Quarterly report pursuant to sections 13 or 15(d)

Segment Reporting

v2.4.0.8
Segment Reporting
9 Months Ended
Sep. 30, 2013
Segment Reporting
12. Segment Reporting:

The Company’s operations are principally managed on a product basis and are comprised of two reportable segments for financial reporting purposes: LED replacement lamps and fixtures and LED signage and lighting strips.

Financial information relating to the reportable operating segments for the three and nine months ended September 30, 2013 and 2012 is presented below:

 

     Three Months Ended September     Nine Months Ended September  
     2013     2012     2013     2012  

Revenues from external customers:

        

LED replacement lamps and fixtures

   $ 4,446,974      $ 117,519      $ 16,413,195      $ 577,389   

LED signage and lighting strips

     866,512        1,132,996        2,568,854        2,874,678   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues from external customers

   $ 5,313,486      $ 1,250,515      $ 18,982,195      $ 3,452,067   
  

 

 

   

 

 

   

 

 

   

 

 

 

Segment (loss) income:

        

LED replacement lamps and fixtures

   $ (1,554,003   $ (161,487   $ (1,885,966   $ (5,631,881

LED signage and lighting strips

     10,801        46,424        (82,133     (103,694
  

 

 

   

 

 

   

 

 

   

 

 

 

Segment (loss) income

     (1,543,202     (115,063     (1,968,099     (5,735,575

Unallocated amounts:

        

Corporate expenses

     (1,512,932     (594,841     (5,296,564     (2,343,487

Change in fair value of embedded derivative

     —          —          (6,990,353     —     

Interest income

     —          17        31        107   

Interest expense

     (24,071     (79,452     (24,114     (210,014

Gain on debt restructuring

     —          1,048,308        —          1,048,308   

Other income (expense)

     —          —          746,250        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations

   $ (3,080,205   $ 258,969      $ (13,532,848   $ (7,240,661
  

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

        

LED replacement lamps

   $ 470,046      $ 385      $ 2,399,948      $ 110,911   

LED signage and lighting strips

     55,610        57,592        171,032        178,533   
  

 

 

   

 

 

   

 

 

   

 

 

 

Segment depreciation and amortization

     525,657        57,977        2,570,980        289,444   

Corporate depreciation and amortization

     6,401        7,245        17,275        114,182   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total depreciation and amortization

   $ 532,058      $ 65,222      $ 2,588,255      $ 403,626   
  

 

 

   

 

 

   

 

 

   

 

 

 

Segment assets on the dates indicated comprise the following:

 

     September 30, 2013     December 31, 2012  

LED Replacement lamps and fixtures

   $ 44,074,408      $ 24,548,886   

LED signage and lighting strips

     4,604,604        4,736,657   
  

 

 

   

 

 

 
     48,679,012        29,285,543   

Elimination of intercompany receivables

     (4,881,219     (3,988,921

Corporate assets, principally cash

     5,278,269        5,980,464   
  

 

 

   

 

 

 
   $ 49,076,062      $ 31,277,086