v2.3.0.15
Sales-Type Lease Receivables
3 Months Ended
Sep. 30, 2011
Sales-Type Lease Receivables [Abstract] 
Sales-Type Lease Receivables

Note 7 – Sales-Type Lease Receivables

In conjunction with the acquisition of Solar Integrated Technologies, Inc., (“SIT”) in fiscal 2010, the Company acquired sales-type lease receivables. In 2005 and 2006, SIT entered into Energy Services Agreements whereby customers agreed to pay SIT, on a monthly basis over a 20-year period, for the electricity generated from the BIPV roofing systems installed on their buildings. The customers pay for the energy produced by solar systems at a rate specified in each contract. SIT recorded a lease receivable to reflect the future stream of energy services payments from customers over the 20-year period.

Sales-type lease receivables consisted of the following:

 

         
    September 30,
2011		  
    (in thousands)  

Total minimum lease payments receivable

   $ 16,520  

Less: Unearned income

     (4,622 ) 
   

 

 

  

Net investment in sales-type leases

   $ 11,898  
   

 

 

  

 

Executory costs included in total minimum lease payments were not significant. In addition, no value was assigned to the estimated residual value of the leased equipment due to the 20-year lease term. Future minimum receivables under all noncancelable sales-type leases as of September 30, 2011 are as follows:

 

         

Fiscal Year

   (in thousands)  

2012

   $ 1,020  

2013

     1,040  

2014

     1,061  

2015

     1,082  

2016

     1,103  

Thereafter

     11,214  
   

 

 

  
    $ 16,520