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Investment
12 Months Ended
Dec. 31, 2015
Investments, All Other Investments [Abstract]  
Investment
INVESTMENT

In the third quarter of 2009, we made a strategic investment of $5.0 million in BrightVolt Inc. (formerly known as Solicore, Inc.), headquartered in Lakeland, Florida. BrightVolt is focused on penetrating the market for embedded power solutions, offering its patented Flexicon advanced ultra-thin, flexible, lithium polymer batteries for smart cards, controlled access cards, RFID tags, and medical devices. We account for this investment under the cost method as we cannot exert significant influence over the business. We also entered into a joint development agreement with BrightVolt to develop the next generation of power solution products using screen printing technology. If this technology is adopted, we will have the option to manufacture a significant portion of the products that result from this collaboration. In the first quarter of 2013, we made an additional investment of $0.1 million in BrightVolt.

During the fourth quarter of 2013, BrightVolt raised additional equity capital through a round of capital financing that decreased our ownership interest in BrightVolt as we did not participate in this round of financing. Further, the financing round was issued at a significantly lower price than when we had initially invested in BrightVolt. In accordance with the applicable accounting guidance, this event represented an indicator of impairment. As a result, we performed an impairment analysis during the fourth quarter of 2013. The valuation was based on an option pricing methodology to estimate the per share value of the equity classes of stock held in BrightVolt. This method utilized a Black-Scholes option pricing model and the analytic process utilized to perform the valuation, which included back solving for the total equity value of BrightVolt. Based on the results of this valuation, there was a significant decline in the fair value of the BrightVolt business, which caused us to recognize an impairment charge on our investment in BrightVolt of approximately $4.6 million. The remaining book value of our investment in BrightVolt as of December 31, 2013 was $0.5 million.

During the fourth quarter of 2014, we determined that BrightVolt continued to have negative business results, in addition to Rogers not participating in the latest round of financing initiated in the fourth quarter of 2014. As a result, we performed an impairment analysis during the fourth quarter of 2014. This valuation was done using the same methodology as performed in 2013, and described above. Based on the results of this valuation, there was a decline in the fair value of the BrightVolt business, which caused us to recognize an impairment charge on our investment in BrightVolt of approximately $0.2 million. The remaining book value of our investment in BrightVolt as of December 31, 2014 was approximately $0.3 million.

During the fourth quarter of 2015, we determined that BrightVolt continued to have negative business results, in addition to Rogers not participating in the latest round of financing initiated in the first quarter of 2015. As a result, we performed an impairment analysis during the fourth quarter of 2015. This valuation was done using the same methodology as performed in 2014, as described above. Based on the results of this valuation, the fair value of BrightVolt was determined to be not further impaired. The remaining book value of our investment in BrightVolt as of December 31, 2015 was approximately $0.3 million.