without access to working capital from profitable operations , through equity , or by incurring additional debt , we may not be able to execute our growth strategy or pursue additional projects , which could adversely impact our results of operations , and may impair our longer term viability . 4 our ability to secure project financing for project development and our outstanding loans and line of credit from cdb may be adversely impacted by ldk solar 's liquidation and our default under our cathay bank loan agreement . as shown in the accompanying consolidated financial statements , the company incurred a net loss of $ 32.2 million during the year ended december 31 , 2013 and has an accumulated deficit of $ 56.1 million as of december 31 , 2013. working capital levels have decreased significantly from $ 22.4 million at december 31 , 2012 to negative $ 36.6 million at december 31 , 2013. in february 2014 , the company 's parent company , ldk , who owns approximately 71 % of the company 's outstanding common stock , announced that ldk filed an application for provisional liquidation in the cayman islands in connection with its plans to resolve its offshore liquidity issues . it is unknown at this time if ldk 's joint provisional liquidation will require or result in the company disposing of assets in an orderly manner , in a liquidation scenario or at all . if the company is required to dispose of assets to satisfy ldk 's creditors , it could result in the company incurring losses . we are experiencing the following risks and uncertainties in our business : as of december 31 , 2013 and 2012 , the company has accounts payable due to ldk of $ 50.9 million and $ 51.8 million , respectively . all of the accounts payable due to ldk are currently past due and payable to ldk . although there are no formal agreements , ldk has verbally indicated that it will not demand payment until the receivable from the customer has been collected . in light of ldk 's recent filing for liquidation , it is unclear whether or not ldk will be able to continue to allow the company to defer repayment to ldk . should ldk change its position and demand payment for the past due amount prior to collection of the related receivable from the customer , the company does not have the ability to make the payment currently due without additional sources of financing or accelerating the collection of outstanding receivables . with ldk as a majority shareholder , the significant risks and uncertainties associated with their filing for liquidation by ldk could have a significant negative impact on the financial viability of solar power , inc. as well as indicate an inability for ldk to support the company 's business . on march 25 , 2014 , solar power , inc. ( the “ company ” ) received notice from cathay bank stating that the company is in default under the business loan agreement dated december 26 , 2011 and as amended on january 2 , 2013 ( the “ loan agreement ” ) due to ( i ) the company failing to make payments as due pursuant to the loan agreement and pursuant to the forbearance agreements entered into between the parties , and ( ii ) the guarantor , ldk , filing an application for provisional liquidation in the cayman islands on february 24 , 2014. based on these events of default , cathay bank has accelerated the entire principal balance due under the loan agreement . the company owes approximately $ 4.25 million under the loan agreement , plus accrued interest and fees . the balance under the loan agreement will continue to incur interest at 11 % per year . if the company can not remedy the default , the company does not have the ability to make the payments without additional sources of financing or accelerating the collection of outstanding receivables . since the loan balance is secured by the company 's assets , cathay bank may foreclose on the collateral securing the loan which could significantly impact our business and our financial results . china development bank ( “ cdb ” ) has provided financing for construction and project financing on certain development projects in the past . they have also executed non-binding term sheets for other projects , but there is no assurance that the projects in process will be funded by cdb . cdb has been financing the company 's projects primarily because the company 's majority shareholder is ldk and cdb has a long term relationship with ldk . due to ldk 's financial difficulties and liquidation , certain financing of the company 's projects have been delayed . if cdb will no longer provide financing for the projects , the company will need to seek construction financing from other sources which could be very difficult given the company 's financial condition and its recent default under the cathay bank loan agreement as further described below . the company has completed projects in greece with a customer that is requesting debt term financing from cdb . because cdb has not yet provided the term financing , the company will collect its outstanding receivables on these projects from the operation 's cash proceeds over an extended period of time of up to six years and has reflected the receivables as noncurrent on the balance sheet . however , the customer continues to have discussions with cdb about financing , and if financing is obtained , collection of our receivables may be accelerated . the company has also completed an additional commercial scale project in new jersey with kdc solar , which is currently seeking debt term financing from cdb . story_separator_special_tag if these net metering caps are reached and local utilities are not required to purchase solar power , or if the net metering caps do not increase in the locations where we install our solar product , demand for our products could decrease . the solar industry is currently lobbying to extend these arbitrary net metering caps and replace them with either notably higher numbers or with a revised method of calculation that will allow the industry to continue our expansion in a manner consistent with both the industry and state and federal desires . moreover , we anticipate that our solar power installation will be subject to oversight and regulation in accordance with national and local ordinances relating to building codes , safety , environmental protection , utility interconnection and metering and related matters . 