Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 2022 | |
Entity Addresses [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-30351 | |
Entity Registrant Name | SPI ENERGY CO., LTD. | |
Entity Central Index Key | 0001210618 | |
Entity Tax Identification Number | 20-4956638 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | 4803 Urbani Ave. | |
Entity Address, City or Town | Mc Clellan Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95652 | |
City Area Code | (408) | |
Local Phone Number | 919-8000 | |
Title of 12(b) Security | Ordinary Shares, par value $0.0001 per share | |
Trading Symbol | SPI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,555,522 | |
Former Address [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | 4677 Old Ironsides Drive | |
Entity Address, Address Line Two | Suite 190 | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 13,624 | $ 9,765 |
Restricted cash | 7,629 | 8,080 |
Accounts receivable, net | 19,209 | 22,599 |
Contract asset | 1,129 | 1,621 |
Inventories | 23,707 | 23,242 |
Project assets held for sale | 10,120 | 8,946 |
Prepaid expenses and other current assets, net | 11,775 | 9,584 |
Amount due from related parties | 412 | 230 |
Total current assets | 87,605 | 84,067 |
Intangible assets, net | 3,035 | 3,433 |
Goodwill | 4,896 | 4,896 |
Other receivable, noncurrent | 1,982 | 268 |
Property and equipment, net | 31,400 | 35,750 |
Project assets, noncurrent | 16,116 | 15,969 |
Investment in affiliates | 69,606 | 69,606 |
Operating lease right-of-use assets | 13,697 | 13,923 |
Deferred tax assets, net | 130 | 168 |
Total assets | 228,467 | 228,080 |
Current liabilities: | ||
Accounts payable | 25,058 | 25,612 |
Accrued liabilities | 11,583 | 10,094 |
Income taxes payable | 2,440 | 1,684 |
Advance from customers | 3,077 | 4,924 |
Short-term borrowings and current portion of long-term borrowings | 9,537 | 9,120 |
Amount due to an affiliate | 10,544 | 10,603 |
Convertible bonds | 46,435 | 48,603 |
Accrued warranty reserve | 829 | 628 |
Amount due to related parties | 300 | 0 |
Operating lease liabilities, current | 1,283 | 1,351 |
Consideration payable | 59,120 | 61,219 |
Total current liabilities | 170,206 | 173,838 |
Long-term borrowings, excluding current portion | 6,913 | 12,800 |
Deferred tax liabilities, net | 2,680 | 2,970 |
Operating lease liabilities, non-current | 12,001 | 12,522 |
Total liabilities | 191,800 | 202,130 |
Equity: | ||
Ordinary shares, par $0.0001, 500,000,000 shares authorized, 27,992,567 and 25,352,060 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 3 | 3 |
Additional paid in capital | 715,062 | 695,073 |
Accumulated other comprehensive loss | (36,930) | (35,257) |
Accumulated deficit | (646,548) | (637,390) |
Total equity attributable to the shareholders of SPI Energy Co.,Ltd. | 31,587 | 22,429 |
Noncontrolling interests | 5,080 | 3,521 |
Total equity | 36,667 | 25,950 |
Total liabilities and equity | $ 228,467 | $ 228,080 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 27,992,567 | 25,352,060 |
Common stock, shares outstanding | 27,992,567 | 25,352,060 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 48,584 | $ 45,818 | $ 87,119 | $ 79,440 |
Cost of revenue | 44,712 | 40,589 | 80,538 | 72,073 |
Gross profit | 3,872 | 5,229 | 6,581 | 7,367 |
Operating expenses: | ||||
General and administrative | 7,625 | 7,674 | 16,753 | 17,269 |
Sales, marketing and customer service | 1,368 | 1,209 | 2,611 | 2,246 |
Provision (reversal) for credit losses | 474 | 319 | (209) | 319 |
Total operating expenses | 9,467 | 9,202 | 19,155 | 19,834 |
Operating loss | (5,595) | (3,973) | (12,574) | (12,467) |
Other income (expense): | ||||
Interest expense, net | (1,637) | (1,259) | (3,038) | (2,702) |
Net foreign exchange gain (loss) | 2,262 | (792) | 3,324 | 710 |
Others | 3,207 | 103 | 3,995 | 752 |
Total other income (expense), net | 3,832 | (1,948) | 4,281 | (1,240) |
Net loss before income taxes | (1,763) | (5,921) | (8,293) | (13,707) |
Income tax expense | 455 | 546 | 711 | 860 |
Net loss | (2,218) | (6,467) | (9,004) | (14,567) |
Less: Net income attributable to noncontrolling interests | 95 | 103 | 154 | 342 |
Net loss attributable to shareholders of SPI Energy Co., Ltd. | $ (2,313) | $ (6,570) | $ (9,158) | $ (14,909) |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Earnings Per Share, Basic | $ (0.08) | $ (0.27) | $ (0.34) | $ (0.64) |
Earnings Per Share, Diluted | $ (0.08) | $ (0.27) | $ (0.34) | $ (0.64) |
Weighted Average Number of Shares Outstanding, Basic | 27,428,544 | 23,989,039 | 26,604,944 | 23,434,015 |
Weighted Average Number of Shares Outstanding, Diluted | 27,428,544 | 23,989,039 | 26,604,944 | 23,434,015 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net loss | $ (2,218) | $ (6,467) | $ (9,004) | $ (14,567) |
Other comprehensive income (loss), net of tax of nil: | ||||
Foreign currency translation adjustments | (2,427) | (72) | (2,362) | (286) |
Total comprehensive loss | (4,645) | (6,539) | (11,366) | (14,853) |
Comprehensive loss attributable to noncontrolling interests | 69 | 98 | (535) | 89 |
Comprehensive loss attributable to shareholder of SPI Energy Co., Ltd. | $ (4,714) | $ (6,637) | $ (10,831) | $ (14,942) |
UNAUDITED STATEMENTS OF CHANGES
UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Equity Deficit Attiributable To Share Holders Of S P I [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 2 | $ 670,101 | $ (591,899) | $ (32,947) | $ 45,257 | $ 3,129 | $ 48,386 |
Beginning balance, shares at Dec. 31, 2020 | 22,340,689 | ||||||
Net loss | (8,339) | (8,339) | 239 | (8,100) | |||
Foreign currency translation adjustments | 34 | 34 | (248) | (214) | |||
Issuance of ordinary shares in offering | 13,591 | 13,591 | 13,591 | ||||
Issuance of ordinary shares in offering, shares | 1,365,375 | ||||||
Share-based compensation | 3,074 | 3,074 | 3,074 | ||||
Exercise of share option | 600 | 600 | 600 | ||||
Exercise of share options, shares | 157,000 | ||||||
Ending balance, value at Mar. 31, 2021 | $ 2 | 687,366 | (600,238) | (32,913) | 54,217 | 3,120 | 57,337 |
Ending balance, shares at Mar. 31, 2021 | 23,863,064 | ||||||
