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Note 17 - Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

17. Subsequent Events


In April 2014, the Company entered into an agreement for the sale of common stock in a private placement for aggregate gross proceeds of $21.75 million.  Pursuant to the agreement, the closing is expected to occur by the end of July 2014.  In May 2014, the Company received $11.0 million pursuant to the agreement and LDK required $7.0 million of these cash proceeds to be used to pay down accounts payable due to LDK . The Company is in the process of increasing the authorizing additional common stock.


In April, 2014, the Company entered into a first amendment and restated exchange and release agreement with KDC to reduce its limited ownership in KDC Solar Mountain Creek Parent LLC from 64.5% to 20.0%. In exchange, KDC agreed to pay the Company 55.62% of all cash distributions received by KDC from its 80.0% managing member interest in the KDC Solar Mountain Creek Parent LLC.


In April, 2014, Cathay Bank filed a lawsuit against the Company to recover $4.25 in principal plus $0.1 in accrued and unpaid interest from the Company under the terms of the Loan Agreement. In May, 2014, Cathay Bank sought a temporary restraining order (“TRO”) and appointment of a receiver on an ex parte basis, which request was denied in part and granted in part. The court granted a TRO over two particular accounts receivable, which together would be sufficient to cover the amount claimed by Cathay Bank.  The TRO became effective upon Cathay Bank’s posting of a $15,000 bond, and remains in place until May 15, 2014.  The court denied to impose a TRO over any other assets or to appoint a receiver. Cathay Bank also filed a motion for preliminary injunction, enjoining the Company’s use of certain assets and the appointment of a receiver over those assets, which the Bank requests remain in place for the duration of the lawsuit. On May 15, 2014, the Company and Cathay Bank agreed to a settlement in principal and the Company paid Cathay Bank a total of $4.4 million to satisfy all of the Company’s obligations owed to Cathay and Cathay is expected to dismiss the lawsuit filed against the Company.