Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 05, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Trading Symbol | htm | |
Entity Registrant Name | US GEOTHERMAL INC | |
Entity Central Index Key | 1,172,136 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 113,323,500 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current: | ||
Cash and cash equivalents | $ 18,305,537 | $ 8,654,375 |
Restricted cash and security bonds | 7,655,541 | 4,696,007 |
Trade accounts receivable | 1,884,429 | 3,766,517 |
Other current assets | 1,669,548 | 1,680,819 |
Total current assets | 29,515,055 | 18,797,718 |
Restricted cash and security bond reserves | 22,674,380 | 17,495,789 |
Property, plant and equipment, net of depreciation | 166,867,004 | 167,736,792 |
Intangible assets, net of amortization | 15,174,986 | 15,265,828 |
Net deferred income tax asset | 9,127,000 | 8,921,000 |
Total assets | 243,358,425 | 228,217,127 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 1,983,308 | 2,703,226 |
Convertible promissory note | 0 | 1,597,000 |
Current portion of notes payable | 4,545,231 | 4,412,012 |
Total current liabilities | 6,528,539 | 8,712,238 |
Long-term Liabilities: | ||
Asset retirement obligations | 1,204,930 | 1,204,930 |
Notes payable, less current portion | 106,006,669 | 89,887,052 |
Total long-term liabilities | 107,211,599 | 91,091,982 |
Total liabilities | 113,740,138 | 99,804,220 |
Commitments and Contingencies | 0 | 0 |
STOCKHOLDERS' EQUITY | ||
Capital stock (authorized: 250,000,000 common shares with a $0.001 par value; issued and outstanding shares at June 30, 2016 and December 31, 2015 were: 113,086,000 and 107,601,425; respectively) | 113,086 | 107,601 |
Additional paid-in capital | 121,043,264 | 118,131,013 |
Accumulated deficit | (17,779,956) | (17,437,631) |
Total stockholders' equity before Non-controlling interests | 103,376,394 | 100,800,983 |
Non-controlling interests | 26,241,893 | 27,611,924 |
Total stockholders' equity | 129,618,287 | 128,412,907 |
Total liabilities and stockholders' equity | $ 243,358,425 | $ 228,217,127 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 113,086,000 | 107,601,425 |
Common Stock, Shares, Outstanding | 113,086,000 | 107,601,425 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Plant Revenues: | ||||
Energy sales | $ 5,589,924 | $ 5,779,323 | $ 14,000,746 | $ 14,155,069 |
Energy credit sales | 74,356 | 81,857 | 166,810 | 179,972 |
Total plant operating revenues | 5,664,280 | 5,861,180 | 14,167,556 | 14,335,041 |
Plant Expenses: | ||||
Plant production expenses | 2,217,418 | 2,484,598 | 4,616,134 | 4,774,810 |
Depreciation and amortization | 1,584,426 | 1,574,586 | 3,165,289 | 3,142,598 |
Total plant operating expenses | 3,801,844 | 4,059,184 | 7,781,423 | 7,917,408 |
Gross Profit | 1,862,436 | 1,801,996 | 6,386,133 | 6,417,633 |
Operating Expenses (Income): | ||||
Corporate administration | 299,658 | 327,804 | 653,704 | 623,184 |
Professional and management fees | 155,651 | 250,569 | 1,212,160 | 633,692 |
Employee compensation | 875,327 | 885,024 | 1,681,996 | 1,632,467 |
Travel and promotion | 180,485 | 44,080 | 263,897 | 74,508 |
Exploration costs | 6,329 | 25,690 | 27,595 | 68,731 |
Operating Income | 344,986 | 268,829 | 2,546,781 | 3,385,051 |
Other (income) expense: | ||||
Interest expense | 1,042,803 | 978,735 | 1,976,495 | 1,928,086 |
Other (income) expense | (13,150) | (20,559) | (22,842) | (61,069) |
Income (Loss) Before Income Tax Expense (Benefit) | (684,667) | (689,347) | 593,128 | 1,518,034 |
Change in deferred income taxes | (296,000) | (141,000) | (206,000) | 303,000 |
Net Income (Loss) | (388,667) | (548,347) | 799,128 | 1,215,034 |
Net (income) loss attributable to the non-controlling interests | (105,050) | 314,527 | (1,141,453) | (714,718) |
Net Income (Loss) Attributable to U.S. Geothermal Inc. | $ (493,717) | $ (233,820) | $ (342,325) | $ 500,316 |
Net Earnings (Loss) Per Share Attributable to U.S. Geothermal Inc.: | ||||
Basic | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Shares used in the calculation of income per share: | ||||
Basic | 111,782,649 | 107,056,235 | 110,538,875 | 106,769,663 |
Diluted | 111,782,649 | 107,056,235 | 110,538,875 | 108,051,992 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Activities: | ||
Net Income | $ 799,128 | $ 1,215,034 |
Adjustments to reconcile net income to total cash provided by operating activities: | ||
Depreciation and amortization | 3,223,160 | 3,201,843 |
Stock based compensation | 619,521 | 695,672 |
Change in deferred income taxes | (206,000) | 303,000 |
Net changes in: | ||
Trade accounts receivable | 1,882,088 | 1,354,322 |
Accounts payable and accrued liabilities | (584,843) | 13,624 |
Prepaid expenses and other assets | 11,270 | 24,846 |
Total cash provided by operating activities | 5,744,324 | 6,808,341 |
Investing Activities: | ||
Purchases of property, plant and equipment | (2,378,055) | (2,904,766) |
Net (funding) release of restricted cash reserves and security bonds | (8,138,125) | 39,061 |
Total cash used by investing activities | (10,516,180) | (2,865,705) |
Financing Activities: | ||
Issuance of common stock | 2,298,215 | 44,949 |
Distributions to non-controlling interest | (2,511,484) | (2,102,658) |
Proceeds from notes payable, net of issuance costs | 19,178,930 | 0 |
Principal payments on notes payable and other obligations | (2,945,643) | (2,020,719) |
Principal payment on capital lease obligations | 0 | (20,919) |
Principal payment on note for subsidiary acquisition | (1,597,000) | 0 |
Total cash provided (used) by financing activities | 14,423,018 | (4,099,347) |
Increase (Decrease) in Cash and Cash Equivalents | 9,651,162 | (156,711) |
Cash and Cash Equivalents, Beginning of Period | 8,654,375 | 12,994,975 |
Cash and Cash Equivalents, End of Period | 18,305,537 | 12,838,264 |
Non-cash investing and financing activities: | ||
Accrual for purchases of property and equipment | 135,075 | 63,321 |
Other Items: | ||
Interest paid | $ 1,888,827 | $ 1,932,237 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - Unaudited - USD ($) | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Non-controlling Interest [Member] | Total |
Beginning Balance at Dec. 31, 2014 | $ 107,018 | $ 103,669,371 | $ (19,284,860) | $ 46,397,092 | $ 130,888,621 |
Beginning Balance (Shares) at Dec. 31, 2014 | 107,018,029 | ||||
Distributions to non-controlling interest entities | (3,486,589) | (3,486,589) | |||
Acquisition of additional interest in subsidiary | 13,304,848 | (18,401,848) | (5,097,000) | ||
Stock issued by the exercise of employee stock options | $ 155 | 49,395 | 49,550 | ||
Stock issued by the exercise of employee stock options (Shares) | 155,000 | ||||
Stock compensation | $ 428 | 1,107,399 | 1,107,827 | ||
Stock compensation (shares) | 428,396 | ||||
Net income | 1,847,229 | 3,103,269 | 4,950,498 | ||
Ending Balance at Dec. 31, 2015 | $ 107,601 | 118,131,013 | (17,437,631) | 27,611,924 | 128,412,907 |
Ending Balance (Shares) at Dec. 31, 2015 | 107,601,425 | ||||
Distributions to non-controlling interest entities | (2,511,484) | (2,511,484) | |||
Stock issued under At Market Issuance Purchase Agreement net of commitment shares valued at $225,000 | $ 2,464 | 1,186,171 | 1,188,635 | ||
Stock issued under At Market Issuance Purchase Agreement net of commitment shares valued at $225,000 (Shares) | 2,463,810 | ||||
Stock issued by the exercise of employee stock options | $ 1,571 | 608,009 | 609,580 | ||
Stock issued by the exercise of employee stock options (Shares) | 1,571,258 | ||||
Stock issued by the exercise of broker warrants | $ 1,000 | 499,000 | 500,000 | ||
Stock issued by the exercise of broker warrants (Shares) | 1,000,000 | ||||
Stock compensation | $ 450 | 619,071 | 619,521 | ||
Stock compensation (shares) | 449,507 | ||||
Net income | (342,325) | 1,141,453 | 799,128 | ||
Ending Balance at Jun. 30, 2016 | $ 113,086 | $ 121,043,264 | $ (17,779,956) | $ 26,241,893 | $ 129,618,287 |
Ending Balance (Shares) at Jun. 30, 2016 | 113,086,000 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2016 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS [Text Block] | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS U.S. Geothermal Inc. (“the Company”) was incorporated on March 10, 2000 in the State of Delaware. U.S. Geothermal Inc. – Idaho was formed in February 2002, and is the primary subsidiary through which the Company conducts its operations. The Company constructs, manages and operates power plants that utilize geothermal resources to produce energy. The Company’s operations have been, primarily, focused in the Western United States of America. Basis of Presentation These unaudited interim consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In our opinion, the unaudited consolidated financial statements include all material adjustments, all of which are of a normal and recurring nature, necessary to present fairly our financial position as of June 30, 2016 and our operating results and cash flows for the six months ended June 30, 2016 and 2015. The accompanying financial information as of December 31, 2015, is derived from audited financial statements. Interim results are not necessarily indicative of results for a full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2015. The Company consolidates subsidiaries that it controls (more-than- 50% owned) and entities over which control is achieved through means other than voting rights. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, as well as three controlling interests. The accounts of the following companies are consolidated in these financial statements: i) U.S. Geothermal Inc. (incorporated in the State of Delaware); ii) U.S. Geothermal Inc. (incorporated in the State of Idaho); iii) U.S. Geothermal Services, LLC (organized in the State of Delaware); iv) Nevada USG Holdings, LLC (organized in the State of Delaware); v) USG Nevada LLC (organized in the State of Delaware); vi) Nevada North USG Holdings, LLC (organized in the State of Delaware); vii) USG Nevada North, LLC (organized in the State of Delaware); viii) Oregon USG Holdings, LLC (organized in the State of Delaware); ix) USG Oregon LLC (organized in the State of Delaware); x) Raft River Energy I LLC (organized in the State of Delaware); xi) Gerlach Geothermal LLC (organized in the State of Delaware); xii) USG Gerlach LLC (organized in the State of Delaware); xiii) U.S. Geothermal Guatemala, S.A. (organized in Guatemala); xiv) Geysers USG Holdings Inc. (incorporated in the State of Delaware); xv) Western GeoPower, Inc. (incorporated in the State of California); xvi) Etoile Holdings Inc. (incorporated in the Bahamas); xvii) Mayacamas Energy LLC (organized in the State of California); xviii) Skyline Geothermal LLC (organized in the State of Delaware); xix) Skyline Geothermal Holding, Inc. (incorporated in the State of Delaware); xx) Earth Power Resources Inc. (incorporated in Delaware); and xxi) Idaho USG Holdings LLC (organized in the State of Delaware). All intercompany transactions are eliminated upon consolidation. In cases where the Company owns a majority interest in an entity but does not own 100% of the interest in the entity, it recognizes a non-controlling interest attributed to the interest controlled by outside third parties. The Company will recognize 100% of the assets and liabilities of the entity, and disclose the non-controlling interest. The statements of income will consolidate the subsidiary’s full operations, and will separately disclose the elimination of the non-controlling interest’s allocation of profits and losses. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Company considers all unrestricted cash, short-term deposits, and other investments with original maturities of no more than ninety days when acquired to be cash and cash equivalents. Trade Accounts Receivable Allowance for Doubtful Accounts Management estimates the amount of trade accounts receivable that may not be collectible and records an allowance for doubtful accounts. The allowance is an estimate based upon aging of receivable balances, historical collection experience, and the periodic credit evaluations of our customers’ financial condition. Receivable balances are written off when we determine that the balance is uncollectible. As of June 30, 2016 and December 31, 2015, there were no balances that were over 90 days past due and no balance in allowance for doubtful accounts was recognized. Concentration of Credit Risk The Company’s cash and cash equivalents, including restricted cash, consisted of commercial bank deposits, money market accounts, and petty cash. Cash deposits are held in commercial banks in Boise, Idaho and Portland, Oregon. Deposits are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per legal entity. At June 30, 2016, the Company’s total cash balance, excluding money market funds, was $7,692,266 and bank deposits amounted to $8,190,669. The primary difference was due to outstanding checks and deposits. Of the bank deposits, $6,812,875 was not covered by or was in excess of FDIC insurance guaranteed limits. At June 30, 2016, the Company’s money market funds invested, primarily, in government backed securities totaled $39,474,626 and were not subject to deposit insurance. A contracted power purchaser held a security bond for the Company that totaled $1,468,898 at June 30, 2016. Property, Plant and Equipment Property, plant and equipment, including assets under capital lease, are recorded at historical cost. Costs of acquisition of geothermal properties are capitalized in the period of acquisition. Major improvements that significantly increase the useful lives and/or capabilities of the assets are capitalized. A primary factor in determining whether to capitalize construction type costs is the stage of the potential project’s development. Once a project is determined to be commercially viable, all costs directly associated with the development and construction of the project are capitalized. Until that time, all development costs are expensed. A commercially viable project will have, among other factors, a reservoir discovery well or other significant geothermal surface anomaly, a power transmission path that is identified and available, and an electricity off-taker identified. A valid reservoir discovery is generally defined when a test well has been substantially completed that indicates the presence of a geothermal reservoir that has a high probability of possessing the necessary temperatures, permeability, and flow rates. After a valid discovery has been made, the project enters the development stage. Generally, all costs incurred during the development stage are capitalized and tracked on an individual project basis. If a geothermal project is abandoned, the associated costs that have been capitalized are charged to expense in the year of abandonment. Expenditures for repairs and maintenance are charged to expense as incurred. Interest costs incurred during the construction period of defined major projects from debt that is specifically incurred for those projects are capitalized. Funds received from grants associated with capital projects reduce the cost of the asset directly associated with the individual grants. The offset of the cost of the asset associated with grant proceeds is recorded in the period when the requirements of the grant are substantially complete and the amount can be reasonably estimated. Direct labor costs, incurred for specific major projects expected to have long-term benefits will be capitalized. Direct labor costs subject to capitalization include employee salaries, as well as, related payroll taxes and benefits. With respect to the allocation of salaries to projects, salaries are allocated based on the percentage of hours that our key managers, engineers and scientists work on each project and are invoiced to the project each month. These individuals track their time worked at each project. Major projects are, generally, defined as projects expected to exceed $500,000. Direct labor includes all of the time incurred by employees directly involved with construction and development activities. General and/or indirect management time and time spent evaluating the feasibility of potential projects is expensed when incurred. Employee training time is expensed when incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Where appropriate, terms of property rights and revenue contracts can influence the determination of estimated useful lives. Estimated useful lives in years by major asset categories are summarized as follows: Estimated Useful Asset Categories Lives in Years Furniture, vehicle and other equipment 3 to 5 Power plant, buildings and improvements 3 to 30 Wells 30 Well pumps and components 5 to 15 Pipelines 30 Transmission lines 30 Stock Compensation The Company accounts for stock based compensation by recording the estimated fair value of stock-based awards granted as compensation expense over the vesting period, net of estimated forfeitures. The fair value of restricted stock awards is determined based on the number of shares granted and the quoted price of the Company’s common stock on the date of grant. The fair value of stock option awards is estimated at the grant date as calculated by the Black-Scholes-Merton option pricing model. Stock-based compensation expense is attributed to earnings for stock options and restricted stock on the straight-line method. The Company estimates forfeitures of stock-based awards based on historical experience and expected future activity. Earnings Per Share Basic income or loss per share is computed using the weighted average number of common shares outstanding during the period, and excludes any dilutive effects of common stock equivalent shares, such as options and restricted stock awards. Restricted stock awards (“RSAs”) are considered outstanding and included in the computation of basic income or loss per share when underlying restrictions expire and the awards are no longer forfeitable. Diluted income per share is computed using the weighted average number of common shares outstanding and common stock equivalent shares outstanding during the period using the treasury stock method. Common stock equivalent shares are excluded from the computation if their effect is anti-dilutive. In a period where the Company is in a net loss position, the diluted loss per share is computed using the basic share count. Foreign Currency Translation The Company’s functional currency is the U.S. dollar. Monetary items are converted into U.S. dollars at the rate prevailing at the balance sheet date. Resulting gains and losses are generally included in determining net income for the period in which exchange rates change. Revenue Revenue Recognition Energy Sales Renewable Energy Credits (“RECs”) Revenue Source All of the Company’s operating revenues (energy sales and energy credit sales) originate from energy production from its interests in geothermal power plants located in the states of Idaho, Oregon and Nevada. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements. The following pronouncements were deemed applicable to our financial statements: Revenue Recognition Revenue from Contracts with Customers (Topic 606). . Revenue from Contracts with Customers (Topic 606), Identify Performance Obligations and Licensing. Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net). Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients. Stock Compensation Compensation- Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. Leases Leases (Topic 842). |
RESTRICTED CASH AND SECURITY BO
RESTRICTED CASH AND SECURITY BOND RESERVES | 6 Months Ended |
Jun. 30, 2016 | |
