0001493152-18-015295.txt : 20181107 0001493152-18-015295.hdr.sgml : 20181107 20181107070543 ACCESSION NUMBER: 0001493152-18-015295 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 54 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181107 DATE AS OF CHANGE: 20181107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sunworks, Inc. CENTRAL INDEX KEY: 0001172631 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 010592299 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36868 FILM NUMBER: 181164674 BUSINESS ADDRESS: STREET 1: 1030 WINDING CREEK ROAD STREET 2: SUITE 100 CITY: ROSEVILLE STATE: CA ZIP: 95678 BUSINESS PHONE: (916) 409-6900 MAIL ADDRESS: STREET 1: 1030 WINDING CREEK ROAD STREET 2: SUITE 100 CITY: ROSEVILLE STATE: CA ZIP: 95678 FORMER COMPANY: FORMER CONFORMED NAME: SOLAR3D, INC. DATE OF NAME CHANGE: 20101006 FORMER COMPANY: FORMER CONFORMED NAME: MACHINETALKER INC DATE OF NAME CHANGE: 20050801 FORMER COMPANY: FORMER CONFORMED NAME: MACHINE TALKER INC DATE OF NAME CHANGE: 20020506 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2018.

 

Or

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________ to _______________

 

Commission File Number 001-36868

 

 

SUNWORKS, INC.

(Name of registrant in its charter)

 

Delaware   01-0592299

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

1030 Winding Creek Road, Suite 100

Roseville, CA 95678

(Address of principal executive offices)

 

Issuer’s telephone Number:(916) 409-6900

 

n/a

(Former Address if Changed Since Last Report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer [  ]
Non-accelerated filer [  ] Smaller reporting company [X]
  Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes [  ] No [X]

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

 

The number of shares of registrant’s common stock outstanding as of November 7, 2018 was 26,096,879.

 

 

 

 
 

 

TABLE OF CONTENTS

 

  Page
   
PART I - FINANCIAL INFORMATION  
   
ITEM 1. FINANCIAL STATEMENTS (Unaudited) 3
   
Condensed Consolidated Balance Sheets at September 30, 2018 (Unaudited) and December 31, 2017 3
   
Condensed Consolidated Statements of Operations for the three months and nine months ended September 30, 2018 (Unaudited) and September 30, 2017 (Unaudited) 4
   
Condensed Consolidated Statement of Shareholders’ Equity for the nine months ended September 30, 2018 (Unaudited) 5
   
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 (Unaudited) and September 30, 2017 (Unaudited) 6
   
Notes to the Condensed Consolidated Financial Statements (Unaudited) 7
   
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18
   
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 23
   
ITEM 4. CONTROLS AND PROCEDURES 24
   
PART II - OTHER INFORMATION  
   
ITEM 1. LEGAL PROCEEDINGS 25
   
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 25
   
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 25
   
ITEM 4. MINE SAFETY DISCLOSURES 25
   
ITEM 5. OTHER INFORMATION 25
   
ITEM 6. EXHIBITS 25
   
SIGNATURES 26

 

 2 
 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS.

 

SUNWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

(in thousands, except share and per share data)

 

   September 30, 2018   December 31, 2017 
   (Unaudited)     
Assets          
Current Assets          
Cash and cash equivalents  $3,635   $6,356 
Restricted cash   446    475 
Accounts receivable, net   9,390    11,330 
Inventory, net   3,933    4,450 
Contract assets   5,181    3,790 
Other current assets   129    2,081 
Total Current Assets   22,714    28,482 
Property and Equipment, net   948    1,233 
Other Assets          
Other deposits   71    68 
Goodwill   11,364    11,364 
Total Other Assets   11,435    11,432 
Total Assets  $35,097   $41,147 
           
Liabilities and Shareholders’ Equity          
Current Liabilities:          
Accounts payable and accrued liabilities  $11,588   $13,090 
Contract liabilities   6,252    7,288 
Customer deposits   117    2,905 
Loan payable, current portion   198    229 
Convertible promissory notes, current portion   100    - 
Acquisition convertible promissory note, current portion   757    606 
Total Current Liabilities   19,012    24,118 
           
Long Term Liabilities          
Loan payable   127    267 
Promissory notes payable, net   3,655    - 
Convertible promissory notes   -    149 
Acquisition convertible promissory notes   252    707 
Warranty liability   336    246 
Total Long-Term Liabilities   4,370    1,369 
Total Liabilities   23,382    25,487 
           
Shareholders’ Equity          
Preferred stock Series B, $.001 par value; 5,000,000 authorized shares; 0 and 1,506,024 shares issued and outstanding, respectively   -    2 
Common stock, $.001 par value; 200,000,000 authorized shares; 26,069,101 and 23,150,930 shares issued and outstanding, respectively   26    23 
Additional paid in capital   73,350    72,000 
Accumulated deficit   (61,661)   (56,365)
Total Shareholders’ Equity   11,715    15,660 
Total Liabilities and Shareholders’ Equity  $35,097   $41,147 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 3 
 

 

SUNWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017

(in thousands, except share and per share data)

(unaudited)

 

   Three Months Ended   Nine Months Ended 
   September 30, 2018   September 30, 2017   September 30, 2018   September 30, 2017 
                 
Revenue  $18,281   $18,797   $51,722   $58,159 
                     
Cost of Goods Sold   14,916    15,704    43,048    45,554 
                     
Gross Profit   3,365    3,093    8,674    12,605 
                     
Operating Expenses                    
Selling and marketing expenses   891    1,751    3,048    5,291 
General and administrative expenses   2,399    2,640    7,666    9,175 
Stock-based compensation   151    299    1,183    833 
Depreciation and amortization   96    102    289    308 
                     
Total Operating Expenses   3,537    4,792    12,186    15,607 
                     
Loss before Other Expenses   (172)   (1,699)   (3,512)   (3,002)
                     
Other Income/(Expenses)                    
Other income (expense)   (13)   1    (26)   (43)
Interest expense   (191)   (261)   (353)   (752)
                     
Total Other Income/(Expenses)   (204)   (260)   (379)   (795)
                     
Loss before Income Taxes   (376)   (1,959)   (3,891)   (3,797)
                     
Income Tax Expense   -    -    -    - 
                     
Net Loss  $(376)  $(1,959)  $(3,891)  $(3,797)
                     
LOSS PER SHARE:                    
Basic  $(0.01)  $(0.09)  $(0.16)  $(0.17)
Diluted  $(0.01)  $(0.09)  $(0.16)  $(0.17)
                     
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING                    
Basic   25,709,915    22,455,664    24,559,382    22,060,186 
Diluted   25,709,915    22,455,664    24,559,382    22,060,186 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 4 
 

 

SUNWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

(in thousands, except share and per share data)

 

   Series B           Additional         
   Preferred stock   Common stock   Paid-in   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Deficit   Total 
Balance at December 31, 2017   1,506,024   $2    23,150,930   $23   $72,000   $(56,365)  $15,660 
Adoption of ASC 606 (Note 3)   -    -    -    -    -    (1,405)   (1,405)
Stock-based compensation   -    -    -    -    1,183    -    1,183 
Conversion of preferred stock to common stock   (1,506,024)   (2)   1,506,024    2    -    -    - 
Issuance of common stock for conversion of promissory notes, plus accrued interest   -    -    349,112    -    118    -    118 
Issuance of common stock under terms of restricted stock grants   -    -    870,727    1    (1)   -    - 
Issuance of common stock for exercise of options   -    -    192,308    -    50    -    50 
Net loss for the nine months ended September 30, 2018   -    -    -       -    -    (3,891)   (3,891)
Balance at September 30, 2018 (unaudited)   -   $-    26,069,101   $26   $73,350   $(61,661)  $11,715 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 5 
 

 

SUNWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017

(in thousands, except share and per share data)

(unaudited)

 

   Nine months ended 
   September 30, 2018   September 30, 2017 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(3,891)  $(3,797)
Adjustments to reconcile net (loss) to net cash used in operating activities          
Depreciation and amortization   289    308 
(Gain) loss on sale of equipment   -    1 
Stock-based compensation   1,183    833 
Stock issued for services   -    21 
Amortization of beneficial conversion feature   -    657 
Amortization of debt issuance costs   23    - 
Bad debt expense   36    198 
Inventory allowance   -    75 
Changes in Assets and Liabilities          
(Increase) Decrease in:          
Accounts receivable   1,902    (1,167)
Inventory   517    (579)
Other deposits and other current assets   1,949    (1,285)
Contract assets   (1,974)   (1,007)
Increase (Decrease) in:          
Accounts payable and accrued liabilities   (1,434)   (1,002)
Contract liabilities   (1,858)   2,213 
Customer deposits   (2,788)   629 
Warranty and other liability   90    100 
NET CASH USED IN OPERATING ACTIVITIES   (5,956)   (3,802)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property and equipment   (9)   (44)
Proceeds from sale of property and equipment   6    18 
NET CASH USED IN INVESTING ACTIVITIES   (3)   (26)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Loans and notes payable repayments   (473)   (466)
Proceeds from issuance of note payable, net   3,632    - 
Proceeds from exercise of stock options   50    - 
NET CASH PROVIVED BY (USED IN) FINANCING ACTIVITIES   3,209    (466)
           
NET (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH   (2,750)   (4,294)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH BEGINNING OF PERIOD   6,831    11,106 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD  $4,081   $6,812 
           
CASH PAID FOR:          
Interest  $246   $52 
Taxes  $-   $110 
           
SUPPLEMENTAL DISCLOSURES OF NON-CASH TRANSACTIONS          
Issuance of common stock upon conversion of debt  $118   $270 
Issuance of common stock upon conversion of preferred stock  $2   $- 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 6 
 

 

SUNWORKS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

SEPTEMBER 30, 2018

(in thousands, except share and per share data)

 

References herein to “we,” “us,” “Sunworks,” and “the Company” are to Sunworks, Inc. and its wholly-owned subsidiaries Sunworks United, Inc. (“Sunworks United”), MD Energy, Inc. (“MD Energy”), and Elite Solar Acquisition Sub, Inc. (“Elite Solar”).

 

1. BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Form 10-K for the year ended December 31, 2017.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies of Sunworks, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of Sunworks, Inc., and its wholly owned operating subsidiaries, Sunworks United, Inc. (d/b/a Sunworks), MD Energy, Inc., and Elite Solar Acquisition Sub, Inc. All material intercompany transactions have been eliminated upon consolidation of these entities.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates used to review the Company’s goodwill, impairments and estimations of long-lived assets, revenue recognition on percentage of completion type contracts, allowances for uncollectible accounts, warranty reserves, inventory valuation, debt beneficial conversion features, valuations of non-cash capital stock issuances and the valuation allowance on deferred tax assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

Revenue Recognition

 

Revenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from our recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress. All un-allocable indirect costs and corporate general and administrative costs are charged to the periods as incurred. However, in the event a loss on a contract is foreseen, the Company will recognize the loss as it is determined.

 

Revisions in cost and profit estimates during the course of the contract are reflected in the accounting period in which the facts, which require the revision, become known. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined.

 

 7 
 

 

Accounts Receivables

 

Accounts receivables are recorded on contracts for amounts currently due based upon progress billings, as well as retention, which are collectible upon completion of the contracts. Accounts payable to material suppliers and subcontractors are recorded for amounts currently due based upon work completed or materials received, as are retention due subcontractors, which are payable upon completion of the contract. General and administrative expenses are charged to operations as incurred and are not allocated to contract costs. Retention receivable is the amount withheld by a customer until a contract is completed. Retention receivables of $1,155 and $958 were included in the balance of accounts receivable as of September 30, 2018, and December 31, 2017, respectively.

 

The Company performs ongoing credit evaluation of its customers. Management monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, age of receivables and other information, and records bad debts using the allowance method. Accounts receivable are presented net of an allowance for doubtful accounts of $325 at September 30, 2018, and $320 at December 31, 2017. Bad debt expense for the three months ended September 30, 2018 and 2017 was ($54) and $81, respectively. Bad debt expense for the nine months ended September 30, 2018 and 2017 was $36 and $198, respectively.

 

Customer Deposits

 

Customer deposits are recorded for funds remitted by our customers in advance of progress billings being completed.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

 

Restricted Cash

 

The Company considers restricted cash to be cash balances that have legal and/or contractual restrictions imposed by a third party and are restricted as to withdrawal or use except for the specified purpose.

 

Concentration Risk

 

Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Corporation (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits. As of September 30, 2018, the cash balance in excess of the FDIC limits was $3,501. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts.

 

Inventory

 

Inventory is valued at a weighted average cost method. Inventory primarily consists of panels, inverters, and mounting racks and other materials. The Company also carries a reserve for inventory obsolescence that may arise from technological advancement or changes in government regulation. Inventory is presented net of an allowance of $50 at September 30, 2018, and $50 at December 31, 2017.

 

Property and Equipment

 

Property and equipment are stated at cost. Depreciation for property and equipment commences when it’s put into service and are depreciated using the straight-line method over its estimated useful lives:

 

Machinery & equipment 3-7 Years
Furniture & fixtures 5-7 Years
Computer equipment 3-5 Years
Vehicles 5-7 Years
Leaseholder improvements 3-5 Years

 

Depreciation expense for the three months ended September 30, 2018 and 2017 was $96 and $102, respectively. Depreciation expense for the nine months ended September 30, 2018 and 2017 was $289 and $308, respectively.

 

Advertising and Marketing

 

The Company expenses advertising and marketing costs as incurred. Advertising and marketing costs include printed material, billboards, sponsorships, direct mail, radio, telemarketing, tradeshow costs, magazine, and catalog advertisement. Included within selling and marketing expenses are advertising and marketing costs for the three months ended September 30, 2018 and 2017 of $56 and $124, respectively. Advertising and marketing costs for the nine months ended September 30, 2018 and 2017 were $201 and $807, respectively.

 

 8 
 

 

Warranty Liability

 

The Company establishes warranty liability reserves to provide for estimated future expenses as a result of installation and product defects, product recalls and litigation incidental to the Company’s business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, and consultations with third party experts such as engineers. Solar panel manufacturers currently provide substantial warranties between ten to twenty-five years with full reimbursement to replace and install replacement panels while inverter manufacturers currently provide warranties covering ten to fifteen-year replacement and installation. The warranty liability for estimated future warranty costs is $336 at September 30, 2018 and $246 at December 31, 2017.

 

Stock-Based Compensation

 

The Company periodically issues stock options to employees and directors. The Company accounts for stock option grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board whereas the value of the award is measured on the date of grant and recognized over the vesting period.

 

The Company accounts for stock grants issued to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

 

Basic and Diluted Net Income (Loss) per Share Calculations

 

Income (Loss) per Share dictates the calculation of basic earnings per share and diluted earnings per share. Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The shares for employee options, restricted stock, warrants and convertible notes were not used in the calculation of the net loss per share.

 

A net loss causes all outstanding common stock options, warrants, convertible preferred stock, and convertible notes to be anti-dilutive. As a result, the basic and diluted losses per common share are the same for the three and nine months ended September 30, 2018 and 2017.

 

As of September 30, 2018, the potentially dilutive securities that have been excluded from the computations of weighted average shares outstanding include 1,547,385 stock options, 263,888 restricted stock grants, 2,997,000 warrants, and shares underlying convertible notes.

 

As of September 30, 2017, the potentially dilutive securities that have been excluded from the computations of weighted average shares outstanding include 811,924 stock options, 1,134,615 restricted stock grants, 2,997,000 warrants, and shares underlying convertible notes and preferred stock.

 

Dilutive per share amounts are computed using the weighted-average number of common shares outstanding and potentially dilutive securities, using the treasury stock method, if their effect would be dilutive.

 

Long-Lived Assets

 

The Company reviews its property and equipment and any identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The test for impairment is required to be performed by management at least annually. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted operating cash flow expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.

 

 9 
 

 

Indefinite Lived Intangibles and Goodwill Assets

 

The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations,” where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill.