9 it is difficult to track the requirements of individual states and design equipment to comply with the varying standards . any new government regulations or utility policies pertaining to our solar power products may result in significant additional expenses to us , our resellers , and our customers and as a result , could cause a significant reduction in demand for our solar power products . compliance with environmental regulations can be expensive and noncompliance with these regulations may result in adverse publicity and potentially significant monetary damages and fines . we are required to comply with extensive environmental laws and regulations at the national , state , local , and international levels . these environmental laws and regulations include those governing the discharge of pollutants into the air and water , the use , management , and disposal of hazardous materials and wastes , the cleanup of contaminated sites , and occupational health and safety . we have incurred and will continue to incur significant costs and capital expenditures in complying with these laws and regulations . in addition , violations of or liabilities under environmental laws or permits may result in restrictions being imposed on our operating activities or in our being subjected to substantial fines , penalties , criminal proceedings , third party property damage or personal injury claims , cleanup costs , or other costs . while we believe we are currently in substantial compliance with applicable environmental requirements , future developments such as more aggressive enforcement policies , and the implementation of new , more stringent laws and regulations , or the discovery of presently unknown environmental conditions may require expenditures that could have a material adverse effect on our business , results of operations , and financial condition . we generally recognize revenue on system installations on a “ percentage of completion ” basis and payments are due upon the achievement of contractual milestones and any delay or cancellation of a project could adversely affect our business . we generally recognize revenue on our system installations on a “ percentage of completion ” basis , and as a result , our revenues from these installations are driven by the performance of our contractual obligations , which is generally driven by timelines for the installation of our solar power systems at customer sites . this could result in unpredictability of revenue and in the near term , a revenue decrease . as with any project-related business , there is the potential for delays within any particular customer project . variation of project timelines and estimates may impact our ability to recognize revenue in a particular period . in addition , certain customer contracts may include payment milestones due at specified points during a project . because we must invest substantial time and incur significant expense in advance of achieving milestones and the receipt of payments , failure to achieve milestones could adversely affect our business and results of operations . we are subject to particularly lengthy sales cycles in some markets . our focus on developing a customer base that requires installation of a solar power system means that it may take longer to develop strong customer relationships or partnerships . moreover , factors specific to certain industries also have an impact on our sales cycles . some of our customers may have longer sales cycles that could occur due to the timing of various state and federal subsidies . these lengthy and challenging sales cycles may mean that it could take longer before our sales and marketing efforts result in revenue , if at all , and may have adverse effects on our operating results , financial condition , cash flows and stock price . our competitive position depends in part on maintaining intellectual property protection . our ability to compete and to achieve and maintain profitability depends in part on our ability to protect our proprietary discoveries and technologies . we currently rely on a combination of copyrights , trademarks , trade secret laws and confidentiality agreements to protect our intellectual property rights . we also rely upon unpatented know-how and continuing technological innovation to develop and maintain our competitive position . from time to time , the u.s. supreme court , other federal courts , the u.s. congress or the u.s. patent and trademark office may change the standards of patentability , and any such changes could have a negative impact on our business . 10 we may face intellectual property infringement claims that could be time-consuming and costly to defend and result in our loss of significant rights and the assessment of damages . if we receive notice of claims of infringement , misappropriation or misuse of other parties ' proprietary rights , some of these claims could lead to litigation . we can not provide assurance that we will prevail in these actions or that other actions alleging misappropriation or misuse by us of third-party trade secrets , infringement by us of third-party patents and trademarks or the validity of our patents will not be asserted or prosecuted against us . we may also initiate claims to defend our intellectual property rights .

liquidity a summary of the sources and uses of cash and cash equivalents is as follows : replace_table_token_1_th 23 as of december 31 , 2013 and 2012 , we had $ 1.0 million and $ 17.8 million , respectively , in cash and cash equivalents . operating activities – net cash provided by operating activities of $ 11.2 million for the year ended december 31 , 2013 which resulted primarily from the decreases in costs and estimated earnings in excess of billing on uncompleted contracts of $ 28.7 million , decreases in construction in progress of $ 16.0 million , decreases in accounts receivable of $ 15.3 million , increases in accounts payable of $ 2.4 million , decreases in inventories of $ 1.6 million . these amounts were partially offset by the $ 32.2 million net loss which includes a gain on deconsolidation of sgt of $ 3.5 million and non-cash activity related to the solar system subject to financing obligation of $ 1.2 million , offset in part by non-cash items consisting of depreciation and amortization of $ 1.9 million , bad debt expense of $ 9.3 million , impairment charges of $ 7.5 million and impairment of project assets of $ 2.8 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity a summary of the sources and uses of cash and cash equivalents is as follows : replace_table_token_1_th 23 as of december 31 , 2013 and 2012 , we had $ 1.0 million and $ 17.8 million , respectively , in cash and cash equivalents . operating activities – net cash provided by operating activities of $ 11.2 million for the year ended december 31 , 2013 which resulted primarily from the decreases in costs and estimated earnings in excess of billing on uncompleted contracts of $ 28.7 million , decreases in construction in progress of $ 16.0 million , decreases in accounts receivable of $ 15.3 million , increases in accounts payable of $ 2.4 million , decreases in inventories of $ 1.6 million . these amounts were partially offset by the $ 32.2 million net loss which includes a gain on deconsolidation of sgt of $ 3.5 million and non-cash activity related to the solar system subject to financing obligation of $ 1.2 million , offset in part by non-cash items consisting of depreciation and amortization of $ 1.9 million , bad debt expense of $ 9.3 million , impairment charges of $ 7.5 million and impairment of project assets of $ 2.8 million .