RESTRICTED CASH AND SECURITY BOND RESERVES [Text Block] | NOTE 3 – RESTRICTED CASH AND SECURITY BOND RESERVES Under the terms of the loan agreements with the Department of Energy and Prudential Capital Group, various bond and cash reserves are required to provide assurances that the power plants will have the necessary funds to maintain expected operations and meet loan payment obligations. Restricted cash balances and bond reserves are summarized as follows: Current restricted cash and bond reserves : June 30, December 31, Restricting Entities/Purpose 2016 2015 Idaho Department of Water Resources, Geothermal Well Bond $ 260,000 $ 260,000 Bureau of Land Management, Geothermal Lease Bond- Gerlach 10,000 10,000 State of Nevada Division of Minerals, Statewide Drilling Bond 50,000 50,000 Bureau of Land Management, Geothermal Lease Bonds- USG Nevada 150,000 150,000 Oregon Department of Geology and Mineral Industries, Mineral Land and Reclamation Program 400,000 400,000 Prudential Capital Group, Cash Reserves 318,678 2,259 Prudential Capital Group, Debt Service Reserves (USG Nevada LLC) 1,598,111 1,595,555 Bureau of Land Management , Geothermal Rights Lease Bond 10,000 10,000 U.S. Department of Energy, Debt Service Reserve 2,055,258 2,118,193 State of California Division of Oil, Gas and Geothermal Resources, Well Cash Bond 100,000 100,000 Prudential Capital Group, Debt Service Reserves (Idaho USG Holdings LLC) 1,703,174 - CAISO, Transmission Interconnection Escrow Deposits 1,000,320 - $ 7,655,541 $ 4,696,007 Long-term restricted cash and bond reserves: June 30, December 31, Restricting Entities/Purpose 2016 2015 Nevada Energy, PPA Security Bond $ 1,468,898 $ 1,468,898 Prudential Capital Group, Maintenance Reserves (USG Nevada LLC) 1,035,627 708,300 Prudential Capital Group, Well Reserves (USG Nevada LLC) 632,895 314,590 Prudential Capital Group, Maintenance Reserves (Idaho USG Holdings LLC) 1,807,890 - Prudential Capital Group, Capital Expenditure Reserves (Raft River Energy I LLC) 2,943,141 - U.S. Department of Energy, Operations Reserves 270,000 270,000 U.S. Department of Energy, Debt Service Reserves 2,466,270 2,542,058 U.S. Department of Energy, Short Term Well Field Reserves 4,507,969 4,507,110 U.S. Department of Energy, Long-Term Well Field Reserves 5,070,001 4,966,543 U.S. Department of Energy, Capital Expenditure Reserves 2,471,689 2,718,290 $ 22,674,380 $ 17,495,789 The well bonding requirements ensure that the Company has sufficient financial resources to construct, operate and maintain geothermal wells while safeguarding subsurface, surface and atmospheric resources from unreasonable degradation, and to protect ground water aquifers and surface water sources from contamination. Other future costs of environmental remediation cannot be reasonably estimated and have not been recorded. The debt service reserves are required to provide assurance that the Company will have sufficient funds to meet its debt payment obligations for the terms specified by the loan agreements. The maintenance and capital expenditure reserves are required by the lending entities to ensure that funds are available to acquire and maintain critical components of power plants and related supporting structures to enable the plants to operate according to expectations. Except for the PPA Security Bond, all of the restricted funds consisted of cash deposits or money market accounts held in commercial banks. Portions of the cash deposits are subject to FDIC insurance. During the first quarter of 2016, the Company entered into an interconnection agreement with CAISO that required escrow deposits of $1,000,069 for funding costs at our WGP Geysers Project. In May 2016, the Company’s wholly owned subsidiary (Idaho USG Holdings LLC) entered in to a loan agreement with Prudential Capital Group. The terms of the loan agreement required the initial funding of three reserve accounts that totaled $6,454,205. The funding requirements of the new loan are based upon the operations and financial conditions of USG Oregon LLC and Raft River Energy I LLC. The PPA Security Bond is held by the power purchaser. All of the reserve accounts were considered to be fully funded at June 30, 2016 and December 31, 2015. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2016 | |
PROPERTY, PLANT AND EQUIPMENT [Text Block] | NOTE 4 - PROPERTY, PLANT AND EQUIPMENT During the second quarter ended June 30, 2016, the Company capitalized costs that totaled $806,198 for well drilling costs and facility improvements at the Raft River, Idaho power plant (Raft River Energy I LLC). Costs of $312,422 were capitalized for a new production well at the Guatemala Project. Reservoir studies, injection strategies and permitting costs were incurred at the WGP Geysers Project that totaled $191,754. During the quarter ended March 31, 2016, the Company capitalized costs that totaled $495,761 for the design and engineering costs of the WGP Geysers Project power plant. Costs related to the study of the drilling results at Guatemala totaled $108,397. Property, plant and equipment, at cost, are summarized as follows: June 30, December 31, 2016 2015 Land $ 3,074,052 $ 3,074,052 Power production plant 159,876,162 159,800,893 Grant proceeds for power plants (52,965,236 ) (52,965,236 ) Wells 67,621,167 67,621,167 Grant proceeds for wells (3,464,555 ) (3,464,555 ) Furniture and equipment 3,743,969 3,668,984 177,885,559 177,735,305 Less: accumulated depreciation (34,134,263 ) (31,021,494 ) 143,751,296 146,713,811 Construction in progress 23,115,708 21,022,981 $ 166,867,004 $ 167,736,792 Depreciation expense was charged to plant operations and general expenses for the following periods: June 30, 2016 2015 Three months ended $ 1,544,669 $ 1,561,001 Six months ended 3,112,769 3,111,001 Changes in construction in progress are summarized as follows: For the Six Months For the Year Ended June 30, Ended December 2016 31, 2015 Beginning balances $ 21,022,981 $ 15,652,722 Development/construction 2,092,727 5,370,259 Transfers into production - - Ending balances $ 23,115,708 $ 21,022,981 Construction in Progress, at cost, consisting of the following projects/assets by location are as follows: June 30, December 31, 2016 2015 Raft River, Idaho: Unit I, well improvements $ 873,125 $ 105,160 Unit I, plant improvements 40,624 - Unit II, power plant, substation and transmission lines 750,493 750,493 Unit II, well construction 2,148,980 2,146,531 3,813,222 3,002,184 San Emidio, Nevada: Unit II, power plant, substation and transmission lines 433,672 426,942 Unit II, well construction 3,812,491 3,798,563 4,246,163 4,225,505 Neal Hot Springs, Oregon: Power plant and facilities 78,779 50,297 Well construction 339,103 314,360 417,882 364,657 WGP Geysers, California: Power plant and facilities 325,989 325,989 Well construction 8,378,263 7,690,748 8,704,252 8,016,737 Crescent Valley, Nevada: Well construction 1,325,160 1,228,888 El Ceibillo, Republic of Guatemala: Well Construction 4,600,529 4,176,510 Plant and facilities 8,500 8,500 4,609,029 4,185,010 $ 23,115,708 $ 21,022,981 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2016 | |
INCOME TAXES [Text Block] | NOTE 5 – INCOME TAXES The Company’s estimated effective income tax rate is as follows: For the Six Months Ended June 30, 2016 2015 U.S. Federal statutory rate 34.0% 34.0% Average State and foreign income tax, net of federal tax effect 3.5 3.7 Consolidated tax rate before non-controlling interest 37.5 37.7 Tax effect of non-controlling interests (37.5 ) (17.7 ) Net effective tax rate (0.0 )% 20.0% The provision for income taxes reflects an estimated effective income tax rate attributable to U.S. Geothermal Inc.’s share of income. Our provision for income taxes for the six months ended June 30, 2016, reflects a reported effective tax rate of ( 0.0)% which differs from the statutory federal income tax rate of 34% primarily due to the impact of the non-controlling interest and state income taxes. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2016 | |
NOTES PAYABLE [Text Block] | NOTE 6 – NOTES PAYABLE Prudential Capital Group – Idaho USG Holdings LLC U.S. Department of Energy Loan advances/tranches and effective annual interest rates are detailed as follows: Annual Interest Description Amount Rate % Advances by date: August 31, 2011* $ 2,328,422 2.997 September 28, 2011 10,043,467 2.755 October 27, 2011 3,600,026 2.918 December 2, 2011 4,377,079 2.795 December 21, 2011 2,313,322 2.608 January 25, 2012 8,968,019 2.772 April 26, 2012 13,029,325 2.695 May 30, 2012 19,497,204 2.408 August 27, 2012 7,709,454 2.360 December 28, 2012 2,567,121 2.396 June 10, 2013 2,355,316 2.830 July 3, 2013* 2,242,628 3.073 July 31, 2013* 4,026,582 3.214 83,057,965 Principal paid through June 30, 2016 (21,221,206 ) Loan balance at June 30, 2016 $ 61,836,759 * - Individual tranches have been fully extinguished. Prudential Capital Group – USG Nevada LLC Based upon the terms of the notes payable and expected conditions that may impact some of those terms, the total estimated annual principal payments were calculated as follows: For the Twelve Months Ended Principal June 30, Payments 2017 $ 4,545,231 2018 3,898,652 2019 4,155,445 2020 4,347,724 2021 4,789,681 Thereafter 89,616,688 $ 111,353,421 |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Jun. 30, 2016 | |
COMMON STOCK [Text Block] | NOTE 7 – COMMON STOCK On January 25, 2016, the Company entered into a Purchase Agreement with Lincoln Park Capital (“LPC”). Under the Purchase Agreement, the Company has the right to sell and LPC has the obligation to purchase up to $10 million of equity capital over a 30 -month period. During the quarter ended June 30, 2016, the Company issued 1,346,258 shares of common stock as a result of employees exercising stock options priced between $0.31 and $0.74 per share. The Company issued 1,000,000 shares of common stock as a result of an investment company exercising warrants priced at $0.50 per share. During the quarter ended June 30, 2016, the Company issued 449,507 shares of common stock at prices of $0.63, $0.67 and $0.71 per share under the Company’s employee compensation (restricted shares) program. During the quarter ended March 31, 2016, the Company issued 2,463,810 shares of common stock at prices between $0.58 and $0.61 per share under the At the Market (“ATM”) Issuance Purchase Agreement with LPC. During the quarter ended March 31, 2016, the Company issued 225,000 shares of common stock as a result of employees and former employees exercising stock options priced at $0.31 per share. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2016 | |
