Thanks a lot for the reminder, Impega.

I have not done that yet and I have not factored in the latest loans, nor segregated the amounts for the solar farm versus S,G & A. For my purposes, I first am focusing on only projects that are producing and the state of affairs at the end of Q2. Then I will make post-Q2 corrections.

A quick look tells me the $10 million loan for Yabucoa is not relevant and the $15 million, in part will be offset by paydown of an unknown amount of existing credit line. I might add $10 million out of the 25, as an estimate, minus the $70 million you reference. That would bring net debt down to $3.65/share, but I am far from sure at this point this is the correct number. 

Thanks again for your input.

It is obvious that WND has had a hard time with debt over the years. You only have to look at the interest rates on some of the loans. Anyone that can afford to be a buyer of the company will easily be able to pay much less to service the debt after refinancing. Still, when they decide to offer money on a per share basis of WND, they will certainly factor in the amount of debt that will be conveyed (and possibly paid off and partly refinanced). 

I am guessing that some posters, who seem to have a very generous value of the generating facilities, can very well be correct, but are not factoring in the debt.  So, if the company is worth $8 (to pick a number that I recall someone mentioning) and there is $3.65 in debt, it nets out to $4.35, which would make most of us happy if it was in our pockets. But I am still not prepared to give that number because I want to see if I can get more confident about eliminating all debt that is for projects that are not operating.