I'd like to draw your attention first to the balance sheet. We -- just going through it. I have a few things I want to point out. The cash and cash -- restricted cash of about $11 million, we've got a reduction in other current assets there that is what -- if you look quarter-to -- year-to-year -- quarter-to-quarter in this case and compare those, we had $713,000 that was put on deposit for a PPA that we have, a power purchase agreement at San Emidio in Nevada. That account has now been adjusted, and we now have added to that an additional $713,000. And these are cash deposits that are now on operating security, and you'll see that down below in assets, operating security deposit for PPA. So that adjustment of adding $700,000 and moving $700,000 approximately makes up the $1.4 million there, and that's currently the amount that is held by NV Energy for our -- should we hold on their behalf, for our PPA performance deposit at San Emidio, Nevada.The other thing I would point out is that we have increase in our property plant and equipment. That's starting to reflect the state of our construction underway at Neal Hot Springs, about $118 million of it is that, another approximately $38 million of it is San Emidio. That's construction in progress, and then hopefully, that will be turned into depreciable assets. We are not currently showing any depreciation for Neal Hot Springs or San Emidio. San Emidio is in commercial production. However, for a tax purpose, we haven't actually priced it in service yet until we complete these final adjustments, which I'm going to address here shortly. You can also see a change under current liabilities. There's a $28 million item last quarter that has been moved to a $6.8 million quarter -- amount this quarter. Once again, those are similar in that those are normal trade payables for our construction. And we account for them as a current liability when they're due, but we're still working on the process of drawing the Department of Energy loan. And so these are normal amounts that are ultimately cleared once the monthly draw is made. So I just would point out that those are temporary and they'll ultimately end up in the construction account and then finally into the assets.
I would also point out the increase in the construction loan payable. Again, along the same lines, we have amounts drawn from each of the construction loans. We have 2 loans underway today. $65 million of that $92 million under construction loan payable is this Neal Hot Springs loan for its construction and $27 million is the San Emidio loan for its construction. So as these accounts show from quarter-to-quarter, we've been increasing the construction loan size to its near maturity. San Emidio is nearly complete on the loan draw, and the Department of Energy loan is something like 80-some% complete on the draw. I don't know the exact figure there, but we're getting closer and closer every single day there.So if we move then to the consolidated statement of operations, what I'd like to point out there is it isn't entirely obvious, but from quarter -- this is now a year-end comparison for the 3 months ended June of the 2 years. And what we're starting to see with these accounts is that we've got, of course, Raft River in there on an income basis, and then that performance has improved at Raft River because we've completed some well repairs there. The Well 7 and Well 2 went through a couple of activities that repaired a leaking lap joint in those wells. You might recall, those wells are some 30 years old. They were drilled by the Department of Energy back in the late '70s, early '80s. So when we encountered these issues, we have to deal with them because they were essentially cooling down the feed grade into the plant, allowing cooler water to leak into the wellborn and be pumped into the plant. So those repairs have been made and showing up in the income there. And then on top of that, we reflect income coming in, revenues from the new plant at San Emidio. It's a partial amount for April and May but then a pretty substantial amount for June. And then what you will see in the next quarter is we're down a bit at San Emidio, so we're going to have a little less revenue because of these adjustments. I'll talk about those in a minute. But however, overall, we're very, very pleased with the direction that this income statement is taking. It's consistent with our expectation, and we're excited about having, really, 2013 being a very good year with everything online operating the way it should be and no more of these absences of revenues from our operating plants. Read the rest of this transcript for free on seekingalpha.com