XML 26 R14.htm IDEA: XBRL DOCUMENT v3.4.0.3
Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

On May 4, 2016, the Company exchanged approximately 14.72 million of its shares in EuroSite Power, or 22% of its 48% ownership in its European subsidiary, for elimination of a portion of the outstanding 6% convertible debentures due May 2018. With this swap of EuroSite Power shares in exchange for partial extinguishment of the convertible debt, American DG Energy reduced the convertible debt outstanding to $8.6 million. The Company is pursuing a similar debt exchange transaction for the remaining convertible debt outstanding and expects to complete that subsequent transaction in the coming weeks.

On May 12, 2016, in a private placement of its common stock, EuroSite Power raised $7.25 million at $0.575 per share from various accredited investors. EuroSite plans to use these funds to first pay off its debt to its Chairman, of $2,000,000, with the balance to be used to fund operations and growth. Closing has been set for June 8, 2016.

The Company has evaluated subsequent events through the date of this filing and determined that no other subsequent events occurred that would require recognition in the consolidated financial statements or disclosure in the notes thereto.