||||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||||
Subsequent Event | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Reverse stock split | 0.1 | |||||||||
Maximum | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Reverse stock split | 0.25 | |||||||||
Minimum | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Reverse stock split | 0.1429 | |||||||||
Scenario, Previously Reported | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Common stock, shares authorized | 150,000,000 | |||||||||
Kingstone Warrants | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Warrants expiration period | 10 years | |||||||||
Warrants issued | 289,187 | |||||||||
Warrants exercise price | $ / shares | $ 4.30 | |||||||||
Energy Source | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Issuance of common stock for acquisition | $ | $ 9,702,000 | |||||||||
Business acquisition, number of shares issued | 8,695,652 | |||||||||
Business acquisition, number of shares issued value | $ | $ 10,000,000 | |||||||||
Common Stock | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Common stock, outstanding | 159,600,000 | |||||||||
Common stock, shares issued | 8,696,000 | 8,000,000 | 4,348,000 | |||||||
Common Stock | Energy Source | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Issuance of common stock for acquisition (in shares) | 8,800,000 | 8,820,000 | ||||||||
Issuance of common stock for acquisition | $ | $ 9,700,000 | $ 9,000 | ||||||||
Business acquisition, number of shares issued value | $ | $ 9,500,000 | |||||||||
RVL One Limited Liability Company | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Common stock, outstanding | 84,200,000 | |||||||||
Common stock share outstanding owned | 52.80% | |||||||||
Issuance of common stock, net of issuance fees | $ | $ 192,000 | |||||||||
Aston Capital Limited Liability Company | Restricted Stock | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Restricted common stock agreed to be issued for services | 500,000 | |||||||||
Restricted common stock agreed to be issued for services, vesting period | 3 years | |||||||||
Restricted common stock agreed to be issued for services, vesting date | Sep. 25, 2013 | |||||||||
Number of shares authorized for grant | 300,000 | |||||||||
Stock awards vesting periods | 3 years |
Common Stock for Issuance Reser
Common Stock for Issuance Reserve (Detail) | Dec. 31, 2015shares |
Schedule of Capitalization, Equity [Line Items] | |
Total reserved shares | 5,681,689 |
Shares to be Issued for Acquisitions | |
Schedule of Capitalization, Equity [Line Items] | |
Total reserved shares | 2,929,669 |
Employee Stock Options and Restricted Stock | |
Schedule of Capitalization, Equity [Line Items] | |
Total reserved shares | 2,752,020 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - USD ($) | Dec. 01, 2014 | Jun. 30, 2014 | Aug. 22, 2013 | May. 15, 2013 | Feb. 21, 2013 | Dec. 20, 2012 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 14, 2013 | Dec. 31, 2012 |
Preferred Stock [Line Items] | ||||||||||||
Preferred stock authorized to issue | 5,000,000 | |||||||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||||||
Accrual of dividends on convertible preferred stock | $ 1,445,000 | $ 1,360,000 | ||||||||||
Business acquisition, number of shares issued | 2,929,669 | 8,035,826 | ||||||||||
Convertible stock, Conversion of convertible securities | 36,300,171 | |||||||||||
Change in fair value of embedded derivative | (6,990,000) | |||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 8,600,000 | |||||||||||
Debt exchanged with stock, amount | $ 3,736,000 | |||||||||||
Series C | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Preferred stock, issued | 10,000 | |||||||||||
Proceeds from issuance of convertible preferred stock | $ 10,000,000 | |||||||||||
Series C Convertible Preferred Stock | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Preferred stock authorized to issue | 25,000 | |||||||||||
Preferred stock , Par value | $ 0.001 | |||||||||||
Preferred stock, cumulative dividends rate | 10.00% | |||||||||||