  

The Company tests for indefinite lived intangibles and goodwill impairment in the fourth quarter of each year and whenever events or circumstances indicate that the carrying amount of the asset exceeds its fair value and may not be recoverable. In accordance with its policies, the Company performed a qualitative assessment of indefinite lived intangibles and goodwill at December 31, 2017.

 

Fair Value of Financial Instruments

 

Disclosures about fair value of financial instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of September 30, 2018, the amounts reported for cash, accrued interest and other expenses, and notes payable approximate the fair value because of their short maturities.

 

We account for financial instruments measured as fair value on a recurring basis under ASC Topic 820. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

 

  ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
     
  ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
     
  ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

Business Combinations

 

We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired customer lists, acquired technology, and trade names from a market participant perspective, useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.

 

Income Taxes

 

The Company uses the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. The measurement of deferred tax assets and liabilities is based on provisions of applicable tax law. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance based on the amount of tax benefits that, based on available evidence, is not expected to be realized.

 

Reclassifications

 

Certain reclassifications have been made to prior year’s financial statement to conform to classifications used in the current year.

 

 10 
 

 

Segment Reporting

 

Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding the method to allocate resources and assess performance. The Company currently has one reportable segment for financial reporting purposes, which represents the Company’s core business.

 

New Accounting Pronouncements

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either operating or financing, with such classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, and early adoption is permitted. We are currently evaluating the impact ASU 2016-02 will have on our consolidated financial statements and associated disclosures.

 

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash. ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU was effective for fiscal years beginning after December 15, 2017. We elected to adopt ASU 2016-18 retrospectively as of January 1, 2017 and have applied to all periods presented herein. The adoption of ASU 2016-18 did not have a material impact to our consolidated financial statements. The effect of the adoption of ASU 2016-18 on our consolidates statements of cash flows was to include restricted cash balances in the beginning and end of period balances of cash, cash equivalents, and restricted cash. The change in restricted cash was previously disclosed in operating activities in the consolidated statements of cash flows.

 

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, current U.S. GAAP requires the performance of procedures to determine the fair value at the impairment testing date of assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, the amendments under this ASU require the goodwill impairment test to be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU becomes effective for the Company on January 1, 2020. The amendments in this ASU should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed. We are currently evaluating the impact ASU No. 2017-04 will have on our consolidated financial statements and associated disclosures.

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606), to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services. In addition, ASC 606 requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The ASC was effective for fiscal years beginning after December 15, 2017. The Company has adopted ASC 606 beginning on January 1, 2018 using the modified retrospective approach for contracts not substantially complete at that date by recognizing a cumulative adjustment to the opening balance of accumulated deficit. See Note 3 for additional disclosures in accordance with the new revenue recognition standard.

 

Management reviewed currently issued pronouncements during the nine months ended September 30, 2018, and believes that any other recently issued, but not yet effective, accounting standards, if currently adopted, would not have a material effect on the accompanying consolidated financial statements.

 

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3. REVENUE FROM CONTRACTS WITH CUSTOMERS

 

Revenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from our recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.

 

The following table represents a disaggregation of revenue by customer type from contracts with customers for the three and nine months ended September 30, 2018 and 2017:

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2018   2017 (1)   2018   2017 (1) 
Agricultural, Commercial, and Industrial (ACI)  $8,715   $10,761   $23,235   $35,984 
Public Works (2)   4,613    1,473    14,511    3,174 
Residential   4,953    6,563    13,976    19,001 
Total   18,281    18,797    51,722    58,159 

 

  (1) Prior period has not been modified for ASC 606.
  (2) Public Works customers were not tracked separately until the second quarter of 2017.

 

In adopting ASC 606, we had the following significant changes in accounting principles:

 

(i) Timing of revenue recognition for uninstalled materials - We previously recognized the majority of our revenue from the installation or construction of commercial & public works projects using the percentage-of-completion method of accounting, whereby revenue is recognized as we progress on the contract. The percentage-of-completion for each project was determined on an actual cost-to-estimated final cost basis. Under ASC 606, revenue and associated profit, is recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment is generally excluded from our recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.

 

(ii) Completed contracts - We previously recognized the majority of our revenue from the installation of residential projects using the completed contract method of accounting whereby revenue was recognized when the project is completed. Under, ASC 606, revenue is recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations).

 

Revenue recognition for other sales arrangements such as the sales of materials will remain materially consistent with prior treatment.

 

The adoption of the new revenue recognition standard resulted in a cumulative effect adjustment to retained earnings of approximately $1,405 as of January 1, 2018. The details of this adjustment are summarized below.

 

   Balance at   Adjustments   Balance at 
   December 31, 2017   Due to ASC 606   January 1, 2018 
Contract assets  $3,790   $(584)  $3,206 
Contract liabilities   7,288    821    8,109 
Accumulated deficit   (56,365)   (1,405)   (57,770)

 

 12 
 

 

The following tables summarize the impact of the adoption of ASC 606 on our condensed consolidated statement of operations for the three and nine months ended and as of September 30, 2018 and the condensed consolidated balance sheet as of September 30, 2018:

 

   For the Nine Months Ended September 30, 2018 
       Without Adoption   Impact of Adoption 
   As Reported   of ASC 606   of ASC 606 
Revenue  $51,722   $50,306   $(1,416)
Cost of goods sold   43,048    42,323    (725)
Gross profit   8,674    7,983    (691)

 

   For the Three Months Ended September 30, 2018 
       Without Adoption   Impact of Adoption 
   As Reported   of ASC 606   of ASC 606 
Revenue  $18,281   $17,889   $(392)
Cost of goods sold   14,916    14,876    (40)
Gross profit   3,365    3,013    (352)

  

   September 30, 2018 
       Without Adoption   Impact of Adoption 
   As Reported   of ASC 606   of ASC 606 
Contract assets  $5,181   $5,315   $134 
Contract liabilities   6,252    5,502    (750)

 

Contract assets represent revenues recognized in excess of amounts invoiced to customers on contracts in progress. Contract liabilities represent amounts invoiced to customers in excess of revenues recognized on contracts in progress. At September 30, 2018 and December 31, 2017, the contract asset balances were $5,181 and $3,790, and the contract liability balances were $6,252 and $7,288, respectively.

 

4. LOANS PAYABLE

 

Elite Solar, a subsidiary of the Company, entered into a business loan agreement, prior to being acquired by the Company, with Tri Counties Bank dated March 14, 2014, in the original amount of $131 bearing interest at 4.95%. The loan agreement called for monthly payments of $2 and is scheduled to mature on March 14, 2019. Proceeds from the loan were used to purchase a pile driver and related equipment and is secured by the equipment. The outstanding balance at September 30, 2018, is $14.

 

Elite Solar entered into a business loan agreement prior to being acquired by the Company, with Tri Counties Bank dated April 9, 2014, in the original amount of $250 bearing interest at 4.95%. The loan agreement calls for monthly payments of $5 and is scheduled to mature on April 9, 2019. Proceeds from the loan were used to purchase racking inventory and related equipment. The loan is secured by the inventory and equipment. The outstanding balance at September 30, 2018, is $32.

 

On January 5, 2016, the Company entered into a loan agreement for the acquisition of a pile driver in the principal amount of $182 bearing interest at 5.5%. The loan agreement calls for monthly payments of $4 and is scheduled to mature on January 15, 2020. The loan is secured by the equipment. The outstanding balance at September 30, 2018, is $65.

 

On September 8, 2016, the Company entered into a loan agreement for the acquisition of a pile driver in the principal amount of $174 bearing interest at 5.5%. The loan agreement calls for monthly payments of $4 and is scheduled to mature on September 15, 2020. The loan is secured by the equipment. The outstanding balance at September 30, 2018, is $92.

 

On November 14, 2016, the Company entered into a 0% interest loan agreement for the acquisition of an excavator in the principal amount of $59. The loan agreement calls for monthly payments of $1 and is scheduled to mature on November 13, 2020. The loan is secured by the equipment. The outstanding balance at September 30, 2018, is $31.

 

On December 23, 2016, the Company entered into a loan agreement for the acquisition of modular office systems and related furniture in the principal amount of $172 bearing interest at 4.99%. The loan agreement calls for 16 quarterly payments of $12 and is scheduled to mature in September 2020. The loan is secured by the equipment. The outstanding balance at September 30, 2018, is $91.

 

 13 
 

 

As of September 30, 2018 and December 31, 2017, loans payable are summarized as follows:

 

   September 30, 2018   December 31, 2017 
Business loan agreement dated March 14, 2014  $14   $36 
Business loan agreement dated April 9, 2014   32    73 
Equipment notes payable   279    387 
Subtotal   325    496 
Less: Current position   (198)   (229)
Long-term position  $127   $267 

 

5. ACQUISITION CONVERTIBLE PROMISSORY NOTES

 

On February 28, 2015, the Company issued a 4% convertible promissory note in the aggregate principal amount of $2,650 as part of the consideration paid to acquire 100% of the total outstanding stock of MD Energy. The note is convertible into shares of common stock on or after each of the following dates: November 30, 2015, November 30, 2016 and November 30, 2017. The conversion price is $2.60 per share. A beneficial conversion feature of $3,262 was calculated but capped at the $2,650 value of the note. The beneficial conversion feature was calculated by multiplying the difference between the fair value of stock at the date of the note $5.80 less the conversion price of $2.60 multiplied by the maximum number of share subject to conversion, 1,019,231. In November 2015, the Company issued 339,743 shares of common stock upon conversion of the principal amount of $883. Commencing on March 31, 2015, and each quarter thereafter during the first two (2) years of the note, the Company made quarterly interest only payments to the shareholder for accrued interest on the Note during the quarter. Commencing with the quarter ending on June 30, 2017, the Company began to make quarterly payments of interest accrued on the convertible note during the prior quarter plus $151 with the final payment of all outstanding principal and accrued but unpaid interest on the convertible note due and payable on February 28, 2020 (the maturity date). The Company recorded amortization of the beneficial conversion feature as interest expense in the amount of $0 and $657 during the nine months ended September 30, 2018 and 2017, respectively. The debt discount was fully amortized and has zero balance at December 31, 2017 and September 30, 2018.

 

We evaluated the foregoing financing transactions in accordance with ASC Topic 470, Debt with Conversion and Other Options, and determined that the conversion feature of the convertible promissory note was afforded the exemption for conventional convertible instruments due to its fixed conversion rate. The convertible promissory notes had explicit limits on the number of shares issuable so they did meet the conditions set forth in current accounting standards for equity classification. The convertible promissory notes were issued with non-detachable conversion options that were beneficial to the investors at inception because the conversion option has an effective strike price that is less than the market price of the underlying stock at the commitment date. The accounting for the beneficial conversion feature required that the beneficial conversion feature be recognized by allocating the intrinsic value of the conversion option to additional paid-in-capital, resulting in a discount on the convertible notes, which was amortized and recognized as interest expense.

 

6. CONVERTIBLE PROMISSORY NOTES

 

On January 31, 2014, the Company entered into a securities purchase agreement providing for the sale of a 10% convertible promissory note in the principal amount of up to $750 for consideration of $750. The proceeds were restricted and were used for the purchase of Solar United Network, Inc. The note was convertible into shares of common stock of the Company at a price equal to a variable conversion price equal to the lesser of $1.30 per share, or fifty percent (50%) of the lowest trading price after the effective date. As of September 30, 2014, the note was exchanged for a new convertible note with a fixed conversion price of $0.338. Per ASC 815, the derivative liability on the note was extinguished and the new note was re-valued per ASC 470 as a beneficial conversion feature, which was expensed in the statement of operations during 2014. The note originally matured on October 28, 2014, was extended three months to January 31, 2015, was extended to September 30, 2016, and in March 2016 was subsequently extended to June 30, 2019 with zero interest. During the year ended December 31, 2016, the noteholder made a partial conversion of principal and accrued interest in the amount of $196 and $45 respectively in exchange for 711,586 shares of common stock, with a remaining principal balance of $554. During the year ended December 31, 2017, the noteholder made a partial conversion of principal in the amount of $505 in exchange for 1,494,083 shares of common stock, with a remaining principal balance of $49. In September 2018, the noteholder made a partial conversion of principal in the amount of $49 and accrued interest of $69 in exchange for 349,112 shares of common stock, with a remaining principal balance of $0.

 

On February 11, 2014, the Company entered into a securities purchase agreement providing for the sale of a 10% convertible promissory note in the principal amount of $100. The note was convertible into shares of common stock of the Company at a price equal to a variable conversion price equal to the lesser of $1.30 per share, or fifty percent (50%) of the lowest trading price after the effective date. As of September 30, 2014, the note was exchanged for a new convertible note with a fixed conversion price of $0.338. Per ASC 815, the derivative liability on the note was extinguished and the new note was re-valued per ASC 470 as a beneficial conversion feature. The note matured on various dates from the effective date of each advance with respect to each advance. At the sole discretion of the lender, the lender was able to modify the maturity date to be twelve (12) months from the effective date of each advance. The note matured on various dates in 2014, and was extended to September 30, 2016, and in March 2016 was subsequently extended to June 30, 2019 with zero interest. As of September 30, 2018, the remaining principle balance was $100.

 

Convertible promissory note balance at September 30, 2018 and December 31, 2017 is $100 and $149.

 

 14 
 

 

7. PROMISSORY NOTES PAYABLE

 

On April 27, 2018, the Company entered into a Loan Agreement (the “Loan Agreement”) with CrowdOut Capital, Inc. pursuant to which the Company issued an aggregate of $3,750 in promissory notes (the “Notes”), of which $3,000 are Senior Notes and $750 are Subordinated Notes. The Subordinated Notes were funded by the Company’s Chief Executive Officer, Charles Cargile and the Company’s Vice President of Business Development, Kirk Short.

 

The Notes bear interest at the rate of the one-month LIBOR plus 950 basis points and mature on June 30, 2020. The Notes may not be prepaid before the first anniversary of issuance and thereafter may be prepaid in whole without the consent of the lender or in part with the consent of the lender. In the event the Notes are prepaid in full prior to the maturity date, the Company shall pay the holder of the Senior Notes an exit fee of $375 if prepaid prior to March 31, 2020 or $435 if prepaid after March 31, 2020 but prior to the maturity date. The Company is accruing the exit fee of $435 over life of the Loan Agreement and recognized as interest expense.

 

In connection with the issuance of the Senior Notes, the Company entered into a security agreement (the “Security Agreement”) pursuant to which the Company granted to the holder of the Senior Notes a security interest in certain of the Company’s assets to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the Senior Notes. The Company also entered into a subordination agreement with the holders of the Subordinated Notes and the Senior Notes pursuant to which the Subordinated Notes are subordinated to the Senior Notes.

 

The Loan Agreement contains certain customary Events of Default (including, but not limited to, default in payment of any sum payable thereunder, breaches of representations or warranties thereunder, the occurrence of an event of default under the transaction documents, change in control of the Company, filing of bankruptcy and the entering or filing of certain monetary judgments against the Company). Upon the occurrence of an Event of Default the outstanding principal amount of the Notes, plus accrued but unpaid interest and other amounts owing in respect thereof, shall become, at the giving of notice by Lender, immediately due and payable. Interest on overdue payments upon the occurrence of an Event of Default shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. The Company has obtained a waiver through February 22, 2019 for an event of default which is deemed to have occurred because of the Company’s failure to maintain compliance with the Nasdaq Stock Market’s minimum bid price requirement. Additionally, the Loan Agreement includes a subjective acceleration clause if a “material adverse effect” occurs in our business that could result in an Event of Default. We believe that the likelihood of the lender exercising this right is remote and have classified the debt as long term.

 

In conjunction with the Loan Agreement, the Company recorded $118 of capitalized debt issuance costs. The debt issuance costs will be amortized over the life of the Loan Agreement and recognized as interest expense. The Note payable balance is reported net of the unamortized portion of the debt issuance costs. The Company recorded amortization of the debt issuance cost as interest expense during the three and nine months ended September 30, 2018 of $23 and $32.

