false
--12-31
Q3
2023
0001210618
0
0001210618
2023-01-01
2023-09-30
0001210618
2023-11-20
0001210618
2023-09-30
0001210618
2022-12-31
0001210618
2023-07-01
2023-09-30
0001210618
2022-07-01
2022-09-30
0001210618
2022-01-01
2022-09-30
0001210618
us-gaap:CommonStockMember
2022-12-31
0001210618
us-gaap:AdditionalPaidInCapitalMember
2022-12-31
0001210618
us-gaap:RetainedEarningsMember
2022-12-31
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-12-31
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2022-12-31
0001210618
us-gaap:NoncontrollingInterestMember
2022-12-31
0001210618
us-gaap:CommonStockMember
2023-03-31
0001210618
us-gaap:AdditionalPaidInCapitalMember
2023-03-31
0001210618
us-gaap:RetainedEarningsMember
2023-03-31
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-03-31
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2023-03-31
0001210618
us-gaap:NoncontrollingInterestMember
2023-03-31
0001210618
2023-03-31
0001210618
us-gaap:CommonStockMember
2023-06-30
0001210618
us-gaap:AdditionalPaidInCapitalMember
2023-06-30
0001210618
us-gaap:RetainedEarningsMember
2023-06-30
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-06-30
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2023-06-30
0001210618
us-gaap:NoncontrollingInterestMember
2023-06-30
0001210618
2023-06-30
0001210618
us-gaap:CommonStockMember
2021-12-31
0001210618
us-gaap:AdditionalPaidInCapitalMember
2021-12-31
0001210618
us-gaap:RetainedEarningsMember
2021-12-31
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-12-31
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2021-12-31
0001210618
us-gaap:NoncontrollingInterestMember
2021-12-31
0001210618
2021-12-31
0001210618
us-gaap:CommonStockMember
2022-03-31
0001210618
us-gaap:AdditionalPaidInCapitalMember
2022-03-31
0001210618
us-gaap:RetainedEarningsMember
2022-03-31
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-03-31
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2022-03-31
0001210618
us-gaap:NoncontrollingInterestMember
2022-03-31
0001210618
2022-03-31
0001210618
us-gaap:CommonStockMember
2022-06-30
0001210618
us-gaap:AdditionalPaidInCapitalMember
2022-06-30
0001210618
us-gaap:RetainedEarningsMember
2022-06-30
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-06-30
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2022-06-30
0001210618
us-gaap:NoncontrollingInterestMember
2022-06-30
0001210618
2022-06-30
0001210618
us-gaap:CommonStockMember
2023-01-01
2023-03-31
0001210618
us-gaap:AdditionalPaidInCapitalMember
2023-01-01
2023-03-31
0001210618
us-gaap:RetainedEarningsMember
2023-01-01
2023-03-31
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-01-01
2023-03-31
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2023-01-01
2023-03-31
0001210618
us-gaap:NoncontrollingInterestMember
2023-01-01
2023-03-31
0001210618
2023-01-01
2023-03-31
0001210618
us-gaap:CommonStockMember
2023-04-01
2023-06-30
0001210618
us-gaap:AdditionalPaidInCapitalMember
2023-04-01
2023-06-30
0001210618
us-gaap:RetainedEarningsMember
2023-04-01
2023-06-30
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-04-01
2023-06-30
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2023-04-01
2023-06-30
0001210618
us-gaap:NoncontrollingInterestMember
2023-04-01
2023-06-30
0001210618
2023-04-01
2023-06-30
0001210618
us-gaap:CommonStockMember
2023-07-01
2023-09-30
0001210618
us-gaap:AdditionalPaidInCapitalMember
2023-07-01
2023-09-30
0001210618
us-gaap:RetainedEarningsMember
2023-07-01
2023-09-30
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-07-01
2023-09-30
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2023-07-01
2023-09-30
0001210618
us-gaap:NoncontrollingInterestMember
2023-07-01
2023-09-30
0001210618
us-gaap:CommonStockMember
2022-01-01
2022-03-31
0001210618
us-gaap:AdditionalPaidInCapitalMember
2022-01-01
2022-03-31
0001210618
us-gaap:RetainedEarningsMember
2022-01-01
2022-03-31
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2022-01-01
2022-03-31
0001210618
us-gaap:NoncontrollingInterestMember
2022-01-01
2022-03-31
0001210618
2022-01-01
2022-03-31
0001210618
us-gaap:CommonStockMember
2022-04-01
2022-06-30
0001210618
us-gaap:AdditionalPaidInCapitalMember
2022-04-01
2022-06-30
0001210618
us-gaap:RetainedEarningsMember
2022-04-01
2022-06-30
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-04-01
2022-06-30
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2022-04-01
2022-06-30
0001210618
us-gaap:NoncontrollingInterestMember
2022-04-01
2022-06-30
0001210618
2022-04-01
2022-06-30
0001210618
us-gaap:CommonStockMember
2022-07-01
2022-09-30
0001210618
us-gaap:AdditionalPaidInCapitalMember
2022-07-01
2022-09-30
0001210618
us-gaap:RetainedEarningsMember
2022-07-01
2022-09-30
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-07-01
2022-09-30
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2022-07-01
2022-09-30
0001210618
us-gaap:NoncontrollingInterestMember
2022-07-01
2022-09-30
0001210618
us-gaap:CommonStockMember
2023-09-30
0001210618
us-gaap:AdditionalPaidInCapitalMember
2023-09-30
0001210618
us-gaap:RetainedEarningsMember
2023-09-30
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-09-30
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2023-09-30
0001210618
us-gaap:NoncontrollingInterestMember
2023-09-30
0001210618
us-gaap:CommonStockMember
2022-09-30
0001210618
us-gaap:AdditionalPaidInCapitalMember
2022-09-30
0001210618
us-gaap:RetainedEarningsMember
2022-09-30
0001210618
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-09-30
0001210618
spi:EquityAttributableToShareholdersOfSPIEnergyCoLtdMember
2022-09-30
0001210618
us-gaap:NoncontrollingInterestMember
2022-09-30
0001210618
2022-09-30
0001210618
spi:SolarJuiceCoLtdMember
2023-01-01
2023-09-30
0001210618
spi:SolarJuicePtyLtdMember
2023-01-01
2023-09-30
0001210618
spi:SolarjuiceAmericanIncMember
2023-01-01
2023-09-30
0001210618
spi:SolarjuiceTechnologyIncMember
2023-01-01
2023-09-30
0001210618
spi:ItalsolarSrlMember
2023-01-01
2023-09-30
0001210618
spi:SPISolarJapanGKMember
2023-01-01
2023-09-30
0001210618
spi:SolarPowerIncUKServiceLimitedMember
2023-01-01
2023-09-30
0001210618
spi:SPISolarIncMember
2023-01-01
2023-09-30
0001210618
spi:HeliostixioSAMember
2023-01-01
2023-09-30
0001210618
spi:HeliohrisiSAMember
2023-01-01
2023-09-30
0001210618
spi:ThermiSunSAMember
2023-01-01
2023-09-30
0001210618
spi:KnightHoldingCorporationMember
2023-01-01
2023-09-30
0001210618
spi:EdisonfutureIncMember
2023-01-01
2023-09-30
0001210618
spi:SinsinMember
2023-09-30
0001210618
spi:PhoenixMotorsIncMember
2023-09-26
0001210618
spi:PhoenixMotorsIncMember
2023-09-25
2023-09-26
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:AU
2023-01-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:AU
2023-01-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:AU
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:AU
2023-01-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:AU
2023-01-01
2023-09-30
0001210618
spi:OtherServicesMember
country:AU
2023-01-01
2023-09-30
0001210618
country:AU
2023-01-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:US
2023-01-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:US
2023-01-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:US
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:US
2023-01-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:US
2023-01-01
2023-09-30
0001210618
spi:OtherServicesMember
country:US
2023-01-01
2023-09-30
0001210618
country:US
2023-01-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:JP
2023-01-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:JP
2023-01-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:JP
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:JP
2023-01-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:JP
2023-01-01
2023-09-30
0001210618
spi:OtherServicesMember
country:JP
2023-01-01
2023-09-30
0001210618
country:JP
2023-01-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:IT
2023-01-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:IT
2023-01-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:IT
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:IT
2023-01-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:IT
2023-01-01
2023-09-30
0001210618
spi:OtherServicesMember
country:IT
2023-01-01
2023-09-30
0001210618
country:IT
2023-01-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:GB
2023-01-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:GB
2023-01-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:GB
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:GB
2023-01-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:GB
2023-01-01
2023-09-30
0001210618
spi:OtherServicesMember
country:GB
2023-01-01
2023-09-30
0001210618
country:GB
2023-01-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:GR
2023-01-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:GR
2023-01-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:GR
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:GR
2023-01-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:GR
2023-01-01
2023-09-30
0001210618
spi:OtherServicesMember
country:GR
2023-01-01
2023-09-30
0001210618
country:GR
2023-01-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
2023-01-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
2023-01-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
2023-01-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
2023-01-01
2023-09-30
0001210618
spi:OtherServicesMember
2023-01-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:AU