STOCK BASED COMPENSATION [Text Block] | NOTE 8 - STOCK BASED COMPENSATION The Company has a stock incentive plan (the “Stock Incentive Plan”) for the purpose of attracting and motivating directors, officers, employees and consultants of the Company and advancing the interests of the Company. The Stock Incentive Plan is a 15% rolling plan approved by shareholders in September 2013, whereby the Company can grant options to the extent of 15% of the current outstanding common shares. Under the plan, all forfeited and exercised options can be replaced with new offerings. As of June 30, 2016, the Company can issue stock option grants totaling up to 16,962,900 shares. Options are typically granted for a term of up to five years from the date of grant. Stock options granted generally vest over a period of eighteen months, with 25% vesting on the date of grant and 25% vesting every six months thereafter. The Company recognizes compensation expense using the straight-line method of amortization. Historically, the Company has issued new shares to satisfy exercises of stock options and the Company expects to issue new shares to satisfy any future exercises of stock options. The following table reflects the summary of stock options outstanding at January 1, 2016 and changes for the six months ended June 30, 2016: Weighted Average Number of Exercise Aggregate shares under Price Per Intrinsic options Share Value Balance outstanding, January 1, 2016 12,613,500 $ 0.57 $ 3,940,061 Forfeited/Expired (2,290,000 ) 0.83 Exercised` (1,571,258 ) 0.39 Granted 2,430,000 0.67 Balance outstanding, June 30, 2016 11,182,242 $ 0.56 $ 6,242,360 The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatilities are based on historical volatility of the Company’s stock. The Company uses historical data to estimate option volatility within the Black-Scholes model. The expected term of options granted represents the period of time that options granted are expected to be outstanding, based upon past experience and future estimates and includes data from the Plan. The risk-free rate for periods within the expected term of the option is based upon the U.S. Treasury yield curve in effect at the time of grant. The Company currently does not foresee the payment of dividends in the near term. Changes in the subjective input assumptions can materially affect the fair value estimate and, therefore, the existing models do not necessarily provide a reliable measure of the fair value of the Company’s stock options. As of June 30, 2016, there was $522,390 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.5 years. Stock Compensation Plan (Restricted Shares ) On April 12, 2016, the Company granted 269,507 shares of Company stock at a price of $0.71 to an employee of which 84,507 shares vest at grant date and the remaining 185,000 shares vest on April 12, 2017. On March 23, 2016, the Company granted 111,667 shares of Company stock at a price of $0.63 that fully vest on March 23, 2017 to its employees. On March 31, 2016, the Company granted 68,333 shares of Company stock at a price of $0.67 that fully vest on March 31, 2017 to its executive employees and directors. Through June 30, 2016, the total recognized fair value of these shares was $119,929. As of June 30, 2016, there was $187,554 of total unrecognized compensation cost related to non-vested restricted share grants. Stock Purchase Warrants At June 30, 2016, the outstanding broker warrants and share purchase warrants consisted of the following: Broker Warrant Share Warrant Broker Exercise Purchase Exercise Expiration Date Warrants Price Warrants Price May 23, 2017 255,721 $ 0.44 - $ - December 21, 2017 - - 2,310,812 0.50 During the quarter ended June 30, 2016, a total of 1,000,000 share purchase warrants were exercised by an investor at $0.50 per share. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2016 | |
FAIR VALUE MEASUREMENT [Text Block] | NOTE 9 – FAIR VALUE MEASUREMENT Current U.S. generally accepted accounting principles establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities. The following table discloses by level within the fair value hierarchy the Company’s assets and liabilities measured and reported on its Consolidated Balance Sheet as at fair value on a recurring basis: At June 30, 2016: Total Level 1 Level 2 Level 3 Assets: Money market accounts * $ 39,474,626 $ 39,474,626 $ - $ - At December 31, 2015: Total Level 1 Level 2 Level 3 Assets: Money market accounts * $ 27,921,666 $ 27,921,666 $ - $ - * - Money market accounts include both restricted and unrestricted funds. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2016 | |
COMMITMENTS AND CONTINGENCIES [Text Block] | NOTE 10 - COMMITMENTS AND CONTINGENCIES The Company has entered into several lease agreements with terms expiring up to December 1, 2034 for geothermal properties. The Company’s total lease costs are summarized as follows: For the Six Months Ended, June 30, 2016 2015 Minimum lease payments $ 246,964 $ 153,598 Royalty based contingent lease payments 162,663 129,834 $ 409,627 $ 283,432 The following is the total contracted lease operating obligations for the next five years: Years Ending December 31, Amount 2016 $ 502,259 2017 994,906 2018 1,019,465 2019 914,152 2020 886,704 Thereafter 14,805,095 |
JOINT VENTURES_NON-CONTROLLING
JOINT VENTURES/NON-CONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2016 | |
JOINT VENTURES/NON-CONTROLLING INTERESTS [Text Block] | NOTE 11 – JOINT VENTURES/NON-CONTROLLING INTERESTS Non-controlling interests included on the consolidated balance sheets of the Company are detailed as follows: June 30, December 31, 2016 2015 Gerlach Geothermal LLC interest held by Gerlach Green Energy, LLC $ 208,389 $ 213,882 Oregon USG Holdings LLC interest held by Enbridge Inc. 24,703,382 25,353,058 Raft River Energy I LLC interest held by Goldman Sachs 1,330,122 2,044,984 $ 26,241,893 $ 27,611,924 Gerlach Geothermal LLC The consolidated financial statements reflect 100% of the assets and liabilities of Gerlach, and report the current non-controlling interest of GGE. The full results of Gerlach’s operations are reflected in the statement of income with the elimination of the non-controlling interest identified. Oregon USG Holdings LLC The consolidated financial statements reflect 100% of the assets and liabilities of Oregon Holdings and USG Oregon LLC, and report the current non-controlling interest of Enbridge. The full results of Oregon Holdings and USG Oregon LLC’s operations are reflected in the statement of operations with the elimination of the non-controlling interest identified. Raft River Energy I LLC (“RREI”) The consolidated financial statements reflect 100% of the assets and liabilities of RREI, and report the current non-controlling interest of Goldman Sachs. The full results of RREI’s operations are reflected in the statement of income with the elimination of the non-controlling interest identified. |
ASSET RETIRMENT OBLIGATIONS
ASSET RETIRMENT OBLIGATIONS | 6 Months Ended |
Jun. 30, 2016 | |
ASSET RETIRMENT OBLIGATIONS [Text Block] | NOTE 12 – ASSET RETIRMENT OBLIGATIONS The Geysers, California Raft River Energy I LLC, USG Nevada LLC, and USG Oregon LLC |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2016 | |
BUSINESS SEGMENTS [Text Block] | NOTE 13 – BUSINESS SEGMENTS The Company has two reportable segments: Operating Plants, and Corporate and Development. These segments are managed and reported separately due to dissimilar economic characteristics. Operating plants are engaged in the sale of electricity from the power plants pursuant to long-tern PPAs. Corporate and development costs are intended to produce additional revenue generating projects. A summary of financial information concerning the Company’s reportable segments is shown in the following table: Operating Corporate & Plants Development Consolidated Total Assets: June 30, 2016 $ 181,712,684 $ 61,645,741 $ 243,358,425 June 30, 2015 186,709,625 44,092,983 230,802,608 For the Six Months Ended June 30, 2016: Operating Revenues $ 14,000,746 $ - $ 14,000,746 Net Income (Loss) 4,273,228 (3,474,100 ) 799,128 For the Three Months Ended June 30, 2016: Operating Revenues $ 8,503,276 $ - $ 8,503,276 Net Income (Loss) 779,538 (1,168,205 ) (388,667 ) For the Six Months Ended June 30, 2015: Operating Revenues $ 14,335,041 $ - $ 14,335,041 Net Income (Loss) 4,093,208 (2,878,174 ) 1,215,034 For the Three Months Ended June 30, 2015: Operating Revenues $ 8,473,861 $ - $ 8,473,861 Net Income (Loss) 623,574 (1,171,921 ) (548,347 ) |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents The Company considers all unrestricted cash, short-term deposits, and other investments with original maturities of no more than ninety days when acquired to be cash and cash equivalents. |
Trade Accounts Receivable Allowance for Doubtful Accounts [Policy Text Block] | Trade Accounts Receivable Allowance for Doubtful Accounts Management estimates the amount of trade accounts receivable that may not be collectible and records an allowance for doubtful accounts. The allowance is an estimate based upon aging of receivable balances, historical collection experience, and the periodic credit evaluations of our customers’ financial condition. Receivable balances are written off when we determine that the balance is uncollectible. As of June 30, 2016 and December 31, 2015, there were no balances that were over 90 days past due and no balance in allowance for doubtful accounts was recognized. |
