| SEGMENT REPORTING |
The
Company’s operations are principally managed on a product
basis and are comprised of two reportable segments for financial
purposes: LED replacement lamps and fixtures and LED signage and
lighting strips. The LED replacement lamps and fixtures segment
consists of the Array LED replacement lamps and Seesmart’s
replacement lamps and fixtures. Consistent with the intent at the
acquisition date, during 2013 the Company completed the integration
of the Array product line with Seesmart’s sales, engineering,
manufacturing, supply chain and distribution to form a single
operating segment. The LED signage and lighting strips segment
consists of the Lumificient product line.
Financial
information relating to the reportable operating segments for the
years ended December 31, 2012 and 2011 is presented
below:
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Year Ended December 31, |
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2012 |
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|
2011 |
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Revenues from external
customers:
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|
|
|
|
|
|
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LED replacement lamps and
fixtures
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|
$ |
792,068 |
|
|
$ |
4,938,762 |
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|
LED signage and lighting
strips
|
|
|
3,689,287 |
|
|
|
4,049,086 |
|
|
|
|
|
|
|
|
|
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|
Total revenues from
external customers
|
|
$ |
4,481,355 |
|
|
$ |
8,987,848 |
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Segment loss:
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|
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LED replacement lamps and
fixtures
|
|
$ |
(5,819,970 |
) |
|
$ |
(952,112 |
) |
|
LED signage and lighting
strips
|
|
|
(195,272 |
) |
|
|
(470,295 |
) |
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|
|
|
|
|
|
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Segment loss
|
|
|
(6,015,242 |
) |
|
|
(1,422,407 |
) |
|
Unallocated
amounts:
|
|
|
|
|
|
|
|
|
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Corporate
expenses
|
|
|
(3,401,417 |
) |
|
|
(3,876,418 |
) |
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Interest income
|
|
|
203 |
|
|
|
569 |
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Gain on debt
restructuring
|
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|
1,048,308 |
|
|
|
— |
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Interest expense
|
|
|
(210,014 |
) |
|
|
(126,658 |
) |
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|
|
|
|
|
|
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Loss from continuing
operations
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|
$ |
(8,578,162 |
) |
|
$ |
(5,424,914 |
) |
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Depreciation and
amortization:
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|
|
|
|
|
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LED replacement lamps and
fixtures
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|
$ |
155,851 |
|
|
$ |
275,881 |
|
|
LED signage and lighting
strips
|
|
|
237,092 |
|
|
|
252,408 |
|
|
|
|
|
|
|
|
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Segment depreciation and
amortization
|
|
|
392,943 |
|
|
|
528,289 |
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|
Corporate depreciation and
amortization
|
|
|
100,753 |
|
|
|
225,903 |
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|
|
|
|
|
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Total depreciation and
amortization
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|
$ |
493,696 |
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$ |
754,192 |
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Segment assets:
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LED replacement lamps and
fixtures
|
|
$ |
25,839,486 |
|
|
$ |
5,690,478 |
|
|
LED signage and lighting
strips
|
|
|
4,736,657 |
|
|
|
5,008,561 |
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|
|
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|
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Total segment
assets
|
|
|
30,576,143 |
|
|
|
10,699,039 |
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Elimination of intercompany
receivable
|
|
|
(3,988,921 |
) |
|
|
(1,751,943 |
) |
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Other corporate
assets
|
|
|
5,980,464 |
|
|
|
3,000,912 |
|
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|
|
|
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Total assets
|
|
$ |
32,567,686 |
|
|
$ |
11,948,008 |
|
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Expenditures for segment
assets:
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|
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LED replacement lamps and
fixtures
|
|
$ |
82,076 |
|
|
$ |
296,898 |
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|
LED signage and lighting
strips
|
|
|
20,600 |
|
|
|
52,205 |
|
|
|
|
|
|
|
|
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Total expenditures for
segment assets
|
|
|
102,676 |
|
|
|
349,103 |
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|
Corporate expenditures for
assets
|
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|
— |
|
|
|
14,171 |
|
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|
|
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Total expenditures for
assets
|
|
$ |
102,676 |
|
|
$ |
363,274 |
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Net revenues by
geographic location, based on location of customers, were as
follows:
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December 31, |
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| |
|
2012 |
|
|
2011 |
|
|
United States
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|
$ |
3,901,410 |
|
|
$ |
8,022,432 |
|
|
Canada
|
|
|
382,532 |
|
|
|
599,868 |
|
|
Other
|
|
|
197,413 |
|
|
|
365,548 |
|
|
|
|
|
|
|
|
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Total
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|
$ |
4,481,355 |
|
|
$ |
8,987,848 |
|
|
|
|
|
|
|
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|
Net long-lived
assets by geographic locations were as follows:
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December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
United States
|
|
$ |
12,364,533 |
|
|
$ |
2,826,512 |
|
|
Mexico
|
|
|
— |
|
|
|
202,735 |
|
|
Canada
|
|
|
— |
|
|
|
141,771 |
|
|
Other
|
|
|
7,847 |
|
|
|
115,928 |
|
|
|
|
|
|
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|
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Total
|
|
$ |
12,372,380 |
|
|
$ |
3,286,946 |
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