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OTHER ASSETS
6 Months Ended
Jun. 30, 2017
Other Assets [Abstract]  
OTHER ASSETS

6.  OTHER ASSETS

 

In December 2011 and January 2012, the Company made two loans, each in the amount of $0.3 million to a developer of a renewable energy project in the U.S. The promissory notes accrue interest at a rate of 4.5% per annum with a final payment of all unpaid principal and interest becoming fully due and payable upon the earlier to occur of (i) the four year anniversary of the issuance date of the promissory notes, or (ii) an event of default. As defined in the promissory notes, an event of default includes, but is not limited to, the following: any bankruptcy, reorganization or similar proceeding involving the borrower, a sale or transfer of substantially all the assets of the borrower, a default by the borrower relating to any indebtedness due to third parties, the incurrence of additional indebtedness by the borrower without the Company's written consent and failure of the burrower to perform its obligations pursuant to its other agreements with the Company, including its purchase order for pad mount transformers. The principal balance of the loan receivable is outstanding at June 30, 2017 and December 31, 2016. The Company expects to fully recover these amounts. At June 30, 2017, the Company has reclassified the principal of $0.6 million to other current assets as the Company anticipates receiving the note in the next twelve months based upon negotiations with the debtor.

 

Included in Other Assets at June 30, 2017 and December 31, 2016 is a customer note receivable of $0.2 million.