2023-07-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:AU
2023-07-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:AU
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:AU
2023-07-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:AU
2023-07-01
2023-09-30
0001210618
spi:OtherServicesMember
country:AU
2023-07-01
2023-09-30
0001210618
country:AU
2023-07-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:US
2023-07-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:US
2023-07-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:US
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:US
2023-07-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:US
2023-07-01
2023-09-30
0001210618
spi:OtherServicesMember
country:US
2023-07-01
2023-09-30
0001210618
country:US
2023-07-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:JP
2023-07-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:JP
2023-07-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:JP
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:JP
2023-07-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:JP
2023-07-01
2023-09-30
0001210618
spi:OtherServicesMember
country:JP
2023-07-01
2023-09-30
0001210618
country:JP
2023-07-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:IT
2023-07-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:IT
2023-07-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:IT
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:IT
2023-07-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:IT
2023-07-01
2023-09-30
0001210618
spi:OtherServicesMember
country:IT
2023-07-01
2023-09-30
0001210618
country:IT
2023-07-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:GB
2023-07-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:GB
2023-07-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:GB
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:GB
2023-07-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:GB
2023-07-01
2023-09-30
0001210618
spi:OtherServicesMember
country:GB
2023-07-01
2023-09-30
0001210618
country:GB
2023-07-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:GR
2023-07-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:GR
2023-07-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
country:GR
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:GR
2023-07-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:GR
2023-07-01
2023-09-30
0001210618
spi:OtherServicesMember
country:GR
2023-07-01
2023-09-30
0001210618
country:GR
2023-07-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
2023-07-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
2023-07-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
2023-07-01
2023-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
2023-07-01
2023-09-30
0001210618
spi:OtherServicesMember
2023-07-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:AU
2022-01-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:AU
2022-01-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:AU
2022-01-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:AU
2022-01-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:AU
2022-01-01
2022-09-30
0001210618
spi:OtherServicesMember
country:AU
2022-01-01
2022-09-30
0001210618
country:AU
2022-01-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:IT
2022-01-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:IT
2022-01-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:IT
2022-01-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:IT
2022-01-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:IT
2022-01-01
2022-09-30
0001210618
spi:OtherServicesMember
country:IT
2022-01-01
2022-09-30
0001210618
country:IT
2022-01-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:US
2022-01-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:US
2022-01-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:US
2022-01-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:US
2022-01-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:US
2022-01-01
2022-09-30
0001210618
spi:OtherServicesMember
country:US
2022-01-01
2022-09-30
0001210618
country:US
2022-01-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:GB
2022-01-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:GB
2022-01-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:GB
2022-01-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:GB
2022-01-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:GB
2022-01-01
2022-09-30
0001210618
spi:OtherServicesMember
country:GB
2022-01-01
2022-09-30
0001210618
country:GB
2022-01-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:GR
2022-01-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:GR
2022-01-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:GR
2022-01-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:GR
2022-01-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:GR
2022-01-01
2022-09-30
0001210618
spi:OtherServicesMember
country:GR
2022-01-01
2022-09-30
0001210618
country:GR
2022-01-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
2022-01-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
2022-01-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
2022-01-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
2022-01-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
2022-01-01
2022-09-30
0001210618
spi:OtherServicesMember
2022-01-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:AU
2022-07-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:AU
2022-07-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:AU
2022-07-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:AU
2022-07-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:AU
2022-07-01
2022-09-30
0001210618
spi:OtherServicesMember
country:AU
2022-07-01
2022-09-30
0001210618
country:AU
2022-07-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:IT
2022-07-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:IT
2022-07-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:IT
2022-07-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:IT
2022-07-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:IT
2022-07-01
2022-09-30
0001210618
spi:OtherServicesMember
country:IT
2022-07-01
2022-09-30
0001210618
country:IT
2022-07-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:US
2022-07-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:US
2022-07-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:US
2022-07-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:US
2022-07-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:US
2022-07-01
2022-09-30
0001210618
spi:OtherServicesMember
country:US
2022-07-01
2022-09-30
0001210618
country:US
2022-07-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:GB
2022-07-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:GB
2022-07-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:GB
2022-07-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:GB
2022-07-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:GB
2022-07-01
2022-09-30
0001210618
spi:OtherServicesMember
country:GB
2022-07-01
2022-09-30
0001210618
country:GB
2022-07-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
country:GR
2022-07-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
country:GR
2022-07-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
country:GR
2022-07-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
country:GR
2022-07-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
country:GR
2022-07-01
2022-09-30
0001210618
spi:OtherServicesMember
country:GR
2022-07-01
2022-09-30
0001210618
country:GR
2022-07-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
2022-07-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
2022-07-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPAMember
2022-07-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
2022-07-01
2022-09-30
0001210618
spi:SalesOfPreDevelopmentSolarProjectsMember
2022-07-01
2022-09-30
0001210618
spi:OtherServicesMember
2022-07-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
us-gaap:TransferredAtPointInTimeMember
2023-01-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
us-gaap:TransferredAtPointInTimeMember
2023-01-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
us-gaap:TransferredAtPointInTimeMember
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
us-gaap:TransferredAtPointInTimeMember
2023-01-01
2023-09-30
0001210618
spi:OthersMember
us-gaap:TransferredAtPointInTimeMember
2023-01-01
2023-09-30
0001210618
us-gaap:TransferredAtPointInTimeMember
2023-01-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
us-gaap:TransferredOverTimeMember
2023-01-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
us-gaap:TransferredOverTimeMember
2023-01-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
us-gaap:TransferredOverTimeMember
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
us-gaap:TransferredOverTimeMember
2023-01-01
2023-09-30
0001210618
spi:OthersMember
us-gaap:TransferredOverTimeMember
2023-01-01
2023-09-30
0001210618
us-gaap:TransferredOverTimeMember
2023-01-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
2023-01-01
2023-09-30
0001210618
spi:OthersMember
2023-01-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
us-gaap:TransferredAtPointInTimeMember
2023-07-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
us-gaap:TransferredAtPointInTimeMember
2023-07-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
us-gaap:TransferredAtPointInTimeMember
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
us-gaap:TransferredAtPointInTimeMember
