Quarterly report pursuant to sections 13 or 15(d)

Subsequent Events

v2.4.0.8
Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events
13. Subsequent Events:

On April 17, 2014, the Company completed the acquisition of all the equity interests of Value Lighting, a supplier of lighting solutions in the multifamily housing sector and new construction. The purchase consideration consisted of cash of $10.6 million, an unconditional obligation to issue an aggregate of 8,468,192 shares of common stock (approximately $24.9 million based on the closing price at the closing date) million in four installments at six, twelve, eighteen and twenty four months, and contingent consideration payable in cash or common stock at the option of the Company aggregating up to a maximum of $11 million, if certain revenue and EBITDA targets are achieved by Value Lighting for 2014 and 2015. This acquisition was financed, in part, through the issuance of a promissory note payable as described in Note 1. The Company acquired Value Lighting for its presence in the multifamily residential market and construction, the experience of the management team, its customer base, operational and business development synergies.

Due the timing of the acquisition the Company has not completed the valuation of the common stock to be issued, the contingent consideration, and of the assets and liabilities acquired, the initial accounting for the acquisition is incomplete. Accordingly, pro forma revenue and net loss has not been provided. The Company expects to provide such information at the time it files the form 8-K/A related to acquisition