Beginning balance, value at Dec. 31, 2020 | $ 2 | 670,101 | (591,899) | (32,947) | 45,257 | 3,129 | 48,386 |
Beginning balance, shares at Dec. 31, 2020 | 22,340,689 | ||||||
Foreign currency translation adjustments | (286) | ||||||
Ending balance, value at Jun. 30, 2021 | $ 2 | 687,404 | (606,808) | (32,980) | 47,618 | 3,218 | 50,836 |
Ending balance, shares at Jun. 30, 2021 | 24,071,223 | ||||||
Beginning balance, value at Mar. 31, 2021 | $ 2 | 687,366 | (600,238) | (32,913) | 54,217 | 3,120 | 57,337 |
Beginning balance, shares at Mar. 31, 2021 | 23,863,064 | ||||||
Net loss | (6,570) | (6,570) | 103 | (6,467) | |||
Foreign currency translation adjustments | (67) | (67) | (5) | (72) | |||
Settlement of convertible debt with ordinary shares | 350 | 350 | 350 | ||||
Settlement of convertible debt, shares | 74,659 | ||||||
Share-based compensation | (837) | (837) | (837) | ||||
Exercise of share option | 491 | 491 | 491 | ||||
Exercise of share options, shares | 128,500 | ||||||
Issuance of ordinary shares for purchasing services | 34 | 34 | 34 | ||||
Issuance of ordinary shares for purchasing services, shares | 5,000 | ||||||
Ending balance, value at Jun. 30, 2021 | $ 2 | 687,404 | (606,808) | (32,980) | 47,618 | 3,218 | 50,836 |
Ending balance, shares at Jun. 30, 2021 | 24,071,223 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 3 | 695,073 | (637,390) | (35,257) | 22,429 | 3,521 | 25,950 |
Beginning balance, shares at Dec. 31, 2021 | 25,352,060 | ||||||
Net loss | (6,845) | (6,845) | 59 | (6,786) | |||
Foreign currency translation adjustments | 728 | 728 | (663) | 65 | |||
Issuance of restricted share units to employees | 623 | 623 | 623 | ||||
Issuance of restricted share units to employees, shares | 229,888 | ||||||
Settlement of convertible debt with ordinary shares | 1,750 | 1,750 | 1,750 | ||||
Settlement of convertible debt, shares | 752,393 | ||||||
Issuance of ordinary shares for settlement of consideration related to Acquisition of Phoenix | |||||||
Issuance of ordinary shares for settlement of consideration related to Acquisition of Phoenix, shares | 42,442 | ||||||
Share-based compensation expense | 595 | 595 | 595 | ||||
Ending balance, value at Mar. 31, 2022 | $ 3 | 698,041 | (644,235) | (34,529) | 19,280 | 2,917 | 22,197 |
Ending balance, shares at Mar. 31, 2022 | 26,376,783 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 3 | 695,073 | (637,390) | (35,257) | 22,429 | 3,521 | 25,950 |
Beginning balance, shares at Dec. 31, 2021 | 25,352,060 | ||||||
Foreign currency translation adjustments | (2,362) | ||||||
Ending balance, value at Jun. 30, 2022 | $ 3 | 715,062 | (646,548) | (36,930) | 31,587 | 5,080 | 36,667 |
Ending balance, shares at Jun. 30, 2022 | 27,992,567 | ||||||
Beginning balance, value at Mar. 31, 2022 | $ 3 | 698,041 | (644,235) | (34,529) | 19,280 | 2,917 | 22,197 |
Beginning balance, shares at Mar. 31, 2022 | 26,376,783 | ||||||
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 | 5,337 | 5,337 | 5,337 | ||||
Settlement of convertible debt, shares | 1,615,784 | ||||||
Share-based compensation expense | 340 | 340 | 340 | ||||
Issuance of ordinary shares in offering | 11,344 | 11,344 | 2,094 | 13,438 | |||
Ending balance, value at Jun. 30, 2022 | $ 3 | $ 715,062 | $ (646,548) | $ (36,930) | $ 31,587 | $ 5,080 | $ 36,667 |
Ending balance, shares at Jun. 30, 2022 | 27,992,567 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net cash used in operating activities | $ (11,539) | $ (17,097) |
Cash flows from investing activities: | ||
Acquisitions of property and equipment | (2,022) | (930) |
Acquisitions of PDI | 0 | (8,003) |
Proceeds from disposal of property and equipment | 1,635 | 102 |
Net cash used in investing activities | (387) | (8,831) |
Cash flows from financing activities: | ||
Proceeds from issuance of ordinary shares | 0 | 13,591 |
Repayment of borrowings | (82,296) | (78,383) |
Proceeds from borrowings | 82,714 | 80,786 |
Proceeds from issuance of convertible bond | 2,000 | 8,000 |
Repayment of convertible bonds | 0 | (13,750) |
Proceeds from exercise of options issued to Lighting Charm Limited during disposition of SPI China | 0 | 1,091 |
Proceeds from IPO of a subsidiary | 13,438 | 0 |
Net cash generated from financing activities | 15,856 | 11,335 |
Effect of exchange rate changes on cash | (522) | (105) |
Increase (decrease) in cash, cash equivalents and restricted cash | 3,408 | (14,698) |
Cash, cash equivalents and restricted cash at beginning of period | 17,845 | 39,782 |
Cash, cash equivalents and restricted cash at end of period | 21,253 | 25,084 |
Cash and cash equivalents | 13,624 | 22,846 |
Restricted cash | 7,629 | 2,238 |
Total cash, cash equivalents, and restricted cash | 21,253 | 25,084 |
Supplemental cash flow information: | ||
Interest paid | 1,458 | 1,338 |
Non-cash activities: | ||
Right of use assets obtained in exchange for operating lease obligations | 428 | 2,834 |
Settlement of convertible debt with ordinary shares | $ 7,087 | $ 350 |
Description of Business and Org
Description of Business and Organization | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Organization | 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”), roofing and solar energy systems installation, and electric vehicle (“EV”) solutions for business, residential, government and utility customers and investors. Organization The major subsidiaries of the Group as of June 30, 2022 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 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 Phoenix Motor Inc. Phoenix United States Phoenix Motorcars Leasing LLC PML 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 on the carrying amount of $ 69,606 On June 10, 2022, Phoenix completed its initial public offering (“IPO”) and Phoenix’s shares have been listed on NASDAQ under the stock code “PEV” (“Phoenix IPO”). Phoenix issued 2,100,000 7.5 13,438 |
Going concern
