plug_Current folio

0001558370-16-007743.txt : 20160809 0001558370-16-007743.hdr.sgml : 20160809 20160809120415 ACCESSION NUMBER: 0001558370-16-007743 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160809 DATE AS OF CHANGE: 20160809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLUG POWER INC CENTRAL INDEX KEY: 0001093691 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] IRS NUMBER: 223672377 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34392 FILM NUMBER: 161816958 BUSINESS ADDRESS: STREET 1: 968 ALBANY-SHAKER ROAD CITY: LATHAM STATE: NY ZIP: 12110 BUSINESS PHONE: 5187827700 MAIL ADDRESS: STREET 1: 968 ALBANY-SHAKER ROAD CITY: LATHAM STATE: NY ZIP: 12110 10-Q 1 plug-20160630x10q.htm 10-Q plug_Current folio_10Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2016

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 1-34392

PLUG POWER INC.

(Exact name of registrant as specified in its charter)


Delaware		22-3672377
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification Number)

968 ALBANY SHAKER ROAD, LATHAM, NEW YORK 12110

(Address of Principal Executive Offices, including Zip Code)

(518) 782-7700

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐

Accelerated filer ☒

Non-accelerated filer ☐

Smaller reporting company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b 2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock, par value of $.01 per share, outstanding as of August 9, 2016 was 180,332,405.

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INDEX to FORM 10-Q

	Page

PART I. FINANCIAL INFORMATION

Item 1 – Interim Consolidated Financial Statements (Unaudited)	3

Consolidated Balance Sheets	3

Consolidated Statements of Operations	4

Consolidated Statements of Comprehensive Loss	5

Consolidated Statement of Stockholders’ Equity	6

Consolidated Statements of Cash Flows	7

Notes to Interim Consolidated Financial Statements	8

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3 – Quantitative and Qualitative Disclosures About Market Risk	31

Item 4 – Controls and Procedures	31

PART II. OTHER INFORMATION

Item 1 – Legal Proceedings	31

Item 1A – Risk Factors	32

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 3 – Defaults Upon Senior Securities	32

Item 4 – Mine Safety Disclosures	32

Item 5 – Other Information	32

Item 6 – Exhibits	33

Signatures	35

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PART 1. FINANCIAL INFORMATION

Item 1 — Interim Financial Statements (Unaudited)

Plug Power Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)


	June 30,		December 31,
	2016		2015
Assets
Current assets:
Cash and cash equivalents (Notes 1 and 8)	$	66,040	$	63,961
Restricted cash		4,012		4,012
Accounts receivable		12,677		22,650
Inventory		34,928		32,752
Prepaid expenses and other current assets		9,859		7,855
Total current assets		127,516		131,230

Restricted cash		43,883		43,823
Property, plant, and equipment, net of accumulated depreciation of $28,762 and $27,970, respectively		8,948		7,255
Leased property, net of accumulated depreciation of $2,351 and $1,700, respectively		27,247		1,667
Note receivable		350		383
Goodwill		8,755		8,478
Intangible assets, net of accumulated amortization of $768 and $469, respectively		4,420		4,644
Other assets		12,284		11,976
Total assets	$	233,403	$	209,456

Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity
Current liabilities:
Accounts payable	$	30,566	$	20,455
Accrued expenses		6,725		9,852
Product warranty reserve		379		406
Accrual for loss contracts related to service		2,400		4,100
Deferred revenue		4,106		4,468
Finance obligations		5,171		2,671
Other current liabilities		368		754
Total current liabilities		49,715		42,706
Accrual for loss contracts related to service		3,020		5,950
Deferred revenue		12,445		13,997
Common stock warrant liability		2,860		5,735
Finance obligations		35,253		14,809
Long-term debt		23,907		—
Other liabilities		254		370
Total liabilities		127,454		83,567
Redeemable preferred stock
Series C redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation preference $16,664) 10,431 shares authorized; Issued and outstanding: 5,231 at June 30, 2016 and December 31, 2015		1,153		1,153
Stockholders’ equity:
Common stock, $0.01 par value per share; 450,000,000 shares authorized; Issued (including shares in treasury): 180,812,358 at June 30, 2016 and 180,567,444 at December 31, 2015		1,808		1,806
Additional paid-in capital		1,123,615		1,118,917
Accumulated other comprehensive income		1,092		798
Accumulated deficit		(1,018,810)		(993,876)
Less common stock in treasury: 479,953 at June 30, 2016 and December 31, 2015		(2,909)		(2,909)
Total stockholders’ equity		104,796		124,736
Total liabilities, redeemable preferred stock, and stockholders’ equity	$	233,403	$	209,456

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Plug Power Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Revenue:
Sales of fuel cell systems and related infrastructure	$	9,121	$	18,663	$	14,339	$	23,753
Services performed on fuel cell systems and related infrastructure		5,360		2,883		10,633		5,528
Power Purchase Agreements		3,062		1,077		5,768		2,054
Fuel delivered to customers		2,638		1,128		4,648		1,787
Other		278		258		403		303
Total revenue		20,459		24,009		35,791		33,425
Cost of revenue:
Sales of fuel cell systems and related infrastructure		8,043		14,753		11,941		19,832
Services performed on fuel cell systems and related infrastructure		5,926		5,368		11,709		10,138
Provision for loss contracts related to service		(1,071)		—		(1,071)		—
Power Purchase Agreements		3,616		933		6,497		1,684
Fuel delivered to customers		3,208		1,083		5,619		1,959
Other		353		310		542		361
Total cost of revenue		20,075		22,447		35,237		33,974

Gross profit (loss)		384		1,562		554		(549)

Operating expenses:
Research and development		5,201		3,425		10,031		6,326
Selling, general and administrative		8,559		8,002		16,849		15,751
Total operating expenses		13,760		11,427		26,880		22,077

Operating loss		(13,376)		(9,865)		(26,326)		(22,626)

Interest and other expense, net		(1,208)		(28)		(1,682)		(87)
Change in fair value of common stock warrant liability		1,456		667		2,734		2,436

Loss before income taxes	$	(13,128)	$	(9,226)	$	(25,274)	$	(20,277)

Income tax benefit		—		—		392		—

Net loss attributable to the Company	$	(13,128)	$	(9,226)	$	(24,882)	$	(20,277)

Preferred stock dividends declared		(26)		(27)		(52)		(53)
Net loss attributable to common shareholders	$	(13,154)	$	(9,253)	$	(24,934)	$	(20,330)
Net loss per share:
Basic and diluted	$	(0.07)	$	(0.05)	$	(0.14)	$	(0.12)
Weighted average number of common shares outstanding		180,282,904		173,439,391		180,204,334		173,402,611

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Plug Power Inc. and Subsidiaries

Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016		2015
Net loss attributable to the Company	$	(13,128)	$	(9,226)	$	(24,882)	$	(20,277)
Other comprehensive (loss) income - foreign currency translation adjustment		(289)		—		294		—
Comprehensive loss	$	(13,417)	$	(9,226)	$	(24,588)	$	(20,277)

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Plug Power Inc. and Subsidiaries

Consolidated Statement of Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)


						Accumulated
				Additional		Other								Total
	Common Stock			Paid-in		Comprehensive		Treasury Stock				Accumulated		Stockholders’
	Shares	Amount		Capital		Income		Shares		Amount		Deficit		Equity
December 31, 2015	180,567,444	$	1,806	$	1,118,917	$	798		479,953	$	(2,909)	$	(993,876)	$	124,736
Net loss attributable to the Company	—		—		—		—		—		—		(24,882)		(24,882)
Other comprehensive income	—		—		—		294		—		—		—		294
Stock-based compensation	46,974		—		4,377		—		—		—		—		4,377
Stock dividend	28,061		—		52		—		—		—		(52)		—
Stock option exercises	50,000		1		18		—		—		—		—		19
Exercise of warrants	119,879		1		251		—		—		—		—		252
June 30, 2016	180,812,358	$	1,808	$	1,123,615	$	1,092		479,953	$	(2,909)	$	(1,018,810)	$	104,796

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Plug Power Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Six months ended
	June 30,
	2016		2015
Cash Flows From Operating Activities:
Net loss attributable to the Company	$	(24,882)	$	(20,277)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property, plant and equipment, and leased property		1,528		969
Amortization of intangible assets		295		722
Stock-based compensation		4,377		3,435
Amortization of debt issuance costs		307		—
Loss (gain) on disposal of property, plant and equipment and leased property		41		(2)
Provision for loss contracts related to service		(1,071)		—
Change in fair value of common stock warrant liability		(2,734)		(2,436)
Changes in operating assets and liabilities that provide (use) cash:
Accounts receivable		9,973		3,571
Inventory		(2,176)		(8,153)
Prepaid expenses and other assets		(2,556)		(488)
Note receivable		33		32
Accounts payable, accrued expenses, product warranty reserve and other liabilities		6,577		(1,145)
Accrual for loss contracts related to service		(3,559)		—
Deferred revenue		(1,914)		(483)
Net cash used in operating activities		(15,761)		(24,255)
Cash Flows From Investing Activities:
Purchases of property, plant and equipment		(2,525)		(1,388)
Purchases for construction of leased property		(26,317)		—
Proceeds from disposal of property, plant and equipment and leased property		—		2
Net cash used in investing activities		(28,842)		(1,386)
Cash Flows From Financing Activities:
Change in restricted cash		(60)		(11,134)
Proceeds from exercise of warrants		111		—
Proceeds from exercise of stock options		19		131
Proceeds from short-term borrowing, net of transaction costs		23,874		—
Principal payments on short-term borrowing		(25,000)		—
Proceeds from borrowing of long-term debt, net of transaction costs		23,875		—
Increase (decrease) in finance obligations		23,795		(422)
Net cash provided by (used in) financing activities		46,614		(11,425)
Effect of exchange rate changes on cash		68		—
Increase (decrease) in cash and cash equivalents		2,079		(37,066)
Cash and cash equivalents, beginning of period		63,961		146,205
Cash and cash equivalents, end of period	$	66,040	$	109,139
Other Supplemental Cash Flow Information:
Cash paid for interest	$	1,311	$	176

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Notes to Interim Consolidated Financial Statements (Unaudited)

1. Nature of Operations

Description of Business

Plug Power Inc., or the Company, is a leading provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used primarily for the material handling and stationary power market.

We are focused on proton exchange membrane, or PEM, fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and associated hydrogen storage and dispensing infrastructure from which multiple products are available. A fuel cell is an electrochemical device that combines hydrogen and oxygen to produce electricity and heat without combustion. Hydrogen is derived from hydrocarbon fuels such as liquid petroleum gas, or LPG, natural gas, propane, methanol, ethanol, gasoline or biofuels. Plug Power develops complete hydrogen delivery, storage and refueling solutions for customer locations. Hydrogen can also be obtained from the electrolysis of water, or produced on-site at consumer locations through a process known as reformation. Currently the Company obtains hydrogen by purchasing it from fuel suppliers for resale to customers.

We provide and continue to develop fuel cell product solutions to replace lead-acid batteries in material handling vehicles and industrial trucks for some of the world’s largest distribution and manufacturing businesses. We are focusing our efforts on material handling applications (forklifts) at multi-shift high volume manufacturing and high throughput distribution sites where our products and services provide a unique combination of productivity, flexibility and environmental benefits. Our current product line includes: GenDrive, our hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenFuel, our hydrogen fueling delivery system; GenCare, our ongoing maintenance program for both the GenDrive fuel cells and GenFuel products; GenSure (formerly ReliOn), our stationary fuel cell solution providing scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; GenKey, our turn-key solution combining either GenDrive or GenSure with GenFuel and GenCare, offering complete simplicity to customers transitioning to fuel cell power; and GenFund, a collaboration with leasing organizations to provide cost efficient and seamless financing solutions to customers.

We provide our products worldwide, with a primary focus on North America, through our direct product sales force, and by leveraging relationships with original equipment manufacturers, or OEMs, and their dealer networks.

We were organized as a corporation in the State of Delaware on June 27, 1997.

Unless the context indicates otherwise, the terms “Company,” “Plug Power,” “we,” “our” or “us” as used herein refers to Plug Power Inc. and its subsidiaries.

Liquidity

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substantial amounts of our cash to support these financing arrangements; the timing and costs of developing marketing and distribution channels; the timing and costs of product service requirements; the timing and costs of hiring and training product staff; the extent to which our products gain market acceptance; the timing and costs of product development and introductions; the extent of our ongoing and new research and development programs; and changes in our strategy or our planned activities. If we are unable to fund our operations with positive cash flows and cannot obtain external financing, we may not be able to sustain future operations. As a result, we may be required to delay, reduce and/or cease our operations and/or seek bankruptcy protection.

We have experienced and continue to experience negative cash flows from operations and net losses. The Company incurred net losses attributable to common shareholders of $24.9 million for the six months ended June 30, 2016 and $55.8 million, $88.6 million and $62.8 million for the years ended December 31, 2015, 2014, and 2013, respectively, and has an accumulated deficit of $1.0 billion at June 30, 2016.

During the six months ended June 30, 2016, cash used in operating activities was $15.8 million, consisting primarily of a net loss attributable to the Company of $24.9 million, offset by the impact of noncash charges/gains of $2.7 million and net inflows from fluctuations in working capital and other assets and liabilities of $6.4 million. The changes in working capital primarily were related to collections of accounts receivable and managing of accounts payable offset by an investment in inventory procured to meet our backlog requirements, as well as increases in prepaid expenses and consumption against the accrual for loss contracts related to service. As of June 30, 2016, we had cash and cash equivalents of $66.0 million and net working capital of $77.8 million. By comparison, at December 31, 2015, we had cash and cash equivalents of $64.0 million and net working capital of $88.5 million. Additionally, a portion of the cash and cash equivalents on hand at June 30, 2016, is required to be maintained at all times under a covenant requirement associated with the Company’s secured term loan facility that requires a minimum unencumbered cash and cash equivalents balance equal to or greater than 75% of the outstanding principal balance plus accounts payable aged more than 150 days.

Net cash used in investing activities for the six months ended June 30, 2016 included purchases of property, plant and equipment and outflows associated with materials, labor, and overhead necessary to construct new leased property of $28.8 million. Cash outflows related to equipment that we sell and equipment we lease directly to customers are included in net cash used in operating activities and net cash used in investing activities, respectively. Net cash provided by financing activities for the six months ended June 30, 2016 primarily resulted from increases in finance obligations and borrowings against a long-term secured term loan facility, as described in Note 8. The secured term loan facility has events of default, including a material adverse change clause that is at the sole discretion of the lender.

Between 2014 and 2016, the Company signed sale/leaseback agreements with the Company’s primary financial institution (M&T Bank or the Bank) to facilitate the Company’s commercial transactions with key customers. The Company then leased the fuel cell systems and hydrogen infrastructure back from the Bank and operates them at customer locations to fulfill Power Purchase Agreements (PPAs). In connection with these operating leases, the Bank requires the Company to maintain cash balances in restricted accounts securing its lease obligations to the Bank. Cash added to these restricted accounts was $14.2 million during 2015. (No additional cash was added during the three and six months ended June 30, 2016, other than interest earned on restricted cash balances.) Cash received from customers under the PPAs is used to make lease payments to the Bank. As the Company performs under these agreements, the required restricted cash balances are released, according to a set schedule. At June 30, 2016, the Company had 7 PPA deployments related to these sale/leaseback agreements. At June 30, 2016, the total remaining lease payments to the Bank under these agreements were $23.6 million and have been secured with restricted cash and pledged service escrows. Cash associated with sales of future revenues is required to be recorded as financing obligations on the consolidated balance sheets and accordingly represents a financing cash inflow.

The master lease agreement with the Bank requires the Company to maintain a minimum of $50.0 million of unrestricted cash, as of June 30, 2016 (subsequently reduced to $40 million as of July 27, 2016). As mentioned above, the Company’s remaining contractual lease payments to the Bank are fully secured through a combination of restricted cash, unrestricted cash and pledges on funds escrowed for future service by the Company. The covenant is maintained in association with the residual exposure of the Bank, which stems from tax benefits taken by the Bank that could be recaptured should the underlying assets not be deployed for five years. This residual exposure at June 30, 2016 amounted to approximately $12.0 million, and the exposure decreases with the passage of time. In the event that the Company’s

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unrestricted cash balance falls below the minimum threshold, the Company is entitled to cure the failure by providing additional restricted cash to secure the outstanding residual tax exposure of the Bank at that time.

In addition to the financing activities described above, we have historically funded our operations primarily through public and private offerings of common and preferred stock, as well as short-term borrowings, long-term debt and project financing, as described in Notes 7 and 8. The Company believes that its current working capital and cash anticipated to be generated from future operations, as well as various sources of capital from additional project financing platforms with various third parties that are currently being evaluated, will provide sufficient liquidity to fund operations for at least the next twelve months. This projection is based on our current expectations regarding new project financing and product sales and service, cost structure, cash burn rate and other operating assumptions.

2. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying unaudited interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Interim Financial Statements

The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (GAAP), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, filed for the fiscal year ended December 31, 2015.

The information presented in the accompanying consolidated balance sheet as of December 31, 2015 has been derived from the Company’s December 31, 2015 audited consolidated financial statements. All other information has been derived from the unaudited interim consolidated financial statements of the Company.

Revenue Recognition

The Company recognizes revenue under arrangements for products and services, which may include the sale of products and related services, including revenue from installation, service and maintenance, spare parts, hydrogen fueling services (which may include hydrogen supply as well as hydrogen fueling infrastructure) and leased units. The Company also recognizes revenue under research and development contracts, which are primarily cost reimbursement contracts associated with the development of PEM fuel cell technology.

The Company enters into revenue arrangements that may contain a combination of fuel cell systems and infrastructure, installation, service, maintenance, spare parts, and other support services. Revenue arrangements containing fuel cell systems and related infrastructure may be sold, or provided to customers under a PPA.

Sales of and Services Performed on Fuel Cell Systems and Related Infrastructure

When sold to customers, the Company accounts for each separate deliverable of these multiple deliverable arrangements as a separate unit of accounting, if the delivered item or items have value to the customer on a standalone basis. The Company considers a deliverable to have standalone value if the item is sold separately by us or another entity

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or if the item could be resold by the customer. The Company allocates revenue to each separate deliverable based on its relative selling price. For a majority of our deliverables, the Company determines relative selling prices using its best estimate of the selling price since vendor-specific objective evidence and third-party evidence is generally not available for the deliverables involved in its revenue arrangements due to a lack of a competitive environment in selling fuel cell technology. When determining estimated selling prices, the Company considers the cost to produce the deliverable, a reasonable gross margin on that deliverable, the selling price and profit margin for similar products and services, the Company’s ongoing pricing strategy and policies, the value of any enhancements that have been built into the deliverable and the characteristics of the varying markets in which the deliverable is sold, as applicable. The Company determines estimated selling prices for deliverables in its arrangements based on the specific facts and circumstances of each arrangement and analyzes the estimated selling prices used for its allocation of consideration of each arrangement.

Once relative selling prices are determined, the Company proportionately allocates the sale consideration to each element of the arrangement. The allocated sales consideration related to fuel cell systems and infrastructure, spare parts, and hydrogen infrastructure is recognized as revenue at shipment if title and risk of loss have passed to the customer, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured, and customer acceptance criteria, if any, have been successfully demonstrated. The allocated sales consideration related to service and maintenance is generally recognized as revenue on a straight-line basis over the term of the contract, as appropriate.

With respect to sales of consigned spare parts, the Company does not recognize revenue until the risks and rewards of ownership have transferred, the price is fixed, and the Company has a reasonable expectation of collection upon billing.

For those customers who do not purchase an extended maintenance contract, the Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product. Only a limited number of fuel cell units are under standard warranty.

In a vast majority of its commercial transactions, the Company sells extended maintenance contracts that generally provide for a five to ten year warranty from the date of product installation. These types of contracts are accounted for as a separate deliverable, and accordingly, revenue generated from these transactions is deferred and recognized in income over the warranty period, generally on a straight-line basis. Additionally, the Company may enter into annual service and extended maintenance contracts that are billed monthly. Revenue generated from these transactions is recognized in income on a straight-line basis over the term of the contract. Costs are recognized as incurred over the term of the contract. When costs are projected to exceed revenues on the life of the contract, an accrual for loss contracts is recorded. Costs are estimated based upon historical experience, contractual agreements and the estimated impact of the Company’s cost reduction initiatives. The actual results may differ from these estimates.

Power Purchase Agreements

When fuel cell systems and related infrastructure are provided to customers through a PPA, revenues associated with these agreements are treated as rental income and recognized on a straight-line basis over the life of the agreements. In conjunction with entering into a PPA with a customer, the Company may enter into sale/leaseback transactions with third party financial institutions, whereby the fuel cells, related infrastructure, and service are sold to the third party financial institution and leased back to the Company through either an operating or capital lease.

During 2016, the Company’s sale/leaseback transactions with third party financial institutions were required to be accounted for as capital leases under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 840-40, Leases – Sale/Leaseback Transactions (ASC Subtopic 840-40). As a result, no upfront revenue was recognized at the closing of these transactions and a finance obligation for each lease was established. The fuel cell systems and related infrastructure that are provided to customers through these PPAs are considered leased property on the accompanying unaudited interim consolidated balance sheet. Costs to service the leased property are considered cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations.

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All PPAs entered into through December 31, 2015 had a corresponding sale-leaseback transaction with a third party financial institution which was required to be accounted for as an operating lease. The Company accounts for sale/leaseback transactions as operating leases in accordance with ASC Subtopic 840-40. The Company has rental expense associated with sale/leaseback agreements with financial institutions that were entered into commensurate with the PPAs. Rental expense is recognized on a straight-line basis over the life of the agreements and is characterized as cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations.

Fuel Delivered to Customers

The Company purchases hydrogen fuel from suppliers and sells to its customers upon delivery. Revenue and cost of revenue related to this fuel is recorded as dispensed and delivered, respectively, and are included in the respective “Fuel delivered to customers” lines on the unaudited interim consolidated statements of operations.

Research and Development Contracts

Contract accounting is used for research and development contract revenue. The Company generally shares in the cost of these programs with cost sharing percentages ranging from 30% to 50% of total project costs. Revenue from time and material contracts is recognized on the basis of hours expended plus other reimbursable contract costs incurred during the period and is included within the “other” revenue line on the unaudited interim consolidated statement of operations. All allowable work performed through the end of each calendar quarter is billed, subject to limitations in the respective contracts. We expect to continue research and development contract work that is directly related to our current product development efforts.