Concentration of Credit Risk [Policy Text Block] | Concentration of Credit Risk The Company’s cash and cash equivalents, including restricted cash, consisted of commercial bank deposits, money market accounts, and petty cash. Cash deposits are held in commercial banks in Boise, Idaho and Portland, Oregon. Deposits are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per legal entity. At June 30, 2016, the Company’s total cash balance, excluding money market funds, was $7,692,266 and bank deposits amounted to $8,190,669. The primary difference was due to outstanding checks and deposits. Of the bank deposits, $6,812,875 was not covered by or was in excess of FDIC insurance guaranteed limits. At June 30, 2016, the Company’s money market funds invested, primarily, in government backed securities totaled $39,474,626 and were not subject to deposit insurance. A contracted power purchaser held a security bond for the Company that totaled $1,468,898 at June 30, 2016. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment, including assets under capital lease, are recorded at historical cost. Costs of acquisition of geothermal properties are capitalized in the period of acquisition. Major improvements that significantly increase the useful lives and/or capabilities of the assets are capitalized. A primary factor in determining whether to capitalize construction type costs is the stage of the potential project’s development. Once a project is determined to be commercially viable, all costs directly associated with the development and construction of the project are capitalized. Until that time, all development costs are expensed. A commercially viable project will have, among other factors, a reservoir discovery well or other significant geothermal surface anomaly, a power transmission path that is identified and available, and an electricity off-taker identified. A valid reservoir discovery is generally defined when a test well has been substantially completed that indicates the presence of a geothermal reservoir that has a high probability of possessing the necessary temperatures, permeability, and flow rates. After a valid discovery has been made, the project enters the development stage. Generally, all costs incurred during the development stage are capitalized and tracked on an individual project basis. If a geothermal project is abandoned, the associated costs that have been capitalized are charged to expense in the year of abandonment. Expenditures for repairs and maintenance are charged to expense as incurred. Interest costs incurred during the construction period of defined major projects from debt that is specifically incurred for those projects are capitalized. Funds received from grants associated with capital projects reduce the cost of the asset directly associated with the individual grants. The offset of the cost of the asset associated with grant proceeds is recorded in the period when the requirements of the grant are substantially complete and the amount can be reasonably estimated. Direct labor costs, incurred for specific major projects expected to have long-term benefits will be capitalized. Direct labor costs subject to capitalization include employee salaries, as well as, related payroll taxes and benefits. With respect to the allocation of salaries to projects, salaries are allocated based on the percentage of hours that our key managers, engineers and scientists work on each project and are invoiced to the project each month. These individuals track their time worked at each project. Major projects are, generally, defined as projects expected to exceed $500,000. Direct labor includes all of the time incurred by employees directly involved with construction and development activities. General and/or indirect management time and time spent evaluating the feasibility of potential projects is expensed when incurred. Employee training time is expensed when incurred. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset. Where appropriate, terms of property rights and revenue contracts can influence the determination of estimated useful lives. Estimated useful lives in years by major asset categories are summarized as follows: Estimated Useful Asset Categories Lives in Years Furniture, vehicle and other equipment 3 to 5 Power plant, buildings and improvements 3 to 30 Wells 30 Well pumps and components 5 to 15 Pipelines 30 Transmission lines 30 |
Stock Compensation [Policy Text Block] | Stock Compensation The Company accounts for stock based compensation by recording the estimated fair value of stock-based awards granted as compensation expense over the vesting period, net of estimated forfeitures. The fair value of restricted stock awards is determined based on the number of shares granted and the quoted price of the Company’s common stock on the date of grant. The fair value of stock option awards is estimated at the grant date as calculated by the Black-Scholes-Merton option pricing model. Stock-based compensation expense is attributed to earnings for stock options and restricted stock on the straight-line method. The Company estimates forfeitures of stock-based awards based on historical experience and expected future activity. |
Earnings Per Share [Policy Text Block] | Earnings Per Share Basic income or loss per share is computed using the weighted average number of common shares outstanding during the period, and excludes any dilutive effects of common stock equivalent shares, such as options and restricted stock awards. Restricted stock awards (“RSAs”) are considered outstanding and included in the computation of basic income or loss per share when underlying restrictions expire and the awards are no longer forfeitable. Diluted income per share is computed using the weighted average number of common shares outstanding and common stock equivalent shares outstanding during the period using the treasury stock method. Common stock equivalent shares are excluded from the computation if their effect is anti-dilutive. In a period where the Company is in a net loss position, the diluted loss per share is computed using the basic share count. |
Foreign Currency Translation [Policy Text Block] | Foreign Currency Translation The Company’s functional currency is the U.S. dollar. Monetary items are converted into U.S. dollars at the rate prevailing at the balance sheet date. Resulting gains and losses are generally included in determining net income for the period in which exchange rates change. |
Revenue [Policy Text Block] | Revenue Revenue Recognition Energy Sales Renewable Energy Credits (“RECs”) Revenue Source All of the Company’s operating revenues (energy sales and energy credit sales) originate from energy production from its interests in geothermal power plants located in the states of Idaho, Oregon and Nevada. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Management has considered all recent accounting pronouncements. The following pronouncements were deemed applicable to our financial statements: Revenue Recognition Revenue from Contracts with Customers (Topic 606). . Revenue from Contracts with Customers (Topic 606), Identify Performance Obligations and Licensing. Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net). Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients. Stock Compensation Compensation- Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. Leases Leases (Topic 842). |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Estimated Useful Asset Categories Lives in Years Furniture, vehicle and other equipment 3 to 5 Power plant, buildings and improvements 3 to 30 Wells 30 Well pumps and components 5 to 15 Pipelines 30 Transmission lines 30 |
RESTRICTED CASH AND SECURITY 22
RESTRICTED CASH AND SECURITY BOND RESERVES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Current restricted cash and bond reserves [Table Text Block] | June 30, December 31, Restricting Entities/Purpose 2016 2015 Idaho Department of Water Resources, Geothermal Well Bond $ 260,000 $ 260,000 Bureau of Land Management, Geothermal Lease Bond- Gerlach 10,000 10,000 State of Nevada Division of Minerals, Statewide Drilling Bond 50,000 50,000 Bureau of Land Management, Geothermal Lease Bonds- USG Nevada 150,000 150,000 Oregon Department of Geology and Mineral Industries, Mineral Land and Reclamation Program 400,000 400,000 Prudential Capital Group, Cash Reserves 318,678 2,259 Prudential Capital Group, Debt Service Reserves (USG Nevada LLC) 1,598,111 1,595,555 Bureau of Land Management , Geothermal Rights Lease Bond 10,000 10,000 U.S. Department of Energy, Debt Service Reserve 2,055,258 2,118,193 State of California Division of Oil, Gas and Geothermal Resources, Well Cash Bond 100,000 100,000 Prudential Capital Group, Debt Service Reserves (Idaho USG Holdings LLC) 1,703,174 - CAISO, Transmission Interconnection Escrow Deposits 1,000,320 - $ 7,655,541 $ 4,696,007 |
Schedule of Long-term restricted cash and bond reserves [Table Text Block] | June 30, December 31, Restricting Entities/Purpose 2016 2015 Nevada Energy, PPA Security Bond $ 1,468,898 $ 1,468,898 Prudential Capital Group, Maintenance Reserves (USG Nevada LLC) 1,035,627 708,300 Prudential Capital Group, Well Reserves (USG Nevada LLC) 632,895 314,590 Prudential Capital Group, Maintenance Reserves (Idaho USG Holdings LLC) 1,807,890 - Prudential Capital Group, Capital Expenditure Reserves (Raft River Energy I LLC) 2,943,141 - U.S. Department of Energy, Operations Reserves 270,000 270,000 U.S. Department of Energy, Debt Service Reserves 2,466,270 2,542,058 U.S. Department of Energy, Short Term Well Field Reserves 4,507,969 4,507,110 U.S. Department of Energy, Long-Term Well Field Reserves 5,070,001 4,966,543 U.S. Department of Energy, Capital Expenditure Reserves 2,471,689 2,718,290 $ 22,674,380 $ 17,495,789 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2016 2015 Land $ 3,074,052 $ 3,074,052 Power production plant 159,876,162 159,800,893 Grant proceeds for power plants (52,965,236 ) (52,965,236 ) Wells 67,621,167 67,621,167 Grant proceeds for wells (3,464,555 ) (3,464,555 ) Furniture and equipment 3,743,969 3,668,984 177,885,559 177,735,305 Less: accumulated depreciation (34,134,263 ) (31,021,494 ) 143,751,296 146,713,811 Construction in progress 23,115,708 21,022,981 $ 166,867,004 $ 167,736,792 |
Schedule of Depreciation Expense [Table Text Block] | June 30, 2016 2015 Three months ended $ 1,544,669 $ 1,561,001 Six months ended 3,112,769 3,111,001 |
Schedule of Changes in Construction in Progress [Table Text Block] | For the Six Months For the Year Ended June 30, Ended December 2016 31, 2015 Beginning balances $ 21,022,981 $ 15,652,722 Development/construction 2,092,727 5,370,259 Transfers into production - - Ending balances $ 23,115,708 $ 21,022,981 |
