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Debt and Leases | 9 Months Ended
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Jul. 31, 2013
Debt and Capital Lease Obligations [Abstract] |
Debt and Capital Leases Disclosures [Text Block] | Debt and Leases At July 31, 2013 and October 31, 2012, debt consisted of the following:
|  | July 31, 2013 |  | October 31, 2012
Revolving credit facility |  | $ | 4,000 |  |  | $ | 4,000 |
Senior Unsecured Convertible Notes |  | 38,000 |  |  | — |
Connecticut Development Authority Note |  | 3,302 |  |  | 3,466 |
Connecticut Clean Energy Fund Note |  | — |  |  | 847 |
Connecticut Clean Energy and Finance Investment Authority Note |  | 4,425 |  |  | — |
Capitalized lease obligations |  | 352 |  |  | 234 |
Total debt |  | $ | 50,079 |  |  | $ | 8,547 |
Less: Unamortized debt discount (1) |  | (3,131 | ) |  | — |
|  | 46,948 |  |  | 8,547 |
Less: Current portion of long-term debt |  | (4,403 | ) |  | (5,161 | )
Long-term debt |  | $ | 42,545 |  |  | $ | 3,386 |
(1) The debt discount recorded in connection with the issuance of the Company’s unsecured convertible notes is recorded on the consolidated balance sheets as a reduction to associated debt balance. The Company amortizes the debt discount to interest expense over the term of the debt. 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 July 31, 2013 are as follows:
Year 1 | $ | 403 |
Year 2 | 309 |
Year 3 | 277 |
Year 4 | 256 |
Year 5 | 40,410 |
Thereafter | 4,424 |
| $ | 46,079 |
On June 20, 2013, the Company closed an offering of $38.0 million in aggregate principal amount of 8.0% Senior Unsecured Convertible Notes ("Notes"). Under the terms of the Notes, interest is payable semi-annually in arrears on December 15 and June 15 of each year, beginning December 15, 2013. The notes will mature on June 15, 2018, unless earlier redeemed, repurchased or converted. The Notes are convertible into shares of the Company's common stock at a conversion rate of 645.1613 shares of common stock per $1,000 principal amount of convertible notes, equivalent to a conversion price of approximately $1.55 per share of common stock. The net proceeds of the offering to the Company were approximately $35.5 million, after deducting underwriting discounts, commissions and offering expenses. Financing costs of $2.5 million associated with this debt offering are being amortized over the term of the debt. At July 31, 2013, these costs are capitalized in Other current assets for the current portion and Other assets, net for the long-term portion. We evaluated the instrument for embedded derivatives and bifurcation thereof. There is a change of control put redemption and an interest make-whole payment upon conversion feature embedded in the Notes which each require bifurcation from the host debt contract. The aggregate fair value of these derivatives at June 20, 2013 was $3.2 million. The aggregate fair value of these derivatives at July 31, 2013 is $3.5 million. The derivatives are included in Long term debt and other liabilities on the consolidated balance sheets and any change to the fair values are recorded in operations. As of July 31, 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. The credit facility is used for working capital to finance the manufacture and production and subsequent export sale of the Company’s products or services. The agreement has a one year term with renewal provisions and the current expiration date is April 2, 2014. The outstanding principal balance of the facility will bear interest, at the option of the Company of either the one-month LIBOR plus 1.5 percent or the prime rate of JP Morgan Chase. The facility is secured by certain working capital assets and general intangibles, up to the amount of the outstanding facility balance. At July 31, 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 $3.3 million and $3.5 million for the periods ended July 31, 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. Outstanding amounts are secured by future cash flows from the Bridgeport contracts. Advances of $2.6 million and $0.9 million, respectively, were made under the CEFIA loan during the second quarter and third 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 July 31, 2013 was $4.4 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. + References No definition available. + Details
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