Note 6 - Accounts and Notes Receivable

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

6. Accounts and Notes Receivable

In 2013, the Company recognized $13,900 of revenue under the completed-contract method and recorded a receivable of $8,800(denominated in Euros) related to the sale of projects in Greece. As the customer that purchased the projects did not receive term financing from China Development Bank, the receivable is currently being collected over a six year agreed-upon payment schedule, plus variable interest. In the second quarter of 2013, the Company reclassified $5,900 of existing accounts receivables related to sale of panels to another Greece customer to noncurrent assets based on the expected collection period which is anticipated to exceed one year. As of December 31, 2014 and December 31, 2013, $7,705 and $4,258, respectively, were recorded as current accounts receivable and $4,476 and $12,349, respectively, were recorded in noncurrent accounts receivable from these two customers.

During 2013 the Company issued a note receivable of $13,668 to KDC Solar (“KDC”) for one of KDC’s completed projects with a 15 year payment terms which began on the project’s commercial operations date in April 2013. The note bears interest of LIBOR plus 460bps. If KDC obtains term debt financing for this project, the collection of the note receivable may be accelerated. On September 30, 2014, the Company and KDC entered into Release Agreement where KDC would pay $13,668 to SPI, including $7,887 of solar panels and $5,781 of cash. The remaining noncurrent notes receivable was $6,611 and $13,668, respectively as of December 31, 2014 and 2013.

As of December 31,2013, accounts receivable of $2,882 is due from Beaver Run Solar Farm LLC (“Beaver Run”) for solar module sales in December 2011. In November 2014, the Company entered into a membership interest purchase agreement (“MIPA”) with Shotmeyer LLC, the parent company of Beaver Run, to acquire 100% membership interest in Beaver Run at the consideration of $5,196. In addition, pursuant to MIPA, the accounts receivable of $2,882 due from Beaver Run would be settled by the return of $2,094 solar modules to the Company, partially net-off the acquisition consideration of $300 and land leasing fee of $488 which is held by the parent company of Beaver Run used for the Beaver Run project. As of December 31, 2014, the construction costs of Beaver Run project was $5,791.

In 2011, the Company and Seashore entered into an EPC contract and Solar Panels Sales Agreement whereby the Company provided to Seashore EPC service in connection with a solar power project to be located in New Jersey and sold to Seashore 11,374 photovoltaic solar panels, respectively. In July 2013, SPI filed a complaint against Seashore Solar, Inc. and Seashore Solar Development, LLC (collectively “Seashore”) in the Superior Court of New Jersey. This lawsuit related to $2,800, part of the outstanding receivables of the aforementioned project. On May 15, 2014, the Company entered into a settlement agreement with Seashore regarding the total outstanding balance of $3,699. Seashore agreed to settle all outstanding debts in full by cash payment of $750 and solar panels of $1,395. As at December 31, 2014, the panels as agreed were received, and a full provision of $750 was provided by the Company as no payment was received.