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Subsequent events
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3 Months Ended |
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Jun. 30, 2013
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| Subsequent Events [Abstract] | |
| Subsequent events |
Subsequent events
The Company's common stock was split one-for-four in a reverse stock split effective July 22, 2013. The effect of this reverse stock split has been retroactively applied to per share data and common stock information.
On July 1, 2013 the Company entered into an Amendment to the Facilities, Support Services and Business Agreement, or the Amendment, with American DG Energy Inc., or American DG Energy. The Amendment renews the term of the Facilities, Support Services and Business Agreement between the Company and American DG Energy for a one year period, beginning on July 1, 2013.
On August 13, 2013 the Company amended its Revolving Line of Credit Agreement, with John N. Hatsopoulos, our Chief Executive Officer to increase the available borrowing amount to $1,500,000. In addition, the company may prepay accrued interest, provided that prepayment may not be made prior to January 1, 2014. As of August 14, 2013 the outstanding balance under the note was $650,000.
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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