Attached files

file filename
10-K - ANNUAL REPORT - US GEOTHERMAL INCform10k.htm
EX-13.1 - AUDITED CONSOLIDATED FINANCIAL STATEMENTS - US GEOTHERMAL INCexhibit13-1.htm
EX-23.4 - CONSENT OF GEOTHERMAL SCIENCE, INC. - US GEOTHERMAL INCexhibit23-4.htm
EX-21.1 - SUBSIDIARIES OF THE REGISTRANT - US GEOTHERMAL INCexhibit21-1.htm
EX-31.2 - SECTION 302 CERTIFICATION - US GEOTHERMAL INCexhibit31-2.htm
EX-23.1 - CONSENT OF MARTINELLIMICK, PLLC - US GEOTHERMAL INCexhibit23-1.htm
EX-32.1 - SECTION 906 CERTIFICATION - US GEOTHERMAL INCexhibit32-1.htm
EX-23.2 - CONSENT OF GEOTHERMEX INC. - US GEOTHERMAL INCexhibit23-2.htm
EX-31.1 - SECTION 302 CERTIFICATION - US GEOTHERMAL INCexhibit31-1.htm
EX-23.3 - CONSENT OF BLACK MOUNTAIN TECHNOLOGY, INC. - US GEOTHERMAL INCexhibit23-3.htm
EXCEL - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR3.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR6.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR8.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR7.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR9.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR2.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR5.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR4.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR1.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR10.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR13.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR23.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR25.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR14.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR22.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR12.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR24.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR19.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR16.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR26.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR11.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR20.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR18.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR15.htm
EX-32.2 - SECTION 906 CERTIFICATION - US GEOTHERMAL INCexhibit32-2.htm
XML - IDEA: XBRL DOCUMENT - US GEOTHERMAL INCR21.htm
v2.4.0.6
CONVERTIBLE NOTE PAYABLE
12 Months Ended
Mar. 31, 2012
CONVERTIBLE NOTE PAYABLE [Text Block]

NOTE 11 – CONVERTIBLE NOTE PAYABLE

August 2011 Convertible Note
On August 5, 2011, the Oregon USG Holdings, LLC (“Oregon Holdings”), a subsidiary of the Company, signed a convertible note agreement with the other equity partner (Enbridge Inc.). The principal of the loan totaled $2,125,000, and will accrue interest at a rate of 4.75% per annum. The loan balance plus accrued interest will convert to an equity interest in Oregon Holdings upon the earliest of a conversion event or April 1, 2014. Conversion events include the loss of federal funding to the Project. The converted balance would increase Enbridge Inc.’s ownership at a ratio of 1.5% for each $1 million contributed. At March 31, 2012, the loan balance totaled $2,125,000. The entire balance was considered to be long-term.

September 2010 Convertible Note
In September 2010, Oregon Holdings entered into a convertible loan agreement with Enbridge Inc. In April 2011, the U.S. Department of Energy guaranteed project loan was closed which triggered the terms of the conversion agreement. The unsecured convertible promissory note in the amount of $5,000,000 was converted to an equity interest in Oregon Holdings. With the note conversion and the additional capital contribution of $13.8 million, Enbridge, Inc. received a 20% ownership interest in Oregon Holdings.