 

Promissory notes payable at September 30, 2018 and December 31, 2017 are as follows:

 

   2018   2017 
Promissory notes payable  $3,750   $- 
Less, debt issuance costs   (95)   - 
Promissory notes payable, net  $3,655   $- 

 

8. CAPITAL STOCK

 

Common Stock

 

On May 2, 2018, the Company converted 1,506,024 shares of its Series B Preferred Stock into the same number of shares of the Company’s common stock.

 

In the nine months ending September 30, 2018, 634,615 and 236,112 shares of common stock were issued to James Nelson and Charles Cargile, respectively, from previously entered into RSGAs. In May 2018, James Nelson exercised 192,308 options and was issued the equivalent number of shares of common stock.

 

On September 14, 2018, the Company issued 349,112 shares of common stock at a conversion price of $0.338 per share for partial conversion of principal and accrued interest for a convertible promissory note in the aggregate amount of $118.

 

There were no other common stock conversions, issuances, option exercises, or restricted grants during the nine months ended September 30, 2018.

 

 15 
 

 

Preferred Stock

 

On November 25, 2015, the Company designated 1,700,000 shares, of its authorized preferred stock, as Series B Preferred Stock, $0.001 par value per share. Pursuant to the Certificate of Designation filed with the Secretary of State of the State of Delaware, and subject to the rights of any other series of preferred stock that may be established by the Board of Directors, holders of Series B Preferred Stock (the “Holders”) will have liquidation preference over the holders of the Company’s Common Stock in any distribution upon winding up, dissolution, or liquidation. Holders will also be entitled to receive dividends, if, when and as declared by the Board of Directors, which dividends shall be payable in preference and priority to any payment of any dividend to holders of Common Stock. Holders will be entitled to convert each share of Series B Preferred Stock into one (1) share of Common Stock and will also be entitled to vote together with the holders of Common Stock on all matters submitted to shareholders at a rate of one (1) vote for each share of Series B Preferred Stock. In addition, so long as at least 100,000 shares of Series B Preferred Stock are outstanding, the Company may not, without the consent of the Holders of at least a majority of the shares of Series B Preferred Stock then outstanding: (i) amend, alter or repeal any provision of the Certificate of Incorporation or bylaws of the Company or the Certificate of Designation so as to adversely affect any of the rights, preferences, privileges, limitations or restrictions provided for the benefit of the Holders or (ii) issue or sell, or obligate itself to issue or sell, any additional shares of Series B Preferred Stock, or any securities that are convertible into or exchangeable for shares of Series B Preferred Stock. 1,506,024 shares of Series B Preferred Stock, at a fair value of $4,500 were issued in December 2015 in connection with the acquisition of Elite Solar. On May 2, 2018, the Holder converted 1,506,024 shares of Series B Preferred Stock into the same number of shares of the Company’s Common Stock. As of September 30, 2018 there were no outstanding shares of Preferred Stock.

 

9. STOCK OPTIONS, RESTRICTED STOCK, AND WARRANTS

 

Options

 

As of September 30, 2018, the Company has 1,547,385 stock options outstanding to purchase 1,547,385 shares of common stock, per the terms set forth in the option agreements. The stock options vest at various times and are exercisable for a period of five to seven years from the date of grant at exercise prices ranging from $0.93 to $4.42 per share, the market value of the Company’s common stock on the date of each grant. The Company determined the fair market value of these options by using the Black Scholes option valuation model.

 

   September 30, 2018 
       Weighted 
   Number   average 
   of   exercise 
   Options   price 
Outstanding, beginning December 31, 2017   1,875,155   $1.80 
Granted   295,000    1.07 
Exercised   (192,308)   0.26 
Forfeited   (430,462)   2.56 
Outstanding, end of September 30, 2018   1,547,385    1.67 
Exercisable at the end of September 30, 2018   1,065,386    1.87 

 

During the three months ended September 30, 2018 and 2017, the Company charged a total of $88 and $195, respectively, to operations to recognize stock-based compensation expense for stock options. During the nine months ended September 30, 2018 and 2017, the Company charged a total of $314 and $582 respectively, to operations related to recognized stock-based compensation expense for stock options.

 

Restricted Stock Grants

 

With an effective date of March 29, 2017, subject to the Sunworks, Inc. 2016 Equity Incentive Plan, (the “2016 Plan”) the Company entered into a restricted stock grant agreement or RSGA with its new Chief Executive Officer, Charles Cargile. All shares issuable under the RSGA are valued as of the grant date at $1.50 per share. The RSGA provides for the issuance of up to 500,000 shares of the Company’s common stock. The restricted shares shall vest as follows: 166,667 of the restricted shares shall vest on the one (1) year anniversary of the effective date, and the balance, or 333,333 restricted shares, shall vest in twenty-four (24) equal monthly installments commencing on the one (1) year anniversary of the effective date

 

Stock-based compensation expense recognized for the March 29, 2017 RSGA in the three and nine months ended September 30, 2018, was $63 and $188, respectively.

 

 16 
 

 

During the year ended December 31, 2013, the Company entered into a restricted stock grant agreement or RSGA with its then Chief Executive Officer, James B. Nelson, intended to provide and incentivize Mr. Nelson to improve the economic performance of the Company and to increase its value and stock price. All shares issuable under the RSGA are performance-based shares and are valued as of the grant date at $0.47 per share. The RSGA provides for the issuance of up to 769,230 shares of the Company’s common stock to Mr. Nelson provided certain milestones are met in certain stages. As of September 30, 2014, two of the milestones were met, when the Company’s market capitalization exceeded $10 million and the consolidated gross revenue, calculated in accordance with GAAP, equaled or exceeded $10 million for the trailing twelve-month period. The Company issued 384,615 shares of common stock to Mr. Nelson at fair value of $786,000 during the year ended December 31, 2014. In conjunction with Mr. Nelson’s retirement in April 2018, the remaining 384,615 shares of the Company’s common stock were issued to Mr. Nelson. Stock-based compensation expense of $0 and $179 was recognized in the three and nine months ending September 30, 2018.

 

In recognition of the efforts of James B. Nelson, the Company’s Chairman, in leading the Company through the uplisting and financing transaction consummated by the Company in 2015, on August 31, 2016, the Company granted Mr. Nelson a restricted stock grant of 250,000 shares of the Company’s common stock pursuant to the terms of the 2016 Plan. All shares issuable under the RSGA are valued as of the grant date at $2.90 per share. The restricted stock grant to Mr. Nelson was to vest upon the earlier of (i) January 1, 2021, (ii) a Change of Control as defined in the 2016 Plan (iii) upon Mr. Nelson’s retirement or (iv) upon Mr. Nelson’s death. “Change of Control” as defined in the 2016 Plan means (i) a sale of all or substantially all of the Company’s assets or (ii) a merger with another entity or an acquisition of the Company that results in the existing shareholders of the Company owning less than fifty percent (50%) of the outstanding shares of capital stock of the surviving entity following such transaction. Mr. Nelson’s retirement in April 2018 resulted in the RGSA being vested in full.

 

Stock-based compensation expense recognized for the August 31, 2016 RSGA in the three and nine months ended September 30, 2018, was $0 and $502, respectively.

 

The total combined option and restricted stock compensation expense recognized, in the statement of operations, during the three months ended September 30, 2018 and 2017 was $151 and $299, respectively. The total combined option and restricted stock compensation expense recognized, in the statement of operations, during the nine months ended September 30, 2018 and 2017 was $1,183 and $833, respectively.

 

Warrants

 

As of September 30, 2018, the Company had 2,997,000 common stock purchase warrants outstanding with an exercise price of $4.15 per share. The warrants have an issuance date of March 9, 2015 and expire on March 9, 2020.

 

10. SUBSEQUENT EVENTS

 

None.

 

 17 
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

This Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and we intend that such forward-looking statements be subject to the safe harbors created thereby. For this purpose, any statements contained in this Quarterly Report on Form 10-Q except for historical information may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to projections of our future financial performance, trends in our businesses, or other characterizations of future events or circumstances are forward-looking statements.

 

The forward-looking statements included herein are based on current expectations of our management based on available information and involve a number of risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control. As such, our actual results may differ significantly from those expressed in any forward-looking statements. Readers should carefully review the factors identified in this report under the caption “Risk Factors” as well as the additional risks described in other documents we file from time to time with the Securities and Exchange Commission (“SEC”), including our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. In light of the significant risks and uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that such results will be achieved, and readers are cautioned not to place undue reliance on such forward-looking information. Except as may be required by law, we disclaim any intent to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

Unless otherwise noted, (1) “Sunworks” refers to Sunworks, Inc., a Delaware corporation formerly known as Solar3D, Inc. (2) “Company,” “we,” “us,” and “our,” refer to the ongoing business operations of Sunworks and its Subsidiaries, whether conducted through Sunworks or a subsidiary of Sunworks, (3) “Subsidiaries” refers collectively to Sunworks United, Inc. (“Sunworks United”), MD Energy, Inc. (“MD Energy”) and Elite Solar Acquisition Sub, Inc. (“Elite Solar”).

 

Business Introduction / Overview

 

We provide photovoltaic (“PV”) based power systems for the agricultural, commercial, industrial (ACI), public works, and residential markets in California, Massachusetts, Nevada, Oregon, and Washington. We have direct sales and/or operations personnel in California, Massachusetts, Nevada, and Oregon. Through our operating subsidiaries, we design, arrange financing, integrate, install, and manage systems ranging in size from 2kW (kilowatt) for residential loads to multi MW (megawatt) systems for larger commercial and public works projects. Commercial installations have included installations at office buildings, manufacturing plants, warehouses, churches, and agricultural facilities such as farms, wineries, and dairies. Public works installations have included school districts, local municipalities, federal facilities and higher education institutions. The Company provides a full range of installation services to our solar energy customers including design, system engineering, procurement, permitting, construction, grid connection, warranty, system monitoring and maintenance.

 

For the first nine months of 2018, approximately 73% of our revenue was from sales to the ACI and public works markets. Approximately 27% of our revenue was from sales to the residential market.

 

Critical Accounting Policies

 

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates used to review the Company’s goodwill, impairments and estimations of long-lived assets, revenue recognition on percentage of completion type contracts, allowances for uncollectible accounts, warranty reserves, inventory valuation, valuations of non-cash capital stock issuances and the valuation allowance on deferred tax assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

 18 
 

 

Revenue Recognition

 

Revenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from our recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress. All un-allocable indirect costs and corporate general and administrative costs are charged to the periods as incurred. However, in the event a loss on a contract is foreseen, the Company will recognize the loss as it is determined.

 

Revisions in cost and profit estimates, during the course of the contract, are reflected in the accounting period in which the facts, which require the revision, become known. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined.

 

Contract assets represent revenues recognized in excess of amounts invoiced to customers on contracts in progress. Contract liabilities represent amounts invoiced to customers in excess of revenues recognized on contracts in progress.

 

Indefinite Lived Intangibles and Goodwill Assets

 

The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations,” where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill.

 

The Company tests for indefinite lived intangibles and goodwill impairment in the fourth quarter of each year and whenever events or circumstances indicate that the carrying amount of the asset exceeds its fair value and may not be recoverable.

 

Business Combinations

 

We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired customer lists, acquired technology, and trade names from a market participant perspective, useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.

 

Stock-Based Compensation

 

The Company periodically issues stock options to employees and directors. The Company accounts for stock option grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board whereas the value of the award is measured on the date of grant and recognized over the vesting period.

 

The Company accounts for stock grants issued to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

 

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RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands, except share and per share data)

 

REVENUE AND COST OF GOODS SOLD

 

For the three months ended September 30, 2018, revenue for the Company decreased 2.7% to $18,281 compared to $18,797 for the three months ended September 30, 2017. Cost of goods sold for the three months ended September 30, 2018, was 5.0% lower at $14,916 compared to $15,704 for the three months ended September 30, 2017.

 

Gross profit for the Company was $3,365 for the quarter ended September 30, 2018. This compares to $3,093 of gross profit for the same quarter of the prior year. The gross margin was 18.4% in the third quarter of 2018 compared to 16.5% in the same quarter of 2017. Approximately 73% of revenue in the third quarter of 2018 was from installations for the ACI and public works markets compared to 65% of revenues in the same period the prior year. Larger ACI projects take longer to sell, design, engineer, permit and construct than residential projects and it varies by city, state and county. Some current projects take more than two years to complete from the time that the sales agreement is signed and revenue is fully recognized with the installation and receipt of final inspection documents.

 

Gross margin in the three months ended September 30, 2018 continued to be negatively impacted by the construction of older projects from our ACI backlog that have lower margins than projects sold in the current year. Gross margins in the third quarter of 2017 were low due the costs incurred to complete several ACI projects exceeding the original cost estimates. The costs exceeding original estimates totaled approximately $1.3 million and were all expensed. These costs, exceeding the prior estimates, to complete these projects had no corresponding revenue to offset their impact on the cost of goods sold. Revenue is only recognized up to 100% of the original project estimate. Any costs in excess of estimates are charged to cost of goods sold as incurred. Cost exceeding original estimates in the third quarter of 2018 were minimal.

 

Competitive pricing pressures and operational inefficiencies, caused by lower job volume, drove lower than historical margins on projects in the residential market. Additionally, we were still transitioning to a dealer model for customer acquisition in residential markets in 2017. Dealer commissions are recorded as a cost of goods sold and apply downward pressure to gross margin. Residential dealer commissions were 19% of revenue for the three months ended September 30, 2018 and 16% of revenue for the three months ended September 30, 2017.

 

SELLING AND MARKETING EXPENSES

 

For the three months ended September 30, 2018, the Company had selling and marketing (S&M) expenses of $891 compared to $1,751 for the three months ended September 30, 2017. S&M expenses declined primarily due to decreases in employee headcount and related costs, commissions, media advertising expenses, and facility costs compared to the prior year. As a percentage of revenue, S&M expenses were 4.9% of third quarter revenues in 2018 compared to 9.3% in the third quarter of 2017. The disciplined and effective use of our salesforce and commission structures continues to be an emphasis for 2018 resulting in a third quarter decrease of approximately $735 compared to the same quarter in 2017. We continue to refine our specially-designed marketing efforts, third-party revenue generators, and sales approach to attract new customers more cost effectively than in prior year periods.

 

GENERAL AND ADMINISTRATIVE EXPENSES

 

Total general and administrative (G&A) expenses were $2,399 for the three months ended September 30, 2018, compared to $2,640 for the three months ended September 30, 2017. As a percentage of revenue, G&A expenses decreased slightly to 13.1% in the third quarter of 2018 compared to 14.0% in the third quarter of 2017. In total dollars, G&A expense declined primarily due to a bonus expense of approximately $104 in the three months ending September 30, 2017 compared to a reversal of the bonus accrual of $97 in the three months ending September 30, 2018.

 

Operating expenses, excluding stock-based compensation, for the remainder of 2018 are expected to be stable or decrease compared to prior years as we continue to look for opportunities to streamline our operations and decrease our cost structure. To date, we have made cuts in our discretionary spending, reduced the size of our board of directors and streamlined our management team. Reducing our overhead burden, without compromising the ability to operate effectively has been, and continues to be, an emphasis.

 

STOCK-BASED COMPENSATION EXPENSES

 

During the three months ended September 30, 2018 we incurred $151 in total non-cash stock-based compensation expense compared to $299 for the same period in the prior year.

  

Approximately $63 of stock-based compensation for the third quarter of 2018 and 2017 is for the March 2017 grant of 500,000 restricted shares to our CEO at the per share value at the date of grant of $1.50. This grant is being expensed on a straight-line basis over 36 months.

 

 20 
 

 

The third quarter of 2017 had approximately $41 of stock-based compensation for the August 31, 2016 grant of 250,000 restricted shares to our former Chairman at the per share value at the date of grant of $2.90. There is no expense in the third quarter of 2018 related to this grant as it was fully vested in April 2018.

 

Stock-based compensation, excluding restricted stock grant agreements, related to employee and director options totaled $88 and $195 for the three months ended September 30, 2018 and 2017, respectively.

 

DEPRECIATION AND AMORTIZATION

 

Depreciation and Amortization expenses for the three months ended September 30, 2018 were $96 compared to $102 for the three months ended September 30, 2017. Depreciation and Amortization expenses decreased primarily due to the sale of underutilized equipment during the prior twelve months.