Preferred stock, stated value for cumulative dividends | $ 1,000 | |||||||||||
Accrual of dividends on convertible preferred stock | 1,014,000 | |||||||||||
Series D Convertible Preferred Stock | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Preferred stock authorized to issue | 13,000 | |||||||||||
Preferred stock , Par value | $ 0.001 | |||||||||||
Preferred stock issued due to investment agreement | 11,177 | |||||||||||
Business acquisition, number of shares issued | 738 | |||||||||||
Liquidation preference per share | $ 100 | |||||||||||
Convertible stock, Conversion of preferred stock | 11,915 | |||||||||||
Convertible stock, Conversion of convertible securities | 1,712,167 | |||||||||||
Conversion price | $ 0.6959 | |||||||||||
Series E Redeemable Convertible Preferred Stock | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Convertible redeemable preferred stock, shares authorized | 10,000 | |||||||||||
Convertible redeemable preferred stock, par value | $ 0.001 | |||||||||||
Series E Convertible Preferred Stock | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Preferred stock, issued | 5,000 | |||||||||||
Proceeds from issuance of convertible preferred stock | $ 5,000,000 | |||||||||||
Preferred stock, cumulative dividends rate | 5.00% | |||||||||||
Accrual of dividends on convertible preferred stock | 218,000 | |||||||||||
Series F Redeemable Convertible Preferred Stock | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Preferred stock, issued | 5,000 | |||||||||||
Proceeds from issuance of convertible preferred stock | $ 5,000,000 | |||||||||||
Convertible redeemable preferred stock, shares authorized | 10,000 | |||||||||||
Convertible redeemable preferred stock, par value | $ 0.001 | |||||||||||
Series G Redeemable Convertible Preferred Stock | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Preferred stock authorized to issue | 18,000 | |||||||||||
Preferred stock , Par value | $ 0.001 | |||||||||||
Preferred stock, issued | 18,000 | |||||||||||
Convertible stock, Conversion of convertible securities | 5,404 | |||||||||||
Conversion price | $ 2.3 | |||||||||||
Series G Redeemable Convertible Preferred Stock | Dated April 17, 2014 | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Debt exchanged with stock, shares | 10,956,000 | |||||||||||
Debt exchanged with stock, amount | $ 10,956,000 | |||||||||||
Series G Redeemable Convertible Preferred Stock | Dated February 25, 2014 | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Debt exchanged with stock, shares | 1,640 | |||||||||||
Debt exchanged with stock, amount | $ 1,640,085 | |||||||||||
Series F Convertible Preferred Stock | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Preferred stock, cumulative dividends rate | 7.00% | |||||||||||
Accrual of dividends on convertible preferred stock | $ 129,000 | |||||||||||
Exchange agreement, shares received | 5,000 | |||||||||||
Series G Convertible Preferred Stock | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Preferred stock, cumulative dividends rate | 9.00% |
Stock-Based Compensation Plan56
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) | May. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for future issuance | 5,681,689 | |||
Common stock, issued | 159,645,000 | 129,714,000 | ||
Unrecognized compensation expense for restricted stock | $ 1,425,000 | |||
Unrecognized compensation expense for restricted stock amortized period | 3 years | |||
Total intrinsic value | $ 95,000 | |||
Number of options exercised | 0 | 0 | ||
Intrinsic value of outstanding exercisable options | $ 0 | |||
Stock-based compensation expenses | 2,719,000 | $ 1,711,000 | 809,000 | |
Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | 2,422,000 | 1,751,000 | 303,000 | |
Non Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense (benefit) | 297,000 | (40,000) | $ 506,000 | |
Bonus and Commissions | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | $ 1,123,000 | $ 941,000 | ||
2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for future issuance | 2,462,186 | |||