Cash Equivalents

For purposes of the unaudited interim consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents. At June 30, 2016 and December 31, 2015, cash equivalents consist of money market accounts. The Company’s cash and cash equivalents are deposited with financial institutions primarily located in the U.S. and may at times exceed insured limits.

Common Stock Warrant Accounting

The Company accounts for common stock warrants in accordance with applicable accounting guidance provided in ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. In compliance with applicable securities law, registered common stock warrants that require the issuance of registered shares upon exercise and do not sufficiently preclude an implied right to cash settlement are accounted for as derivative liabilities. We currently classify these derivative warrant liabilities on the accompanying unaudited interim consolidated balance sheets as a long-term liability, which is revalued at each balance sheet date subsequent to the initial issuance using the Black-Scholes pricing model. The Black-Scholes pricing model, which is based, in part, upon unobservable inputs for which there is little or no market data, requires the Company to develop its own assumptions. Changes in the fair value of the warrants are reflected in the accompanying unaudited interim consolidated statements of operations as change in fair value of common stock warrant liability.

Use of Estimates

The unaudited interim consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Reclassifications

Reclassifications are made, whenever necessary, to prior period financial statements to conform to the current period presentation. These reclassifications did not have a net impact the results of operations or net cash flows in the periods presented.

Recent Accounting Pronouncements

In March 2016, an accounting update was issued to simplify various aspects related to how share-based payments are accounted for and presented. This accounting update is effective for annual periods beginning after December 15, 2016 and interim periods within those years. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is evaluating the impact this update will have on the consolidated financial statements.

In February 2016, an accounting update was issued which requires balance sheet recognition for operating leases, among other changes to previous lease guidance. This accounting update is effective for fiscal years beginning after December 15, 2018. The Company is evaluating the impact this update will have on the consolidated financial statements.

In July 2015, an accounting update was issued that changes inventory measurement from lower of cost or market to lower of cost and net realizable value. The new standard applies to inventory measured at first-in, first-out (FIFO). This accounting update is effective for the annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements.

In August 2014, an accounting update was issued relating to how management assesses conditions and events that could raise substantial doubt about an entity’s ability to continue as a going concern. This accounting update is effective for reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements.

In June 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. In July 2015, the Financial Accounting Standards Board (FASB) announced a one year delay in the required adoption date from January 1, 2017 to January 1, 2018. The Company is evaluating the effect this update will have on the consolidated financial statements and has not yet selected a transition method.

3. Acquisition of HyPulsion

On July 24, 2015, the Company entered into a Share Purchase Agreement with Axane, pursuant to which on July 31, 2015, the Company (through a wholly-owned subsidiary) acquired Axane’s 80% equity interest in HyPulsion for $11.5 million, payable in shares of its common stock. In connection with the aforementioned agreement, the Company initially issued 4,781,250 shares of its common stock at closing. On August 26, 2015, the Company subsequently issued an additional 1,613,289 shares of common stock pursuant to a post-closing true-up provision, which was liability classified contingent consideration.

The Company acquired all of the net assets of HyPulsion, with the excess of the purchase price over net assets attributed to goodwill. Goodwill associated with the acquisition represents expanded access to the European markets related to the sale of fuel cell technology for material handling equipment. Changes in goodwill between the acquisition date and June 30, 2016 are attributed to foreign currency translation, and to a lesser extent, changes to estimated fair values of acquired assets and liabilities upon completion of purchase accounting.

4. Earnings Per Share

For purposes of determining diluted earnings per share, when the Company is in a net loss position, all common stock equivalents would be considered to be anti-dilutive.

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The potential dilutive common shares are summarized as follows:


	At June 30,
	2016	2015
Stock options outstanding (1)	11,752,286	8,576,278
Restricted stock outstanding	204,444	395,558
Common stock warrants (2)	4,000,100	4,219,442
Preferred stock (3)	5,554,594	5,554,594
Number of dilutive potential common shares	21,511,424	18,745,872

(1)

During the three months ended June 30, 2016 and 2015, the Company granted 265,000 and 440,000 stock options, respectively. During the six months ended June 30, 2016 and 2015, the Company granted 280,000 and 650,000 stock options, respectively.

(2)

In May 2011, the Company issued 7,128,563 warrants as part of an underwritten public offering with an exercise price of $0.93 per warrant. As a result of additional public offerings, and pursuant to the effect of the anti-dilution provisions of these warrants, the number of warrants increased to 22,995,365. Of these warrants issued in May 2011, zero and 219,342 were unexercised as of June 30, 2016 and 2015, respectively. In February 2013, the Company issued 23,637,500 warrants as part of an underwritten public offering with an exercise price of $0.15 per warrant. Of these warrants issued in February 2013, 100 were unexercised as of June 30, 2016 and 2015. In January 2014, the Company issued 4,000,000 warrants as part of an underwritten public offering with an exercise price of $4.00 per warrant. Of these warrants issued in January 2014, none have been exercised as of June 30, 2016 and 2015. All warrants have anti-dilution provisions.

(3)

The preferred stock amount represents the dilutive potential common shares of the Series C redeemable convertible preferred stock issued on May 16, 2013, based on the conversion price of the preferred stock as of June 30, 2016. Of the 10,431 preferred shares issued in May 2013, 5,200 had been converted to common stock as of June 30, 2016.

5. Inventory

Inventory as of June 30, 2016 and December 31, 2015 consists of the following (in thousands):


	June 30, 2016		December 31, 2015
Raw materials and supplies	$	29,128	$	23,705
Work-in-process		2,568		5,567
Finished goods		3,232		3,480
	$	34,928	$	32,752

6. Leased Property

Leased property at June 30, 2016 and December 31, 2015 consists of the following (in thousands):


	June 30, 2016		December 31, 2015
Leased property under capital lease	$	29,598	$	3,367
Less: accumulated depreciation		(2,351)		(1,700)
Leased property under capital lease, net	$	27,247	$	1,667

7. Short-Term Borrowing

On March 2, 2016, the Company entered into a Loan Agreement with Generate Lending, LLC (Lender). The Loan Agreement, among other things, provided for a $30 million secured term loan facility (the Short-Term Loan Facility). Advances under the Short-Term Loan Facility bore interest at the rate of 12.0% per annum. The term of the Loan Agreement was one year, ending March 2, 2017. Pursuant to the Loan Agreement, $25.0 million of the Short-Term Loan

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Facility was drawn upon and outstanding as of March 31, 2016.

On June 27, 2016, the Short-Term Loan Facility was paid off with proceeds from long-term project financing. That financing was accounted for as a series of capital leases, the obligation of which is now presented as part of finance obligations on the accompanying unaudited interim consolidated balance sheet, as discussed in Note 12.

8. Long-Term Debt

During the three months ended June 30, 2016, Plug Power Inc. and its subsidiaries Emerging Power Inc. and Emergent Power Inc. entered into a Loan and Security Agreement with Hercules Capital, Inc. (Hercules) pursuant to which Hercules agreed to make available to the Company a secured term loan facility in the amount of up to $40.0 million (the Term Loan Facility), subject to certain terms and conditions. The Company borrowed $25.0 million under the Loan and Security Agreement on the date of closing, and incurred transaction costs of $1.1 million. The Company may borrow an additional $5.0 million under the Loan and Security Agreement between October 12, 2016 and December 12, 2016 subject to the Company satisfying certain conditions. The Company may also borrow an additional $10.0 million under the Loan and Security Agreement after June 27, 2016 and until June 27, 2017 subject to satisfying certain other conditions.

Advances under the Term Loan Facility bear interest at the rate of 10.45% per annum, subject to compliance with financial covenants and other conditions. The Loan and Security Agreement includes covenants, limitations, and events of default customary for similar facilities. The term of the Loan and Security Agreement is three years, ending June 27, 2019 (the Maturity Date).

Interest is payable on a monthly basis and the entire then outstanding principal balance of the Term Loan Facility, together with all accrued and unpaid interest, is due and payable on the Maturity Date. On the earliest to occur of the Maturity Date, the date on which the obligations under the Loan and Security Agreement are paid and the date on which such obligations become due and payable, the Company is also required to pay the Lender an end of term charge $2.5 million, based on the amount borrowed.

Until such time as certain net income milestones are met, the Loan and Security Agreement has financial covenants that require the Company to maintain at all times minimum unencumbered cash and cash equivalents equal to or greater than 75% of the then outstanding principal balance of the Term Loan Facility plus accounts payable aged more than 150 days. After such net income milestones are met, the Loan and Security Agreement’s financial covenants are reduced to require minimum unencumbered cash and cash equivalents equal to or greater than 50% of the then outstanding principal balance of the Term Loan Facility plus accounts payable aged more than 150 days.

All obligations under the Loan and Security Agreement are unconditionally guaranteed by the Company’s subsidiaries, Emerging Power Inc. and Emergent Power Inc. The Term Loan Facility is secured by substantially all of Plug Power Inc. and the guarantors’ assets, including all intellectual property, all securities in domestic subsidiaries and 65% of the securities in foreign subsidiaries, subject to certain exceptions and exclusions.

The Loan and Security Agreement contains customary covenants for arrangements of this type and other covenants agreed to by the parties, including, among others, (i) the provision of annual and quarterly financial statements, management rights and insurance policies and (ii) restrictions on incurring debt, granting liens, making acquisitions, making loans, paying dividends, dissolving, and entering into leases and asset sales. The Loan and Security Agreement also provides for customary events of default, including, among others, payment, bankruptcy, covenant, representation and warranty, change of control, judgment and material adverse effect defaults.

The fair value of the Term Loan Facility approximates the carrying value of $23.9 million as of June 30, 2016.

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9. Accrual for Loss Contracts Related to Service

In 2015, the Company determined that its projected estimated service costs related to certain extended maintenance contracts exceeded future revenues and recorded a provision for loss contracts related to service. During the six months ended June 30, 2016, the Company renegotiated one of its service contracts. As a result, the projected costs over the remaining life of the amended contract were estimated to be reduced and the Company recognized a gain within cost of revenue where the original charge was recorded.

The following table summarizes activity related to the accrual for loss contracts related to service during the six months ended June 30, 2016 (in thousands):


Beginning balance - January 1, 2016	$	10,050
Change in estimate		(1,071)
Reductions for losses realized		(3,559)
Ending balance - June 30, 2016	$	5,420

10. Income Taxes

The deferred tax asset generated from our net operating loss has been offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carry forward will not be realized. The Company also recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense.

During the six months ended June 30, 2016, the Company released its liability for unrecognized tax benefits of $392 thousand, as the related statute of limitations has expired.

11. Fair Value Measurements

The Company’s common stock warrant liability represents the only financial instrument measured at fair value on a recurring basis in the consolidated balance sheets. The fair value measurement is determined by using Level 3 inputs due to the lack of active and observable markets that can be used to price identical assets. Level 3 inputs are unobservable inputs and should be used to determine fair value only when observable inputs are not available. Unobservable inputs should be developed based on the best information available in the circumstances, which might include internally generated data and assumptions being used to price the asset or liability.

Fair value of the common stock warrant liability is based on the Black-Scholes pricing model which is based, in part, upon unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The Company used the following assumptions for its common stock warrants:


	June 30, 2016					June 30, 2015
Risk-free interest rate	0.73	%	-	0.86	%	0.28	%	-	1.375	%
Volatility	59.50	%	-	95.23	%	52.92	%	-	134.4	%
Expected average term	1.64		-	2.55		0.92		-	3.55

There was no expected dividend yield for the warrants granted. If factors change and different assumptions are used, the warrant liability and the change in estimated fair value could be materially different. Generally, as the market price of our common stock increases, the fair value of the warrant increases, and conversely, as the market price of our common stock decreases, the fair value of the warrant decreases. Also, a significant increase in the volatility of the market price of the Company’s common stock, in isolation, would result in a significantly higher fair value measurement; and a significant decrease in volatility would result in a significantly lower fair value measurement.

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The following table shows reconciliations of the beginning and ending balances for the common stock warrant liability (in thousands):


	Six months ended
Common stock warrant liability	June 30, 2016		June 30, 2015
Beginning of period	$	5,735	$	9,418
Change in fair value of common stock warrants		(2,734)		(2,436)
Exercise of common stock warrants		(141)		—
End of period	$	2,860	$	6,982

12. Commitments and Contingencies

Operating Leases

As of June 30, 2016 and December 31, 2015, the Company has several non-cancelable operating leases (as lessor and as lessee), primarily associated with sale/leaseback transactions that are partially secured by restricted cash (see also Note 1) as summarized below. These leases expire over the next six years. Minimum rent payments under operating leases are recognized on a straight‑line basis over the term of the lease. Leases where the Company is the lessor contain termination clauses with associated penalties, the amount of which cause the likelihood of cancelation to be remote.

Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of June 30, 2016 are (in thousands):


	As Lessor		As Lessee
Remainder of 2016	$	7,304	$	8,597
2017		14,608		25,383
2018		14,608		20,717
2019		14,608		13,697
2020		13,452		12,563
Thereafter		10,479		10,239
Total future minimum lease payments	$	75,059	$	91,196

Rental expense for all operating leases was $6.4 million and $2.2 million for six months ended June 30, 2016 and 2015, respectively. Rental expense for all operating leases was $3.4 million and $1.3 million for three months ended June 30, 2016 and 2015, respectively.

At June 30, 2016 and December 31, 2015, prepaid rent and security deposits associated with sale/leaseback transactions were $11.8 million and $12.1 million, respectively, and are included in other current and noncurrent assets on the consolidated balance sheets.

Finance Obligations

During the six months ended June 30, 2016, the Company entered into sale/leaseback transactions, which were accounted for as capital leases. These transactions represented project financing as referenced in Note 7. The outstanding balance of the finance obligation at June 30, 2016 was $24.0 million. The fair value of the finance obligation approximates the carrying value as of June 30, 2016.

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Future minimum lease payments under non-cancelable capital leases (with initial or remaining lease terms in excess of one year) as of June 30, 2016 are (in thousands):


Remainder of 2016	$	364
2017		9,425
2018		6,743
2019		1,662
2020		2,118
Thereafter		3,682
Total future minimum lease payments	$	23,994

During the year ended December 31, 2015, the Company received cash for future services to be performed associated with certain sale/leaseback transactions and recorded the balance as a finance obligation. The outstanding balance of this obligation at June 30, 2016 and December 31, 2015 is $14.0 million and $15.1 million, respectively. The amount is amortized using the effective interest method.

In 2013, the Company completed a sale-leaseback transaction of its property in Latham, New York, for an aggregate sale price of $4.5 million. Although the property was sold and the Company has no legal ownership of the facility, the Company was prohibited from recording the transaction as a sale because of continuing involvement with the property. Accordingly, the sale has been accounted for as a financing transaction, which requires the Company to continue reporting the building as an asset and to record a financing obligation for the sale price. Liabilities relating to this agreement of $2.4 million and $2.5 million have been recorded as a finance obligation, in the accompanying unaudited interim consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively.

Restricted Cash

The Company has entered into sale/leaseback agreements associated with its products and services. In connection with these agreements, cash of $46.9 million is required to be restricted as security and will be released over the lease term. Included in the $46.9 million are security deposits backing letters of credit, as disclosed in the Operating Leases section above.

The Company also has letters of credit in the aggregate amount of $1.0 million associated with an agreement to provide hydrogen infrastructure and hydrogen to a customer at its distribution center and with a finance obligation from the sale/leaseback of its building. Cash collateralizing these letters of credit is also considered restricted cash.

Litigation

Legal matters are defended and handled in the ordinary course of business. The Company has established accruals for matters for which management considers a loss to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation, after taking into account insurance coverage and the aforementioned accruals, will have a material adverse impact on our results of operations, financial position, or cash flows.

Concentrations of credit risk

Concentrations of credit risk with respect to receivables exist due to the limited number of select customers with whom the Company has initial commercial sales arrangements. To mitigate credit risk, the Company performs appropriate evaluation of a prospective customer’s financial condition.

At June 30, 2016, three customers comprise approximately 50.8% of the total accounts receivable balance, with each customer individually representing 20.6%, 17.8% and 12.4% of total accounts receivable, respectively. At December 31, 2015, two customers comprise approximately 50.9% of the total accounts receivable balance, with each customer individually representing 38.5% and 12.4% of total accounts receivable, respectively.

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For the six months ended June 30, 2016, 49.4% of total consolidated revenues were associated with Walmart and one other customer, with each representing 38.6% and 10.8% of total consolidated revenues, respectively. For the six months ended June 30, 2015, 95.1% of total consolidated revenues were associated with Walmart and two other customers, with each representing 68.8%, 16.1%, and 10.2% of total consolidated revenues, respectively.

Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our accompanying unaudited interim consolidated financial statements and notes thereto included within this report, and our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, filed for the fiscal year ended December 31, 2015. In addition to historical information, this Form 10-Q and the following discussion contain statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements contain projections of our future results of operations or of our financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “would,” “plan,” “projected” or the negative of such words or other similar words or phrases. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Investors are cautioned not to unduly rely on forward-looking statements because they involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to: the risk that we continue to incur losses and might never achieve or maintain profitability; the risk that we will need to raise additional capital to fund our operations and such capital may not be available to us; the risk that our lack of extensive experience in manufacturing and marketing products may impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in whole or in part; the risk that a loss of one or more of our major customers could result in a material adverse effect on our financial condition; the risk that a sale of a significant number of shares of stock could depress the market price of our common stock; the risk that negative publicity related to our business or stock could result in a negative impact on our stock value and profitability; the risk of potential losses related to any product liability claims or contract disputes; the risk of loss related to an inability to maintain an effective system of internal controls; our ability to attract and maintain key personnel; the risks related to the use of flammable fuels in our products; the risk that pending orders may not convert to purchase orders, in whole or in part; the cost and timing of developing, marketing and selling our products and our ability to raise the necessary capital to fund such costs; our ability to obtain financing arrangements to support the sale or leasing of our products and services to customers; the ability to achieve the forecasted gross margin on the sale of our products; the cost and availability of fuel and fueling infrastructures for our products; the risk of elimination of government subsidies and economic incentives for alternative energy products; market acceptance of our products and services, including GenDrive units; our ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully market, distribute and service our products and services internationally; our ability to improve system reliability for our products; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal, state and international governmental regulations; the risks associated with potential future acquisitions; the volatility of our stock price; and other risks and uncertainties discussed under Item IA—Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed March 14, 2016. Readers should not place undue reliance on our forward-looking statements. These forward-looking statements speak only as of the date on which the statements were made and are not guarantees of future performance. Except as may be required by applicable law, we do not undertake or intend to update any forward-looking statements after the date of this Form 10-Q.

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Overview

We are focused on proton exchange membrane, or PEM, fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and associated hydrogen storage and dispensing infrastructure from which multiple products are available. A fuel cell is an electrochemical device that combines hydrogen and oxygen to produce electricity and heat without combustion. Hydrogen is derived from hydrocarbon fuels such as liquid petroleum gas, or LPG, natural gas, propane, methanol, ethanol, gasoline or biofuels. Plug Power develops complete hydrogen delivery, storage and refueling solutions for customer locations. Hydrogen can also be obtained from the electrolysis of water, or produced on-site at consumer locations through a process known as reformation. Currently, the Company obtains hydrogen for resale to customers by purchasing it from fuel suppliers.

We provide and continue to develop fuel cell product solutions to replace lead-acid batteries in material handling vehicles and industrial trucks for some of the world’s largest distribution and manufacturing businesses. We are focusing our efforts on material handling applications (forklifts) at multi-shift high volume manufacturing and high throughput distribution sites where our products and services provide a unique combination of productivity, flexibility and environmental benefits. Our current product line includes: GenDrive, our hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenFuel, our hydrogen fueling delivery system; GenCare, our ongoing maintenance program for both GenDrive fuel cells and GenFuel products; GenSure (formerly ReliOn), our stationary fuel cell solution providing scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; and GenKey, our turn-key solutions combining either GenDrive or GenSure, GenCare and GenFuel, offering complete simplicity to customers transitioning to fuel cell power; and GenFund, a collaboration with leasing organizations to provide cost efficient and seamless financing solutions to customers.

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Results of Operations

Revenue, cost of revenue, gross profit/(loss) and gross margin for the three and six months ended June 30, 2016 and 2015, was as follows (in thousands):


		Three Months Ended								Six Months Ended
		June 30,								June 30,
			Cost of		Gross		Gross				Cost of		Gross		Gross
	Revenue		Revenue		Profit/(Loss)		Margin		Revenue		Revenue		Profit/(Loss)		Margin
For the three and six months ended June 30, 2016:
Sales of fuel cell systems and related infrastructure	$	9,121	$	8,043	$	1,078	11.8	%	$	14,339	$	11,941	$	2,398	16.7	%
Services performed on fuel cell systems and related infrastructure		5,360		5,926		(566)	(10.6)	%		10,633		11,709		(1,076)	(10.1)	%
Power Purchase Agreements		3,062		3,616		(554)	(18.1)	%		5,768		6,497		(729)	(12.6)	%
Fuel delivered to customers		2,638		3,208		(570)	(21.6)	%		4,648		5,619		(971)	(20.9)	%
Other		278		353		(75)	(27.0)	%		403		542		(139)	(34.5)	%
Provision for loss contracts related to service		—		(1,071)		1,071				—		(1,071)		1,071
Total	$	20,459	$	20,075	$	384	1.9	%	$	35,791	$	35,237	$	554	1.5	%
For the three and six months ended June 30, 2015:
Sales of fuel cell systems and related infrastructure	$	18,663	$	14,753	$	3,910	21.0	%	$	23,753	$	19,832	$	3,921	16.5	%
Services performed on fuel cell systems and related infrastructure		2,883		5,368		(2,485)	(86.2)	%		5,528		10,138		(4,610)	(83.4)	%
Power Purchase Agreements		1,077		933		144	13.4	%		2,054		1,684		370	18.0	%
Fuel delivered to customers		1,128		1,083		45	4.0	%		1,787		1,959		(172)	(9.6)	%
Other		258		310		(52)	(20.2)	%		303		361		(58)	(19.1)	%
Total	$	24,009	$	22,447	$	1,562	6.5	%	$	33,425	$	33,974	$	(549)	(1.6)	%

Our primary sources of revenue are from sales of fuel cell systems and related infrastructure, services performed on fuel cell systems and related infrastructure, Power Purchase Agreements (PPAs), and fuel delivered to customers. Revenue from sales of fuel cell systems and related infrastructure represents sales of our GenDrive units, GenSure (formerly ReliOn) stationary backup power units, as well as hydrogen fueling infrastructures. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. Revenue from PPAs primarily represents payments received from customers who make monthly payments to access the Company’s GenKey solution. Revenue associated with fuel delivered to customers represents the sale of hydrogen to customers that has been purchased by the Company from a third party.