Going concern | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going concern | 2. Going concern 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 $ 9,004 11,539 82,601 646,548 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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. Interim results are not necessarily indicative of results for the full year. The condensed consolidated balance sheet as of December 31, 2021 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, 2021. (b) Use of Estimates 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 made for credit losses, inventory write-downs, the estimated useful lives of long-lived assets, the impairment of goodwill, long-lived assets and project assets, valuation allowance of deferred tax assets, accrued warranty expenses, the grant-date fair value of share-based compensation awards and related forfeiture rates, the lease discount rate, the purchase price allocation in acquisition, and fair value of financial instruments. 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. (c) Revenue Recognition The Group’s accounting practices under Accounting Standards Codification (“ASC”) No. 606 are as followings: The Group generates revenue from sales of PV components, roofing and solar energy systems installation, electricity revenue with Power Purchase Agreements (“PPAs”), sales and leasing of EV, and others for the six months ended June 30, 2022 and 2021. Sale of PV components Revenue on sale of PV components 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. 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 Company’s principal performance obligation is to design and install a customize solar energy system, sometimes, reinstall the customer’s existing solar energy system that is interconnected to the local power grid and for which permission to operate has been granted by a utility company to the customer. For roofing the Company’s principal performance obligation is to design and build roof system per customer selection. 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 Company 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. In applying cost-based input method, the Company uses the actual costs incurred to the total estimated cost, to determine the Company’s progress towards contract completion and to calculate the corresponding amount of revenue and gross profit to recognize. 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. Revenue from sales and leasing of EV The Group recognizes revenue from sales of EV 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 for EV sales. The Group determined that the government grants related to sales of EV should be considered as part of the transaction price because it is granted to the EV buyer and the buyer remains liable for such amount in the event the grants were not received by the Group or returned due to the buyer violates the government grant terms and conditions. EV leasing revenue includes revenue recognized under lease accounting guidance for direct leasing programs. The Group accounts for these leasing transactions as operating leases under ASC 840 Leases, and revenues are recognized on a straight-line basis over the contractual term. Other revenue Other revenue mainly consisted of revenue generated from sales of component and charging stations, sales of forklifts, engineering and maintenance service, shipping and delivery service, and other. Disaggregation of revenues The following table illustrates the disaggregation of revenue by revenue stream and by geographical location for the three and six months ended June 30, 2022 and 2021: Schedule of disaggregation of revenues By revenue stream For the six months ended June 30, 2022 (Unaudited) Sales of PV components Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 59,554 $ – $ – $ – $ 442 $ 59,996 Italy – – 468 – – 468 United States 1,303 20,153 – 1,063 1,853 24,372 United Kingdom – – 932 – – 932 Greece – – 1,351 – – 1,351 Total $ 60,857 $ 20,153 $ 2,751 $ 1,063 $ 2,295 $ 87,119 By revenue stream For the three months ended June 30, 2022 (Unaudited) Sales of PV components Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 31,530 $ – $ – $ – $ 300 $ 31,830 Italy – – 212 – – 212 United States 1,303 11,364 – 538 1,712 14,917 United Kingdom – – 781 – – 781 Greece – – 844 – – 844 Total $ 32,833 $ 11,364 $ 1,837 $ 538 $ 2,012 $ 48,584 By revenue stream For the six months ended June 30, 2021 (Unaudited) Sales of PV components Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 60,803 $ – $ – $ – $ 632 $ 61,435 Italy – – 321 – – 321 United States – 14,363 – 913 358 15,634 United Kingdom – – 671 – – 671 Greece – – 1,379 – – 1,379 Total $ 60,803 $ 14,363 $ 2,371 $ 913 $ 990 $ 79,440 By revenue stream For the three months ended June 30, 2021 (Unaudited) Sales of PV components Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 31,894 $ – $ – $ – $ 416 $ 32,310 Italy – – 160 – – 160 United States – 11,333 – 529 115 11,977 United Kingdom – – 506 – – 506 Greece – – 865 – – 865 Total $ 31,894 $ 11,333 $ 1,531 $ 529 $ 531 $ 45,818 Contract balance The following table provides information about contract assets and contract liabilities from contracts with customers: Schedule of accounts receivables and contract liabilities June 30, 2022 (Unaudited) December 31, 2021 Contract assets $ 1,129 $ 1,621 Advance from customers $ 3,077 $ 4,924 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 representing a contract liability, represents mostly unrecognized revenue amount received from customers. Advance from customers is recognized as (or when) the Group performs under the contract. During the six months ended June 30, 2022 and 2021, the Group recognized $ 4,924 1,377 (d) Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance eliminates the beneficial conversion feature and cash conversion models in Accounting Standards Codification (ASC or Codification) 470-20 that require separate accounting for embedded conversion features in convertible instruments. This guidance also eliminates some of the conditions that must be met for equity classification under ASC 815-40-25. The new guidance also requires entities to use the if-converted method to calculate earnings per share (EPS) for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for liability-classified share-based