10-Q Filing

REVOLUTION LIGHTING TECHNOLOGIES, INC. CIK: 917523 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001193125-17-236979`
Period End Date	20170630
Filing Date	20170727
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	rvlt-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 57 Cash Flow Statement 60 Stockholders Equity 16

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$219.00K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	21.05M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$475.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$883.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.19M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	20.89M	shares	Point-in-time
Trade receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$53.35M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	20.89M	shares	Point-in-time
Trade receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$50.66M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	21.05M	shares	Point-in-time
Unbilled contracts receivable	`UnbilledContractsReceivableCurrent`	$6.25M	USD	Point-in-time
Unbilled contracts receivable	`UnbilledContractsReceivableCurrent`	$10.17M	USD	Point-in-time
Inventories, net	`InventoryNet`	$31.23M	USD	Point-in-time
Inventories, net	`InventoryNet`	$26.68M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$8.36M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$9.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$99.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$98.44M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.47M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.65M	USD	Point-in-time
Goodwill	`Goodwill`	$72.21M	USD	Point-in-time
Goodwill	`Goodwill`	$72.07M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$41.17M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$43.81M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$704.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.20M	USD	Point-in-time
Total assets	`Assets`	$214.67M	USD	Point-in-time
Total assets	`Assets`	$217.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$26.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$32.41M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$11.56M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$10.54M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$2.36M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$2.36M	USD	Point-in-time
Related party notes payable	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.50M	USD	Point-in-time
Purchase price obligations	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$561.00K	USD	Point-in-time
Purchase price obligations	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$1.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$48.14M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$25.99M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$38.74M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$1.89M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$12.07M	USD	Point-in-time
Related party notes payable	`NotesPayableRelatedPartiesNoncurrent`	$11.06M	USD	Point-in-time
Related party notes payable	`NotesPayableRelatedPartiesNoncurrent`	$2.56M	USD	Point-in-time
Purchase price obligations	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$1.72M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$386.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$1.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$91.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$92.85M	USD	Point-in-time
Contingencies and Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies and Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.001 - 35,000 shares authorized and 21,048 shares issued and outstanding at June 30, 2017 and 35,000 shares authorized and 20,893 shares issued and outstanding at December 31, 2016	`CommonStockValue`	$21.00K	USD	Point-in-time
Common stock, par value $0.001 - 35,000 shares authorized and 21,048 shares issued and outstanding at June 30, 2017 and 35,000 shares authorized and 20,893 shares issued and outstanding at December 31, 2016	`CommonStockValue`	$21.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$200.89M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$202.68M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-75.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-80.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$102.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$125.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$121.82M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$214.67M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$217.50M	USD	Point-in-time