Schedule of Changes in Construction in Progress, by Project [Table Text Block] | June 30, December 31, 2016 2015 Raft River, Idaho: Unit I, well improvements $ 873,125 $ 105,160 Unit I, plant improvements 40,624 - Unit II, power plant, substation and transmission lines 750,493 750,493 Unit II, well construction 2,148,980 2,146,531 3,813,222 3,002,184 San Emidio, Nevada: Unit II, power plant, substation and transmission lines 433,672 426,942 Unit II, well construction 3,812,491 3,798,563 4,246,163 4,225,505 Neal Hot Springs, Oregon: Power plant and facilities 78,779 50,297 Well construction 339,103 314,360 417,882 364,657 WGP Geysers, California: Power plant and facilities 325,989 325,989 Well construction 8,378,263 7,690,748 8,704,252 8,016,737 Crescent Valley, Nevada: Well construction 1,325,160 1,228,888 El Ceibillo, Republic of Guatemala: Well Construction 4,600,529 4,176,510 Plant and facilities 8,500 8,500 4,609,029 4,185,010 $ 23,115,708 $ 21,022,981 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Six Months Ended June 30, 2016 2015 U.S. Federal statutory rate 34.0% 34.0% Average State and foreign income tax, net of federal tax effect 3.5 3.7 Consolidated tax rate before non-controlling interest 37.5 37.7 Tax effect of non-controlling interests (37.5 ) (17.7 ) Net effective tax rate (0.0 )% 20.0% |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments and Advances to Affiliates [Table Text Block] | Annual Interest Description Amount Rate % Advances by date: August 31, 2011* $ 2,328,422 2.997 September 28, 2011 10,043,467 2.755 October 27, 2011 3,600,026 2.918 December 2, 2011 4,377,079 2.795 December 21, 2011 2,313,322 2.608 January 25, 2012 8,968,019 2.772 April 26, 2012 13,029,325 2.695 May 30, 2012 19,497,204 2.408 August 27, 2012 7,709,454 2.360 December 28, 2012 2,567,121 2.396 June 10, 2013 2,355,316 2.830 July 3, 2013* 2,242,628 3.073 July 31, 2013* 4,026,582 3.214 83,057,965 Principal paid through June 30, 2016 (21,221,206 ) Loan balance at June 30, 2016 $ 61,836,759 |
Schedule of Annual Principal Payments Construction in Progress [Table Text Block] | For the Twelve Months Ended Principal June 30, Payments 2017 $ 4,545,231 2018 3,898,652 2019 4,155,445 2020 4,347,724 2021 4,789,681 Thereafter 89,616,688 $ 111,353,421 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Number of Exercise Aggregate shares under Price Per Intrinsic options Share Value Balance outstanding, January 1, 2016 12,613,500 $ 0.57 $ 3,940,061 Forfeited/Expired (2,290,000 ) 0.83 Exercised` (1,571,258 ) 0.39 Granted 2,430,000 0.67 Balance outstanding, June 30, 2016 11,182,242 $ 0.56 $ 6,242,360 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Broker Warrant Share Warrant Broker Exercise Purchase Exercise Expiration Date Warrants Price Warrants Price May 23, 2017 255,721 $ 0.44 - $ - December 21, 2017 - - 2,310,812 0.50 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Fair Value, by Balance Sheet Grouping [Table Text Block] | Total Level 1 Level 2 Level 3 Assets: Money market accounts * $ 39,474,626 $ 39,474,626 $ - $ - | Total Level 1 Level 2 Level 3 Assets: Money market accounts * $ 27,921,666 $ 27,921,666 $ - $ - |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commitments [Table Text Block] | For the Six Months Ended, June 30, 2016 2015 Minimum lease payments $ 246,964 $ 153,598 Royalty based contingent lease payments 162,663 129,834 $ 409,627 $ 283,432 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years Ending December 31, Amount 2016 $ 502,259 2017 994,906 2018 1,019,465 2019 914,152 2020 886,704 Thereafter 14,805,095 |
JOINT VENTURES_NON-CONTROLLIN29
JOINT VENTURES/NON-CONTROLLING INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Non-controlling Interests [Table Text Block] | June 30, December 31, 2016 2015 Gerlach Geothermal LLC interest held by Gerlach Green Energy, LLC $ 208,389 $ 213,882 Oregon USG Holdings LLC interest held by Enbridge Inc. 24,703,382 25,353,058 Raft River Energy I LLC interest held by Goldman Sachs 1,330,122 2,044,984 $ 26,241,893 $ 27,611,924 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating Corporate & Plants Development Consolidated Total Assets: June 30, 2016 $ 181,712,684 $ 61,645,741 $ 243,358,425 June 30, 2015 186,709,625 44,092,983 230,802,608 For the Six Months Ended June 30, 2016: Operating Revenues $ 14,000,746 $ - $ 14,000,746 Net Income (Loss) 4,273,228 (3,474,100 ) 799,128 For the Three Months Ended June 30, 2016: Operating Revenues $ 8,503,276 $ - $ 8,503,276 Net Income (Loss) 779,538 (1,168,205 ) (388,667 ) For the Six Months Ended June 30, 2015: Operating Revenues $ 14,335,041 $ - $ 14,335,041 Net Income (Loss) 4,093,208 (2,878,174 ) 1,215,034 For the Three Months Ended June 30, 2015: Operating Revenues $ 8,473,861 $ - $ 8,473,861 Net Income (Loss) 623,574 (1,171,921 ) (548,347 ) |
ORGANIZATION AND DESCRIPTION 31
ORGANIZATION AND DESCRIPTION OF BUSINESS (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Organization And Description Of Business 1 | 50.00% |
Organization And Description Of Business 2 | 100.00% |
Organization And Description Of Business 3 | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)d | |
Summary Of Significant Accounting Policies 1 | d | 90 |
Summary Of Significant Accounting Policies 2 | $ 250,000 |
Summary Of Significant Accounting Policies 3 | 7,692,266 |
Summary Of Significant Accounting Policies 4 | 8,190,669 |
Summary Of Significant Accounting Policies 5 | 6,812,875 |
Summary Of Significant Accounting Policies 6 | 39,474,626 |
Summary Of Significant Accounting Policies 7 | 1,468,898 |
Summary Of Significant Accounting Policies 8 | $ 500,000 |
RESTRICTED CASH AND SECURITY 33
RESTRICTED CASH AND SECURITY BOND RESERVES (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Restricted Cash And Security Bond Reserves 1 | $ 1,000,069 |
Restricted Cash And Security Bond Reserves 2 | $ 6,454,205 |
PROPERTY, PLANT AND EQUIPMENT34
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Property, Plant And Equipment 1 | $ 806,198 |
Property, Plant And Equipment 2 | 312,422 |
Property, Plant And Equipment 3 | 191,754 |
Property, Plant And Equipment 4 | 495,761 |
Property, Plant And Equipment 5 | $ 108,397 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Income Taxes 1 | 0.00% |
Income Taxes 2 | 34.00% |
NOTES PAYABLE (Narrative) (Deta
NOTES PAYABLE (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)yr | |
Notes Payable 1 | $ 20,000,000 |
Notes Payable 2 | 50,000,000 |
Notes Payable 3 | $ 20,000,000 |
Notes Payable 4 | 5.80% |
Notes Payable 5 | 20 |
Notes Payable 6 | $ 16,009,495 |
Notes Payable 7 | yr | 7 |
Notes Payable 8 | $ 20,000,000 |
Notes Payable 9 | 703,525 |
Notes Payable 10 | 801,521 |
Notes Payable 11 | 821,070 |
Notes Payable 12 | 19,549 |
Notes Payable 13 | $ 96,800,000 |
Notes Payable 14 | 13 |
Notes Payable 15 | yr | 21.5 |
Notes Payable 16 | 2.598% |
Notes Payable 17 | $ 1,709,963 |
Notes Payable 18 | 1,499,259 |
Notes Payable 19 | 61,836,759 |
Notes Payable 20 | $ 3,192,688 |
Notes Payable 21 | yr | 24 |
Notes Payable 22 | 6.75% |
Notes Payable 23 | $ 29,516,662 |
Notes Payable 24 | $ 649,018 |
COMMON STOCK (Narrative) (Detai
COMMON STOCK (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Common Stock 1 | $ | $ 10,000,000 |
Common Stock 2 | 30 |
Common Stock 3 | shares | 1,346,258 |
Common Stock 4 | $ | $ 0.31 |
Common Stock 5 | $ / shares | $ 0.74 |
Common Stock 6 | shares | 1,000,000 |
Common Stock 7 | $ / shares | $ 0.50 |
Common Stock 8 | shares | 449,507 |
Common Stock 9 | $ | $ 0.63 |
Common Stock 10 | $ | $ 0.67 |
Common Stock 11 | $ / shares | $ 0.71 |
Common Stock 12 | shares | 2,463,810 |
Common Stock 13 | $ | $ 0.58 |
Common Stock 14 | $ / shares | $ 0.61 |
Common Stock 15 | shares | 225,000 |
Common Stock 16 | $ / shares | $ 0.31 |
STOCK BASED COMPENSATION (Narra
STOCK BASED COMPENSATION (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)yr$ / sharesshares | |
Stock Based Compensation 1 | 15.00% |
Stock Based Compensation 2 | 15.00% |
Stock Based Compensation 3 | shares | 16,962,900 |
Stock Based Compensation 4 | 25.00% |
Stock Based Compensation 5 | 25.00% |
Stock Based Compensation 6 | $ | $ 522,390 |
Stock Based Compensation 7 | yr | 1.5 |
Stock Based Compensation 8 | shares | 269,507 |
Stock Based Compensation 9 | $ | $ 0.71 |
Stock Based Compensation 10 | shares | 84,507 |
Stock Based Compensation 11 | shares | 185,000 |
Stock Based Compensation 12 | shares | 111,667 |
Stock Based Compensation 13 | $ | $ 0.63 |
Stock Based Compensation 14 | shares | 68,333 |
Stock Based Compensation 15 | $ | $ 0.67 |
Stock Based Compensation 16 | $ | 119,929 |
Stock Based Compensation 17 | $ | $ 187,554 |
Stock Based Compensation 18 | 1,000,000 |
Stock Based Compensation 19 | $ / shares | $ 0.50 |
JOINT VENTURES_NON-CONTROLLIN39
JOINT VENTURES/NON-CONTROLLING INTERESTS (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)yr | |
Joint Ventures/non-controlling Interests 1 | 60.00% |
Joint Ventures/non-controlling Interests 2 | 40.00% |
Joint Ventures/non-controlling Interests 3 | 40.00% |
Joint Ventures/non-controlling Interests 4 | 10.00% |
Joint Ventures/non-controlling Interests 5 | 10.00% |
Joint Ventures/non-controlling Interests 6 | $ 757,190 |
Joint Ventures/non-controlling Interests 7 | 300,000 |
Joint Ventures/non-controlling Interests 8 | 704,460 |
Joint Ventures/non-controlling Interests 9 | $ 496,000 |
Joint Ventures/non-controlling Interests 10 | 31.27% |
Joint Ventures/non-controlling Interests 11 | 68.73% |
Joint Ventures/non-controlling Interests 12 | $ 15,000 |
Joint Ventures/non-controlling Interests 13 | 68.93% |
Joint Ventures/non-controlling Interests 14 | 100.00% |
Joint Ventures/non-controlling Interests 15 | 40.00% |
Joint Ventures/non-controlling Interests 16 | 60.00% |
Joint Ventures/non-controlling Interests 17 | 100.00% |
Joint Ventures/non-controlling Interests 18 | $ 32,801,000 |
Joint Ventures/non-controlling Interests 19 | 3,643,517 |
Joint Ventures/non-controlling Interests 20 | 5,193,883 |
Joint Ventures/non-controlling Interests 21 | 2,429,012 |
Joint Ventures/non-controlling Interests 22 | $ 3,462,588 |
Joint Ventures/non-controlling Interests 23 | 100.00% |
Joint Ventures/non-controlling Interests 24 | $ 17,900,000 |
Joint Ventures/non-controlling Interests 25 | $ 34,100,000 |
Joint Ventures/non-controlling Interests 26 | 70.00% |
Joint Ventures/non-controlling Interests 27 | 1.00% |
Joint Ventures/non-controlling Interests 28 | 95.00% |
Joint Ventures/non-controlling Interests 29 | 99.00% |
Joint Ventures/non-controlling Interests 30 | 1.00% |
Joint Ventures/non-controlling Interests 31 | yr | 10 |
Joint Ventures/non-controlling Interests 32 | $ 1,203,349 |
Joint Ventures/non-controlling Interests 33 | 82,473 |
Joint Ventures/non-controlling Interests 34 | $ 77,231 |
