Annual report pursuant to section 13 and 15(d)

Acquisitions (Tables)

v2.4.0.8
Acquisitions (Tables)
12 Months Ended
Dec. 31, 2013
Summary of Preliminary Purchase Price Allocation to Assets Acquired

The following summarizes the preliminary purchase price allocation to the acquired assets. The final allocation will be completed within one year of the acquisition:

 

(in thousands)

      

Customer revenue contracts

   $ 1,599   

Gain on bargain purchase

     (743
  

 

 

 

Preliminary purchase price

   $ 856   
  

 

 

 
Business Acquisition Proforma Information

The following unaudited supplemental proforma information assumes the acquisitions referred to above had been completed as of January 1, 2012 and is not indicative of the results of operations that would have been achieved had the transactions been consummated on such date or of results that might be achieved in the future.

 

(in thousands)

   Year Ended
December 31, 2013
    Year Ended
December 31, 2012
 

Revenues

   $ 34,998      $ 21,976   

Loss from Continuing Operations

     (19,880     (22,693

Net Loss

     (19,880     (22,693
  

 

 

   

 

 

 
Pro Forma Loss from Continuing Operations Atributable to Acquisitions

The pro forma loss from continuing operations and net loss also reflect the following charges and credits directly attributable to the acquisitions:

 

(in thousands)

   Year Ended
December 31, 2013
    Year Ended
December 31, 2012
 

Recorded by Company:

    

Gain on bargain purchase of business

   $ 743      $ —    

Recorded by Seesmart pre-acquisition:

    

Fee paid by sellers in connection with the transaction

     —          (1,934

Change in control premium related to debt settled

     —          (530

Recorded by Relume pre-acquisition:

    

Fees incurred by the sellers

     (350     —    

Change in control payment from sellers to management

     (737     —    

Loss on settlement of debt from proceeds of merger

     (4,157     —    

Gain on deconsolidation of subsidiary in bankruptcy proceedings

     1,573        —    
  

 

 

   

 

 

 
   $ (2,928   $ (2,464
  

 

 

   

 

 

 
Pro Forma Loss from Continuing Operations not Attributable to Aquisitions

The pro forma loss from continuing operations and net loss reflect the following charges recorded included in the historical results of the Company that are not directly attributed to the acquisitions:

 

(in thousands)

   Year Ended
December 31, 2013
    Year Ended
December 31, 2012
 

Change in fair value of embedded derivative

   $ (6,990   $ —    

Impairment charge

     —         (3,397

Gain on debt restructuring

     —         1,048   

Relume loss on extinguishment of debt pre-acquisition

       (1,700
  

 

 

   

 

 

 
   $ (6,990   $ (4,049
  

 

 

   

 

 

 
Tri-State LED, Inc.
 
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed

The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the Tri-State acquisition. The purchase price is subject to adjustment based on the closing working capital, which has not yet been finalized. Any such adjustment will be reflected as an adjustment to goodwill. The final determination of the fair value of certain assets and liabilities including income taxes and contingencies will be completed within the one-year measurement period from the date of acquisition as required by the FASB ASC Topic 805, “Business Combinations.”

 

(in thousands)

      

Accounts receivable

   $ 468   

Inventory

     310   

Goodwill

     2,811   

Customer relationships

     1,680   

Non-compete agreements

     480   

Other intangibles

     738   

Other assets

     38   
  

 

 

 

Assets acquired

     6,525   
  

 

 

 

Accounts payable

     440   

Accrued liabilities

     208   

Other current liabilities

     80   
  

 

 

 

Liabilities assumed

     729   
  

 

 

 

Preliminary purchase price

   $ 5,797   
  

 

 

 

Relume Technologies Inc
 
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed

The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the Relume acquisition. The final determination of the fair value of certain assets and liabilities including income taxes and contingencies will be completed within the one-year measurement period from the date of acquisition as required by the FASB ASC Topic 805, “Business Combinations.”

 

(in thousands)

 

Cash

   $ 61   

Accounts receivable

     851   

Inventory

     2,389   

Goodwill

     8,170   

Technology

     2,020   

Trademarks

     1,200   

Customer relationships

     680   

Other assets

     838   
  

 

 

 

Assets acquired

     16,209   
  

 

 

 

Accounts payable

     2,574   

Accrued liabilities

     1,891   

Other current liabilities

     26   

Capital lease obligations

     110   
  

 

 

 

Liabilities assumed

     4,601   
  

 

 

 

Preliminary purchase price

   $ 11,608   
  

 

 

 
Seesmart Technologies Incorporated
 
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed

The following amounts represent the final determination of the fair value of identifiable assets acquired and liabilities assumed from the Seesmart acquisition.

 

(in thousands)

      

Cash

   $ 69   

Accounts receivable

     1,048   

Inventory

     1,352   

Goodwill

     10,166   

Customer relationships

     7,273   

Trademarks

     3,434   

Other assets

     334   
  

 

 

 

Assets acquired

     23,676   
  

 

 

 

Accounts payable

     2,692   

Accrued liabilities

     1,137   

Deferred revenue

     104   

Customer deposits

     1,467   
  

 

 

 

Liabilities assumed

     5,400   
  

 

 

 

Preliminary purchase price

   $ 18,276