2023-07-01
2023-09-30
0001210618
spi:OthersMember
us-gaap:TransferredAtPointInTimeMember
2023-07-01
2023-09-30
0001210618
us-gaap:TransferredAtPointInTimeMember
2023-07-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
us-gaap:TransferredOverTimeMember
2023-07-01
2023-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
us-gaap:TransferredOverTimeMember
2023-07-01
2023-09-30
0001210618
spi:RoofingSolarSystemMember
us-gaap:TransferredOverTimeMember
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
us-gaap:TransferredOverTimeMember
2023-07-01
2023-09-30
0001210618
spi:OthersMember
us-gaap:TransferredOverTimeMember
2023-07-01
2023-09-30
0001210618
us-gaap:TransferredOverTimeMember
2023-07-01
2023-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
2023-07-01
2023-09-30
0001210618
spi:OthersMember
2023-07-01
2023-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
us-gaap:TransferredAtPointInTimeMember
2022-01-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
us-gaap:TransferredAtPointInTimeMember
2022-01-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
us-gaap:TransferredAtPointInTimeMember
2022-01-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
us-gaap:TransferredAtPointInTimeMember
2022-01-01
2022-09-30
0001210618
spi:OthersMember
us-gaap:TransferredAtPointInTimeMember
2022-01-01
2022-09-30
0001210618
us-gaap:TransferredAtPointInTimeMember
2022-01-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
us-gaap:TransferredOverTimeMember
2022-01-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
us-gaap:TransferredOverTimeMember
2022-01-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
us-gaap:TransferredOverTimeMember
2022-01-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
us-gaap:TransferredOverTimeMember
2022-01-01
2022-09-30
0001210618
spi:OthersMember
us-gaap:TransferredOverTimeMember
2022-01-01
2022-09-30
0001210618
us-gaap:TransferredOverTimeMember
2022-01-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
2022-01-01
2022-09-30
0001210618
spi:OthersMember
2022-01-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
us-gaap:TransferredAtPointInTimeMember
2022-07-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
us-gaap:TransferredAtPointInTimeMember
2022-07-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
us-gaap:TransferredAtPointInTimeMember
2022-07-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
us-gaap:TransferredAtPointInTimeMember
2022-07-01
2022-09-30
0001210618
spi:OthersMember
us-gaap:TransferredAtPointInTimeMember
2022-07-01
2022-09-30
0001210618
us-gaap:TransferredAtPointInTimeMember
2022-07-01
2022-09-30
0001210618
spi:PhotoVoltaicSolarComponentsMember
us-gaap:TransferredOverTimeMember
2022-07-01
2022-09-30
0001210618
spi:RoofingSolarSystemMember
us-gaap:TransferredOverTimeMember
2022-07-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
us-gaap:TransferredOverTimeMember
2022-07-01
2022-09-30
0001210618
spi:SalesOfSelfAssembledSolarModulesMember
us-gaap:TransferredOverTimeMember
2022-07-01
2022-09-30
0001210618
spi:OthersMember
us-gaap:TransferredOverTimeMember
2022-07-01
2022-09-30
0001210618
us-gaap:TransferredOverTimeMember
2022-07-01
2022-09-30
0001210618
spi:ElectricityRevenueWithPPA1Member
2022-07-01
2022-09-30
0001210618
spi:OthersMember
2022-07-01
2022-09-30
0001210618
us-gaap:SegmentDiscontinuedOperationsMember
spi:EdisonFutureMember
spi:PhoenixMember
2023-09-26
0001210618
us-gaap:SegmentDiscontinuedOperationsMember
spi:EdisonFutureMember
spi:PhoenixMember
spi:PaloAltoMember
2023-09-26
0001210618
us-gaap:SegmentDiscontinuedOperationsMember
spi:EdisonFutureMember
spi:PhoenixMember
2023-09-25
2023-09-26
0001210618
us-gaap:SegmentDiscontinuedOperationsMember
spi:PhoenixMember
2022-12-31
0001210618
us-gaap:EmployeeStockOptionMember
2023-07-01
2023-09-30
0001210618
us-gaap:EmployeeStockOptionMember
2022-07-01
2022-09-30
0001210618
us-gaap:EmployeeStockOptionMember
2023-01-01
2023-09-30
0001210618
us-gaap:EmployeeStockOptionMember
2022-01-01
2022-09-30
0001210618
us-gaap:RestrictedStockUnitsRSUMember
2023-07-01
2023-09-30
0001210618
us-gaap:RestrictedStockUnitsRSUMember
2022-07-01
2022-09-30
0001210618
us-gaap:RestrictedStockUnitsRSUMember
2023-01-01
2023-09-30
0001210618
us-gaap:RestrictedStockUnitsRSUMember
2022-01-01
2022-09-30
0001210618
us-gaap:GeneralAndAdministrativeExpenseMember
2023-07-01
2023-09-30
0001210618
us-gaap:GeneralAndAdministrativeExpenseMember
2022-07-01
2022-09-30
0001210618
us-gaap:GeneralAndAdministrativeExpenseMember
2023-01-01
2023-09-30
0001210618
us-gaap:GeneralAndAdministrativeExpenseMember
2022-01-01
2022-09-30
0001210618
us-gaap:SellingAndMarketingExpenseMember
2023-07-01
2023-09-30
0001210618
us-gaap:SellingAndMarketingExpenseMember
2022-07-01
2022-09-30
0001210618
us-gaap:SellingAndMarketingExpenseMember
2023-01-01
2023-09-30
0001210618
us-gaap:SellingAndMarketingExpenseMember
2022-01-01
2022-09-30
0001210618
us-gaap:RestrictedStockUnitsRSUMember
spi:Plan2015Member
2023-07-01
2023-09-30
0001210618
spi:ConvertibleBondsMember
2023-01-01
2023-09-30
0001210618
spi:ConvertibleBondsMember
2022-01-01
2022-09-30
0001210618
spi:OptionsAndNonVestedRestrictedStockMember
2022-07-01
2022-09-30
0001210618
spi:OptionsAndNonVestedRestrictedStockMember
2023-01-01
2023-09-30
0001210618
spi:OptionsAndNonVestedRestrictedStockMember
2022-01-01
2022-09-30
0001210618
spi:ConvertibleBondsMember
2022-07-01
2022-09-30
0001210618
spi:ConvertibleBondsMember
2023-01-01
2023-09-30
0001210618
spi:ConvertibleBondsMember
2022-01-01
2022-09-30
0001210618
spi:StreetervilleMember
2023-07-04
2023-07-05
0001210618
spi:StreetervilleMember
us-gaap:SubsequentEventMember
2023-10-05
2023-10-06
0001210618
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
spi:OneCustomerMember
2023-07-01
2023-09-30
0001210618
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
spi:OneCustomerMember
2022-07-01
2022-09-30
0001210618
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
spi:OneCustomerMember
2023-01-01
2023-09-30
0001210618
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
spi:OneCustomerMember
2022-01-01
2022-09-30
0001210618
us-gaap:AccountsReceivableMember
us-gaap:CustomerConcentrationRiskMember
spi:OneCustomerMember
2023-01-01
2023-09-30
0001210618
us-gaap:AccountsReceivableMember
us-gaap:CustomerConcentrationRiskMember
spi:OneCustomerMember
2022-01-01
2022-12-31
0001210618
us-gaap:AccountsPayableMember
us-gaap:CustomerConcentrationRiskMember
spi:SupplierOneMember
2023-01-01
2023-09-30
0001210618
us-gaap:AccountsPayableMember
us-gaap:CustomerConcentrationRiskMember
spi:SupplierTwoMember
2023-01-01
2023-09-30
0001210618
us-gaap:AccountsPayableMember
us-gaap:CustomerConcentrationRiskMember
spi:SupplierOneMember
2022-01-01
2022-12-31
0001210618
us-gaap:AccountsPayableMember
us-gaap:CustomerConcentrationRiskMember
spi:SupplierTwoMember
2022-01-01
2022-12-31
0001210618
spi:RenewableEnergySolutionsMember
2023-07-01
2023-09-30
0001210618
spi:PVConstructionsAndOperationsMember
2023-07-01
2023-09-30
0001210618
spi:OthersMember
2023-07-01
2023-09-30
0001210618
spi:RenewableEnergySolutionsMember
2022-07-01
2022-09-30
0001210618
spi:PVConstructionsAndOperationsMember
2022-07-01
2022-09-30
0001210618
spi:OthersMember
2022-07-01
2022-09-30
0001210618
spi:RenewableEnergySolutionsMember
2023-01-01
2023-09-30
0001210618
spi:PVConstructionsAndOperationsMember
2023-01-01
2023-09-30
0001210618
spi:OthersMember
2023-01-01
2023-09-30
0001210618
spi:RenewableEnergySolutionsMember
2022-01-01
2022-09-30
0001210618
spi:PVConstructionsAndOperationsMember
2022-01-01
2022-09-30
0001210618
spi:OthersMember
2022-01-01
2022-09-30
0001210618
country:AU
2023-09-30
0001210618
country:AU
2022-12-31
0001210618
country:US
2023-09-30
0001210618
country:US
2022-12-31
0001210618
country:JP
2023-09-30
0001210618
country:JP
2022-12-31
0001210618
country:IT
2023-09-30
0001210618
country:IT
2022-12-31
0001210618
country:GB
2023-09-30
0001210618
country:GB
2022-12-31
0001210618
country:GR
2023-09-30
0001210618
country:GR
2022-12-31
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
xbrli:pure
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September
30, 2023
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________ to__________
Commission file number: 001-37678
SPI ENERGY CO., LTD.
(Exact Name of Registrant as Specified in Its Charter)
Cayman Islands |
|
20-4956638 |
(State or Other Jurisdiction of
Incorporation or Organization) |
|
(I.R.S. Employer
Identification No.) |
4803 Urbani Ave., Mc Clellan Park, CA |
|
95652 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(408) 919-8000
(Registrant's Telephone Number, Including Area
Code)
Securities registered pursuant to Section 12(b)
of the Act:
Title of Each Class |
|
Trading Symbol(s) |
|
Name of Each Exchange on Which Registered |
Ordinary Shares, par value $0.0001 per share |
|
SPI |
|
NASDAQ Global Select Market |
Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☐ |
Accelerated Filer ☐ |
Non-Accelerated Filer ☒ |
Smaller Reporting Company ☒ |
|
Emerging Growth Company ☐ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
As of November 20, 2023, 31,603,109 ordinary
shares, par value $0.0001 per share, were issued and outstanding.
TABLE OF CONTENTS
PART I
Item 1. Financial Statements
SPI ENERGY CO., LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share
data)
| |
| | |
| |
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| (Unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 5,527 | | |
$ | 3,394 | |
Restricted cash | |
| 2,277 | | |
| 6,743 | |