Common stock, issued | 6,000,000 | |||
Shares awarded for incentive compensation | 831,150 | |||
2013 Plan | Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options awarded, cumulative grants under the Plan | 25,000 | |||
2013 Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares, cumulative awards under the Plan | 2,706,664 | |||
2013 Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercise price, percentage | 100.00% | |||
2013 Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Expiration Date | 10 years | |||
Two Thousand Three Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for future issuance | 289,834 | |||
Percentage of option price | 100.00% | |||
Stock awards vesting periods | 3 years | |||
Shares of common stock vested and exercisable | 289,834 | |||
Performance options expired | 7,640 | 153,600 | ||
Two Thousand Three Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Expiration Date | 10 years | |||
Employee Restricted Stock Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average term | 3 years |
Non-Vested Options (Detail)
Non-Vested Options (Detail) - Nonvested Shares | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | |
Number of Restricted Shares, Beginning Balance | shares | 1,255,667 |
Number of Restricted Shares, Shares Granted | shares | 1,103,500 |
Number of Restricted Shares, Shares Vested | shares | (666,500) |
Number of Restricted Shares, Shares Forfeited | shares | (346,334) |
Number of Restricted Shares, Ending Balance | shares | 1,346,333 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares | $ 2.38 |
Weighted Average Grant Date Fair Value Per Share, Shares Granted | $ / shares | 1.33 |
Weighted Average Grant Date Fair Value Per Share, Shares Vested | $ / shares | 2.29 |
Weighted Average Grant Date Fair Value Per Share, Shares Forfeited | $ / shares | 2.03 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares | $ 1.66 |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares Outstanding Under Option, Options granted at market | 0 | |
Number of Shares Outstanding Under Option, Beginning Balance | 414,380 | |
Number of Shares Outstanding Under Option, Options exercised | 0 | 0 |
Weighted Average Exercise Price, Beginning Balance | $ 4.29 | |
Number of Shares Outstanding Under Option, Options forfeited or expired | (99,546) | |
Number of Shares Outstanding Under Option, Ending Balance | 314,834 | |
Weighted Average Exercise Price , Options granted at market | $ 0 | |
Weighted Average Exercise Price, Options exercised | 0 | |
Weighted Average Exercise Price, Options forfeited or expired | 4.07 | |
Weighted Average Exercise Price, Ending Balance | $ 4.36 |
Rent Expense under Operating Le
Rent Expense under Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Rent Expense [Line Items] | |||
Rent expense | $ 2,026 | $ 953 | $ 577 |
Less sublease rentals | (47) | ||
Total rent expense | $ 2,026 | $ 953 | $ 530 |
Future Minimum Payment Obligati
Future Minimum Payment Obligations for Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases Future Minimum Payments [Line Items] | |
2,016 | $ 2,466 |
2,017 | 2,313 |
2,018 | 2,271 |
2,019 | 1,709 |
2,020 | 832 |
Thereafter | 1,430 |
Total future payment obligations | $ 11,021 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Taxes [Line Items] | |
Net deferred tax liabilities | $ 6.6 |
Net operating loss carryforwards expiration period | Expire between 2020 and 2035 |
Federal | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 24.9 |
State and Local Jurisdiction | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 35.6 |
Value Lighting | |
Income Taxes [Line Items] | |
Net deferred tax liabilities | $ 6.6 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Accounts receivable | $ 430 | $ 233 |
Inventories | 1,324 | 1,847 |
Accrued expenses | 749 | 818 |
Depreciation | (97) | (5) |
Intangible assets | (9,843) | (11,232) |
Stock options | 1,410 | 1,339 |
Deferred revenue | 3 | 22 |
Other | 15 | 5 |
Net operating loss carryforwards | 11,123 | 11,860 |
Deferred Tax Assets, Gross, Total | 5,114 | 4,887 |