```    
 Suspicious Activity Report : without access to working capital from profitable operations , through equity , or by incurring additional debt , we may not be able to execute our growth strategy or pursue additional projects , which could adversely impact our results of operations , and may impair our longer term viability . 4 our ability to secure project financing for project development and our outstanding loans and line of credit from cdb may be adversely impacted by ldk solar 's liquidation and our default under our cathay bank loan agreement . as shown in the accompanying consolidated financial statements , the company incurred a net loss of $ 32.2 million during the year ended december 31 , 2013 and has an accumulated deficit of $ 56.1 million as of december 31 , 2013. working capital levels have decreased significantly from $ 22.4 million at december 31 , 2012 to negative $ 36.6 million at december 31 , 2013. in february 2014 , the company 's parent company , ldk , who owns approximately 71 % of the company 's outstanding common stock , announced that ldk filed an application for provisional liquidation in the cayman islands in connection with its plans to resolve its offshore liquidity issues . it is unknown at this time if ldk 's joint provisional liquidation will require or result in the company disposing of assets in an orderly manner , in a liquidation scenario or at all . if the company is required to dispose of assets to satisfy ldk 's creditors , it could result in the company incurring losses . we are experiencing the following risks and uncertainties in our business : as of december 31 , 2013 and 2012 , the company has accounts payable due to ldk of $ 50.9 million and $ 51.8 million , respectively . all of the accounts payable due to ldk are currently past due and payable to ldk . although there are no formal agreements , ldk has verbally indicated that it will not demand payment until the receivable from the customer has been collected . in light of ldk 's recent filing for liquidation , it is unclear whether or not ldk will be able to continue to allow the company to defer repayment to ldk . should ldk change its position and demand payment for the past due amount prior to collection of the related receivable from the customer , the company does not have the ability to make the payment currently due without additional sources of financing or accelerating the collection of outstanding receivables . with ldk as a majority shareholder , the significant risks and uncertainties associated with their filing for liquidation by ldk could have a significant negative impact on the financial viability of solar power , inc. as well as indicate an inability for ldk to support the company 's business . on march 25 , 2014 , solar power , inc. ( the “ company ” ) received notice from cathay bank stating that the company is in default under the business loan agreement dated december 26 , 2011 and as amended on january 2 , 2013 ( the “ loan agreement ” ) due to ( i ) the company failing to make payments as due pursuant to the loan agreement and pursuant to the forbearance agreements entered into between the parties , and ( ii ) the guarantor , ldk , filing an application for provisional liquidation in the cayman islands on february 24 , 2014. based on these events of default , cathay bank has accelerated the entire principal balance due under the loan agreement . the company owes approximately $ 4.25 million under the loan agreement , plus accrued interest and fees . the balance under the loan agreement will continue to incur interest at 11 % per year . if the company can not remedy the default , the company does not have the ability to make the payments without additional sources of financing or accelerating the collection of outstanding receivables . since the loan balance is secured by the company 's assets , cathay bank may foreclose on the collateral securing the loan which could significantly impact our business and our financial results . china development bank ( “ cdb ” ) has provided financing for construction and project financing on certain development projects in the past . they have also executed non-binding term sheets for other projects , but there is no assurance that the projects in process will be funded by cdb . cdb has been financing the company 's projects primarily because the company 's majority shareholder is ldk and cdb has a long term relationship with ldk . due to ldk 's financial difficulties and liquidation , certain financing of the company 's projects have been delayed . if cdb will no longer provide financing for the projects , the company will need to seek construction financing from other sources which could be very difficult given the company 's financial condition and its recent default under the cathay bank loan agreement as further described below . the company has completed projects in greece with a customer that is requesting debt term financing from cdb . because cdb has not yet provided the term financing , the company will collect its outstanding receivables on these projects from the operation 's cash proceeds over an extended period of time of up to six years and has reflected the receivables as noncurrent on the balance sheet . however , the customer continues to have discussions with cdb about financing , and if financing is obtained , collection of our receivables may be accelerated . the company has also completed an additional commercial scale project in new jersey with kdc solar , which is currently seeking debt term financing from cdb . story_separator_special_tag if these net metering caps are reached and local utilities are not required to purchase solar power , or if the net metering caps do not increase in the locations where we install our solar product , demand for our products could decrease . the solar industry is currently lobbying to extend these arbitrary net metering caps and replace them with either notably higher numbers or with a revised method of calculation that will allow the industry to continue our expansion in a manner consistent with both the industry and state and federal desires . moreover , we anticipate that our solar power installation will be subject to oversight and regulation in accordance with national and local ordinances relating to building codes , safety , environmental protection , utility interconnection and metering and related matters . 