Accounts receivable, net | |
| 24,194 | | |
| 21,181 | |
Contract asset | |
| 358 | | |
| 1,403 | |
Inventories | |
| 34,139 | | |
| 24,427 | |
Project assets held for sale | |
| 6,140 | | |
| 10,634 | |
Prepaid expenses and other current assets, net | |
| 8,023 | | |
| 6,121 | |
Amount due from related parties | |
| 332 | | |
| 332 | |
Current assets of discontinued operations | |
| – | | |
| 7,721 | |
Total current assets | |
| 80,990 | | |
| 81,956 | |
Intangible assets, net | |
| 716 | | |
| 883 | |
Goodwill | |
| 625 | | |
| 625 | |
Restricted cash, noncurrent | |
| – | | |
| 461 | |
Other receivable, noncurrent | |
| 208 | | |
| 26 | |
Property and equipment, net | |
| 37,634 | | |
| 39,064 | |
Consideration receivable from a related party, noncurrent | |
| 12,200 | | |
| – | |
Project assets, noncurrent | |
| 15,515 | | |
| 14,918 | |
Investment in an affiliate | |
| 70,908 | | |
| 69,606 | |
Operating lease right-of-use assets | |
| 10,881 | | |
| 10,355 | |
Deferred tax assets, net | |
| 515 | | |
| 479 | |
Noncurrent assets of discontinued operations | |
| – | | |
| 12,722 | |
Total assets | |
$ | 230,192 | | |
$ | 231,095 | |
LIABILITIES AND EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 43,842 | | |
$ | 29,046 | |
Accrued liabilities | |
| 14,148 | | |
| 15,154 | |
Amount due to related parties | |
| 89 | | |
| 168 | |
Income taxes payable | |
| 3,850 | | |
| 3,511 | |
Advance from customers | |
| 5,635 | | |
| 7,404 | |
Short-term borrowings and current portion of long-term borrowings | |
| 3,441 | | |
| 10,061 | |
Amount due to an affiliate | |
| 10,526 | | |
| 10,548 | |
Convertible bonds, current | |
| 45,181 | | |
| 42,676 | |
Derivative liability | |
| 4,083 | | |
| 3,406 | |
Accrued warranty reserve | |
| 557 | | |
| 429 | |
Operating lease liabilities, current | |
| 1,124 | | |
| 888 | |
Consideration payable | |
| 63,182 | | |
| 61,617 | |
Current liabilities of discontinued operations | |
| – | | |
| 4,789 | |
Total current liabilities | |
| 195,658 | | |
| 189,697 | |
Long-term borrowings, excluding current portion | |
| 6,111 | | |
| 6,450 | |
Deferred tax liabilities, net | |
| 2,512 | | |
| 2,673 | |
Operating lease liabilities, non-current | |
| 9,908 | | |
| 11,031 | |
Noncurrent Liabilities of discontinued operations | |
| – | | |
| 3,372 | |
Total liabilities | |
| 214,189 | | |
| 213,223 | |
Equity: | |
| | | |
| | |
Ordinary shares, par $0.0001, 500,000,000 shares authorized, 31,603,109 and 30,292,960 shares issued and outstanding as of September 30, 2023, and December 31, 2022, respectively | |
| 3 | | |
| 3 | |
Additional paid in capital | |
| 733,275 | | |
| 719,697 | |
Accumulated other comprehensive loss | |
| (36,034 | ) | |
| (36,697 | ) |
Accumulated deficit | |
| (684,691 | ) | |
| (670,811 | ) |
Total equity attributable to the shareholders of SPI Energy Co., Ltd. | |
| 12,553 | | |
| 12,192 | |
Noncontrolling interests | |
| 3,450 | | |
| 5,680 | |
Total equity | |
| 16,003 | | |
| 17,872 | |
Total liabilities and equity | |
$ | 230,192 | | |
$ | 231,095 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
SPI ENERGY CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(In thousands, except for share and per share
data)
| |
| | |
| | |
| | |
| |
| |
For the Three Months Ended September 30, | | |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net revenues | |
$ | 55,928 | | |
$ | 42,803 | | |
$ | 159,762 | | |
$ | 127,752 | |
Cost of revenue | |
| 48,463 | | |
| 45,213 | | |
| 142,675 | | |
| 124,026 | |
Gross profit (loss) | |
| 7,465 | | |
| (2,410 | ) | |
| 17,087 | | |
| 3,726 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 5,787 | | |
| 5,416 | | |
| 16,869 | | |
| 17,706 | |
Sales, marketing and customer service | |
| 737 | | |
| 664 | | |
| 1,884 | | |
| 2,400 | |
Impairment charges on long-lived assets | |
| – | | |
| 1,809 | | |
| – | | |
| 1,809 | |
(Reversal) provision for credit losses | |
| (20 | ) | |
| (262 | ) | |
| 874 | | |
| (446 | ) |
Total operating expenses | |
| 6,504 | | |
| 7,627 | | |
| 19,627 | | |
| 21,469 | |
Operating income (loss) | |
| 961 | | |
| (10,037 | ) | |
| (2,540 | ) | |
| (17,743 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other (expense) income: | |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| (1,632 | ) | |
| (1,280 | ) | |
| (5,995 | ) | |
| (4,314 | ) |
Loss on extinguishment of convertible bonds | |
| (190 | ) | |
| (422 | ) | |
| (190 | ) | |
| (2,634 | ) |
Change in fair value of derivative liability | |
| (88 | ) | |
| – | | |
| (677 | ) | |
| – | |
Net foreign exchange gain | |
| 1,350 | | |
| 2,603 | | |
| 262 | | |
| 5,927 | |
Employee retention credit (“ERC”) tax refund | |
| – | | |
| – | | |
| 3,313 | | |
| – | |
Gain on early termination of leases | |
| 1,149 | | |
| – | | |
| 1,149 | | |
| – | |
Gain on PPP loan forgiveness | |
| – | | |
| – | | |
| – | | |
| 4,508 | |
Others | |
| (105 | ) | |
| 273 | | |
| 736 | | |
| 1,333 | |
Total other income (expense), net | |
| 484 | | |
| 1,174 | | |
| (1,402 | ) | |
| 4,820 | |
Income tax expense | |
| (627 | ) | |
| (700 | ) | |
| (1,675 | ) | |
| (1,397 | ) |
Net income (loss) from continuing operations | |
| 818 | | |
| (9,563 | ) | |
| (5,617 | ) | |
| (14,320 | ) |
Net loss from discontinued operations, net of income taxes | |
| (2,711 | ) | |
| (3,930 | ) | |
| (8,666 | ) | |
| (8,177 | ) |
Net loss | |
$ | (1,893 | ) | |
$ | (13,493 | ) | |
$ | (14,283 | ) | |
$ | (22,497 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) from continuing operations | |
$ | 818 | | |
$ | (9,563 | ) | |
$ | (5,617 | ) | |
$ | (14,320 | ) |
Less: Net income attributable to noncontrolling interests from continuing operations | |
| 298 | | |
| 303 | | |
| 641 | | |
| 457 | |
Net income (loss) from continuing operations attributable to shareholders of SPI Energy Co., Ltd. | |
$ | 520 | | |
$ | (9,866 | ) | |
$ | (6,258 | ) | |
$ | (14,777 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss from discontinued operations | |
$ | (2,711 | ) | |
$ | (3,930 | ) | |
$ | (8,666 | ) | |
$ | (8,177 | ) |
Less: loss attributable to noncontrolling interests of discontinued operations | |
| (191 | ) | |
| (357 | ) | |
| (1,044 | ) | |
| (357 | ) |
Net loss from discontinued operations attributable to shareholders of SPI Energy Co., Ltd. | |
$ | (2,520 | ) | |
$ | (3,573 | ) | |
$ | (7,622 | ) | |
$ | (7,820 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss attributable to shareholders of SPI Energy Co., Ltd. | |
| (2,000 | ) | |
| (13,439 | ) | |
| (13,880 | ) | |
| (22,597 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) from continuing operation per ordinary share – Basic | |
$ | 0.02 | | |
$ | (0.35 | ) | |
$ | (0.20 | ) | |
$ | (0.54 | ) |
Net income (loss) from continuing operation per ordinary share – Diluted | |
$ | 0.02 | | |
$ | (0.35 | ) | |
$ | (0.20 | ) | |
$ | (0.54 | ) |
Net loss from discontinued operation per ordinary share – Basic | |
$ | (0.08 | ) | |
$ | (0.13 | ) | |
$ | (0.25 | ) | |
$ | (0.29 | ) |
Net loss from discontinued operation per ordinary share – Diluted | |
$ | (0.08 | ) | |
$ | (0.13 | ) | |
$ | (0.25 | ) | |
$ | (0.29 | ) |
Net loss per ordinary share – Basic | |
$ | (0.06 | ) | |
$ | (0.48 | ) | |
$ | (0.45 | ) | |
$ | (0.83 | ) |
Net loss per ordinary share – Diluted | |
$ | (0.06 | ) | |
$ | (0.48 | ) | |
$ | (0.45 | ) | |
$ | (0.83 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding – Basic | |
| 30,991,052 | | |
| 28,090,018 | | |
| 30,528,214 | | |
| 27,230,553 | |
Weighted average shares outstanding – Diluted | |
| 31,087,302 | | |
| 28,090,018 | | |
| 30,528,214 | | |
| 27,230,553 | |
The accompanying notes are an integral part of
these unaudited condensed consolidated financial statements.
SPI ENERGY CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE LOSS
(In thousands)
| |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended September 30, | | |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | (1,893 | ) | |
$ | (13,493 | ) | |
$ | (14,283 | ) | |
$ | (22,497 | ) |
Other comprehensive income (loss): | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustments | |
| (802 | ) | |
| (2,195 | ) | |
| (324 | ) | |
| (4,557 | ) |
Total comprehensive loss | |
| (2,695 | ) | |
| (15,688 | ) | |
| (14,607 | ) | |
| (27,054 | ) |
Comprehensive loss attributable to noncontrolling interests | |
| (195 | ) | |
| (77 | ) | |
| (1,390 | ) | |
| (612 | ) |
Comprehensive loss attributable to shareholder of SPI Energy Co., Ltd. | |
$ | (2,500 | ) | |
$ | (15,611 | ) | |
$ | (13,217 | ) | |
$ | (26,442 | ) |
The accompanying notes are an integral part of
these unaudited condensed consolidated financial statements.
SPI ENERGY CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF EQUITY
(In thousands, except for share and per share
data)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Ordinary Shares | | |
Additional Paid-In | | |
Accumulated | | |
Accumulated Other Comprehensive | | |
Equity Attributable to Shareholders of SPI Energy | | |
Noncontrolling | | |
Total | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Loss | | |
Co., Ltd. | | |
Interests | | |
Equity | |
Balances at December 31, 2022 | |
30,292,960 | | |
$ | 3 | | |
$ | 719,697 | | |
$ | (670,811 | ) | |
$ | (36,697 | ) | |
$ | 12,192 | | |
$ | 5,680 | | |
$ | 17,872 | |
Net loss | |
– | | |
| – | | |
| – | | |
| (9,408 | ) | |
| – | | |
| (9,408 | ) | |
| (341 | ) | |
| (9,749 | ) |
Foreign currency translation adjustments | |
– | | |
| – | | |
| – | | |
| – | | |
| 1,289 | | |
