Discontinued Operations-Schneider Power (Tables)

3 Months Ended

Mar. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Historical Operating Results of Schneider Power Classified as Discontinued Operations

	Three months ended March 31,
	2012			2013
Revenue:
Net product sales	$	88,552		$	857,958
Costs and expenses:
Cost of product sales	28,940			168,967
Research and development	45,268			16,872
Selling, general and administrative	273,490			271,807
Amortization of intangible assets	37,046			—
Impairment of goodwill and intangible assets of discontinued operations (1)	—			1,736,208
Total costs and expenses	384,744			2,193,854
Operating loss	(296,192		)	(1,335,896		)
Interest expense, net	(127,096		)	(372,267		)
Loss from discontinued operations	$	(423,288	)	$	(1,708,163	)

(1) We measure each disposal group of Schneider Power at the lower of its carrying amount or fair value less costs to sell. The fair value measurements are based on Level 3 inputs such as market conditions and pending agreements to sell the assets. Based on an assessment that we updated as of March 31, 2013, we determined that the fair value of goodwill and intangible assets of certain disposal groups were above their fair values, net of selling costs. As a result, we recognized impairment charges of $1.7 million during the first quarter of 2013, of which $1.0 million is related to goodwill and $0.7 million is related to intangible assets.

Unaudited Balance Sheets of Schneider Power, Classified as Discontinued Operations Held for Sale

The unaudited balance sheets of Schneider Power, classified as discontinued operations held for sale, are as follows:

	December 31, 2012		March 31, 2013
Current Assets:
Cash and cash equivalents	$	578,080	$	32,503
Accounts receivable, net	454,088		613,811
Prepaids and other current assets	670,794		400,718
Total current assets	$	1,702,962	$	1,047,032
Non-Current Assets:
Property and equipment, net (1)	$	25,959,563	$	25,378,293
Intangible asset, net (2)	3,924,327		3,128,907
Goodwill (3)	2,308,383		1,228,036
Deposits and other assets	331,223		325,790
Total non-current assets	$	32,523,496	$	30,061,026
Current Liabilities:
Accounts payable	$	933,377	$	703,846
Accrued payroll obligations	33,390		14,837
Other accrued liablities	316,314		82,602
Current portion of debt obligations (4)	2,227,668		1,197,716
Total current liabilities	$	3,510,749	$	1,999,001
Non-Current Liabilities:
Debt obligations, net of current portion (4)	$	23,251,117	$	23,935,866
Deferred income taxes	146,847		143,559
Total non-current liabilities	$	23,397,964	$	24,079,425

(1) Consists mainly of wind turbine assets of the 10 megawatt Zephyr Wind Farm acquired in April 2012 and the 1.6 megawatt Providence Bay Wind Farm acquired in April 2010.

(2) Consists of project assets acquired with our acquisition of Schneider Power in April 2010 associated with Schneider Power's renewable energy portfolio and power purchase agreements associated with Schneider Power's acquisition of the Zephyr Wind Farm in April 2012 and reflects impairments of $0.7 million recognized as of March 31, 2013.

(3) Represents goodwill ascribed to the Zephyr Wind Farm acquisition in April 2012 and reflects $1.0 million impairment recognized as of March 31, 2013.

(4) Consists of obligations to secured project lenders as follows: