|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
6 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Operating Activities: |
|
|
| Net loss |
$ (2,663,739) |
$ (5,838,828) |
| Adjustments to reconcile net loss to net cash used by operating activities: |
|
|
| Depreciation and amortization |
1,502,114 |
1,536,119 |
| Stock based compensation |
471,662 |
852,044 |
| Net changes in: |
|
|
| Accounts receivable |
(453,702) |
(92,266) |
| Accounts payable and accrued liabilities |
(358,469) |
160,436 |
| Prepaid expenses and other |
287,547 |
(76,545) |
| Total cash used by operating activities |
(1,214,587) |
(3,459,040) |
| Investing Activities: |
|
|
| Purchases of property, plant and equipment |
(3,658,285) |
(14,443,388) |
| Cash restricted by regulating entities |
(75,000) |
(2,225,000) |
| Cash received from consolidation of subsidiary |
0 |
592,330 |
| Distributions to non-controlling interest |
(58,765) |
(55,868) |
| PPA operating security deposit |
(1,426,700) |
0 |
| Total cash used by investing activities |
(5,218,750) |
(16,131,926) |
| Financing Activities: |
|
|
| Issuance of share capital, net of share issue costs |
1,343,639 |
78,276 |
| Proceeds received from non-controlling interest |
7,005,785 |
13,790,260 |
| Principal payments on note payable |
0 |
(230,000) |
| Principal payments on capital lease |
(36,518) |
(6,247) |
| Total cash provided by financing activities |
8,312,906 |
13,632,289 |
| Increase (Decrease) in Cash and Cash Equivalents |
1,879,569 |
(5,958,677) |
| Cash and Cash Equivalents, Beginning of Period |
4,433,051 |
8,098,905 |
| Cash and Cash Equivalents, End of Period |
6,312,620 |
2,140,228 |
| Supplemental Disclosures: |
|
|
| Purchase of property and equipment on account |
15,631,269 |
723,398 |
| Construction and development paid directly with construction loans |
41,771,878 |
0 |
| Capitalized accrued interest |
925,093 |
676,753 |
| Net assets and liabilities received from consolidation of subsidiary |
0 |
45,386,103 |
| Grant receivable used to decrease construction costs |
10,653,382 |
0 |
| Other Items: |
|
|
| Interest paid |
$ 340,650 |
$ 3,548 |