| 1,289 | | |
| (683 | ) | |
| 606 | |
Issuance of common stock of Phoenix for standby equity purchase agreement of Phoenix | |
– | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,155 | | |
| 1,155 | |
Share-based compensation expense | |
– | | |
| – | | |
| 617 | | |
| – | | |
| – | | |
| 617 | | |
| – | | |
| 617 | |
Balances at March 31, 2023 | |
30,292,960 | | |
$ | 3 | | |
$ | 720,314 | | |
$ | (680,219 | ) | |
$ | (35,408 | ) | |
$ | 4,690 | | |
$ | 5,811 | | |
$ | 10,501 | |
Net loss | |
– | | |
| – | | |
| – | | |
| (2,472 | ) | |
| – | | |
| (2,472 | ) | |
| (169 | ) | |
| (2,641 | ) |
Foreign currency translation adjustments | |
– | | |
| – | | |
| – | | |
| – | | |
| (126 | ) | |
| (126 | ) | |
| (2 | ) | |
| (128 | ) |
Issuance of common stock of Phoenix for standby equity purchase agreement of Phoenix | |
– | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 72 | | |
| 72 | |
Share-based compensation expense | |
– | | |
| – | | |
| 404 | | |
| – | | |
| – | | |
| 404 | | |
| – | | |
| 404 | |
Balances at June 30, 2023 | |
30,292,960 | | |
$ | 3 | | |
$ | 720,718 | | |
$ | (682,691 | ) | |
$ | (35,534 | ) | |
$ | 2,496 | | |
$ | 5,712 | | |
$ | 8,208 | |
Net loss | |
– | | |
| – | | |
| | | |
| (2,000 | ) | |
| | | |
| (2,000 | ) | |
| 107 | | |
| (1,893 | ) |
Foreign currency translation adjustments | |
– | | |
| – | | |
| | | |
| – | | |
| (500 | ) | |
| (500 | ) | |
| (302 | ) | |
| (802 | ) |
Share-based compensation expense | |
| | |
| | | |
| 388 | | |
| – | | |
| – | | |
| 388 | | |
| – | | |
| 388 | |
Deconsolidation of Phoenix (Note 4) | |
– | | |
| – | | |
| 10,564 | | |
| – | | |
| – | | |
| 10,564 | | |
| (2,067 | ) | |
| 8,497 | |
Issuance of restricted share units to employees | |
747,703 | | |
| – | | |
| 815 | | |
| – | | |
| – | | |
| 815 | | |
| – | | |
| 815 | |
Settlement of convertible debt with ordinary shares | |
562,446 | | |
| – | | |
| 790 | | |
| – | | |
| – | | |
| 790 | | |
| – | | |
| 790 | |
Balances at September 30, 2023 | |
31,603,109 | | |
$ | 3 | | |
$ | 733,275 | | |
$ | (684,691 | ) | |
$ | (36,034 | ) | |
$ | 12,553 | | |
$ | 3,450 | | |
$ | 16,003 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Shares |
|
|
Additional Paid-In |
|
|
Accumulated |
|
|
Accumulated Other Comprehensive |
|
|
Equity Attributable to Shareholders of SPI Energy |
|
|
Noncontrolling |
|
|
Total |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Loss |
|
|
Co., Ltd. |
|
|
Interests |
|
|
Equity |
|
Balances at December 31, 2021 |
|
25,352,060 |
|
|
$ |
3 |
|
|
$ |
695,073 |
|
|
$ |
(637,390 |
) |
|
$ |
(35,257 |
) |
|
$ |
22,429 |
|
|
$ |
3,521 |
|
|
$ |
25,950 |
|
Net loss |
|
– |
|
|
|
– |
|
|
|
– |
|
|
$ |
(6,845 |
) |
|
|
– |
|
|
$ |
(6,845 |
) |
|
|
59 |
|
|
|
(6,786 |
) |
Foreign currency translation adjustments |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
728 |
|
|
|
728 |
|
|
|
(663 |
) |
|
|
65 |
|
Issuance of common stock
of Phoenix for standby equity purchase agreement of Phoenix |
|
229,888 |
|
|
|
– |
|
|
|
623 |
|
|
|
– |
|
|
|
– |
|
|
|
623 |
|
|
|
– |
|
|
|
623 |
|
Settlement of convertible debt with ordinary shares |
|
752,393 |
|
|
|
– |
|
|
|
1,750 |
|
|
|
– |
|
|
|
– |
|
|
|
1,750 |
|
|
|
– |
|
|
|
1,750 |
|
Issuance of ordinary shares for settlement of consideration related to Acquisition of Phoenix |
|
42,442 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Share-based compensation expense |
|
– |
|
|
|
– |
|
|
|
595 |
|
|
|
– |
|
|
|
– |
|
|
|
595 |
|
|
|
– |
|
|
|
595 |
|
Balances at March 31, 2022 |
|
26,376,783 |
|
|
$ |
3 |
|
|
$ |
698,041 |
|
|
$ |
(644,235 |
) |
|
$ |
(34,529 |
) |
|
$ |
19,280 |
|
|
$ |
2,917 |
|
|
$ |
22,197 |
|
Net loss |
|
– |
|
|
|
– |
|
|
|
– |
|
|
$ |
(2,313 |
) |
|
|
– |
|
|
$ |
(2,313 |
) |
|
|
95 |
|
|
|
(2,218 |
) |
Foreign currency translation adjustments |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(2,401 |
) |
|
|
(2,401 |
) |
|
|
(26 |
) |
|
|
(2,427 |
) |
Settlement of convertible debt with ordinary shares |
|
1,615,784 |
|
|
|
– |
|
|
|
5,337 |
|
|
|
– |
|
|
|
– |
|
|
|
5,337 |
|
|
|
– |
|
|
|
5,337 |
|
Issuance of common stock of Phoenix for standby equity purchase agreement of Phoenix |
|
– |
|
|
|
– |
|
|
|
11,344 |
|
|
|
– |
|
|
|
– |
|
|
|
11,344 |
|
|
|
2,094 |
|
|
|
13,438 |
|
Share-based compensation expense |
|
– |
|
|
|
– |
|
|
|
340 |
|
|
|
– |
|
|
|
– |
|
|
|
340 |
|
|
|
– |
|
|
|
340 |
|
Balances at June 30, 2022 |
|
27,992,567 |
|
|
$ |
3 |
|
|
$ |
715,062 |
|
|
$ |
(646,548 |
) |
|
$ |
(36,930 |
) |
|
$ |
31,587 |
|
|
$ |
5,080 |
|
|
$ |
36,667 |
|
Net loss |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(13,439 |
) |
|
|
– |
|
|
|
(13,439) |
|
|
|
(54) |
|
|
|
(13,493) |
|
Foreign currency translation adjustments |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(2,172 |
) |
|
|
(2,172) |
|
|
|
(23) |
|
|
|
(2,195 |
) |
Settlement of convertible debt with ordinary shares |
|
848,669 |
|
|
|
– |
|
|
|
1,572 |
|
|
|
– |
|
|
|
– |
|
|
|
1,572 |
|
|
|
– |
|
|
|
1,572 |
|
Share-based compensation expense |
|
– |
|
|
|
– |
|
|
|
707 |
|
|
|
– |
|
|
|
– |
|
|
|
707 |
|
|
|
– |
|
|
|
707 |
|
Exercise of vested options by employees of Phoenix |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
138 |
|
|
|
138 |
|
Issuance of ordinary shares of Phoenix in its IPO |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
793 |
|
|
|
793 |
|
Balances at September 30, 2022 |
|
28,841,236 |
|
|
$ |
3 |
|
|
$ |
717,341 |
|
|
$ |
(659,987 |
) |
|
$ |
(39,102 |
) |
|
$ |
18,255 |
|
|
$ |
5,934 |
|
|
$ |
24,189 |
|
The accompanying notes are an integral part of
these unaudited condensed consolidated financial statements.
SPI ENERGY CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(In thousands)
| |
| | | |
| | |
| |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net cash provided by operating activities of continuing
operations | |
$ | 4,831 | | |
$ | 1,275 | |
Net cash used in operating activities of discontinued operations | |
| (2,542 | ) | |
| (14,243 | ) |
Total net cash provided by (used in) operating activities | |
| 2,289 | | |
| (12,968 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of property and equipment | |
| (872 | ) | |
| (5,817 | ) |
Proceeds from disposal of property and equipment | |
| – | | |
| 1,651 | |
Loan lent to a related party | |
| – | | |
| (1,676 | ) |
Proceeds from repayment from a related party | |
| – | | |
| 1,676 | |
Spin-off off a subsidiary | |
| (396 | ) | |
| – | |
Net cash used in investing activities of continuing operations | |
| (1,268 | ) | |
| (4,166 | ) |
Net cash used in investing activities of discontinued operations | |
| (162 | ) | |
| (449 | ) |
Total net cash used in investing activities | |
| (1,430 | ) | |
| (4,615 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Repayment of borrowings | |
| (148,501 | ) | |
| (114,598 | ) |
Proceeds from borrowings | |
| 141,715 | | |
| 112,532 | |
Proceeds from issuance of convertible bond, net of original issuance discount | |
| – | | |
| 2,000 | |
Repayment of convertible bond | |
| (375 | ) | |
| – | |
Net cash used in financing activities of continuing operations | |
| (7,161 | ) | |
| (66 | ) |
Net cash provided by financing activities of discontinued operations | |
| 2,751 | | |
| 13,569 | |
Total net cash (used in) provided by financing activities | |
| (4,410 | ) | |
| 13,503 | |
| |
| | | |
| | |
Effect of exchange rate changes | |
| 368 | | |
| (968 | ) |
| |
| | | |
| | |
Decrease in cash, cash equivalents and restricted cash | |
| (3,183 | ) | |
| (5,048 | ) |
Cash, cash equivalents and restricted cash at beginning of period | |
| 10,987 | | |
| 17,845 | |
Cash, cash equivalents and restricted cash at end of period | |
$ | 7,804 | | |
$ | 12,797 | |
| |
| | | |
| | |
Less: cash of discontinued operations at September 30 | |
| – | | |
| 1,567 | |
Cash, cash equivalents and restricted cash at September 30 for continuing operations | |
$ | 7,804 | | |
$ | 11,230 | |
| |
| | | |
| | |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |
| | | |
| | |
Cash and cash equivalents | |
| 5,527 | | |
| 4,787 | |
Restricted cash | |
| 2,277 | | |
| 6,443 | |
Total cash, cash equivalents, and restricted cash | |
$ | 7,804 | | |
$ | 11,230 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Interest paid | |
$ | 3,192 | | |
$ | 1,890 | |
Income tax paid | |
$ | 1,524 | | |
$ | – | |
Non-cash investing and financing activities: | |
| | | |
| | |
Right of use assets obtained in exchange for operating lease obligations | |
$ | 1,942 | | |
$ | 428 | |
Inventories transferred to PPE | |
$ | 163 | | |
$ | 690 | |
Settlement of convertible debt with ordinary shares | |
$ | 600 | | |
$ | 8,659 | |
Derecognition of ROU assets and lease liabilities upon lease termination | |
$ | 610 | | |
$ | – | |
Issuance of restricted share units to employees | |
$ | 815 | | |
$ | – | |
The accompanying notes are an integral part of
these unaudited condensed consolidated financial statements.
SPI ENERGY CO., LTD.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Amounts in US$ thousands, except share and
per share data)
1. |
Description of Business and Organization |
Description of Business
SPI Energy Co., Ltd. (“SPI Energy”
or the “Company”) and its subsidiaries (collectively the “Group”) is engaged in the provision of photovoltaic
(“PV”), and roofing and solar energy systems installation solutions for business, residential, government and utility customers
and investors. The Group is also starting to assemble solar modules for sale in the United States in 2022.
