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Equity Method Investment in Affiliate
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6 Months Ended | |||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Equity Method Investments And Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||
| Equity Method Investment in Affiliate |
12. Equity Method Investment in Affiliate In December 2012, the Company’s Board of Directors approved the distribution of its entire equity interest in HA EnergySource which owns a minority interest in EnergySource LLC to the Predecessor’s shareholders effective December 31, 2012. Prior to and as part of the transaction, the Board approved a $3.4 million capital commitment to HA EnergySource to be used by HA EnergySource for general corporate purposes, future investments or dividends to HA EnergySource owners. Such amount was included in accounts payable and accrued expenses at December 31, 2012 and was fully paid at June 30, 2013. Prior to December 2012, the Predecessor accounted for its investment using the equity method of accounting. After December 2012, the Company no longer has an equity ownership in HA EnergySource or EnergySource. The following is a summary of the financial position of EnergySource as of December 31, 2012, accounted for using the equity method:
The Company has provided investment banking and management services to EnergySource. For the three and six months ended June 30, 2013, the Company recorded income of $457,575 and $487,575, respectively, as compared to $280,000 and $310,000, for the three and six months ended June 30, 2012, respectively. Amounts due from EnergySource for services rendered and expenses paid on its behalf totaled $32,034 and $15,517 as of June 30, 2013 and December 31, 2012, respectively, and are shown in Other Assets in the condensed consolidated balance sheets. |
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