Note 19 - Restatement

6 Months Ended

Jun. 30, 2013

Restatement [Abstract]

Restatement [Text Block]

19. Restatement

Based on its review, management determined that the Company improperly reported cash flows between operating and investing activities which resulted in a $17 million overstatement of cash flows from operating activities and a $17 million understatement of cash flows from investing activities due to the improper classification of a portion of the conversion of $30.6 million of accounts receivables into notes receivables during the second quarter of 2013. The transaction should have been disclosed as operating activities in accordance with accounting standards.

During the second quarter of 2013, the Company converted certain accounts receivables into notes receivables. The receivables were generated from the performance of engineering, procurement and construction services related to the Company’s primary operations. Accordingly, the issuance and repayment on notes receivables related to operations should have been reported as changes in operating cash flows. However, the Company incorrectly reported the issuance of notes receivable and proceeds from repayment on notes receivable as investing activities within the statement of cash flows for the six months ended June 30, 2013. In addition, the Company incorrectly disclosed a non-cash investing activity for the reclassification of accounts receivable to notes receivable. The impact of this restatement on the Statement of Cash Flows for the six months ended June 30, 2013 is as follows:

	As filed			(In thousands,) (unaudited) Six Months Ended June 30, 2013 Effect of Restatement			Restated
Net loss	$	(9,974	)				$	(9,974	)
Net cash in operating activities	$	3,722		$	(16,994	)	$	(13,272	)
Net cash (in) from investing activities	$	(18,434	)	$	16,994		$	(1,440	)
Net cash in financing activities	$	(3,316	)				$	(3,316	)
Effect of exchange rate changes on cash	$	377					$	377
Decrease in cash and cash equivalents	$	(17,651	)				$	(17,651	)
Cash and cash equivalents at beginning of period	$	17,823					$	17,823
Cash and cash equivalents at end of period	$	172					$	172
Non-cash activities:
Reclassification of accounts receivable to notes receivable	$	13,628		$	(13,628	)		-