Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

8. Prepaid expenses and other current assets

Prepaid expenses and other current assets as at March 31, 2015 and December 31, 2014 primarily included a prepayment to supplier for the purchase of solar panels of $5,239 and nil, value-added tax recoverable of $8,156 and $3,969, a deposit of $4,839 (equivalent to RMB 30,000) and $4,827 (equivalent to RMB 30,000) paid to State Grid Corporation of China under an Acquisition Framework agreement dated October 22, 2014 to acquire 95.68% of the shares in Guo Dian Nai Lun Te Zuo Qi Photovoltaic Power Generation LLC (“Guo Dian”). Pursuant to the Acquisition Framework agreement, the Company shall acquire 95.68% of the shares in Guo Dian at an aggregate purchase price of $100 million. In the event that the Company fails to execute any equity transfer agreement, the seller shall have the right to terminate the agreement, in which case, the seller shall refund all of the amounts that have been paid by the Company without any penalty.