EFTA01366941.pdf

Amendment #4 Page 512 of 868 TOIr..0.treMXel‘ 11. Fair value of financial Instruments The Cormany's main!inert* instruments are composed of cash mites arid accourts receivable notes and loans payable amines payable and a caked expenses Management beieves that the Carrying amounts of cash, accounts receivable and accounts payable approach their fair market value due to their shad. term retire The corning amount of notes receivable from related part es approximates far value as the notes were neatly recorded at the estimated descanted Cash flows In evaluabng the bar value of loans payable at fued rates the Gorman/ has considered the courtly risks market coodtions existing both at the date Ott loans and tbaSe at the statement of Siemer position dates. and that tnere ate rat a significant number ci comparable financegs in its market As of March 31. 2015 and Decenter 31 2014 the fair value or the loans. !along into account current market interest rates are the following (Level 3) Carrying amount Fair value Match 31, December 31, March 31, December 31, 2016 2014 2016 2014 Ex—Im 6 62.016,373 $ 62,016.373 $ 53,886.895 $ 53.886,095 FMO 14,249,869 14,249,889 14,552,E02 14,552 E32 BICSA 12,090,000 12,090,040 12041,195 12,041.195 Admnistracean Energies Renovables S A 18,630,639 18,630,639 18,430,639 18,630,639 Fermanos °camp, Fernandez. S A 130,000 130,000 130,000 130,000 Total $ 97,116,761 5 97,116,781 $ 99,241,261 5 99,241_261 (Level 3) Carrying amount Fair value March 31, December 31, March 31, December 31. 2015 2014 2015 2014 Loan to GME Fair value hierarchy The Company uses the following hierarchy for determinrig and dsdosng the fair value ce es financial instrumerts Dy valuation technique • Level 1 (hated (unad1ustedf prices in actrve markets !Or Clarified assets or labites • Level 2 Techniques that use inputs different frem Quoted prices that are observable for the asset or rataIN wretrer <freely or indirectly • Level 3 Teeing:toes tret use inputs that nave a SgafiCant effect on the recorded fair value that are not baSed on observable msrket data The inputs used in the far value disclosure of loans payable are categorized Wtthin Level 3 of the fair value hierarchy F.192 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058469 CONFIDENTIAL SDNY_GM_00204653 EFTA01366941