Income Statement 57 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$43.12M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$43.38M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$73.94M	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$70.71M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$49.62M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$29.13M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$29.77M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$48.31M	USD	2 Qtrs
Gross profit	`GrossProfit`	$13.35M	USD	1 Quarter
Gross profit	`GrossProfit`	$22.40M	USD	2 Qtrs
Gross profit	`GrossProfit`	$24.32M	USD	2 Qtrs
Gross profit	`GrossProfit`	$14.25M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.28M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$20.46M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$10.37M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$16.87M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.22M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$588.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.12M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$694.00K	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$3.73M	USD	2 Qtrs
Amortization and depreciation	`DepreciationAndAmortization`	$1.56M	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$2.88M	USD	2 Qtrs
Amortization and depreciation	`DepreciationAndAmortization`	$1.79M	USD	1 Quarter
Acquisition, severance and transition costs	`BusinessCombinationIntegrationRelatedCosts`	$3.00M	USD	2 Qtrs
Acquisition, severance and transition costs	`BusinessCombinationIntegrationRelatedCosts`	$883.00K	USD	1 Quarter
Acquisition, severance and transition costs	`BusinessCombinationIntegrationRelatedCosts`	$1.54M	USD	2 Qtrs
Acquisition, severance and transition costs	`BusinessCombinationIntegrationRelatedCosts`	$1.86M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.60M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$478.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.02M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$593.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$28.44M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$24.99M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$13.89M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$14.22M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$32.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-541.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-4.12M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-2.59M	USD	2 Qtrs
Interest expense and other charges	`InterestExpenseOther`	$1.15M	USD	2 Qtrs
Interest expense and other charges	`InterestExpenseOther`	$586.00K	USD	1 Quarter
Interest expense and other charges	`InterestExpenseOther`	$1.56M	USD	2 Qtrs
Interest expense and other charges	`InterestExpenseOther`	$759.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-522.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-3.74M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.68M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.13M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-727.00K	USD	1 Quarter
Loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.27	USD	2 Qtrs
Loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.21	USD	2 Qtrs
Loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.68M	shares	2 Qtrs
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.85M	shares	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.70M	shares	2 Qtrs
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.76M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-522.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-3.74M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.68M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.13M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-727.00K	USD	1 Quarter
Depreciation	`Depreciation`	$198.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$200.00K	USD	1 Quarter
Depreciation	`Depreciation`	$100.00K	USD	1 Quarter
Depreciation	`Depreciation`	$261.00K	USD	2 Qtrs
Amortization of intangible and other assets	`AmortizationOfIntangibleAssetsAndOtherAssets`	$3.47M	USD	2 Qtrs
Amortization of intangible and other assets	`AmortizationOfIntangibleAssetsAndOtherAssets`	$2.68M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.60M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$478.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.02M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$593.00K	USD	1 Quarter
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-1.65M	USD	2 Qtrs
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$832.00K	USD	2 Qtrs
Other noncash items affecting net income	`OtherNoncashIncome`	$103.00K	USD	2 Qtrs
(Increase) decrease in trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-2.68M	USD	2 Qtrs
(Increase) decrease in trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$413.00K	USD	2 Qtrs
(Increase) decrease in unbilled contracts receivable	`IncreaseDecreaseInUnbilledReceivables`	$-910.00K	USD	2 Qtrs
(Increase) decrease in unbilled contracts receivable	`IncreaseDecreaseInUnbilledReceivables`	$-3.91M	USD	2 Qtrs
(Increase) decrease in inventories, net	`IncreaseDecreaseInInventories`	$3.04M	USD	2 Qtrs
(Increase) decrease in inventories, net	`IncreaseDecreaseInInventories`	$4.56M	USD	2 Qtrs
(Increase) decrease in prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.35M	USD	2 Qtrs
(Increase) decrease in prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.99M	USD	2 Qtrs
Increase (decrease) in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-6.38M	USD	2 Qtrs
Increase (decrease) in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.98M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-930.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-8.44M	USD	2 Qtrs
Payment of acquisition obligations	`PaymentsToAcquireBusinessesGross`	$1.01M	USD	2 Qtrs
Payment of acquisition obligations	`PaymentsToAcquireBusinessesGross`	$284.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$652.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$110.00K	USD	2 Qtrs
Acquisition of business and other, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$9.46M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-10.59M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-936.00K	USD	2 Qtrs
Net proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$550.00K	USD	2 Qtrs
Net proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$12.75M	USD	2 Qtrs
Net proceeds from related party notes payable	`ProceedsFromRelatedPartyDebt`	$7.00M	USD	2 Qtrs
Repayments of notes payable and short-term borrowings	`ProceedsFromRepaymentsOfShortTermBankLoansAndNotesPayable`	$-180.00K	USD	2 Qtrs
Repayments of notes payable and short-term borrowings	`ProceedsFromRepaymentsOfShortTermBankLoansAndNotesPayable`	$-10.18M	USD	2 Qtrs
Proceeds from issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$16.19M	USD	2 Qtrs
Fees pertaining to issuance of debt	`DebtRelatedCommitmentFeesAndDebtIssuanceCosts`	$-603.00K	USD	2 Qtrs
Fees pertaining to issuance of common stock	`PaymentsOfStockIssuanceCosts`	$71.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$8.96M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$16.49M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.97M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-408.00K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$219.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$475.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$883.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.19M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$219.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$475.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$883.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.19M	USD	Point-in-time
Issuance of common stock for contingent consideration	`StockIssued1`	$554.00K	USD	2 Qtrs
Issuance of common stock for contingent consideration	`StockIssued1`	$6.05M	USD	2 Qtrs
Contingent consideration and other	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$5.63M	USD	2 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$102.10M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$125.71M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$121.82M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationPayments`	$1.31M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationPayments`	$1.24M	USD	2 Qtrs
Issuance of common stock for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$16.19M	USD	Annual
Shares issued for contingent consideration	`StockIssuedDuringPeriodValueContingentConsiderations`	$554.00K	USD	2 Qtrs
Shares issued for contingent consideration and acquisition	`StockIssuedDuringPeriodValueContingentConsiderationsAndAcquisitions`	$6.63M	USD	Annual
Net loss	`NetIncomeLoss`	$-522.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-3.74M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.68M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.13M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-727.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$102.10M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$125.71M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$121.82M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.