3 to the Registrant's Form S-11 (No. Accordingly, we express no such opinion. The Company has elected to be taxed as a corporation. ( At December 31, 2020 and 2019, cash and cash equivalents include balances held at banks. It is the Company's policy to invest with high credit quality financial institutions. ( j) Rebates Some residential solar systems qualify for local and state rebates. The Company records a rebate receivable when the qualifying system is placed in service. These inputs are classified as Level 2 within the fair value hierarchy. ( The Company paid $2,815,000 for a 10% controlling financial interest. This acquisition has been accounted for as a business combination. 2 Mandatory repayment in the event of excess cash flows as defined in the loan agreement. 3 No draws have been made on the loan as of December 31, 2020. These derivatives have a maturity term of more than 12 months. The effects of income taxes are measured based on enacted tax laws and rates. Accordingly, the Company's effective federal and state income tax rate is 0%. ( See notes to consolidated financial statements. The Project commenced commercial operations in September 2015. All intercompany accounts and transactions are eliminated in consolidation. Actual results may differ from those estimates. Internal models may be utilized when market information is not available. The Company has not experienced any losses in such accounts. Inventory consists primarily of spare parts used to generate electricity. No impairment was recorded in 2020, 2019 and 2018. The derivatives matured in May 2020. The residual value of the related long-lived asset is excluded from the calculation. Revenue is recorded based upon the output delivered at market rates. Revenue related to the RECs is recognized at the transfer of the REC certificate. Contingent rent payments are recognized in the period in which they occur (see Note 10). The guidance also requires disclosure of key information about leasing arrangements. The FTRs, which were classified as Level 3, matured in May 2020. These PPAs qualify as operating leases under ASC 840, Leases. All lease revenues are contingent on units of output. Under the Agreement, Services shall also be reimbursed for direct operating expenses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
