Annual report pursuant to section 13 and 15(d)

Segment Reporting

v2.4.0.6
Segment Reporting
12 Months Ended
Dec. 31, 2011
Segment Reporting [Abstract]  
Segment Reporting

14. SEGMENT REPORTING:

As a result of the sale of the Company's Legacy Commercial and Pool Lighting Businesses in October of 2010, the Company reorganized its reporting structure into two reportable segments: LED replacement lamps and LED signage and lighting strips. The Company's operations are principally managed on a product basis. The Array product line consists of white light LED replacement lamps. The Lumificient product line consists of LED signage and lighting strips.

Financial information relating to the reportable operating segments for the years ended December 31, 2011 and 2010 is presented below:

 

     Year Ended December 31,  
     2011     2010  

Revenues from external customers:

    

LED replacement lamps

   $ 4,938,762      $ 1,807,744   

LED signage and lighting strips

     4,049,086        3,614,699   
  

 

 

   

 

 

 

Total revenues from external customers

   $ 8,987,848      $ 5,422,443   
  

 

 

   

 

 

 

Segment loss:

    

LED replacement lamps

   $ (952,112   $ (1,618,073

LED signage and lighting strips

     (470,295     (249,699
  

 

 

   

 

 

 

Segment loss

     (1,422,407     (1,867,772

Unallocated amounts:

    

Corporate expenses

     (3,876,418     (3,810,281

Interest income

     569        1,657   

Debt extinguishment costs

     —          (441,741

Interest expense

     (126,658     (247,139
  

 

 

   

 

 

 

Loss from continuing operations

   $ (5,424,914   $ (6,365,276
  

 

 

   

 

 

 

Depreciation and amortization:

    

LED replacement lamps

   $ 275,881      $ 237,482   

LED signage and lighting strips

     252,408        249,147   
  

 

 

   

 

 

 

Segment depreciation and amortization

     528,289        486,629   

Corporate depreciation and amortization

     225,903        207,743   

Depreciation and amortization associated with

discontinued operations

     —          133,774   
  

 

 

   

 

 

 

Total depreciation and amortization

   $ 754,192      $ 828,146   
  

 

 

   

 

 

 

Segment assets:

    

LED replacement lamps

   $ 5,690,478      $ 6,382,457   

LED signage and lighting strips

     5,008,561        3,815,025   
  

 

 

   

 

 

 

Total segment assets

     10,699,039        10,197,482   

Elimination of intercompany receivable

     (1,751,943     (331,983

Other corporate assets

     3,000,912        7,154,710   
  

 

 

   

 

 

 

Total assets

   $ 11,948,008      $ 17,020,209   
  

 

 

   

 

 

 

Expenditures for segment assets:

    

LED replacement lamps

   $ 296,898      $ 414,191   

LED signage and lighting strips

     52,205        31,324   
  

 

 

   

 

 

 

Total expenditures for segment assets

     349,103        445,515   

Corporate expenditures for assets

     14,171        147,351   

Expenditures for segment assets associated with discontinued operations

     —          31,922   
  

 

 

   

 

 

 

Total expenditures for assets

   $ 363,274      $ 624,788   
  

 

 

   

 

 

 

Net revenues by geographic location, based on location of customers, were as follows:

 

     December 31,  
     2011      2010  

United States

   $ 8,022,432       $ 4,386,808   

Canada

     599,868         597,355   

Other

     365,548         438,280   
  

 

 

    

 

 

 

Total

   $ 8,987,848       $ 5,422,443   
  

 

 

    

 

 

 

Net long-lived assets by geographic locations were as follows:

 

     December 31,  
     2011      2010  

United States

   $ 2,826,512       $ 3,326,208   

Mexico

     202,735         316,964   

Canada

     141,771         98,405   

Other

     115,928         89,918   
  

 

 

    

 

 

 

Total

   $ 3,286,946       $ 3,831,495