Prior to December 31, 2015, equipment used in PPAs was sold in accompanying sale/leaseback transactions in which the Company sold fuel cell systems, related infrastructure and service to a third-party financial institution, then leased the fuel cell system and related infrastructure back and provided them to customers who were parties to the PPAs. These sale/leaseback transactions met the criteria of and were accounted for as operating leases (and the related equipment revenue was recognized up front). Beginning in 2016, sale/leaseback transactions associated with PPAs met the criteria of and were accounted for as capital leases, and the equipment is accordingly classified by the Company as leased property under “Leased Property” in the Consolidated Balance Sheet.

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Revenue – sales of fuel cell systems and related infrastructure. Revenue from sales of fuel cell systems and related infrastructure represents revenue from the sale of our fuel cells, such as GenDrive units and GenSure (formerly ReliOn) stationary backup power units, as well as hydrogen fueling infrastructure referred to at the site level as hydrogen installations.

Revenue from sales of fuel cell systems and related infrastructure for the three months ended June 30, 2016 decreased $9.5 million or 51.1%, to $9.1 million from $18.7 million for the three months ended June 30, 2015. There were 254 GenDrive units recognized as revenue for the three months ended June 30, 2016, compared to 892 for the three months ended June 30, 2015. The change in revenue is generally consistent with the change in units sold; however, the extent of which is impacted by pricing and class mix differences. An additional 672 units were shipped during the three months ended June 30, 2016 and held as leased property because they were associated with sale/leaseback transactions accounted for as capital leases. As such, the Company will recognize revenue on these shipments over the life of the related PPA under “Power Purchase Agreements” in the Consolidated Statement of Operations. Revenue associated with three hydrogen installations was recognized during the three months ended June 30, 2016, consistent with three sites recognized as revenue during the three months ended June 30, 2015. In addition, three additional sites were constructed and held as leased property during the three months ended June 30, 2016, also because they were associated with sale/leaseback transactions accounted for as capital leases. Sales of GenSure units increased $0.8 million to $2.0 million in the three months ended June 30, 2016, compared to $1.2 million in the three months ended June 30, 2015 as the Company continues to fulfill a large multi-site order received in prior years.

Revenue from sales of fuel cell systems and related infrastructure for the six months ended June 30, 2016 decreased $9.4 million or 39.6%, to $14.3 million from $23.8 million for the six months ended June 30, 2015. There were 414 GenDrive units recognized as revenue for the three months ended June 30, 2016, compared to 1,157 for the six months ended June 30, 2015. The change in revenue is generally consistent with the change in units sold; however, the extent of which is impacted by pricing and class mix differences. An additional 1,346 units were shipped during the six months ended June 30, 2016 and held as leased property because they were associated with sale/leaseback transactions accounted for as capital leases. Revenue associated with three hydrogen installations was recognized during the three months ended June 30, 2016, down from four sites recognized as revenue during the six months ended June 30, 2015. In addition, six additional sites were constructed and held as leased property during the six months ended June 30, 2016, also because they were associated with sale/leaseback transactions accounted for as capital leases. Sales of GenSure units increased $2.3 million to $4.0 million in the six months ended June 30, 2016, compared to the six months ended June 30, 2015 as the Company continues to fulfill a large multi-site order received in prior years.

Revenue – services performed on fuel cell systems and related infrastructure. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts.

Revenue from services performed on fuel cell systems and related infrastructure for the three months ended June 30, 2016 increased $2.5 million or 85.9%, to $5.4 million from $2.9 million for the three months ended June 30, 2015. The increase in this revenue category is primarily related to the increase in sales of fuel cell systems and hydrogen installations in 2015 and 2016 to date, which has had a corresponding impact on the installed base. At June 30, 2016, there were 8,949 fuel cell units under extended maintenance contracts, an increase of 41.6% from 6,320 at June 30, 2015. Revenue growth is directionally consistent with installed base growth, however the extent of the increases can be impacted by concentration of units per site, pricing, unit class mix, and timing of when units were installed within the reporting periods. At June 30, 2016, there were extended maintenance contracts associated with 26 hydrogen installations, as compared to 12 at June 30, 2015.

Revenue from services performed on fuel cell systems and related infrastructure for the six months ended June 30, 2016 increased $5.1 million or 92.3%, to $10.6 million from $5.5 million for the six months ended June 30, 2015. The increase in this revenue category is primarily related to the increase in sales of fuel cell systems and hydrogen installations in 2015 and 2016 to date, which has had a corresponding impact on the installed base, as described above.

Revenue – Power Purchase Agreements. Revenue from PPAs represents payments received from customers for power generated through the provision of equipment and service. The equipment and service can be associated with

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sale/leaseback transactions in which the Company sells fuel cell systems and related infrastructure to a third-party, leases them back and operates them at customers’ locations who are parties to PPAs with the Company. Alternatively, the Company can retain the equipment as leased property and provide it to customers under PPAs.

Revenue from PPAs for the three months ended June 30, 2016 increased $2.0 million or 184.3%, to $3.1 million from $1.1 million for the three months ended June 30, 2015. The increase is due to the increased numbers of GenKey sites the Company has deployed with these types of arrangements, (20 at June 30, 2016 as compared to seven at June 30, 2015).

Revenue from PPAs for the six months ended June 30, 2016 increased $3.7 million or 180.8%, to $5.8 million from $2.1 million for the six months ended June 30, 2015. The increase is due to the increased numbers of GenKey sites the Company has deployed with these types of arrangements, as described above.

Revenue – fuel delivered to customers. Revenue associated with fuel delivered to customers represents the sale of hydrogen to customers that has been purchased by the Company from a third party. As part of the GenKey solution, the Company contracts with fuel suppliers to purchase liquid hydrogen, which is then sold to its customers.

Revenue associated with fuel delivered to customers for the three months ended June 30, 2016 increased $1.5 million or 133.9%, to $2.6 million from $1.1 million for the three months ended June 30, 2015. The increase in revenue is due to 31 sites taking fuel deliveries at June 30, 2016, compared 11 at June 30, 2015. The sites generally are the same as those which had purchased hydrogen installations within the GenKey solution.

Revenue associated with fuel delivered to customers for the six months ended June 30, 2016 increased $2.9 million or 160.1%, to $4.6 million from $1.8 million for the six months ended June 30, 2015. The increase in revenue is due to 31 sites taking fuel deliveries at June 30, 2016, compared 11 at June 30, 2015. The sites generally are the same as those which had purchased hydrogen installations within the GenKey solution.

Revenue – other. Other revenue primarily represents cost reimbursement research and development contracts associated with the development of PEM fuel cell technology. We generally share in the cost of these programs with our cost-sharing percentages ranging from 30% to 50% of total project costs. Revenue from time and material contracts is recognized on the basis of hours expended plus other reimbursable contract costs incurred during the period. We expect to continue certain research and development contract work that is related to our current product development efforts. Other miscellaneous revenue is recognized from time to time.

Other revenue for the three months ended June 30, 2016 increased $20 thousand, or 7.8%, to $278 thousand from $258 thousand for the three months ended June 30, 2015. During the three months ended June 30, 2016, the Company recorded $125 thousand associated with a customer stack development program. This program did not exist in the second quarter of 2015. This increase in revenue is offset by reduced activity in research and development contracts as compared to prior years.

Other revenue for the six months ended June 30, 2016 increased $100 thousand, or 33.0%, to $403 thousand from $303 thousand for the six months ended June 30, 2015. During the six months ended June 30, 2016, the Company recorded revenue of $250 thousand associated with a customer stack development program. This program did not exist in the first half of 2015. This increase in revenue is offset by reduced activity in research and development contracts as compared to prior years.

Cost of revenue – sales of fuel cell systems and related infrastructure. Cost of revenue from sales of fuel cell systems and related infrastructure includes direct material, labor costs, and allocated overhead costs related to the manufacture of our fuel cells such as GenDrive units and GenSure (formerly ReliOn) stationary backup power units, as well as hydrogen fueling infrastructure referred to at the site level as hydrogen installations.

Cost of revenue from sales of fuel cell systems and related infrastructure for the three months ended June 30, 2016 decreased 45.5%, or $6.7 million, compared to the three months ended June 30, 2015. Gross margin generated from sales

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of fuel cell systems and related infrastructure was 11.8% for the three months ended June 30, 2016, down from 21.0% for the three months ended June 30, 2015, due to cost overruns for two sites completed and also pricing mix.

Cost of revenue from sales of fuel cell systems and related infrastructure for the six months ended June 30, 2016 decreased 39.8%, or $7.9 million, compared to the six months ended June 30, 2015. Gross margin generated from sales of fuel cell systems and related infrastructure was 16.7% for the six months ended June 30, 2016, relatively consistent with 16.5% for the six months ended June 30, 2015, due to cost overruns for two sites recently completed offset by supply chain and product design cost down programs, as well as manufacturing process improvements.

Cost of revenue – services performed on fuel cell systems and related infrastructure. Cost of revenue from services performed on fuel cell systems and related infrastructure includes the labor, material costs and allocated overhead costs incurred for our product service and hydrogen site maintenance contracts and spare parts.

Cost of revenue from services performed on fuel cell systems and related infrastructure for the three months ended June 30, 2016 increased 10.4%, or $0.6 million, compared to the three months ended June 30, 2015. These increases are a direct result of a growing installed base of GenDrive units, and the number of customers that have GenCare and GenFuel service contracts. These increases resulted in increases in replacement parts, as well as labor and overhead for service personnel necessary to support these service and hydrogen site maintenance contracts. At June 30, 2016, there were 8,949 GenDrive units under GenCare contracts and 26 customer sites under GenFuel contracts, as compared to 6,320 GenDrive units under GenCare contracts and 12 customer sites under GenFuel contracts at June 30, 2015. Gross margin improved to (10.6)% for the three months ended June 30, 2016 from (86.2%) for the three months ended June 30, 2015 due to improved model design driving down parts costs, better leverage of fixed costs and absorption of $1.8 million in net losses on loss contracts against the accrual for loss contracts related to service. During 2015, the Company recognized a $10.1 million provision for loss contracts related to service. This provision represented expected losses on extended maintenance contracts that had projected costs over the remaining life of the contracts which exceeded contractual revenues.

Cost of revenue from services performed on fuel cell systems and related infrastructure for the six months ended June 30, 2016 increased 15.5%, or $1.6 million, compared to the six months ended June 30, 2015. These increases are a direct result of a growing installed base of GenDrive units, and the number of customers that have GenCare and GenFuel service contracts, as described above. These increases resulted in increases in costs of replacement parts, as well as labor and overhead for service personnel necessary to support these service and hydrogen site maintenance contracts. At June 30, 2016, there were 8,949 GenDrive units under GenCare contracts and 26 customer sites under GenFuel contracts, as compared to 6,320 GenDrive units under GenCare contracts and 12 customer sites under GenFuel contracts at June 30, 2015. Gross margin improved to (10.1)% for the six months ended June 30, 2016 from (83.4%) for the six months ended June 30, 2015 due to improved model design driving down parts costs, better leverage of fixed costs and absorption of $3.6 million in net losses on loss contracts against the accrual for loss contracts related to service.

Cost of revenue—provision for loss contracts related to service. In 2015, the Company recognized a $10.1 million provision for loss contracts related to service. This provision represents extended maintenance contracts that have projected costs over the remaining life of the contracts that exceed contractual revenues. During the three and six months ended June 30, 2016, the Company renegotiated one of its service contracts and replaced 96 of the older fuel cell systems in service at that particular customer. As a result, the projected costs over the remaining life of the amended contract were estimated to be reduced as compared to the previous estimate, resulting in a lower necessary accrual. The change in estimate was recorded as gain within cost of revenue where the original charge was recorded.

Cost of revenue – Power Purchase Agreements. Cost of revenue from PPAs includes payments made to financial institutions for leased equipment and service used to fulfill the PPAs. Leased units are primarily associated with sale/leaseback transactions in which the Company sells fuel cell systems and related infrastructure to a third-party, leases them back, and operates them at customers’ locations who are parties to PPAs with the Company. Alternatively, the Company can hold the equipment for investment and recognize the depreciation and service cost of the assets as cost of revenue from PPAs.

Cost of revenue from PPAs for the three months ended June 30, 2016 increased $2.7 million, or 287.6%, to $3.6 million from $0.9 million for the three months ended June 30, 2015. The increase was a result of the increase in the number of customer sites party to these agreements (20 at June 30, 2016 as compared to seven at June 30, 2015). Gross

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margin declined to (18.1%) for the three months ended June 30, 2016 from 13.4% for the three months ended June 30, 2015, due primarily to changes in financing pricing, depreciation of capitalized leased asset costs related to sites constructed in 2016 associated with capital leases, as well as costs to maintain them.

Cost of revenue from PPAs for the six months ended June 30, 2016 increased $4.8 million, or 285.8%, to $6.5 million from $1.7 million for the six months ended June 30, 2015. The increase was a result of the increase in the number of customer sites party to these agreements, as described above. Gross margin declined to (12.6%) for the six months ended June 30, 2016 from 18.0% for the six months ended June 30, 2015, due primarily to changes in financing pricing, depreciation of capitalized leased asset costs related to sites constructed in 2016 associated with capital leases, as well as costs to maintain them.

Cost of revenue – fuel delivered to customers. Cost of revenue from fuel delivered to customers represents the purchase of hydrogen from suppliers that ultimately is sold to customers. As part of the GenKey solution, the Company contracts with fuel suppliers to purchase liquid hydrogen and separately sells to its customers upon delivery.

Cost of revenue from fuel delivered to customers for the three months ended June 30, 2016 increased $2.1 million, or 196.2%, to $3.2 million from $1.1 million for the three months ended June 30, 2015. The increase is due primarily to higher volume of liquid hydrogen delivered to customer sites as a result of an increase in the number of hydrogen installations completed under GenKey agreements. At June 30, 2016, there were 31 customer sites taking hydrogen fuel delivery compared to 11 customer sites at June 30, 2015. The sites generally are the same as those who had purchased hydrogen installations within the GenKey solution. Gross margin declined to (21.6)% during the three months ended June 30, 2016 from 4.0% during the three months ended June 30, 2015, due to inefficiencies in fuel usage.

Cost of revenue from fuel delivered to customers for the six months ended June 30, 2016 increased $3.7 million, or 186.8%, to $5.6 million from $2.0 million for the six months ended June 30, 2015. The increase is due primarily to higher volume of liquid hydrogen delivered to customer sites, as a result of an increase in the number of hydrogen installations completed under GenKey agreements, as described above. The sites generally are the same as those who had purchased hydrogen installations within the GenKey solution. Gross margin declined to (20.9)% during the six months ended June 30, 2016 from (9.6)% during the six months ended June 30, 2015, due to inefficiencies in fuel usage.

Cost of revenue – other. Other cost of revenue primarily represents costs associated with research and development contracts including: cash and non-cash compensation and benefits for engineering and related support staff, fees paid to outside suppliers for subcontracted components and services, fees paid to consultants for services provided, materials and supplies used and other directly allocable general overhead costs allocated to specific research and development contracts.

Cost of other revenue for the three months ended June 30, 2016 increased $43 thousand, or 13.9%, to $353 thousand from $310 thousand for the three months ended June 30, 2015. Activity in research and development contracts has been reduced compared to prior years, however those activities that do occur are generally at 30% to 50% cost sharing arrangements, which results in negative margin.

Cost of other revenue for the six months ended June 30, 2016 increased $0.2 million, or 50.1%, to $0.5 million from $0.4 million for the six months ended June 30, 2015. Activity in research and development contracts has been reduced compared to prior years, as described above.

Research and development expense. Research and development expense includes: materials to build development and prototype units, cash and non-cash compensation and benefits for the engineering and related staff, expenses for contract engineers, fees paid to consultants for services provided, materials and supplies consumed, facility related costs such as computer and network services, and other general overhead costs associated with our research and development activities.

Research and development expense for the three months ended June 30, 2016 increased $1.8 million, or 51.9% to $5.2 million, from $3.4 million for the three months ended June 30, 2015. This increase was primarily related to an increase in personnel related expenses, focused on refinement of hydrogen infrastructure design, multiple product cost-down programs and prototyping for stack performance enhancement.

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Research and development expense for the six months ended June 30, 2016 increased $3.7 million, or 58.6% to $10.0 million, from $6.3 million for the three months ended June 30, 2015. This increase was primarily related to an increase in personnel related expenses, focused on refinement of hydrogen infrastructure design, multiple product cost-down programs and prototyping for stack performance enhancement.

Selling, general and administrative expenses. Selling, general and administrative expenses includes cash and non-cash compensation, benefits, amortization of intangible assets and related costs in support of our general corporate functions, including general management, finance and accounting, human resources, selling and marketing, information technology and legal services.

Selling, general and administrative expenses for the three months ended June 30, 2016 increased $0.6 million, or 7.0%, to $8.6 million from $8.0 million for the three months ended June 30, 2015. The increase was primarily due to an increase in stock-based compensation resulting from increases in compensation and employee head count, partially offset by reductions in amortization of intangible assets due to certain assets becoming fully amortized in the prior year.

Selling, general and administrative expenses for the six months ended June 30, 2016 increased $1.1 million, or 7.0%, to $16.9 million from $15.8 million for the six months ended June 30, 2015. The increase was primarily due to an increase in stock-based compensation resulting from increases in compensation and employee head count, partially offset by reductions in amortization of intangible assets.

Interest and other expense, net. Interest and other expense, net consists of interest and other expenses related to interest on our short-term borrowing, long-term debt, obligations under capital lease and our finance obligations, as well as foreign currency exchange gain (loss), offset by interest and other income consisting primarily of interest earned on our cash and cash equivalents, note receivable, and other income.

Interest and other expense for the three months ended June 30, 2016, increased $1.2 million as compared to the three months ended June 30, 2015. The increase is attributed to interest on the short-term borrowing originated in March 2016, which was converted to project financing in June 2016, the long-term debt originated during the three months ended June 30, 2016 and the increase in finance obligations during the latter half of 2015 and through 2016 to date, offset by interest and other income which remained relatively insignificant for the three months ended June 30, 2016 and June 30, 2015.

Interest and other expense for the six months ended June 30, 2016, increased $1.6 million as compared to the six months ended June 30, 2015. The increase is attributed to interest on the short-term borrowing originated in March 2016, which was converted to project financing in June 2016, the long-term debt originated during the three months ended June 30, 2016 and the increase in finance obligations during the latter half of 2015 and through 2016 to date, offset by interest and other income whish remained relatively insignificant for the six months ended June 30, 2016 and June 30, 2015

Change in fair value of common stock warrant liability. The Company accounts for common stock warrants as common stock warrant liability with changes in the fair value reflected in the consolidated statement of operations as change in the fair value of common stock warrant liability.

The change in fair value of common stock warrant liability for the three months ended June 30, 2016 resulted in a decrease in the associated warrant liability of $1.5 million as compared to a decrease of $0.7 million for the three months ended June 30, 2015. These variances are primarily due to changes in the Company’s common stock share price, and changes in volatility of our common stock, which are significant inputs to the Black-Scholes valuation model.

The change in fair value of common stock warrant liability for the six months ended June 30, 2016 resulted in a decrease in the associated warrant liability of $2.7 million as compared to a decrease of $2.4 million for the six months ended June 30, 2015. These variances are primarily due to changes in the Company’s common stock share price, and changes in volatility of our common stock, which are significant inputs to the Black-Scholes valuation model.

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Income taxes. The deferred tax asset generated from our net operating loss has been offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carry forward will not be realized. The Company also recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense.

During the six months ended June 30, 2016, the Company released its liability for unrecognized tax benefits of $392 thousand, as the related statute of limitations has expired. No other tax expense or benefit was recognized in the three months ended June 30, 2016 or 2015, or the six months ended June 30, 2015.

Liquidity and Capital Resources

Our cash requirements relate primarily to working capital needed to operate and grow our business, including funding operating expenses, growth in inventory to support both shipments of new units and servicing the installed base, growth in equipment leased to customers under long-term arrangements, funding the growth in our GenKey “turn-key” solution, which includes the installation of our customer’s hydrogen infrastructure as well as delivery of the hydrogen fuel, continued development and expansion of our products, and the repayment or refinancing of our long-term debt. Our ability to achieve profitability and meet future liquidity needs and capital requirements will depend upon numerous factors, including the timing and quantity of product orders and shipments; attaining positive gross margins; the timing and amount of our operating expenses; the timing and costs of working capital needs; the timing and costs of building a sales base; the ability of our customers to obtain financing to support commercial transactions; our ability to obtain financing arrangements to support the sale or leasing of our products and services to customers, including financing arrangements to repay or refinance our long-term debt, and the terms of such agreements that may require us to pledge or restrict substantial amounts of our cash to support these financing arrangements; the timing and costs of developing marketing and distribution channels; the timing and costs of product service requirements; the timing and costs of hiring and training product staff; the extent to which our products gain market acceptance; the timing and costs of product development and introductions; the extent of our ongoing and new research and development programs; and changes in our strategy or our planned activities. If we are unable to fund our operations with positive cash flows and cannot obtain external financing, we may not be able to sustain future operations. As a result, we may be required to delay, reduce and/or cease our operations and/or seek bankruptcy protection.

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The master lease agreement with the Bank requires the Company to maintain a minimum of $50.0 million of unrestricted cash, as of June 30, 2016 (subsequently reduced to $40 million as of July 27, 2016). As mentioned above, the Company’s remaining contractual lease payments to the Bank are fully secured through a combination of restricted cash and pledges on funds escrowed for future service by the Company. The covenant is maintained in association with the residual exposure of the Bank, which stems from tax benefits taken by the Bank that could be recaptured should the underlying assets not be deployed for five years. This residual exposure at June 30, 2016 amounted to approximately $12.0 million, and the exposure decreases with the passage of time. In the event that the Company’s unrestricted cash balance falls below the minimum threshold, the Company is entitled to cure the failure by providing additional restricted cash to secure the outstanding residual tax exposure of the Bank at that time.

