Acquisition of ReliOn Inc

12 Months Ended

Dec. 31, 2014

Acquisition of ReliOn Inc.

Acquisition of ReliOn Inc.

3. Acquisition of ReliOn, Inc.

        On April 2, 2014, the Company completed the acquisition of ReliOn, Inc. ("ReliOn") for an aggregate purchase price of $4,000,000. The Company acquired substantially all of the assets of ReliOn, including patents, technology and other intangible assets, equipment and other tangible assets. ReliOn is a developer of hydrogen fuel cell stack technology based in Spokane, Washington. As consideration, the Company issued 530,504 shares of common stock, and assumed certain specified liabilities of ReliOn. The total purchase price of $4,000,000 is based on the issuance of 530,504 shares of Plug Power common stock at the closing price of the Company's stock on April 1, 2014 of $7.54.

        The following table summarizes the allocation of the purchase price to the estimated fair value of the net assets acquired:

Cash and cash equivalents	$	414,000
Accounts receivable		315,975
Inventory		5,161,223
Prepaid expenses and other assets		88,894
Property and equipment		162,990
Identifiable intangibles		980,000
Accounts payable and accrued expenses		(1,682,782	)
Note payable		(426,044	)
Total Net Assets Acquired	$	5,014,256
Gain on bargain purchase		(1,014,256	)
Acquisition consideration	$	4,000,000

        The fair value of the acquired net assets exceeded the purchase consideration, and therefore a gain on bargain purchase of $1,014,256 was recognized during the year ended December 31, 2014.

        The results of operations of ReliOn are consolidated in the Company's results of operations beginning on the acquisition date of April 2, 2014. The following unaudited pro forma financial information for the years ended December 31, 2014 and 2013 present the consolidated operations data of the Company as if the ReliOn acquisition had been made on January 1, 2013. The unaudited pro forma financial information is provided for informational purposes only and does not project the Company's results of operations for any future period.

	Year ended December 31, 2014			Year ended December 31, 2013
Revenue	$	65,361,494		$	31,190,848
Net loss attributable to the Company		(88,925,977	)		(69,645,886	)
Basic and diluted loss per share	$	(0.56	)	$	(0.90	)