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The Company received net proceeds of approximately $255.7&#160;million from these offerings, after deducting discounts and commissions but before offering expenses. The Company has carried out a review of its cash flow forecast of the year ended December&#160;31, 2014. Although no assurance can be given, the Company believes that it will be able to fully execute its business plans and to renew substantially all its existing bank borrowings as they become due if needed. 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Under CIF, the Company must pay the costs, marine insurance and freight necessary to bring the goods to the named port of destination but the risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred to the customer when the goods pass the ship's rail in the port of shipment. Under DDP, the Company is responsible for making a safe delivery of goods to a named destination, paying all transportation expenses and the duty. 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Incurred costs include all direct material, labor, subcontractor cost, and other associated costs. The Company recognizes job material costs as incurred costs when the job materials have been permanently attached or fitted to the solar power projects as required by the engineering design. The construction periods normally extend beyond six months and less than one&#160;year.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company recognizes revenue from the sale of project assets in accordance with ASC 360-20, Real Estate Sales. For these transactions, the Company has determined that the project assets, which represent the costs of constructing solar power projects, represent "integral" equipment and as such, the entire transaction is in substance the sale of real estate and subject to the revenue recognition guidance under ASC 360-20&#160;Real Estate Sales. 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When evaluating whether the usual risks and rewards of ownership have transferred to the buyer, the Company considers whether it has or may be contingently required to have any prohibited forms of continuing involvement with the project. Prohibited forms of continuing involvement in a real estate sales arrangement may include the Company retaining risks or rewards associated with the project that are not customary with the range of risks or rewards that an EPC contractor may&#160;assume.&#160;</font><font size="2">(iii) Installment method. 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In June&#160;2009, the Company increased its warranty against defects in materials and workmanship to six years. 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The Company records the insurance premiums initially as prepaid expenses and amortizes them over the respective policy period of one year. Each prepaid policy provides insurance against warranty costs for panels sold within that policy year. The unamortized carrying amount is $14,719,807, $3,061,879 and $1,082,500 as of December&#160;31, 2011, 2012 and 2013, respectively and was included as a component of prepaid expenses and other current&#160;assets.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The warranty obligations the Company records relate to defects that existed when the product was sold to the customer. The event which the Company is insured against through its insurance policies is the sale of products with these defects. Accordingly, the Company views the insured losses attributable to the shipment of defective products covered under its warranty as analogous to potential claims, or claims that have been incurred as of the product ship date, but not yet reported. The Company expects to recover all or a portion of its obligation through insurance claims. 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For purposes of recognition and measurement of an impairment loss, a long-lived asset or assets is grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For long-lived assets, when impairment indicators are present, the Company compares undiscounted future cash flows, including the eventual disposition of the asset group at market value, to the asset group's carrying value to determine if the asset group is recoverable. Assessments also consider changes in asset group utilization, including the temporary idling of capacity and the expected timing of placing this capacity back into production. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets. 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If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. 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Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. 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The Company only recognizes tax benefits related to uncertain tax positions when such positions are more likely than not of being sustained upon examination. For such positions, the amount of tax benefit that the Company recognizes is the largest amount of tax benefit that is more than fifty percent likely of being sustained upon the ultimate settlement of such uncertain tax position. 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Under CIF, the Company must pay the costs, marine insurance and freight necessary to bring the goods to the named port of destination but the risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred to the customer when the goods pass the ship's rail in the port of shipment. Under DDP, the Company is responsible for making a safe delivery of goods to a named destination, paying all transportation expenses and the duty. 