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Loan Receivable from Prism Solar Technologies, Inc.
9 Months Ended
Sep. 30, 2018
Loan Receivable from Prism Solar Technologies, Inc. [Abstract]  
Loan Receivable from Prism Solar Technologies, Inc.

Note 9—Loan Receivable from Prism Solar Technologies, Inc.

 

On August 14, 2018, the Company extended a $1.0 million bridge loan to Prism Solar Technologies, Inc. (“Prism”), in connection with a possible equity investment in Prism (“Initial Bridge Loan”). The Initial Bridge Loan, which is secured by a subordinated security interest in Prism’s assets as well as a second mortgage and assignment of rents on Prism’s plant and facility, bears a fixed annual interest rate of 12%, until the Bridge Loan is converted into the equity investment as described above, or until it is repaid. The Initial Bridge Loan has a term of 150 days until maturity.

 

On September 28, 2018, the Company extended an additional $0.2 million loan to Prism (“Second Bridge Loans”) with similar terms as the Initial Bridge Loan described above with term of 90 days until maturity (see Note 20 – Subsequent Events).

 

At September 30, 2018, there were $1.2 million loan receivables from Prism, including minimal amount of accrued interest, included in other assets in consolidated balance sheet.