 

OTHER INCOME/(EXPENSES)

 

Other Income/(Expenses) were ($204) for the three months ended September 30, 2018, compared to ($260) for the three months ended September 30, 2017. Interest expense for the third quarter of 2018, was $191. Approximately $175 of the interest expense was from the Loan Agreement entered into in April 2018. Prior year interest of $261 was primarily the result of the non-cash debt discount amortization treated as interest for the convertible promissory note. The debt discount was fully amortized in the fourth quarter of 2017.

 

NET LOSS

 

The net loss for the three months ended September 30, 2018 was $376 compared to a net loss of $1,959 for the three months ended September 30, 2017.

 

RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands, except share and per share data)

 

REVENUE AND COST OF GOODS SOLD

 

For the nine months ended September 30, 2018, revenue for the Company decreased 11.1% to $51,722 compared to $58,159 for the nine months ended September 30, 2017. Cost of goods sold for the nine months ended September 30, 2018, was 5.5% lower at $43,048 compared to $45,554 for the nine months ended September 30, 2017.

 

Gross profit for the Company was $8,674 for the nine months ended September 30, 2018. This compares to $12,605 of gross profit for the same period of the prior year. The gross margin was 16.8% in the first nine months of 2018 compared to 21.7% in the same period of 2017. Approximately 73% of revenue in the first nine months of 2018 was from installations for the ACI and public works markets compared to 67% of revenues in the same period the prior year. Larger ACI projects take longer to sell, design, engineer, permit and construct than residential projects and it varies by city, state and county. Some current projects take more than two years to complete from the time that the sales agreement is signed and revenue is fully recognized with the installation and receipt of final inspection documents.

 

Gross margin in the nine months ending September 30, 2018 was negatively impacted by the construction of projects from our ACI backlog that have a lower margin than projects sold in the current year. Additionally, gross margin in the nine months ended September 30, 2018 was impacted by a one-time $2.3 million sale of materials to a customer that was done at zero margin.

 

Competitive pricing pressures and operational inefficiencies caused by lower job volume, drove lower than historical margins on projects in the residential market. Additionally, we were still transitioning to a dealer model for residential markets in 2017. Dealer commissions are recorded as a cost of goods sold and apply downward pressure to gross margin. Residential dealer commissions were 17% of revenue for the nine months ended September 30, 2018 and 13% of revenue for the nine months ended September 30, 2017.

 

SELLING AND MARKETING EXPENSES

 

For the nine months ended September 30, 2018, the Company had selling and marketing (S&M) expenses of $3,048 compared to $5,291 for the nine months ended September 30, 2017. S&M expenses declined primarily due to decreases in employee headcount and related costs, commissions, media advertising expenses, and facility costs compared to the prior year. As a percentage of revenue, S&M expenses were 5.9% for the first nine months of 2018 compared to 9.1% in the first nine months of 2017. The disciplined and effective use of our salesforce and commission structures continues to be an emphasis for 2018 resulting in a decrease of approximately $1,377 compared to the same period in 2017. Additionally, we continue to focus on the efficient use of media advertising resulting in a decrease of approximately $606 in the nine months ended September 30, 2018 compared to the same period in 2017. We continue to refine our specially-designed marketing efforts, third-party revenue generators, and sales approach to attract new customers more cost effectively than in prior year periods.

 

 21 
 

 

GENERAL AND ADMINISTRATIVE EXPENSES

 

Total general and administrative (G&A) expenses were $7,666 for the nine months ended September 30, 2018, compared to $9,175 for the nine months ended September 30, 2017. As a percentage of revenue, G&A expenses decreased to 14.8% in the first nine months of 2018 compared to 15.8% in the first nine months of 2017. In total dollars, G&A expense declined primarily due to a bonus expense of approximately $1,039 in the nine months ending September 30, 2017 compared to a reversal of a prior-year bonus accrual of $247 in the nine months ending September 30, 2018.

  

Operating expenses, excluding stock-based compensation, for the remainder of 2018 are expected to be stable or decrease compared to prior years as we continue to look for opportunities to streamline our operations and decrease our cost structure. To date, we have made cuts in our discretionary spending, reduced the size of our board of directors and streamlined our management team. Reducing our overhead burden, without compromising the ability to operate effectively has been, and continues to be, an emphasis.

 

STOCK-BASED COMPENSATION EXPENSES

 

During the nine months ended September 30, 2018 we incurred $1,183 in total non-cash stock-based compensation expense compared to $833 for the same period in the prior year.

 

Approximately $502 of stock-based compensation is for the August 31, 2016 grant of 250,000 restricted shares to our former Chairman at the per share value at the date of grant of $2.90. This grant was being expensed on a straight-line basis over 52 months but was accelerated and vested in full upon his retirement in April 2018. Stock-based compensation expense for this grant for the nine months ended September 30, 2017 was $126.

 

Approximately $179 of stock-based compensation is for the September 23, 2013 grant of 384,615 restricted shares to our former Chairman at the per share value at the date of grant of $0.47. This grant was fully vested and issued in conjunction with his retirement in April 2018. There was no expense from this grant in the first nine months of 2017.

 

For the nine months ended September 30, 2018 and 2017, stock-based compensation of $188 and $125, respectively, is for the March 2017 grant of 500,000 restricted shares to our CEO at the per share value at the date of grant of $1.50. This grant is being expensed on a straight-line basis over 36 months.

 

Stock-based compensation, excluding restricted stock grant agreements, related to employee and director options totaled $314 and $582 for the nine months ended September 30, 2018 and 2017, respectively.

 

DEPRECIATION AND AMORTIZATION

 

Depreciation and Amortization expenses for the nine months ended September 30, 2018 were $289 compared to $308 for the nine months ended September 30, 2017. Depreciation and Amortization expenses decreased primarily due to the sale of underutilized equipment during the prior twelve months.

 

OTHER INCOME/(EXPENSES)

 

Other Income (Expenses) were ($379) for the nine months ended September 30, 2018, compared to ($795) for the nine months ended September 30, 2017. Interest expense for the nine months ended September 30, 2018, was $353. Approximately $295 of the interest expense was from the Loan Agreement entered into in April 2018. Prior year interest of $752 was primarily the result of the non-cash debt discount amortization treated as interest for the convertible promissory note. The debt discount was fully amortized in the fourth quarter of 2017.

 

NET LOSS

 

The net loss for the nine months ended September 30, 2018 was $3,891 compared to a net loss of $3,797 for the nine months ended September 30, 2017.

 

 22 
 

 

LIQUIDITY AND CAPITAL RESOURCES (in thousands, except share and per share data)

 

We had $3,365 in unrestricted cash at September 30, 2018, as compared to $6,356 at December 31, 2017. We believe that the aggregate of our existing cash and cash equivalents and cash generated from operations, will be sufficient to meet our operating cash requirements for at least the next 12 months. Estimates about the adequacy of funding for our activities are based upon certain assumptions.  There can be no assurance that changes in our business will not result in accelerated or unexpected expenditures.  To satisfy our capital requirements, including ongoing future operations, we may seek to raise additional financing through debt and equity financings.

 

As of September 30, 2018, our working capital surplus was $3,702 compared to a working capital surplus of $4,364 at December 31, 2017.

 

The Loan Agreement for the Promissory Notes Payable contains a subjective acceleration clause based on the lender determining, in the exercise of its reasonable discretion, that a “material adverse effect” in our business has occurred. If this clause is implicated, and the lender declares that an Event of Default has occurred, the outstanding indebtedness would likely become immediately due. We believe that the likelihood of the lender exercising this right is remote.

 

Cash flow used in operating activities was $5,956 for the first nine months of 2018, compared to $3,802 used in the first nine months of 2017. The cash used in operating activities was primarily the result of the current year net loss combined with changes in working capital accounts.

 

Net cash used in investing activities was $3 for the nine months ended September 30, 2018, compared to $26 used in the nine months ended September 30, 2017. The cash used in investing activities was for the purchase of capital equipment, partially offset by proceeds from the sale of assets.

 

Net cash provided by financing activities during the first nine months of 2018 was $3,209. This is due to funds received as part of the Loan Agreement entered into in April 2018, partially offset by principal payments for equipment notes and capital leases. Net cash used in financing activities during the first nine months of 2017 was $466 for principal payments for equipment notes and capital leases.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, results of operations, liquidity, or capital expenditures.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not Applicable.

 

 23 
 

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Pursuant to Rules 13a-15(b) and 15-d-15(b) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer (“CEO/CFO”) of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. The term “disclosure controls and procedures”, as defined under Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Based upon our evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of September 30, 2018 were not effective, for the same reasons as previously disclosed under item 9A “Control and Procedures” in our Annual Report on Form 10-K for the year ended December 31, 2017.

 

As disclosed in our annual report filing for the year ended December 31, 2017, management has identified control deficiencies regarding the need for a stronger internal controls environment relating to revenue activities. Management has taken steps to remediate these control deficiencies including revised work-in-process review procedures, enhanced financial reporting reviews processes, and the retention of additional qualified personnel. Management believes that the controls currently in place are adequate, but we have not had sufficient time to monitor the new controls to validate their effectiveness. As such, the material weakness still existed as of September 30, 2018.

 

To address the material weaknesses, we performed additional analysis and other post-closing procedures in an effort to ensure our consolidated financial statements included in this quarterly report have been prepared in accordance with generally accepted accounting principles. Accordingly, management believes that the financial statements included in this quarterly report on Form 10-Q fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented.

 

Changes in Internal Control Over Financial Reporting

 

Processes to strengthen and improve the Company’s internal control over financial reporting (as defined in Rule 13a-15f of the Exchange Act) continue to be implemented during the period ended September 30, 2018. While material improvements in internal controls were disclosed in our annual report on Form 10-K filed for the year ended December 31, 2017, the monitoring and validation of these controls is ongoing.

 

We have not made a change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended September 30, 2018 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Limitations on Internal Controls

 

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

 

 24 
 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

None.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 

During the quarter ended September 30, 2018, the Company issued 349,112 shares of common stock at a conversion price of $0.338 per share for partial conversion of principal and accrued interest for a convertible promissory note in the aggregate amount of $118,000.

 

In connection with the foregoing issuance, the Company relied upon an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

None.

 

ITEM 5. OTHER INFORMATION.

 

None.

 

ITEM 6. EXHIBITS.

 

Exhibit No.   Description
     
31.1*   Certification of Principal Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
31.2*   Certification of Principal Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
32.1*   Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**   XBRL Instance Document.
101.SCH**   XBRL Taxonomy Extension Schema Document.
101.CAL**   XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF**   XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB**   XBRL Taxonomy Extension Label Linkbase Document.
101.PRE**   XBRL Taxonomy Extension Presentation Linkbase Document.

 

* Filed herewith
   
** Furnished herewith

 

 25 
 

 

SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Roseville, State of California, on November 7, 2018.

 

  Sunworks, Inc.
     
Date: November 7, 2018 By: /s/ Charles F. Cargile
    Charles F. Cargile, Chief Executive Officer
    (Principal Executive Officer)
     
Date: November 7, 2018 By: /s/ Philip A. Radmilovic
    Philip A. Radmilovic, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 26 
 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, Charles F. Cargile, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Sunworks, Inc. for the quarter ended September 30, 2018;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  November 7, 2018
   
  /s/ Charles F. Cargile
  Charles F. Cargile
 

Chief Executive Officer

(Principal Executive Officer)

 

 
 
 EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Philip A. Radmilovic, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Sunworks, Inc. for the quarter ended September 30, 2018;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  November 7, 2018
   
  /s/ Philip A. Radmilovic
  Philip A. Radmilovic
  Chief Financial Officer (Principal Financial and Accounting Officer)

 

 
 

 

 EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Sunworks, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers, does hereby certify, pursuant to 18 U.S.C. section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

  November 7, 2018
   
  /s/ Charles F. Cargile
  Charles F. Cargile
  Chief Executive Officer (Principal Executive Officer)

 

  November 7, 2018
   
  /s/ Philip A. Radmilovic
  Philip A. Radmilovic
  Chief Financial Officer (Principal Financial and Accounting Officer)

 

 
 

 

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Assets, Current Other Assets, Noncurrent Assets [Default Label] Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses [Default Label] Operating Income (Loss) Interest Expense, Other Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Weighted Average Number of Shares Outstanding, Basic Weighted Average Number of Shares Outstanding, Diluted Shares, Outstanding Gain (Loss) on Disposition of Property Plant Equipment Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories IncreaseDecreaseInContractAssets Increase (Decrease) in Accounts Payable and Accrued Liabilities IncreaseDecreaseInContractLiabilities Increase (Decrease) in Customer Deposits Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Debt Instrument, Description Amortization of Debt Issuance Costs and Discounts Debt Instrument, Unamortized Discount, Noncurrent Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price EX-101.PRE 11 sunw-20180930_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2018
Nov. 07, 2018
Document And Entity Information    
Entity Registrant Name Sunworks, Inc.  
Entity Central Index Key 0001172631  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   26,096,879
Trading Symbol SUNW  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current Assets    
Cash and cash equivalents $ 3,635 $ 6,356
Restricted cash 446 475
Accounts receivable, net 9,390 11,330
Inventory, net 3,933 4,450
Contract assets 5,181 3,790
Other current assets 129 2,081
Total Current Assets 22,714 28,482
Property and Equipment, net 948 1,233
Other Assets    
Other deposits 71 68
Goodwill 11,364 11,364
Total Other Assets 11,435 11,432
Total Assets 35,097 41,147
Current Liabilities:    
Accounts payable and accrued liabilities 11,588 13,090
Contract liabilities 6,252 7,288
Customer deposits 117 2,905
Loan payable, current portion 198 229
Convertible promissory notes, current portion 100
Acquisition convertible promissory note, current portion 757 606
Total Current Liabilities 19,012 24,118
Long Term Liabilities    
Loan payable 127 267
Promissory notes payable, net 3,655
Convertible promissory notes 149
Acquisition convertible promissory notes 252 707
Warranty liability 336 246
Total Long-Term Liabilities 4,370 1,369
Total Liabilities 23,382 25,487
Shareholders’ Equity    
Preferred stock Series B, $.001 par value; 5,000,000 authorized shares; 0 and 1,506,024 shares issued and outstanding, respectively 2
Common stock, $.001 par value; 200,000,000 authorized shares; 26,069,101 and 23,150,930 shares issued and outstanding, respectively 26 23
Additional paid in capital 73,350 72,000
Accumulated deficit (61,661) (56,365)
Total Shareholders’ Equity 11,715 15,660
Total Liabilities and Shareholders’ Equity $ 35,097 $ 41,147
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 1,506,024
Preferred stock, shares outstanding 0 1,506,024
Common stock, par value $ .001 $ .001
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 26,069,101 23,150,930
Common stock, shares outstanding 26,069,101 23,150,930
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenue $ 18,281 $ 18,797 [1] $ 51,722 $ 58,159 [1]
Cost of Goods Sold 14,916 15,704 43,048 45,554
Gross Profit 3,365 3,093 8,674 12,605
Operating Expenses        
Selling and marketing expenses 891 1,751 3,048 5,291
General and administrative expenses 2,399 2,640 7,666 9,175
Stock-based compensation 151 299 1,183 833
Depreciation and amortization 96 102 289 308
Total Operating Expenses 3,537 4,792 12,186 15,607
Loss before Other Expenses (172) (1,699) (3,512) (3,002)
Other Income/(Expenses)        
Other income (expense) (13) 1 (26) (43)
Interest expense (191) (261) (353) (752)
Total Other Income/(Expenses) (204) (260) (379) (795)
Loss before Income Taxes (376) (1,959) (3,891) (3,797)
Income Tax Expense
Net Loss $ (376) $ (1,959) $ (3,891) $ (3,797)
LOSS PER SHARE:        
Basic $ (0.01) $ (0.09) $ (0.16) $ (0.17)
Diluted $ (0.01) $ (0.09) $ (0.16) $ (0.17)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING        
Basic 25,709,915 22,455,664 24,559,382 22,060,186
Diluted 25,709,915 22,455,664 24,559,382 22,060,186
[1] Prior period has not been modified for ASC 606.
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Shareholders' Equity - 9 months ended Sep. 30, 2018 - USD ($)
$ in Thousands
Series B Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2017 $ 2 $ 23 $ 72,000 $ (56,365) $ 15,660
Balance, shares at Dec. 31, 2017 1,506,024 23,150,930      
Adoption of ASC 606 (Note 3) (1,405) (1,405)
Stock based compensation 1,183 1,183
Stock based compensation, shares      
Conversion of preferred stock to common stock $ (2) $ 2
Conversion of preferred stock to common stock, shares (1,506,024) 1,506,024      
Issuance of common stock for conversion of promissory notes, plus accrued interest 118 118
Issuance of common stock for conversion of promissory notes, plus accrued interest, shares 349,112      
Issuance of common stock under terms of restricted stock grants $ 1 (1)
Issuance of common stock under terms of restricted stock grants, shares 870,727    
Issuance of common stock for exercise of options 50 $ 50
Issuance of common stock for exercise of options, shares 192,308     192,308
Net loss for the nine months ended September 30, 2018 (3,891) $ (3,891)
Balance at Sep. 30, 2018 $ 26 $ 73,350 $ (61,661) $ 11,715
Balance, shares at Sep. 30, 2018 26,069,101      
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,891) $ (3,797)
Adjustments to reconcile net (loss) to net cash used in operating activities    
Depreciation and amortization 289 308
(Gain) loss on sale of equipment 1
Stock-based compensation 1,183 833
Stock issued for services 21
Amortization of beneficial conversion feature 657
Amortization of debt issuance costs 23
Bad debt expense 36 198
Inventory allowance 75
(Increase) Decrease in:    
Accounts receivable 1,902 (1,167)
Inventory 517 (579)
Other deposits and other current assets 1,949 (1,285)
Contract assets (1,974) (1,007)
Increase (Decrease) in:    
Accounts payable and accrued liabilities (1,434) (1,002)
Contract liabilities (1,858) 2,213
Customer deposits (2,788) 629
Warranty and other liability 90 100
NET CASH USED IN OPERATING ACTIVITIES (5,956) (3,802)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (9) (44)
Proceeds from sale of property and equipment 6 18
NET CASH USED IN INVESTING ACTIVITIES (3) (26)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Loans and notes payable repayments (473) (466)
Proceeds from issuance of note payable, net 3,632
Proceeds from exercise of stock options 50
NET CASH PROVIVED BY (USED IN) FINANCING ACTIVITIES 3,209 (466)
NET (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (2,750) (4,294)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH BEGINNING OF PERIOD 6,831 11,106
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD 4,081 6,812
CASH PAID FOR:    
Interest 246 52
Taxes 110
SUPPLEMENTAL DISCLOSURES OF NON-CASH TRANSACTIONS    
Issuance of common stock upon conversion of debt 118 270
Issuance of common stock upon conversion of preferred stock $ 2
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

1. BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Form 10-K for the year ended December 31, 2017.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies of Sunworks, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of Sunworks, Inc., and its wholly owned operating subsidiaries, Sunworks United, Inc. (d/b/a Sunworks), MD Energy, Inc., and Elite Solar Acquisition Sub, Inc. All material intercompany transactions have been eliminated upon consolidation of these entities.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates used to review the Company’s goodwill, impairments and estimations of long-lived assets, revenue recognition on percentage of completion type contracts, allowances for uncollectible accounts, warranty reserves, inventory valuation, debt beneficial conversion features, valuations of non-cash capital stock issuances and the valuation allowance on deferred tax assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

Revenue Recognition

 

Revenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from our recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress. All un-allocable indirect costs and corporate general and administrative costs are charged to the periods as incurred. However, in the event a loss on a contract is foreseen, the Company will recognize the loss as it is determined.

 

Revisions in cost and profit estimates during the course of the contract are reflected in the accounting period in which the facts, which require the revision, become known. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined.

  

Accounts Receivables

 

Accounts receivables are recorded on contracts for amounts currently due based upon progress billings, as well as retention, which are collectible upon completion of the contracts. Accounts payable to material suppliers and subcontractors are recorded for amounts currently due based upon work completed or materials received, as are retention due subcontractors, which are payable upon completion of the contract. General and administrative expenses are charged to operations as incurred and are not allocated to contract costs. Retention receivable is the amount withheld by a customer until a contract is completed. Retention receivables of $1,155 and $958 were included in the balance of accounts receivable as of September 30, 2018, and December 31, 2017, respectively.

 

The Company performs ongoing credit evaluation of its customers. Management monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, age of receivables and other information, and records bad debts using the allowance method. Accounts receivable are presented net of an allowance for doubtful accounts of $325 at September 30, 2018, and $320 at December 31, 2017. Bad debt expense for the three months ended September 30, 2018 and 2017 was ($54) and $81, respectively. Bad debt expense for the nine months ended September 30, 2018 and 2017 was $36 and $198, respectively.

 

Customer Deposits

 

Customer deposits are recorded for funds remitted by our customers in advance of progress billings being completed.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

 

Restricted Cash

 

The Company considers restricted cash to be cash balances that have legal and/or contractual restrictions imposed by a third party and are restricted as to withdrawal or use except for the specified purpose.

 

Concentration Risk

 

Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Corporation (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits. As of September 30, 2018, the cash balance in excess of the FDIC limits was $3,501. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts.

 

Inventory

 

Inventory is valued at a weighted average cost method. Inventory primarily consists of panels, inverters, and mounting racks and other materials. The Company also carries a reserve for inventory obsolescence that may arise from technological advancement or changes in government regulation. Inventory is presented net of an allowance of $50 at September 30, 2018, and $50 at December 31, 2017.

 

Property and Equipment

 

Property and equipment are stated at cost. Depreciation for property and equipment commences when it’s put into service and are depreciated using the straight-line method over its estimated useful lives:

 

Machinery & equipment 3-7 Years
Furniture & fixtures 5-7 Years
Computer equipment 3-5 Years
Vehicles 5-7 Years
Leaseholder improvements 3-5 Years

 

Depreciation expense for the three months ended September 30, 2018 and 2017 was $96 and $102, respectively. Depreciation expense for the nine months ended September 30, 2018 and 2017 was $289 and $308, respectively.

 

Advertising and Marketing

 

The Company expenses advertising and marketing costs as incurred. Advertising and marketing costs include printed material, billboards, sponsorships, direct mail, radio, telemarketing, tradeshow costs, magazine, and catalog advertisement. Included within selling and marketing expenses are advertising and marketing costs for the three months ended September 30, 2018 and 2017 of $56 and $124, respectively. Advertising and marketing costs for the nine months ended September 30, 2018 and 2017 were $201 and $807, respectively.

 

Warranty Liability

 

The Company establishes warranty liability reserves to provide for estimated future expenses as a result of installation and product defects, product recalls and litigation incidental to the Company’s business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, and consultations with third party experts such as engineers. Solar panel manufacturers currently provide substantial warranties between ten to twenty-five years with full reimbursement to replace and install replacement panels while inverter manufacturers currently provide warranties covering ten to fifteen-year replacement and installation. The warranty liability for estimated future warranty costs is $336 at September 30, 2018 and $246 at December 31, 2017.

 

Stock-Based Compensation

 

The Company periodically issues stock options to employees and directors. The Company accounts for stock option grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board whereas the value of the award is measured on the date of grant and recognized over the vesting period.

 

The Company accounts for stock grants issued to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

 

Basic and Diluted Net Income (Loss) per Share Calculations

 

Income (Loss) per Share dictates the calculation of basic earnings per share and diluted earnings per share. Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The shares for employee options, restricted stock, warrants and convertible notes were not used in the calculation of the net loss per share.

 

A net loss causes all outstanding common stock options, warrants, convertible preferred stock, and convertible notes to be anti-dilutive. As a result, the basic and diluted losses per common share are the same for the three and nine months ended September 30, 2018 and 2017.

 

As of September 30, 2018, the potentially dilutive securities that have been excluded from the computations of weighted average shares outstanding include 1,547,385 stock options, 263,888 restricted stock grants, 2,997,000 warrants, and shares underlying convertible notes.

 

As of September 30, 2017, the potentially dilutive securities that have been excluded from the computations of weighted average shares outstanding include 811,924 stock options, 1,134,615 restricted stock grants, 2,997,000 warrants, and shares underlying convertible notes and preferred stock.

 

Dilutive per share amounts are computed using the weighted-average number of common shares outstanding and potentially dilutive securities, using the treasury stock method, if their effect would be dilutive.

 

Long-Lived Assets

 

The Company reviews its property and equipment and any identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The test for impairment is required to be performed by management at least annually. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted operating cash flow expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.

 

Indefinite Lived Intangibles and Goodwill Assets

 

The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations,” where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill.

  

The Company tests for indefinite lived intangibles and goodwill impairment in the fourth quarter of each year and whenever events or circumstances indicate that the carrying amount of the asset exceeds its fair value and may not be recoverable. In accordance with its policies, the Company performed a qualitative assessment of indefinite lived intangibles and goodwill at December 31, 2017.

 

Fair Value of Financial Instruments

 

Disclosures about fair value of financial instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of September 30, 2018, the amounts reported for cash, accrued interest and other expenses, and notes payable approximate the fair value because of their short maturities.

 

We account for financial instruments measured as fair value on a recurring basis under ASC Topic 820. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

 

  ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
     
  ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
     
  ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

Business Combinations

 

We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired customer lists, acquired technology, and trade names from a market participant perspective, useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.

 

Income Taxes

 

The Company uses the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. The measurement of deferred tax assets and liabilities is based on provisions of applicable tax law. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance based on the amount of tax benefits that, based on available evidence, is not expected to be realized.

 

Reclassifications

 

Certain reclassifications have been made to prior year’s financial statement to conform to classifications used in the current year.

 

Segment Reporting

 

Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding the method to allocate resources and assess performance. The Company currently has one reportable segment for financial reporting purposes, which represents the Company’s core business.

 

New Accounting Pronouncements

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either operating or financing, with such classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, and early adoption is permitted. We are currently evaluating the impact ASU 2016-02 will have on our consolidated financial statements and associated disclosures.

 

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash. ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU was effective for fiscal years beginning after December 15, 2017. We elected to adopt ASU 2016-18 retrospectively as of January 1, 2017 and have applied to all periods presented herein. The adoption of ASU 2016-18 did not have a material impact to our consolidated financial statements. The effect of the adoption of ASU 2016-18 on our consolidates statements of cash flows was to include restricted cash balances in the beginning and end of period balances of cash, cash equivalents, and restricted cash. The change in restricted cash was previously disclosed in operating activities in the consolidated statements of cash flows.

 

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, current U.S. GAAP requires the performance of procedures to determine the fair value at the impairment testing date of assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, the amendments under this ASU require the goodwill impairment test to be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU becomes effective for the Company on January 1, 2020. The amendments in this ASU should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed. We are currently evaluating the impact ASU No. 2017-04 will have on our consolidated financial statements and associated disclosures.

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606), to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services. In addition, ASC 606 requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The ASC was effective for fiscal years beginning after December 15, 2017. The Company has adopted ASC 606 beginning on January 1, 2018 using the modified retrospective approach for contracts not substantially complete at that date by recognizing a cumulative adjustment to the opening balance of accumulated deficit. See Note 3 for additional disclosures in accordance with the new revenue recognition standard.

 

Management reviewed currently issued pronouncements during the nine months ended September 30, 2018, and believes that any other recently issued, but not yet effective, accounting standards, if currently adopted, would not have a material effect on the accompanying consolidated financial statements.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers

3. REVENUE FROM CONTRACTS WITH CUSTOMERS

 

Revenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from our recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.

 

The following table represents a disaggregation of revenue by customer type from contracts with customers for the three and nine months ended September 30, 2018 and 2017:

 

   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  
    2018     2017 (1)     2018     2017 (1)  
Agricultural, Commercial, and Industrial (ACI)   $ 8,715     $ 10,761     $ 23,235     $ 35,984  
Public Works (2)     4,613       1,473       14,511       3,174  
Residential     4,953       6,563       13,976       19,001  
Total     18,281       18,797       51,722       58,159  

 

  (1) Prior period has not been modified for ASC 606.
  (2) Public Works customers were not tracked separately until the second quarter of 2017.

 

In adopting ASC 606, we had the following significant changes in accounting principles:

 

(i) Timing of revenue recognition for uninstalled materials - We previously recognized the majority of our revenue from the installation or construction of commercial & public works projects using the percentage-of-completion method of accounting, whereby revenue is recognized as we progress on the contract. The percentage-of-completion for each project was determined on an actual cost-to-estimated final cost basis. Under ASC 606, revenue and associated profit, is recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment is generally excluded from our recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.

 

(ii) Completed contracts - We previously recognized the majority of our revenue from the installation of residential projects using the completed contract method of accounting whereby revenue was recognized when the project is completed. Under, ASC 606, revenue is recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations).

 

Revenue recognition for other sales arrangements such as the sales of materials will remain materially consistent with prior treatment.

 

The adoption of the new revenue recognition standard resulted in a cumulative effect adjustment to retained earnings of approximately $1,405 as of January 1, 2018. The details of this adjustment are summarized below.

 

    Balance at     Adjustments     Balance at  
    December 31, 2017     Due to ASC 606     January 1, 2018  
Contract assets   $ 3,790     $ (584 )   $ 3,206  
Contract liabilities     7,288       821       8,109  
Accumulated deficit     (56,365 )     (1,405 )     (57,770 )

 

The following tables summarize the impact of the adoption of ASC 606 on our condensed consolidated statement of operations for the three and nine months ended and as of September 30, 2018 and the condensed consolidated balance sheet as of September 30, 2018:

 

    For the Nine Months Ended September 30, 2018  
          Without Adoption     Impact of Adoption  
    As Reported     of ASC 606     of ASC 606  
Revenue   $ 51,722     $ 50,306     $ (1,416 )
Cost of goods sold     43,048       42,323       (725 )
Gross profit     8,674       7,983       (691 )

 

    For the Three Months Ended September 30, 2018  
          Without Adoption     Impact of Adoption  
    As Reported     of ASC 606     of ASC 606  
Revenue   $ 18,281     $ 17,889     $ (392 )
Cost of goods sold     14,916       14,876       (40 )
Gross profit     3,365       3,013       (352 )

  

    September 30, 2018  
          Without Adoption     Impact of Adoption  
    As Reported     of ASC 606     of ASC 606  
Contract assets   $ 5,181     $ 5,315     $ 134  
Contract liabilities     6,252       5,502       (750 )

 

Contract assets represent revenues recognized in excess of amounts invoiced to customers on contracts in progress. Contract liabilities represent amounts invoiced to customers in excess of revenues recognized on contracts in progress. At September 30, 2018 and December 31, 2017, the contract asset balances were $5,181 and $3,790, and the contract liability balances were $6,252 and $7,288, respectively.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Payable
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Loans Payable

4. LOANS PAYABLE

 

Elite Solar, a subsidiary of the Company, entered into a business loan agreement, prior to being acquired by the Company, with Tri Counties Bank dated March 14, 2014, in the original amount of $131 bearing interest at 4.95%. The loan agreement called for monthly payments of $2 and is scheduled to mature on March 14, 2019. Proceeds from the loan were used to purchase a pile driver and related equipment and is secured by the equipment. The outstanding balance at September 30, 2018, is $14.

 

Elite Solar entered into a business loan agreement prior to being acquired by the Company, with Tri Counties Bank dated April 9, 2014, in the original amount of $250 bearing interest at 4.95%. The loan agreement calls for monthly payments of $5 and is scheduled to mature on April 9, 2019. Proceeds from the loan were used to purchase racking inventory and related equipment. The loan is secured by the inventory and equipment. The outstanding balance at September 30, 2018, is $32.