In addition to the financing activities described above, we have historically funded our operations primarily through public and private offerings of common and preferred stock, as well as short-term borrowings, long-term debt and project financing, as described below. The Company believes that its current working capital and cash anticipated to be generated from future operations, as well as various sources of capital from additional project financing platforms with various third parties that are currently being evaluated, will provide sufficient liquidity to fund operations for at least the next twelve months. This projection is based on our current expectations regarding new project financing and product sales and service, cost structure, cash burn rate and other operating assumptions.

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of default customary for similar facilities. The term of the Loan and Security Agreement is three years, ending June 27, 2019 (the Maturity Date).

Several key indicators of liquidity are summarized in the following table (in thousands):


	Six months		Year
	ended or at		ended or at
	June 30, 2016		December 31, 2015
Cash and cash equivalents at end of period	$	66,040	$	63,961
Restricted cash at end of period		47,895		47,835
Working capital at end of period		77,801		88,524
Net loss attributable to common shareholders		24,934		55,795
Net cash used in operating activities		15,761		47,274
Purchases of property, plant and equipment and leased property		28,842		3,520
Net cash provided by (used in) financing activities		46,614		(32,923)

Operating Leases

As of June 30, 2016, the Company has several non-cancelable operating leases (as lessor and as lessee), primarily associated with sale/leaseback transactions that are partially secured by restricted cash as summarized below. These leases expire over the next six years. Minimum rent payments under operating leases are recognized on a straight‑line basis over the term of the lease. Leases where the Company is the lessor contain termination clauses with associated penalties, the amount of which cause the likelihood of cancelation to be remote.

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Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of June 30, 2016 are (in thousands):


	As Lessor		As Lessee
Remainder of 2016	$	7,304	$	8,597
2017		14,608		25,383
2018		14,608		20,717
2019		14,608		13,697
2020		13,452		12,563
Thereafter		10,479		10,239
Total future minimum lease payments	$	75,059	$	91,196

Critical Accounting Estimates

Management’s discussion and analysis of our financial condition and results of operations are based upon our unaudited interim consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these unaudited interim consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of and during the reporting period. On an on-going basis, we evaluate our estimates and judgments, including those related to revenue recognition for multiple element arrangements, bad debts, inventories, intangible assets, valuation of long-lived assets, accrual for loss contracts on service, product warranty reserves, unbilled revenue, common stock warrants, income taxes, stock-based compensation, contingencies, and purchase accounting. We base our estimates and judgments on historical experience and on various other factors and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about (1) the carrying values of assets and liabilities and (2) the amount of revenue and expenses realized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We refer to the policies and estimates set forth in the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates”, as well as a discussion of significant accounting policies included in Note 2, Summary of Significant Accounting Policies, of the consolidated financial statements, both of which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

Recent Accounting Pronouncements

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for reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements.

Item 3 — Quantitative and Qualitative Disclosures about Market Risk

From time to time, we may invest our cash in government, government backed and interest-bearing investment-grade securities that we generally hold for the duration of the term of the respective instrument. We do not utilize derivative financial instruments, derivative commodity instruments or other market risk sensitive instruments, positions or transactions in any material fashion. We are not subject to any material risks arising from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices or other market changes that affect market risk sensitive instruments.

Our exposure to changes in foreign currency rates is primarily related to sourcing inventory from foreign locations and operations of HyPulsion. This practice can give rise to foreign exchange risk resulting from the varying cost of inventory to the receiving location. The Company reviews the level of foreign content as part of its ongoing evaluation of overall sourcing strategies and considers the exposure to be not significant. Our HyPulsion exposure presently is mitigated by low levels of operations and its sourcing is primarily intercompany in nature and denominated in U.S. dollar.

Item 4 — Controls and Procedures

a) Disclosure controls and procedures.

The chief executive officer and chief financial officer, based on their evaluation of disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q, have concluded that the Company’s disclosure controls and procedures are effective for ensuring that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in filed or submitted reports is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in internal control over financial reporting.

There were no changes in the Company’s internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1 — Legal Proceedings

An action has been brought in New York State Supreme Court by General Electric Co. (GE) and an affiliate against the Company seeking $1 million that GE claims is due under an indemnification agreement between GE and the Company. GE seeks indemnification for funds it paid to settle a claim with Soroof Trading Development Co., an entity that had paid funds to GE to become a distributor of the Company’s products. The Company is vigorously defending the action.

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Item 1A - Risk Factors

Part I, Item 1A, “Risk Factors” of our most recently filed Annual Report on Form 10-K, filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2015, sets forth information relating to important risks and uncertainties that could materially adversely affect our business, financial condition and operating results. Except to the extent that information disclosed elsewhere in this Quarterly Report on Form 10-Q relates to such risk factors (including, without limitation, the matters described in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), there have been no material changes to our risk factors disclosed in our most recently filed Annual Report on Form 10-K. However, those risk factors continue to be relevant to an understanding of our business, financial condition and operating results and, accordingly, you should review and consider such risk factors in making any investment decision with respect to our securities.

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds

(a) None.

(b) Not applicable.

Item 3 — Defaults Upon Senior Securities

None.

Item 4 — Mine Safety Disclosures

None.

Item 5 — Other Information

(a) None.

(b) None.

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Item 6 — Exhibits


3.1	Amended and Restated Certificate of Incorporation of Plug Power. (1)

3.2	Certificate of Amendment to Amended and Restated Certificate of Incorporation of Plug Power Inc. (1)

3.3	Second Certificate of Amendment of Amended and Restated Certificate of Incorporation of Plug Power Inc. (2)

3.4	Third Certificate of Amendment to Amended and Restated Certificate of Incorporation of Plug Power. (3)

3.5	Third Amended and Restated By-laws of Plug Power Inc. (4)

3.6	Certificate of Designations, Preferences and Rights of a Series of Preferred Stock of Plug Power Inc. classifying and designating the Series A Junior Participating Cumulative Preferred Stock. (5).

3.7	Certificate of Designations of Series C Redeemable Preferred Stock of Plug Power Inc. classifying and designating the Series C Redeemable Convertible Preferred Stock (6)

3.8	Loan and Security Agreement, dated as of June 27, 2016, by and among Plug Power Inc., Emerging Power Inc., Emergent Power Inc. and Hercules Capital Inc. (7)


31.1 and 31.2	Certifications pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (8)

32.1 and 32.2	Certifications pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (8)

101.INS*	XBRL Instance Document (8)
101.SCH*	XBRL Taxonomy Extension Schema Document (8)
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document (8)
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document (8)
101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document (8)
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document (8)

(1)

Incorporated by reference to the Company’s Form 10-K for the period ended December 31, 2008.

(2)

Incorporated by reference to the Company’s current Report on Form 8-K dated May 19, 2011.

(3)

Incorporated by reference to the Company’s current Report on Form 8-K dated July 23, 2014.

(4)

Incorporated by reference to the Company’s current Report on Form 8-K dated October 28, 2009.

(5)

Incorporated by reference to the Company’s current Report on Form 8-K dated June 24, 2009.

(6)

Incorporated by reference to the Company’s current Report on Form 8-K dated May 20, 2013.

(7)

Incorporated by reference to the Company’s current Report on Form 8-K dated June 30, 2016

Table of Contents

(8)

Filed herewith.

* Submitted electronically herewith. Attached as Exhibit 101 are the following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, formatted in eXtensible Business Reporting Language (XBRL) and tagged as blocks of text: (i) Interim Consolidated Balance Sheets at June 30, 2016 and December 31, 2015; (ii) Interim Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2016 and 2015; (iii) Interim Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2016 and 2015; (iv) Interim Consolidated Statement of Stockholders’ Equity for the Six Months Ended June 30, 2016; (v) Interim Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2016 and 2015; and (vi) related notes, tagged as blocks of text.

Table of Contents

Signatures

Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	PLUG POWER INC.

Date: August 9, 2016	By:	/s/ Andrew Marsh
		Andrew Marsh
		President, Chief Executive Officer and Director (Principal Executive Officer)

Date: August 9, 2016	By:	/s/ Paul B. Middleton
		Paul B. Middleton
		Chief Financial Officer (Principal Financial Officer)

EX-31.1 2 plug-20160630ex311e4a9cf.htm EX-31.1 plug_Ex31_1

Exhibit 31.1

I, Andrew Marsh, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Plug Power Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2016



by:	/s/ Andrew Marsh
	Andrew Marsh
	Chief Executive Officer

EX-31.2 3 plug-20160630ex312aa1c77.htm EX-31.2 plug_Ex31_2

Exhibit 31.2

I, Paul B. Middleton, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Plug Power Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2016



by:	/s/ Paul B.
	Paul B. Middleton
	Chief Financial Officer

EX-32.1 4 plug-20160630ex321621186.htm EX-32.1 plug_Ex32_1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Plug Power Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2016 as filed with the Securities and Exchange Commission (the “SEC”) on the date hereof (the “Report”), I, Andrew Marsh, Chief Executive Officer of the Company, certify, solely pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

This certification is being furnished and not filed, and shall not be incorporated into any documents for any other purpose, under the Securities Exchange Act of 1934, as amended or the Securities Act of 1933, as amended. A signed original of this written statement required by § 906 has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

ay

/s/ Andrew Marsh
Andrew Marsh
Chief Executive Officer

August 9, 2016

EX-32.2 5 plug-20160630ex32231f4d2.htm EX-32.2 plug_Ex32_2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Plug Power Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2016 as filed with the Securities and Exchange Commission (the “SEC”) on the date hereof (the “Report”), I, Paul B. Middleton, Interim Chief Financial Officer of the Company, certify, solely pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Ay
/s/ Paul B. Middleton
Paul B. Middleton
Chief Financial Officer

August 9, 2016

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2015-12-31 0001093691 2016-08-09 0001093691 2016-01-01 2016-06-30 iso4217:USD xbrli:shares plug:agreement xbrli:pure plug:item iso4217:USD xbrli:shares false --12-31 Q2 2016 2016-06-30 10-Q 0001093691 180332405 Yes Accelerated Filer PLUG POWER INC 4100000 2400000 5950000 3020000 7128563 23637500 4000000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Common Stock Warrant Accounting   The Company accounts for common stock warrants in accordance with applicable accounting guidance provided in ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. In compliance with applicable securities law, registered common stock warrants that require the issuance of registered shares upon exercise and do not sufficiently preclude an implied right to cash settlement are accounted for as derivative liabilities. We currently classify these derivative warrant liabilities on the accompanying unaudited interim consolidated balance sheets as a long-term liability, which is revalued at each balance sheet date subsequent to the initial issuance using the Black-Scholes pricing model. The Black-Scholes pricing model, which is based, in part, upon unobservable inputs for which there is little or no market data, requires the Company to develop its own assumptions. Changes in the fair value of the warrants are reflected in the accompanying unaudited interim consolidated statements of operations as change in fair value of common stock warrant liability. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 2 1 2 3 1684000 933000 6497000 3616000 10138000 5368000 11709000 5926000 0.50 0.30 10000000 5000000 0.50 0.75 P150D 14809000 35253000 2671000 5171000 -422000 23795000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Interim Financial Statements    The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (GAAP), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.   Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, filed for the fiscal year ended December 31, 2015.   The information presented in the accompanying consolidated balance sheet as of December 31, 2015 has been derived from the Company’s December 31, 2015 audited consolidated financial statements. All other information has been derived from the unaudited interim consolidated financial statements of the Company.  </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 3559000 50000000 40000000 88500000 77800000 2700000 7 100 4000000 219342 100 4000000 0 P5Y 12100000 11800000 10050000 5420000 1071000 1071000 12000000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">     The following table summarizes activity related to the accrual for loss contracts related to service during the six months ended June 30, 2016 (in thousands):       <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Beginning balance - January 1, 2016 </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,050 </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">     Change in estimate </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,071) </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">     Reductions for losses realized </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,559) </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Ending balance - June 30, 2016 </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,420 </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 0.65 1787000 1128000 4648000 2638000 5528000 2883000 10633000 5360000 119879 28061 252000 251000 1000 P10Y P5Y

20455000

30566000

22650000

12677000

9852000

6725000

27970000

28762000

798000

1092000

1118917000

1123615000

307000

722000

295000

18745872

8576278

5554594

395558

4219442

21511424

11752286

5554594

204444

4000100

209456000

233403000

131230000

127516000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 2.  Summary of Significant Accounting Policies   Principles of Consolidation    The accompanying unaudited interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.   Interim Financial Statements    The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (GAAP), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.   Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, filed for the fiscal year ended December 31, 2015.   The information presented in the accompanying consolidated balance sheet as of December 31, 2015 has been derived from the Company’s December 31, 2015 audited consolidated financial statements. All other information has been derived from the unaudited interim consolidated financial statements of the Company.    Revenue Recognition   The Company recognizes revenue under arrangements for products and services, which may include the sale of products and related services, including revenue from installation, service and maintenance, spare parts, hydrogen fueling services (which may include hydrogen supply as well as hydrogen fueling infrastructure) and leased units. The Company also recognizes revenue under research and development contracts, which are primarily cost reimbursement contracts associated with the development of PEM fuel cell technology.   The Company enters into revenue arrangements that may contain a combination of fuel cell systems and infrastructure, installation, service, maintenance, spare parts, and other support services. Revenue arrangements containing fuel cell systems and related infrastructure may be sold, or provided to customers under a PPA.    Sales of and Services Performed on Fuel Cell Systems and Related Infrastructure   When sold to customers, the Company accounts for each separate deliverable of these multiple deliverable arrangements as a separate unit of accounting, if the delivered item or items have value to the customer on a standalone basis. The Company considers a deliverable to have standalone value if the item is sold separately by us or another entity or if the item could be resold by the customer. The Company allocates revenue to each separate deliverable based on its relative selling price. For a majority of our deliverables, the Company determines relative selling prices using its best estimate of the selling price since vendor-specific objective evidence and third-party evidence is generally not available for the deliverables involved in its revenue arrangements due to a lack of a competitive environment in selling fuel cell technology. When determining estimated selling prices, the Company considers the cost to produce the deliverable, a reasonable gross margin on that deliverable, the selling price and profit margin for similar products and services, the Company’s ongoing pricing strategy and policies, the value of any enhancements that have been built into the deliverable and the characteristics of the varying markets in which the deliverable is sold, as applicable. The Company determines estimated selling prices for deliverables in its arrangements based on the specific facts and circumstances of each arrangement and analyzes the estimated selling prices used for its allocation of consideration of each arrangement.   Once relative selling prices are determined, the Company proportionately allocates the sale consideration to each element of the arrangement. The allocated sales consideration related to fuel cell systems and infrastructure, spare parts, and hydrogen infrastructure is recognized as revenue at shipment if title and risk of loss have passed to the customer, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured, and customer acceptance criteria, if any, have been successfully demonstrated. The allocated sales consideration related to service and maintenance is generally recognized as revenue on a straight-line basis over the term of the contract, as appropriate.   With respect to sales of consigned spare parts, the Company does not recognize revenue until the risks and rewards of ownership have transferred, the price is fixed, and the Company has a reasonable expectation of collection upon billing.   For those customers who do not purchase an extended maintenance contract, the Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product.  Only a limited number of fuel cell units are under standard warranty.   In a vast majority of its commercial transactions, the Company sells extended maintenance contracts that generally provide for a five to ten year warranty from the date of product installation. These types of contracts are accounted for as a separate deliverable, and accordingly, revenue generated from these transactions is deferred and recognized in income over the warranty period, generally on a straight-line basis. Additionally, the Company may enter into annual service and extended maintenance contracts that are billed monthly. Revenue generated from these transactions is recognized in income on a straight-line basis over the term of the contract. Costs are recognized as incurred over the term of the contract.  When costs are projected to exceed revenues on the life of the contract, an accrual for loss contracts is recorded.  Costs are estimated based upon historical experience, contractual agreements and the estimated impact of the Company’s cost reduction initiatives.  The actual results may differ from these estimates.   Power Purchase Agreements   When fuel cell systems and related infrastructure are provided to customers through a PPA, revenues associated with these agreements are treated as rental income and recognized on a straight-line basis over the life of the agreements.    In conjunction with entering into a PPA with a customer, the Company may enter into sale/leaseback transactions with third party financial institutions, whereby the fuel cells, related infrastructure, and service are sold to the third party financial institution and leased back to the Company through either an operating or capital lease.    During 2016, the Company’s sale/leaseback transactions with third party financial institutions were required to be accounted for as capital leases under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 840-40, Leases – Sale/Leaseback Transactions (ASC Subtopic 840-40).  As a result, no upfront revenue was recognized at the closing of these transactions and a finance obligation for each lease was established.  The fuel cell systems and related infrastructure that are provided to customers through these PPAs are considered leased property on the accompanying unaudited interim consolidated balance sheet.  Costs to service the leased property are considered cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations.    All PPAs entered into through December 31, 2015 had a corresponding sale-leaseback transaction with a third party financial institution which was required to be accounted for as an operating lease.  The Company accounts for sale/leaseback transactions as operating leases in accordance with ASC Subtopic 840-40.  The Company has rental expense associated with sale/leaseback agreements with financial institutions that were entered into commensurate with the PPAs.  Rental expense is recognized on a straight-line basis over the life of the agreements and is characterized as cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations.        Fuel Delivered to Customers   The Company purchases hydrogen fuel from suppliers and sells to its customers upon delivery.  Revenue and cost of revenue related to this fuel is recorded as dispensed and delivered, respectively, and are included in the respective “Fuel delivered to customers” lines on the unaudited interim consolidated statements of operations.    Research and Development Contracts   <p style="margin:0pt;text-indent:28.8pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;"> Contract accounting is used for research and development contract revenue. The Company generally shares in the cost of these programs with cost sharing percentages ranging from 30% to 50% of total project costs. Revenue from time and material contracts is recognized on the basis of hours expended plus other reimbursable contract costs incurred during the period and is included within the “other” revenue line on the unaudited interim consolidated statement of operations. All allowable work performed through the end of each calendar quarter is billed, subject to limitations in the respective contracts. We expect to continue research and development contract work that is directly related to our current product development efforts.    Cash Equivalents   For purposes of the unaudited interim consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents.  At June 30, 2016 and December 31, 2015, cash equivalents consist of money market accounts.  The Company’s cash and cash equivalents are deposited with financial institutions primarily located in the U.S. and may at times exceed insured limits.   Common Stock Warrant Accounting   The Company accounts for common stock warrants in accordance with applicable accounting guidance provided in ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. In compliance with applicable securities law, registered common stock warrants that require the issuance of registered shares upon exercise and do not sufficiently preclude an implied right to cash settlement are accounted for as derivative liabilities. We currently classify these derivative warrant liabilities on the accompanying unaudited interim consolidated balance sheets as a long-term liability, which is revalued at each balance sheet date subsequent to the initial issuance using the Black-Scholes pricing model. The Black-Scholes pricing model, which is based, in part, upon unobservable inputs for which there is little or no market data, requires the Company to develop its own assumptions. Changes in the fair value of the warrants are reflected in the accompanying unaudited interim consolidated statements of operations as change in fair value of common stock warrant liability.   Use of Estimates    The unaudited interim consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.   Reclassifications   Reclassifications are made, whenever necessary, to prior period financial statements to conform to the current period presentation.  These reclassifications did not have a net impact the results of operations or net cash flows in the periods presented.    Recent Accounting Pronouncements   In March 2016, an accounting update was issued to simplify various aspects related to how share-based payments are accounted for and presented.  This accounting update is effective for annual periods beginning after December 15, 2016 and interim periods within those years.  Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption.  The Company is evaluating the impact this update will have on the consolidated financial statements. <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;"> In February 2016, an accounting update was issued which requires balance sheet recognition for operating leases, among other changes to previous lease guidance.  This accounting update is effective for fiscal years beginning after December 15, 2018.  The Company is evaluating the impact this update will have on the consolidated financial statements. <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;"> In July 2015, an accounting update was issued that changes inventory measurement from lower of cost or market to lower of cost and net realizable value.  The new standard applies to inventory measured at first-in, first-out (FIFO).  This accounting update is effective for the annual reporting periods beginning after December 15, 2016, and interim periods within those years.  The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements. <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;"> In August 2014, an accounting update was issued relating to how management assesses conditions and events that could raise substantial doubt about an entity’s ability to continue as a going concern. This accounting update is effective for reporting periods ending after December 15, 2016, and for annual and interim periods thereafter.  The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements. <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   In June 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. In July 2015, the Financial Accounting Standards Board (FASB) announced a one year delay in the required adoption date from January 1, 2017 to January 1, 2018.  The Company is evaluating the effect this update will have on the consolidated financial statements and has not yet selected a transition method.   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

11500000

4781250

1613289

0.80

3367000

29598000

1667000

27247000

1700000

2351000

146205000

109139000

63961000

66040000

-37066000

2079000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Cash Equivalents   For purposes of the unaudited interim consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents.  At June 30, 2016 and December 31, 2015, cash equivalents consist of money market accounts.  The Company’s cash and cash equivalents are deposited with financial institutions primarily located in the U.S. and may at times exceed insured limits. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