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The percentage-of-completion method is considered appropriate in circumstances in which reasonably dependable estimates can be made and in which all the following conditions exist: (i)&#160;contracts executed by the parties normally include provisions that clearly specify the enforceable rights regarding goods or services to be provided and received by the parties, the consideration to be exchanged, and the manner and terms of settlement; (ii)&#160;the buyer can be expected to satisfy all obligations under the contract; and (iii)&#160;the contractor can be expected to perform all contractual obligations. The Company uses the cost-to-cost method to measure the percentage of completion and recognize revenue based on the estimated progress to completion. The Company periodically revises its profit estimates based on changes in facts, and immediately recognizes any losses that are identified on contracts. Incurred costs include all direct material, labor, subcontractor cost, and other associated costs. The Company recognizes job material costs as incurred costs when the job materials have been permanently attached or fitted to the solar power projects as required by the engineering design. The construction periods normally extend beyond six months and less than one&#160;year.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company recognizes revenue from the sale of project assets in accordance with ASC 360-20, Real Estate Sales. For these transactions, the Company has determined that the project assets, which represent the costs of constructing solar power projects, represent "integral" equipment and as such, the entire transaction is in substance the sale of real estate and subject to the revenue recognition guidance under ASC 360-20&#160;Real Estate Sales. The Company records the sale as revenue using one of the following revenue recognition methods, based upon evaluation of the substance and form of the terms and conditions of such real estate sales arrangements: (i)&#160;Full accrual method. The Company records revenue for certain sales arrangements after construction of discrete portions of a project or after the entire project is substantially complete, The Company recognizes revenue and profit using the full accrual method when all of the following requirements are met: (a)&#160;the sales are consummated; (b)&#160;the buyer's initial and continuing investments are adequate to demonstrate its commitment to pay; (c)&#160;the receivable is not subject to any future subordination; and (d)&#160;the Company has transferred the usual risk and rewards of ownership to the buyer. Specifically, the Company considers the following factors in determining whether the sales have been consummated: (a)&#160;the parties are bound by the terms of a contract; (b)&#160;all consideration has been exchanged; (c)&#160;permanent financing for which the seller is responsible has been arranged; and (d)&#160;all conditions precedent to closing have been performed, and the Company does not have any substantial continuing involvement with the project. (ii)&#160;Percentage-of-completion method. The Company applies the percentage-of-completion method, as further described below, to certain real estate sales arrangements where the Company conveys control of land or land rights, (a)&#160;when a sale has been consummated; (b)&#160;the Company has transferred the usual risks and rewards of ownership to the buyer; (c)&#160;the initial and continuing investment criteria have been met; (d)&#160;the Company has the ability to estimate its costs and progress toward completion, and (e)&#160;all other revenue recognition criteria have been met. The initial and continuing investment requirements, which demonstrate a buyer's commitment to honor their obligations for the sales arrangement, can typically be met through the receipt of cash or an irrevocable letter of credit from a highly creditworthy lending institution. When evaluating whether the usual risks and rewards of ownership have transferred to the buyer, the Company considers whether it has or may be contingently required to have any prohibited forms of continuing involvement with the project. Prohibited forms of continuing involvement in a real estate sales arrangement may include the Company retaining risks or rewards associated with the project that are not customary with the range of risks or rewards that an EPC contractor may&#160;assume.&#160;</font><font size="2">(iii) Installment method. 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The Company estimates fair value on each unit of accounting on the following basis (i)&#160;vendor-specific objective evidence of selling price, if it exists, otherwise, (ii)&#160;third-party evidence of selling price. If neither (i)&#160;nor (ii)&#160;exists, management's best estimate of the selling price for that unit of accounting is used. The Company recognizes revenue for each unit of accounting when the revenue recognition criteria have been&#160;met.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenues from sales to customers are recorded net of estimated returns.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company enters into toll manufacturing arrangements in which the Company receives cells and returns finished modules. In those cases, the title of the cells received and risk of loss remains with the seller. As a result, the Company does not recognize inventory on the consolidated balance sheets. The Company recognizes a service fee as revenue when the processed modules are delivered. During the years ended December&#160;31, 2011, 2012 and 2013, the Company recognized $24,709,792, $7,911,733 and $13,952,550 of revenue, respectively, under toll manufacturing arrangements.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company enters into buy-and-sell arrangements with certain raw material vendors pursuant to which the Company sells finished goods, comprising either solar cells or solar modules, in exchange for raw materials, typically silicon wafers. These arrangements are made with counterparties in the same line of business and are executed as a means of securing a stable supply of raw materials. The transactions are recorded in revenues and cost of revenues at fair value on a gross basis. During the years ended December&#160;31, 2011, 2012, and 2013, the Company purchased $21,463,337, nil and nil of raw materials and sold $43,883,871, nil and nil of finished goods under these buy-and-sell arrangements, respectively.