 

On January 5, 2016, the Company entered into a loan agreement for the acquisition of a pile driver in the principal amount of $182 bearing interest at 5.5%. The loan agreement calls for monthly payments of $4 and is scheduled to mature on January 15, 2020. The loan is secured by the equipment. The outstanding balance at September 30, 2018, is $65.

 

On September 8, 2016, the Company entered into a loan agreement for the acquisition of a pile driver in the principal amount of $174 bearing interest at 5.5%. The loan agreement calls for monthly payments of $4 and is scheduled to mature on September 15, 2020. The loan is secured by the equipment. The outstanding balance at September 30, 2018, is $92.

 

On November 14, 2016, the Company entered into a 0% interest loan agreement for the acquisition of an excavator in the principal amount of $59. The loan agreement calls for monthly payments of $1 and is scheduled to mature on November 13, 2020. The loan is secured by the equipment. The outstanding balance at September 30, 2018, is $31.

 

On December 23, 2016, the Company entered into a loan agreement for the acquisition of modular office systems and related furniture in the principal amount of $172 bearing interest at 4.99%. The loan agreement calls for 16 quarterly payments of $12 and is scheduled to mature in September 2020. The loan is secured by the equipment. The outstanding balance at September 30, 2018, is $91.

 

As of September 30, 2018 and December 31, 2017, loans payable are summarized as follows:

 

    September 30, 2018     December 31, 2017  
Business loan agreement dated March 14, 2014   $ 14     $ 36  
Business loan agreement dated April 9, 2014     32       73  
Equipment notes payable     279       387  
Subtotal     325       496  
Less: Current position     (198 )     (229 )
Long-term position   $ 127     $ 267  
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition Convertible Promissory Notes
 9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Acquisition Convertible Promissory Notes

5. ACQUISITION CONVERTIBLE PROMISSORY NOTES

 

On February 28, 2015, the Company issued a 4% convertible promissory note in the aggregate principal amount of $2,650 as part of the consideration paid to acquire 100% of the total outstanding stock of MD Energy. The note is convertible into shares of common stock on or after each of the following dates: November 30, 2015, November 30, 2016 and November 30, 2017. The conversion price is $2.60 per share. A beneficial conversion feature of $3,262 was calculated but capped at the $2,650 value of the note. The beneficial conversion feature was calculated by multiplying the difference between the fair value of stock at the date of the note $5.80 less the conversion price of $2.60 multiplied by the maximum number of share subject to conversion, 1,019,231. In November 2015, the Company issued 339,743 shares of common stock upon conversion of the principal amount of $883. Commencing on March 31, 2015, and each quarter thereafter during the first two (2) years of the note, the Company made quarterly interest only payments to the shareholder for accrued interest on the Note during the quarter. Commencing with the quarter ending on June 30, 2017, the Company began to make quarterly payments of interest accrued on the convertible note during the prior quarter plus $151 with the final payment of all outstanding principal and accrued but unpaid interest on the convertible note due and payable on February 28, 2020 (the maturity date). The Company recorded amortization of the beneficial conversion feature as interest expense in the amount of $0 and $657 during the nine months ended September 30, 2018 and 2017, respectively. The debt discount was fully amortized and has zero balance at December 31, 2017 and September 30, 2018.

 

We evaluated the foregoing financing transactions in accordance with ASC Topic 470, Debt with Conversion and Other Options, and determined that the conversion feature of the convertible promissory note was afforded the exemption for conventional convertible instruments due to its fixed conversion rate. The convertible promissory notes had explicit limits on the number of shares issuable so they did meet the conditions set forth in current accounting standards for equity classification. The convertible promissory notes were issued with non-detachable conversion options that were beneficial to the investors at inception because the conversion option has an effective strike price that is less than the market price of the underlying stock at the commitment date. The accounting for the beneficial conversion feature required that the beneficial conversion feature be recognized by allocating the intrinsic value of the conversion option to additional paid-in-capital, resulting in a discount on the convertible notes, which was amortized and recognized as interest expense.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Notes
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Convertible Promissory Notes

6. CONVERTIBLE PROMISSORY NOTES

 

On January 31, 2014, the Company entered into a securities purchase agreement providing for the sale of a 10% convertible promissory note in the principal amount of up to $750 for consideration of $750. The proceeds were restricted and were used for the purchase of Solar United Network, Inc. The note was convertible into shares of common stock of the Company at a price equal to a variable conversion price equal to the lesser of $1.30 per share, or fifty percent (50%) of the lowest trading price after the effective date. As of September 30, 2014, the note was exchanged for a new convertible note with a fixed conversion price of $0.338. Per ASC 815, the derivative liability on the note was extinguished and the new note was re-valued per ASC 470 as a beneficial conversion feature, which was expensed in the statement of operations during 2014. The note originally matured on October 28, 2014, was extended three months to January 31, 2015, was extended to September 30, 2016, and in March 2016 was subsequently extended to June 30, 2019 with zero interest. During the year ended December 31, 2016, the noteholder made a partial conversion of principal and accrued interest in the amount of $196 and $45 respectively in exchange for 711,586 shares of common stock, with a remaining principal balance of $554. During the year ended December 31, 2017, the noteholder made a partial conversion of principal in the amount of $505 in exchange for 1,494,083 shares of common stock, with a remaining principal balance of $49. In September 2018, the noteholder made a partial conversion of principal in the amount of $49 and accrued interest of $69 in exchange for 349,112 shares of common stock, with a remaining principal balance of $0.

 

On February 11, 2014, the Company entered into a securities purchase agreement providing for the sale of a 10% convertible promissory note in the principal amount of $100. The note was convertible into shares of common stock of the Company at a price equal to a variable conversion price equal to the lesser of $1.30 per share, or fifty percent (50%) of the lowest trading price after the effective date. As of September 30, 2014, the note was exchanged for a new convertible note with a fixed conversion price of $0.338. Per ASC 815, the derivative liability on the note was extinguished and the new note was re-valued per ASC 470 as a beneficial conversion feature. The note matured on various dates from the effective date of each advance with respect to each advance. At the sole discretion of the lender, the lender was able to modify the maturity date to be twelve (12) months from the effective date of each advance. The note matured on various dates in 2014, and was extended to September 30, 2016, and in March 2016 was subsequently extended to June 30, 2019 with zero interest. As of September 30, 2018, the remaining principle balance was $100.

 

Convertible promissory note balance at September 30, 2018 and December 31, 2017 is $100 and $149.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Promissory Notes Payable
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Promissory Notes Payable

7. PROMISSORY NOTES PAYABLE

 

On April 27, 2018, the Company entered into a Loan Agreement (the “Loan Agreement”) with CrowdOut Capital, Inc. pursuant to which the Company issued an aggregate of $3,750 in promissory notes (the “Notes”), of which $3,000 are Senior Notes and $750 are Subordinated Notes. The Subordinated Notes were funded by the Company’s Chief Executive Officer, Charles Cargile and the Company’s Vice President of Business Development, Kirk Short.

 

The Notes bear interest at the rate of the one-month LIBOR plus 950 basis points and mature on June 30, 2020. The Notes may not be prepaid before the first anniversary of issuance and thereafter may be prepaid in whole without the consent of the lender or in part with the consent of the lender. In the event the Notes are prepaid in full prior to the maturity date, the Company shall pay the holder of the Senior Notes an exit fee of $375 if prepaid prior to March 31, 2020 or $435 if prepaid after March 31, 2020 but prior to the maturity date. The Company is accruing the exit fee of $435 over life of the Loan Agreement and recognized as interest expense.

 

In connection with the issuance of the Senior Notes, the Company entered into a security agreement (the “Security Agreement”) pursuant to which the Company granted to the holder of the Senior Notes a security interest in certain of the Company’s assets to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the Senior Notes. The Company also entered into a subordination agreement with the holders of the Subordinated Notes and the Senior Notes pursuant to which the Subordinated Notes are subordinated to the Senior Notes.

 

The Loan Agreement contains certain customary Events of Default (including, but not limited to, default in payment of any sum payable thereunder, breaches of representations or warranties thereunder, the occurrence of an event of default under the transaction documents, change in control of the Company, filing of bankruptcy and the entering or filing of certain monetary judgments against the Company). Upon the occurrence of an Event of Default the outstanding principal amount of the Notes, plus accrued but unpaid interest and other amounts owing in respect thereof, shall become, at the giving of notice by Lender, immediately due and payable. Interest on overdue payments upon the occurrence of an Event of Default shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. The Company has obtained a waiver through February 22, 2019 for an event of default which is deemed to have occurred because of the Company’s failure to maintain compliance with the Nasdaq Stock Market’s minimum bid price requirement. Additionally, the Loan Agreement includes a subjective acceleration clause if a “material adverse effect” occurs in our business that could result in an Event of Default. We believe that the likelihood of the lender exercising this right is remote and have classified the debt as long term.

 

In conjunction with the Loan Agreement, the Company recorded $118 of capitalized debt issuance costs. The debt issuance costs will be amortized over the life of the Loan Agreement and recognized as interest expense. The Note payable balance is reported net of the unamortized portion of the debt issuance costs. The Company recorded amortization of the debt issuance cost as interest expense during the three and nine months ended September 30, 2018 of $23 and $32.

 

Promissory notes payable at September 30, 2018 and December 31, 2017 are as follows:

 

    2018     2017  
Promissory notes payable   $ 3,750     $ -  
Less, debt issuance costs     (95 )     -  
Promissory notes payable, net   $ 3,655     $ -  
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Stock
 9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Capital Stock

8. CAPITAL STOCK

 

Common Stock

 

On May 2, 2018, the Company converted 1,506,024 shares of its Series B Preferred Stock into the same number of shares of the Company’s common stock.

 

In the nine months ending September 30, 2018, 634,615 and 236,112 shares of common stock were issued to James Nelson and Charles Cargile, respectively, from previously entered into RSGAs. In May 2018, James Nelson exercised 192,308 options and was issued the equivalent number of shares of common stock.

 

On September 14, 2018, the Company issued 349,112 shares of common stock at a conversion price of $0.338 per share for partial conversion of principal and accrued interest for a convertible promissory note in the aggregate amount of $118.

 

There were no other common stock conversions, issuances, option exercises, or restricted grants during the nine months ended September 30, 2018.

 

Preferred Stock

 

On November 25, 2015, the Company designated 1,700,000 shares, of its authorized preferred stock, as Series B Preferred Stock, $0.001 par value per share. Pursuant to the Certificate of Designation filed with the Secretary of State of the State of Delaware, and subject to the rights of any other series of preferred stock that may be established by the Board of Directors, holders of Series B Preferred Stock (the “Holders”) will have liquidation preference over the holders of the Company’s Common Stock in any distribution upon winding up, dissolution, or liquidation. Holders will also be entitled to receive dividends, if, when and as declared by the Board of Directors, which dividends shall be payable in preference and priority to any payment of any dividend to holders of Common Stock. Holders will be entitled to convert each share of Series B Preferred Stock into one (1) share of Common Stock and will also be entitled to vote together with the holders of Common Stock on all matters submitted to shareholders at a rate of one (1) vote for each share of Series B Preferred Stock. In addition, so long as at least 100,000 shares of Series B Preferred Stock are outstanding, the Company may not, without the consent of the Holders of at least a majority of the shares of Series B Preferred Stock then outstanding: (i) amend, alter or repeal any provision of the Certificate of Incorporation or bylaws of the Company or the Certificate of Designation so as to adversely affect any of the rights, preferences, privileges, limitations or restrictions provided for the benefit of the Holders or (ii) issue or sell, or obligate itself to issue or sell, any additional shares of Series B Preferred Stock, or any securities that are convertible into or exchangeable for shares of Series B Preferred Stock. 1,506,024 shares of Series B Preferred Stock, at a fair value of $4,500 were issued in December 2015 in connection with the acquisition of Elite Solar. On May 2, 2018, the Holder converted 1,506,024 shares of Series B Preferred Stock into the same number of shares of the Company’s Common Stock. As of September 30, 2018 there were no outstanding shares of Preferred Stock.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock Options, Restricted Stock, and Warrants
 9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Options, Restricted Stock, and Warrants

9. STOCK OPTIONS, RESTRICTED STOCK, AND WARRANTS

 

Options

 

As of September 30, 2018, the Company has 1,547,385 stock options outstanding to purchase 1,547,385 shares of common stock, per the terms set forth in the option agreements. The stock options vest at various times and are exercisable for a period of five to seven years from the date of grant at exercise prices ranging from $0.93 to $4.42 per share, the market value of the Company’s common stock on the date of each grant. The Company determined the fair market value of these options by using the Black Scholes option valuation model.

 

    September 30, 2018  
          Weighted  
    Number     average  
    of     exercise  
    Options     price  
Outstanding, beginning December 31, 2017     1,875,155     $ 1.80  
Granted     295,000       1.07  
Exercised     (192,308 )     0.26  
Forfeited     (430,462 )     2.56  
Outstanding, end of September 30, 2018     1,547,385       1.67  
Exercisable at the end of September 30, 2018     1,065,386       1.87  

 

During the three months ended September 30, 2018 and 2017, the Company charged a total of $88 and $195, respectively, to operations to recognize stock-based compensation expense for stock options. During the nine months ended September 30, 2018 and 2017, the Company charged a total of $314 and $582 respectively, to operations related to recognized stock-based compensation expense for stock options.

 

Restricted Stock Grants

 

With an effective date of March 29, 2017, subject to the Sunworks, Inc. 2016 Equity Incentive Plan, (the “2016 Plan”) the Company entered into a restricted stock grant agreement or RSGA with its new Chief Executive Officer, Charles Cargile. All shares issuable under the RSGA are valued as of the grant date at $1.50 per share. The RSGA provides for the issuance of up to 500,000 shares of the Company’s common stock. The restricted shares shall vest as follows: 166,667 of the restricted shares shall vest on the one (1) year anniversary of the effective date, and the balance, or 333,333 restricted shares, shall vest in twenty-four (24) equal monthly installments commencing on the one (1) year anniversary of the effective date

 

Stock-based compensation expense recognized for the March 29, 2017 RSGA in the three and nine months ended September 30, 2018, was $63 and $188, respectively.

 

During the year ended December 31, 2013, the Company entered into a restricted stock grant agreement or RSGA with its then Chief Executive Officer, James B. Nelson, intended to provide and incentivize Mr. Nelson to improve the economic performance of the Company and to increase its value and stock price. All shares issuable under the RSGA are performance-based shares and are valued as of the grant date at $0.47 per share. The RSGA provides for the issuance of up to 769,230 shares of the Company’s common stock to Mr. Nelson provided certain milestones are met in certain stages. As of September 30, 2014, two of the milestones were met, when the Company’s market capitalization exceeded $10 million and the consolidated gross revenue, calculated in accordance with GAAP, equaled or exceeded $10 million for the trailing twelve-month period. The Company issued 384,615 shares of common stock to Mr. Nelson at fair value of $786,000 during the year ended December 31, 2014. In conjunction with Mr. Nelson’s retirement in April 2018, the remaining 384,615 shares of the Company’s common stock were issued to Mr. Nelson. Stock-based compensation expense of $0 and $179 was recognized in the three and nine months ending September 30, 2018.

 

In recognition of the efforts of James B. Nelson, the Company’s Chairman, in leading the Company through the uplisting and financing transaction consummated by the Company in 2015, on August 31, 2016, the Company granted Mr. Nelson a restricted stock grant of 250,000 shares of the Company’s common stock pursuant to the terms of the 2016 Plan. All shares issuable under the RSGA are valued as of the grant date at $2.90 per share. The restricted stock grant to Mr. Nelson was to vest upon the earlier of (i) January 1, 2021, (ii) a Change of Control as defined in the 2016 Plan (iii) upon Mr. Nelson’s retirement or (iv) upon Mr. Nelson’s death. “Change of Control” as defined in the 2016 Plan means (i) a sale of all or substantially all of the Company’s assets or (ii) a merger with another entity or an acquisition of the Company that results in the existing shareholders of the Company owning less than fifty percent (50%) of the outstanding shares of capital stock of the surviving entity following such transaction. Mr. Nelson’s retirement in April 2018 resulted in the RGSA being vested in full.