0.93

0.15

4.00

22995365

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 12.  Commitments and Contingencies     Operating Leases   As of June 30, 2016 and December 31, 2015, the Company has several non-cancelable operating leases (as lessor and as lessee), primarily associated with sale/leaseback transactions that are partially secured by restricted cash (see also Note 1) as summarized below.  These leases expire over the next six years. Minimum rent payments under operating leases are recognized on a straight‑line basis over the term of the lease.  Leases where the Company is the lessor contain termination clauses with associated penalties, the amount of which cause the likelihood of cancelation to be remote.   Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of June 30, 2016 are (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:66.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> As Lessor </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> As Lessee </td> </tr> <tr> <td valign="bottom" style="width:66.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Remainder of 2016 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,304 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,597 </td> </tr> <tr> <td valign="bottom" style="width:66.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,608 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,383 </td> </tr> <tr> <td valign="bottom" style="width:66.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,608 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,717 </td> </tr> <tr> <td valign="bottom" style="width:66.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,608 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,697 </td> </tr> <tr> <td valign="bottom" style="width:66.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,452 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,563 </td> </tr> <tr> <td valign="bottom" style="width:66.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Thereafter </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,479 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,239 </td> </tr> <tr> <td valign="bottom" style="width:66.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total future minimum lease payments </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75,059 </td> <td valign="bottom" style="width:03.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91,196 </td> </tr> </table></div>   Rental expense for all operating leases was $6.4 million and $2.2 million for six months ended June 30, 2016 and 2015, respectively.    Rental expense for all operating leases was $3.4 million and $1.3 million for three months ended June 30, 2016 and 2015, respectively.   At June 30, 2016 and December 31, 2015, prepaid rent and security deposits associated with sale/leaseback transactions were $11.8 million and $12.1 million, respectively, and are included in other current and noncurrent assets on the consolidated balance sheets.   Finance Obligations   During the six months ended June 30, 2016, the Company entered into sale/leaseback transactions, which were accounted for as capital leases.  These transactions represented project financing as referenced in Note 7.  The outstanding balance of the finance obligation at June 30, 2016 was $24.0 million.  The fair value of the finance obligation approximates the carrying value as of June 30, 2016.   Future minimum lease payments under non-cancelable capital leases (with initial or remaining lease terms in excess of one year) as of June 30, 2016 are (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:82.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:82.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Remainder of 2016 </td> <td valign="bottom" style="width:04.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>364 </td> </tr> <tr> <td valign="bottom" style="width:82.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:04.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,425 </td> </tr> <tr> <td valign="bottom" style="width:82.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:04.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,743 </td> </tr> <tr> <td valign="bottom" style="width:82.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:04.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,662 </td> </tr> <tr> <td valign="bottom" style="width:82.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:04.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,118 </td> </tr> <tr> <td valign="bottom" style="width:82.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Thereafter </td> <td valign="bottom" style="width:04.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,682 </td> </tr> <tr> <td valign="bottom" style="width:82.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total future minimum lease payments </td> <td valign="bottom" style="width:04.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,994 </td> </tr> </table></div>     During the year ended December 31, 2015, the Company received cash for future services to be performed associated with certain sale/leaseback transactions and recorded the balance as a finance obligation.  The outstanding balance of this obligation at June 30, 2016 and December 31, 2015 is $14.0 million and $15.1 million, respectively.  The amount is amortized using the effective interest method.   In 2013, the Company completed a sale-leaseback transaction of its property in Latham, New York, for an aggregate sale price of $4.5 million. Although the property was sold and the Company has no legal ownership of the facility, the Company was prohibited from recording the transaction as a sale because of continuing involvement with the property.  Accordingly, the sale has been accounted for as a financing transaction, which requires the Company to continue reporting the building as an asset and to record a financing obligation for the sale price. Liabilities relating to this agreement of $2.4 million and $2.5 million have been recorded as a finance obligation, in the accompanying unaudited interim consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively.   Restricted Cash   The Company has entered into sale/leaseback agreements associated with its products and services.  In connection with these agreements, cash of $46.9 million is required to be restricted as security and will be released over the lease term.  Included in the $46.9 million are security deposits backing letters of credit, as disclosed in the Operating Leases section above.   The Company also has letters of credit in the aggregate amount of $1.0 million associated with an agreement to provide hydrogen infrastructure and hydrogen to a customer at its distribution center and with a finance obligation from the sale/leaseback of its building.  Cash collateralizing these letters of credit is also considered restricted cash.   Litigation   Legal matters are defended and handled in the ordinary course of business.  The Company has established accruals for matters for which management considers a loss to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation, after taking into account insurance coverage and the aforementioned accruals, will have a material adverse impact on our results of operations, financial position, or cash flows.   Concentrations of credit risk   Concentrations of credit risk with respect to receivables exist due to the limited number of select customers with whom the Company has initial commercial sales arrangements. To mitigate credit risk, the Company performs appropriate evaluation of a prospective customer’s financial condition.   At June 30, 2016, three customers comprise approximately 50.8% of the total accounts receivable balance, with each customer individually representing 20.6%,  17.8% and 12.4% of total accounts receivable, respectively.  At December 31, 2015, two customers comprise approximately 50.9% of the total accounts receivable balance, with each customer individually representing 38.5% and 12.4% of total accounts receivable, respectively.    For the six months ended June 30, 2016, 49.4% of total consolidated revenues were associated with Walmart and one other customer, with each representing 38.6% and 10.8% of total consolidated revenues, respectively.  For the six months ended June 30, 2015, 95.1% of total consolidated revenues were associated with Walmart and two other customers, with each representing 68.8%,  16.1%, and 10.2% of total consolidated revenues, respectively. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

0.01

450000000

180567444

479953

180812358

479953

1806000

1808000

-20277000

-9226000

-24588000

-13417000

0.951

0.102

0.161

0.688

0.509

0.385

0.124

0.508

0.494

0.206

0.124

0.178

0.1080

0.3860

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Principles of Consolidation    The accompanying unaudited interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

5200

19832000

14753000

11941000

8043000

33974000

22447000

35237000

20075000

1959000

1083000

5619000

3208000

30000000

40000000

2500000

0.120

0.1045

P1Y

4468000

4106000

15100000

14000000

13997000

12445000

969000

1528000

2436000

667000

2734000

1456000

-0.12

-0.05

-0.14

-0.07

68000

46900000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="4" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30, 2016 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 0.73 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 0.86 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 0.28 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.375 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Volatility </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 59.50 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 95.23 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 52.92 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 134.4 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Expected average term </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.64 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2.55 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 0.92 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3.55 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

P3Y6M18D

P11M1D

P2Y6M18D

P1Y7M21D

1.3440

0.5292

0.9523

0.5950

0.01375

0.0028

0.0086

0.0073

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 11.  Fair Value Measurements   The Company’s common stock warrant liability represents the only financial instrument measured at fair value on a recurring basis in the consolidated balance sheets.  The fair value measurement is determined by using Level 3 inputs due to the lack of active and observable markets that can be used to price identical assets.  Level 3 inputs are unobservable inputs and should be used to determine fair value only when observable inputs are not available.  Unobservable inputs should be developed based on the best information available in the circumstances, which might include internally generated data and assumptions being used to price the asset or liability.  <p style="margin:0pt;text-indent:22.3pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   Fair value of the common stock warrant liability is based on the Black-Scholes pricing model which is based, in part, upon unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The Company used the following assumptions for its common stock warrants:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="4" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30, 2016 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 0.73 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 0.86 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 0.28 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.375 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Volatility </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 59.50 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 95.23 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 52.92 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 134.4 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> % </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:68.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Expected average term </td> <td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.64 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2.55 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 0.92 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> - </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3.55 </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   There was no expected dividend yield for the warrants granted. If factors change and different assumptions are used, the warrant liability and the change in estimated fair value could be materially different. Generally, as the market price of our common stock increases, the fair value of the warrant increases, and conversely, as the market price of our common stock decreases, the fair value of the warrant decreases. Also, a significant increase in the volatility of the market price of the Company’s common stock, in isolation, would result in a significantly higher fair value measurement; and a significant decrease in volatility would result in a significantly lower fair value measurement.   The following table shows reconciliations of the beginning and ending balances for the common stock warrant liability (in thousands): <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:51.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:17.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:44.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Six months ended </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Common stock warrant liability </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30, 2016 </td> <td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:20.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Beginning of period </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:17.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,735 </td> <td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,418 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Change in fair value of common stock warrants </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:17.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,734) </td> <td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:18.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,436) </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Exercise of common stock warrants </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(141) </td> <td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">  — </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> End of period </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:17.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,860 </td> <td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,982 </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

-2436000

-2734000

141000

9418000

6982000

5735000

2860000

469000

768000

2000

-41000

8478000

8755000

-549000

1562000

554000

384000

-20277000

-9226000

-25274000

-13128000

-392000

-1145000

6577000

-3571000

-9973000

-483000

-1914000

8153000

2176000

-32000

-33000

6400000

488000

2556000

11134000

60000

14200000

4644000

4420000

176000

1311000

3480000

3232000

32752000

34928000

23705000

29128000

5567000

2568000

P6Y

83567000

127454000

209456000

233403000

42706000

49715000

1000000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 9.  Accrual for Loss Contracts Related to Service   In 2015, the Company determined that its projected estimated service costs related to certain extended maintenance contracts exceeded future revenues and recorded a provision for loss contracts related to service.  During the six months ended June 30, 2016, the Company renegotiated one of its service contracts.  As a result, the projected costs over the remaining life of the amended contract were estimated to be reduced and the Company recognized a gain within cost of revenue where the original charge was recorded.   The following table summarizes activity related to the accrual for loss contracts related to service during the six months ended June 30, 2016 (in thousands):       <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Beginning balance - January 1, 2016 </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,050 </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">     Change in estimate </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,071) </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">     Reductions for losses realized </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,559) </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Ending balance - June 30, 2016 </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:25.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,420 </td> <td valign="bottom" style="width:05.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

23900000

23907000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 8.  Long-Term Debt   During the three months ended June 30, 2016, Plug Power Inc. and its subsidiaries Emerging Power Inc. and Emergent Power Inc. entered into a Loan and Security Agreement with Hercules Capital, Inc. (Hercules) pursuant to which Hercules agreed to make available to the Company a secured term loan facility in the amount of up to $40.0  million (the Term Loan Facility), subject to certain terms and conditions.  The Company borrowed $25.0 million under the Loan and Security Agreement on the date of closing, and incurred transaction costs of $1.1 million.  The Company may borrow an additional $5.0  million under the Loan and Security Agreement between October 12, 2016 and December 12, 2016 subject to the Company satisfying certain conditions.  The Company may also borrow an additional $10.0 million under the Loan and Security Agreement after June 27, 2016 and until June 27, 2017 subject to satisfying certain other conditions.   Advances under the Term Loan Facility bear interest at the rate of 10.45% per annum, subject to compliance with financial covenants and other conditions.  The Loan and Security Agreement includes covenants, limitations, and events of default customary for similar facilities.   The term of the Loan and Security Agreement is three years, ending June 27, 2019 (the Maturity Date).   Interest is payable on a monthly basis and the entire then outstanding principal balance of the Term Loan Facility, together with all accrued and unpaid interest, is due and payable on the Maturity Date.  On the earliest to occur of the Maturity Date, the date on which the obligations under the Loan and Security Agreement are paid and the date on which such obligations become due and payable, the Company is also required to pay the Lender an end of term charge $2.5 million, based on the amount borrowed.   Until such time as certain net income milestones are met, the Loan and Security Agreement has financial covenants that require the Company to maintain at all times minimum unencumbered cash and cash equivalents equal to or greater than 75% of the then outstanding principal balance of the Term Loan Facility plus accounts payable aged more than 150 days.  After such net income milestones are met, the Loan and Security Agreement’s financial covenants are reduced to require minimum unencumbered cash and cash equivalents equal to or greater than 50% of the then outstanding principal balance of the Term Loan Facility plus accounts payable aged more than 150 days.   All obligations under the Loan and Security Agreement are unconditionally guaranteed by the Company’s subsidiaries, Emerging Power Inc. and Emergent Power Inc.  The Term Loan Facility is secured by substantially all of Plug Power Inc. and the guarantors’ assets, including all intellectual property, all securities in domestic subsidiaries and 65% of the securities in foreign subsidiaries, subject to certain exceptions and exclusions.   The Loan and Security Agreement contains customary covenants for arrangements of this type and other covenants agreed to by the parties, including, among others, (i) the provision of annual and quarterly financial statements, management rights and insurance policies and (ii) restrictions on incurring debt, granting liens, making acquisitions, making loans, paying dividends, dissolving, and entering into leases and asset sales.  The Loan and Security Agreement also provides for customary events<a name="A16_11706_28K_HTM_PB_2_200819_7278"></a><a name="eolPage3"></a> of default, including, among others, payment, bankruptcy, covenant, representation and warranty, change of control, judgment and material adverse effect defaults.   The fair value of the Term Loan Facility approximates the carrying value of $23.9 million as of June 30, 2016.     </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

23994000

364000

3682000

2118000

1662000

6743000

9425000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 1.  Nature of Operations   Description of Business   Plug Power Inc., or the Company, is a leading provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used primarily for the material handling and stationary power market.    We are focused on proton exchange membrane, or PEM, fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and associated hydrogen storage and dispensing infrastructure from which multiple products are available. A fuel cell is an electrochemical device that combines hydrogen and oxygen to produce electricity and heat without combustion. Hydrogen is derived from hydrocarbon fuels such as liquid petroleum gas, or LPG, natural gas, propane, methanol, ethanol, gasoline or biofuels. Plug Power develops complete hydrogen delivery, storage and refueling solutions for customer locations. Hydrogen can also be obtained from the electrolysis of water, or produced on-site at consumer locations through a process known as reformation.  Currently the Company obtains hydrogen by purchasing it from fuel suppliers for resale to customers. We provide and continue to develop fuel cell product solutions to replace lead-acid batteries in material handling vehicles and industrial trucks for some of the world’s largest distribution and manufacturing businesses. We are focusing our efforts on material handling applications (forklifts) at multi-shift high volume manufacturing and high throughput distribution sites where our products and services provide a unique combination of productivity, flexibility and environmental benefits. Our current product line includes: GenDrive, our hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenFuel, our hydrogen fueling delivery system; GenCare, our ongoing maintenance program for both the GenDrive fuel cells and GenFuel products; GenSure (formerly ReliOn), our stationary fuel cell solution providing scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; GenKey, our turn-key solution combining either GenDrive or GenSure with GenFuel and GenCare, offering complete simplicity to customers transitioning to fuel cell power; and GenFund, a collaboration with leasing organizations to provide cost efficient and seamless financing solutions to customers. We provide our products worldwide, with a primary focus on North America, through our direct product sales force, and by leveraging relationships with original equipment manufacturers, or OEMs, and their dealer networks. We were organized as a corporation in the State of Delaware on June 27, 1997. Unless the context indicates otherwise, the terms “Company,” “Plug Power,” “we,” “our” or “us” as used herein refers to Plug Power Inc. and its subsidiaries.   Liquidity   Our cash requirements relate primarily to working capital needed to operate and grow our business, including funding operating expenses, growth in inventory to support both shipments of new units and servicing the installed base, growth in equipment leased to customers under long-term arrangements, funding the growth in our GenKey “turn-key” solution, which includes the installation of our customer’s hydrogen infrastructure as well as delivery of the hydrogen fuel,  continued development and expansion of our products, and the repayment or refinancing of our long-term debt. Our ability to achieve profitability and meet future liquidity needs and capital requirements will depend upon numerous factors, including the timing and quantity of product orders and shipments; attaining positive gross margins; the timing and amount of our operating expenses; the timing and costs of working capital needs; the timing and costs of building a sales base; the ability of our customers to obtain financing to support commercial transactions; our ability to obtain financing arrangements to support the sale or leasing of our products and services to customers, including financing arrangements to repay or refinance our long-term debt, and the terms of such agreements that may require us to pledge or restrict substantial amounts of our cash to support these financing arrangements; the timing and costs of developing marketing and distribution channels; the timing and costs of product service requirements; the timing and costs of hiring and training product staff; the extent to which our products gain market acceptance; the timing and costs of product development and introductions; the extent of our ongoing and new research and development programs; and changes in our strategy or our planned activities. If we are unable to fund our operations with positive cash flows and cannot obtain external financing, we may not be able to sustain future operations.  As a result, we may be required to delay, reduce and/or cease our operations and/or seek bankruptcy protection.   <p style="margin:0pt;text-indent:23.05pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">  We have experienced and continue to experience negative cash flows from operations and net losses.  The Company incurred net losses attributable to common shareholders of $24.9 million for the six months ended June 30, 2016 and $55.8 million, $88.6 million and $62.8 million for the years ended December 31, 2015, 2014, and 2013, respectively, and has an accumulated deficit of $1.0 billion at June 30, 2016.  <p style="margin:0pt;text-indent:23.05pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   <p style="margin:0pt;text-indent:22.3pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;"> During the six months ended June 30, 2016, cash used in operating activities was $15.8 million, consisting primarily of a net loss attributable to the Company of $24.9 million, offset by the impact of noncash charges/gains of $2.7 million and net inflows from fluctuations in working capital and other assets and liabilities of $6.4 million. The changes in working capital primarily were related to collections of accounts receivable and managing of accounts payable offset by an investment in inventory procured to meet our backlog requirements, as well as increases in prepaid expenses and consumption against the accrual for loss contracts related to service. As of June 30, 2016, we had cash and cash equivalents of $66.0 million and net working capital of $77.8 million. By comparison, at December 31, 2015, we had cash and cash equivalents of $64.0 million and net working capital of $88.5 million. Additionally, a portion of the cash and cash equivalents on hand at June 30, 2016, is required to be maintained at all times under a covenant requirement associated with the Company’s secured term loan facility that requires a minimum unencumbered cash and cash equivalents balance equal to or greater than 75% of the outstanding principal balance plus accounts payable aged more than 150 days.   Net cash used in investing activities for the six months ended June 30, 2016 included purchases of property, plant and equipment and outflows associated with materials, labor, and overhead necessary to construct new leased property of $28.8 million.  Cash outflows related to equipment that we sell and equipment we lease directly to customers are included in net cash used in operating activities and net cash used in investing activities, respectively.  Net cash provided by financing activities for the six months ended June 30, 2016 primarily resulted from increases in finance obligations and borrowings against a long-term secured term loan facility, as described in Note 8.  The secured term loan facility has events of default, including a material adverse change clause that is at the sole discretion of the lender.   Between 2014 and 2016, the Company signed sale/leaseback agreements with the Company’s primary financial institution (M&T Bank or the Bank) to facilitate the Company’s commercial transactions with key customers. The Company then leased the fuel cell systems and hydrogen infrastructure back from the Bank and operates them at customer locations to fulfill Power Purchase Agreements (PPAs).  In connection with these operating leases, the Bank requires the Company to maintain cash balances in restricted accounts securing its lease obligations to the Bank.  Cash added to these restricted accounts was $14.2 million during 2015. (No additional cash was added during the three and six months ended June 30, 2016, other than interest earned on restricted cash balances.)  Cash received from customers under the PPAs is used to make lease payments to the Bank.  As the Company performs under these agreements, the required restricted cash balances are released, according to a set schedule.  At June 30, 2016, the Company had 7 PPA deployments related to these sale/leaseback agreements.  At June 30, 2016, the total remaining lease payments to the Bank under these agreements were $23.6 million and have been secured with restricted cash and pledged service escrows.  Cash associated with sales of future revenues is required to be recorded as financing obligations on the consolidated balance sheets and accordingly represents a financing cash inflow.   The master lease agreement with the Bank requires the Company to maintain a minimum of $50.0 million of unrestricted cash, as of June 30, 2016 (subsequently reduced to $40 million as of July 27, 2016).  As mentioned above, the Company’s remaining contractual lease payments to the Bank are fully secured through a combination of restricted cash, unrestricted cash and pledges on funds escrowed for future service by the Company.  The covenant is maintained in association with the residual exposure of the Bank, which stems from tax benefits taken by the Bank that could be recaptured should the underlying assets not be deployed for five years.  This residual exposure at June 30, 2016 amounted to approximately $12.0 million, and the exposure decreases with the passage of time.  In the event that the Company’s unrestricted cash balance falls below the minimum threshold, the Company is entitled to cure the failure by providing additional restricted cash to secure the outstanding residual tax exposure of the Bank at that time.    In addition to the financing activities described above, we have historically funded our operations primarily through public and private offerings of common and preferred stock, as well as short-term borrowings, long-term debt and project financing, as described in Notes 7 and 8.  The Company believes that its current working capital and cash anticipated to be generated from future operations, as well as various sources of capital from additional project financing platforms with various third parties that are currently being evaluated, will provide sufficient liquidity to fund operations for at least the next twelve months. This projection is based on our current expectations regarding new project financing and product sales and service, cost structure, cash burn rate and other operating assumptions. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

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46614000

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<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Recent Accounting Pronouncements   In March 2016, an accounting update was issued to simplify various aspects related to how share-based payments are accounted for and presented.  This accounting update is effective for annual periods beginning after December 15, 2016 and interim periods within those years.  Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption.  The Company is evaluating the impact this update will have on the consolidated financial statements. <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;"> In February 2016, an accounting update was issued which requires balance sheet recognition for operating leases, among other changes to previous lease guidance.  This accounting update is effective for fiscal years beginning after December 15, 2018.  The Company is evaluating the impact this update will have on the consolidated financial statements. <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;"> In July 2015, an accounting update was issued that changes inventory measurement from lower of cost or market to lower of cost and net realizable value.  The new standard applies to inventory measured at first-in, first-out (FIFO).  This accounting update is effective for the annual reporting periods beginning after December 15, 2016, and interim periods within those years.  The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements. <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;"> In August 2014, an accounting update was issued relating to how management assesses conditions and events that could raise substantial doubt about an entity’s ability to continue as a going concern. This accounting update is effective for reporting periods ending after December 15, 2016, and for annual and interim periods thereafter.  The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements. <p style="margin:0pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 10pt;">   In June 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. In July 2015, the Financial Accounting Standards Board (FASB) announced a one year delay in the required adoption date from January 1, 2017 to January 1, 2018.  The Company is evaluating the effect this update will have on the consolidated financial statements and has not yet selected a transition method. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

-87000

-28000

-1682000

-1208000

383000

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22077000

11427000

26880000

13760000

-22626000

-9865000

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-13376000

91196000

23600000

12563000

13697000

20717000

25383000

10239000

75059000

13452000

14608000

7304000

10479000

8597000

2200000

1300000

6400000

3400000

11976000

12284000

294000

-289000

361000

310000

542000

353000

754000

368000

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254000

303000

258000

403000

278000

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1388000

2525000

53000

27000

52000

26000

7855000

9859000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Reclassifications   Reclassifications are made, whenever necessary, to prior period financial statements to conform to the current period presentation.  These reclassifications did not have a net impact the results of operations or net cash flows in the periods presented.  </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

23875000

2000

23874000

131000

19000

111000

406000

379000

7255000

8948000

25000000

6326000

3425000

10031000

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43823000

43883000

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<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Revenue Recognition   The Company recognizes revenue under arrangements for products and services, which may include the sale of products and related services, including revenue from installation, service and maintenance, spare parts, hydrogen fueling services (which may include hydrogen supply as well as hydrogen fueling infrastructure) and leased units. The Company also recognizes revenue under research and development contracts, which are primarily cost reimbursement contracts associated with the development of PEM fuel cell technology.   The Company enters into revenue arrangements that may contain a combination of fuel cell systems and infrastructure, installation, service, maintenance, spare parts, and other support services. Revenue arrangements containing fuel cell systems and related infrastructure may be sold, or provided to customers under a PPA.    Sales of and Services Performed on Fuel Cell Systems and Related Infrastructure   When sold to customers, the Company accounts for each separate deliverable of these multiple deliverable arrangements as a separate unit of accounting, if the delivered item or items have value to the customer on a standalone basis. The Company considers a deliverable to have standalone value if the item is sold separately by us or another entity or if the item could be resold by the customer. The Company allocates revenue to each separate deliverable based on its relative selling price. For a majority of our deliverables, the Company determines relative selling prices using its best estimate of the selling price since vendor-specific objective evidence and third-party evidence is generally not available for the deliverables involved in its revenue arrangements due to a lack of a competitive environment in selling fuel cell technology. When determining estimated selling prices, the Company considers the cost to produce the deliverable, a reasonable gross margin on that deliverable, the selling price and profit margin for similar products and services, the Company’s ongoing pricing strategy and policies, the value of any enhancements that have been built into the deliverable and the characteristics of the varying markets in which the deliverable is sold, as applicable. The Company determines estimated selling prices for deliverables in its arrangements based on the specific facts and circumstances of each arrangement and analyzes the estimated selling prices used for its allocation of consideration of each arrangement.   Once relative selling prices are determined, the Company proportionately allocates the sale consideration to each element of the arrangement. The allocated sales consideration related to fuel cell systems and infrastructure, spare parts, and hydrogen infrastructure is recognized as revenue at shipment if title and risk of loss have passed to the customer, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured, and customer acceptance criteria, if any, have been successfully demonstrated. The allocated sales consideration related to service and maintenance is generally recognized as revenue on a straight-line basis over the term of the contract, as appropriate.   With respect to sales of consigned spare parts, the Company does not recognize revenue until the risks and rewards of ownership have transferred, the price is fixed, and the Company has a reasonable expectation of collection upon billing.   For those customers who do not purchase an extended maintenance contract, the Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product.  Only a limited number of fuel cell units are under standard warranty.   In a vast majority of its commercial transactions, the Company sells extended maintenance contracts that generally provide for a five to ten year warranty from the date of product installation. These types of contracts are accounted for as a separate deliverable, and accordingly, revenue generated from these transactions is deferred and recognized in income over the warranty period, generally on a straight-line basis. Additionally, the Company may enter into annual service and extended maintenance contracts that are billed monthly. Revenue generated from these transactions is recognized in income on a straight-line basis over the term of the contract. Costs are recognized as incurred over the term of the contract.  When costs are projected to exceed revenues on the life of the contract, an accrual for loss contracts is recorded.  Costs are estimated based upon historical experience, contractual agreements and the estimated impact of the Company’s cost reduction initiatives.  The actual results may differ from these estimates.   Power Purchase Agreements   When fuel cell systems and related infrastructure are provided to customers through a PPA, revenues associated with these agreements are treated as rental income and recognized on a straight-line basis over the life of the agreements.    In conjunction with entering into a PPA with a customer, the Company may enter into sale/leaseback transactions with third party financial institutions, whereby the fuel cells, related infrastructure, and service are sold to the third party financial institution and leased back to the Company through either an operating or capital lease.    During 2016, the Company’s sale/leaseback transactions with third party financial institutions were required to be accounted for as capital leases under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 840-40, Leases – Sale/Leaseback Transactions (ASC Subtopic 840-40).  As a result, no upfront revenue was recognized at the closing of these transactions and a finance obligation for each lease was established.  The fuel cell systems and related infrastructure that are provided to customers through these PPAs are considered leased property on the accompanying unaudited interim consolidated balance sheet.  Costs to service the leased property are considered cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations.    All PPAs entered into through December 31, 2015 had a corresponding sale-leaseback transaction with a third party financial institution which was required to be accounted for as an operating lease.  The Company accounts for sale/leaseback transactions as operating leases in accordance with ASC Subtopic 840-40.  The Company has rental expense associated with sale/leaseback agreements with financial institutions that were entered into commensurate with the PPAs.  Rental expense is recognized on a straight-line basis over the life of the agreements and is characterized as cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations.        Fuel Delivered to Customers   The Company purchases hydrogen fuel from suppliers and sells to its customers upon delivery.  Revenue and cost of revenue related to this fuel is recorded as dispensed and delivered, respectively, and are included in the respective “Fuel delivered to customers” lines on the unaudited interim consolidated statements of operations.    Research and Development Contracts   Contract accounting is used for research and development contract revenue. The Company generally shares in the cost of these programs with cost sharing percentages ranging from 30% to 50% of total project costs. Revenue from time and material contracts is recognized on the basis of hours expended plus other reimbursable contract costs incurred during the period and is included within the “other” revenue line on the unaudited interim consolidated statement of operations. All allowable work performed through the end of each calendar quarter is billed, subject to limitations in the respective contracts. We expect to continue research and development contract work that is directly related to our current product development efforts.     </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

33425000

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<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Leased property at June 30, 2016 and December 31, 2015 consists of the following (in thousands):       <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:48.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:48.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:21.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30, 2016 </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:21.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> December 31, 2015 </td> </tr> <tr> <td valign="bottom" style="width:48.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Leased property under capital lease </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,598 </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,367 </td> </tr> <tr> <td valign="bottom" style="width:48.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less:  accumulated depreciation </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,351) </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,700) </td> </tr> <tr> <td valign="bottom" style="width:48.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Leased property under capital lease, net </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,247 </td> <td valign="bottom" style="width:04.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;padding-right:3pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,667 </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

15751000

8002000

16849000

8559000

3435000

4377000

10431

650000

440000

280000

265000

25000000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   7.  Short-Term Borrowing   On March 2, 2016, the Company entered into a Loan Agreement with Generate Lending, LLC (Lender).  The Loan Agreement, among other things, provided for a $30 million secured term loan facility (the Short-Term Loan Facility).  Advances under the Short-Term Loan Facility bore interest at the rate of 12.0% per annum. The term of the Loan Agreement was one year, ending March 2, 2017.  Pursuant to the Loan Agreement, $25.0 million of the Short-Term Loan Facility was drawn upon and outstanding as of March 31, 2016.    On June 27, 2016, the Short-Term Loan Facility was paid off with proceeds from long-term project financing.  That financing was accounted for as a series of capital leases, the obligation of which is now presented as part of finance obligations on the accompanying unaudited interim consolidated balance sheet, as discussed in Note 12.   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

124736000

1118917000

798000

1806000

-993876000

-2909000

104796000

1123615000

1092000

1808000

-1018810000

-2909000

46974

50000

4377000

52000

-52000

19000

18000

1000

1153000

16664000

0.01

10431

5231

479953

2909000

392000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Use of Estimates    The unaudited interim consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

5735000

2860000

173402611

173439391

180204334

180282904

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Financing Transaction Finance Obligation Amount Finance obligations Long-term Debt, Excluding Current Maturities Long-term debt Other Liabilities, Noncurrent Other liabilities Liabilities Total liabilities Temporary Equity [Abstract] Redeemable preferred stock Temporary Equity, Carrying Amount, Attributable to Parent Series C redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation preference $16,664) 10,431 shares authorized; Issued and outstanding: 5,231 at June 30, 2016 and December 31, 2015 Stockholders' Equity Attributable to Parent [Abstract] Stockholders' equity: Common Stock, Value, Issued Common stock, $0.01 par value per share; 450,000,000 shares authorized; Issued (including shares in treasury): 180,812,358 at June 30, 2016 and 180,567,444 at December 31, 2015 Additional Paid in Capital Additional paid-in capital Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income Retained Earnings (Accumulated Deficit) Accumulated deficit Accumulated deficit Treasury Stock, Value Less common stock in treasury: 479,953 at June 30, 2016 and December 31, 2015 Stockholders' Equity Attributable to Parent Balance Balance Total stockholders' equity Liabilities and Equity Total liabilities, redeemable preferred stock, and stockholders' equity Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Excluding Capital Leased Assets Property, plant, and equipment, accumulated depreciation Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation Less: accumulated depreciation Leased property under capital lease, accumulated depreciation Finite-Lived Intangible Assets, Accumulated Amortization Accumulated amortization Temporary Equity, Par or Stated Value Per Share Series C redeemable convertible Preferred Stock, par value (in dollars per share) Temporary Equity, Shares Authorized Series C redeemable convertible Preferred Stock, shares authorized Temporary Equity, Shares Issued Series C redeemable convertible Preferred Stock, shares issued Temporary Equity, Shares Outstanding Series C redeemable convertible Preferred Stock, shares outstanding Temporary Equity, Liquidation Preference Series C redeemable convertible Preferred Stock, aggregate involuntary liquidation preference (in dollars) Common Stock, Par or Stated Value Per Share Common Stock, par value (in dollars per share) Common Stock, Shares Authorized Common Stock, shares authorized Common Stock, Shares, Issued Balance (in shares) Balance (in shares) Common Stock, shares issued Treasury Stock, Shares Common stock in treasury, shares Consolidated Statements of Operations Revenues [Abstract] Revenue: Sales Revenue, Goods, Net Sales of fuel cell systems and related infrastructure Aggregate revenue during the period from services rendered to fuel cell systems and related infrastructure, after deducting allowances and discounts. Service Revenue on Fuel Cell System and Infrastructure Services performed on fuel cell systems and related infrastructure Sales Revenue, Services, Net Power Purchase Agreements Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts. Service Revenue Fuel delivered to customers Other Revenue, Net Other Revenues Total revenue Cost of Revenue [Abstract] Cost of revenue: Cost of Goods Sold Sales of fuel cell systems and related infrastructure Aggregate cost of revenue during the period. Cost Of Service Revenue on Fuel Cell System and Infrastructure Services performed on fuel cell systems and related infrastructure Represents the provision for loss contracts related to service. Provision for Loss Contracts Related to Service Change in estimate The aggregate cost of power purchased during the reporting period. Cost Of Power Purchase Agreements Power Purchase Agreements Cost of Services Fuel delivered to customers Other Cost of Operating Revenue Other Cost of Revenue Total cost of revenue Gross Profit Gross profit (loss) Operating Expenses [Abstract] Operating expenses: Research and Development Expense Research and development Selling, General and Administrative Expense Selling, general and administrative Operating Expenses Total operating expenses Operating Income (Loss) Operating loss Nonoperating Income (Expense) Interest and other expense, net Derivative, Gain (Loss) on Derivative, Net Change in fair value of common stock warrant liability Change in fair value of common stock warrant liability Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Loss before income taxes Income Tax Expense (Benefit) Income tax benefit Net Income (Loss) Attributable to Parent Net loss attributable to the Company Net loss attributable to the Company Net loss attributable to the Company Preferred Stock Dividends, Income Statement Impact Preferred stock dividends declared Net Income (Loss) Available to Common Stockholders, Basic Net loss attributable to common shareholders Net (loss) income attributable to common shareholders Net loss attributable to common shareholders Earnings Per Share, Basic and Diluted [Abstract] Net loss per share: Earnings Per Share, Basic and Diluted Basic and diluted (in dollars per share) Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted average number of common shares outstanding Consolidated Statements of Comprehensive Loss Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Other comprehensive (loss) income - foreign currency translation adjustment Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive loss Consolidated Statements of Stockholders' Equity Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock [Member] Common Stock Additional Paid In Capital [Member] Additional Paid-in-Capital Aoci Including Portion Attributable To Noncontrolling Interest [Member] Accumulated Other Comprehensive Income Treasury Stock [Member] Treasury Stock Retained Earnings [Member] Accumulated Deficit Increase (Decrease) in Stockholders' Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity Other Comprehensive Income (Loss), Net of Tax Other comprehensive income Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures Stock based compensation Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures Stock based compensation (in shares) Stock Issued During Period, Value, Stock Dividend Stock dividend Number of shares issued during the period as a stock dividend. 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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 09, 2016
Document and Entity Information:
Entity Registrant Name	PLUG POWER INC
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Entity Central Index Key	0001093691
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		180,332,405
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

XML 13 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents, (notes 1 and 8)	$ 66,040	$ 63,961
Restricted cash	4,012	4,012
Accounts receivable	12,677	22,650
Inventory	34,928	32,752
Prepaid expenses and other current assets	9,859	7,855
Total current assets	127,516	131,230
Restricted cash	43,883	43,823
Property, plant, and equipment, net of accumulated depreciation of $28,762 and $27,970, respectively	8,948	7,255
Leased property, net of accumulated depreciation of $2,351 and $1,700, respectively	27,247	1,667
Note receivable	350	383
Goodwill	8,755	8,478
Intangible assets, net of accumulated amortization of $768 and $469, respectively	4,420	4,644
Other assets	12,284	11,976
Total assets	233,403	209,456
Current liabilities:
Accounts payable	30,566	20,455
Accrued expenses	6,725	9,852
Product warranty reserve	379	406
Accrual for loss contracts related to service	2,400	4,100
Deferred revenue	4,106	4,468
Finance obligations	5,171	2,671
Other current liabilities	368	754
Total current liabilities	49,715	42,706
Accrual for loss contracts related to service	3,020	5,950
Deferred revenue	12,445	13,997
Common stock warrant liability	2,860	5,735
Finance obligations	35,253	14,809
Long-term debt	23,907
Other liabilities	254	370
Total liabilities	127,454	83,567
Redeemable preferred stock
Series C redeemable convertible preferred stock, $0.01 par value per share (aggregate involuntary liquidation preference $16,664) 10,431 shares authorized; Issued and outstanding: 5,231 at June 30, 2016 and December 31, 2015	1,153	1,153
Stockholders' equity:
Common stock, $0.01 par value per share; 450,000,000 shares authorized; Issued (including shares in treasury): 180,812,358 at June 30, 2016 and 180,567,444 at December 31, 2015	1,808	1,806
Additional paid-in capital	1,123,615	1,118,917
Accumulated other comprehensive income	1,092	798
Accumulated deficit	(1,018,810)	(993,876)
Less common stock in treasury: 479,953 at June 30, 2016 and December 31, 2015	(2,909)	(2,909)
Total stockholders' equity	104,796	124,736
Total liabilities, redeemable preferred stock, and stockholders' equity	$ 233,403	$ 209,456

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Consolidated Balance Sheets
Property, plant, and equipment, accumulated depreciation	$ 28,762	$ 27,970
Leased property under capital lease, accumulated depreciation	2,351	1,700
Accumulated amortization	$ 768	$ 469
Series C redeemable convertible Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series C redeemable convertible Preferred Stock, shares authorized	10,431	10,431
Series C redeemable convertible Preferred Stock, shares issued	5,231	5,231
Series C redeemable convertible Preferred Stock, shares outstanding	5,231	5,231
Series C redeemable convertible Preferred Stock, aggregate involuntary liquidation preference (in dollars)	$ 16,664	$ 16,664
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	450,000,000	450,000,000
Common Stock, shares issued	180,812,358	180,567,444
Common stock in treasury, shares	479,953	479,953

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Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue:
Sales of fuel cell systems and related infrastructure	$ 9,121	$ 18,663	$ 14,339	$ 23,753
Services performed on fuel cell systems and related infrastructure	5,360	2,883	10,633	5,528
Power Purchase Agreements	3,062	1,077	5,768	2,054
Fuel delivered to customers	2,638	1,128	4,648	1,787
Other	278	258	403	303
Total revenue	20,459	24,009	35,791	33,425
Cost of revenue:
Sales of fuel cell systems and related infrastructure	8,043	14,753	11,941	19,832
Services performed on fuel cell systems and related infrastructure	5,926	5,368	11,709	10,138
Change in estimate	(1,071)		(1,071)
Power Purchase Agreements	3,616	933	6,497	1,684
Fuel delivered to customers	3,208	1,083	5,619	1,959
Other	353	310	542	361
Total cost of revenue	20,075	22,447	35,237	33,974
Gross profit (loss)	384	1,562	554	(549)
Operating expenses:
Research and development	5,201	3,425	10,031	6,326
Selling, general and administrative	8,559	8,002	16,849	15,751
Total operating expenses	13,760	11,427	26,880	22,077
Operating loss	(13,376)	(9,865)	(26,326)	(22,626)
Interest and other expense, net	(1,208)	(28)	(1,682)	(87)
Change in fair value of common stock warrant liability	1,456	667	2,734	2,436
Loss before income taxes	(13,128)	(9,226)	(25,274)	(20,277)
Income tax benefit			392
Net loss attributable to the Company	(13,128)	(9,226)	(24,882)	(20,277)
Preferred stock dividends declared	(26)	(27)	(52)	(53)
Net loss attributable to common shareholders	$ (13,154)	$ (9,253)	$ (24,934)	$ (20,330)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.07)	$ (0.05)	$ (0.14)	$ (0.12)
Weighted average number of common shares outstanding	180,282,904	173,439,391	180,204,334	173,402,611

XML 16 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements of Comprehensive Loss
Net loss attributable to the Company	$ (13,128)	$ (9,226)	$ (24,882)	$ (20,277)
Other comprehensive (loss) income - foreign currency translation adjustment	(289)		294
Comprehensive loss	$ (13,417)	$ (9,226)	$ (24,588)	$ (20,277)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 17 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Stockholders' Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Treasury Stock	Accumulated Deficit	Total
Balance at Dec. 31, 2015	$ 1,806	$ 1,118,917	$ 798	$ (2,909)	$ (993,876)	$ 124,736
Balance (in shares) at Dec. 31, 2015	180,567,444			479,953		180,567,444
Increase (Decrease) in Stockholders' Equity
Net loss attributable to the Company					(24,882)	$ (24,882)
Other comprehensive income			294			294
Stock based compensation		4,377				4,377
Stock based compensation (in shares)	46,974
Stock dividend		52			(52)
Stock dividend (in shares)	28,061
Stock option exercises	$ 1	18				19
Stock option exercises (in shares)	50,000
Exercise of warrants	$ 1	251				252
Exercise of warrants (in shares)	119,879
Balance at Jun. 30, 2016	$ 1,808	$ 1,123,615	$ 1,092	$ (2,909)	$ (1,018,810)	$ 104,796
Balance (in shares) at Jun. 30, 2016	180,812,358			479,953		180,812,358

XML 18 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows From Operating Activities:
Net loss attributable to the Company	$ (24,882)	$ (20,277)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property, plant and equipment, and leased property	1,528	969
Amortization of intangible assets	295	722
Stock-based compensation	4,377	3,435
Amortization of debt issuance costs	307
Loss (gain) on disposal of property, plant and equipment and leased property	41	(2)
Change in estimate	(1,071)
Change in fair value of common stock warrant liability	(2,734)	(2,436)
Changes in operating assets and liabilities that provide (use) cash, net of effects of acquisitions:
Accounts receivable	9,973	3,571
Inventory	(2,176)	(8,153)
Prepaid expenses and other assets	(2,556)	(488)
Note receivable	33	32
Accounts payable, accrued expenses, product warranty reserve and other liabilities	6,577	(1,145)
Accrual for loss contracts related to service	(3,559)
Deferred revenue	(1,914)	(483)
Net cash used in operating activities	(15,761)	(24,255)
Cash Flows From Investing Activities:
Purchase of property, plant and equipment	(2,525)	(1,388)
Purchase for construction of leased property	(26,317)
Proceeds from disposal of property, plant and equipment and leased property		2
Net cash used in investing activities	(28,842)	(1,386)
Cash Flows From Financing Activities:
Change in restricted cash	(60)	(11,134)
Proceeds from exercise of warrants	111
Proceeds from exercise of stock options	19	131
Proceeds from borrowing of long-term debt, net of transaction costs	23,875
Proceeds from short-term borrowing, net of transaction costs	23,874
Principal payments on short-term borrowings	(25,000)
Increase (decrease) in finance obligations	23,795	(422)
Net cash provided by (used in) financing activities	46,614	(11,425)
Effect of exchange rate changes on cash	68
Increase (decrease) in cash and cash equivalents	2,079	(37,066)
Cash and cash equivalents, beginning of period	63,961	146,205
Cash and cash equivalents, end of period	66,040	109,139
Other Supplemental Cash Flow Information:
Cash paid for interest	$ 1,311	$ 176