payment awards. ASU No. 2020-06 is effective for annual periods beginning after December 15, 2021 and interim periods therein. The Group adopted ASU No. 2020-06 on January 1, 2022. The adoption did not have a material impact on the Group’s consolidated financial statements. Other significant accounting policies are detailed in “Note 3 - Summary of Significant Accounting Policies” of the Company’s consolidated financial statements for the year ended December 31, 2021. |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Accounts Receivable, Net | 4. Accounts Receivable, Net The accounts receivable, net as of June 30, 2022 and December 31, 2021 consisted of the following: Schedule of accounts receivable June 30, December 31, 2022 (Unaudited) 2021 Accounts receivable $ 21,805 $ 25,419 Less: Allowance for credit losses (2,596 ) (2,820 ) Accounts receivable, net $ 19,209 $ 22,599 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories as of June 30, 2022 and December 31, 2021 consisted of the following: Schedule of inventories June 30, December 31, 2022 (Unaudited) 2021 Finished goods $ 17,076 $ 17,108 Goods in transit 2,566 2,846 Work in process 1,019 582 Raw materials 3,046 2,706 Total inventories $ 23,707 $ 23,242 |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Compensation | 6. Share-based Compensation The following table summarizes the consolidated share-based compensation expense, by type of awards: Summary of consolidated stock-based compensation expense, by type of awards For the three months Ended For the six months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Employee stock options $ 340 $ (837 ) $ 935 $ 2,237 Restricted share grants – – 623 – Total share-based compensation expense 340 (837 ) 1,558 2,237 The following table summarizes the consolidated share-based compensation by line items: Summary of consolidated stock-based compensation by line items For the three months Ended For the six months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 General and administrative $ 343 $ (843 ) $ 1,554 $ 2,231 Sales, marketing and customer service (3 ) 6 4 6 Total share-based compensation expense, net of nil income taxes $ 340 $ (837 ) $ 1,558 $ 2,237 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 7. Net Loss Per Share As a result of the net loss for the three and six months ended June 31, 2022 and 2021, there is no dilutive impact to the net loss per share calculation for the period. For the three months and six months ended June 30, 2022 and 2021, the following securities were excluded from the computation of diluted net loss per share as inclusion would have been anti-dilutive. Schedule securities excluded from the computation of diluted net loss per share For the three months Ended (Unaudited) For the six months Ended (Unaudited) June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Share options and non-vested restricted stock 10,000 38,350 10,000 38,350 Convertible bonds 582,000 491,500 582,000 491,500 Committed shares – 114,770 – 114,770 Total 592,000 644,620 592,000 644,620 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies (a) Commitments As of June 30, 2022, the Group had capital commitments of approximately $ 7,249 The Group has entered into a contract with a supplier for show car model development which the Group made commitments of payments amounted to approximately $ 2,350 (b) Contingencies On January 26, 2018, Sinsin Group filed a complaint against the Group requesting the payment of outstanding purchase price and related interest of $43,595 (EUR 38,054). On June 25, 2018, an interim measures judgment was made which appointed an interim management of Sinsin, consisting of two members elected by Sinsin Group and one member elected by the Group. The interim management would manage the bank accounts of Sinsin and collect the proceeds of electric energy revenue. On October 29, 2020, an arbitration decision was made that the Group will need to pay the outstanding purchase price of $43,595 (EUR 38,054), together with interest at 6% accruing from November 20, 2015 on half of the outstanding purchase and from June 30, 2016 on the remaining half of the outstanding purchase price to the date of eventual payment. The Group filed an application for appeals in the court of Malta but was turned down by the court in November 2021. The Group furtherly filed an application of retrial and suspension of the enforcement of the awards. The application of retrial was rejected by the court on March 30, 2022. No further appeal or right of retrial exists in Malta, and the management is in progress of negotiation with Sinsin to achieve a settlement to suspend the enforcement of the arbitration decision. From time to time, the Group is involved in various other legal and regulatory proceedings arising in the normal course of business. While the Group cannot predict the occurrence or outcome of these proceedings with certainty, it does not believe that an adverse result in any pending legal or regulatory proceeding, individually or in the aggregate, would be material to the Group’s consolidated financial condition or cash flows; however, an unfavorable outcome could have a material adverse effect on the Group’s results of operations. |
Concentration Risk
Concentration Risk | 6 Months Ended |
Jun. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk | 9. Concentration Risk A substantial percentage of the Group’s net revenue comes from sales made to a large number of customers at a small transaction amount, to whom sales are typically made on an open account basis. There was no customer of which the revenue accounted for 10 As of June 30, 2022, there was no customer of which the accounts receivable accounted for 10 21 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions The amount due from related parties were $ 412 230 The amount due to related parties were $ 300 0 |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Information | |
