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v2.4.0.6
Related Parties
9 Months Ended
Sep. 30, 2011
Related Parties [Abstract]  
Related Parties

19. Related Parties

In the fourth quarter of 2009, the Company completed a system installation under an Engineering, Procurement and Construction (“EPC”) contract entered into with STP (see Note 3 and 8). Subsequent to the end of 2009, Stephen C. Kircher, our Chief Executive Officer, and his wife, Lari K. Kircher, as Co-Trustees of the Kircher Family Irrevocable Trust dated December 29, 2004 (“Trust”) was admitted as a member of HEK, LLC (“HEK”), a member of STP. The Trust made a capital contribution of $20,000 and received a 35% membership interest in HEK. Stephen C. Kircher, as trustee of the Trust was appointed a co-manager of HEK. Neither Stephen C. Kircher nor Lari K. Kircher is a beneficiary under the Trust.

In June 2011, the Company transferred to LDK Solar USA, Inc. its interest in North Palm Springs Investments, LLC (“NPSLLC”) and entered into two EPC agreements with NPSLLC for the construction of two utility scale solar projects with anticipated revenues to the Company of $29.2 million. The EPC agreements provide for milestone payments based on performance against a schedule of values.

At September 30, 2011, the Company had accounts receivable of $13,949,000 from its seventy percent shareholder, LDK Solar Co., Ltd. (“LDK”), consisting of $1,105,000 for raw material for the manufacture of solar products valued at its carrying value with payment terms ranging from 60 to 180 days; $1,421,000 expenses incurred on their behalf related to operations in our China and Hong Kong subsidiaries with the intent that the operations of these subsidiaries will be transferred to LDK upon completion of necessary regulatory requirements; and billings to North Palm Springs Investments, LLC related to EPC contracts with the Company of $11,423,000 with milestone payments due upon performance against a schedule of values in the agreement.

At September 30, 2011, the Company had accounts payable of $3,879,000 to LDK Solar Co., Ltd. consisting of $3,761,000 for purchase of solar panels for its projects currently under development and $118,000 for purchase of raw material.

During the three months ended September 30, 2011 the Company recorded net sales to LDK Solar Co., Ltd. of $6,284,000, consisting of $333,000 in raw material sales and $5,951,000 of net sales related to solar development projects. Related cost of goods sold was $6,353,000. Solar development costs were $6,020,000 and the raw material was sold at carrying value of $333,000.

During the nine months ended September 30, 2011 the Company recorded net sales to LDK Solar Co., Ltd. of $12,413,000, consisting of $1,429,000 in raw material sales and $10,984,000 of net sales related to solar development projects. Related cost of goods sold was $11,766,000. Solar development costs were $10,337,000 and the raw material was sold at carrying value of $1,429,000.

 

Related party transactions with LDK are summarized in the following table:

 

                 
    Three Months Ended
September 30, 2011
    Nine Months Ended
September 30, 2011
 

Revenue recognized on EPC contracts with North Palm Springs Investment, LLC*

    5,951       10,984  

Raw material sales at carrying value

    333       1,429  

Cost of goods sold related to North Palm Springs Investments, LLC*

    6,020       10,337  

Accounts receivable for expenses incurred on LDK’s behalf related to operations in our China and Hong Kong subsidiaries

    483       1,421  

Solar panel purchases

    2,199       14,624  

 

* North Palm Springs Investments, LLC is a wholly owned subsidiary of LDK Solar USA, Inc.