9 it is difficult to track the requirements of individual states and design equipment to comply with the varying standards . any new government regulations or utility policies pertaining to our solar power products may result in significant additional expenses to us , our resellers , and our customers and as a result , could cause a significant reduction in demand for our solar power products . compliance with environmental regulations can be expensive and noncompliance with these regulations may result in adverse publicity and potentially significant monetary damages and fines . we are required to comply with extensive environmental laws and regulations at the national , state , local , and international levels . these environmental laws and regulations include those governing the discharge of pollutants into the air and water , the use , management , and disposal of hazardous materials and wastes , the cleanup of contaminated sites , and occupational health and safety . we have incurred and will continue to incur significant costs and capital expenditures in complying with these laws and regulations . in addition , violations of or liabilities under environmental laws or permits may result in restrictions being imposed on our operating activities or in our being subjected to substantial fines , penalties , criminal proceedings , third party property damage or personal injury claims , cleanup costs , or other costs . while we believe we are currently in substantial compliance with applicable environmental requirements , future developments such as more aggressive enforcement policies , and the implementation of new , more stringent laws and regulations , or the discovery of presently unknown environmental conditions may require expenditures that could have a material adverse effect on our business , results of operations , and financial condition . we generally recognize revenue on system installations on a “ percentage of completion ” basis and payments are due upon the achievement of contractual milestones and any delay or cancellation of a project could adversely affect our business . we generally recognize revenue on our system installations on a “ percentage of completion ” basis , and as a result , our revenues from these installations are driven by the performance of our contractual obligations , which is generally driven by timelines for the installation of our solar power systems at customer sites . this could result in unpredictability of revenue and in the near term , a revenue decrease . as with any project-related business , there is the potential for delays within any particular customer project . variation of project timelines and estimates may impact our ability to recognize revenue in a particular period . in addition , certain customer contracts may include payment milestones due at specified points during a project . because we must invest substantial time and incur significant expense in advance of achieving milestones and the receipt of payments , failure to achieve milestones could adversely affect our business and results of operations . we are subject to particularly lengthy sales cycles in some markets . our focus on developing a customer base that requires installation of a solar power system means that it may take longer to develop strong customer relationships or partnerships . moreover , factors specific to certain industries also have an impact on our sales cycles . some of our customers may have longer sales cycles that could occur due to the timing of various state and federal subsidies . these lengthy and challenging sales cycles may mean that it could take longer before our sales and marketing efforts result in revenue , if at all , and may have adverse effects on our operating results , financial condition , cash flows and stock price . our competitive position depends in part on maintaining intellectual property protection . our ability to compete and to achieve and maintain profitability depends in part on our ability to protect our proprietary discoveries and technologies . we currently rely on a combination of copyrights , trademarks , trade secret laws and confidentiality agreements to protect our intellectual property rights . we also rely upon unpatented know-how and continuing technological innovation to develop and maintain our competitive position . from time to time , the u.s. supreme court , other federal courts , the u.s. congress or the u.s. patent and trademark office may change the standards of patentability , and any such changes could have a negative impact on our business . 10 we may face intellectual property infringement claims that could be time-consuming and costly to defend and result in our loss of significant rights and the assessment of damages . if we receive notice of claims of infringement , misappropriation or misuse of other parties ' proprietary rights , some of these claims could lead to litigation . we can not provide assurance that we will prevail in these actions or that other actions alleging misappropriation or misuse by us of third-party trade secrets , infringement by us of third-party patents and trademarks or the validity of our patents will not be asserted or prosecuted against us . we may also initiate claims to defend our intellectual property rights .