Valuation allowance | (5,114) | (4,887) |
Deferred Tax Assets, Net, Total | $ 0 | $ 0 |
Reconciliation of Tax Computed
Reconciliation of Tax Computed at Statutory Federal Rate to Income Tax Expense in Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Effective Tax Rate Reconciliation [Line Items] | |||
Tax benefit at statutory federal rate | $ (810) | $ (3,988) | $ (5,719) |
Deferred state tax benefit | 5 | (383) | (258) |
Change in valuation allowance | 371 | 4,982 | (10,446) |
Tax benefit of acquisition | (6,550) | ||
Adjustment to net operating loss carryforwards | (482) | (120) | 13,828 |
Non-deductible expenses | 1,060 | 160 | $ 2,595 |
Impact of rate change | $ (144) | (651) | |
Income tax benefit | $ (6,550) | ||
Tax benefit at statutory federal rate | (34.00%) | (34.00%) | (34.00%) |
Deferred state tax benefit | 0.20% | (3.30%) | (1.50%) |
Change in valuation allowance | 16.20% | 42.50% | (62.10%) |
Tax benefit of acquisition | (55.80%) | ||
Adjustment to net operating loss carryforwards | (21.10%) | (1.00%) | 82.20% |
Non-deductible expenses | 45.00% | 1.40% | 15.40% |
Impact of rate change | (6.30%) | (5.60%) | |
Income tax benefit | (55.80%) |
Net Revenues by Geographic Loca
Net Revenues by Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | $ 44,348 | $ 37,733 | $ 27,245 | $ 20,330 | $ 27,494 | $ 26,877 | $ 17,517 | $ 4,952 | $ 129,656 | $ 76,840 | $ 26,060 |
United States | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | 129,328 | 74,839 | 25,243 | ||||||||
Canada | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | 257 | 1,839 | 574 | ||||||||
Other | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | $ 71 | $ 162 | $ 243 |
Net Long Lived Assets by Geogra
Net Long Lived Assets by Geographic Location (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Non Current Assets | $ 40,842 | $ 35,995 | $ 18,626 |
United States | |||
Segment Reporting Information [Line Items] | |||
Non Current Assets | 40,749 | 35,883 | 18,489 |
Other | |||
Segment Reporting Information [Line Items] | |||
Non Current Assets | $ 93 | $ 112 | $ 137 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit plan related expenses | $ 166,000 | $ 120,000 | $ 39,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Dec. 01, 2014USD ($) | Apr. 21, 2014shares | Apr. 09, 2013shares | Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Apr. 30, 2014USD ($) | Feb. 28, 2014USD ($) | Dec. 31, 2015USD ($)Agreementshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Oct. 31, 2015USD ($) | Apr. 30, 2015USD ($) |
Related Party Transaction [Line Items] | |||||||||||||
Notes payable, current | $ 10,360,000 | $ 360,000 | |||||||||||
Guaranteed borrowing capacity | $ 5,000,000 | ||||||||||||
Line of credit facility, maximum borrowing amount | $ 25,000,000 | $ 30,000,000 | $ 25,000,000 | ||||||||||
Debt instrument maturity date | Aug. 20, 2017 | ||||||||||||
Accrued interest | 300,000 | ||||||||||||
Interest Expenses | 1,100,000 | ||||||||||||
Proceeds from issuance of common stock | $ 8,600,000 | $ 8,960,000 | $ 8,614,000 | $ 4,950,000 | |||||||||
Common stock, issued | shares | 159,645,000 | 129,714,000 | |||||||||||
Promissory Notes | Energy Source | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Notes payable, current | $ 10,000,000 | ||||||||||||
Debt instrument maturity date | Jul. 20, 2016 | ||||||||||||
RVL One Limited Liability Company | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of separate investment agreements | Agreement | 4 | ||||||||||||
Proceeds from issuance of convertible preferred stock | $ 26,000,000 | ||||||||||||
Proceeds from issuance of common stock | $ 192,000 | ||||||||||||
Common stock, issued | shares | 75,000 | ||||||||||||
Related party transaction costs incurred | $ 33,000 | ||||||||||||
RVL One Limited Liability Company | Series G Redeemable Convertible Preferred Stock | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Proceeds from issuance of convertible preferred stock | $ 12,500,000 | ||||||||||||