XML 19 R8.htm IDEA: XBRL DOCUMENT

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2016
Nature of Operations.
Nature of Operations	1. Nature of Operations Description of Business Plug Power Inc., or the Company, is a leading provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used primarily for the material handling and stationary power market. We are focused on proton exchange membrane, or PEM, fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and associated hydrogen storage and dispensing infrastructure from which multiple products are available. A fuel cell is an electrochemical device that combines hydrogen and oxygen to produce electricity and heat without combustion. Hydrogen is derived from hydrocarbon fuels such as liquid petroleum gas, or LPG, natural gas, propane, methanol, ethanol, gasoline or biofuels. Plug Power develops complete hydrogen delivery, storage and refueling solutions for customer locations. Hydrogen can also be obtained from the electrolysis of water, or produced on-site at consumer locations through a process known as reformation. Currently the Company obtains hydrogen by purchasing it from fuel suppliers for resale to customers. We provide and continue to develop fuel cell product solutions to replace lead-acid batteries in material handling vehicles and industrial trucks for some of the world’s largest distribution and manufacturing businesses. We are focusing our efforts on material handling applications (forklifts) at multi-shift high volume manufacturing and high throughput distribution sites where our products and services provide a unique combination of productivity, flexibility and environmental benefits. Our current product line includes: GenDrive, our hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenFuel, our hydrogen fueling delivery system; GenCare, our ongoing maintenance program for both the GenDrive fuel cells and GenFuel products; GenSure (formerly ReliOn), our stationary fuel cell solution providing scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; GenKey, our turn-key solution combining either GenDrive or GenSure with GenFuel and GenCare, offering complete simplicity to customers transitioning to fuel cell power; and GenFund, a collaboration with leasing organizations to provide cost efficient and seamless financing solutions to customers. We provide our products worldwide, with a primary focus on North America, through our direct product sales force, and by leveraging relationships with original equipment manufacturers, or OEMs, and their dealer networks. We were organized as a corporation in the State of Delaware on June 27, 1997. Unless the context indicates otherwise, the terms “Company,” “Plug Power,” “we,” “our” or “us” as used herein refers to Plug Power Inc. and its subsidiaries. Liquidity Our cash requirements relate primarily to working capital needed to operate and grow our business, including funding operating expenses, growth in inventory to support both shipments of new units and servicing the installed base, growth in equipment leased to customers under long-term arrangements, funding the growth in our GenKey “turn-key” solution, which includes the installation of our customer’s hydrogen infrastructure as well as delivery of the hydrogen fuel, continued development and expansion of our products, and the repayment or refinancing of our long-term debt. Our ability to achieve profitability and meet future liquidity needs and capital requirements will depend upon numerous factors, including the timing and quantity of product orders and shipments; attaining positive gross margins; the timing and amount of our operating expenses; the timing and costs of working capital needs; the timing and costs of building a sales base; the ability of our customers to obtain financing to support commercial transactions; our ability to obtain financing arrangements to support the sale or leasing of our products and services to customers, including financing arrangements to repay or refinance our long-term debt, and the terms of such agreements that may require us to pledge or restrict substantial amounts of our cash to support these financing arrangements; the timing and costs of developing marketing and distribution channels; the timing and costs of product service requirements; the timing and costs of hiring and training product staff; the extent to which our products gain market acceptance; the timing and costs of product development and introductions; the extent of our ongoing and new research and development programs; and changes in our strategy or our planned activities. If we are unable to fund our operations with positive cash flows and cannot obtain external financing, we may not be able to sustain future operations. As a result, we may be required to delay, reduce and/or cease our operations and/or seek bankruptcy protection. We have experienced and continue to experience negative cash flows from operations and net losses. The Company incurred net losses attributable to common shareholders of $24.9 million for the six months ended June 30, 2016 and $55.8 million, $88.6 million and $62.8 million for the years ended December 31, 2015, 2014, and 2013, respectively, and has an accumulated deficit of $1.0 billion at June 30, 2016. During the six months ended June 30, 2016, cash used in operating activities was $15.8 million, consisting primarily of a net loss attributable to the Company of $24.9 million, offset by the impact of noncash charges/gains of $2.7 million and net inflows from fluctuations in working capital and other assets and liabilities of $6.4 million. The changes in working capital primarily were related to collections of accounts receivable and managing of accounts payable offset by an investment in inventory procured to meet our backlog requirements, as well as increases in prepaid expenses and consumption against the accrual for loss contracts related to service. As of June 30, 2016, we had cash and cash equivalents of $66.0 million and net working capital of $77.8 million. By comparison, at December 31, 2015, we had cash and cash equivalents of $64.0 million and net working capital of $88.5 million. Additionally, a portion of the cash and cash equivalents on hand at June 30, 2016, is required to be maintained at all times under a covenant requirement associated with the Company’s secured term loan facility that requires a minimum unencumbered cash and cash equivalents balance equal to or greater than 75% of the outstanding principal balance plus accounts payable aged more than 150 days. Net cash used in investing activities for the six months ended June 30, 2016 included purchases of property, plant and equipment and outflows associated with materials, labor, and overhead necessary to construct new leased property of $28.8 million. Cash outflows related to equipment that we sell and equipment we lease directly to customers are included in net cash used in operating activities and net cash used in investing activities, respectively. Net cash provided by financing activities for the six months ended June 30, 2016 primarily resulted from increases in finance obligations and borrowings against a long-term secured term loan facility, as described in Note 8. The secured term loan facility has events of default, including a material adverse change clause that is at the sole discretion of the lender. Between 2014 and 2016, the Company signed sale/leaseback agreements with the Company’s primary financial institution (M&T Bank or the Bank) to facilitate the Company’s commercial transactions with key customers. The Company then leased the fuel cell systems and hydrogen infrastructure back from the Bank and operates them at customer locations to fulfill Power Purchase Agreements (PPAs). In connection with these operating leases, the Bank requires the Company to maintain cash balances in restricted accounts securing its lease obligations to the Bank. Cash added to these restricted accounts was $14.2 million during 2015. (No additional cash was added during the three and six months ended June 30, 2016, other than interest earned on restricted cash balances.) Cash received from customers under the PPAs is used to make lease payments to the Bank. As the Company performs under these agreements, the required restricted cash balances are released, according to a set schedule. At June 30, 2016, the Company had 7 PPA deployments related to these sale/leaseback agreements. At June 30, 2016, the total remaining lease payments to the Bank under these agreements were $23.6 million and have been secured with restricted cash and pledged service escrows. Cash associated with sales of future revenues is required to be recorded as financing obligations on the consolidated balance sheets and accordingly represents a financing cash inflow. The master lease agreement with the Bank requires the Company to maintain a minimum of $50.0 million of unrestricted cash, as of June 30, 2016 (subsequently reduced to $40 million as of July 27, 2016). As mentioned above, the Company’s remaining contractual lease payments to the Bank are fully secured through a combination of restricted cash, unrestricted cash and pledges on funds escrowed for future service by the Company. The covenant is maintained in association with the residual exposure of the Bank, which stems from tax benefits taken by the Bank that could be recaptured should the underlying assets not be deployed for five years. This residual exposure at June 30, 2016 amounted to approximately $12.0 million, and the exposure decreases with the passage of time. In the event that the Company’s unrestricted cash balance falls below the minimum threshold, the Company is entitled to cure the failure by providing additional restricted cash to secure the outstanding residual tax exposure of the Bank at that time. In addition to the financing activities described above, we have historically funded our operations primarily through public and private offerings of common and preferred stock, as well as short-term borrowings, long-term debt and project financing, as described in Notes 7 and 8. The Company believes that its current working capital and cash anticipated to be generated from future operations, as well as various sources of capital from additional project financing platforms with various third parties that are currently being evaluated, will provide sufficient liquidity to fund operations for at least the next twelve months. This projection is based on our current expectations regarding new project financing and product sales and service, cost structure, cash burn rate and other operating assumptions.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying unaudited interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Interim Financial Statements The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (GAAP), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, filed for the fiscal year ended December 31, 2015. The information presented in the accompanying consolidated balance sheet as of December 31, 2015 has been derived from the Company’s December 31, 2015 audited consolidated financial statements. All other information has been derived from the unaudited interim consolidated financial statements of the Company. Revenue Recognition The Company recognizes revenue under arrangements for products and services, which may include the sale of products and related services, including revenue from installation, service and maintenance, spare parts, hydrogen fueling services (which may include hydrogen supply as well as hydrogen fueling infrastructure) and leased units. The Company also recognizes revenue under research and development contracts, which are primarily cost reimbursement contracts associated with the development of PEM fuel cell technology. The Company enters into revenue arrangements that may contain a combination of fuel cell systems and infrastructure, installation, service, maintenance, spare parts, and other support services. Revenue arrangements containing fuel cell systems and related infrastructure may be sold, or provided to customers under a PPA. Sales of and Services Performed on Fuel Cell Systems and Related Infrastructure When sold to customers, the Company accounts for each separate deliverable of these multiple deliverable arrangements as a separate unit of accounting, if the delivered item or items have value to the customer on a standalone basis. The Company considers a deliverable to have standalone value if the item is sold separately by us or another entity or if the item could be resold by the customer. The Company allocates revenue to each separate deliverable based on its relative selling price. For a majority of our deliverables, the Company determines relative selling prices using its best estimate of the selling price since vendor-specific objective evidence and third-party evidence is generally not available for the deliverables involved in its revenue arrangements due to a lack of a competitive environment in selling fuel cell technology. When determining estimated selling prices, the Company considers the cost to produce the deliverable, a reasonable gross margin on that deliverable, the selling price and profit margin for similar products and services, the Company’s ongoing pricing strategy and policies, the value of any enhancements that have been built into the deliverable and the characteristics of the varying markets in which the deliverable is sold, as applicable. The Company determines estimated selling prices for deliverables in its arrangements based on the specific facts and circumstances of each arrangement and analyzes the estimated selling prices used for its allocation of consideration of each arrangement. Once relative selling prices are determined, the Company proportionately allocates the sale consideration to each element of the arrangement. The allocated sales consideration related to fuel cell systems and infrastructure, spare parts, and hydrogen infrastructure is recognized as revenue at shipment if title and risk of loss have passed to the customer, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured, and customer acceptance criteria, if any, have been successfully demonstrated. The allocated sales consideration related to service and maintenance is generally recognized as revenue on a straight-line basis over the term of the contract, as appropriate. With respect to sales of consigned spare parts, the Company does not recognize revenue until the risks and rewards of ownership have transferred, the price is fixed, and the Company has a reasonable expectation of collection upon billing. For those customers who do not purchase an extended maintenance contract, the Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product. Only a limited number of fuel cell units are under standard warranty. In a vast majority of its commercial transactions, the Company sells extended maintenance contracts that generally provide for a five to ten year warranty from the date of product installation. These types of contracts are accounted for as a separate deliverable, and accordingly, revenue generated from these transactions is deferred and recognized in income over the warranty period, generally on a straight-line basis. Additionally, the Company may enter into annual service and extended maintenance contracts that are billed monthly. Revenue generated from these transactions is recognized in income on a straight-line basis over the term of the contract. Costs are recognized as incurred over the term of the contract. When costs are projected to exceed revenues on the life of the contract, an accrual for loss contracts is recorded. Costs are estimated based upon historical experience, contractual agreements and the estimated impact of the Company’s cost reduction initiatives. The actual results may differ from these estimates. Power Purchase Agreements When fuel cell systems and related infrastructure are provided to customers through a PPA, revenues associated with these agreements are treated as rental income and recognized on a straight-line basis over the life of the agreements. In conjunction with entering into a PPA with a customer, the Company may enter into sale/leaseback transactions with third party financial institutions, whereby the fuel cells, related infrastructure, and service are sold to the third party financial institution and leased back to the Company through either an operating or capital lease. During 2016, the Company’s sale/leaseback transactions with third party financial institutions were required to be accounted for as capital leases under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 840-40, Leases – Sale/Leaseback Transactions (ASC Subtopic 840-40). As a result, no upfront revenue was recognized at the closing of these transactions and a finance obligation for each lease was established. The fuel cell systems and related infrastructure that are provided to customers through these PPAs are considered leased property on the accompanying unaudited interim consolidated balance sheet. Costs to service the leased property are considered cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations. All PPAs entered into through December 31, 2015 had a corresponding sale-leaseback transaction with a third party financial institution which was required to be accounted for as an operating lease. The Company accounts for sale/leaseback transactions as operating leases in accordance with ASC Subtopic 840-40. The Company has rental expense associated with sale/leaseback agreements with financial institutions that were entered into commensurate with the PPAs. Rental expense is recognized on a straight-line basis over the life of the agreements and is characterized as cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations. Fuel Delivered to Customers The Company purchases hydrogen fuel from suppliers and sells to its customers upon delivery. Revenue and cost of revenue related to this fuel is recorded as dispensed and delivered, respectively, and are included in the respective “Fuel delivered to customers” lines on the unaudited interim consolidated statements of operations. Research and Development Contracts Contract accounting is used for research and development contract revenue. The Company generally shares in the cost of these programs with cost sharing percentages ranging from 30% to 50% of total project costs. Revenue from time and material contracts is recognized on the basis of hours expended plus other reimbursable contract costs incurred during the period and is included within the “other” revenue line on the unaudited interim consolidated statement of operations. All allowable work performed through the end of each calendar quarter is billed, subject to limitations in the respective contracts. We expect to continue research and development contract work that is directly related to our current product development efforts. Cash Equivalents For purposes of the unaudited interim consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents. At June 30, 2016 and December 31, 2015, cash equivalents consist of money market accounts. The Company’s cash and cash equivalents are deposited with financial institutions primarily located in the U.S. and may at times exceed insured limits. Common Stock Warrant Accounting The Company accounts for common stock warrants in accordance with applicable accounting guidance provided in ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. In compliance with applicable securities law, registered common stock warrants that require the issuance of registered shares upon exercise and do not sufficiently preclude an implied right to cash settlement are accounted for as derivative liabilities. We currently classify these derivative warrant liabilities on the accompanying unaudited interim consolidated balance sheets as a long-term liability, which is revalued at each balance sheet date subsequent to the initial issuance using the Black-Scholes pricing model. The Black-Scholes pricing model, which is based, in part, upon unobservable inputs for which there is little or no market data, requires the Company to develop its own assumptions. Changes in the fair value of the warrants are reflected in the accompanying unaudited interim consolidated statements of operations as change in fair value of common stock warrant liability. Use of Estimates The unaudited interim consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Reclassifications are made, whenever necessary, to prior period financial statements to conform to the current period presentation. These reclassifications did not have a net impact the results of operations or net cash flows in the periods presented. Recent Accounting Pronouncements In March 2016, an accounting update was issued to simplify various aspects related to how share-based payments are accounted for and presented. This accounting update is effective for annual periods beginning after December 15, 2016 and interim periods within those years. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is evaluating the impact this update will have on the consolidated financial statements. In February 2016, an accounting update was issued which requires balance sheet recognition for operating leases, among other changes to previous lease guidance. This accounting update is effective for fiscal years beginning after December 15, 2018. The Company is evaluating the impact this update will have on the consolidated financial statements. In July 2015, an accounting update was issued that changes inventory measurement from lower of cost or market to lower of cost and net realizable value. The new standard applies to inventory measured at first-in, first-out (FIFO). This accounting update is effective for the annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements. In August 2014, an accounting update was issued relating to how management assesses conditions and events that could raise substantial doubt about an entity’s ability to continue as a going concern. This accounting update is effective for reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements. In June 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. In July 2015, the Financial Accounting Standards Board (FASB) announced a one year delay in the required adoption date from January 1, 2017 to January 1, 2018. The Company is evaluating the effect this update will have on the consolidated financial statements and has not yet selected a transition method.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Acquisition of HyPulsion	6 Months Ended
Acquisition of HyPulsion	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Acquisition of HyPulsion	3. Acquisition of HyPulsion On July 24, 2015, the Company entered into a Share Purchase Agreement with Axane, pursuant to which on July 31, 2015, the Company (through a wholly-owned subsidiary) acquired Axane’s 80% equity interest in HyPulsion for $11.5 million, payable in shares of its common stock. In connection with the aforementioned agreement, the Company initially issued 4,781,250 shares of its common stock at closing. On August 26, 2015, the Company subsequently issued an additional 1,613,289 shares of common stock pursuant to a post-closing true-up provision, which was liability classified contingent consideration. The Company acquired all of the net assets of HyPulsion, with the excess of the purchase price over net assets attributed to goodwill. Goodwill associated with the acquisition represents expanded access to the European markets related to the sale of fuel cell technology for material handling equipment. Changes in goodwill between the acquisition date and June 30, 2016 are attributed to foreign currency translation, and to a lesser extent, changes to estimated fair values of acquired assets and liabilities upon completion of purchase accounting.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Earnings Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share.

Earnings Per Share

4. Earnings Per Share

For purposes of determining diluted earnings per share, when the Company is in a net loss position, all common stock equivalents would be considered to be anti-dilutive.

The potential dilutive common shares are summarized as follows:


	At June 30,
	2016	2015
Stock options outstanding (1)	11,752,286	8,576,278
Restricted stock outstanding	204,444	395,558
Common stock warrants (2)	4,000,100	4,219,442
Preferred stock (3)	5,554,594	5,554,594
Number of dilutive potential common shares	21,511,424	18,745,872

(1)

(2)

(3)

XML 23 R12.htm IDEA: XBRL DOCUMENT

Inventory

6 Months Ended

Jun. 30, 2016

Inventory.

Inventory

5. Inventory

Inventory as of June 30, 2016 and December 31, 2015 consists of the following (in thousands):


	June 30, 2016		December 31, 2015
Raw materials and supplies	$	29,128	$	23,705
Work-in-process		2,568		5,567
Finished goods		3,232		3,480
	$	34,928	$	32,752

XML 24 R13.htm IDEA: XBRL DOCUMENT

Leased Property

6 Months Ended

Jun. 30, 2016

Capital Lease

Leased Property

6. Leased Property

Leased property at June 30, 2016 and December 31, 2015 consists of the following (in thousands):


	June 30, 2016		December 31, 2015
Leased property under capital lease	$	29,598	$	3,367
Less: accumulated depreciation		(2,351)		(1,700)
Leased property under capital lease, net	$	27,247	$	1,667

XML 25 R14.htm IDEA: XBRL DOCUMENT

Short-Term Borrowing	6 Months Ended
Short-Term Borrowing	Jun. 30, 2016
Debt Disclosure [Abstract]
Short-Term Borrowing	7. Short-Term Borrowing On March 2, 2016, the Company entered into a Loan Agreement with Generate Lending, LLC (Lender). The Loan Agreement, among other things, provided for a $30 million secured term loan facility (the Short-Term Loan Facility). Advances under the Short-Term Loan Facility bore interest at the rate of 12.0% per annum. The term of the Loan Agreement was one year, ending March 2, 2017. Pursuant to the Loan Agreement, $25.0 million of the Short-Term Loan Facility was drawn upon and outstanding as of March 31, 2016. On June 27, 2016, the Short-Term Loan Facility was paid off with proceeds from long-term project financing. That financing was accounted for as a series of capital leases, the obligation of which is now presented as part of finance obligations on the accompanying unaudited interim consolidated balance sheet, as discussed in Note 12.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	8. Long-Term Debt During the three months ended June 30, 2016, Plug Power Inc. and its subsidiaries Emerging Power Inc. and Emergent Power Inc. entered into a Loan and Security Agreement with Hercules Capital, Inc. (Hercules) pursuant to which Hercules agreed to make available to the Company a secured term loan facility in the amount of up to $40.0 million (the Term Loan Facility), subject to certain terms and conditions. The Company borrowed $25.0 million under the Loan and Security Agreement on the date of closing, and incurred transaction costs of $1.1 million. The Company may borrow an additional $5.0 million under the Loan and Security Agreement between October 12, 2016 and December 12, 2016 subject to the Company satisfying certain conditions. The Company may also borrow an additional $10.0 million under the Loan and Security Agreement after June 27, 2016 and until June 27, 2017 subject to satisfying certain other conditions. Advances under the Term Loan Facility bear interest at the rate of 10.45% per annum, subject to compliance with financial covenants and other conditions. The Loan and Security Agreement includes covenants, limitations, and events of default customary for similar facilities. The term of the Loan and Security Agreement is three years, ending June 27, 2019 (the Maturity Date). Interest is payable on a monthly basis and the entire then outstanding principal balance of the Term Loan Facility, together with all accrued and unpaid interest, is due and payable on the Maturity Date. On the earliest to occur of the Maturity Date, the date on which the obligations under the Loan and Security Agreement are paid and the date on which such obligations become due and payable, the Company is also required to pay the Lender an end of term charge $2.5 million, based on the amount borrowed. Until such time as certain net income milestones are met, the Loan and Security Agreement has financial covenants that require the Company to maintain at all times minimum unencumbered cash and cash equivalents equal to or greater than 75% of the then outstanding principal balance of the Term Loan Facility plus accounts payable aged more than 150 days. After such net income milestones are met, the Loan and Security Agreement’s financial covenants are reduced to require minimum unencumbered cash and cash equivalents equal to or greater than 50% of the then outstanding principal balance of the Term Loan Facility plus accounts payable aged more than 150 days. All obligations under the Loan and Security Agreement are unconditionally guaranteed by the Company’s subsidiaries, Emerging Power Inc. and Emergent Power Inc. The Term Loan Facility is secured by substantially all of Plug Power Inc. and the guarantors’ assets, including all intellectual property, all securities in domestic subsidiaries and 65% of the securities in foreign subsidiaries, subject to certain exceptions and exclusions. The Loan and Security Agreement contains customary covenants for arrangements of this type and other covenants agreed to by the parties, including, among others, (i) the provision of annual and quarterly financial statements, management rights and insurance policies and (ii) restrictions on incurring debt, granting liens, making acquisitions, making loans, paying dividends, dissolving, and entering into leases and asset sales. The Loan and Security Agreement also provides for customary events of default, including, among others, payment, bankruptcy, covenant, representation and warranty, change of control, judgment and material adverse effect defaults. The fair value of the Term Loan Facility approximates the carrying value of $23.9 million as of June 30, 2016.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Accrual for Loss Contracts Related to Service

6 Months Ended

Jun. 30, 2016

Contractors [Abstract]

Accruals for Loss Contracts Related to Service

9. Accrual for Loss Contracts Related to Service

The following table summarizes activity related to the accrual for loss contracts related to service during the six months ended June 30, 2016 (in thousands):


Beginning balance - January 1, 2016	$	10,050
Change in estimate		(1,071)
Reductions for losses realized		(3,559)
Ending balance - June 30, 2016	$	5,420

XML 28 R17.htm IDEA: XBRL DOCUMENT

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2016
Income Taxes.
Income Taxes	10. Income Taxes The deferred tax asset generated from our net operating loss has been offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carry forward will not be realized. The Company also recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. During the six months ended June 30, 2016, the Company released its liability for unrecognized tax benefits of $392 thousand, as the related statute of limitations has expired.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

6 Months Ended

Jun. 30, 2016

Fair Value Measurements.

Fair Value Measurements

11. Fair Value Measurements


	June 30, 2016					June 30, 2015
Risk-free interest rate	0.73	%	-	0.86	%	0.28	%	-	1.375	%
Volatility	59.50	%	-	95.23	%	52.92	%	-	134.4	%
Expected average term	1.64		-	2.55		0.92		-	3.55

The following table shows reconciliations of the beginning and ending balances for the common stock warrant liability (in thousands):


	Six months ended
Common stock warrant liability	June 30, 2016		June 30, 2015
Beginning of period	$	5,735	$	9,418
Change in fair value of common stock warrants		(2,734)		(2,436)
Exercise of common stock warrants		(141)		—
End of period	$	2,860	$	6,982

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 30 R19.htm IDEA: XBRL DOCUMENT

Commitment and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies.

Commitments and Contingencies

12. Commitments and Contingencies

Operating Leases

Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of June 30, 2016 are (in thousands):


	As Lessor		As Lessee
Remainder of 2016	$	7,304	$	8,597
2017		14,608		25,383
2018		14,608		20,717
2019		14,608		13,697
2020		13,452		12,563
Thereafter		10,479		10,239
Total future minimum lease payments	$	75,059	$	91,196

Finance Obligations

Future minimum lease payments under non-cancelable capital leases (with initial or remaining lease terms in excess of one year) as of June 30, 2016 are (in thousands):


Remainder of 2016	$	364
2017		9,425
2018		6,743
2019		1,662
2020		2,118
Thereafter		3,682
Total future minimum lease payments	$	23,994

Restricted Cash

Litigation

Concentrations of credit risk

XML 31 R20.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2016
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The accompanying unaudited interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Interim Financial Statements	Interim Financial Statements The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (GAAP), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, filed for the fiscal year ended December 31, 2015. The information presented in the accompanying consolidated balance sheet as of December 31, 2015 has been derived from the Company’s December 31, 2015 audited consolidated financial statements. All other information has been derived from the unaudited interim consolidated financial statements of the Company.
Revenue Recognition	Revenue Recognition The Company recognizes revenue under arrangements for products and services, which may include the sale of products and related services, including revenue from installation, service and maintenance, spare parts, hydrogen fueling services (which may include hydrogen supply as well as hydrogen fueling infrastructure) and leased units. The Company also recognizes revenue under research and development contracts, which are primarily cost reimbursement contracts associated with the development of PEM fuel cell technology. The Company enters into revenue arrangements that may contain a combination of fuel cell systems and infrastructure, installation, service, maintenance, spare parts, and other support services. Revenue arrangements containing fuel cell systems and related infrastructure may be sold, or provided to customers under a PPA. Sales of and Services Performed on Fuel Cell Systems and Related Infrastructure When sold to customers, the Company accounts for each separate deliverable of these multiple deliverable arrangements as a separate unit of accounting, if the delivered item or items have value to the customer on a standalone basis. The Company considers a deliverable to have standalone value if the item is sold separately by us or another entity or if the item could be resold by the customer. The Company allocates revenue to each separate deliverable based on its relative selling price. For a majority of our deliverables, the Company determines relative selling prices using its best estimate of the selling price since vendor-specific objective evidence and third-party evidence is generally not available for the deliverables involved in its revenue arrangements due to a lack of a competitive environment in selling fuel cell technology. When determining estimated selling prices, the Company considers the cost to produce the deliverable, a reasonable gross margin on that deliverable, the selling price and profit margin for similar products and services, the Company’s ongoing pricing strategy and policies, the value of any enhancements that have been built into the deliverable and the characteristics of the varying markets in which the deliverable is sold, as applicable. The Company determines estimated selling prices for deliverables in its arrangements based on the specific facts and circumstances of each arrangement and analyzes the estimated selling prices used for its allocation of consideration of each arrangement. Once relative selling prices are determined, the Company proportionately allocates the sale consideration to each element of the arrangement. The allocated sales consideration related to fuel cell systems and infrastructure, spare parts, and hydrogen infrastructure is recognized as revenue at shipment if title and risk of loss have passed to the customer, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured, and customer acceptance criteria, if any, have been successfully demonstrated. The allocated sales consideration related to service and maintenance is generally recognized as revenue on a straight-line basis over the term of the contract, as appropriate. With respect to sales of consigned spare parts, the Company does not recognize revenue until the risks and rewards of ownership have transferred, the price is fixed, and the Company has a reasonable expectation of collection upon billing. For those customers who do not purchase an extended maintenance contract, the Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product. Only a limited number of fuel cell units are under standard warranty. In a vast majority of its commercial transactions, the Company sells extended maintenance contracts that generally provide for a five to ten year warranty from the date of product installation. These types of contracts are accounted for as a separate deliverable, and accordingly, revenue generated from these transactions is deferred and recognized in income over the warranty period, generally on a straight-line basis. Additionally, the Company may enter into annual service and extended maintenance contracts that are billed monthly. Revenue generated from these transactions is recognized in income on a straight-line basis over the term of the contract. Costs are recognized as incurred over the term of the contract. When costs are projected to exceed revenues on the life of the contract, an accrual for loss contracts is recorded. Costs are estimated based upon historical experience, contractual agreements and the estimated impact of the Company’s cost reduction initiatives. The actual results may differ from these estimates. Power Purchase Agreements When fuel cell systems and related infrastructure are provided to customers through a PPA, revenues associated with these agreements are treated as rental income and recognized on a straight-line basis over the life of the agreements. In conjunction with entering into a PPA with a customer, the Company may enter into sale/leaseback transactions with third party financial institutions, whereby the fuel cells, related infrastructure, and service are sold to the third party financial institution and leased back to the Company through either an operating or capital lease. During 2016, the Company’s sale/leaseback transactions with third party financial institutions were required to be accounted for as capital leases under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 840-40, Leases – Sale/Leaseback Transactions (ASC Subtopic 840-40). As a result, no upfront revenue was recognized at the closing of these transactions and a finance obligation for each lease was established. The fuel cell systems and related infrastructure that are provided to customers through these PPAs are considered leased property on the accompanying unaudited interim consolidated balance sheet. Costs to service the leased property are considered cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations. All PPAs entered into through December 31, 2015 had a corresponding sale-leaseback transaction with a third party financial institution which was required to be accounted for as an operating lease. The Company accounts for sale/leaseback transactions as operating leases in accordance with ASC Subtopic 840-40. The Company has rental expense associated with sale/leaseback agreements with financial institutions that were entered into commensurate with the PPAs. Rental expense is recognized on a straight-line basis over the life of the agreements and is characterized as cost of PPA revenue on the accompanying unaudited interim consolidated statement of operations. Fuel Delivered to Customers The Company purchases hydrogen fuel from suppliers and sells to its customers upon delivery. Revenue and cost of revenue related to this fuel is recorded as dispensed and delivered, respectively, and are included in the respective “Fuel delivered to customers” lines on the unaudited interim consolidated statements of operations. Research and Development Contracts Contract accounting is used for research and development contract revenue. The Company generally shares in the cost of these programs with cost sharing percentages ranging from 30% to 50% of total project costs. Revenue from time and material contracts is recognized on the basis of hours expended plus other reimbursable contract costs incurred during the period and is included within the “other” revenue line on the unaudited interim consolidated statement of operations. All allowable work performed through the end of each calendar quarter is billed, subject to limitations in the respective contracts. We expect to continue research and development contract work that is directly related to our current product development efforts.
Cash Equivalents	Cash Equivalents For purposes of the unaudited interim consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents. At June 30, 2016 and December 31, 2015, cash equivalents consist of money market accounts. The Company’s cash and cash equivalents are deposited with financial institutions primarily located in the U.S. and may at times exceed insured limits.
Common Stock Warrant Accounting	Common Stock Warrant Accounting The Company accounts for common stock warrants in accordance with applicable accounting guidance provided in ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. In compliance with applicable securities law, registered common stock warrants that require the issuance of registered shares upon exercise and do not sufficiently preclude an implied right to cash settlement are accounted for as derivative liabilities. We currently classify these derivative warrant liabilities on the accompanying unaudited interim consolidated balance sheets as a long-term liability, which is revalued at each balance sheet date subsequent to the initial issuance using the Black-Scholes pricing model. The Black-Scholes pricing model, which is based, in part, upon unobservable inputs for which there is little or no market data, requires the Company to develop its own assumptions. Changes in the fair value of the warrants are reflected in the accompanying unaudited interim consolidated statements of operations as change in fair value of common stock warrant liability.
Use of Estimates	Use of Estimates The unaudited interim consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Reclassifications are made, whenever necessary, to prior period financial statements to conform to the current period presentation. These reclassifications did not have a net impact the results of operations or net cash flows in the periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, an accounting update was issued to simplify various aspects related to how share-based payments are accounted for and presented. This accounting update is effective for annual periods beginning after December 15, 2016 and interim periods within those years. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is evaluating the impact this update will have on the consolidated financial statements. In February 2016, an accounting update was issued which requires balance sheet recognition for operating leases, among other changes to previous lease guidance. This accounting update is effective for fiscal years beginning after December 15, 2018. The Company is evaluating the impact this update will have on the consolidated financial statements. In July 2015, an accounting update was issued that changes inventory measurement from lower of cost or market to lower of cost and net realizable value. The new standard applies to inventory measured at first-in, first-out (FIFO). This accounting update is effective for the annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements. In August 2014, an accounting update was issued relating to how management assesses conditions and events that could raise substantial doubt about an entity’s ability to continue as a going concern. This accounting update is effective for reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. The Company does not expect the adoption of this update to have a significant effect on the consolidated financial statements. In June 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. In July 2015, the Financial Accounting Standards Board (FASB) announced a one year delay in the required adoption date from January 1, 2017 to January 1, 2018. The Company is evaluating the effect this update will have on the consolidated financial statements and has not yet selected a transition method.

- Definition

Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

+ References + Details

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References + Details

XML 32 R21.htm IDEA: XBRL DOCUMENT

Inventory (Tables)

6 Months Ended

Jun. 30, 2016

Inventory.

Schedule of Inventory

Inventory as of June 30, 2016 and December 31, 2015 consists of the following (in thousands):


	June 30, 2016		December 31, 2015
Raw materials and supplies	$	29,128	$	23,705
Work-in-process		2,568		5,567
Finished goods		3,232		3,480
	$	34,928	$	32,752

XML 33 R22.htm IDEA: XBRL DOCUMENT

Leased Property (Tables)

6 Months Ended

Jun. 30, 2016

Capital Lease

Schedule of Leased Property

Leased property at June 30, 2016 and December 31, 2015 consists of the following (in thousands):


	June 30, 2016		December 31, 2015
Leased property under capital lease	$	29,598	$	3,367
Less: accumulated depreciation		(2,351)		(1,700)
Leased property under capital lease, net	$	27,247	$	1,667

XML 34 R23.htm IDEA: XBRL DOCUMENT

Accrual for Loss Contracts Related to Service (Tables)

6 Months Ended

Jun. 30, 2016

Contractors [Abstract]

Summary of accrual for loss contracts

The following table summarizes activity related to the accrual for loss contracts related to service during the six months ended June 30, 2016 (in thousands):


Beginning balance - January 1, 2016	$	10,050
Change in estimate		(1,071)
Reductions for losses realized		(3,559)
Ending balance - June 30, 2016	$	5,420

XML 35 R24.htm IDEA: XBRL DOCUMENT

Fair Value Measurments (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Measurements.

Assumptions used to calculate common stock warrants


	June 30, 2016					June 30, 2015
Risk-free interest rate	0.73	%	-	0.86	%	0.28	%	-	1.375	%
Volatility	59.50	%	-	95.23	%	52.92	%	-	134.4	%
Expected average term	1.64		-	2.55		0.92		-	3.55

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table shows reconciliations of the beginning and ending balances for the common stock warrant liability (in thousands):


	Six months ended
Common stock warrant liability	June 30, 2016		June 30, 2015
Beginning of period	$	5,735	$	9,418
Change in fair value of common stock warrants		(2,734)		(2,436)
Exercise of common stock warrants		(141)		—
End of period	$	2,860	$	6,982

XML 36 R25.htm IDEA: XBRL DOCUMENT

Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies.

Schedule of Future Minimum Lease Payments for Operating Leases

Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of June 30, 2016 are (in thousands):


	As Lessor		As Lessee
Remainder of 2016	$	7,304	$	8,597
2017		14,608		25,383
2018		14,608		20,717
2019		14,608		13,697
2020		13,452		12,563
Thereafter		10,479		10,239
Total future minimum lease payments	$	75,059	$	91,196

Schedule of Future Minimum Lease Payments for Capital Leases

Future minimum lease payments under non-cancelable capital leases (with initial or remaining lease terms in excess of one year) as of June 30, 2016 are (in thousands):


Remainder of 2016	$	364
2017		9,425
2018		6,743
2019		1,662
2020		2,118
Thereafter		3,682
Total future minimum lease payments	$	23,994

XML 37 R26.htm IDEA: XBRL DOCUMENT

Nature of Operations (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
Nature of Operations (Details) $ in Thousands	Jul. 27, 2016 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) agreement	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Liquidity
Net loss attributable to common shareholders		$ 13,154	$ 9,253	$ 24,934	$ 20,330	$ 55,800	$ 88,600	$ 62,800
Accumulated deficit		1,018,810		1,018,810		993,876
Net cash used in operating activities				15,761	24,255
Net loss attributable to the Company		(13,128)	(9,226)	(24,882)	(20,277)
Noncash gains				2,700
Net inflows of noncash operating assets and liabilities				6,400
Cash and cash equivalents		66,040	$ 109,139	66,040	$ 109,139	63,961	$ 146,205
Net working capital		77,800		77,800		88,500
Cash added to the restricted accounts		0		$ 0		$ 14,200
Number of power purchase agreements \| agreement				7
Remaining lease payment		91,196		$ 91,196
Purchases of property, plant, and equipement and cash outflows associated with construction of leased assets				28,800
Power purchase agreements
Liquidity
Remaining lease payment		$ 23,600		23,600
Master Lease
Liquidity
Minimum level of unrestricted cash				$ 50,000
Number of years that the underlying assets not be deployed				5 years
Residual exposure				$ 12,000
Master Lease \| Subsequent event
Liquidity
Minimum level of unrestricted cash	$ 40,000
Secured term loan facility
Liquidity
Prior to net income milestones met, required minimum cash and cash equivalents percent of outstanding principal amount		75.00%
Accounts payable days outstanding threshold		150 days

XML 38 R27.htm IDEA: XBRL DOCUMENT

Summary of Siginificant Accounting Policies (Details)	6 Months Ended
Summary of Siginificant Accounting Policies (Details)	Jun. 30, 2016
Revenue Recognition
Minimum term of extended warranty contracts sold	5 years
Maximum term of extended warranty contracts sold	10 years
Sale/leaseback transactions
Lease Term	6 years
Minimum
Research and Development.
Cost Sharing Percentages of research and development contracts	30.00%
Maximum
Research and Development.
Cost Sharing Percentages of research and development contracts	50.00%

XML 39 R28.htm IDEA: XBRL DOCUMENT

Acquisition of HyPulsion (Details) - USD ($) $ in Thousands	Aug. 26, 2015	Jul. 31, 2015	Jun. 30, 2016	Dec. 31, 2015
Business Combination, Goodwill [Abstract]
Total goodwill recognized			$ 8,755	$ 8,478
Axane, S.A. \| HyPulsion
Business Acquisition [Line Items]
Percentage of voting interest acquired		80.00%
Value of shares of common stock issued		$ 11,500
Number of shares of common stock issued	1,613,289	4,781,250

XML 40 R29.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Basic and Diluted Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net (loss) income attributable to common shareholders	$ (13,154)	$ (9,253)	$ (24,934)	$ (20,330)	$ (55,800)	$ (88,600)	$ (62,800)
Denominator:
Weighted average number of common shares outstanding	180,282,904	173,439,391	180,204,334	173,402,611

XML 41 R30.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Anti-dilutive Shares (Details) - $ / shares	1 Months Ended				3 Months Ended		6 Months Ended
	May 31, 2014	Jan. 31, 2014	Feb. 28, 2013	May 31, 2011	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share
Number of dilutive potential common shares							21,511,424	18,745,872
Stock options
Earnings Per Share
Stock options granted					265,000	440,000	280,000	650,000
Warrants issued in May, 2011
Earnings Per Share
Number of warrants issued (in shares)				7,128,563
Warrants outstanding (in shares)				22,995,365
Number of warrants unexercised (in shares)							0	219,342
Exercise price of warrants (in dollars per share)				$ 0.93
Warrants issued in February, 2013
Earnings Per Share
Number of warrants issued (in shares)			23,637,500
Number of warrants unexercised (in shares)							100	100
Exercise price of warrants (in dollars per share)			$ 0.15
Warrants issued in January, 2014
Earnings Per Share
Number of warrants issued (in shares)		4,000,000
Number of warrants unexercised (in shares)							4,000,000	4,000,000
Exercise price of warrants (in dollars per share)		$ 4.00
Series C redeemable convertible preferred stock
Earnings Per Share
Stock options granted	10,431
Number of preferred shares that had been converted to common stock							5,200
Stock options
Earnings Per Share
Number of dilutive potential common shares							11,752,286	8,576,278
Restricted stock
Earnings Per Share
Number of dilutive potential common shares							204,444	395,558
Warrants
Earnings Per Share
Number of dilutive potential common shares							4,000,100	4,219,442
Preferred stock
Earnings Per Share
Number of dilutive potential common shares							5,554,594	5,554,594

XML 42 R31.htm IDEA: XBRL DOCUMENT

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory.
Raw materials and supplies	$ 29,128	$ 23,705
Work-in-process	2,568	5,567
Finished goods	3,232	3,480
Total inventory	$ 34,928	$ 32,752

XML 43 R32.htm IDEA: XBRL DOCUMENT

Leased Property (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Capital Lease
Leased property under capital lease	$ 29,598	$ 3,367
Less: accumulated depreciation	(2,351)	(1,700)
Leased property under capital lease, net	$ 27,247	$ 1,667

XML 44 R33.htm IDEA: XBRL DOCUMENT

Short-Term Borrowing (Details) - Secured term loan facility - USD ($) $ in Millions	Mar. 02, 2016	Mar. 31, 2016
Short-term Debt [Line Items]
Loan Amount	$ 30.0
Interest rate (as a percent)	12.00%
Term of loan agreement	1 year
Short-term borrowing		$ 25.0

XML 45 R34.htm IDEA: XBRL DOCUMENT

Long-Term Borrowing (Details) - Secured term loan facility - USD ($) $ in Millions	2 Months Ended	3 Months Ended	12 Months Ended
	Dec. 12, 2016	Jun. 30, 2016	Jun. 27, 2017
Debt Instrument [Line Items]
Borrowed amount		$ 25.0
Transaction costs		$ 1.1
Interest rate (as a percent)		10.45%
End of term charge		$ 2.5
Prior to net income milestones met, required minimum cash and cash equivalents percent of outstanding principal amount		75.00%
Debt Instrument Covenant, Threshold Days Outstanding, Accounts Payable Amount Added to Principal Balance		150 days
After net income milestones met, required minimum cash and cash equivalents percent of outstanding principal amount		50.00%
Percent of securities in foreign subsidiaries guarenteed to secure debt		65.00%
Fair value		$ 23.9
Maximum
Debt Instrument [Line Items]
Loan Amount		$ 40.0
Scenario, Forecast [Member]
Debt Instrument [Line Items]
Additional borrowing amount, subject to satisfying certain conditions	$ 5.0		$ 10.0

XML 46 R35.htm IDEA: XBRL DOCUMENT

Accrual for Loss Contracts Related to Service (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Contractors [Abstract]
Beginning balance		$ 10,050
Change in estimate	$ (1,071)	(1,071)
Reduction for losses realized		(3,559)
Ending balance	$ 5,420	$ 5,420

XML 47 R36.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) $ in Thousands	6 Months Ended
Income Taxes (Details) $ in Thousands	Jun. 30, 2016 USD ($)
Income Taxes.
Unrecognized tax benefits released due to expiration of stature of limitations	$ 392

XML 48 R37.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Valuation Technique (Details)	6 Months Ended
Fair Value Measurements - Valuation Technique (Details)	Jun. 30, 2016	Jun. 30, 2015
Minimum
Valuation technique for assets measured and recorded at fair value
Risk-free interest rate (as a percent)	0.73%	0.28%
Volatility (as a percent)	59.50%	52.92%
Expected average term	1 year 7 months 21 days	11 months 1 day
Maximum
Valuation technique for assets measured and recorded at fair value
Risk-free interest rate (as a percent)	0.86%	1.375%
Volatility (as a percent)	95.23%	134.40%
Expected average term	2 years 6 months 18 days	3 years 6 months 18 days

XML 49 R38.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Level 3 Instruments Reconciliation (Details) - Warrants - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Reconciliations of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (i.e. Level 3)
Balance at the beginning of the period	$ 5,735	$ 9,418
Change in fair value of common stock warrants	(2,734)	(2,436)
Exercise of common stock warrants	(141)
Balance at the end of the period	$ 2,860	$ 6,982

XML 50 R39.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Operating Leases
Lease Term			6 years
As Lessor
Remainder of 2016	$ 7,304		$ 7,304
2017	14,608		14,608
2018	14,608		14,608
2019	14,608		14,608
2020	13,452		13,452
Thereafter	10,479		10,479
Total future minimum lease payments	75,059		75,059
As Lessee
Remainder of 2016	8,597		8,597
2017	25,383		25,383
2018	20,717		20,717
2019	13,697		13,697
2020	12,563		12,563
Thereafter	10,239		10,239
Total future minimum lease payments	91,196		91,196
Rental expense and rental income for all operating leases
Rental expense for all operating lease	3,400	$ 1,300	6,400	$ 2,200
Other assets.
Rental expense and rental income for all operating leases
Prepaid rent and security deposit	$ 11,800		$ 11,800		$ 12,100

XML 51 R40.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Capital Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Jun. 30, 2016	Dec. 31, 2015
Future minimum lease payments
Aggregate sale price in sale-leaseback transaction	$ 4,500
Restricted Cash
Cash held in escrow deposit		$ 46,900
Letter of credit with Silicon Valley Bank		1,000
Capital Leases
Future minimum lease payments
Remainder of 2016		364
2017		9,425
2018		6,743
2019		1,662
2020		2,118
Thereafter		3,682
Total future minimum lease payments		23,994
Cash received for future services		14,000	$ 15,100
Long-term debt \| Capital Leases
Sale Leaseback Transaction [Line Items]
Sale-leaseback liability		24,000
Finance obligation
Sale Leaseback Transaction [Line Items]
Sale-leaseback liability		$ 2,400	$ 2,500

XML 52 R41.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Concentrations of Credit Risk (Details) - item	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accounts receivable. \| Credit risk
Customer Concentration
Concentration Risk Number of Customers	3		2
Concentration risk (as a percent)	50.80%		50.90%
Accounts receivable. \| Credit risk \| Customer one
Customer Concentration
Concentration risk (as a percent)	20.60%		38.50%
Accounts receivable. \| Credit risk \| Customer two
Customer Concentration
Concentration risk (as a percent)	17.80%		12.40%
Accounts receivable. \| Credit risk \| Customer three
Customer Concentration
Concentration risk (as a percent)	12.40%
Revenues. \| Customer concentration
Customer Concentration
Number of customers in addition to Walmart	1	2
Concentration risk (as a percent)	49.40%	95.10%
Revenues. \| Customer concentration \| Customer two
Customer Concentration
Concentration risk (as a percent)	10.80%	16.10%
Revenues. \| Customer concentration \| Customer three
Customer Concentration
Concentration risk (as a percent)		10.20%
Revenues. \| Customer concentration \| Walmart
Customer Concentration
Concentration risk (as a percent)	38.60%	68.80%

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