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Debt and Leases

6 Months Ended

Apr. 30, 2013

Debt and Leases [Abstract]

Debt and Capital Leases Disclosures [Text Block]

Debt and Leases

At April 30, 2013 and October 31, 2012, debt consisted of the following:

		April 30, 2013				October 31, 2012
Revolving credit facility		$	4,000			$	4,000
Connecticut Development Authority Note		3,376				3,466
Connecticut Clean Energy Fund Note		—				847
Connecticut Clean Energy and Finance Investment Authority Note		3,505				—
Capitalized lease obligations		373				234
Total debt		$	11,254			$	8,547
Less: Current portion of long-term debt		(4,410		)		(5,161		)
Long-term debt		$	6,844			$	3,386

Aggregate annual principal payments under our loan agreements, excluding payments relating to the revolving credit facility, and capital lease obligations for the years subsequent to April 30, 2013 are as follows:

2013	$	410
2014	331
2015	286
2016	233
2017	245
Thereafter	5,749
	$	7,254

As of April 30, 2013, the Company has an $8.0 million revolving credit facility with JPMorgan Chase Bank, N.A. and the Export-Import Bank of the United States. The revolver was increased from $5.0 million on April 12, 2013. At April 30, 2013, the outstanding amount owed under this facility was $4.0 million and is classified as current portion of long-term debt and other liabilities on the consolidated balance sheets.

The outstanding balance on the Connecticut Development Authority loan was $3.4 million and $3.5 million for the periods ended April 30, 2013 and October 31, 2012, respectively.

On March 5, 2013 the Company closed on a new long-term loan agreement with the Connecticut Clean Energy and Finance Investment Authority (CEFIA) totaling $5.9 million in support of the Bridgeport project. The loan agreement carries an interest rate of 5.0% and principal repayments will commence on the eighth anniversary of the project's provisional acceptance date in forty eight equal monthly installments. An advance of $2.6 million was made under the CEFIA loan during the second quarter of fiscal year 2013. The Connecticut Clean Energy Fund Note in the amount outstanding of $0.9 million was rolled into the new CEFIA Note. The outstanding balance on the CEFIA Note as of April 30, 2013 was $3.5 million.

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- Definition

The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

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