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:
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Three Months Ended September
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Nine Months Ended September
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2013 |
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2012 |
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2013 |
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2012 |
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Revenues from external customers:
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LED replacement lamps and fixtures
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$ |
4,446,974 |
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$ |
117,519 |
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$ |
16,413,195 |
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$ |
577,389 |
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LED signage and lighting strips
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866,512 |
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1,132,996 |
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2,568,854 |
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2,874,678 |
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Total revenues from external customers
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$ |
5,313,486 |
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$ |
1,250,515 |
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$ |
18,982,195 |
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$ |
3,452,067 |
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Segment (loss) income:
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LED replacement lamps and fixtures
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$ |
(1,554,003 |
) |
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$ |
(161,487 |
) |
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$ |
(1,885,966 |
) |
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$ |
(5,631,881 |
) |
LED signage and lighting strips
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10,801 |
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46,424 |
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(82,133 |
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(103,694 |
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Segment (loss) income
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(1,543,202 |
) |
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(115,063 |
) |
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(1,968,099 |
) |
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(5,735,575 |
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Unallocated amounts:
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Corporate expenses
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(1,512,932 |
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(594,841 |
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(5,296,564 |
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(2,343,487 |
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Change in fair value of embedded derivative
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— |
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— |
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(6,990,353 |
) |
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— |
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Interest income
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— |
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17 |
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31 |
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107 |
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Interest expense
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(24,071 |
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(79,452 |
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(24,114 |
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(210,014 |
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Gain on debt restructuring
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— |
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1,048,308 |
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— |
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1,048,308 |
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Other income (expense)
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— |
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— |
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746,250 |
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— |
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Loss from continuing operations
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$ |
(3,080,205 |
) |
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$ |
258,969 |
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$ |
(13,532,848 |
) |
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$ |
(7,240,661 |
) |
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Depreciation and amortization:
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LED replacement lamps
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$ |
470,046 |
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$ |
385 |
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$ |
2,399,948 |
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$ |
110,911 |
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LED signage and lighting strips
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55,610 |
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57,592 |
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171,032 |
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178,533 |
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Segment depreciation and amortization
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525,657 |
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57,977 |
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2,570,980 |
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289,444 |
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Corporate depreciation and amortization
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6,401 |
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7,245 |
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17,275 |
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114,182 |
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Total depreciation and amortization
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$ |
532,058 |
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$ |
65,222 |
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$ |
2,588,255 |
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$ |
403,626 |
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Segment assets on the dates indicated comprise the following:
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September 30, 2013 |
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December 31, 2012 |
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LED Replacement lamps and fixtures
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$ |
44,074,408 |
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$ |
24,548,886 |
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LED signage and lighting strips
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4,604,604 |
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4,736,657 |
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48,679,012 |
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29,285,543 |
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Elimination of intercompany receivables
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(4,881,219 |
) |
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(3,988,921 |
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Corporate assets, principally cash
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5,278,269 |
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5,980,464 |
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$ |
49,076,062 |
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$ |
31,277,086 |
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