Segment information | 11. Segment information For the three months and six months ended June 30, 2022 and 2021, there are three operating segments: (1) EV business, (2) renewable energy solutions business and (3) solar projects development business. The Group’s CODM assess the performance of each segment based on revenue, cost of sales and total assets. Other than the information provided below, the CODM does not use any other measures by segments. Summarized information by segments for the three months and six months ended June 30, 2022 and 2021 is as follows: Schedule of Segment information For the three months ended June 30, 2022 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 44,498 2,479 1,490 117 48,584 Cost of sales 43,137 573 1,174 (172 ) 44,712 Gross profit (loss) 1,361 1,906 316 289 3,872 For the three months ended June 30, 2021 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 43,011 1,734 653 420 45,818 Cost of sales 38,373 711 1,232 273 40,589 Gross profit (loss) 4,638 1,023 (579 ) 147 5,229 For the six months ended June 30, 2022 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 81,453 3,388 2,161 117 87,119 Cost of sales 77,625 1,000 1,725 188 80,538 Gross profit (loss) 3,828 2,388 436 (71 ) 6,581 For the six months ended June 30, 2021 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 75,165 2,443 1,126 706 79,440 Cost of sales 68,568 1,114 1,653 738 72,073 Gross profit (loss) 6,597 1,329 (527 ) (32 ) 7,367 Summarized information by segments as of June 30, 2022 and December 31, 2021 is as follows: Schedule of Segment assets As of June 30, 2022 (Unaudited) As of December 31, 2021 USD USD Segment assets Renewable energy solutions 56,879 52,946 Solar projects development 135,155 144,852 Electric vehicles 26,698 17,738 Others 9,735 12,544 Total segment assets 228,467 228,080 Total long-lived assets excluding financial instruments, intangible assets, long-term investment and goodwill by country were as follows: Schedule of intangible assets, long-term investment and goodwill As of June 30, 2022 Unaudited As of December 31, 2021 USD USD Australia 744 577 United States 37,224 37,021 Japan 1,449 1,414 Italy 1,592 1,749 United Kingdom 8,248 9,477 Greece 13,938 15,404 Total long-lived assets 63,195 65,642 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events The Group has evaluated subsequent events through the date of issuance of the unaudited condensed consolidated financial statements, there were no other subsequent events occurred that would require recognition or disclosure in the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (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. Interim results are not necessarily indicative of results for the full year. The condensed consolidated balance sheet as of December 31, 2021 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, 2021. |
Use of Estimates | (b) Use of Estimates 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 made for credit losses, inventory write-downs, the estimated useful lives of long-lived assets, the impairment of goodwill, long-lived assets and project assets, valuation allowance of deferred tax assets, accrued warranty expenses, the grant-date fair value of share-based compensation awards and related forfeiture rates, the lease discount rate, the purchase price allocation in acquisition, and fair value of financial instruments. 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. |
Revenue Recognition | (c) Revenue Recognition The Group’s accounting practices under Accounting Standards Codification (“ASC”) No. 606 are as followings: The Group generates revenue from sales of PV components, roofing and solar energy systems installation, electricity revenue with Power Purchase Agreements (“PPAs”), sales and leasing of EV, and others for the six months ended June 30, 2022 and 2021. Sale of PV components Revenue on sale of PV components 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. 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 Company’s principal performance obligation is to design and install a customize solar energy system, sometimes, reinstall the customer’s existing solar energy system that is interconnected to the local power grid and for which permission to operate has been granted by a utility company to the customer. For roofing the Company’s principal performance obligation is to design and build roof system per customer selection. 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 Company 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. In applying cost-based input method, the Company uses the actual costs incurred to the total estimated cost, to determine the Company’s progress towards contract completion and to calculate the corresponding amount of revenue and gross profit to recognize. 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. Revenue from sales and leasing of EV The Group recognizes revenue from sales of EV 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 for EV sales. The Group determined that the government grants related to sales of EV should be considered as part of the transaction price because it is granted to the EV buyer and the buyer remains liable for such amount in the event the grants were not received by the Group or returned due to the buyer violates the government grant terms and conditions. EV leasing revenue includes revenue recognized under lease accounting guidance for direct leasing programs. The Group accounts for these leasing transactions as operating leases under ASC 840 Leases, and revenues are recognized on a straight-line basis over the contractual term. Other revenue Other revenue mainly consisted of revenue generated from sales of component and charging stations, sales of forklifts, engineering and maintenance service, shipping and delivery service, and other. Disaggregation of revenues The following table illustrates the disaggregation of revenue by revenue stream and by geographical location for the three and six months ended June 30, 2022 and 2021: Schedule of disaggregation of revenues By revenue stream For the six months ended June 30, 2022 (Unaudited) Sales of PV components Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 59,554 $ – $ – $ – $ 442 $ 59,996 Italy – – 468 – – 468 United States 1,303 