Organization
The major subsidiaries of the Group
as of September 30, 2023, are summarized as below:
Schedule of major subsidiaries |
|
|
|
|
|
|
|
|
|
Major Subsidiaries |
|
Abbreviation |
|
Location |
SolarJuice Co., Ltd |
|
SJ Cayman |
|
Cayman |
Solar Juice Pty Ltd. |
|
SJ Australia |
|
Australia |
Solarjuice American Inc. |
|
SJ US |
|
United States |
Sloar4america Technology Inc. (formerly named Solarjuice Technology Inc.) |
|
SJT |
|
United States |
Italsolar S.r.l. |
|
SPI Italy |
|
Italy |
SPI Solar Japan G.K. |
|
SPI Japan |
|
Japan |
Solar Power Inc UK Service Limited |
|
SPI UK |
|
United Kingdom |
SPI Solar Inc. |
|
SPI US |
|
United States |
Heliostixio S.A. |
|
Heliostixio |
|
Greece |
Heliohrisi S.A. |
|
Heliohrisi |
|
Greece |
Thermi Sun S.A. |
|
Thermi Sun |
|
Greece |
Knight Holding Corporation |
|
Knight |
|
United States |
Edisonfuture Inc. |
|
Edisonfuture |
|
United States |
On January 1, 2017, the Group deconsolidated
one of the major subsidiaries, Sinsin Renewable Investment Limited (“Sinsin”) due to loss of control and recognized the investment
in Sinsin at the carrying amount of $69,606. Both the Group and the former shareholders of Sinsin, Sinsin Europe Solar Asset Limited Partnership
and Sinsin Solar Capital Limited Partnership (collectively, the “Sinsin Group”), failed to fulfill the obligation under the
share sale and purchase agreement of Sinsin, which led to that both parties filed petitions to each other. The petitions directly affected
the Group’s ability to effectively control Sinsin and make any direct management decisions or have any direct impact on Sinsin’s
polices, operations or assets without the agreement of Sinsin Group. On October 29, 2020, an arbitration decision was made in Malta that
the Group will need to pay the unpaid consideration of EUR 38,054, together with interest at 6% accruing from November 20, 2015 on half
of the unpaid consideration and from June 30, 2016 on the remaining half of the unpaid consideration to the date of eventual payment.
The Group filed an application for appeals but was turned down by the court of Malta on November 12, 2021. The Group furtherly filed an
application of retrial and suspension of the enforcement of the awards but was rejected by the court of Malta on March 30, 2022. On November
2, 2022, Sinsin filed an action to confirm these arbitral awards pursuant to the Convention on the Recognition and Enforcement of Foreign
Arbitral Awards of June 10, 1958 (“New York Convention”) as implemented by the Federal Arbitration Act (“FAA”)
before U.S. District Court Eastern District of California. On April 27, 2023, Sinsin filed amended petition to add a request for an award
of attorneys’ fees incurred in connection with the petition, add detail on the allegedly owed costs and liabilities, and request
that the court issue an injunction against asset dissipation pending satisfaction of the requested judgment.
On October 2, 2023, the
United States District Court Eastern District of California filed an order dated September 29, 2023 about the action. Pursuant
to the order, (i) SPI shall pay Sinsin the amounts no less than $60.4 million, subject to a continuing interest rate of six percent accruing
from November 30, 2015 on half of the outstanding balance owed under the parties’ Share Sale and Purchase Agreement dated September
6, 2014 (“SPA”) (€19million), and accruing from June 20, 2016 on the remaining half of the outstanding amount owed under
the SPA (€19million); (ii) Sinsin’ request for a worldwide asset freeze to prevent SPI from dissipating its assets was denied
by the Court without prejudice to renewal as necessary should SPI fail to comply with the Court’s orders; and (iii) Sinsin’
motion for an award of attorneys’ fees and costs was granted by the Court. On October 2, 2023, the Court entered a judgement in
accordance with such order. The Group is currently negotiating with Sinsin on the settlement plan.
As of September 30, 2023, investment
in Sinsin was $69.6
million. Consideration payable, including accrued interest and litigation fees payable, was $63.2
million as of September 30, 2023.
On September 26, 2023, the Group
transferred 56.36%
of common stock of one of its subsidiaries, Phoenix Motors Inc. (“Phoenix”), to a related party at a
consideration of $12,240
and deconsolidated Phoenix due to loss of control. The Group recognized the remaining investment in Phoenix at the carrying amount
of $1,302.
The disposal of Phoenix was completed as of September 30, 2023 (See Note 4 Discontinued Operations).
The Group’s condensed consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of the business. The Group had recurring losses from operations. The Group has incurred a net loss of
$5,617
from continuing operations during the nine months ended September 30, 2023. As of September 30, 2023, there was net working capital
deficit of $114,668 and accumulated deficit of
$684,691. These factors raise
substantial doubt as to the Group’s ability to continue as a going concern. The Group intends to continue implementing various
measures to boost revenue and control the cost and expenses within an acceptable level and other measures including: 1) negotiate with
potential buyers on PV solar projects; 2) negotiate for postponing of convertible bond payments; 3) improve the profitability of the
business in US; 4) strictly control and reduce business, marketing and advertising expenses; 5) obtain equity financing from certain
subsidiaries’ initial public offerings; and 6) seek for certain credit facilities. There is no assurance that the group will be
successful in meeting its liquidity and cash flow requirements. The Group’s condensed consolidated financial statements do not
include any adjustments that may result from the outcome of these uncertainties.
3. |
Summary of Significant Accounting Policies |
|
(a) |
Basis of Presentation |
The unaudited condensed consolidated
financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”)
and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted.
In the opinion of management, the information
reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All
such adjustments are of a normal recurring nature. Quarterly results are not necessarily indicative of results for the full year. The
condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements at that
date but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed
consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
The preparation of the unaudited condensed
consolidated financial statements in conformity with U.S. GAAP requires the Group to make estimates and assumptions that affect reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated
financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Significant accounting estimates reflected in the Group’s unaudited condensed consolidated financial statements
include the allowance for doubtful accounts receivable and other receivable, the impairment of goodwill and long-lived assets, fair value
of derivative liability and share based compensation. Changes in facts and circumstances may result in revised estimates. The current
economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.
The Group’s accounting practices
under Accounting Standards Codification (“ASC”) No. 606 are as followings:
The Group generates revenue from sales
of PV components, sales of self-assembled solar modules, roofing and solar energy systems installation, electricity revenue with Power
Purchase Agreements (“PPAs”), sales of PV project assets, and others for the nine months ended September 30, 2023 and 2022.
Sale of PV components
Revenue on sale of PV components includes
one performance obligation of delivering the products and the revenue is recognized at a point in time following the transfer of control
of such products to the customer, which typically occurs upon shipment or acceptance of the customer depending on the terms of the underlying
contracts.
Sales of self-assembled solar modules
Revenue on sale of self-assembled solar
modules includes one performance obligation of delivering the products and the revenue is recognized at a point in time following the
transfer of control of such products to the customer, which typically occurs upon the delivery to the customer.
Revenue from roofing and solar energy systems installation
Revenue from roofing and solar energy
system installation is recognized over time.
For revenue from solar energy system
installation, the Group’s only performance obligation is to design and install a customized solar energy system, sometimes, reinstall
the customer’s existing solar energy system. For revenue from roofing the Group’s only performance obligation is to design
and build roof system per customer specifications.
The Group’s roofing projects
involve the construction of a specific roof systems in accordance with each customer’s selection; the Group’s solar energy
system installations involve solar modules being retrofitted to existing consumer roofs using rails, then connected to the utility using
an inverter system. For both solar energy system installation and roofing, typically jobs are completed within three months, the specific
timing depends on the size of the job and the complexity of the job site, and the contract price includes all material and labor needed,
and payments are collected based on specific milestones.
The Group provides solar energy systems
and roofing installation for various customers, such as homeowners and real estate developers, but the design and installation for each
customer differs substantially on the basis of each customer’s needs and the type of shingle or roof that is placed with the solar
energy system. The asset consequently has no alternative use to the Group because the customer specific design limits the Group’s
practical ability to readily direct the solar energy system to another customer. As such the Group’s performance does not create
an asset with an alternative use to the Group. Pursuant to the contract, the customers agree to pay for any costs, expenses and losses
incurred by the Group upon termination, and therefore, revenue is recognized over time according to ASC 606-10-25-27(c).
For both solar energy system installation
and roofing, all costs to obtain and fulfill contracts associated with system sales and other product sales are expensed to cost of revenue
when the corresponding revenue is recognized.
The Group recognizes revenue using
a cost-based input method that recognizes revenue and gross profit as work is performed based on the relationship between actual costs
incurred compared to the total estimated cost of the contract, to determine the Group’s progress towards contract completion and
to calculate the corresponding amount of revenue and gross profit to recognize. The total estimated cost of the contract constitutes of
material cost and labor cost and are developed based on the size and specific situation of different jobs. Changes in estimates are mainly
due to: (i) unforeseen field conditions that impacts the estimated workload, and (ii) change of the unit price of material or labor cost.
If the estimated total costs on any
contract are greater than the net contract revenues, the Group recognizes the entire estimated loss in the period the loss becomes known.
Electricity revenue with PPAs
The Group sells energy generated by
PV solar power systems under PPAs. For energy sold under PPAs, the Group recognizes revenue each period based on the volume of energy
delivered to the customer (i.e., the PPAs off-taker) and the price stated in the PPAs. The Group has determined that none of the PPAs
contains a lease since (i) the purchaser does not have the rights to operate the PV solar power systems, (ii) the purchaser does not have
the rights to control physical access to the PV solar power systems, and (iii) the price that the purchaser pays is at a fixed price per
unit of output.