RVL One Limited Liability Company | RVL Note | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument amount | $ 10,800,000 | ||||||||||||
Debt instrument maturity date | Apr. 1, 2015 | ||||||||||||
Interest rate of debt | 9.00% | ||||||||||||
Debt instrument converted in to equity | $ 10,800,000 | ||||||||||||
Aston Capital Limited Liability Company | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Loans Receivable, Commercial, Trade Financing | $ 9,900,000 | ||||||||||||
Monthly payment for underlying lease | $ 26,537 | ||||||||||||
Related party transaction costs incurred | 300,000 | $ 700,000 | |||||||||||
Aston Capital Limited Liability Company | Promissory Notes | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument amount | $ 2,700,000 | ||||||||||||
Debt instrument maturity date | Apr. 1, 2017 | ||||||||||||
Aston Capital Limited Liability Company | February Note | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument amount | 1,900,000 | $ 1,000,000 | $ 3,500,000 | ||||||||||
Debt instrument maturity date | Apr. 1, 2015 | ||||||||||||
Interest rate of debt | 9.00% | ||||||||||||
Debt instrument converted in to equity | $ 1,600,000 | ||||||||||||
Aston Capital Limited Liability Company | Restricted Stock | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Restricted common stock agreed to be issued for services | shares | 500,000 | ||||||||||||
Restricted common stock agreed to be issued for services, vesting period | 3 years | ||||||||||||
Restricted common stock agreed to be issued for services, vesting date | Sep. 25, 2013 | ||||||||||||
Number of shares authorized for grant | shares | 300,000 | ||||||||||||
Stock awards vesting periods | 3 years |
Financings - Additional Informa
Financings - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2015 | Aug. 31, 2014 | Dec. 31, 2015 | Oct. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | |
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Notes payable, current | $ 10,360,000 | $ 360,000 | ||||
Debt instrument maturity date | Aug. 20, 2017 | |||||
Line of credit facility, maximum borrowing amount | $ 25,000,000 | $ 30,000,000 | $ 25,000,000 | |||
Debt instrument agreement period | 3 years | |||||
Guaranteed borrowing capacity | $ 5,000,000 | |||||
Bank loan payable | 2,600,000 | |||||
Borrowing capacity | $ 22,000,000 | |||||
Weighted average annual interest rate | 3.65% | |||||
Minimum fixed charges ratio | 110.00% | |||||
Senior debt EBITDA ratio | 350.00% | |||||
Value Lighting | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Debt refinance amount | $ 3,700,000 | |||||
Notes payable, maturity | 2018-11 | |||||
Balloon payment | $ 1,400,000 | |||||
Energy Source | Promissory Notes | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Notes payable, current | $ 10,000,000 | |||||
Debt instrument, interest rate | 5.00% | |||||
Debt instrument maturity date | Jul. 20, 2016 |
Maturities of Long-Term Borrowi
Maturities of Long-Term Borrowings (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Long Term Debt Maturities Repayments Of Principal [Line Items] | |
2,016 | $ 10,360 |
2,017 | 24,951 |
2,018 | 2,066 |
2,019 | 0 |
2,020 | $ 0 |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Revenues | $ 44,348 | $ 37,733 | $ 27,245 | $ 20,330 | $ 27,494 | $ 26,877 | $ 17,517 | $ 4,952 | $ 129,656 | $ 76,840 | $ 26,060 | ||||||||
Gross profit | 14,861 | 12,186 | 9,072 | 7,171 | 8,498 | 8,559 | 5,563 | 1,603 | 43,290 | 24,223 | 9,952 | ||||||||
Net (loss) income | 1,437 | (285) | (1,488) | (2,046) | (2,616) | (1,404) | 2,410 | (3,570) | (2,382) | (5,180) | (16,821) | ||||||||
Net (loss) income attributable to common stockholders | $ 1,437 | $ (285) | $ (1,488) | $ (2,046) | $ (7,913) | $ (2,055) | $ 1,100 | $ (3,977) | $ (2,382) | $ (12,845) | $ (20,471) | ||||||||
Basic and diluted (loss) income per common share attributable to common stockholders | $ 0.01 | [1] | $ 0 | [1] | $ (0.01) | [1] | $ (0.01) | [1] | $ (0.07) | [1] | $ (0.02) | [1] | $ 0.01 | [1] | $ (0.04) | [1] | $ (0.02) | $ (0.14) | $ (0.26) |
[1] | The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total for the year. |