These vehicles handle heavier loads swiftly and efficiently. With modular components and robust construction these lower cost of operation. Catalog ID: CT The 4 - D s articulating load wheels add lateral maneuverability to standard forward and rearward movement. Catalog ID: VU Brand: John Deere. Flat Bottom Depth 2. Catalog ID: UV It features a curved boom. Catalog ID: UI Activate economy mode. Catalog ID: UA Catalog ID: SF MP66 MP72 MP78 MP84 Speci cations Capable of bulldozing scraping loading metering and clamping material it s ideal for a wide to the cutting edge increasing efficiency.
Rugged torque tube equalizes load forces when clamping. Heavy - duty design includes tough high - carbon. Catalog ID: OT Joystick with push button activation lets you shift and control the loader with one lever. When you need to slow down you. Cash, cash equivalents, and restricted cash at beginning of period.
Cash, cash equivalents, and restricted cash at end of period. Liability incurred for acquisitions. Note 1—Basis of Presentation. The accompanying unaudited consolidated financial statements of Genie Energy Ltd. Accordingly, they do not include all of the information and footnotes required by U. GAAP for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring accruals considered necessary for a fair presentation have been included.
Operating results for the three months ended March 31, are not necessarily indicative of the results that may be expected for the year ending December 31, The Company owns GOGAS is an oil and gas exploration company and owns an interest in a contracted drilling services operation. GOGAS holds an GOGAS also holds controlling interests in inactive oil and gas projects.
GOGAS also holds a GREI and GES have outstanding deferred stock units granted to officers, employees and a contractor that represent an aggregate interest of 4.
The deferred stock units are subject to vesting up to Seasonality and Weather. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use.
Certain amounts from the prior year's financial statements have been reclassified in order to conform to the current year's presentation.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet that equals the total of the same amounts reported in the consolidated statement of cash flows:. March 31,. December 31,. Restricted cash—short-term. Total cash, cash equivalents, and restricted cash. Note 3—I nventories. Inventories consisted of the following:. Renewable credits. Solar Panels:. Finished goods. Total solar panels inventory.
Note 4—Revenue Recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and the guidance defines a five -step process to achieve this core principle. ASC also mandates additional disclosure about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.
The Company adopted ASC as of January 1, , using the modified retrospective method applied to those contracts that were not completed as of January 1, Results for the reporting periods beginning after January 1, are presented under ASC , while prior period results are not adjusted and continue to be reported in accordance with its historic accounting under ASC Topic The Company determined that the new standard did not have any impact on revenue recognition and measurement in its consolidated financial statements.
Variable quantities in requirements contracts are considered to be options for additional goods and services because the customer has a current contractual right to choose the amount of additional distinct goods. The Company estimates variable consideration related to its rebate programs using the expected value method and a portfolio approach.
Practical Expedients. Therefore, in accordance with ASC , the Company generally expenses sales commissions to acquire customers when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. The Company continuously monitors its customer relationship periods to ensure compliance with the application of the practical expedient. Disaggregated Revenues. Natural Gas. Three Months Ended March 31, Fixed rate.
Variable rate. Non-Commercial Channel. Commercial Channel. Note 5—Acquisitions and Divestiture. Acquisition of Lumo Energia, Oyj.
The secured loan is payable in 4 years and bears interest at annual rate of 4. The Lumo Restricted Shares are subject to vesting conditions related to employment and services to be provided by the recipients of up to three years.
The Lumo Restricted Shares are accounted for as a share-based compensation and is amortized to the consolidated statement of income over the vesting period of three years.
Of the remaining The Company has a conditional continuing call option to purchase a portion or the entire noncontrolling interest from the sellers during the period beginning at the third anniversary of the Closing Date and ending three years later.
The sellers, as a group, have a one -time option to sell a portion or all if their noncontrolling interest to the Company, which subject to certain conditions, may be exercised on one occasion only, at any time during the two -year period beginning at the fourth anniversary of the Closing Date.
The net income or loss attributable to this acquisition cannot be identified on a stand-alone basis because it is in the process of being integrated into the Company's operations. Intangible assets:. Trademark 5 -year useful life. Non-compete agreements 3 -year useful life. Customer relationship 2 -year useful life. Accounts and other current liabilities. Short-term debts. Noncontrolling interest. Net assets. Supplemental information.
Cash paid to Sellers. Cash contributed to Lumo. Total consideration. Goodwill was allocated to the GRE International segment. Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected revenue and cost synergies of the combined company and assembled workforce. Goodwill recognized as a result of the acquisition is not deductible for income tax purposes.
The preliminary allocations of the purchase prices for acquisitions are based upon initial valuations. The Company's estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities, noncontrolling interest and residual goodwill.
The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates.
These adjustments will be made in the periods in which the amounts are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates.
All changes that do not qualify as adjustments made during the measurement periods are also included in current period earnings. Acquisition of Prism.
Prism is a solar solutions company that is engaged in US based panel manufacturing, installation design and project management. On October 25, , the Company acquired a Property plant and equipment 19 -year weighted average useful life. Trademark 10 -year useful life. Patent 10 -year useful life. Customer contract 3 -year useful life. Accounts payable accrued expenses. Notes payable — current portion.
Notes payable — net of current portion. Cash contributed to Prism. Notes receivable from Prism, including accrued interest, converted to Prism's equity.
Cash payment to previous equity holders of Prism. Notes payable issued to Prism. Total considerations. Goodwill was allocated to the GES segment. During the first quarter of , the Company obtained information relevant to determining the fair values of certain intangible assets acquired related to acquisition of Prism and adjusted its purchase price allocation.
Prism's notes payable consisted of the following:. December 31, October 25, Less: Current maturities. Noncurrent portion. Genie Israel also entered into a Shareholder Agreement with Atid 's other shareholders to govern certain issues regarding management of the new company. The Credit Facility bears a variable interest rate as defined in the Shareholder Agreement.
Genie Israel accounts for its investments Atid using the equity method of accounting. Pro Forma Results unaudited. The following unaudited pro forma financial information summarizes the results of operations for the three months ended March 31, as if the acquisitions of Lumo and Prism and divestiture of majority interest in Atid , had been completed as of the beginning No effect has been given to other cost reductions or operating synergies.
As a result, these pro forma results do not necessarily represent results that would have occurred if the acquisitions had taken place on the basis assumed above, nor are they indicative of the results of future combined operations. Earnings per share attributable to Genie energy Ltd. Note 6—Fair Value Measurements. The following table presents the balance of assets and liabilities measured at fair value on a recurring basis:.
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