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Contractual Obligations and Commercial Commitments At March 31, 2011, our commitments under notes payable, capital leases and non-cancelable operating leases were as follows: Payment Due by Period 1 Year 1 - 3 3 - 5 Total or Less Years Years (in Thousands) More than 5 Years $— $— $— Contractual Obligations: Capital Lease Obligations Operating Lease Obligations . . . . . . . . . Revolving Credit Facility . . . . . . . . . . . . $ $4,521 $1,792 $7,080 $7,080 $ 80 $ 3 $1,551 $1,178 $ — $ — . . . . . . . . . . . 297 $ 214 As of March 31, 2011, we had firm commitments to purchase inventories of approximately $21.5 million through Fiscal 2014. Certain inventory delivery dates and related payments are not firmly scheduled; therefore, amounts under these firm purchase commitments will be payable concurrent with the receipt of the related inventories. As of March 31, 2011, we agreed to purchase for cash any remaining TA100 microturbine inventory that was not consumed as part of the TA100 manufacturing process and was not considered excess or obsolete and to acquire certain TA100 manufacturing equipment. On April 28, 2011, we purchased $2.3 million of the remaining TA100 microturbine inventory that was not consumed as part of the TA100 manufacturing process and acquired the manufacturing equipment. Agreements we have with some of our distributors require that if we render parts obsolete in inventories they own and hold in support of their obligations to serve fielded microturbines, then we are required to replace the affected stock at no cost to the distributors. While we have never incurred costs or obligations for these types of replacements, it is possible that future changes in product technology could result and yield costs if significant amounts of inventory are held at distributors. As of March 31, 2011, no significant inventories were held at distributors. Pursuant to the terms of our Agreements with Wells Fargo, the minimum interest payable for the Credit Facility is $31,000 each calendar month. The Agreements will terminate in accordance with their terms on February 9, 2012 unless terminated sooner. Off-Balance Sheet Arrangements We do not have any material off-balance sheet arrangements. Impact of Recently Issued Accounting Standards In April 2010, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Update (‘‘ASU’’) 2010-17, Revenue Recognition—Milestone Method (‘‘ASU 2010-17’’). ASU 2010-17 provides guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. The following criteria must be met for a milestone to be considered substantive. The consideration earned by achieving the milestone should be: (1) commensurate with either the level of effort required to achieve the milestone or the enhancement of the value of the item delivered as a result of a specific outcome resulting from the vendor’s performance to achieve the milestone; (2) related solely to past performance and (3) reasonable relative to all deliverables and payment terms in the arrangement. No split of an individual milestone is allowed and there can be more than one milestone in an arrangement. 49PDF Image | 2011 Annual Report Capstone Turbine Corporation
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