Reallocation of Overhead Expenses
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SolarCity (SCTY) Reports Reallocation of Overhead Expense; Will Affect FY12, FY13 GAAP Results
March 3, 2014 7:05 AM ESTSolarCity (Nasdaq: SCTY) announced that there will be a reallocation of overhead expenses from leased systems to system sales, which will affect the 2013 and 2012 GAAP financial statements. The estimated changes are described below and final, audited statements will be filed on or before Tuesday, March 18, 2014.
During an internal review of fourth quarter financial statements, we discovered an error in the formula for allocating overhead expenses between Operating Lease assets and the cost of Solar Energy System Sales originating in Q1 2012. We reported this to our auditors, who agreed with... More