 

Stock-based compensation expense recognized for the August 31, 2016 RSGA in the three and nine months ended September 30, 2018, was $0 and $502, respectively.

 

The total combined option and restricted stock compensation expense recognized, in the statement of operations, during the three months ended September 30, 2018 and 2017 was $151 and $299, respectively. The total combined option and restricted stock compensation expense recognized, in the statement of operations, during the nine months ended September 30, 2018 and 2017 was $1,183 and $833, respectively.

 

Warrants

 

As of September 30, 2018, the Company had 2,997,000 common stock purchase warrants outstanding with an exercise price of $4.15 per share. The warrants have an issuance date of March 9, 2015 and expire on March 9, 2020.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

10. SUBSEQUENT EVENTS

 

None.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of Sunworks, Inc., and its wholly owned operating subsidiaries, Sunworks United, Inc. (d/b/a Sunworks), MD Energy, Inc., and Elite Solar Acquisition Sub, Inc. All material intercompany transactions have been eliminated upon consolidation of these entities.
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates used to review the Company’s goodwill, impairments and estimations of long-lived assets, revenue recognition on percentage of completion type contracts, allowances for uncollectible accounts, warranty reserves, inventory valuation, debt beneficial conversion features, valuations of non-cash capital stock issuances and the valuation allowance on deferred tax assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Revenue Recognition

Revenue Recognition

 

Revenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from our recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress. All un-allocable indirect costs and corporate general and administrative costs are charged to the periods as incurred. However, in the event a loss on a contract is foreseen, the Company will recognize the loss as it is determined.

 

Revisions in cost and profit estimates during the course of the contract are reflected in the accounting period in which the facts, which require the revision, become known. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined.
Accounts Receivables

Accounts Receivables

 

Accounts receivables are recorded on contracts for amounts currently due based upon progress billings, as well as retention, which are collectible upon completion of the contracts. Accounts payable to material suppliers and subcontractors are recorded for amounts currently due based upon work completed or materials received, as are retention due subcontractors, which are payable upon completion of the contract. General and administrative expenses are charged to operations as incurred and are not allocated to contract costs. Retention receivable is the amount withheld by a customer until a contract is completed. Retention receivables of $1,155 and $958 were included in the balance of accounts receivable as of September 30, 2018, and December 31, 2017, respectively.

 

The Company performs ongoing credit evaluation of its customers. Management monitors outstanding receivables based on factors surrounding the credit risk of specific customers, historical trends, age of receivables and other information, and records bad debts using the allowance method. Accounts receivable are presented net of an allowance for doubtful accounts of $325 at September 30, 2018, and $320 at December 31, 2017. Bad debt expense for the three months ended September 30, 2018 and 2017 was ($54) and $81, respectively. Bad debt expense for the nine months ended September 30, 2018 and 2017 was $36 and $198, respectively.
Customer Deposits

Customer Deposits

 

Customer deposits are recorded for funds remitted by our customers in advance of progress billings being completed.
Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Restricted Cash

Restricted Cash

 

The Company considers restricted cash to be cash balances that have legal and/or contractual restrictions imposed by a third party and are restricted as to withdrawal or use except for the specified purpose.
Concentration Risk

Concentration Risk

 

Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Corporation (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits. As of September 30, 2018, the cash balance in excess of the FDIC limits was $3,501. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts.
Inventory

Inventory

 

Inventory is valued at a weighted average cost method. Inventory primarily consists of panels, inverters, and mounting racks and other materials. The Company also carries a reserve for inventory obsolescence that may arise from technological advancement or changes in government regulation. Inventory is presented net of an allowance of $50 at September 30, 2018, and $50 at December 31, 2017.
Property and Equipment

Property and Equipment

 

Property and equipment are stated at cost. Depreciation for property and equipment commences when it’s put into service and are depreciated using the straight-line method over its estimated useful lives:

 

Machinery & equipment 3-7 Years
Furniture & fixtures 5-7 Years
Computer equipment 3-5 Years
Vehicles 5-7 Years
Leaseholder improvements 3-5 Years

 

Depreciation expense for the three months ended September 30, 2018 and 2017 was $96 and $102, respectively. Depreciation expense for the nine months ended September 30, 2018 and 2017 was $289 and $308, respectively.
Advertising and Marketing

Advertising and Marketing

 

The Company expenses advertising and marketing costs as incurred. Advertising and marketing costs include printed material, billboards, sponsorships, direct mail, radio, telemarketing, tradeshow costs, magazine, and catalog advertisement. Included within selling and marketing expenses are advertising and marketing costs for the three months ended September 30, 2018 and 2017 of $56 and $124, respectively. Advertising and marketing costs for the nine months ended September 30, 2018 and 2017 were $201 and $807, respectively.
Warranty Liability

Warranty Liability

 

The Company establishes warranty liability reserves to provide for estimated future expenses as a result of installation and product defects, product recalls and litigation incidental to the Company’s business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, and consultations with third party experts such as engineers. Solar panel manufacturers currently provide substantial warranties between ten to twenty-five years with full reimbursement to replace and install replacement panels while inverter manufacturers currently provide warranties covering ten to fifteen-year replacement and installation. The warranty liability for estimated future warranty costs is $336 at September 30, 2018 and $246 at December 31, 2017.
Stock-Based Compensation

Stock-Based Compensation

 

The Company periodically issues stock options to employees and directors. The Company accounts for stock option grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board whereas the value of the award is measured on the date of grant and recognized over the vesting period.

 

The Company accounts for stock grants issued to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.
Basic and Diluted Net Income (Loss) Per Share Calculations

Basic and Diluted Net Income (Loss) per Share Calculations

 

Income (Loss) per Share dictates the calculation of basic earnings per share and diluted earnings per share. Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The shares for employee options, restricted stock, warrants and convertible notes were not used in the calculation of the net loss per share.

 

A net loss causes all outstanding common stock options, warrants, convertible preferred stock, and convertible notes to be anti-dilutive. As a result, the basic and diluted losses per common share are the same for the three and nine months ended September 30, 2018 and 2017.

 

As of September 30, 2018, the potentially dilutive securities that have been excluded from the computations of weighted average shares outstanding include 1,547,385 stock options, 263,888 restricted stock grants, 2,997,000 warrants, and shares underlying convertible notes.

 

As of September 30, 2017, the potentially dilutive securities that have been excluded from the computations of weighted average shares outstanding include 811,924 stock options, 1,134,615 restricted stock grants, 2,997,000 warrants, and shares underlying convertible notes and preferred stock.

 

Dilutive per share amounts are computed using the weighted-average number of common shares outstanding and potentially dilutive securities, using the treasury stock method, if their effect would be dilutive.
Long-Lived Assets

Long-Lived Assets

 

The Company reviews its property and equipment and any identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The test for impairment is required to be performed by management at least annually. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted operating cash flow expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.
Indefinite Lived Intangibles and Goodwill Assets

Indefinite Lived Intangibles and Goodwill Assets

 

The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations,” where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill.

  

The Company tests for indefinite lived intangibles and goodwill impairment in the fourth quarter of each year and whenever events or circumstances indicate that the carrying amount of the asset exceeds its fair value and may not be recoverable. In accordance with its policies, the Company performed a qualitative assessment of indefinite lived intangibles and goodwill at December 31, 2017.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

Disclosures about fair value of financial instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of September 30, 2018, the amounts reported for cash, accrued interest and other expenses, and notes payable approximate the fair value because of their short maturities.

 

We account for financial instruments measured as fair value on a recurring basis under ASC Topic 820. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

 

  ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
     
  ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
     
  ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
Business Combinations

Business Combinations

 

We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired customer lists, acquired technology, and trade names from a market participant perspective, useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.
Income Taxes

Income Taxes

 

The Company uses the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. The measurement of deferred tax assets and liabilities is based on provisions of applicable tax law. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance based on the amount of tax benefits that, based on available evidence, is not expected to be realized.
Reclassifications

Reclassifications

 

Certain reclassifications have been made to prior year’s financial statement to conform to classifications used in the current year.
Segment Reporting

Segment Reporting

 

Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding the method to allocate resources and assess performance. The Company currently has one reportable segment for financial reporting purposes, which represents the Company’s core business.
New Accounting Pronouncements

New Accounting Pronouncements

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either operating or financing, with such classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, and early adoption is permitted. We are currently evaluating the impact ASU 2016-02 will have on our consolidated financial statements and associated disclosures.

 

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash. ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU was effective for fiscal years beginning after December 15, 2017. We elected to adopt ASU 2016-18 retrospectively as of January 1, 2017 and have applied to all periods presented herein. The adoption of ASU 2016-18 did not have a material impact to our consolidated financial statements. The effect of the adoption of ASU 2016-18 on our consolidates statements of cash flows was to include restricted cash balances in the beginning and end of period balances of cash, cash equivalents, and restricted cash. The change in restricted cash was previously disclosed in operating activities in the consolidated statements of cash flows.

 

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, current U.S. GAAP requires the performance of procedures to determine the fair value at the impairment testing date of assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, the amendments under this ASU require the goodwill impairment test to be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU becomes effective for the Company on January 1, 2020. The amendments in this ASU should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed. We are currently evaluating the impact ASU No. 2017-04 will have on our consolidated financial statements and associated disclosures.

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606), to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services. In addition, ASC 606 requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The ASC was effective for fiscal years beginning after December 15, 2017. The Company has adopted ASC 606 beginning on January 1, 2018 using the modified retrospective approach for contracts not substantially complete at that date by recognizing a cumulative adjustment to the opening balance of accumulated deficit. See Note 3 for additional disclosures in accordance with the new revenue recognition standard.

 

Management reviewed currently issued pronouncements during the nine months ended September 30, 2018, and believes that any other recently issued, but not yet effective, accounting standards, if currently adopted, would not have a material effect on the accompanying consolidated financial statements.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives Property, Plant and Equipment

Depreciation for property and equipment commences when it’s put into service and are depreciated using the straight-line method over its estimated useful lives:

 

Machinery & equipment 3-7 Years
Furniture & fixtures 5-7 Years
Computer equipment 3-5 Years
Vehicles 5-7 Years
Leaseholder improvements 3-5 Years
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue from Contracts with Customers (Tables)
 9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue

The following table represents a disaggregation of revenue by customer type from contracts with customers for the three and nine months ended September 30, 2018 and 2017:

 

   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  
    2018     2017 (1)     2018     2017 (1)  
Agricultural, Commercial, and Industrial (ACI)   $ 8,715     $ 10,761     $ 23,235     $ 35,984  
Public Works (2)     4,613       1,473       14,511       3,174  
Residential     4,953       6,563       13,976       19,001  
Total     18,281       18,797       51,722       58,159  

 

  (1) Prior period has not been modified for ASC 606.
  (2) Public Works customers were not tracked separately until the second quarter of 2017.
Schedule of Contract Assets and Liabilities

The details of this adjustment are summarized below.

 

    Balance at     Adjustments     Balance at  
    December 31, 2017     Due to ASC 606     January 1, 2018  
Contract assets   $ 3,790     $ (584 )   $ 3,206  
Contract liabilities     7,288       821       8,109  
Accumulated deficit     (56,365 )     (1,405 )     (57,770 )
Schedule of Revenue on Statement of Operations Contract and Balance Sheet Impact of Adoption of ASC 606

The following tables summarize the impact of the adoption of ASC 606 on our condensed consolidated statement of operations for the three and nine months ended and as of September 30, 2018 and the condensed consolidated balance sheet as of September 30, 2018:

 

    For the Nine Months Ended September 30, 2018  
          Without Adoption     Impact of Adoption  
    As Reported     of ASC 606     of ASC 606  
Revenue   $ 51,722     $ 50,306     $ (1,416 )
Cost of goods sold     43,048       42,323       (725 )
Gross profit     8,674       7,983       (691 )

 

    For the Three Months Ended September 30, 2018  
          Without Adoption     Impact of Adoption  
    As Reported     of ASC 606     of ASC 606  
Revenue   $ 18,281     $ 17,889     $ (392 )
Cost of goods sold     14,916       14,876       (40 )
Gross profit     3,365       3,013       (352 )

  

    September 30, 2018  
          Without Adoption     Impact of Adoption  
    As Reported     of ASC 606     of ASC 606  
Contract assets   $ 5,181     $ 5,315     $ 134  
Contract liabilities     6,252       5,502       (750 )
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Payable (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Loans Payable

As of September 30, 2018 and December 31, 2017, loans payable are summarized as follows:

 

    September 30, 2018     December 31, 2017  
Business loan agreement dated March 14, 2014   $ 14     $ 36  
Business loan agreement dated April 9, 2014     32       73  
Equipment notes payable     279       387  
Subtotal     325       496  
Less: Current position     (198 )     (229 )
Long-term position   $ 127     $ 267  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Promissory Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Promissory Notes Payable

Promissory notes payable at September 30, 2018 and December 31, 2017 are as follows:

 

    2018     2017  
Promissory notes payable   $ 3,750     $ -  
Less, debt issuance costs     (95 )     -  
Promissory notes payable, net   $ 3,655     $ -  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock Options, Restricted Stock, and Warrants (Tables)
 9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Stock Options Activity

The Company determined the fair market value of these options by using the Black Scholes option valuation model.

 