20,153 – 1,063 1,853 24,372 United Kingdom – – 932 – – 932 Greece – – 1,351 – – 1,351 Total $ 60,857 $ 20,153 $ 2,751 $ 1,063 $ 2,295 $ 87,119 By revenue stream For the three months ended June 30, 2022 (Unaudited) Sales of PV components Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 31,530 $ – $ – $ – $ 300 $ 31,830 Italy – – 212 – – 212 United States 1,303 11,364 – 538 1,712 14,917 United Kingdom – – 781 – – 781 Greece – – 844 – – 844 Total $ 32,833 $ 11,364 $ 1,837 $ 538 $ 2,012 $ 48,584 By revenue stream For the six months ended June 30, 2021 (Unaudited) Sales of PV components Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 60,803 $ – $ – $ – $ 632 $ 61,435 Italy – – 321 – – 321 United States – 14,363 – 913 358 15,634 United Kingdom – – 671 – – 671 Greece – – 1,379 – – 1,379 Total $ 60,803 $ 14,363 $ 2,371 $ 913 $ 990 $ 79,440 By revenue stream For the three months ended June 30, 2021 (Unaudited) Sales of PV components Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 31,894 $ – $ – $ – $ 416 $ 32,310 Italy – – 160 – – 160 United States – 11,333 – 529 115 11,977 United Kingdom – – 506 – – 506 Greece – – 865 – – 865 Total $ 31,894 $ 11,333 $ 1,531 $ 529 $ 531 $ 45,818 Contract balance The following table provides information about contract assets and contract liabilities from contracts with customers: Schedule of accounts receivables and contract liabilities June 30, 2022 (Unaudited) December 31, 2021 Contract assets $ 1,129 $ 1,621 Advance from customers $ 3,077 $ 4,924 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 representing a contract liability, represents mostly unrecognized revenue amount received from customers. Advance from customers is recognized as (or when) the Group performs under the contract. During the six months ended June 30, 2022 and 2021, the Group recognized $ 4,924 1,377 |
Recent Accounting Pronouncements | (d) Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance eliminates the beneficial conversion feature and cash conversion models in Accounting Standards Codification (ASC or Codification) 470-20 that require separate accounting for embedded conversion features in convertible instruments. This guidance also eliminates some of the conditions that must be met for equity classification under ASC 815-40-25. The new guidance also requires entities to use the if-converted method to calculate earnings per share (EPS) for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for liability-classified share-based payment awards. ASU No. 2020-06 is effective for annual periods beginning after December 15, 2021 and interim periods therein. The Group adopted ASU No. 2020-06 on January 1, 2022. The adoption did not have a material impact on the Group’s consolidated financial statements. Other significant accounting policies are detailed in “Note 3 - Summary of Significant Accounting Policies” of the Company’s consolidated financial statements for the year ended December 31, 2021. |
Description of Business and O_2
Description of Business and Organization (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of major subsidiaries | 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 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 Phoenix Motor Inc. Phoenix United States Phoenix Motorcars Leasing LLC PML United States |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of disaggregation of revenues | Schedule of disaggregation of revenues By revenue stream For the six months ended June 30, 2022 (Unaudited) Sales of PV components Revenue from roofing and solar systems installation Electricity revenue with PPAs Automotive sales & leasing Others Total Australia $ 59,554 $ – $ – $ – $ 442 $ 59,996 Italy – – 468 – – 468 United States 1,303 20,153 – 1,063 1,853 24,372 United Kingdom – – 932 – – 932 Greece – – 1,351 – – 1,351 Total $ 60,857 $ 20,153 $ 2,751 $ 1,063 $ 2,295 $ 87,119 |
Schedule of accounts receivables and contract liabilities | Schedule of accounts receivables and contract liabilities June 30, 2022 (Unaudited) December 31, 2021 Contract assets $ 1,129 $ 1,621 Advance from customers $ 3,077 $ 4,924 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Schedule of accounts receivable | Schedule of accounts receivable June 30, December 31, 2022 (Unaudited) 2021 Accounts receivable $ 21,805 $ 25,419 Less: Allowance for credit losses (2,596 ) (2,820 ) Accounts receivable, net $ 19,209 $ 22,599 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Schedule of inventories June 30, December 31, 2022 (Unaudited) 2021 Finished goods $ 17,076 $ 17,108 Goods in transit 2,566 2,846 Work in process 1,019 582 Raw materials 3,046 2,706 Total inventories $ 23,707 $ 23,242 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of consolidated stock-based compensation expense, by type of awards | Summary of consolidated stock-based compensation expense, by type of awards For the three months Ended For the six months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Employee stock options $ 340 $ (837 ) $ 935 $ 2,237 Restricted share grants – – 623 – Total share-based compensation expense 340 (837 ) 1,558 2,237 |
Summary of consolidated stock-based compensation by line items | Summary of consolidated stock-based compensation by line items For the three months Ended For the six months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 General and administrative $ 343 $ (843 ) $ 1,554 $ 2,231 Sales, marketing and customer service (3 ) 6 4 6 Total share-based compensation expense, net of nil income taxes $ 340 $ (837 ) $ 1,558 $ 2,237 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule securities excluded from the computation of diluted net loss per share | Schedule securities excluded from the computation of diluted net loss per share For the three months Ended (Unaudited) For the six months Ended (Unaudited) June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Share options and non-vested restricted stock 10,000 38,350 10,000 38,350 Convertible bonds 582,000 491,500 582,000 491,500 Committed shares – 114,770 – 114,770 Total 592,000 644,620 592,000 644,620 |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Information | |
