Exhibit 99.1
SPI ENERGY CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
June 30, 2020 | December 31, 2019 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,261 | $ | 2,764 | ||||
Restricted cash | 36 | 239 | ||||||
Accounts receivable, net | 16,945 | 16,539 | ||||||
Inventories, net | 10,565 | 13,781 | ||||||
Project assets, net | 18,901 | 17,842 | ||||||
Prepaid expenses and other current assets, net | 7,589 | 5,170 | ||||||
Amount due from related parties | 155 | 154 | ||||||
Total current assets | 57,452 | 56,489 | ||||||
Intangible assets, net | 1,529 | 1,528 | ||||||
Goodwill | 626 | 626 | ||||||
Other receivable, noncurrent | 286 | 283 | ||||||
Property, plant and equipment, net | 28,538 | 31,783 | ||||||
Project assets, noncurrent, net | 16,490 | 16,495 | ||||||
Investment in affiliates, net | 69,606 | 69,606 | ||||||
Deferred tax assets, net | 41 | 58 | ||||||
Operating lease right-of-use assets | 5,099 | 1,985 | ||||||
Total assets | $ | 179,667 | $ | 178,853 | ||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 17,467 | $ | 19,677 | ||||
Accrued liabilities | 6,224 | 9,177 | ||||||
Income taxes payable | 860 | 561 | ||||||
Advance from customers | 17,063 | 17,632 | ||||||
Short-term borrowings and current portion of long-term borrowings | 3,073 | 2,857 | ||||||
Amount due to an affiliate | 8,222 | 9,128 | ||||||
Convertible bonds, net of unamortized debt discount | 55,000 | 55,907 | ||||||
Amount due to related parties | 917 | – | ||||||
Operating lease liability, current | 373 | 426 | ||||||
Derivative liability | – | 652 | ||||||
Consideration payable | 55,535 | 54,000 | ||||||
Total current liabilities | 164,734 | 170,017 | ||||||
Convertible bonds, noncurrent | – | – | ||||||
Long-term borrowings, excluding current portion | 5,619 | 6,039 | ||||||
Amount due to an affiliate, noncurrent | 1,046 | 1,728 | ||||||
Deferred tax liabilities | 3,371 | 3,506 | ||||||
Accrued warranty reserve | – | 1,538 | ||||||
Operating lease liabilities, noncurrent | 4,650 | 1,500 | ||||||
Total liabilities | 179,420 | 184,328 | ||||||
Equity (deficit): | ||||||||
Ordinary shares, par $0.0001, 500,000,000 shares authorized, 14,837,469 and 14,621,125 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | 1 | 1 | ||||||
Additional paid in capital | 613,442 | 612,726 | ||||||
Accumulated other comprehensive loss | (33,259 | ) | (35,527 | ) | ||||
Accumulated deficit | (582,722 | ) | (585,384 | ) | ||||
Total deficit attributable to shareholders of SPI Energy Co., Ltd. | (2,538 | ) | (8,184 | ) | ||||
Noncontrolling interests | 2,785 | 2,709 | ||||||
Total equity (deficit) | 247 | (5,475 | ) | |||||
Total liabilities and equity | $ | 179,667 | $ | 178,853 |
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SPI ENERGY CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data)
For the Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
Net sales | $ | 56,364 | $ | 49,727 | ||||
Cost of goods sold | 53,221 | 44,148 | ||||||
Gross profit | 3,143 | 5,579 | ||||||
Operating (income) expenses: | ||||||||
General and administrative | 2,825 | 10,640 | ||||||
Sales, marketing and customer service | 634 | 1,242 | ||||||
Reversal of impairment charge on project assets | (3,751 | ) | – | |||||
Provision for doubtful accounts | – | 175 | ||||||
Total operating (income) expenses | (292 | ) | 12,057 | |||||
Operating income (loss) | 3,435 | (6,478 | ) | |||||
Other expense: | ||||||||
Interest expense, net | 2,053 | 1,508 | ||||||
Change in fair value of derivative liability | (498 | ) | – | |||||
Net foreign exchange gain | (1,056 | ) | (179 | ) | ||||
Others | (199 | ) | (205 | ) | ||||
Total other expense, net | 300 | 1,124 | ||||||
Income (loss) before income taxes | 3,135 | (7,602 | ) | |||||
Income tax expense | 390 | 205 | ||||||
Net income (loss) including noncontrolling interests | $ | 2,745 | $ | (7,807 | ) | |||
Less: Net income attributable to noncontrolling interests | 83 | 41 | ||||||
Net income (loss) attributable to shareholders of SPI Energy Co., Ltd. | $ | 2,662 | $ | (7,848 | ) | |||
Net income (loss) from per ordinary share: | ||||||||
Basic and Diluted | $ | 0.18 | $ | (0.7 | ) | |||
Weighted average shares outstanding | ||||||||
Basic and Diluted | 14,805,098 | 10,811,053 |
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