    September 30, 2018  
          Weighted  
    Number     average  
    of     exercise  
    Options     price  
Outstanding, beginning December 31, 2017     1,875,155     $ 1.80  
Granted     295,000       1.07  
Exercised     (192,308 )     0.26  
Forfeited     (430,462 )     2.56  
Outstanding, end of September 30, 2018     1,547,385       1.67  
Exercisable at the end of September 30, 2018     1,065,386       1.87  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Narrative)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
Segment
shares
Sep. 30, 2017
USD ($)
shares
Dec. 31, 2017
USD ($)
Retention receivables $ 1,155   $ 1,155   $ 958
Allowance for doubtful accounts receivable 325   325   320
Bad debts (54) $ 81 36 $ 198  
Cash balance in excess of FDIC limits 3,501   3,501    
Inventory allowance, net 50   50   50
Depreciation expense 96 102 289 308  
Advertising and marketing expenses 56 $ 124 $ 201 $ 807  
Standard product warranty description     Solar panel manufacturers currently provide substantial warranties between ten to twenty-five years with full reimbursement to replace and install replacement panels while inverter manufacturers currently provide warranties covering ten to fifteen-year replacement and installation.    
Warranty reserve liability $ 336   $ 336   $ 246
Number of reportable segments | Segment     1    
Stock Options [Member]          
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | shares     1,547,385 811,924  
Restricted Stock [Member]          
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | shares     263,888 1,134,615  
Warrants [Member]          
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | shares     2,997,000 2,997,000  
Solar Panels [Member] | Minimum [Member]          
Standard product warranty, term     10 years    
Solar Panels [Member] | Maximum [Member]          
Standard product warranty, term     25 years    
Inverter [Member] | Minimum [Member]          
Standard product warranty, term     10 years    
Inverter [Member] | Maximum [Member]          
Standard product warranty, term     15 years    
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives Property, Plant and Equipment (Details)
 9 Months Ended
Sep. 30, 2018
Machinery & Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 3 years
Machinery & Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 7 years
Furniture & Fixtures [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 5 years
Furniture & Fixtures [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 7 years
Computer Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 3 years
Computer Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 5 years
Vehicles [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 5 years
Vehicles [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 7 years
Leaseholder Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 3 years
Leaseholder Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives 5 years
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue from Contracts with Customers (Details Narrative) - USD ($)
$ in Thousands
Jan. 02, 2018
Sep. 30, 2018
Dec. 31, 2017
Revenue from Contract with Customer [Abstract]      
Cumulative Effect on Retained Earnings $ 1,405    
Contract assets   $ 5,181 $ 3,790
Contract liabilities   $ 6,252 $ 7,288
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
 [1]
Sep. 30, 2018
Sep. 30, 2017
 [1]
Total $ 18,281 $ 18,797 $ 51,722 $ 58,159
Agricultural, Commercial, and Industrial (ACI) [Member]        
Total 8,715 10,761 23,235 35,984
Public Works [Member]        
Total [2] 4,613 1,473 14,511 3,174
Residential [Member]        
Total $ 4,953 $ 6,563 $ 13,976 $ 19,001
[1] Prior period has not been modified for ASC 606.
[2] Public Works customers were not tracked separately until the second quarter of 2017.
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue from Contracts with Customers - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Contract assets $ 5,181 $ 3,790
Contract liabilities 6,252 7,288
Accumulated deficit (61,661) $ (56,365)
December 31, 2017 [Member]    
Contract assets 3,790  
Contract liabilities 7,288  
Accumulated deficit (56,365)  
Adjustments Due to ASC 606 [Member]    
Contract assets (584)  
Contract liabilities 821  
Accumulated deficit (1,405)  
January 1, 2018 [Member]    
Contract assets 3,206  
Contract liabilities 8,109  
Accumulated deficit $ (57,770)  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue from Contracts with Customers - Schedule of Revenue on Statement of Operations Contract and Balance Sheet Impact of Adoption of ASC 606 (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Revenue $ 18,281 $ 18,797 [1] $ 51,722 $ 58,159 [1]  
Cost of goods sold 14,916 15,704 43,048 45,554  
Gross profit 3,365 $ 3,093 8,674 $ 12,605  
Contract assets 5,181   5,181   $ 3,790
Contract liabilities 6,252   6,252   $ 7,288
Without Adoption of ASC 606 [Member]          
Revenue 17,889   50,306    
Cost of goods sold 14,876   42,323    
Gross profit 3,013   7,983    
Contract assets 5,315   5,315    
Contract liabilities 5,502   5,502    
Impact of Adoption of ASC 606 [Member]          
Revenue (392)   (1,416)    
Cost of goods sold (40)   (725)    
Gross profit (352)   (691)    
Contract assets 134   134    
Contract liabilities $ (750)   $ (750)    
[1] Prior period has not been modified for ASC 606.
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Payable (Details Narrative) - USD ($)
$ in Thousands
Apr. 27, 2018
Dec. 23, 2016
Nov. 14, 2016
Sep. 08, 2016
Jan. 05, 2016
Apr. 09, 2014
Mar. 14, 2014
Sep. 30, 2018
Dec. 31, 2017
Loans payable, current               $ 198 $ 229
Loan Agreement [Member]                  
Debt instrument, face amount $ 3,750 $ 172 $ 59 $ 174 $ 182        
Debt instrument, interest rate, stated percentage   4.99% 0.00% 5.50% 5.50%        
Debt instrument, periodic payment   $ 12 $ 1 $ 4 $ 4        
Debt instrument, maturity date Jun. 30, 2020 Sep. 30, 2020 Nov. 13, 2020 Sep. 15, 2020 Jan. 15, 2020        
Debt instrument, collateral   The loan is secured by the equipment. The loan is secured by the equipment. The loan is secured by the equipment. The loan is secured by the equipment.        
Loan Agreement [Member] | Note Dated January 5, 2016 [Member]                  
Loans payable, current               65  
Loan Agreement [Member] | Note Dated September 8, 2016 [Member]                  
Loans payable, current               92  
Loan Agreement [Member] | Note Dated November 14, 2016 [Member]                  
Loans payable, current               31  
Loan Agreement [Member] | Note Dated December 23, 2016 [Member]                  
Loans payable, current               91  
Notes Payable to Banks [Member] | Business Loan Agreement [Member]                  
Debt instrument, face amount           $ 250 $ 131    
Debt instrument, interest rate, stated percentage           4.95% 4.95%    
Debt instrument, periodic payment           $ 5 $ 2    
Debt instrument, maturity date           Apr. 09, 2019 Mar. 14, 2019    
Debt instrument, collateral           The loan is secured by the inventory and equipment. Secured by the equipment.    
Notes Payable to Banks [Member] | Note Dated March 14, 2014 [Member] | Business Loan Agreement [Member]                  
Loans payable, current               14  
Notes Payable to Banks [Member] | Note Dated April 9, 2014 [Member] | Business Loan Agreement [Member]                  
Loans payable, current               $ 32  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Payable - Schedule of Loans Payable (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Loan payable Subtotal $ 325 $ 496
Less: Current position (198) (229)
Long-term position 127 267
Business Loan Agreement Dated March 14, 2014 [Member]    
Loan payable Subtotal 14 36
Business Loan Agreement Dated April 9, 2014 [Member]    
Loan payable Subtotal 32 73
Equipment Notes Payable [Member]    
Loan payable Subtotal $ 279 $ 387
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Payable - Schedule of Loans Payable (Details) (Parenthetical)
 9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Business Loan Agreement Dated March 14, 2014 [Member]    
Loan dated Mar. 14, 2014 Mar. 14, 2014
Business Loan Agreement Dated April 9, 2014 [Member]    
Loan dated Apr. 09, 2014 Apr. 09, 2014
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition Convertible Promissory Notes (Details Narrative) - MD Energy LLC [Member] - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2015
Feb. 28, 2015
Nov. 30, 2015
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Business acquisition, percentage of voting interests acquired   100.00%          
Convertible Debt [Member]              
Debt instrument, interest rate, stated percentage   4.00%          
Debt instrument, face amount   $ 2,650          
Debt instrument, convertible, terms of conversion feature   The note is convertible into shares of common stock on or after each of the following dates: November 30, 2015, November 30, 2016 and November 30, 2017. The conversion price is $2.60 per share.          
Debt instrument, convertible, conversion price   $ 2.60          
Debt beneficial conversion feature   $ 3,262          
Debt conversion, converted instrument, shares issued     339,743        
Debt conversion, original debt, amount     $ 883        
Debt instrument, term 2 years            
Debt instrument, payment terms     Commencing with the quarter ending on June 30, 2017, the Company began to make quarterly payments of interest accrued on the convertible note during the prior quarter plus $151 with the final payment of all outstanding principal and accrued but unpaid interest on the convertible note due and payable on February 28, 2020 (the maturity date).        
Debt final payment of outstanding principal and interest       $ 151      
Debt instrument, maturity date       Feb. 28, 2020      
Interest expense         $ 0 $ 657  
Amortization of debt discount         $ 0   $ 0
Convertible Debt [Member] | Maximum [Member]              
Debt instrument, convertible, conversion price   $ 5.80          
Debt conversion, converted instrument, shares issued   1,019,231          
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Notes (Details Narrative) - Convertible Notes Payable [Member] - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Feb. 11, 2014
Jan. 31, 2014
Sep. 30, 2018
Dec. 31, 2017
Dec. 31, 2016
Sep. 30, 2014
Debt instrument, face amount     $ 100      
Convertible notes payable     100 $ 149    
Debt Issued On January 31, 2014 [Member]            
Debt instrument, interest rate, stated percentage   10.00%        
Debt instrument, face amount   $ 750 0 49 $ 554  
Proceeds from convertible debt   $ 750        
Debt instrument, convertible, terms of conversion feature   The note was convertible into shares of common stock of the Company at a price equal to a variable conversion price equal to the lesser of $1.30 per share, or fifty percent (50%) of the lowest trading price after the effective date.        
Debt instrument, convertible, conversion price   $ 1.30       $ 0.338
Debt instrument, maturity date   Jun. 30, 2019        
Debt instrument, maturity date, description   The note originally matured on October 28, 2014, was extended three months to January 31, 2015, was extended to September 30, 2016, and in March 2016 was subsequently extended to June 30, 2019 with zero interest.        
Interest expense, debt   $ 0        
Convertible notes payable     49 $ 505 196  
Accrued interest     $ 69   $ 45  
Debt conversion, converted instrument, shares issued     349,112 1,494,083 711,586  
Debt Issued On February 11, 2014 [Member]            
Debt instrument, interest rate, stated percentage 10.00%          
Debt instrument, face amount $ 100          
Debt instrument, convertible, terms of conversion feature The note was convertible into shares of common stock of the Company at a price equal to a variable conversion price equal to the lesser of $1.30 per share, or fifty percent (50%) of the lowest trading price after the effective date.          
Debt instrument, convertible, conversion price $ 1.30         $ 0.338
Debt instrument, maturity date Jun. 30, 2019          
Debt instrument, maturity date, description The note matured on various dates from the effective date of each advance with respect to each advance. At the sole discretion of the lender, the lender was able to modify the maturity date to be twelve (12) months from the effective date of each advance. The note matured on various dates in 2014, and was extended to September 30, 2016, and in March 2016 was subsequently extended to June 30, 2019 with zero interest.          
Interest expense, debt $ 0          
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Promissory Notes Payable (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Apr. 27, 2018
Dec. 23, 2016
Nov. 14, 2016
Sep. 08, 2016
Jan. 05, 2016
Sep. 30, 2018
Sep. 30, 2018
Amortization of debt issuance costs           $ 23 $ 32
Loan Agreement [Member]              
Promissory notes $ 3,750 $ 172 $ 59 $ 174 $ 182    
Debt instrument, interest rate description The Notes bear interest at the rate of the one-month LIBOR plus 950 basis points            
Debt instrument, maturity date Jun. 30, 2020 Sep. 30, 2020 Nov. 13, 2020 Sep. 15, 2020 Jan. 15, 2020    
Debt instrument, term In the event the Notes are prepaid in full prior to the maturity date, the Company shall pay the holder of the Senior Notes an exit fee of $375 if prepaid prior to March 31, 2020 or $435 if prepaid after March 31, 2020 but prior to the maturity date.            
Interest expense $ 435            
Description of event of default Upon the occurrence of an Event of Default the outstanding principal amount of the Notes, plus accrued but unpaid interest and other amounts owing in respect thereof, shall become, at the giving of notice by Lender, immediately due and payable. Interest on overdue payments accruing upon the occurrence of an Event of Default shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law.            
Debt issuance cost $ 118            
Loan Agreement [Member] | Senior Notes [Member]              
Promissory notes 3,000            
Loan Agreement [Member] | Senior Notes [Member] | Prior to March 31, 2020 [Member]              
Debt instrument exit fees 375            
Loan Agreement [Member] | Senior Notes [Member] | After March 31, 2020 [Member]              
Debt instrument exit fees 435            
Loan Agreement [Member] | Subordinated Notes [Member]              
Promissory notes $ 750            
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Promissory Notes Payable - Schedule of Promissory Notes Payable (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Debt Disclosure [Abstract]    
Promissory notes payable $ 3,750
Less, debt issuance costs (95)
Promissory notes payable, net $ 3,655
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Stock (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 9 Months Ended
Sep. 14, 2018
May 02, 2018
Nov. 25, 2015
May 31, 2018
Dec. 31, 2015
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Number of common stock shares exercise of options           192,308    
Number of common stock shares issued for conversion, value           $ 118 $ 270  
Preferred stock, shares authorized           5,000,000   5,000,000
Preferred stock, par or stated value per share           $ 0.001   $ 0.001
Preferred stock, shares outstanding           0   1,506,024
Common Stock [Member]                
Number of common stock shares issued for conversion 349,112              
Debt instrument conversion price per shares $ 0.338              
Number of common stock shares issued for conversion, value $ 118              
Series B Preferred Stock [Member]                
Conversion of stock   1,506,024            
Number of common stock shares exercise of options              
Preferred stock, shares authorized     1,700,000          
Preferred stock, par or stated value per share     $ 0.001          
Preferred stock, voting rights     Holders will be entitled to convert each share of Series B Preferred Stock into one (1) share of Common Stock and will also be entitled to vote together with the holders of Common Stock on all matters submitted to shareholders at a rate of one (1) vote for each share of Series B Preferred Stock. In addition, so long as at least 100,000 shares of Series B Preferred Stock are outstanding, the Company may not, without the consent of the Holders of at least a majority of the shares of Series B Preferred Stock then outstanding: (i) amend, alter or repeal any provision of the Certificate of Incorporation or bylaws of the Company or the Certificate of Designation so as to adversely affect any of the rights, preferences, privileges, limitations or restrictions provided for the benefit of the Holders or (ii) issue or sell, or obligate itself to issue or sell, any additional shares of Series B Preferred Stock, or any securities that are convertible into or exchangeable for shares of Series B Preferred Stock.          
Stock issued during period, shares, acquisitions, shares         1,506,024      
Stock issued during period, value, acquisitions         $ 4,500      
James Nelson [Member]                
Number of common stock shares issued           634,615    
Number of common stock shares exercise of options       192,308        
Charles Cargile [Member]                
Number of common stock shares issued           236,112    
Common Stock [Member]                
Conversion of stock   1,506,024            
Number of common stock shares exercise of options           192,308    
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock Options, Restricted Stock, and Warrants (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Aug. 31, 2016
Apr. 30, 2018
Sep. 30, 2014
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2014
Dec. 31, 2017
Mar. 29, 2017
Dec. 31, 2013
Number of non-qualified stock options outstanding to purchase shares of common stock       1,547,385   1,547,385     1,875,155    
Share-based compensation       $ 151 $ 299 $ 1,183 $ 833        
Warrants [Member]                      
Number of common stock purchase warrants outstanding       2,997,000   2,997,000          
Exercise price of warrants       $ 4.15   $ 4.15          
Warrant expiration       Mar. 09, 2020   Mar. 09, 2020          
Restricted Stock Grant Agreement [Member] | March 29, 2017 [Member]                      
Share-based compensation       $ 63   $ 188          
Restricted Stock Grant Agreement [Member] | August 31, 2016 [Member]                      
Share-based compensation       $ 0   $ 502          
Restricted Stock Grant Agreement [Member] | Charles F. Cargile [Member]                      
Exercise price per share                   $ 1.50  
Maximum [Member] | Restricted Stock Grant Agreement [Member] | Charles F. Cargile [Member]                      
Share-based compensation arrangement by share-based payment award, number of shares authorized                   500,000  
Stock Option [Member]                      
Number of non-qualified stock options outstanding to purchase shares of common stock       1,547,385   1,547,385          
Share-based compensation       $ 88 $ 195 $ 314 $ 582        
Stock Option [Member] | Minimum [Member]                      
Stock options vest at various time and exercisable period           5 years          
Exercise price per share       $ 0.93   $ 0.93          
Stock Option [Member] | Maximum [Member]                      
Stock options vest at various time and exercisable period           7 years          
Exercise price per share       $ 4.42   $ 4.42          
One Year Anniversary [Member] | Restricted Stock Grant Agreement [Member] | Charles F. Cargile [Member]                      
Restricted shares shall vest                   166,667  
24 Equal Monthly Installments [Member] | Restricted Stock Grant Agreement [Member] | Charles F. Cargile [Member]                      
Restricted shares shall vest                   333,333  
Restricted Stock [Member] | James B. Nelson [Member]                      
Exercise price per share $ 2.90                   $ 0.47
Share-based compensation       $ 0   $ 179          
Stock issued during period, shares, restricted stock award, net of forfeitures, shares 250,000 384,615           384,615      
Market capitalization exceeded     $ 10,000                
Stock issued during period, value, restricted stock award, net of forfeitures               $ 786,000      
Restricted Stock [Member] | Maximum [Member] | James B. Nelson [Member]                      
Share-based compensation arrangement by share-based payment award, number of shares authorized                     769,230
Ownership percent 50.00%                    
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock Options, Restricted Stock, and Warrants - Schedule of Share-based Compensation, Stock Options Activity (Details)
 9 Months Ended
Sep. 30, 2018
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Number of Options, Outstanding, beginning | shares 1,875,155
Number of Options, Granted | shares 295,000
Number of Options, Exercised | shares (192,308)
Number of Options, Forfeited | shares (430,462)
Number of Options, Outstanding, end | shares 1,547,385
Number of Options, Exercisable at the end | shares 1,065,386
Weighted Average Exercise Price, Outstanding, beginning | $ / shares $ 1.80
Weighted Average Exercise Price, Granted | $ / shares 1.07
Weighted Average Exercise Price, Exercised | $ / shares 0.26
Weighted Average Exercise Price, Forfeited | $ / shares 2.56
Weighted Average Exercise Price, Outstanding, end | $ / shares 1.67
Weighted Average Exercise Price, Exercisable at the end | $ / shares $ 1.87
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