| Schedule of Energy Assets |
Energy assets consist of the following:
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
2019 |
|
2018 |
Energy assets |
$ |
693,916 |
|
|
$ |
619,708 |
|
Less - accumulated depreciation and amortization |
(186,157 |
) |
|
(159,756 |
) |
Energy assets, net |
$ |
507,759 |
|
|
$ |
459,952 |
|
|
| Schedule of Financing Lease Assets |
Included in energy assets are financing lease assets and accumulated depreciation of financing lease assets. Financing lease assets consist of the following:
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
2019 |
|
2018 |
Financing lease assets |
$ |
42,402 |
|
|
$ |
42,402 |
|
Less - accumulated depreciation and amortization |
(5,736 |
) |
|
(4,139 |
) |
Financing lease assets, net |
$ |
36,666 |
|
|
$ |
38,263 |
|
Supplemental balance sheet information related to leases at September 30, 2019 is as follows:
|
|
|
|
|
|
September 30, 2019 |
Operating Leases: |
|
|
Operating lease assets
|
$ |
32,540 |
|
Current operating lease liabilities |
5,935 |
|
Long-term portions of operating lease liabilities |
28,799 |
|
Total operating lease liabilities |
$ |
34,734 |
|
Weighted-average remaining lease term |
10 years |
|
Weighted-average discount rate |
6.3 |
% |
|
|
Financing Leases: |
|
Energy assets, net |
$ |
36,666 |
|
Current portions of financing lease liabilities |
5,008 |
|
Long-term financing lease liabilities, less current portions and net of deferred financing fees |
26,098 |
|
Total financing lease liability |
$ |
31,106 |
|
Weighted-average remaining lease term |
17 years |
|
Weighted-average discount rate |
11.8 |
% |
These adjustments are detailed as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 1, 2019 |
|
As Reported |
|
842 Adjustment |
|
Adjusted Balances |
Operating Leases: |
|
|
|
|
|
Operating lease assets |
$ |
— |
|
|
$ |
31,639 |
|
|
$ |
31,639 |
|
Current portions of operating lease liabilities |
— |
|
|
5,084 |
|
|
5,084 |
|
Long-term portions of operating lease liabilities |
— |
|
|
28,480 |
|
|
28,480 |
|
Total operating lease liabilities |
$ |
— |
|
|
$ |
33,564 |
|
|
$ |
33,564 |
|
Weighted-average remaining lease term |
|
|
|
|
10 years |
|
Weighted-average discount rate |
|
|
|
|
6.0 |
% |
|
|
|
|
|
|
Financing Leases: |
|
|
|
|
|
Energy assets, net |
$ |
38,263 |
|
|
$ |
— |
|
|
$ |
38,263 |
|
Current portions of financing lease liabilities |
4,956 |
|
|
— |
|
|
4,956 |
|
Long-term financing lease liabilities, less current portions and net of deferred financing fees |
28,407 |
|
|
— |
|
|
28,407 |
|
Total financing lease liabilities |
$ |
33,363 |
|
|
$ |
— |
|
|
$ |
33,363 |
|
Weighted-average remaining lease term |
|
|
|
|
18 years |
|
Weighted-average discount rate |
|
|
|
|
11.7 |
% |
|