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v2.4.0.6
Restatement
9 Months Ended
Sep. 30, 2011
Restatement and Recently Issued Accounting Pronouncements [Abstract]  
Restatement

3. Restatement

This filing amends and restates our previously reported consolidated financial statements for the three and nine months ended September 30, 2011 and 2010 to reflect revised accounting treatment for a single solar development project under the financing method for a sale of real estate as opposed to the percentage of completion method as was previously used.

Based on its review, management determined that the Company improperly recognized revenue at the date of the initial sale on a solar development project initiated in 2009 under the percentage of completion method for construction work for the new owner. The transaction should have been accounted for in accordance with accounting standards for sales of real estate and due to continuing involvement with the project after the transaction, no sale should have been recognized. Instead the transaction should have been accounted for using the financing method.

In May 2009, the Company entered into a Power Purchase Agreement (“PPA”) with Aerojet General Corp. (“Aerojet”) to supply solar energy and commenced construction of a Solar Energy Facility (“SEF”). In September 2009, the Company transferred the partially completed SEF to Solar Tax Partners 1 (the “Buyer”), and entered into contracts with the Buyer to assign them the rights under the associated PPA, and complete construction of the SEF. The Company accounted for this transaction under the percentage of completion method in its third quarter 2009 consolidated financial statements.

In the fourth quarter 2009, the Company completed construction of the SEF for a price of $19.6 million and received $6.7 million in cash, $3.6 million in promissory note and with $9.3 million balance amount outstanding. The Company applied the cost recovery method of revenue recognition to this transaction due to degree of uncertainty for the collectability of the outstanding amount. Accordingly, for the year ended December 31, 2009, the Company recorded total revenue of $14.9 million and an equivalent cost of goods sold amount of $14.9 million.

 

Prior to September 30, 2009, the only parties to the SEF arrangement were Aerojet and the Company, pursuant to the PPA. The Company had access to the Aerojet property under an implied easement, had completed a significant portion of the physical construction of the SEF, and was therefore considered the owner of the partially completed SEF. Accordingly, the Company reassessed the accounting treatment and determined that the project should be accounted for as a sale of real estate. As a result, while the Company maintains its continuing involvement through guarantees given to the investor, it will apply the financing method.

The following tables disclose the impact of the changes on the Consolidated Balance Sheets as of September 30, 2011 and December 31, 2010, Consolidated Statements of Operations for the three months and nine months ended September 30, 2011 and 2010, and on the Consolidated Statements of Cash Flows for the nine months ended September 30, 2011 and 2010:

Consolidated Balance Sheets

 

                                                 
    As of September 30, 2011     As of December 31, 2010  
(Dollars in thousands)   As reported     Adjustments     As restated     As reported     Adjustments     As restated  
             

Property, plant and equipment at cost, net

  $ 710     $ 13,552     $ 14,262     $ 915     $ 14,109     $ 15,024  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 59,151     $ 13,552     $ 72,703     $ 23,806     $ 14,109     $ 37,915  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             

Loans payable, financing and capital lease obligations, net of current portion

  $ —       $ 13,952     $ 13,952     $ 13     $ 14,620     $ 14,633  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 23,578     $ 13,952     $ 37,530     $ 15,943     $ 14,620     $ 30,563  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             

Accumulated deficit

  $ (39,403   $ (400   $ (39,803   $ (34,016   $ (511   $ (34,527
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total stockholders’ equity

  $ 35,573     $ (400   $ 35,173     $ 7,863     $ (511   $ 7,352  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and stockholders’ equity

  $ 59,151     $ 13,552     $ 72,703     $ 23,806     $ 14,109     $ 37,915  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated Statements of Operations

 

                                                                                                 
(Dollars in thousands)   For three months  ended
September 30, 2011
    For three months  ended
September 30, 2010
    For nine months  ended
September 30, 2011
    For nine months  ended
September 30, 2010
 
    As
reported
    Adjustments     As
restated
    As
reported
    Adjustments     As
restated
    As
reported
    Adjustments     As
restated
    As
reported
    Adjustments     As
restated
 
                         

Net Sales

  $ 22,125     $ 629     $ 22,754     $ 4,025     $ 649     $ 4,674     $ 42,555     $ 1,477     $ 44,032     $ 20,807     $ 1,469     $ 22,276  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of goods sold

  $ 20,744       197     $ 20,941     $ 3,470       197     $ 3,667     $ 39,344       589     $ 39,933     $ 18,518       588     $ 19,106  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit

  $ 1,381       432     $ 1,813     $ 555       452     $ 1,007     $ 3,211       888     $ 4,099     $ 2,289       881     $ 3,170  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                         

General and administrative

  $ 1,607       16     $ 1,623     $ 1,636       15     $ 1,651     $ 5,075       47     $ 5,122     $ 5,999       46     $ 6,045  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss

  $ (1,236     416     $ (820   $ (2,336     437     $ (1,899   $ (5,002     841     $ (4,161   $ (7,606     835     $ (6,771
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense

  $ (70     (238   $ (308   $ (289     (243   $ (532   $ (478     (730   $ (1,208   $ (332     (742   $ (1,074
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

  $ (1,258     178     $ (1,080   $ (2,598     194     $ (2,404   $ (5,387     111     $ (5,276   $ (9,099     93     $ (9,006
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated Statements of Cash Flows

 

                                                 
                                     
(Dollars in thousands)   For nine months ended September 30, 2011     For nine months ended September 30, 2010  
    As reported     Adjustments     As restated     As reported     Adjustments     As restated  

Net loss

  $ (5,387   $ 111     $ (5,276   $ (9,099   $ 93     $ (9,006
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation

  $ 192     $ 557     $ 749     $ 424     $ 557     $ 981  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income from solar system subject to financing obligations

  $ —       $ (668   $ (668   $ —       $ (650   $ (650
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accounts receivable

  $ (4,342   $ —       $ (4,342   $ 14,546     $ (8,172   $ 6,374  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in operating activities

  $ (29,384   $ —       $ (29,384   $ (137   $ (8,172   $ (8,309
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net proceeds from loans payable and financing obligation

  $ 4,500     $ —       $ 4,500     $ 3,899     $ 8,172     $ 12,071  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by financing activities

  $ 33,854     $ —       $ 33,854     $ 2,440     $ 8,172     $ 10,612  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The effect of the restatement on the consolidated statements of stockholders’ equity and comprehensive loss for the nine months ended September 30, 2011 and 2010 is $111,000 and $93,000, respectively.