Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net (loss) income $ (1,924,072) $ 1,735,164
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:    
Depreciation of project assets 4,010,435 2,605,030
Depreciation of property and equipment 796,546 677,973
Amortization of deferred financing fees 84,148 133,287
Amortization of intangible assets 891,037 1,656,244
Provision for bad debts 42,339 53,636
Unrealized gain on interest rate swap (389,087) (229,866)
Stock-based compensation expense 671,101 781,453
Deferred income taxes (1,049,325) (550,328)
Excess tax benefits from stock-based compensation arrangements (138,780) (1,202,597)
(Increase) decrease in:    
Restricted cash draws 7,518,821 10,082,814
Accounts receivable (4,186,325) 24,537,183
Accounts receivable retainage 1,201,598 5,692,808
Federal ESPC receivable (9,673,735) (14,070,137)
Inventory (1,992,174) (140,865)
Costs and estimated earnings in excess of billings 18,619,861 17,780,552
Prepaid expenses and other current assets 875,763 2,825,403
Project development costs (1,644,638) (831,959)
Other assets 153,721 (174,600)
Increase (decrease) in:    
Accounts payable, accrued expenses and other current liabilities (38,098,250) (20,527,498)
Billings in excess of cost and estimated earnings 961,897 897,751
Other liabilities (1,368,603) 870,642
Income taxes payable (1,065,754) 606,671
Net cash (used in) provided by operating activities (25,703,476) 33,208,761
Cash flows from investing activities:    
Purchases of property and equipment (1,094,380) (1,276,533)
Purchases of project assets (12,855,786) (10,002,946)
Grant awards and rebates received on project assets 1,290,934 3,838,766
Acquisition, net of cash received (1,808,085) 0
Net cash used in investing activities (14,467,317) (7,440,713)
Cash flows from financing activities:    
Excess tax benefits from stock-based compensation arrangements 138,780 1,202,597
Book overdraft 0 (7,297,122)
Payments of financing fees (40,218) (20,325)
Proceeds from exercises of options 855,149 1,063,432
Payments of senior secured credit facility 0 (6,428,571)
Non-controlling interest (65,301) 7,700
Restricted cash (639,472) (1,430,592)
Payments on long-term debt (3,805,781) (807,464)
Net cash used in financing activities (3,556,843) (13,710,345)
Effect of exchange rate changes on cash 1,343,251 100,293
Net (decrease) increase in cash and cash equivalents (42,384,385) 12,157,996
Cash and cash equivalents, beginning of year 63,347,645 26,277,366
Cash and cash equivalents, end of period 20,963,260 38,435,362
Cash paid during the period for:    
Interest 1,256,072 725,845
Income taxes 221,401 25,712
Acquisition, net of cash received:    
Accounts receivable and accounts receivable retainage 445,769 0
Costs and estimated earnings in excess of billings 110,987 0
Prepaid expenses and other current assets 1,710 0
Property and equipment 62,898 0
Goodwill 921,128 0
Intangible assets 610,000 0
Accounts payable (313,976) 0
Billings in excess of cost and estimated earnings (30,431) 0
Identifiable assets acquired and goodwill, net of liabilities assumed $ 1,808,085 $ 0