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SPECIAL PURPOSE ENTITIES | 12 Months Ended
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Jan. 31, 2016
SPECIAL PURPOSE ENTITIES |
SPECIAL PURPOSE ENTITIES | NOTE 4 — SPECIAL PURPOSE ENTITIES Construction Joint Ventures GPS assigned its contracts for the engineering, procurement and construction of two natural gas-fired power plants (the “EPC Contracts”), known as Panda Liberty and Panda Patriot, to two separate joint ventures that were formed in order to perform the work for the applicable project and to spread the bonding risk of each project. The joint venture partner for both projects is a large civil contracting firm. The corresponding joint venture agreements, as amended, provide that GPS has the majority interest in any profits, losses, assets and liabilities resulting from the performance of the EPC Contracts. Final completion of the two projects, as defined by each EPC Contract, was achieved in December 2016 and October 2016, respectively. GPS has no significant commitments under these arrangements beyond those related to the completion of the EPC Contracts except for the provision of services under the related warranty obligations. Due to the financial control by GPS, the accounts of the joint ventures have been included in the Company’s consolidated financial statements since the commencement of contract activities (near the end of the fiscal year ended January 31, 2014). The shares of the profits of the joint ventures have been determined based on the percentages by which the Company believes profits will ultimately be shared by the joint venture partners. Moxie Freedom LLC In August 2014, GPS entered into a Development Loan Agreement (the “DLA”) with Moxie Freedom LLC (“Moxie Freedom”), a variable interest entity (“VIE”) that was wholly owned by Moxie Energy, LLC (“Moxie”), a power facility project development firm. The financial support provided by GPS covered a significant portion of the costs for Moxie Freedom to develop a large natural gas-fired power plant. Under the DLA, GPS made development loans to Moxie Freedom that totaled $4.3 million. Such loans earned interest based on an annual rate of 20%. In November 2015, Moxie sold a substantial portion of its ownership interest in Moxie Freedom, GPS received repayment of its development loans in full and $0.6 million in accrued interest, GPS received a development success fee in the amount of $4.3 million and the full notice-to-proceed with activities pursuant to the corresponding EPC contract. Pursuant to a participation agreement, an equipment supplier to Moxie Freedom provided GPS with 40% of the funding for the development loans made to Moxie Freedom that totaled $1.7 million. Under the applicable accounting guidance, the funding provided to GPS was treated as a secured borrowing. Interest payable to the supplier accrued based on an annual rate of 20% and the supplier was entitled to receive 40% of any development success fee earned by GPS in connection with the permanent financing and/or sale of the project. In November 2015, all amounts due under the participation agreement were paid by GPS including principal and interest in the total amount of $1.9 million and the supplier’s share of the development success fee in the amount of $1.7 million. Through its arrangements with Moxie Freedom, the Company was deemed to be the primary beneficiary of this VIE entity at its inception. However, Moxie Freedom substantially completed its project development efforts during the fiscal year ended January 31, 2016, and financial support was thereafter provided substantially by the pending investor. As a result, the Company was no longer the primary beneficiary of the VIE and it was deconsolidated during the quarter ended July 31, 2015. The primary effects of the deconsolidation were the elimination of the capitalized project costs from the Company’s consolidated balance sheet ($4.9 million) and the addition to the consolidated balance sheet of the notes receivable from Moxie Freedom and related accrued interest. For reporting periods prior to the deconsolidation, the amounts of the notes receivable from Moxie Freedom and the corresponding amounts of accrued interest and interest income were eliminated in consolidation. The deconsolidation resulted in a pre-tax gain which was included in the statement of earnings for the fiscal year ended January 31, 2016 in the amount of $0.3 million.

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