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As of December&#160;31, 2011, 2012 and 2013, the Company had inventories of $23.2&#160;million, $18.4&#160;million and $8.2&#160;million, respectively, relating to sales to customers where revenues were not recognized because the collection of payment was not reasonably assured. The delivered products remain in inventories on consolidated balance sheets, regardless of whether title has been transferred. 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In June&#160;2009, the Company increased its warranty against defects in materials and workmanship to six years. 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In resolving claims under the workmanship or balance of system warranty, the Company has the option of remedying through repair, refurbishment or replacement of equipment. The Company has entered into similar workmanship warranties with its suppliers to back up its&#160;warranties.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company maintains warranty reserves to cover potential liabilities that could arise under these guarantees and warranties. Due to limited warranty claims to date, the Company accrues the estimated costs of warranties based on an assessment of its competitors' and its own actual claim history, industry-standard accelerated testing, estimates of failure rates from the Company's quality review, and other assumptions that the Company believes to be reasonable under the circumstances. Actual warranty costs are accumulated and charged against the accrued warranty liability. 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The Company records the insurance premiums initially as prepaid expenses and amortizes them over the respective policy period of one year. Each prepaid policy provides insurance against warranty costs for panels sold within that policy year. The unamortized carrying amount is $14,719,807, $3,061,879 and $1,082,500 as of December&#160;31, 2011, 2012 and 2013, respectively and was included as a component of prepaid expenses and other current&#160;assets.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The warranty obligations the Company records relate to defects that existed when the product was sold to the customer. The event which the Company is insured against through its insurance policies is the sale of products with these defects. Accordingly, the Company views the insured losses attributable to the shipment of defective products covered under its warranty as analogous to potential claims, or claims that have been incurred as of the product ship date, but not yet reported. The Company expects to recover all or a portion of its obligation through insurance claims. Therefore, the Company's accounting policy is to record an asset for the amount determined to be probable of recovery from the insurance claims (not&#160;to exceed the amount of the total losses incurred), consistent with the guidance set forth at ASC&#160;410-30.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company considers the following factors in determining whether an insurance receivable that is probable and recoverability can be reasonably estimated: (i)&#160;reputation and credit rating of the insurance company; (ii)&#160;comparison of the PV&#160;module product warranty policy against the terms of the insurance policies, to ensure valid warranty claims submitted by customers will be covered by the policy and therefore reimbursed by the insurance companies; and (iii)&#160;with respect to specific claims submitted, written communications from the insurance company are monitored to ensure the claim has been promptly submitted to and accepted by the insurance company, and reimbursements have been subsequently collected. 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In addition, to the extent that accrual for warranty costs differs from the estimates and the Company prospectively revises its accrual rate, this change may result in a change to the amount expected to be recovered from&#160;insurance.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As the warranty obligation and related recovery asset do not meet the criteria for offsetting, the gross amounts are reported in the Company's consolidated balance sheets. The asset is expected to be realized over the life of the warranty obligation, which is 25&#160;years and is treated as a non-current asset consistent with the underlying warranty obligation. When a specific claim is submitted, and the corresponding insurance proceeds will be collected within twelve months of the balance sheet date, the Company will reclassify that portion of the receivable as being current. The Company reviews the recoverability of warranty insurance receivables at each period end. As of December&#160;31, 2013, the insurance receivable amounts were $27,942,735, and were included as a component of other non-current assets.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company made downward adjustments of accrued warranty costs by $31,413,301 and other non-current assets by $17,691,653, for the year ended December&#160;31, 2013, to reflect the general declining trend of the average selling price of solar modules, which is a primary input into the estimated warranty costs. 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Transactions in currencies other than the U.S.&#160;dollar during the year are converted into the U.S.&#160;dollar at the applicable rates of exchange prevailing on the transaction date. Transaction gains and losses are recognized in the consolidated statements of operations. Gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature (that is, settlement is not planned or anticipated in the foreseeable future) between consolidated entities are not recognized in earnings, but are included as a component of other comprehensive income.