Schedule of Segment information | Schedule of Segment information For the three months ended June 30, 2022 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 44,498 2,479 1,490 117 48,584 Cost of sales 43,137 573 1,174 (172 ) 44,712 Gross profit (loss) 1,361 1,906 316 289 3,872 For the three months ended June 30, 2021 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 43,011 1,734 653 420 45,818 Cost of sales 38,373 711 1,232 273 40,589 Gross profit (loss) 4,638 1,023 (579 ) 147 5,229 For the six months ended June 30, 2022 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 81,453 3,388 2,161 117 87,119 Cost of sales 77,625 1,000 1,725 188 80,538 Gross profit (loss) 3,828 2,388 436 (71 ) 6,581 For the six months ended June 30, 2021 (Unaudited) Renewable energy solutions PV stations constructions and operations Electric vehicles Others Total USD USD USD USD USD Revenues from external customers 75,165 2,443 1,126 706 79,440 Cost of sales 68,568 1,114 1,653 738 72,073 Gross profit (loss) 6,597 1,329 (527 ) (32 ) 7,367 |
Schedule of Segment assets | Schedule of Segment assets As of June 30, 2022 (Unaudited) As of December 31, 2021 USD USD Segment assets Renewable energy solutions 56,879 52,946 Solar projects development 135,155 144,852 Electric vehicles 26,698 17,738 Others 9,735 12,544 Total segment assets 228,467 228,080 |
Schedule of intangible assets, long-term investment and goodwill | Schedule of intangible assets, long-term investment and goodwill As of June 30, 2022 Unaudited As of December 31, 2021 USD USD Australia 744 577 United States 37,224 37,021 Japan 1,449 1,414 Italy 1,592 1,749 United Kingdom 8,248 9,477 Greece 13,938 15,404 Total long-lived assets 63,195 65,642 |
Description of Business and O_3
Description of Business and Organization (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Solar Juice Co Ltd [Member] | |
Abbreviation | SJ Cayman |
Location | Cayman |
Solar Juice Pty Ltd [Member] | |
Abbreviation | SJ Australia |
Location | Australia |
Solarjuice American Inc [Member] | |
Abbreviation | SJ US |
Location | United States |
Solarjuice Technology Inc [Member] | |
Abbreviation | SJT |
Location | United States |
Italsolar Srl [Member] | |
Abbreviation | SPI Italy |
Location | Italy |
S P I Solar Japan G K [Member] | |
Abbreviation | SPI Japan |
Location | Japan |
Solar Power Inc U K Service Limited [Member] | |
Abbreviation | SPI UK |
Location | United Kingdom |
S P I Solar Inc [Member] | |
Abbreviation | SPI US |
Location | United States |
Heliostixio S A [Member] | |
Abbreviation | Heliostixio |
Location | Greece |
Heliohrisi S.A [Member] | |
Abbreviation | Heliohrisi |
Location | Greece |
Thermi Sun S.A. [Member] | |
Abbreviation | Thermi Sun |
Location | Greece |
Knight Holding Corporation [Member] | |
Abbreviation | Knight |
Location | United States |
Edisonfuture Inc [Member] | |
Abbreviation | Edisonfuture |
Location | United States |
Phoenix Motor Inc [Member] | |
Abbreviation | Phoenix |
Location | United States |
Phoenix Motorcars Leasing L L C [Member] | |
Abbreviation | PML |
Location | United States |
Description of Business and O_4
Description of Business and Organization (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||
Jun. 10, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jan. 01, 2017 | |
Net Investment Income [Line Items] | |||||
Investment | $ 69,606 | $ 69,606 | |||
Stock Issued During Period, Shares, New Issues | 2,100,000 | ||||
Share Price | $ 7.5 | ||||
Proceeds from Issuance Initial Public Offering | $ 13,438 | $ 13,438 | $ 0 | ||
Sinsin [Member] | |||||
Net Investment Income [Line Items] | |||||
Investment | $ 69,606 |
Going concern (Details Narrativ
Going concern (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss from continuing operations | $ 9,004 | ||
Net cash used in operating activities | 11,539 | $ 17,097 | |
Working capital | 82,601 | ||
Accumulated deficit | $ 646,548 | $ 637,390 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details - Disaggregation of revenue by revenue stream) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Product Information [Line Items] | ||||
Revenues | $ 48,584 | $ 45,818 | $ 87,119 | $ 79,440 |
AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 31,830 | 32,310 | 59,996 | 61,435 |
ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 212 | 160 | 468 | 321 |
UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 14,917 | 11,977 | 24,372 | 15,634 |
UNITED KINGDOM | ||||
Product Information [Line Items] | ||||
Revenues | 781 | 506 | 932 | 671 |
GREECE | ||||
Product Information [Line Items] | ||||
Revenues | 844 | 865 | 1,351 | 1,379 |
Photo Voltaic Solar Components [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 32,833 | 31,894 | 60,857 | 60,803 |
Photo Voltaic Solar Components [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 31,530 | 31,894 | 59,554 | 60,803 |
Photo Voltaic Solar Components [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Photo Voltaic Solar Components [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 1,303 | 0 | 1,303 | 0 |
Photo Voltaic Solar Components [Member] | UNITED KINGDOM | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Photo Voltaic Solar Components [Member] | GREECE | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Roofing Solar System [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 11,364 | 11,333 | 20,153 | 14,363 |
Roofing Solar System [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Roofing Solar System [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Roofing Solar System [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 11,364 | 11,333 | 20,153 | 14,363 |
Roofing Solar System [Member] | UNITED KINGDOM | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Roofing Solar System [Member] | GREECE | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Power Purchase Agreements P P A [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 1,837 | 1,531 | 2,751 | 2,371 |
Power Purchase Agreements P P A [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Power Purchase Agreements P P A [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 212 | 160 | 468 | 321 |
