Subsequent Events |
3 Months Ended |
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Mar. 31, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
On April 1, 2016, the senior convertible note was amended including modification of conversion price from $3.37 to $3.54, and the number of shares issuable upon conversion decreased from 890,207 at December 31, 2015 to 889,830. The Company is evaluating the impact, if any, resulting from this modification (See Note 3).
On April 11, 2016 and April 13, 2016, the Company entered into numerous private placement share exchange agreements with shareholders of Ilios Inc., a majority owned subsidiary of the Company. These transactions are detailed in Note 4. Effective May 3, 2016, Tecogen, Inc. (the "Company") entered into an Agreement and Plan of Merger (the "Agreement"), with its majority owned private subsidiary, Ilios Inc. ("Ilios"). Pursuant to the Agreement, Ilios will merge with and into Tecogen with Tecogen as the surviving Company. Tecogen will assume ownership of all of Ilios' assets, debts, contracts, liabilities, obligations, and duties. Pursuant to the Agreement, any stockholders or options holders of Ilios may turn in their stock or options for stock or options of Tecogen at the agreed upon exchange rate. Pursuant to the agreement, Ilios will merged with and into Tecogen in short-form merger under Delaware General Corporate Law Section 253.
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