Subsequent events |
12 Months Ended |
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Dec. 31, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent events |
Subsequent events
On January 28, 2016, the letter of credit from Enterprise Bank and Trust Company required for collateral with an outstanding performance bond was closed as the Company had met the performance obligations of the bond (see Note 8).
On March 8, 2016, the Board of Directors authorized a stock exchange with Ilios shareholders in order to acquire the remaining 35% of outstanding Ilios stock and effect a statutory merger of the Company. The exchange was offered using a 30 day volume weighted average closing price of the Company's stock, or $3.93 at an exchange rate of 7.86 Ilios shares per Tecogen share. As of the filing date, shareholders have begun to respond but no shares have been issued in the exchange.
On March 15, 2016, the Board of Directors accepted an offer in principle by the Michealson Capital Special Finance Fund, LP to extend the maturity date of the convertible note until December 18, 2018 and increase the outstanding balance by $150,000.
The Company has evaluated subsequent events through the date of this report and determined that no additional subsequent events occurred that would require recognition in the consolidated financial statements or disclosure in the notes thereto.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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