Power Purchase Agreements P P A [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Power Purchase Agreements P P A [Member] | UNITED KINGDOM | ||||
Product Information [Line Items] | ||||
Revenues | 781 | 506 | 932 | 671 |
Power Purchase Agreements P P A [Member] | GREECE | ||||
Product Information [Line Items] | ||||
Revenues | 844 | 865 | 1,351 | 1,379 |
Automotive Sales And Leasing [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 538 | 529 | 1,063 | 913 |
Automotive Sales And Leasing [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Automotive Sales And Leasing [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Automotive Sales And Leasing [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 538 | 529 | 1,063 | 913 |
Automotive Sales And Leasing [Member] | UNITED KINGDOM | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Automotive Sales And Leasing [Member] | GREECE | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Other Services [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 2,012 | 531 | 2,295 | 990 |
Other Services [Member] | AUSTRALIA | ||||
Product Information [Line Items] | ||||
Revenues | 300 | 416 | 442 | 632 |
Other Services [Member] | ITALY | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Other Services [Member] | UNITED STATES | ||||
Product Information [Line Items] | ||||
Revenues | 1,712 | 115 | 1,853 | 358 |
Other Services [Member] | UNITED KINGDOM | ||||
Product Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Other Services [Member] | GREECE | ||||
Product Information [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details - Contract balance) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Contract assets | $ 1,129 | $ 1,621 |
Advance from customers | $ 3,077 | $ 4,924 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Accounting Policies [Abstract] | ||
Advance from customers | $ 4,924 | $ 1,377 |
Accounts Receivable, net (Detai
Accounts Receivable, net (Details - Accounts receivable) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Accounts receivable | $ 21,805 | $ 25,419 |
Less: Allowance for credit losses | (2,596) | (2,820) |
Accounts receivable, net | $ 19,209 | $ 22,599 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 17,076 | $ 17,108 |
Goods in transit | 2,566 | 2,846 |
Work in process | 1,019 | 582 |
Raw materials | 3,046 | 2,706 |
Total inventories | $ 23,707 | $ 23,242 |
Share-based Compensation (Detai
Share-based Compensation (Details - Stock-Based Compensation Expense by Award type) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 340 | $ (837) | $ 1,558 | $ 2,237 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 340 | (837) | 935 | 2,237 |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 0 | $ 623 | $ 0 |
Share-based Compensation (Det_2
Share-based Compensation (Details - Compensation expense by line item) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 340 | $ (837) | $ 1,558 | $ 2,237 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 343 | (843) | 1,554 | 2,231 |
Selling and Marketing Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ (3) | $ 6 | $ 4 | $ 6 |
Net Loss Per Share (Details - A
Net Loss Per Share (Details - Antidilutive shares) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 592,000 | 644,620 | 592,000 | 644,620 |
Options And Restricted [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 10,000 | 38,350 | 10,000 | 38,350 |
Convertible Bonds [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 582,000 | 491,500 | 582,000 | 491,500 |
Committed Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 0 | 114,770 | 0 | 114,770 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual obligation | $ 7,249 |
Commitment payments | $ 2,350 |
Concentration Risk (Details Nar
Concentration Risk (Details Narrative) - Customer Concentration Risk [Member] - One Customer [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue Benchmark [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10% | 10% | 10% | 10% |
Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10% | 21% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | ||
Due from related parties | $ 412 | $ 230 |
Amount due from related parties | $ 300 | $ 0 |
Segment Information (Details -
Segment Information (Details - Segment information) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 48,584 | $ 45,818 | $ 87,119 | $ 79,440 |
Cost of sales | 44,712 | 40,589 | 80,538 | 72,073 |
Gross profit (loss) | 3,872 | 5,229 | 6,581 | 7,367 |
Renewable Energy Solutions [Member] | ||||
Revenue | 44,498 | 43,011 | 81,453 | 75,165 |
Cost of sales | 43,137 | 38,373 | 77,625 | 68,568 |
Gross profit (loss) | 1,361 | 4,638 | 3,828 | 6,597 |
P V Constructions And Operations [Member] | ||||
Revenue | 2,479 | 1,734 | 3,388 | 2,443 |
Cost of sales | 573 | 711 | 1,000 | 1,114 |
Gross profit (loss) | 1,906 | 1,023 | 2,388 | 1,329 |
Electric Vehicles [Member] | ||||
Revenue | 1,490 | 653 | 2,161 | 1,126 |
Cost of sales | 1,174 | 1,232 | 1,725 | 1,653 |
Gross profit (loss) | 316 | (579) | 436 | (527) |
Others [Member] | ||||
Revenue | 117 | 420 | 117 | 706 |
Cost of sales | (172) | 273 | 188 | 738 |
Gross profit (loss) | $ 289 | $ 147 | $ (71) | $ (32) |
Segment Information (Details _2
Segment Information (Details - Segment assets) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Information | ||
Renewable energy solutions | $ 56,879 | $ 52,946 |
Solar projects development | 135,155 | 144,852 |
Electric vehicles | 26,698 | 17,738 |
Others | 9,735 | 12,544 |
Total segment assets | $ 228,467 | $ 228,080 |
Segment Information (Details _3
Segment Information (Details - intangible assets, long-term investment) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Long-lived assets | $ 63,195 | $ 65,642 |
AUSTRALIA | ||
Long-lived assets | 744 | 577 |
UNITED STATES | ||
Long-lived assets | 37,224 | 37,021 |
JAPAN | ||
Long-lived assets | 1,449 | 1,414 |
ITALY | ||
Long-lived assets | 1,592 | 1,749 |
UNITED KINGDOM | ||
Long-lived assets | 8,248 | 9,477 |
GREECE | ||
Long-lived assets | $ 13,938 | $ 15,404 |