Joint Ventures/non-controlling Interests 35 | 100.00% |
ASSET RETIRMENT OBLIGATIONS (Na
ASSET RETIRMENT OBLIGATIONS (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Asset Retirment Obligations 1 | $ 598,930 |
Asset Retirment Obligations 2 | 606,000 |
Asset Retirment Obligations 3 | $ 1,204,930 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment, Estimated Useful Lives (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment, Estimated Useful Lives 1 | $ 3 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment, Estimated Useful Lives 2 | 5 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment, Estimated Useful Lives 3 | 3 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment, Estimated Useful Lives 4 | 30 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment, Estimated Useful Lives 5 | 30 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment, Estimated Useful Lives 6 | 5 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment, Estimated Useful Lives 7 | 15 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment, Estimated Useful Lives 8 | 30 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment, Estimated Useful Lives 9 | $ 30 |
Schedule of Current restricted
Schedule of Current restricted cash and bond reserves (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 1 | $ 260,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 2 | 260,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 3 | 10,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 4 | 10,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 5 | 50,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 6 | 50,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 7 | 150,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 8 | 150,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 9 | 400,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 10 | 400,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 11 | 318,678 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 12 | 2,259 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 13 | 1,598,111 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 14 | 1,595,555 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 15 | 10,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 16 | 10,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 17 | 2,055,258 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 18 | 2,118,193 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 19 | 100,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 20 | 100,000 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 21 | 1,703,174 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 22 | 0 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 23 | 1,000,320 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 24 | 0 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 25 | 7,655,541 |
Restricted Cash And Security Bond Reserves Schedule Of Current Restricted Cash And Bond Reserves 26 | $ 4,696,007 |
Schedule of Long-term restricte
Schedule of Long-term restricted cash and bond reserves (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 1 | $ 1,468,898 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 2 | 1,468,898 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 3 | 1,035,627 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 4 | 708,300 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 5 | 632,895 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 6 | 314,590 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 7 | 1,807,890 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 8 | 0 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 9 | 2,943,141 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 10 | 0 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 11 | 270,000 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 12 | 270,000 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 13 | 2,466,270 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 14 | 2,542,058 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 15 | 4,507,969 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 16 | 4,507,110 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 17 | 5,070,001 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 18 | 4,966,543 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 19 | 2,471,689 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 20 | 2,718,290 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 21 | 22,674,380 |
Restricted Cash And Security Bond Reserves Schedule Of Long-term Restricted Cash And Bond Reserves 22 | $ 17,495,789 |
Schedule of Property, Plant a44
Schedule of Property, Plant and Equipment (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 1 | $ 3,074,052 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 2 | 3,074,052 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 3 | 159,876,162 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 4 | 159,800,893 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 5 | (52,965,236) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 6 | (52,965,236) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 7 | 67,621,167 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 8 | 67,621,167 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 9 | (3,464,555) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 10 | (3,464,555) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 11 | 3,743,969 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 12 | 3,668,984 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 13 | 177,885,559 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 14 | 177,735,305 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 15 | (34,134,263) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 16 | (31,021,494) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 17 | 143,751,296 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 18 | 146,713,811 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 19 | 23,115,708 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 20 | 21,022,981 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 21 | 166,867,004 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 22 | $ 167,736,792 |
Schedule of Depreciation Expens
Schedule of Depreciation Expense (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Property, Plant And Equipment Schedule Of Depreciation Expense 1 | $ 1,544,669 |
Property, Plant And Equipment Schedule Of Depreciation Expense 2 | 1,561,001 |
Property, Plant And Equipment Schedule Of Depreciation Expense 3 | 3,112,769 |
Property, Plant And Equipment Schedule Of Depreciation Expense 4 | $ 3,111,001 |
Schedule of Changes in Construc
Schedule of Changes in Construction in Progress (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress 1 | $ 21,022,981 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress 2 | 15,652,722 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress 3 | 2,092,727 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress 4 | 5,370,259 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress 5 | 0 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress 6 | 0 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress 7 | 23,115,708 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress 8 | $ 21,022,981 |
Schedule of Changes in Constr47
Schedule of Changes in Construction in Progress, by Project (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 1 | $ 873,125 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 2 | 105,160 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 3 | 40,624 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 4 | 0 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 5 | 750,493 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 6 | 750,493 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 7 | 2,148,980 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 8 | 2,146,531 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 9 | 3,813,222 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 10 | 3,002,184 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 11 | 433,672 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 12 | 426,942 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 13 | 3,812,491 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 14 | 3,798,563 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 15 | 4,246,163 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 16 | 4,225,505 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 17 | 78,779 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 18 | 50,297 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 19 | 339,103 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 20 | 314,360 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 21 | 417,882 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 22 | 364,657 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 23 | 325,989 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 24 | 325,989 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 25 | 8,378,263 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 26 | 7,690,748 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 27 | 8,704,252 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 28 | 8,016,737 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 29 | 1,325,160 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 30 | 1,228,888 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 31 | 4,600,529 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 32 | 4,176,510 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 33 | 8,500 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 34 | 8,500 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 35 | 4,609,029 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 36 | 4,185,010 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 37 | 23,115,708 |