Sale of PV project asset
The Group’s sales arrangements
for PV projects do not contain any forms of continuing involvement that may affect the revenue or profit recognition of the transactions,
nor any variable considerations for energy performance guarantees, minimum electricity end subscription commitments. The Group therefore
determined its single performance obligation to the customer is the sale of a completed solar project. The Group recognizes revenue for
sales of solar projects at a point in time after the solar project has been grid connected and the customer obtains control of the solar
project.
Other revenue
Other revenue mainly consists of sales
of self-assembled solar modules, sales of component and charging stations, sales of forklifts, engineering and maintenance service, shipping
and delivery service, sales of pre-development solar projects and others. Other revenues are recognized at a point in time following the
transfer of control of such service or products to the customer, which typically occurs upon shipment of product or acceptance of the
customer depending on the terms of the underlying contracts.
Disaggregation
of revenues from continuing operations
The following table illustrates the
disaggregation of revenue by revenue stream and by geographical location for the three and nine months ended September 30, 2023 and 2022:
Schedule of disaggregation of revenues | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
By revenue stream | |
For the nine months ended September 30, 2023 (Unaudited) | |
| |
Sales of PV components | | |
Sales of self-assembled solar modules | | |
Revenue from roofing and solar systems installation | | |
Electricity revenue with PPAs | | |
Sales of pre-development solar projects | | |
Others | | |
Total | |
Australia | |
$ | 119,062 | | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | 870 | | |
$ | 119,932 | |
United States | |
| – | | |
| 26,810 | | |
| 2,256 | | |
| 216 | | |
| 6,743 | | |
| – | | |
| 36,025 | |
Japan | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 67 | | |
| 67 | |
Italy | |
| – | | |
| – | | |
| – | | |
| 499 | | |
| – | | |
| – | | |
| 499 | |
United Kingdom | |
| – | | |
| – | | |
| – | | |
| 1,260 | | |
| – | | |
| – | | |
| 1,260 | |
Greece | |
| – | | |
| – | | |
| – | | |
| 1,979 | | |
| – | | |
| – | | |
| 1,979 | |
Total | |
$ | 119,062 | | |
$ | 26,810 | | |
$ | 2,256 | | |
$ | 3,954 | | |
$ | 6,743 | | |
$ | 937 | | |
$ | 159,762 | |
By revenue stream | |
For the three months ended September 30, 2023 (Unaudited) | |
| |
Sales of PV components | | |
Sales of self-assembled solar modules | | |
Revenue from roofing and solar systems installation | | |
Electricity revenue with PPAs | | |
Sales of pre-development solar projects | | |
Others | | |
Total | |
Australia | |
$ | 45,035 | | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | 260 | | |
$ | 45,295 | |
United States | |
| – | | |
| 8,071 | | |
| 831 | | |
| 69 | | |
| – | | |
| – | | |
| 8,971 | |
Japan | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 25 | | |
| 25 | |
Italy | |
| – | | |
| – | | |
| – | | |
| 192 | | |
| – | | |
| – | | |
| 192 | |
United Kingdom | |
| – | | |
| – | | |
| – | | |
| 616 | | |
| – | | |
| – | | |
| 616 | |
Greece | |
| – | | |
| – | | |
| – | | |
| 829 | | |
| – | | |
| – | | |
| 829 | |
Total | |
$ | 45,035 | | |
$ | 8,071 | | |
$ | 831 | | |
$ | 1,706 | | |
$ | – | | |
$ | 285 | | |
$ | 55,928 | |
By revenue stream | |
For the nine months ended September 30, 2022 (Unaudited) | |
| |
Sales of PV components | | |
Revenue from roofing and solar systems installation | | |
Electricity revenue with PPAs | | |
Sales of self-assembled solar modules | | |
Sales of pre-development solar projects | | |
Others | | |
Total | |
Australia | |
$ | 94,953 | | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | 660 | | |
$ | 95,613 | |
Italy | |
| – | | |
| – | | |
| 776 | | |
| – | | |
| – | | |
| – | | |
| 776 | |
United States | |
| 1,608 | | |
| 23,735 | | |
| – | | |
| 1,382 | | |
| 637 | | |
| 304 | | |
| 27,666 | |
United Kingdom | |
| – | | |
| – | | |
| 1,561 | | |
| – | | |
| – | | |
| – | | |
| 1,561 | |
Greece | |
| – | | |
| – | | |
| 2,136 | | |
| – | | |
| – | | |
| – | | |
| 2,136 | |
Total | |
$ | 96,561 | | |
$ | 23,735 | | |
$ | 4,473 | | |
$ | 1,382 | | |
$ | 637 | | |
$ | 964 | | |
$ | 127,752 | |
By revenue stream | |
For the three months ended September 30, 2022 (Unaudited) | |
| |
Sales of PV components | | |
Revenue from roofing and solar systems installation | | |
Electricity revenue with PPAs | | |
Sales of self-assembled solar modules | | |
Sales of pre-development solar projects | | |
Others | | |
Total | |
Australia | |
$ | 35,399 | | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | 218 | | |
$ | 35,617 | |
Italy | |
| – | | |
| – | | |
| 308 | | |
| – | | |
| – | | |
| – | | |
| 308 | |
United States | |
| 305 | | |
| 3,582 | | |
| – | | |
| 1,318 | | |
| – | | |
| 259 | | |
| 5,464 | |
United Kingdom | |
| – | | |
| – | | |
| 629 | | |
| – | | |
| – | | |
| – | | |
| 629 | |
Greece | |
| – | | |
| – | | |
| 785 | | |
| – | | |
| – | | |
| – | | |
| 785 | |
Total | |
$ | 35,704 | | |
$ | 3,582 | | |
$ | 1,722 | | |
$ | 1,318 | | |
$ | – | | |
$ | 477 | | |
$ | 42,803 | |
Schedule of revenue by timing | |
| | |
| | |
| | |
| | |
| | |
| |
By timing of revenue recognition | |
For the nine months ended September 30, 2023 (Unaudited) | |
| |
Sales of PV components | | |
Sales of self-assembled solar modules | | |
Revenue from roofing and solar systems installation | | |
Electricity revenue with PPAs | | |
Others | | |
Total | |
Goods transferred at a point in time | |
$ | 119,062 | | |
$ | 26,810 | | |
$ | – | | |
$ | 3,954 | | |
$ | 7,680 | | |
$ | 157,506 | |
Service transferred over time | |
| – | | |
| – | | |
| 2,256 | | |
| – | | |
| – | | |
| 2,256 | |
Total | |
$ | 119,062 | | |
$ | 26,810 | | |
$ | 2,256 | | |
$ | 3,954 | | |
$ | 7,680 | | |
$ | 159,762 | |
By timing of revenue recognition | |
For the three months ended September 30, 2023
(Unaudited) | |
| |
Sales of PV components | | |
Sales of self-assembled solar modules | | |
Revenue from roofing and solar systems installation | | |
Electricity revenue with PPAs | |
|
Others | | |
Total | |
Goods transferred at a point in time | |
$ | 45,035 | | |
$ | 8,071 | | |
$ | – | | |
$ | 1,706 | |
|
$ | 285 | | |
$ | 55,097 | |
Service transferred over time | |
| – | | |
| – | | |
| 831 | | |
| – | |
|
| – | | |
| 831 | |
Total | |
$ | 45,035 | | |
$ | 8,071 | | |
$ | 831 | | |
$ | 1,706 | |
|
$ | 285 | | |
$ | 55,928 | |
By timing of revenue recognition | |
For the nine months ended September 30, 2022 (Unaudited) | |
| |
Sales of PV components | | |
Revenue from roofing and solar systems installation | | |
Electricity revenue with PPAs | | |
Sales of self-assembled solar modules | | |
Others | | |
Total | |
Goods transferred at a point in time | |
$ | 96,561 | | |
$ | – | | |
$ | 4,473 | | |
$ | 1,382 | | |
$ | 1,601 | | |
$ | 104,017 | |
Service transferred over time | |
| – | | |
| 23,735 | | |
| – | | |
| – | | |
| – | | |
| 23,735 | |
Total | |
$ | 96,561 | | |
$ | 23,735 | | |
$ | 4,473 | | |
$ | 1,382 | | |
$ | 1,601 | | |
$ | 127,752 | |
By timing of revenue recognition | |
For the three months ended September 30, 2022 (Unaudited) | |
| |
Sales of PV components | | |
Revenue from roofing and solar systems installation | | |
Electricity revenue with PPAs | | |
Sales of self-assembled solar modules | | |
Others | | |
Total | |
Goods transferred at a point in time | |
$ | 35,704 | | |
$ | – | | |
$ | 1,722 | | |
$ | 1,318 | | |
$ | 477 | | |
$ | 39,221 | |
Service transferred over time | |
| – | | |
| 3,582 | | |
| – | | |
| – | | |
| – | | |
| 3,582 | |
Total | |
$ | 35,704 | | |
$ | 3,582 | | |
$ | 1,722 | | |
$ | 1,318 | | |
$ | 477 | | |
$ | 42,803 | |
Contract balance
The following table provides information
about accounts receivable, contract assets and contract liabilities from contracts with customers:
| |
| | |
| |
| |
September 30, 2023 (Unaudited) | | |
December 31, 2022 | |
Accounts Receivable | |
$ | 24,194 | | |
$ | 21,181 | |
Contract assets | |
| 358 | | |
| 1,403 | |
Advance from customers | |
| 5,635 | | |
| 7,404 | |
The contract assets primarily relate
to the Group’s rights to consideration for work completed but not billed at the reporting date, primarily for the revenue from roofing
and solar energy systems installation in the United States. The contract assets are transferred to receivables when the rights become
unconditional after billing is issued.