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The financial records of certain of the Company's subsidiaries are maintained in local currencies other than the U.S.&#160;dollar, such as Renminbi ("RMB"), Euro, Canadian dollar ("CAD") and Japanese yen, which are their functional currencies. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustment and are shown as a separate component of other comprehensive income in the statements of comprehensive income.</font></p> </div> <div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="FONT-FAMILY: times;"><font size="2"><b><i>(aa) Comprehensive income</i></b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. 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The claims stated in the new application for arbitration overlap with the previous action that CIETAC Shanghai Branch has already decided upon, and which the Suzhou Intermediate Court refused to enforce. The Company believes that it will succeed in persuading CIETAC to postpone consideration of the new application for arbitration until the Suzhou Intermediate Court issues its&#160;decision.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company disputes the merits of the proceedings brought against it by LDK and will defend itself vigorously against these claims. 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The Consolidated Complaint alleges generally that the Company's financial disclosures during 2009 and early 2010 were false or misleading; asserts claims under Sections&#160;10(b) and&#160;20(a) of the Exchange Act and Rule&#160;10b-5 thereunder; and names the Company, its chief executive officer and its former chief financial officer as defendants. The Company filed its motion to dismiss in May&#160;2011, which was taken under submission by the Court in July&#160;2011. On March&#160;30, 2012, the Court dismissed the Consolidated Complaint with leave to amend, and the plaintiffs filed an Amended Consolidated Complaint against the same defendants on April&#160;19, 2012. On March&#160;29, 2013, the Court dismissed with prejudice a class action lawsuit filed against us and certain named defendants alleging that our financial disclosures during 2009 and early 2010 were false or misleading and in violation of federal securities law. The court found that the plaintiffs failed to adequately allege a securities law violation and granted the Company's motion to dismiss all claims against all defendants with prejudice. On December&#160;20, 2013, the United&#160;States Court of Appeals for the Second Circuit affirmed the district court's order dismissing such class action&#160;lawsuit.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In addition, a similar class action lawsuit was filed against the Company and certain of its executive officers in the Ontario Superior Court of Justice on August&#160;10, 2010. The lawsuit alleges generally that the Company's financial disclosures during 2009 and 2010 were false or misleading and brings claims under the shareholders' relief provisions of the Canada Business Corporations Act, Part&#160;XXIII.1 of the Ontario Securities Act as well as claims based on negligent misrepresentation. In December&#160;2010, the Company filed a motion to dismiss the Ontario action on the basis that the Ontario Court has no jurisdiction over the claims and potential claims advanced by the plaintiff. The court dismissed the Company's motion on August&#160;29, 2011. On March&#160;30, 2012, the Ontario Court of Appeal denied the Company's appeal with regard to its jurisdictional motion. On November&#160;29, 2012, the Supreme Court of Canada denied the Company's application for leave to appeal the order of the Ontario Court of Appeal. The plaintiff's motions for class certification and leave to assert the statutory cause of action under the Ontario Securities Act were served in January&#160;2013 and initially scheduled for argument in the Ontario Superior Court of Justice in June&#160;2013.However, the plaintiff's motions were adjourned in view of the plaintiff's decision to seek an order compelling the Company to file additional evidence on the motions. 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These firms asked the U.S.&#160;government to impose anti-dumping and countervailing duties on CSPV cells imported from China. The USDOC and the USITC investigated the validity of these claims. The Company was identified as one of a number of Chinese exporting producers of the subject goods to the U.S.&#160;market. The Company also has affiliated U.S.&#160;operations that import the subject goods from&#160;China.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On October&#160;9, 2012, the USDOC issued final affirmative determinations in the anti-dumping and countervailing duty investigations.&#160;On November&#160;7, 2012, the USITC ruled that imports of CSPV cells had caused material injury to the U.S.&#160;CSPV industry. As a result of these rulings, the Company is required to pay cash deposits on CSPV cells imported into the U.S.&#160;from China, whether alone or incorporated into modules. The announced cash deposit rates applicable to the Company were 13.94% (anti-dumping duty) and 15.24% (countervailing duty). The Company paid all cash deposits due as a result of these determinations. The rates at which duties will be assessed and payable is subject to ongoing administrative reviews pursuant to a request by SolarWorld AG and may differ from the announced deposit rates. These duties could materially and adversely affect the Company's affiliated U.S.&#160;import operations and increase the Company's cost of selling into the United&#160;States, thus adversely affecting the Company's export sales to the United&#160;States, which is one of the Company's growing markets. A number of parties have challenged rulings of the USDOC and the USITC in appeals to the U.S.&#160;Court of International Trade. 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