Property, Plant And Equipment Schedule Of Changes In Construction In Progress, By Project 38 | $ 21,022,981 |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 1 | 34.00% |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 2 | 34.00% |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 3 | 3.5 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 4 | 3.7 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 5 | 37.5 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 6 | 37.7 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 7 | (37.5) |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 8 | (17.7) |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 9 | 0 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 10 | 20.00% |
Investments and Advances to Aff
Investments and Advances to Affiliates (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Notes Payable Investments And Advances To Affiliates 1 | $ 2,328,422 |
Notes Payable Investments And Advances To Affiliates 2 | 2.997 |
Notes Payable Investments And Advances To Affiliates 3 | $ 10,043,467 |
Notes Payable Investments And Advances To Affiliates 4 | 2.755 |
Notes Payable Investments And Advances To Affiliates 5 | $ 3,600,026 |
Notes Payable Investments And Advances To Affiliates 6 | 2.918 |
Notes Payable Investments And Advances To Affiliates 7 | $ 4,377,079 |
Notes Payable Investments And Advances To Affiliates 8 | 2.795 |
Notes Payable Investments And Advances To Affiliates 9 | $ 2,313,322 |
Notes Payable Investments And Advances To Affiliates 10 | 2.608 |
Notes Payable Investments And Advances To Affiliates 11 | $ 8,968,019 |
Notes Payable Investments And Advances To Affiliates 12 | 2.772 |
Notes Payable Investments And Advances To Affiliates 13 | $ 13,029,325 |
Notes Payable Investments And Advances To Affiliates 14 | 2.695 |
Notes Payable Investments And Advances To Affiliates 15 | $ 19,497,204 |
Notes Payable Investments And Advances To Affiliates 16 | 2.408 |
Notes Payable Investments And Advances To Affiliates 17 | $ 7,709,454 |
Notes Payable Investments And Advances To Affiliates 18 | 2.360 |
Notes Payable Investments And Advances To Affiliates 19 | $ 2,567,121 |
Notes Payable Investments And Advances To Affiliates 20 | 2.396 |
Notes Payable Investments And Advances To Affiliates 21 | $ 2,355,316 |
Notes Payable Investments And Advances To Affiliates 22 | 2.830 |
Notes Payable Investments And Advances To Affiliates 23 | $ 2,242,628 |
Notes Payable Investments And Advances To Affiliates 24 | 3.073 |
Notes Payable Investments And Advances To Affiliates 25 | $ 4,026,582 |
Notes Payable Investments And Advances To Affiliates 26 | 3.214 |
Notes Payable Investments And Advances To Affiliates 27 | $ 83,057,965 |
Notes Payable Investments And Advances To Affiliates 28 | (21,221,206) |
Notes Payable Investments And Advances To Affiliates 29 | $ 61,836,759 |
Schedule of Annual Principal Pa
Schedule of Annual Principal Payments Construction in Progress (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Notes Payable Schedule Of Annual Principal Payments Construction In Progress 1 | $ 4,545,231 |
Notes Payable Schedule Of Annual Principal Payments Construction In Progress 2 | 3,898,652 |
Notes Payable Schedule Of Annual Principal Payments Construction In Progress 3 | 4,155,445 |
Notes Payable Schedule Of Annual Principal Payments Construction In Progress 4 | 4,347,724 |
Notes Payable Schedule Of Annual Principal Payments Construction In Progress 5 | 4,789,681 |
Notes Payable Schedule Of Annual Principal Payments Construction In Progress 6 | 89,616,688 |
Notes Payable Schedule Of Annual Principal Payments Construction In Progress 7 | $ 111,353,421 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 1 | $ 12,613,500 |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 2 | 0.57 |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 3 | $ 3,940,061 |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 4 | $ (2,290,000) |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 5 | 0.83 |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 6 | $ (1,571,258) |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 7 | 0.39 |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 8 | $ 2,430,000 |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 9 | 0.67 |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 10 | $ 11,182,242 |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 11 | 0.56 |
Stock Based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 12 | $ 6,242,360 |
Schedule of Stockholders' Equit
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Stock Based Compensation Schedule Of Stockholders' Equity Note, Warrants Or Rights 1 | $ 255,721 |
Stock Based Compensation Schedule Of Stockholders' Equity Note, Warrants Or Rights 2 | 0.44 |
Stock Based Compensation Schedule Of Stockholders' Equity Note, Warrants Or Rights 3 | $ 0 |
Stock Based Compensation Schedule Of Stockholders' Equity Note, Warrants Or Rights 4 | 0 |
Stock Based Compensation Schedule Of Stockholders' Equity Note, Warrants Or Rights 5 | 0 |
Stock Based Compensation Schedule Of Stockholders' Equity Note, Warrants Or Rights 6 | 0 |
Stock Based Compensation Schedule Of Stockholders' Equity Note, Warrants Or Rights 7 | $ 2,310,812 |
Stock Based Compensation Schedule Of Stockholders' Equity Note, Warrants Or Rights 8 | 0.50 |
Schedule of Fair Value, by Bala
Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value Measurement Schedule Of Fair Value, By Balance Sheet Grouping 1 | $ 39,474,626 | |
Fair Value Measurement Schedule Of Fair Value, By Balance Sheet Grouping 2 | 39,474,626 | |
Fair Value Measurement Schedule Of Fair Value, By Balance Sheet Grouping 3 | 0 | |
Fair Value Measurement Schedule Of Fair Value, By Balance Sheet Grouping 4 | $ 0 | |
Fair Value Measurement Schedule Of Fair Value, By Balance Sheet Grouping 1 | $ 27,921,666 | |
Fair Value Measurement Schedule Of Fair Value, By Balance Sheet Grouping 2 | 27,921,666 | |
Fair Value Measurement Schedule Of Fair Value, By Balance Sheet Grouping 3 | 0 | |
Fair Value Measurement Schedule Of Fair Value, By Balance Sheet Grouping 4 | $ 0 |
Commitments (Details)
Commitments (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Commitments And Contingencies Commitments 1 | $ 246,964 |
Commitments And Contingencies Commitments 2 | 153,598 |
Commitments And Contingencies Commitments 3 | 162,663 |
Commitments And Contingencies Commitments 4 | 129,834 |
Commitments And Contingencies Commitments 5 | 409,627 |
Commitments And Contingencies Commitments 6 | $ 283,432 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 1 | $ 502,259 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 2 | 994,906 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 3 | 1,019,465 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 4 | 914,152 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 5 | 886,704 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 6 | $ 14,805,095 |
Schedule of Non-controlling Int
Schedule of Non-controlling Interests (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Joint Ventures/non-controlling Interests Schedule Of Non-controlling Interests 1 | $ 208,389 |
Joint Ventures/non-controlling Interests Schedule Of Non-controlling Interests 2 | 213,882 |
Joint Ventures/non-controlling Interests Schedule Of Non-controlling Interests 3 | 24,703,382 |
Joint Ventures/non-controlling Interests Schedule Of Non-controlling Interests 4 | 25,353,058 |
Joint Ventures/non-controlling Interests Schedule Of Non-controlling Interests 5 | 1,330,122 |
Joint Ventures/non-controlling Interests Schedule Of Non-controlling Interests 6 | 2,044,984 |
Joint Ventures/non-controlling Interests Schedule Of Non-controlling Interests 7 | 26,241,893 |
Joint Ventures/non-controlling Interests Schedule Of Non-controlling Interests 8 | $ 27,611,924 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Segment (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Business Segments Schedule Of Segment Reporting Information, By Segment 1 | $ 181,712,684 |
Business Segments Schedule Of Segment Reporting Information, By Segment 2 | 61,645,741 |
Business Segments Schedule Of Segment Reporting Information, By Segment 3 | 243,358,425 |
Business Segments Schedule Of Segment Reporting Information, By Segment 4 | 186,709,625 |
Business Segments Schedule Of Segment Reporting Information, By Segment 5 | 44,092,983 |
Business Segments Schedule Of Segment Reporting Information, By Segment 6 | 230,802,608 |
Business Segments Schedule Of Segment Reporting Information, By Segment 7 | 14,000,746 |
Business Segments Schedule Of Segment Reporting Information, By Segment 8 | 0 |
Business Segments Schedule Of Segment Reporting Information, By Segment 9 | 14,000,746 |
Business Segments Schedule Of Segment Reporting Information, By Segment 10 | 4,273,228 |
Business Segments Schedule Of Segment Reporting Information, By Segment 11 | (3,474,100) |
Business Segments Schedule Of Segment Reporting Information, By Segment 12 | 799,128 |
Business Segments Schedule Of Segment Reporting Information, By Segment 13 | 8,503,276 |
Business Segments Schedule Of Segment Reporting Information, By Segment 14 | 0 |
Business Segments Schedule Of Segment Reporting Information, By Segment 15 | 8,503,276 |
Business Segments Schedule Of Segment Reporting Information, By Segment 16 | 779,538 |
Business Segments Schedule Of Segment Reporting Information, By Segment 17 | (1,168,205) |
Business Segments Schedule Of Segment Reporting Information, By Segment 18 | (388,667) |
Business Segments Schedule Of Segment Reporting Information, By Segment 19 | 14,335,041 |
Business Segments Schedule Of Segment Reporting Information, By Segment 20 | 0 |
Business Segments Schedule Of Segment Reporting Information, By Segment 21 | 14,335,041 |
Business Segments Schedule Of Segment Reporting Information, By Segment 22 | 4,093,208 |
Business Segments Schedule Of Segment Reporting Information, By Segment 23 | (2,878,174) |
Business Segments Schedule Of Segment Reporting Information, By Segment 24 | 1,215,034 |
Business Segments Schedule Of Segment Reporting Information, By Segment 25 | 8,473,861 |
Business Segments Schedule Of Segment Reporting Information, By Segment 26 | 0 |
Business Segments Schedule Of Segment Reporting Information, By Segment 27 | 8,473,861 |
Business Segments Schedule Of Segment Reporting Information, By Segment 28 | 623,574 |
Business Segments Schedule Of Segment Reporting Information, By Segment 29 | (1,171,921) |
Business Segments Schedule Of Segment Reporting Information, By Segment 30 | $ (548,347) |