Advance from customers, which represent
a contract liability, represent mostly unrecognized amount received for customers. Advance from customers is recognized as (or when)
the Group performs under the contract. During the nine months ended September 30, 2023 and 2022, the Group recognized $7,404 and $4,924
as revenue that was included in the balance of advance from customers at January 1, 2023 and 2022, respectively.
|
(d) |
Discontinued operations |
A disposal of a component of an entity
or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift
that has (or will have) a major effect on an entity's operations and financial results when any of the following occurs:
| (1) | the component of an entity or group of components of an entity meets the criteria to be classified as
held for sale; |
| (2) | the component of an entity or group of components of an entity is disposed of by sale; |
| (3) | the components of an entity or group of components of an entity is disposed of other than by sale (for
example, by abandonment or in a distribution to owners in a spinoff). |
For any component classified as held
for sale or disposed of by sale or other than by sale that qualify for presentation as a discontinued operation in the period, the Group
has reported the assets and labilities of the discontinued operations as current and non-current assets of discontinued operations, and
current and non-current liabilities of discontinued operations in the consolidated balance sheets as of December 31, 2022. The results
of operations of discontinued operation for the nine and three months ended September 30, 2023 and 2022 have been reflected separately
in the consolidated statements of operations as a single line item for all periods presented in accordance with U.S.GAAP. Cash flows from
discontinued operations of the three categories for the nine months ended September 30, 2023 and 2022 were separately presented in the
consolidated statements of cash flows for all periods presented in accordance with U.S. GAAP.
For the disposal under common control,
the Group records the impacts on deconsolidation in additional paid in capital based on the difference on the deconsolidation date between
(i) the aggregate of (a) the consideration received, (b) the carrying amount of non-controlling interest in the deconsolidated subsidiaries,
and (c) the carrying amount of the remaining interests in the deconsolidated subsidiaries less (ii) the carrying amount of the deconsolidated
subsidiaries’ assets and liabilities.
|
(e) |
Recent Accounting Pronouncements |
Recently adopted accounting pronouncements
In October 2021, the FASB issued ASU
2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU
2021-08”), which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination
in accordance with Topic 606, Revenue from Contracts with Customers (“ASC 606”). The update will generally result in an entity
recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the
acquisition date rather than at fair value. ASU 2021-08 is effective on a prospective basis for fiscal years beginning after December
15, 2022, with early adoption permitted. The Group adopted ASU 2021-08 effective January 1, 2023 and apply the guidance to subsequent
acquisitions. The adoption of ASU 2021-08 will only impact the accounting for the Group’s future acquisitions.
Accounting Pronouncements Issued
But Not Yet Adopted
In March 2020, the FASB issued ASU
2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”),
which provides elective amendments for entities that have contracts, hedging relationships and other transactions that reference LIBOR
or another reference rate expected to be discontinued because of reference rate reform. These amendments were effective immediately and
may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December
31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), to expand and clarify the scope of Topic 848
to include derivative instruments on discounting transactions. The amendments in this ASU are effective in the same timeframe as ASU 2020-04.
In December 2022, the FASB issued ASU 2022-06, Reference Rate reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred
the sunset date of Topic 848, Reference Rate Reform to December 31, 2024. The Group is currently evaluating the impact this guidance will
have on its consolidated financial statements.
The Group does not believe other recently
issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed consolidated
balance sheets, statements of operations and cash flows.
4. |
Discontinued Operations
|
On September 26, 2023, the
Group’s subsidiary, Edison Future, sold 56.36%
of its common stock of Phoenix Motor Inc. (“Phoenix”) to Palo Alto Clean Tech Holding Limited (“Palo
Alto”, the Buyer), an entity controlled by Xiaofeng Peng, the Group’s Chairman of the Board of Directors and Chief
Executive Officer.
The consideration of $12,240
was paid $40
in cash on September 26, 2023 and the balance of $12,200
was paid by delivery of a secured promissory note dated September 26, 2023, bearing interest at 3%
per annum, with the full principal amount of $12,200
due at maturity in 3
years, or September 26, 2026. The common stock of Phoenix sold in this transaction were also pledged as collateral for the seller Edison
Future's benefit under a Stock Pledge Agreement dated September 26, 2023.
As Phoenix used to be a
reportable segment of the Group and the disposal of Phoenix is considered as a strategic shift, the Group disclosed the results of
the business of Phoenix as discontinued operations. As the disposal of Phoenix is considered as a spin-off, there is no gain or loss
recognized because of the disposal and the difference between consideration received, the carrying amount of the remaining
interests, the carrying amount of the non-controlling interest derecognized, over the carrying amount of the net asset of Phoenix
disposed were recorded in APIC.
The assets and liabilities of Phoenix are included in the captions
"Current assets of discontinued operations”, “Non-current assets of discontinued operations”, “Current liabilities
of discontinued operations” and “Non-current liabilities of discontinued operations”, in the accompanying balance sheets
at December 31, 2022 and consist of the following:
Schedule of discontinued operations assets and liabilities | |
| |
| |
December 31, 2022 | |
Assets | |
| |
Current assets | |
| | |
Cash and cash equivalents | |
$ | 139 | |
Accounts receivable, net | |
| 1,510 | |
Inventories | |
| 4,560 | |
Prepaid expenses and other current assets | |
| 1,344 | |
Amount due from related party | |
| 168 | |
Total current assets of discontinued operations | |
| 7,721 | |
Restricted cash, non current | |
| 250 | |
Property and equipment, net | |
| 2,492 | |
Security deposits | |
| 208 | |
Right-of-use assets | |
| 3,797 | |
Intangible assets, net | |
| 1,704 | |
Goodwill | |
| 4,271 | |
Total non-current assets of discontinued operations | |
| 12,722 | |
Total assets of discontinued operations | |
$ | 20,443 | |
| |
| | |
Liabilities | |
| | |
Current liabilities | |
| | |
Accounts payable | |
$ | 1,359 | |
Accrued liabilities | |
| 650 | |
Advance from customers | |
| 1,230 | |
Deferred revenue | |
| 503 | |
Warranty reserve | |
| 325 | |
Lease liabilities - Current portion | |
| 719 | |
Long-term borrowing, current portion | |
| 3 | |
Total current liabilities of discontinued operations | |
| 4,789 | |
Lease liabilities - Non-current portion | |
| 3,225 | |
Long-term borrowings | |
| 147 | |
Total non-current liabilities of
discontinued operations | |
| 3,372 | |
Total liabilities of discontinued operations | |
$ | 8,161 | |
The comparative condensed consolidated
statements of operations have been represented to show the discontinued operations separately from continuing operations. Details of
the results from discontinued operations, net of tax are set out below:
| |
| | | |
| | | |
| | | |
| | |
Schedule of income from discontinued operations | |
For the three months ended
September 30, | | |
For the nine months ended
September 30, | |
| |
| 2023* | | |
| 2022 | | |
| 2023* | | |
| 2022 | |
| |
| USD’000 | | |
| USD’000 | | |
| USD’000 | | |
| USD’000 | |
Net sales | |
$ | 288 | | |
$ | 409 | | |
$ | 3,227 | | |
$ | 2,579 | |
Cost of goods sold | |
| 293 | | |
| 288 | | |
| 3,120 | | |
| 2,013 | |
Gross (loss) profit | |
| (5 | ) | |
| 121 | | |
| 107 | | |
| 566 | |
| |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 2,531 | | |
| 3,847 | | |
| 9,477 | | |
| 9,160 | |
Total operating expense | |
| 2,531 | | |
| 3,847 | | |
| 9,477 | | |
| 9,160 | |
Total other income (expense), net | |
| (175 | ) | |
| (204 | ) | |
| 726 | | |
| 431 | |
Loss from discontinued operations | |
| (2,711 | ) | |
| (3,930 | ) | |
| (8,644 | ) | |
| (8,163 | ) |
Loss from discontinued operations, net of income tax | |
$ | (2,711 | ) | |
$ | (3,930 | ) | |
$ | (8,666 | ) | |
$ | (8,177 | ) |
* |
The result of discontinued operations included those of
discontinued operations from January 1, 2023 to September 26, 2023. |
5. |
Accounts Receivable, Net |
The accounts receivable, net as of
September 30, 2023 and December 31, 2022 consisted of the following:
| |
| | |
| |
| |
September 30,
2023 (Unaudited) | | |
December 31, 2022 | |
Accounts receivable | |
$ | 26,760 | | |
$ | 22,896 | |
Less: Allowance for credit losses | |
| (2,566 | ) | |
| (1,715 | ) |
Accounts receivable, net | |
$ | 24,194 | | |
$ | 21,181 | |
For the nine months ended September
30, 2023, the Group recorded credit losses with amount of $874. For the nine months ended September 30, 2022, the Group reversed bad debt
provision of $446.
Inventories as of September 30, 2023
and December 31, 2022 consisted of the following:
| |
| | |
| |
| |
September
30,
2023 (Unaudited) | | |
December 31, 2022 | |
Finished goods | |
$ | 28,422 | | |
$ | 20,744 | |
Goods in transit | |
| 699 | | |
| 737 | |
Work in process | |
| 239 | | |
| 550 | |
Raw materials | |
| 4,779 | | |
| 2,396 | |
Total inventories | |
$ | 34,139 | | |
$ | 24,427 | |
For the nine months ended
September 30, 2023 and 2022, the Group recorded $1,075 and nil
write-downs for inventories, respectively, to reflect the lower of cost or net realizable value.
7. |
Share-based Compensation |
The following table summarizes the
consolidated share-based compensation expense, by type of awards:
| |
For the three months Ended | | |
For the nine months Ended | |
| |
September 30, | | |
September 30, | | |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Employee stock options | |
$ | 186 | | |
$ | 707 | | |
$ | 1,207 | | |
$ | 1,642 | |
Restricted share units grants (See Note 8) | |
| 815 | | |
| – | | |
| 815 | | |
| 623 | |
Total share-based compensation expense | |
$ | 1,001 | | |
$ | 707 | | |
$ | 2,022 | | |
$ | 2,265 | |
The following table summarizes the
consolidated share-based compensation by line items: